buy. microstrategy continued to buy even what you've seen over the past week. >> today up sharply as you see and so is the broader market s&p up over 1% the nasdaq rarely does this. outperforming. focused on that on "techcheck," which starts right now. ♪ good monday morning. welcome to "techcheck. i'm deirdre bosa with carl quintanilla and jon fortt. today mixed messages on crypto a rebound following a drop over the weekend as volatility ramps up who's really calling the shots here then closing arguments in the apple epic trial what a loss means for each side and when to expect a verdict

that's next. later a preview of our annual disrupter 50 list out tomorrow who is this year's airbnb or do doordash we discuss bottom of the hour. >> and hbq upgraded. breaking that down throughout the hour the reason some are buying or not. carl >> meantime, jon, starting with bitcoin surging today after that weekend selloff and the market seems to be looking for a narrative basically arguing crypto buyers are overleveraged. and elon musk critical of bitcoin, the true business, on balance, i support the latter. on balance, a debate how correlated the market is to bitcoin now. tech sector's up more than 1%

well off the lows of a couple weeks ago. listen to ray dalio, now comparing crypto and fixed income >> the more we create savings in it, the more you might say, i'd rather have bitcoin than the bond, personally i'd rather have bitcoin than a bond. >> so that's dalio, guys an interviewerurinterview rolle. it's the fear governments are going to crack down on bitcoin, on crypto as a notion. he says bitcoin's greatest risk is its success. despite saying he owns some. >> yep i don't know is that its greatest risk? the greatest risk is buying bitcoin at 65,000 and, you know, turning around this week and it's under 40,000. i mean what bond did that badly over that period of time

between the long view and the short view, whether this is moving the market, whether it's not. the justifications comparing this to fixed income i don't know but i look over the past month-plus, and it's been like this extended downward pressure on bitcoin, and, yeah, you know, buyers are coming in and looking at coinbase. two to one buy ters to sellers still a slide. watching what that might mean over the next few weeks. >> some argue the biggest risk is one man, elong musk whatever he feels like tweeting on any given day guys, a larger theme getting mixed messages while we see sort of the volatility in cryptocurrencies, we've seen tech gain favor over the last week or so. we've seen the ark fund up again today rebounding a bit over the last week and high-grown named talked about last week as well continued to gain early on this week, carl snowflake, zoom, shopify all higher today adding to the

recent rebound faber mentioned, nasdaq is actually utperforming the othe indexes today. >> yeah. we're going to see if the nasdaq can go green for the month along with the dow and s&p guys. you well know. it will be an interesting week, de, we'll get earnings from the very players that have been under some pressure. oktas and snows and crns we'll know more end of week where the space really fits. >> yeah. why don't we start right here with our first guest this hour fundtrust tom lee, cnbc contributor. maybe i should call you laborized tom lee. still got those in your twitter profile. tell us, has your long-term thesis on cryptocurrencies, has that changed over the last few weeks? where are you? >> it hasn't i mean, bitcoin volatility is sort of systematic to the network itself so i think anybody who buys bitcoin has to be aware it's always going to be hypervolatile. that's the opportunity

you know, that's why people call it diamond hands i think that -- investors to crypto especially coming through, you know, the robinhood platform, et cetera, may not have been attracted to the technology or the sound money arguments, and that's why this is essentially a bit of a wake-up call for those because i think when you look where the selling's taking place, it's not from original holders of bitcoin but a lot of new accounts. >> uh-huh. are you referring to the institutions, then and we heard this from another guest last week. they're not really true believers. looking to partake in the momentum but not necessarily believers in the back end technology is that what you're referring to, tom? >> yeah. you know, institution casts a really wide net. hedge funds and ctas and machines especially now that there's liquid futures a lot of institutional money does trade momentum.

they've got stocks and they also arbitrage liquidity. i think if i was a machine, what i would have taken advantage of is the amount of leverage in the retail accounts, and the amount of either volatility needed to create downside pressure to actually create liquidation. machines playing short side, on the institutional side a lot of them cover and why crypto is levitating this week. >> tom, how do you think cryptos and you know, i'm lumping bitcoin in there i know there's a lot of diversity within crypto. how do you think cryptos perform in a down market you know the kind i'm talking about? when there's not a lot of day trading going on you know individuals are out of the game. stocks are unpopular people turn to things like real estate i mean, does all of crypto get liquidated under a scenario like that and revalued? what should people prepare for >> jon, absolutely on a risk-off market, just like march 2020, crypto doesn't

survive that, because liquidity is withdrawn and people need to raise cash, and they might have margin calls in their fiat side. but that doesn't make crypto unattractive it's the same reason people say, stocks never underperform bonds over a 20-year period. you know you have to wait 20 years for stocks to beat bonds in crypto, in bitcoin, you never really had to own crypto more than 24 months to actually ever lose money i think bitcoin is hypervolatile. that's the nature of it, but that's what creates the reward for people, and, again, even though bitcoin is in the penalty box now i still think it can exit the year over 100,000. >> 100,000 by year end interesting, tom john normand runs a metal strategy from jpmorgan is moving on final note says, i would avoid crypto, because it entails two characteristics that other rich

markets lack a pension for high investors leverage and a questionable investment thesis about the utility and efficiency of private money compared to legal tender aren't those fundamental questions we're going to wrestle with beyond end of the year? >> ah -- oh, sure. i know john well. and i, i agree with his arguments. i think what we have to remember, though, is digital money is a new concept, but it's actually going to be pretty logical in a digital economy you know, over 70% of all gdp growth in the past decade has been ditchdigital. i don't know looking at money geographically designed or controlled by government i think the idea sounder money can be created i'm not necessarily an evangelist for bitcoin, only things bitcoin, but it makes a lot of sense to me and is very tough for people used to

traditional fiat systems and legacy architecture to be open minded about it pap disadvantage for anyone who's been a skeptic. >> tom, talking about, seen the volatility in the crypto markets but seen tech gain favor over the last week or so. does that tell you anything? dynamic lapse and room for high-tech growth names to continue to rebound? >> i mean, tech, it's nice to see tech rally in the sense that it's such an important part of people's portfolios, and i think the future for many of these companies is great i mean, all of these companies will still produce double-digit growth, but from my perspective as someone who wants to recommend new money allocations, we have a hard time recommending technology to people, because they already own so much of it and it's already so widely positively viewed. tough to have a positive surprise i think as the economy's

reopening, it's a lot easier for people to see the pent-up demand in other parts of the economy. so i think tech -- parts of tech still look really good semicap equipment and ems, moving supply chain back to the u.s., but i think the hypergrowth tech, nice to see them railly but i would use that to lighten up my exposure there. >> tom, thanks for your insights to our audience, bitcoin could still hit 100,000 this year. see you again, tom thank you. >> thanks. closing arguments in the apple epic trial, plus cnbc sells an nff first hour of "techcheck," just getting started.

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gut check on gold base price target $3.06 implying 36% swing to up side volatility in crypto a positive. shares this morning as we can see are up nearly 1.5%

jon? >> this is volume that is keeping up micron opening doors to washington this morning in an effort to address semiconductor shortage live with the company's virginia manufacturing plant to explain >> reporter: that's right, jon at micron's facility out in manassas, virginia, one of the places they build memory chips that go into automobiles so critically important right now. the company's also currently expanding this facility by over 100,000 square feet. it is a $3 billion investment that the company expects will create about 1,100 jobs by end of the decade as it tries to ramp up, to keep up with growing global demand. the ceo expects the current ship shortage to last through end of this year. that's part of the driving force behind a meeting that will happen here later this afternoon between the company and commerce secretary as well as lawmakers on capitol hill. trying to build some momentum behind a $52 billion package of

funding and incentives to increase domestic semiconductor production the senate has been poised to vote on the bill this week it's had bipartisan support. lately stumbling blocks emerged particularly around wage requirements that could potentially jeopardize republican support the industry said one of their top priorities, and they're arguing owning and securing the supply chain for semiconductors is not just an economic issue but also a national security priority back to you. >> what can you tell us about those wage requirements and how they play into this? because seems like government support potentially more and more important the more we hear about, you know, countries around the world building up supply you wonder what that's going to do to pricing? >> reporter: yeah. so the wage requirements are related to sort of a broader provision around federal contracts that require federal contracts of a certain size to pay a certain level of minimum

wage and provide certain benefits part of the issue here is that the $52 billion in funding is getting wrapped into an even bigger package of bills that is supposed to sort of define the way that washington sees competition with china and the rest of the world for decades down the road. so some of these wage requirements would apply more broadly than just the semiconductor space, and certainly republicans argue that many of the jobs here and factories like this one pay well above the local minimum wage it's really not an issue for this industry, but because this is being wrapped into a bigger legislative package, of course, you'll see politics at play. >> meantime, this is still, it remain as longer-term story and doesn't appear to offer as many exit ramps off the current shortage and the cycle we're in now? >> reporter: yeah. this has been acknowledged by the industry that figuring out the current defy chain crunch

has to happen within the private sector it takes several months to manufacture these chips as long as six months lead time in some cases. washington won't be able to step in quickly enough, but they want to make sure this doesn't happen in the future. that's really what the goal of this legislation is. to prevent these kinds of disruptions in supply chain from happening in the future, because we're seeing the economic and national security impact play out right here in america. >> yeah. seems like several new headlines every day on that front. ylan mui joining us, thank you talk to micro-cron later on this afternoon. and epic trial for apple has begun following tim cook's testimony last week. kara swisher is back with us we're in a mode trying to read the judge's thoughts. >> yes. >> i wonder if there was anything you gleaned from last week's action? >> well, sometimes she seemed as if she was in apple's fravor

sometimes in epic. both made good points. points about each other, scored points on each other so i don't really know i think the judge is trying to go down the middle, if i had to guess of all the various things. if i -- i'm not sure what that means. i think she understood the safety arguments and same time understands the marketplace argument from epic. so i suspect there's going to be some sort of regulatory schemework here that will be in place or some sort of ruling that requires them to behave in a certain way or with some transparency the best outcome, i think, as most people think how they want to use the app store going forward. >> hmm do you agree with any of the coverage that argued cook's testimony was unexpectedly revealing? >> no. i think he's like that i think he talks about it. revealing in what way? i think that you think he was talking about his business why shouldn't he i mean --

>> a lot of it pertains to, say, the share of the market for the app store in the u.s., or internationally. i don't know metrics that maybe some people hadn't heard before. >> that's okay why shouldn't apple do that? they're doing really well in this area and the best case, make their case and why they're an important part of the ecosystems and there are ways to control it beneficial for both developers and apple that's their best argument pap judge could say, forget it this is a monopoly you have to let them do what they want including in-app purchases i think the judge has a that might be a little chaotic. the argument of epic, making enormous aunts of money here do they need that -- does it have to be that safe i don't mean that in a joking way. it's that, this is a lot of profits they make from this store as well as helping developmenters create businesses it's not like they're hurting. this is not a charity.

this is not the apple charity. i didn't sothink so he's making his case and what he should do. >> kara, a dress rehearsal for another courtroom battle with spotify. many think that's a stronger case how do you think apple will come out of this from a p.r. standpoint to that one >> a bad couple weeks. in the report on china and the compromises the company has to make in china weren't great. this trial sort of shows it's -- apple sort of have the white hat of all the tech companies. it's not quite as white as it was before i think the spotify case is a significant one, because they're in businesses that compete with each other that really going to be something to talk about, and how does apple get into businesses because apps are -- what business koss it get into where it doesn't compete with its developers that's a really good argument. i would think spotify -- this is about payments right? about who gets to decide who has

payments in control? a bigger question. in this case apple can give a little i suspect. and spotify, at the heart, apple music is really important, apple entered the entertainment stuff. much as we stop that, it's really important how they get into other businesses, adjacent to their business it's growing, it's a big question spotify to me is the real case. >> kara, the critical issue to me in this case is the monopoly question because on the face of it, apple's got less market share than android you can get spotify. you can get "fortnight." the question is, is the iphone a closed enough ecosystem that had qualifies as a monopoly even though it's small? do people stay because of loyalty or because of, like, stickiness and this walled garden idea? seems to me that's a big part of what the judge la to consider. right? >> it's hard, though

you kind of live in the apple universe or the android universe you just do. you live in that particular country. you can leave, go tolt other country. you just don't want to they have a good argument. go over there. use whatever the xbox whatever you want to use to play these things you really don't, because you are in your system but not forced to be in your system. it's a big question when there's two companies that dominate. deduopolies, jonline with facebook and google search is clear. google dominates right? amazon has a similar argument to make lots of retailers out there, not just that. that said, it dominates in ways that is hard to fight. that's going to be a very difficult question for this judge, because it is certainly not a walled garden, but if you're in the apple universe you have to live in the apple universe you just -- like i said, you don't have to live there, even though you want to does that make sense it's not -- it's not our old monopoly company, you can only buy the brand from one store

that's not the case. but it kind of is. so -- i don't know i don't make any sense. >> interesting. >> yeah. >> it's a segue to your op-ed on at&t and discovery, kara you write companies like at&t mostly have a cautious investor pool that demands sure things with few down sides. big tech companies you write have an aggressive investors bay tolerating big swing opinions favor talked to ma loan, a big part of that talked about it being a brave corporate decision take a listen. >> john stankey showed a hell of a lot of courage in making this decision at this time, because he found himself really chasing two capital intensive, very competitive rabbits, and i think his idea to refocus at&t on, on their primary traditional business and allowing other management to pursue with a different balance sheet, the

direct consumer opportunity, was a brave decision. >> meanwhile, kara, you say it's persuasive the case that stankey is the worst media strategist in recent memory >> not recent memory so many, carl. i think that -- that's brave gosh wow. that's something to say. know what i mean brave to get out of -- i don't know you could make so many metaphors. he got them into this mess and pulled them out of it. i don't know if he's pulled out of it correctly. that was my argument even pulling out here, the discovery, time warn sir not big enough to fight what's coming from tech. tech can sit out and wait this thing. there has to be giant tech companies. i'm surprised there aren't other bidders. thought there might be including comcast. maybe they have antitrust worries. that's yesterday's war what will happen is fighting with the amazons, the googles and apples of the world.

they are ill equipped. you know, facebook doesn't have one platform facebook, instagram, whatsapp. google doesn't just have one platform, google, youtube. buy other things, oculus apple has all kinds of ways to satisfy media concerns my worry is this is too small. it's too small a thing all that media people -- i have how much respect for john ma loan, by the way, in the way he'sconducted this businesses. just look at his record. astonishing, but in this case i don't know if it's a brave decision to go backwards i guess to retreat, yes. a brave decision to retreat when you made a mistake by going forward. i would have continueded to go forward in that regard but i see why he did it, for sure. >> hmm fascinating. we'll see how it unfolds, kara it's a good piece. even as the tequila once again steals your shot in the background. >> sorry i got more i got -- >> i bet you do.

>> i don't know want to tell you. i don't know how to say that to you anymore. >> kara, thanks. talk to you later. >> thank you. still to come on the show, our annual cnbc disrupter 50 list takes center stage this week that's next. plus -- shares of virgin galactic. another surge this morning following a successful space flight test over the weekend shares are currently up, wow nearly 15% up 45% over the last week. "techcheck" returns in just "techcheck" returns in just three minutes. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated. only at&t gives new & existing customers the same great deals on all smartphones. get up to $700 off our latest 5g smartphones.

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yum! resetting bottom of the hour good monday welcome. welcome to the first hour of "techcheck." i'm carl quintanilla along with jon fortt and julia boorstin along with deirdre bosa. nasdaq looking to avoid a negative session in six. best five performers on the

index, on your screen now. meantime a news update rahel solomon has it for us. >> what's happening at this hour increasing international support for a global minimum patch rate for corporations financial times reporting the g7 countries are close to agreement on a tax rate of at least 15%. saying the deal could be announced early as friday. shares of virgin galactic soaring 14% in the wake of the company's suctcessful return to space. the first manned space flight from new mexico, their space port. and adding two new directors with climate experience. activist hedge fund engine one proposed four new board members to address what's it calls weak gove governance. and gasoline prices on the rise just in time for memorial day. average pump price up 8 cents to $3.05 a gallon that's $1.05 more expensive than this time last year. good news, official start to

summer upon us bad news, gas prices are higher. back to you, jon. >> thanks, rahel, disruption on the wallet speaking of which, annual disrupter 50 list out tomorrow not a subjective exercise. about 1,500 for the start-up list 50 made it employee growth, fund-raisfund- and previews and new faces julia? >> well, jon, lots of room for new faces this year, because of a record number of companies that graduated from last year's list once no longer private they no longer qualify for the disrupter 50 list. 12 companies from last year's list have gone public including some consumer-facing neems such as airbnb and door dash and insurance companies including snowflake. biggest ipo of the bunch

now, there were also, companies joining yale weighted cnbc disrupter 50 index, about 77% up over the past 12 months compared to 48% gains for the nasdaq. in addition to those, two acquisitions, cabbage and beauty counter and a number of spacs. four pending spacs, better, ginkgo grab and sophi. this year list, most competitive list yet with over 1,500 nominations for those 50 spots guys >> and julia, how much did covid factor in to the definition of disruption i guess with last year's list and this year's list >> look, last-y year's list was very complicated everything submitted by the time covid was declared a pandemic and global lockdown happened

after about a month we asked the companies to submit more information, tell us how they were adapting to the pandemic. really two data sets for last year's list. in a lot of ways, this year is a little more straightforward. the question is not, how are you dealing with disruption pre-covid and post-covid now we're in a new hybrid world. people are working from home they're working remotely people are trying to figure out how to be useful tools, and to offer disruptive technologies to consumers and to businesses in this new world we're living in jon, this can be interesting to see how some of these technologies are used as we emerge from these stay-at-home orders and people start to get out and about in the world more. the question how you continue to innovate, continue to disrupt as the world around you changes, is as central at ever. >> julia, my family got a kitten earlier this year. we sometimes call it our fur baby this is your list baby can't mention disrupter 50, and you started disrupter 50

how many years ago was it? and has it become so far what you expected >> well, thank you, jon. this is my list baby it is so much fun to work on this list, and this is our ninth annual list. we really started working on it about ten yearation. my intention with this list was to identify companies that would be massive in the future, but were system private. to really identify the cutting edge themes and trends that were forcing the big incumbent giants to change, and we're really changing the way we all live our lives. so it has become even more fun and exciting, and gratifying to do every year, and i have to say. i read so many of these nominations, and there were so many people at cnbc involved in grading these and going through all the metrics. i'm so grateful so many at cnbc have come onboard making this a reality and being part of our

coverage. >> lots of people worked it, but it's still your baby be sure to catch our live stream on the disrupter 50. that is coming up tomorrow night after the "full reveal." deirdre? >> can't wait to see it. hoping you might give up a little clue. we'll continue to gets. coming up, facebook writes them off, we discuss. meantime. keep your eyes on tesla. equal weight, price target 590 expecting deliveries to surprise in the near-term tesla up nearly 3% "techcheck" is back in two.

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facebook's vice president of global affairs penning an op-ed on cnbc looking at future of internet regulations and areas we may see bipartisan compromise saying the renewed interest in regulation is "a good thing" and regulation is long overdue facebook recently creating their own supreme court to regulate content, but have often looked and asked for outside guidance in the past when it came to making decisions about content

particular areas where he says progress can be made, well, section 230 for one. protection against influence, operations, privacy legislation and rules on data portability. finally he says, guys, the u.s. should create a new digital regulator. carl and jon, these aren't particularly new we know facebook has sort of embraced more regulation especially since nick joined put but i wonder is this a side show? how much can you really do without addressing the core business model what critical point to the business model opt myselfed to keep people scrolling, lead to viral content and can these regulations really change that jon? >> i do not expect nick to be writing about that but i think, carl, we are witnessing kind of the post-trump policy ecosystem online right? back to that old mode of congress and legislators being addressed by these pieces.

you can see it clearly facebook saying, hey, we like smart regulation it's good. hey, be careful of china over there. we don't want that modeled here areways we can come together and you get companies doing what congress has such a hard time doing. speaking with one voice and pushing everybody in one direction. see if they're able to move the needle, carl, the way they want to. >> yeah. it's not an encouraging read, guys, by any means talking about china, jon suggests, also vietnam, and turkey and russia, and other countries where we're beginning to see serious changes in the way sovereigns see social media saying the u.s. risks becoming a nation that exports incredible technologies, de, but fails to export its values. >> yeah. certainly pointing to the tech giants, jon, we know facebook and some other tech giants like to do. perhaps there's no not a yahoo!

waiting in the wings but the chinese with perhaps different policies convenient argument, but i agree, carl. there wasn't a lot super encouraging in there still a long way to go. >> yeah. got to have a little bit of concern. so we can go into the arms of tech with comfort. all right. again, head over to cnbc.com to read the full op-ed. meantime, gut check on bernstein, double upgrades the stock this morning saying reopenings should drive demand 0.d upswing by a target bear 13 we're back in a moment. that's why we started an office commune. not a security concern around for 50 miles. unless you count the wolves. and all the llama milk you can drink. you know at cdw, we can design a security solution using hp elite devices with real-time threat intelligence to help protect your data from new threats, anywhere you work. anywhere? ring the bell thrice, we're going back to the office! for technology that moves you forward, trust hp and it orchestration by cdw.

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ten years ago today. cnbc lost a friend when mike haines died. a fixture at this network from the day it launched until the day he passed away remembered for a lot of things but certainly for the haines bottom when they called the glow in the s&p 500 march 10, 2009. >> everyone, waiting for this. >> i think we're at a bottom i really do. >> in honor of mark auctioning an nft of that famous call from '09 and selling a set amount of tokens for anyone who doesn't want to participate in the auction, online now at mintable.app/cnbc ends 10:30 wednesday morning. all proceeds go autism speaks a favorite charity are marks and center education focusing on

financial literacy it's a carbon neutral event. purchasing offset credits from a firm called aerial making sure, de, this does not have a negative impact on the environment. >> and what a call that was, carl on the set now file with ether or good old u.s. dollars. coming up, the stock impact of an apple loss in the epic case that's next. the street's analyst weighs in and a forecast for shipments but still likes dell top pick in the sector up today a lot more "techcheck" ahead stay with us.

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as we mentioned today's closing arguments for the apple epic trial with us now on the verdict's long-term impact on the stock is street's number one apple analyst, bernstein's toni sacconaghi good to have you can't help but think back a decade ago the apple samsung trial and there were similar thoughts about the long-term impact there the idea the bum wrap on apple was, hey, they're trying to patent a rounded rectangle the trial exposed just how close a galaxy is to an iphone commoditized apple's margins won't hold up, but they have. haven't they >> they have, and ultimately, you know, there aren't many periods in history where

lawsuits have changed the fortunes of technology companies. now, we're in a new era. we're seeing lots of lawsuits targeted at the largest technology companies so it will be interesting to see ultimately how this plays out, and i think even historically we can go back to the microsoft ruling, and debate whether that ultimately had a big impact. i think it did allow more competitors to come into the marketplace. microsoft is still a juggernaut today. so the next few years, not only with this case around the app store, but about the doj's investigation into google and its payments to apple. parallel legislation is happening in europe with spotify around the app store this will be, know, defining in terms of how they might shape the competitive landscape, but i doubt that they're going to up-end apple fundamentally from a financial perspective. >> yeah. i guess the microsoft thing, reminds me of wandering around in the wilderness a generation

certainly had year there's where they weren't as aggressive when it comes to apple is it more about the vertical integration they've had over this period of time? cash option and optionality to pursue various strategies variod the loyalty of the customer base are those the things investors might consider hedges against any individual negative outcome here >> i think so. look, apple makes great products, they have a passionate user base. ultimately at the end of the day, that's why it's such a terrific company it is this sort of branded, high quality, premium consumers company. investors obvious joke about they if they came out with toilet paper, people would buy it because it's apple that's facetious, but itunder scores what apple has developed

that's at the core of its valuation. >> tony, we've had a number of companies and ceos come occupy in apple's defense does that help apple many say the next battle with spotify will be different. >> i think it's different to handicap a legal outcome we can say a few things. we know the size of the app store. it's significant, over $20 billion of revenue, but it could amount for up to 20% of profit if it disappeared, which it won't, 20% of apple's -- profits would be at risk now, that said, i think realistically, very different to handicap the outcome, but the

other thing we do know is this litigation will likely take years to resolve itself. it may ultimately go to the supreme court, and, you know, this is be one in a number of potential litigation battles that apple will be facing. look, i think our personal opinion is that it's different to handicap what the initial ruling is, but if we were to sort of guess what a negative ruling would be, it would likely be something about needing to open up the app store, to either allow other payment systems or to allow other app stores. that's what google has done. it hasn't been at a huge detriment to google, but i think realistically, if the case were to find that apple had no in the hospital -- monopolistic behavior, that might be the

likely like likely remedy. if we play that out, i'm city not sure that as a material adverse consequence for apple. >> tony, it's interesting. i know you've never been effusive about the stock, but you sound net constructive, certainly. i want to ask you about the privacy ad campaign that rolled out last week. they add a little padlock to the apple logo that you see at the end of the ad. what do you think that does to the marginal buyer of the i iphone. >> to some degree apple has very vocal over its privacy stance. it's been a key tenet of what tim cook has espoused and fairly consistently there's some debate about how much of that is truly atruistic and how much of that is for apple's well-doing, but we can

say they've been very consistent on privacy, and frankly i think they're trying to extend that more broadly and more vocally. now, carl, on your comment about the effusiveness toward the stock, we did have a buy rating on apple for eight other nine years. we've been a hold rating the last couple years. a lot of that has been valuation. the stock has come in some it's underperformed by is a% this year. earnings have gone up a lot. so the forward earnings multiple has gone from over 30 to 23, so we think risk/reward is getting better we don't think it's terrific in light of the fact next year can be tough, but on balance, you know, investor it is and ourselves always need to continue to look at that and be open to that >> interesting, tony i love to see the evolution of

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that's the nature of it, but that's what creates the reward for people saying that bitcoin will go to $100,000, and before the end of the year, john, it's currently jcurrent ly just about 37,000. >> he said it could. >> not a prognostication here, but the question in my head, is it likely to go more than 20,000, to 100,000 to touch that level? >> well, tom has made thinks

name off of being abled to read momentum signals obviously not ruling out -- in the meantime, spac fever, the journal says that start-up ceos are now spurning the once popular looked, inundated with pitching from deal-hungry spac sponsors struggling to find deals, to investors. why? a big part, of course, is simply price performance, 44 tech startups have closed spac deals since january. they fall in 12.8%, on average, according to the university of florida. the down more than 16% year to date it would be interesting if in fact this was no longer seen as the number one go-to option in terms of buyouts.

>> i think that reputation getting hid. in that article more than 400 spacs searching for startups you've got to wonder, when did it all come home to roost, carl? >> in the meantime we'll keep our eyes peeled for the intersurprise software that are coming this week for now, let's get to the half. coming this week for now, let's get to the half we'll discuss more with the team hello to everybody, nice to see you all as well. a decent shot today for the dow. nasdaq is the quloum perezer