the year, outperforming the nasdaq and the key is going to continue to be the rotation taking place between growth and value. >> pretty incredible when you put it into context like that. nasdaq the out performer up 1.5% that's going to do it for "squawk on the street. have a great weekend "techcheck" starts right now >> finally really did it. >> you maniac! you blew it up.

♪ >> good friday morning welcome to "techcheck. i'm deirdre bosa with carl quintanilla and jon fortt. today on the show adam aaron charles the pants off retail investors. we break down the business known as the trade a bitcoin breakup, why musk meme is worrying the crypto crowd and we'll go live to miami later a spac, bill ackman has been looking for a dance partner, will universal music hit the right note >> let's talk about tech too three stocks to watch on the move at this hour. shares of asana and docusign getting a boost this morning after strong earnings results, high growth names that are seeing momentum continue and pagerduty beats on the top, not as much the bottom the ceos of all three of those companies this hour. exclusive interviews here on "techcheck." carl >> jon, leading the charge the army marching on, adam aaron embracing the retail trader

going on a youtube show with the voice of the amc trader online, youtuber trey collins. >> the stronger amc is as a company the more people who bet against the company should be concerned. we raised billions of dollars over the past ten months, and we have almost $2 billion of cash in the bank. >> adam aaron is setting the bar in terms of ceos reaching out to retail investors and caring about what the retail investor is asking for. they've raised well over a billion dollars in 2021 alone, which is really going to help set them up for the next one, two, five, ten years >> now while aron and the reddit crowdremain bullish against th shorts wall street moving to the sidelines. mudrick capital that made headlines for investing and selling stock this week is pulling out entirely says the firm has exited its debt and equity positions. sell side at a loss stock above

50 today wedbush price target 750 from 650, says maybe $10. bofa throwing in the towel, terminates coverage of gme, quote, investors should no longer rely upon our previous investment opinion or price objective. with fewer sell side ratings we're left with what the head of the ape army thinks the valuation should be. >> i'm reminded, guys, of a few years ago, do you remember when elon musk took a question from a youtube analyst on the earnings call and wall street analysts threw up their arms and revolt and said how could elon musk spend 20 minutes with a non-wall street analyst and the writing was on the wall back then. take a look. i mean adam aaron is speaking directly to a youtube personality and, you know, the youtube personality trey collins

getting interesting information out of him as well what we're seeing here is the changing landscape we've been seeing over the last few years, intensified by amc and gamestop, a new generation of investors thinking about value very creatively and i think will affect the way that investing continues even in the companies, the big tech companies, with real fundamentals going forward. >> i don't think so. i mean, i think this amc thing, it's a great movie but amc is no tesla. this is not a tech stock or a real estate play it's a reopening play. people want to see movies again, but the idea that this is worth a 52 plus -- >> jon -- >> this is not tesla this is one of those cultural moments i think. it's like we're going to look back on this like aol/time warner or the groupon ipo. we'll look back. remember that. wasn't that crazy how those stocks did that thing. it didn't really matter in the

long term, but that was weird. >> i hear your point and get your point, but tesla wasn't tesla until a few years ago until able to tap into -- >> no. >> its fans, turn them into investors, raise capital and there's been a lot of operational milestones that have been reached, gigafactories, that capital raise has allowed tesla to become much more than it was a few years ago. >> if amc had elon musk reinventing entertainment, then maybe amc -- tesla was always tesla. tesla always had elon and electrification of cars and beyond that, changing, you know, the way transportation and energy work worldwide. this is not that it's an interesting investing moment, worth spending time on, but if you get distracted and think this changes all the rules of investing, that 2021 is a sea change maybe you're right, but i don't think so >> how can you be so certain amc has billions of dollars. why can't they acquire or entice

the next elon musk i'm not saying it will, but, you know, this idea of them being able to raise capital by bringing their fans, speaking directly to them, into the mix, just opens up a whole world of possibilities that perhaps wall street typical wall streets analysts haven't thought of. isn't that exactly what some of the analysts have done today, thrown in the towel and said listen, we can't judge this thing anymore because there are other factors at play here who's to say that doesn't affect other companies and some of the benefits and drawbacks that may go along with that in terms of corporate governance you're right in a sense, who knows if they're going to make good decisions they could make stupid ones. >> i do agree that the practice of raising enough capital to get escape velocity and think outside the box the way tesla has is clearly what adam aron has in mind. the question is how many followers on the sell side willing to think that broadly about it and a couple fewer on that front today

the perfect person to ask about this, dan niles who joins us to talk about amc and pockets of froth in the market at large happy friday thanks for being with us. >> my pleasure, carl. >> so 30,000 feet, it seems to me your view is that, a, these pockets of froth or whatever you want to call it aren't new, they're comparable to things we saw a decade ago or even before that they're a function of money supply is your view. i guess the question is, do they bother you do you think it makes people question the systemic health of the market at large? >> well, there's sort of two answers to that. as you brought up, people think this is new, it completely isn't. if you go back to a fortune magazine cover that i sent you, trader nation, and that was 1999, and one of the tag lines was, they can break you or make you rich so that's what we're going through today. this was in 1999 it's not new

what's new is the fact that these traders are armed with stimulus checks, they can organize more easily on things like wall street bets, they can work from home and there's no cost trading so those are the differences this has happened in the past. i think it's a good thing. what's going on because if this gets people into the market only about 55% of the population owns stocks the greatest wealth creator over time that there is, and so if it gets people interested in investing that's great what i don't like is when you have people sort of taking out mortgages on their homes and putting themselves at risk if the thing, you know, collapses you want to be able to, you know, invest what you can afford to lose if you're going to play in something like this it is just gambling. there's nothing wrong with that if that gets you interested in the markets, but you don't want to put your family at risk that's where i have an issue with some of the advice being given. >> the activity and the price action and the tolerance for

volatility and the different constituencies whether that's good or bad, i wonder, is it making you bends the rules, your traditional playbook rules, because things that you thought were largely impossible, huge dilution resulting in a higher price, for example, aren't happening the way they have in legacy times are you having to change the way you think about the market >> you know, not really. i mean i've been doing this unfortunately or fortunately long enough where i started in the business in '90 and i remember 1990, you may remember this, some of you, but you had a biotech boom in the late '80s where people, every company was going to cure cancer and so, you know, you had that going on back then and then the big boom and the recession and things collapsed. 2000 the internet boom and companies would change their names and put dotcom at the back of their names and the stocks would double overnight

that's not any different than what's going on right now. i mean it's just, you know, you have a generation of traders, some that weren't born back in the late '90s. you know, but what it's making me do differently to the other part of your question is that on names where i go there's a large retail component and short interest, might be something targeted by wall street, but for now stay away from that. my view is pretty simple, when we get to the point and i think we will by late this year when the fed starts to take away the easy money, the fed balance sheet last year expanded by 77%. money supply right now is up 18%. the prior peak was 14. that money supply number had gotten up to 27% that tells you how much free money is just floating around driving up everything. when the fed backs off of that with tapering, that's when you can say okay, we can potentially go after and short some of these highly overvalued names because then the free money starts to

disappear and you start to contract some of that free money and that's when things get dang are you on the downside. right now there's nothing that says amc stock can't double, triple from here gamestop went from $6 to $250 today. you want to stay away from this stuff right now i think unless you're doing it in very small size and you -- >> dan, that's sort of what i'm getting at here, is there is actual innovation that is happening in technology in the world that public companies are doing, like in the past we had client server, that changed the world. internet e-commerce changed the world. mobile changed the world cloud has changed the world. crypto and bitcoin could be changing the world in finance. i don't think -- i haven't heard an argument or seen anything in amc and gamestop, those trades that are happening, it's interesting, and as you said, you know, the liquidity and the stimulus and interest rates probably have something to do with it, does it have

implications for the entire market in that every company in the cycle of innovation will have to react to i don't think so i don't see it. >> that's not something that's going to happen. the one thing also i would remind viewers and i've said this before, is, you know, as you rightly pointed out, jon, e-commerce changed the world amazon's stock in 1999 peaked at $106 a share, doing 1.6 billion in revenues. over two years, the revenues doubled from $1.6 billion to $3.1 billion the stock went from $106 to $6 over a two-year span of time as the whole tech bubble imploded and as the nasdaq went down 79%. things may change the world. it doesn't mean they're not vastly overvalued at any point in time. that includes real companies like amazon or tesla or you pick your favorite name and certainly amc is not going to change the world. neither is gamestop. right now, they could keep going up a lot more, but at some point

if an amazon can go down 95% with revenues doubling, you're going to have a real problem in names that aren't going to change the world and it's just a matter of time and being patient. >> if amc and gamestop don't change the world or their industries would you allow that they may at least change the way that companies communicate with their investor base do you think we have seen ceos speak to the retail investor the same way adam aron goes to them and elon musk is that a trend that could be here to stay >> social media starteded that trend. if you go all the way back, netflix, reed hastings has been great about putting out interviews on the internet this has been going on for a while. why we're talking about this you have stocks, gamestop started before the pandemic at $6 and now $250 if i'm a ceo looking at that,

how can i do that and raise money at those kind of valuations it's ridiculously cheap money, right. your job as a ceo, they're putting out the risks, so, you know, there's a lot of things that may be making the stock overvalued and nothing to do with our business fundamentals and you have a right to give them money at $50 a share or at $250 a share if it's gamestop and that's your right to gamble with that and it's their right as a company to warn you of the risks and say i'm going to raise money and go from there. the retail traders have saved amc and gamestop no question about it that's the only reason these companies are surviving today, able to raise money at incredible valuations and those ceos should be grateful to the retail investor. >> yeah. i think aron especially and cohen their ability to adapt to that environment is one reason

why those companies may live on. you're absolutely right. >> absolutely. >> a lot to get to for next time we really appreciate it. have a good weekend. dan miles. >> thank you and big show continues the ceo of asana, docusign, pagerduty all coming up this hour "techcheck" just getting started. so it's another day. yeah- that's what most people think. but in business it's never just another day. every day is the day. there's the day your store has its biggest sale. the day you have a make or break presentation. and the day your team operates from across the country.

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gut check on bitcoin following a tweet from elon musk posting bit coin with the broken heart emoji and a meme of a couple breaking up our friend throwing shade on the price change this morning tweets imagine selling an asset because a rich guy tweeted a meme. >> perhaps the biggest defense that musk's tweet linked to lincoln park let's move on to earnings,

docusign, shares up about 15% right now rallying following beats on the top and bottom line and the outlook driving that surge as a pandemic winner sees continued growth head. with us now and a "techcheck" exclusive is dan springer. thank you for being with us. >> good morning. thanks for having me. >> one thing that stuck out in the quarter to me and many analysts as well was the customer adds hitting a record as we head into a post-pandemic world. can you keep that sustainble what due attribute it to this past quarter as well >> i think we see it's customer demand because more companies are saying they need to digitally transform their business in the pandemic or post-pandemic, whatever our new normal will be, i think companies are saying they have to take advantage of these digital technologies that allow them to save money, have better customer experiences and really get that time to revenue faster. we're seeing that same phenomenon and momentum in the

marketplace and we're bullish as you saw with the very strong guide as you alluded to we're going to have significant growth ahead. >> can you sustain that pace and continue to hit customer adds. this is a big ocean and you're only in the early innings. i think you hit the answer to the question really implicit in the way you asked it we think the addressable market here is huge and we're well less than 10% penetrated so for us it's going to be about execution and if we continue to scale our field organization the way we have the last several years and i believe we can continue to scale that organization, the opportunity is there if we execute. so we're, again very bullish that we'll continue to have that customer add we passed a million customers which we're proud to announce, a huge thank you for all the docusigners making that happen, but in the end we believe every company should be using docusign and there's a lot more out there. >> how has customer behavior

changed during this period, perhaps in ways that might remain, and also, i remember visiting you years ago in san francisco and all the building going on apple is planning to have workers return to the office on specific days. what's your plan for that? >> so we actually believe that the construct about thinking about docusign is less about whether people are in the office or whether they're working from home we see ourselves as a big participant in what we call the anywhere economy, john people need to transact with people wherever they want to do their agreements we don't see a change to our business if people go more back to the office because we think the benefits they get from using the docusign technologies are not determined by where they are. from that standpoint doesn't make us less bullish as people return back to the market and that more secular trend we see driving the adoption of our

technologies is because people are seeing those benefits, the cost savings, the time savings, the time to revenue. their customer is having a better experience. one of the reasons we have an nps score in the 70s because our customers know their customers get value using our software and that makes them want to use more docusign. >> what about the ways that customers are using the product, the time they're spending with it, perhaps the specific features they're using has that changed over the past year in ways you expect to stick? >> yes i i think the general answer is the core things that brought us to this dance, we can talk about clm and the docusign agreement cloud if you focus on signature, brought us to the dance and the primary driver of our revenue today, those use cases have not dramatically changed each company is on an adoption curve and might start with straightforward use cases like signing customer contracts but over time they realize there's other benefits like when they

send out employment agreements and a great way to bring people online into their company. we're seeing those use cases aren't changing draumtsly but each company is going deeper with us into the rest of their enterprise >> last question, what's the biggest obstacle to docusign adopting blockchain smart contracts? >> i do believe -- separating smart contracts from blockchain, there's two slightly separate conversations. on the blockchain standpoint we would use and do use through etheorems has an opportunity for storage of agreements, but as we did discuss before it's much more expensive to do that than the core docusign technology today. as the scale girth gets better there's going to be opportunity to increase that -- >> is the scale -- >> go ahead. >> is the scale getting better >> the scale is getting bigger

and blockchain will get there. i still think that's a year to 18 months out before a significant number of our customers would say we really want to be storing on blockchain given the cost differential. it will continue to come down. on the smart contract side we announced a clause acquisition, we believe there's software development we can do to make it easier for people to use agreements in a code, you know, format versus just fixed terms we can actually create smart contracts that will change over time and allow you to modify your behavior without having to go back and edit them. that's an exciting part of the platform that will happen separate from the blockchain. >> dan, thanks for coming on to break down the quarter dan springer of docusign thanks. >> thanks for having me. asana founder before that facebook co-founder dustin moskovitz is next as his company asana comes off a strong quarter. lot more "techcheck" straight ahead. stay with us it's a thirteen-hour flight, that's not a weekend trip.

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resetting at the bottom of the hour i'm carl quintanilla with jon fortt and deirdre bosa in a moment jon's interview with facebook's co-founder dustin moskovitz, his second act asana getting an earnings beat and helping the "techcheck" work from anywhere index which has gone positive for the week helped by docusign, zoom and oracle all higher. a news update with rahel solomon. >> good morning. here's what's happening at this hour the u.s. as we know now adding 559,000 jobs in may, that's more than twice the number in april, but below forecasts. the unemployment rate falling to 5.8% president biden says that more needs to be done to grow the economy but the u.s. is on a strong course. >> no other major economy in the world is growing as fast as ours no other major economy is gaining jobs as quickly as ours. it's due in no small part, first

of all, to the cooperation of the american people in responding to my effort to get covid under control, wearing masks initially and getting vaccinated and no small part to the bold action we took by passing the american rescue plan >> the fda says that region ron's covid treatment can be given by injection instead of infugs, the antibody drug has been found to reduce hospitalizations and deaths among covid patients with mild to moderate symptoms. if you know someone who has trouble taking their eyes off their phones, who among us doesn't, you may want to tell them about a south korean industrial designer has come up with a third eye that alerts users of objects before they run into them. that's a very different interpretation of a third eye. back to you. useful it seems. >> oh, yeah, thank you. >> that's what i'm getting you for christmas. >> rahel solomon, thank you. shares of asana jumping higher this morning, now up about 7%

the work collaboration software company beat expectations for revenue growth and had a smaller loss than expected forecasting second quarter sales over $81 million. i spoke with the company's founder and ceo dustin mah moskovitz, discussing the path to profitability and told me investors can expect to see him balance, spending and profits as asana continues to grow. >> i think balance is the operative word there it's going to be a little bit of both we intend to make continual progress towards profitability, maybe not every quarter on quarter but over the longer arc we see it as a march in the right direction. but additionally we have a great track record of being able to find great investment opportunities, pursue them, deliver more value for customers and improve our growth and so when you see those great opportunities we're going to take them. i think that you should expect asana to continue spending heavily but as long as our

revenues are growing we're able to get leverage on the spend over time and make our way towards profitability. >> more large deals, a particular highlight of the quarter just reported. looking beyond the quarterly results i also asked him to weigh in on whether companies should allow or encourage social and political discussions at work and even on collaboration platforms like asana, this following the blowup at base camp weeks ago after ceo jason freed announced employees can no longer share their societal and political discussions at work. >> certainly there's ban lot of activity in the news recently. i would differentiate between the different kinds of digital communication. i think that the least good solution for really charged conversations or conversations about politics or something like that is using text, whether it's e-mails or chats or even -- you lose a lot in conveying body

language and emotional tone and easy for people to misinterpret what's written down. i think that video conferencing can be effective, depending on the topic, but i think best of all is to be in a room together and literally share the same space. i think that really helps with reminding each other you're on the same team and not literally, you know, facing off like you are sort of physically when in video conferencing, being able to sit with people and next to people and have more organic conversation with natural control flow i think that's the healthiest possible way to have difficult conversations. >> for the interview scan the qr code on your screen and head to our linkedin page. carl, tech isn't a solution always for everything and that's especially powerful i think coming from a guy who helped to found facebook and who does a work collaboration platform. sometimes it's nice to just

actually sit down with someone in real life >> it's true and i think it's kind of encouraging to see the facebook diaspora have a second act as we called it earlier because certainly facebook changed the world in ways maybe few other companies have, but there's always more to be done, especially when some of these early founders were so young at the time >> yeah. investors taking to it i mean asana went public at a direct listing reference price of $27 a share now nearly $40 we talked about this yesterday but this sort of the middle tech companies like box and dropbox that haven't really lived up to expectations, i find it interesting that dropbox has gone into two hot areas, esignatures and collaboration, but investors have not really appreciated that push because it doesn't break out those businesses in its quarterly results, but you see docusign and asana really get a lot more love from investors and, you know, shoot up from their ipo

prices while dropbox continues not far from where it went public a few years ago. >> those businesses that the likes of a dropbox are incubating inside themselves and perhaps they're not ready yet to break out. it's almost like what you get with some of those older tech companies that have a new product and yet they're still judged on what their core business has been. now that's not judging dropbox and box and whether those efforts are going to be successful or not. certainly some of the things that companies like apple and microsoft have incubate vd turned into big businesses amazon, the cloud. but for a time, you got to prove it out and not necessarily going to get that valuation bump right off the bat. >> yeah. when that business is ready maybe you tell investors i'm always ask drew when they're going to break out some of those sign numbers bill ackman is back and so is the spac we unpack the flack. too much, next plus, watch crowdstrike beating

on earnings and revenues and a boost taking that stock higher this morning but has since given up those gains now down by about 3% a lot more "techcheck" straight ahead. stay with us at cdw®, we get drones aren't the best way to modernize. that's why cdw® would implement an infrastructure upgrade featuring hpe proline servers. with best in class security measures, they build defenses... against new vulnerabilities. and simplify the hybrid cloud by enabling cloud economics and agility, all while reducing costs and upward social interactions with robots. let's find a different room. for transformation that works, you need hewlett packard enterprise and it orchestration by cdw®. people who get it. with a bang. and it orchestration by cdw®. energy and change came to every part of our universe.

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you've got enthusiasm but then there's disappoint. shares of pershing square tontine bill ackman's spac falling 10% as what some followers of the spac call themselves online may be left feeling let down by the announced spac target. 10% of universal music group at one point airbnb was reported to be a target universal music is more of a mature business, almost 90 years old and already going public and investable through french parent va venedy. a head scratcher from bill ackman this morning. maybe a safe bet but there was so much mystery around the spac. what would he do would it be airbnb or bloomberg. to settle on universal music i know you love music, so i'm

interested in your take. >> we were talking about it with faber this morning ackman has a history of going into retail and real estate, but the fact that it's media is fascinating and only bill, jon, could have made the spac process with all the warrants and s.e.c. regulatory guidelines even more puzzling than it is. >> this is christmas stocks when you wanted a ps 5, ripping open the spac box and expect to see a ps 5 and it's socks. they might be nice and come in handy at the family gatherings but you were hoping for the ps 5. when netflix or disney or anybody else buys content people get excited. ackman buys content and it's christmas socks. not fair >> we look forward to a lot more granularity on what bill has constructed there. we're going to take a break. pagerduty stock was a 2020 darling as you know but in the broader cloud sell-off it's down 30 from the february highs

jennif jennifer tejada is going to join us watch broadcom, better than expected outlook, citing 5g, big earnings beat, all the call ta list behind that stock's move. "techcheck" ckn o nus.ba itwmite ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. 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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spend as it grows. the company now working with more than 60% of fortune 100 companies and pagerduty's ceo jennifer tejada joins us now jen, good to see you this is interesting to me because your company is one of those that isn't followed by a ton of analysts and you had some things on the call and with the report that i want to get into total annual recurring revenue, annualized recurring revenue for customer spending more than $1 million was up 59% year over year that's interesting put that in the context of the spending that you continue to do to grow. >> yes, well we're really thrilled with the large customer momentum we're seeing with customers over $1 million grew substantially for us and we also saw particular strength again in international, with international up 38% year on year, now making up 25% of our total revenue. you know, very strong performance by all of our teams

in theaters and we're pulling forward some investment in a year from a timing perspective to bring our annual summit conference which has historically been in september, forward to june. on june 22nd we'll be talking about the future of work and pagerduty with a number of great guests like david soloman, ceo of goldman sachs, armand dagger, and adam grant one of my favorite best-selling authors who wrote "think again". >> you have an analyst day coming up at the end of the day do you not we talked last quarter about other costs coming back online as things open back up you know, people getting on planes again, traveling trying to connect with customers. is that happening as well? >> we continue to be an efficient business with operating cash flow positive for seven of the last eight quarters and we're going to invest thoughtfully so that we can grow in a sustainable way efficiently

and pretty excited about the opportunity to accelerate the business we expect it to grow above 30% again and yeah, i think we'll see some of the travel come back we're thrilled to be able to host another virtual conference this spring, but hope to start getting people back together in the fall i think more importantly, with the business seeing momentum, we are going to invest in that acceleration and investment, in particular in new innovation and a.i. automation where we're helping companies master the operational requirements associated with being digital first, making sure that they can detect and resolve real work in the seconds that are important to consumers that won't wait a single second for you to get it right. >> that's interesting. the mindset of the customer right now, jennifer, you know, jon talks about the expenses they're going to incur as you reopen but there's been a lot of expense control and savings that will come from, for example,

less fewer real estate footprints i wonder if you think that's leading to more optimism from clients about at least the size of their deals come the fall do you think there will be that kind of tailwind. >> we definitely see hybrid work as a new tailwind for pagerduty in addition to digital acceleration and migration and devops transformation and seeing our customers think about investing for the long term. cios choosing pagerduty as one of the key platforms they're going to rely on going forward because our customers' businesses have become digital businesses they can't afford not to make those investments. you are starting to see some of that shift in expense into long-term strategic i.t. investing to position these companies well through the future >> jen, good morning it's deirdre good to see you. i've been tracking the number of

times the word platform is mentioned on the earnings calls of some of the work from home winners over the last year last night platform was mentioned 23 times on your call. that was around the same amount of times as i heard it on the zoom call earlier in the week. what are investors missing about pagerduty's post-pandemic chapter or proposition and moving beyond your devops core >> we're thrilled to see companies and customers adopting us about devops we're one of the most influxal developers on the platform and domain agnostic environment, we connect to the most important technologies in the world which makes us a super set of all the observibility and monitoring providers out there we help customers understand what's happening in their digital world and quickly manage it i think importantly, we've been able to extend our reach beyond devops into security, which as you know is a very challenging

environment right now, and more recently customer service where we saw customer service users expand 41% in the last quarter and with companies like doordash and netflix out systems adopting pagerduty for customer service and z-squall and [ inaudible ] having pagerduty really starting to see some good momentum in use cases outside of pagerduty or outside of devops long term i think what we'll see is our customers becoming inventive and creative and leveraging our platform anywhere they have unpredictable, unstructured, but mission critical real-time work. >> all right jennifer, we look forward to hearing what you have to share at the end of the month with your ecosystem and with analyst and investors. jen tejada, pagerduty ceo, thanks >> thank you great to see you all some interesting news on square from jack dorsey a moment

ago. he is tweeting live from the bitcoin conference in miami where we will be live after the break. "techcheck" continues in just two minutes.

ob jack dorsey making some news on bitcoin a few moments ago, sending shares of square higher.

he says square is considering making a hardware wallet for bitcoin. if we do it, we would build it entirely in the open from software to hardware design and in collaboration with the community. in a later tweet he writes, we don't want more passwords on post its he is tweeting from miami where he is set to speak at bitcoin 2021 cnbc's.com's linmackenzie sigal joins us live. can you tell us what the vibe is there? >> reporter: thanks, carl. 50,000 people are expected to head to the city of miami for what is being build at the biggest bitcoin event in history. they capped out at 12,000 attendees that are here and the others that are here are for the side events happening. there are a ton. i flew in yesterday afternoon and i spent eight hours

traversing miami going from event to event there are events dedicated to bit cloud. it has been quite an experience. >> mackenzie, i can't imagine home business cards, virtual cards that you are collecting at this conference. you know, we have been talking about elon musk this morning with somecontroversial sweets, especially among the bitcoin community. are people talking about him do they -- you know, is he as divisive a figure down there or have they sort of moved on >> oh, no, he remains very much a divisive figure within the crypto community you know, people don't think that elon musk or really anyone, not even governments, have the potential to stop bitcoin. they see his messaging a few weeks ago about bitcoin's environmental impact as very much a temporary setback you know, i ask people are they worried about the recent sell-off, and the resounding answer is no everyone is holding on to their bitcoin for dear life. >> mackenzie, how nerdy is it

there in miami it is a tech culture, they're talking about it as an important silicon valley alternative i wonder how much of the focus in this conference is on the tech and, you know, the kind of deep coding stuff and how much of it is not >> reporter: yeah. well, one thing that is really important to note about the conference is that it is very much bitcoin specific. so it is not a cryptocurrency per se you have those that believe that they think bitcoin is the future of finance so with that in mind, it is bitcoin 100% as you said, yes, there are a lot of coders here and like the top people in this space that are very much in the weeds of blockchain it is a huge conversation as well and talking about functionality there. so i have been learning a ton. i have been in this tech reporter role for three weeks and i'm asking a lot of questions. >> yeah, i can imagine i guess my last question,

mackenzie, would be if you landed on planet earth from outer space and came straight to this conference, what would you think is the most important coin >> oh. so without bitcoin, like what is the next one i would choose? >> exactly what does get the most buzz right now? >> reporter: everybody is talking about ethereum because ethereum 2.0 is this release that's imminent. it is really the underlying blockchain the coin ether has a ton of use. it is a hot topic because people are excited about apps they kind build on top of ethereum if i were to parachute in from another planet i would be asking about ether. >> fascinating what a statement it is about how the asset has gained acceptance, just that live shot alone.

mack mackenzie cegalos, thank you >> thank you i knew it would be ether or dogecoin so i'm glad it was the latter look at ford, landing a new street high price target this morning. monthly ev sales up almost triple but it hasn't been enough to keep the stock in the green it is currently down about half a percent. tesla, meanwhile, is higher, breaking a five-day losing streak google is confirming a top diversity executive will change roles following anti-semitic language used in a blog post that was brought to light. "techcheck" is back after one more quick break cisco. the bridge to possible. at cdw, we get your it staff has be ready to take on new challenges. that's why we built an office obstacle course ... to prepare our people for anything.

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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. one more thing apple gearing up for its annual worldwide developer conference on monday. the event again will be held virtually. wolfe research out with a fresh note, cautioning the event is unlikely to blunt the deceleration narrative, but wolfe expects product upgrades to reinforce the company's competitive mote it features updates to apple's operating systems but there are reports we could see a new apple book pro with a new processor.

it is said that could make wwdc more significant as a catalyst than in years past carl, interestingly, apple facing its sixth straight down week not behaving like a meme stock >> trying to avoid that fate we will see you monday from the nysc have a great weekend to the judge carl, thanks welcome to "the halftime report." i'm scott wapner front and center this hour, does today's softer than expected jobs report reignite the rally as major averages move closer to highs. joining me for the hour, shannon saccocia, boston private well. liz young, head of investment strategy at sofi a big week for her jim lebenthal here, the farmer, along with pete najarian let's check thist markets, which after the soft jobs report once again evenlying toward new record highs, perhaps on the belief the federal reserve will be more patient before making changes to the bond buying effort we will get