it's gets done by psychedelic assisted therapy pippen episodic the study with mdma, three sessions the others involved one session. risk of addiction is very low. also when paired and considered in light of the fact these drugs are very low-risk. >> unfortunately out of time got to cut you off come back and talk more about this as it evolves thank you for being with us today that does it for "squawk on the street. "techcheck" starts right now. good tuesday morning, and welcome to atlantic. i'm deirdre bosa with jon fortt and carl quintanilla today, the view from above the crowd. an exclusive with benchmark the bill gur ley in a moment and tearing down the walls, breaking

down wwdc with us next finally, meme stocks, they are spiking higher led this time by global health clover up 80% and also seeing big gains in amc, blackberry and gamestop as well, jon. >> and watching shares of tech up 3.5 and coupa down almost seven. both set to join us later this hour. >> jon, meantime, talking to bill gurley this hour. he's come out trying to frame, de, the discussion between the going public process there's ipos which he's plong b long critical of and in his view we need to move into a world direct listing are more of the norm, given the way he argues ipos

we'll ask about about this and move the how companies go public, through what process and at what price. >> yeah. good timing. we are, jon, seeing more and more companies go the direct listing route. we are seeing more gains from direct listing companies as well but it's been a bit of a controversial issue in the valley that note i think from last year from andreessen horowitz that says the ipo pop is simply a side show. it is still the best way to go public, but perhaps there are things about it that need to be improved, and i know we'll talk about this idea we've seen some of these trading platforms like sofi and robinhood allowing retail investors to get a piece of the ipo process before it actually goes public interesting development i know gurley will take that issue with. >> and carl i haven't seen momentum coalescing around the idea direct listings ought to

the only way where bill came out. everybody ought to focus on that so many ceos, entrepreneurs saying depends what your needs are at the time. i want to the hear what bill has to say about that argument he's been making that this ought to be pretty much the only way to go. >> yeah. he joins us now. silicon valley icon and early investor in uber, you probably know, stitch fix and grubhub were, welcome. pleasure to you have with us thanks for the time. >> thanks for having me back. >> those who haven't read your most recent piece, talk about the framework you're thinking of now. how that's evolved from prior writings and what made you come out with this at this particular time >> a couple things one, i was kind of spurred by the announcements from robinhood and sofi that they were going to help cut their customer in on the hot ipo process, and it struck me that, that's only an

interesting marketing campaign if the ipos stay hot you need the underpriced ipo for that to be interesting to your customer, and, of course, if you vaxz access to the underpriced ipo, everyone wants in. a line a mile long so you're putting up here something that's super interesting from my perspective, which as jay ritter did analysis over 39 years. 39 years of data, and the average vc backed company that goes public is underpriced by like 28%, 29% over 20 years 30 s average pe buyback company is 9.2% why does this keep happening and why would it happen over such an extended period of time. anyway, that was part one. part two you mentioned in the pre-roll, there's been a number

of successful direct listings. look at the eight companies that have gone through eight past years. you see a wide variety of companies which disputes some of thethings people say you see consumer companies like roadblock, s&p and rip rec recruiter, enterprise companies that have done extremely well. so what i've come to realize is that the ipo pop tax is optional like, you don't have to pay it last year, by the way-because when i first came on and started talking about this you guys were kind enough to let me ramble you know it was around that 30% number last year, 2020, the average ipo was underpriced by 50% 50%. >> i mean, the figures you've given from ritter out of florida are pretty amazing i do wonder. the companies in which you've been an early investor and had successful ipos.

did you argue against that process at time? >> look, absolutely. but there are caveats. like, we still don't have primary ways attached to a direct listing all eight of those super pioneers companies able to push through to this new world had to do so without a financial raise, and there is work under way at we speak at both exchanges, with the s.e.c., to try and add that in it's not a technical hurdle at all. it's really a regulatory hurdle, but i think once that's done, there will be no reason to let someone hand-pick price and hand-pick allocation, especially when they have a systemic history of picking a low price it's -- you know -- every single bond in this, in our world is priced with the matthews system and every stock opens every day with this system guess what rfr after you do and underpriced

ipo? open with another list pg that all a direct listing it. >> bill, good morning. it's deirdre i can't help but notice the portfolio company is doing a traditional ipo. how hard did you push their team to go the direct listing route and i wonder if you can't convince your own portfolio companies -- >> oh, that hurt. >> -- to gow that route, got to call it out. does that hurt your argument, persuasiveness of all the things you just said? >> well, watch that space. one thing i would say. so there will be others that come behind it you know, it goes back to this primary raise piece. to the extent there was primary capital available in a direct listing, there would be almost no reason whatsoever to kind of opt-in to this $250 million ipo pop tax. it's just -- it's just a waste of money

i understand your point. you can rest assured where i have any influence pushing for this. >> i'm sure you did. interesting they didn't go that route. a few moments ago, bill, you also said that robinhood and other retail brokerage platforms need an underpriced ipo for it to benefit their investors, but why not offer it to retail investors and let them decide whether they want to buy in or not? isn't this about price discovery and the company getting the best price? doesn't involvement of retail investors help that process? >> oh, sure it would if you paid attention to their bid price. if you understand how the traditional ipo works, first of all, most retail is completely excluded they mean the high nextworth banks and even those that are, the way the allocation process works, banks can ignore whatever price you put in it actually doesn't impact the

faring price that is negotiated with the, you know, ten best clients of the investment bank. here's something to note like, the way a direct listing works, any brokerage attached to any exchange has access. the names, put on the screen, every robinhood customer could buy those day one. at the offering. >> hmm. >> and so if you truly want to democratize things go the direct listing route. all they're doing, saying there's a limit of stuff always under priced if we can carve off a piece our customers will love us for it. absolutely anyone ho loved to be carved in on systemically priced ipos. it is free money everyone loves free money. everybody! >> and half the time people say democ democratized -- >> you guys, too, right? >> everybody loves free money. free lunch, free money anything good, free. shifting gears for a bit here. we just saw apple's wwdc keynote

yesterday. big implications for tech when apple does things with software and platforms. apple's making the argument as it has for a while vertically tightly managed ecosystems are good allow for faster innovation. app store is a prime example over the last decade-plus. epic, spotify, basecamp chafing at the rules do we need legal and regulatory interventions with the likes of apple for innovation, for start-ups like the ones you invest in, to win long term? >> you know, i'm -- i'm reluctant to suggest that there's a regulatory fix to any problem. about eight years ago when the app store first started i wreet blog post called "a rate too far "a, where i felt like you know, i worked on a number of different marketplace empties. ize always rather see a company have a lower rate and a very

long, sustainable future, and i felt like the 30% number was so high and so egregious, that you were going to set yourself up for the exact type of difficulty you have right now i mean, first amazon, you know, just flat out refused, and they've had their kindle going around the whole time. then netflix pulled out. once that happens things are fraying. then started negotiating some of the clients down people don't pay 30. they pay 10 or 15, but guess what our start-ups, you bring up, they get the retail price of 30%. so i think it was a bad decision back then, and hard to recover from i think they probably would be best off just picking something like ten and taking it down for everybody and kind of a mea culpa. you do 2kget pregnant on profitable right? >> you said everybody loves free money. everybody hates taxes.

this reminds me a lot of the u.s. tax code? theare -- powerful players gelt toe negotiate their own rate. >> the hardest part is the arbitrary part -- >> then what's the solution? have other countries, where you can take your business other platforms? and some argue we do apple's arguing, high, look at the console. they charge their own fees in-line with ours. google, et cetera, et cetera you might want to stay in apple's ecosystem, but you don't have to. or do you? >> i think you kind of have to let's are truthful you have lots of dating apps and not be on apple? you do kind of have to and kind of difficult, i just went to pooeete's on my phone ad they didn't take 30% of that

transaction. where's the line the fact it lives in this arbitrary code where they can decide -- sets them up for trouble. i'm not arguing it's a legal prab i say started with a lower rate you don't end up in this matter. >> bill, get you on volatility in general i want to refer to two headlines we're looking at this morning. one is from ken moll is ies on e wires. 70% to 80 prsz percent meme stock investors just having fun and clover health. headline literally reads "clover health quickly pairs gains now up 81%". i just wonder what you -- how you describe this environment? a silly season dealing with a universe of investors playing with house money and new emotional ways how long can it last >> yeah. i mean, look, for me, and you know, someone could easily say okay, boomer to this response, but i've studied, you know --

financial history. right? i've read burton mckale and these books that tell you how to do proper asset allocation, and how to grow your wealth over a very long period of time, and nowhere in those books do they say, you know, open an account on margin and start trading options. it's just not part of the lexicon. and, in fact, the opposite is true like, people that have historically gotten heavily involved in option trading have eventually had problems in the long run so my gut would say it's temporary. and that there is something afoot. we have a combination of very low interest rates we have the payment forward of flow retail you know, feedless trading. we have a lot of options speculation by people that have never done it before, fueled by stimulus checks from our government so i do think it's a very -- and i left out obviously the reddit, wall street bets crowd pap whole bunch of things that are happening simultaneously that

you point to as what's enabling this, and by the way, they scared the professional short sellers out of the market. they're nowhere to the found so you have a lot of, a lot of different things that have happened i would not expect that type of behavior to be durable. >> right bill, may not be sustainable same time, seeing some of these meme stock companies take advantage of their higher share prices to raise capital and perhaps expand their business. perhaps go some ways to justify the valuations they're now earning. how is that different? i know you take an issue with the ipo pop, but doesn't strong stock performance whether from meme stocks or ipos build support for nor 4riliquidity, enabling the teslas and others >> the mechanism that amc and gamestop used is called an atm

at the market offering and it's interesting to contrast that with the dl and ipo, because one of the arguments i make on the ipo being broken is that if it's 30% under priced, add in banker fees that's a 37% cost to capital these atm offerings are happening in the overnight market extremely low cost capital. like right at market they're actually, i think, quite ingenious from a capital formation, a capital raising standpoint once you've scared the shorts out of the market you don't really have anything to balance supply and demand, if you just have overt hoddle-based demand for the stock. what's the supply that pushes the price down and raising, know, true capital is a great way to balance that, and these two companies at the top of your list probably would have been bankrupt, and they're not going to be anymore. so these movements are having

real impact on our world. >> yeah. >> the way you expect them to ar ba tries that, do acquisitions, that kindof thing. >> public companies like free money, too right? >> sure do absolutely. >> if we're going to give it to them, why not? can't let you go without talking stitch fix after earnings up about 11.5%. i remember sitting down with you on investing day, you're on its board. model shifted over time. katrina has been expanding the way they exchange customers beyond that standards here are clothes in a box every month or every three moss, however often you pick them. using ai shifting the model as far as the people making the fixes. what do you think is most important for investors to understand about the engine and the technology behind what's driving this company from here >> look, one of most exciting

company ice wies i work, i have optimism how far things can go from here. the piece that kind of is consistent from the very beginning through now was personalization. and unlike anyone else in this apparel industry they know way more about their customer, know way more about each garment and using ai and ml to he match those things and bring them together. that started by putting five things in a box you've never seen before, and that got us to a certain level and created quite a bit of liquidity in our system now with the company sdpexpandi that heading towards a personalized storefront. i think about it the way you think about maybe netflix menu or ui, or even tiktok where there's a stream of things that have been picked out especially for you. if you walk in an apparel story, even go to apparel online store you have to wade through a bunch

of stuff that's not for you. and why not, when you show up, have stuff that's specifically for your style, your fit, everything, pushed to the front of the store all of other stuff you don't even need to see, and no one's done that yet. i think it's it's next wave of ecommerce. i think the company's at the forefront and i think you're going to see super exciting things out of them over the next few years. >> finally, bill, circling back to our discussion about direct listingics ipos. how vociferously do you think the mega banks will defend that model or will adopt to a world direct listing are truly more km common >> if we get the capital race through, so much momentum. you know end of the day, they'll have to adjust and have to adopt right now, you know -- last year alone there was $34 billion in

one day and staggering right to ask the question. part of the problem, so many people are used to that happening and used to that being available. but there's momentum, and i'm optimistic and i'm super thankful to all of the cfos and ceos and gcs of these eight companies that pushed through, and i think there's a lot more behind them. >> hmm i'm sure a lot of other cfos are watching and listening now it's quite a read. everyb should look at it. appreciate you coming on and expanding on it. as always, great to see you. >> thank you so much. coming up, the ceos of coupa and marvel tech. bitcoin beloan 33,000 and john gruber talking apple a big hour of "techcheck" is just getting started.

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is this a momentum problem or a buying opportunity with us now in earning exclusive, coupa ceo founder rob bernstein. rob good to see you again. and -- this is one of those moments where the numbers are saying one thing investors going in a different direction. seems like the main question is -- is the revenue, is the business, accelerating or decelerating and you're saying something different from what some people think. right? >> well, first of all, great to be with you, jon to give you a statistic i think is worth understanding our q1 business doubled from q1 last year. so i think that is a sign of very really optimism about our business you know, companies we're working with just really saw an exposure during the pandemic. back office and capabilities aren't front mind and now are tr truly front of mine.

we're moving into opportunity we haven't seen in the life of this business, now over a deck tad. >> remind investors core of your business started with spend management, applying data and applying ai to the costs that businesses have,which i think is an interesting position both when the economy is growing and people are excited about cloud and ai and all of that stuff, but also potentially when things turn the other direction, and companies need to save money what did you see in behavior during the pandemic at a time when companies needed to tighten their belts. and what do you see now as things are accelerating? >> we cover all areas of what we call business management supply chain design and planning procurement, treasury, inventory, contingent, workforce, labor, everything as pertains to how a company spends money. companies want to avoid disruptions. many have seen disruptions in supply chain and need to quickly

reallocate inventory and ensure resiliency of their business companies weren't able to order ppe quickly or send payments to suppliers quickly, because they had to send people into the office to write paper chex we discovered a huge, huge area of opportunity that they knew about, but now they're beginning to really think about how to transform digitally through the use of best in class, comprehensive cloud solutions. jon, know, we offer a comprehensive business solution to d address these things and taking on incredible project pchs working with bmw, nestle, u.p.s. and others to address these needs and amongst the thousands of customers we have already, we think we're just getting going into a huge total adjustable market. >> finally, on this question of acceleration versus deceleration, what does the pipeline look like, and, you

know, give it to me if you're talking about the m & a that you've done, versus not. how strong is that pipeline base and what it's been in the past >> our pipeline is largest its ever been going into the coming quarter. it's large in mid-market, enterprise and late-stage pipeline made up of a host of companying around the world, it's moving along quickly. we couldn't be more bullish about the business. >> ceo of coupa, thank you. >> thank you. when we come back what we learned from apple's worldwide developer conference yesterday with john gruber, coming up next. plus, growing competition with facebook. "techcheck" is back in a moment. ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done.

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wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. resetting bottom of the hour i'm carl quintanilla alongside jon fortt and deirdre bosa and

julia boorstin joins us. julia will break down facebook creters, coming up next. physical a news update with leslie picker. >> thanks. what's happening, job openings shot up to a new high. labor department says 9.3 million unfilled jobs. 1 million more in march and far a bov expectations. and shares are thor industries, despite reporting strong results, thor shires up 4% before the bell. a new report unveiling tax details for some of the richest people in america. republica says jeff bezos paid no taxes in recent years arguing the ultrawealthy sidestepped parts of the u.s. tax system. a $10 million spac deal pulled sportico reporting sports radar is dropping agreement to go

public way spac. get this in favor of a traditional ipo. guys it's like the "benjamin button" of going public. >> get bill gurley back on direct listing instead leslie, thanks. apple kicking off its conference yesterday unveiling features and more. here to talk about that apple expert and fireball creator john gruber good to see you. actually, start with something that didn't get a lot of attention yesterday. in my mind, the most important thing going on at apple is m1 and how quickly they can get developers to write directly to that, and show results because that's like dollars on mac machines and strengthening the ecosystem. adobe yesterday says creative cloud is 80% faster on m1 than a comparable system. i mean, should we pay more attention to that writ large than the privacy stuff

which has been impact, but -- maybe not immediately? >> yeah. and i, you know -- people were surprised there was no hoard ware a - hardware yesterday you never know they never promise to unveil hardware but there are important macs 16 inch mac pro. the mac pro higher end smaller mac book procedures still haven't gone to apple, silicon or the m1 and i feel like as the summer is going, starting, we're starting to get to the time of year in the fall where you might expect the next generation, and, two does that mean we're looking at a fall time frame for rest of the macs to go to the m series chips? maybe. because if they come out now, then all of a sudden, what are the pro macs a year behind >> hmm. >> hmm. >> yeah. apple is also leaning hard into a privacy and security thing especially when it comes to

icloud plus, which they announced. to me, when apple has a new tier or charging for money for something, that tells me they're serious about it one thing to bake something in once they start charging for it, it says they can dig out something really special there are you surprised, perhaps, with the way they're handling browsing security? even beyond a vpn with two hops? are they breaking new ground here >> yeah. i think that they're definitely breaking new ground, but i don't think they're charging more. i believe, my understanding is that icloud plus is really just a name they're putting on all of the paid tiers of icloud eve financial you're at the 99 cent a month level, it's just traditionally just gave you a bit more storage for backups and photos and stuff, you qualifyic safari mode.

charging more or trying to get people off the free tier what i think they're doing i think the safari privacy mode feature is really interesting. it's not a vpn a vpn encrypts all of the traffic going out of your computer, from all apps. this is just for safari and just for web tracking with a vpn, you have to trust your vpn provider. if it's work, work gets to see everything do you over the vpn if you pay for a personal vpn, your vpn provider is somebody you're trusting with that information. with this two hop system apple is using, nobody including apple, has access to the traffic that you're going through. these two hops that your safari browsing goes through, nobody keep as log. there is no reported of it it's -- it is total lip private. totally private. >> really interesting distinction. we weren't expecting a.r.

developments yesterday apple versus a snap, developing a.r. in public with its cre creaters >> they gave one hint about a.r. yesterday. talking about -- didn't talk about a.r. specifically. talking about maps and apple maps they showed an example actually right in san francisco. i'm familiar with the area, but it's right off market street and there's diagonal streets it's hard to know what you mean by make a right, because some of the streets are -- and they showed preview using a.r. with street directions on a map where a 3d arrow showed you which street you wanted to go on for your walking directions. so i -- i feel like that was a little under the, a little wink and nod to where they're going with a.r right? >> john, i wonder also on some of the iphone as digital i.d.,

working with tsa already a sense of it to some degree here in new york state with excelsior what about distribution of identification and what does that mean to both of company and the developer community? >> yeah. i think that's a really good question, because it's -- if they're going to make a strong push to get your i.d. as something in your phone wallet, where can you start where you get the most impact? because i feel like for a lot of it, it would be at a state level and you've got 50 states plus puerto rico and whatever just in the united states. wh whereas starting with tsa, nationalizes it in a way right? if tsa can accept these i.d.s in your wallet, that's something that anybody who travels in the air could make use of, if they want to. tsa is onboard, that's a strong

sign, i think, that you know, this is going to -- it will take years. i think it's just like paying with apple pay where maybe the first year you didn't see a lot of it, but now especially in 2020 with the pandemic and all of the rules about touching and stuff like that i feel apple pay took off and i feel it's the same sort of thing with i.d maybe we won't see that it, that much in the next year. after ios 150 comes out. give it to, three years, paper bas, boarding passes, anything you hand over will feel antiquated. >> give your your take on the state of apple's ecosystem the health of their ecosystems, vertical integration, is the most important indicator of their potential. so when i look at retail, when i look at the app store, when i look at the m1 and chip design efforts. things like imessage so many things they're trying to tighten and hone right now

how well do you think they're doing? >> i think they're doing really good i feel like they're calling it share play, which is where you can watch movies or listen to music with somebody remotely and it's all synced up to be, you know -- around the play/pause controls are right there. you're watching the movie. somebody has to take a break, everybody take as break. pauses for everybody that's social. very, very personal, but share play also works for screen sharing. and you can just do it with one of window on your mac instead of sharing your whole screen and people can see all the stuff on your desktop or windows in the background just share one screen, and that's obviously work-related. right? something people in the last year have done a ton of. and just making it seamless. so you don't have to install a third-party application, and have this long check list of do this, do that, do this other thing to get it going. one button right there in your

imessage chat where you can start sharing one of the windows so you can collaborate on work so so i'd say it's pretty strong. >> not doing much this year but clearly a lot in the works when it comes to software and developers john grub thank you. >> thank you for having me. quick "techcheck" on tesla heading to break boosting stock this morning. despite departure of trucking head but now back down to earth. down by more than 1% more on cnbc.com we are back in just a minute. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness.

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wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done.

in case you misseds it, relatively space announced this morning it's range add huge pround $650 million to go after space x and blew galactic. find that on our social channel. a big one this afternoon cnbc executive talking about impact of apps on their business just in time for apple wwdc and linkedin website scan the code left of uryo screen for your info stay with us

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wondering what actually goes into your multivitamin? at new chapter, and it orchestration by cdw®. its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. a beat on the top and bottom taking shares of marvel tech higher as current company revenue passing the $1 billion mark first time ever with us on the quarter, marvel tech sheo. thanks for making time for us. >> good morning. thanks >> i'd like to start with the chip shortage if i could

we had commerce secretary gino ra m ramando on yesterday and how is this affecting your business and do you see it easing anytime in the near future >> great to be here. the chip shortage is very persistent right now we said on our call last night for marvell we seal supply improving second half of this year, which is great, and leading into next year however, i still think it's not enough for the industry and would agree with the secretary's remarks that the shortage is not going to be a quick fix, but i think the industry, the chipmakers, suppliers and all customers arerallying together to optimize the supply and demand and solve it as quickly as possible. >> do you agree with her time line as well that it will remain a daily

challenge for the next year or so some think it's going to persist longer than that. >> yeah. i think it really depends, deirdre, on which part of the semiconductor industry you're talking about. you'll hear different kpips come out. about a $500 billion global industry in terms of revenue definitely different pockets of the industry more constrained than others. as you probably have seen, a lot of headline news about ought momo i automotive, and intense focuses from multiple governments putting pressure on suppliers and supply chain to rectify that nap could actually have unintended consequenceses if we're not careful, because this is a delicate supply chain that's global in nature. i think right now pretty much every end market and industry within semiconductors is up and to the right it does present a challenge. i think some of the pockets of shortage will be alleviated earlier, but certain pain points

i think may take into that time frame to really resolve themselves completely. >> part of the recommendations, as you know, involve congress potentially providing at least $50 billion to boost u.s. production does that number sound like it's in the ballpark? >> yeah. that's in the ballpark of, i think, what we've been advocating for as the u.s. chip industry i'm a member of the board of the sia or semiconductor industry association and we command the administration's progress they're making in terms of realizing that, that funding i would say, though, to make sure that we don't conflate the two issues right now i think you have an issue of global supply and demand imbalance, independent of geography at this point. it has nothing to do whether fabfa s located in taiwan, the united states or wherever that's one where industry

forecasts went way above where the capacity was in place nap being said, i think there are certain national security and economic security issues around the funding of advanced manufacturing in the united states which i think is is a good thing for the u.s., but it is not a quick fix either and that's going to take time. so i think starting with this funding of the chips act is great, and i think the industry needs to come together to create that balance, but right now the shortage has actually nothing to do with where the manufacturing is located sometimes that gets a little confused in all of the noise around the chip industry >> right important to clarify what is happening now versus where we want to be matt murphy, thank you so much for being with us, marvell ceo >> thank you >> we mentioned stitch fix earlier, smaller loss than expected, beat on revenue. upbeat forecast driving that stock up double digits this morning. incoming ceo elizabeth spaulding

joins us this afternoon. "techcheck" returns in two minutes. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done.

the conflict between apple and facebook heating up as both companies hold events this week. our julia boorstin has been tracking them both and has the breakdown. this is fun to watch >> it is indeed, deirdre apple introduced a number of social features set to launch this fall, and they make apple

more of a rifle for facebook apple expanding its face time so users will be able to call android and windows users as well also introducing a social feature called share play which allows people on face time to watch a movie or show together and apple's bolstering i message with new features to enable users to share photos, music and news with contacts so they don't have to swipe over to facebook or another app for that social experience now, facebook's ceo mark zuckerberg has already said that apple is a major competitor because of apple's preinstalled face time and i message which compete with facebook's messaging tools. for months facebook has been campaigning against apple's privacy features which prompt users to opt out of ad targeting. this comes as facebook kicks off its first-ever creator week for instagram and facebook creators where we expect the company to unveil new tools for creators to make money from their fan base and from their content

all of this fits into a broader plan to keep creators and consumers within facebook's apps analyst barton crockett notes to us facebook is trying to become an ecommerce platform and it makes sense to extend that to its creators as well now, on sunday zuckerberg shared this video of himself throwing a spear, and yesterday he threw darts at apple's 30% fee on app makers zuckerberg saying that facebook's creator tools will be free until 2023 and then it will take less than apple's 30%, though he didn't say exactly how much in facebook's push to position itself as a partner for small businesses, it is launching a tool for creators to be able to see how different company's fees such as apple's impact their earnings carl, we couldn't resist showing that cool spear-throwing video again. >> he's not a bad shot you got to give him that, julia. amazing. just to the right of the bullseye but certainly the back and forth

between facebook and apple this week has been remarkable julia, thanks. we'll take a break ubs takes target to a buy this morning, says the pandemic-era strength will continue they go to 265 they were at 210 it is an all-time high on target going back to the ipo in 1967. you can read more about it on cnbc.com/pro we're back after one last break. get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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time for one more thing and that's bitcoin's bust, dropping more than 10% since yesterday after u.s. officials managed to seize more than $2.3 million worth of the bitcoin ransom paid to the hackers behind the colonial pipeline attack according to court did documents the fbi was able to access the password to one of the hacker's bitcoin wallets. interestingly we also got access to tim wu's financial filings first reported by "politico", famous in some circles for criticism of big tech, wu has joined the biden administration and now we know he holds more than $1 million in bitcoin itself would love to get the wumeister to talk about it on camera >> yes, $1 million at of when is the question

bitcoin was 58k and 59k and air leaking out of the balloon at various speeds since then. we will see where it goes from there. no bets placed in this market but quite a run down for bitcoin. >> yes apparently his biggest holding >> the irs chief has asked congress for the authority to regulate let's get to "the half." carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, the next leg of the rally. why it is now upon us according to one of the most closely-watched and followed market strategists we will tell you where he sees stocks heading in the months ahead. get the committee's tack joining me for the hour, stephanie link, josh brown, jim lebenthal, rob sechan, co-founder and manager partner of new edge capital group. good to have everybody today take you to the wall, show where we are trading keep your eye on the s&p 500, 4,224. we are not all that far away from a new high on the s&p dow is coming off the worst day since mayes, as i turn to th