1.75% everything was negative. >> thanks for closing out the hour with us. >> i'll see you guys in about a half hour. >> soinlds good. that's going to do it for us for "squawk on the street. "techcheck" starts now ♪ happy wednesday. welcome to wednesday i'm jon fortt with you la and deirdre bosa carl's got the day off what wallstreetbets traders are praying for ahead of the fed. later a big investment a check on the auto, julia. >> we're also watching oracle

falling this morning and debating apple's legacy and health with tim cook at the end of the hour. later we'll talk with the ceo with the shortest straw on the street dee? >> 69-28 oven rebecca kelly slaughter and becomes the youngest person to ever lead the commission she'll focus khan first rose to prominence over her yale paper claiming the retail giant's consumer-friendly low prices shut out future competition. khan also advised on the recent report from the house judiciary anti-trust panel, accusing big tech companies of monopolistic tech practices which led to last week's legislative proposal to

break up the industry giants the subcommittee chair and ranking member speaking now on the effort to rein in the companies and also weighing in on inflation julia and jon, i guess the question is so much has been made about lina khan, but many are asking does she have the tools, the support to force these views we know her for, and is this or should this be the big wakeup moment for big tech and investors in particular? >> well, deirdre, what i would say is it's notable of the five bills that were just proposed and released on friday, the one that's most likely to be passed is the one that gives more funding for enforcement of their rules, so it's unclear how much change will really happen in terms of the ability to break up these companies, but when it comes to giving lina khan more

power, she will have a little more power at least in terms of enforcing rules that already exist. jon, what do you think >> i think this stuff tends to go to court eventually and while the wheels of government are turning slowly, these big companies with a lot of money tend to outflank. we've been hearing about these massive investments that apple is making in new campuses, in all sorts of places and even manufacturing facilities of other companies across red states, blue states, across the country. that's going to way in on how lawmakers think about this frankly it comes down to, dee, what is a monopoly and what is a market right now there are people who are trying to make an argument that the iphone is a market unto itself and apple has a monopoly. i think so much of this is going to come down whether theess moves toward a european style of anti-trust approach and whether

the courts are having it even if the regulators are trying to take us there. >> and the european mode has been aggressive, but it hasn't been all that effective. i hear your point. does it amount to more of a distraction. what we're seeing now, the press conference, nearly every day there's a headline in terms of regulation we may not see a big breakup or these proposed regulations put in for some time, but, julia, will this be a distraction as the tech giants are fighting among each other you have amazon's jeff bezos throwing the operating system under the buzz a few weeks ago apple and facebook are at each other's throats. >> yeah, absolutely, deirdre let's remember, of course, microsoft was really distressed by that anti-trust battle. the question is how much these proposed bills could impact the behavior of these companies. are they less likely to make

acquisitions because they're concerned of a big crackdown and it's worth noting as they come more into conflict with each other, it shows how big they've gotten the fact that apple and facebook are facing off, we got more headlines with apple taking on google in terms of tracking and how they're smenlding their time and maybe their money online jon, i have to wonder if as they get bigger, more into conflict with each ther, that's more fodder for anti-trust regulators. >> it could be one day, not now, but i've got to ask you has facebook been distracted because it's about to be a trillion-dollar company for the first time, it looks luke. if anyone should have been derailed -- facebook has been facing it for two or three times. >> it takes time it tames time. >> he's hit the bull's-eye there. he seems focused. >> not too distracted so far

but look you just don't want to forget what happened with microsoft so many years ago with that an anti-trust battle. >> we can't forget that. and we have to see tim cook's ax-throwing game. let's move to oracle shares are down despite a substantial beat you see it at the bottom, 6% oracle is pushing further into cloud computing, posted its best quarterly growth rate. this might be a story about margins. the stock is up more than 20% since the start of the year, but, you know, point out in the guide, it wasn't so much the revenue issue. it was the margin guide. oracle intending to spend more capex on that cloud build-out. so i think strategically investors have to figure out even if you're not counting

oracle, cloud up against amazon and azure, they're still building and building for something, and they have a strong database. how do you balance the growth they expect to see off of that versus the capex investments you're going to have to take along the way? >> rehn a few months ago we saw this rotation and oracle was certainly one of the beneficiaries of that. you mentioned it 20% year to date but we questioned is it a long-term debate, are they going to be as growth-oriented to see further outperformance, a growth is needed and are we seeing it in the same way as other tech companies that we've been tracking over the last year that have done a lot better. >> yeah. certainly, deirdre, it seems like an expectation game with

oracle jon, i have to ask you whether you've seen any of the selloff today. a little bit of skepticism about cloud and the investments there. do you think that's factoring in >> i don't know about that, but there are always people willing to dump on oracle. for 15, 20 years you hear how other companies hate oracle and in the next transition, oracle is a dinosaur. not only are they still around, but they're trading near all-time highs competitors hate oracle, but customers tend to stick with them we'll see if they can knock them off their perch. >> investors, though, they also, let's not forget, shunned some of these value names until this year you can put idm and cisco into this group that have seen a rebound this year. i guess the question i continue to ask is what is sort of the

long-term trade here you see the legacy names get aed by on the idea that i.t. spending is going to ramp up are they making these big moves in the cloud are they spending enough to compete with the likes of aws and azur >> we'll be watching that battle going forward. meanwhile big funding news out of google and g.m. this morning. phil lebeau has that this morning. phil >> let's start off with general motors whose investors are optimistic a double dose of news to push the shares higher. the company increasing its guidance for q2 saying it's going to do better than expected, earning at least $8.5 billion. and it's boosting its e.v. investment it's going to be spending up to $35 billion on e.v.s by 2025 that's an increase from where they were a few months ago they're going to be adding two

more battery plants bringing the total to four, and expand e.v. capacity here's what ceo mary barra is planning. >> whether it's the hummer truck and suv, the cadillac, we're getting great customer feedback, and many of these vehicles, if they had been put on sale, they're already sold out. >> as you take a look at this chart, keep in mind a lot of people are saying, wow, are there really that many that are going to be sold over the next several years? >> yes the expectation is annual sales in the u.s. alone will top 1 million vehicles for electric vehicles by 2025 by the way, general motors says one reason it's optimistic is it's going to be cutting its battery cost by 60%. that's the news there.

the other news getting plenty of attention is waymo completing a 2.5 capital rates. they've now raised $5.75 billion since march of last year a lot of that will go toward funding the waymo autonomous rideshare program. it's already in the phoenix area they're planning to bring it to san francisco and it's slowly growing there. they have raised more than $5.7 billion since march 2020 as you take a look at google, waymo -- or alphabet, i should say -- when will waymo commercialize it when will they say, we're expecting to make money off of this unit. that's the big question out there. >> always a big question i find it so interesting, phil, that alphabet has so much money

on its balance sheet, yet waymo awaits this investment somewhat like the g.m. announcement they raised their target not just for e.v.s but autonomous vehicles as well did they break out how much is going toward technology? and do you think with them pulling off, investors see that promise of commercialization so far off they're getting a little impatient with huge amounts of money that is being needed and spent on ev? >> two answers here. firs first off, they did not brick that up today. clearly most of it will go toward developing and ramping up electric vehicles over the next four years, but there's also a component in there we don't know exactly how much that will go into autonomous

vehicles remember, g.m. is a primary stakeholder but not the only one. it's slowly developing its autonomous ridesharing program out in san francisco so g.m. expects it crews to pay off at some point. i'm not sure investors are saying, what we're spending more on this? look what happens every time there's a funding announcement. >> stock goes up for ford. sfoc goes up for others as well. this will eventually pay off at this point we have not heard people say, no way, this is too much money being spent >> phil, thank you so much for bringing us answers. we'll continue to watch. still to come, the ceo of a company with 54% short interests -- sounds a little scary -- a

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let's get a gut check. netflix could be about to release its strongest six-month slate of new shows and movies ever shares are pretty much flat right now, hovering on the flat line, guy. jon? >> all right two new audio products are launching today. facebook is launching live audio rooms and mark zuckerberg hosted one yesterday to talk about gaming, and spotify's new line of audio products called green room is also launching today others have launched or promised products along these lines as well, and joining us to discuss is the co-founder and editor of the margins weekly tech news

letter which one of these audio rooms are you getting into to augment your newsletter, or are you going to jump into all of them >> the live social audio, i'm going to admit, i was pretty surprised at how compelling and experienced it was especially during the pandemic. there were amazing experiences i had like a 10-hour room for people talking about taiwan and others and having amazing conversations. clubhouse was on its way and they had their moments of vie reality. elon musk went in, mark zuckerberg i think they're in a bit of trouble. i'm going to be honest i have been loving twitter spaces twitter has my interest network. the people i find interesting are already on there it just shows up at the top of the app. this is where this whole space is interesting because the live social audio is a pretty simple

feature. it's an add-on facebook has the social networks, twitter has the interest networks. spotify has the audio network content. if those hosts start doing live audio, i'm probably going to go there too. so clubhouse realizing a $4 billion valuation, it could be in a little bit of trouble right now. >> i guess it depends who you want to tap into yesterday when zuckerberg kicked off that live audio room, lots of jokes on twitter saying it was a carbon copy of spaces. do you think they need do anything different or can it sit back and rely on its scale for some kind of success here? >> i think facebook does not have to do anything different. i would have to say for all of

these platforms with live social audio, which is a glorified conference call in terms of the infrastructure, they don't need to do too much again, whether that's a problem in terms of the power of these platforms is another discussion, but in terms of just letting the people who are already on the app experience this thing that is good and actually brings people together is a good way for these apps to approach it. >> yeah. i guess what i'm watching on this is this idea that maybe it's not a winner take all you know, i have found that the way twitter integrates space is very natural, but it seems on other platforms, they're different use cases. the way green room is going to work on spotify, it's going to have a different audience, different use cases. do you think it's possible this is yet another add-on and

they'll expand in it and that they will be truly competitive and only one will survive? >> i 100% believe this can exist in a number of different platforms because spotify has its own use cases. they're launching it as a separate app they're supposed to bring it into the main app. i don't want any more zoom happy hours and videos and trying to deal with that it's an incredibly low frictionless way to meet with other people i do think one possible threat is as we go back to normal life, live social audio has been this really cool passive thing to pass the time, but i kind of want to sit in bar and talk with my friends and go to sports games and see other fans and talk with them and interact with the real world i do wonder whether this would

be some passing fad that was unique to the pandemic that lives on, you know, as a nice little feature that augments the existing events business, but whether it's a standalone trillion-dollar market, i'm curious as to how it plays out in terms of usageespecially. >> ranjan, i want to turn to today's fed meeting. it could be interesting, right, for some of the reddit investors if we do get a sense of any kind of tapering or easing of risk appetite from the fed, we'll really find out who the holders are, right >> i think today is going to be a really important day because today we're going to find out about risk and what is the market's appetite for risk going forward. because remember there's a lot of debate, did they lead to mean stongs remember, low interest rates by

design encourage investors to move up the risk curve, and if there you end up with all of these kinds of unanticipated consequences like people buying wendy's stock and making jokes on twitter that's especially where, wrun, if we see the fed start to taper and indicate that they're ready to taper, it could be a huge damper on risk appetites which could actually hit meme stocks very hard and it will be more important to see how these things get regulated because when everything is going up, it's fine. when stuff starts to come down -- and believe they indicated it will have some potential on the meme stocks, it's on that ride down the regulators are going to have to find out how do we prep protect and prevent it from happening? >> what about the meme stoxx handling it differently and seizing the opportunity to not only communicate directly with

investors but also to take their enthusiasm and sell stock and invest that back into the company. do you think we're going to start to see more ceos follow his lead and try to seize the moment here, if you will >> this is, again, such a weird time because honestly wendy's was up 28% kind of standard operating procedure as we've seen, but on that same day, wendy's social media account was replying and tweeting things like if i were to go to the moon, i'd love to take a trip to the moon. to clarify, going to the moon, it's common -- it's like the whole meme culture, stock shooting straight up does that constitute an investor communication from a publicly traded company it's probably some 25-year-old social media manager having some fun on twitter, but that is effectively pushing a message to retail investors that we are with you and those tweets were

circulating and the stock did pop, having one of its biggest one-day pops ever. so gary, the head of the scc looked at it we're seeing that exact same effect and change on the way financial markets work and the s.e.c. has to step in. >> we'll see what they do. ranjan roy, thanks for being with us. meantime we're keeping an eye on geneva where joe biden and russia's vladimir putin are wrapping up their meeting. putin will hold a news conference after that, biden willbe havin his own. we'll get to eamon javers a little later jon? >> yes, indeed meanwhile tim cook at the bottom

of the hour. a legacy in health after tbreak. first, canaccord calls coy the supereverything to crypto. notice the q2 weakness is telegraphed. stay with us more "techcheck" after the break. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold.

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reseth at the bottom of the hour deirdre bosa and jon fortt you see president biden leaving and vladimir putin getting into his motorcade. we'll be going to each of their press conferences live a little later on in programming. we'll get to the news update with rahel solomon. >> good morning. president biden and vladimir putin wrapping up their first meeting at geneva. we're watching for putin to host

his news conference. 3.6% increase was limited by surging lumber prices, applications for building permits fell 3%. futures are down more than 40% from their early may high and prices are higher, not seen since march. regeneron helps cut death rates. it's for people whose own immune systems refuse to respond to the coronavirus. jon? >> apple still pushing to fulfill its health care provisions the tech giant has stumbled in its early efforts. california employees currently testing them are reportedly concerned over the integrity of their health carry apple intended to build upon the success of the smart watch and

health apps integrated into ios devices. it's stumbling but i see it differently. the apple watch still represents 40% of the market, far surpassing its closest competitor, samsung. dominating the health tech category well, the struggle is real meanwhile ceo tim cook speaking now at the virtual viva tech conference in paris. julia it seems like with product development, category development, there are some things you talk about health tech i remember a couple of years ago, apple is going to come out with amazon echo and alexa and innovation is dead at apple. apple is making billions of dollars profitably in this category i mean is it struggling? >> look. i have an apple watch. i love it. i know they're going to be

introducing new features for the apple watch going forward and apple watch is increasingly going to become a health device but what "wall street journal" article is hoping in on is services the idea that apple would be running a health care clinic, it's notable amazon is moving in this direction as well they want to do health care on demand, being able to send someone to your house to give you vaccines and the like. so i think there's really this question is apple going to be able to successfully transition away from making these very powerful devices that we wear on our wrists to serving people with doctors, which is a very, very different proposition. >> yeah. and, dee, this is why apple at first wanted to stay away from this part of it, right they said anything that requires fda approval, we don't want to touch that then they decided to lean into it i think investors need to know just because they're having trouble with the regulatory and

health pair of the health tech doesn't mean they're struggling. they knew this was going to be messy. watch the devices they're selling and the software they're rolling out. if they're able to figure out these big challenges, that's going to be more for them. >> you said a key word there, jon. regulatory scrutiny. these companies are already under immense regulatory pressures. we said at the top of the show, what are they going through? there's health care, amazon, health czech, they're going into payments and health tech, john these are two highly regulated areas. yes, they're looking ahead they want to look at those rife for that you talk about distraction i don't know with that journal report and some of these hurdles that appling is facing, but remember other tech giants are facing hurdles in this space as well. is it worth it, that's my

question. >> yeah. good question. when you're making billions of dollars, that's not a distraction, right that's the business. the question remains, is regulation going to be an issue? but this is an area that i think a lot of people want these tech giants to move into. very few people are happy with the state of american health care and if companies can make it more patient led, more consumer-friendly, they'll b heroes. >> well, that's the key, the promise of a major payoff when it comes to going into new industries and anti-trust. we showed you do at the top of the hour a press conference, bipartisan group of lawmakers that has tech in its sights and the prospect could be moving along faster than expected they're holding a news conference to talk about a series of new bills aimed at limiting the power of big tech companies. have a listen. >> for my conservative friends

concerns over power of information and speech, the only way to stop this power is through anti-trust reform. these bills address that power we will support small businesses we will support consumers, and we will break up big tech. >> the host says he supports the bills and that the committee will begin marking them up as soon as next week. that's a faster timeline than many had anticipated, julia. >> yeah. fascinating. it's going to be interesting to see how that plays out. in other news, is e3 disappointing? we break down everything we learned. goldman says its buy market is at 42 there's a lot more "techcheck" straight ahead, so stay with us.

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gaming companies are losing hearts left and right. let's start with roadblocks. shares sliding after a report of a decline in users and spending

on the platform. the electronic expo or e3 came to lackluster close yesterday. sony and ea, heavyweights, not even attending the conference this year. the trouble began with a faulty app for the virtual event. it was plagued with bugs and rated 1.5 stars on googles app star and then came two announcements of games, just not at the conference two released early clips at summer gamefest. that's a competing conference. across the four days of gaming, companying like microsoft, take 2, and others tried to woo gamers and investors alike they did face some mixed results. they went in on games featuring characters from films such as "avatar" and "the avengers." users weren't too impressed.

the big winner was microsoft's cloud ambitions showing off a host of new games slated exclusively for its gaming streaming service. that's a space that amazon and google have tried and failed to cap on so with so many announcements and not much hype, is it coming to an end? jon? >> let's bring in steve. games sell, but not consoles because we bought those last year some of these consoles, you can't get even if you want to. >> you're exactly right. even if you wanted to buy a ps 5 or xbox, good luck going to best buy or anywhere and getting one right now. as far as the marquis titles, w didn't get that. no grand theft auto, the new

zelda game that nintendo has been teasing for a couple of years isn't going to come out until 2022 if i had to bet, maybe 2023. we're stuck here microsoft had the greatest a announcements, but that was even before e3, and that's more about cloud gaming right now in 2021, gaming looks pretty boring. >> steve, what do you make of the move that sony didn't even show up for the conference, and does that sort of push the mainstreaming of gaming further out into the future? >> yeah. i think so because first of alsony had nothing to say. it didn't happen last year and it won't happen next year. there's another game, dawn, that's supposed to arrive this year, but don't expect if that's delayed as well. you can't buy a playstation 5,

so there's almost nothing to talk about. >> right and i guess that's why some were disappointed with the e-3. steve, thanks so much for brings that to us. coming up on the show, mackenzie bezos gives away another $2.7 billion, plus, keep your eyes on shares of amazon. af jeffries is di sck echcheck" is back in just a few minutes. digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential.

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for a changing world. ♪ we have a market flash about the newest casino on the vegas strip. contessa brewer has that. >> resouths will be the first to allow mobile cashless apps you pay for it on your phone it we know global payments is getting into this space as well. this is a hugely stalwart for the still cash-dependent casino industry resorts world is owned by a malaysia-based company it will open its supertechie company next week. now cashless payments are really disrupting the space and

potentially extending profit margins for casinos, jon. >> all right, contessa, thank you. cnbc's evolve global summit kicking off today. kareem was acquired by uber in 2019 here's the ceo of that company talking about talent in the region and hitting the unicorn milestone. >> one thing that did change as a result of careem getting acquired, covid, a lot of the talent in the region instead of wanting to work at multi national businesses, they want startups now you have them doing entrepreneurial-like activities and investors realizing it's a good opportunity to fund these entrepreneurs. >> it could be a big shift the summit cover as wide range of topics including competition

with will.i.am of the black- eye p peas here he is speaking about a.i. and the integration into children's toys. >> as this a.i. toy starts to learn the child and predict and suggest, this means the toy potentially in the next 15 years will be smarter than the parents and gather all this data that could one day hurt the child as the child gets older. >> wow think of how -- do not miss my interview with incoming ceos of qualcomm and intel we'll have them on the same virtual stage, cnbcevents.com/evolve. dee? our next guest run as

company with a 50% short interest so is this the meme opportunity you've been waiting for? that is up next. and therosenblatt with a sofi by they're looking to capture a significant amount of jump ball opportunity to seize market shares from the old guard. more to come don't go anywhere. into your mu? 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.

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. russian president vladimir putin giving his press

conference let's listen in. >> translator: the state department will start conversations on the whole range of issues of diplomatic operation. there's a lot to talk about, a lot of questions have piled up i believe that both that both p including united states seek to find common ground and find solutions. as for ukraine, indeed we touched upon this matter i wouldn't say that we had lengthy conversation on that, but as far as i understood president biden, he said that the basis for the ukrainian settlement should be the minsk package of measures. as for possible ukraine actation to nato, we touched upon this broadly and there is nothing to discuss her. give the floor to etatas agency.

>> translator: mr., president, you said that one of the topic was strategic stability. could you please elaborate on the decisions on this matter and will russia and the united states resume or launch negotiations on strategic stability and disarmament? and namely, on the new start treaty, do you plan to start negotiations on the further extension of review of the modalities, or maybe assigning of a new treaty in this era? thank you. >> translator: the u.s. and russia hold special responsibility for strategic stability in the world judging by the fact that we are nuclear powers in terms the number of war heads, reentry vehicles and delivery means as well as the quality and the

scale of modernity of these weapons, we realize this responsibility and president biden took a responsible and timely decision to extend the new start treaty by another five years until 2024 indeed, a question arises, what's next. we agreed that we will launch consultations at the interagency level under the auspices of the u.s. state department and the russian foreign ministry colleagues at the working level will decide on makeup of this delegation's -- >> we will continue to monitor this news conference our eamon javers is going to aping us any headlines when it wrs. then we will have president biden speaking as well we are back in just a moment

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from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo . we have been talking a lot about meme stocks. we may be talking with the ceo of win of the next ones. our next guest is the ceo of what's currently the most shorted stock on the market in 54% short. joining us now is pub mattic's

ceo. thank you for joining us when it comes to the meme trade, i have to ask you what's your approaching to to be to this are you going to take an adam aron approach and communicate directly with investors? what's your play here? >> absolutely. look, great to be with you this morning. we are committed to providing value to our employees, customers and investors over the long term that means a few things one, building highly innovative solutions, two, building deeper relationships with ad buyers and lastly growing our market share. it is an almost $400 billion market opportunity we have only been public six months whether it is retail investors or institutional investors we are committed to connecting with as many as possible. >> a lot of the retail trades are not connected to

fundamentals i want to ask you about fundamental challenges apple making it harder to target adds own their devices google making changes when it comes to cookies and facing challenges in their alternative tracking strategies. how fundamentally challenges are those two big changes going to be for your company? >> these are significant changes in the technology ecosystem. we have invested heavily in the transation way from cookies and other identifiers like apples. today the majority on our platform have alternative identifiers to google and apple. our business is well protected i think the good news here is that this is just another step in the continuing shift in privacy and tracking for digital advertising where the consumer now has significant ability to decide how their data is used. we think that's ultimately a good thing for consumers as they

will now be able to participate in this decision ultimately, we think digital advertising will be a better marketplace as a result. we are excited about these changes. and we are investing heavily behind it. >> we have to leave it there we are running out of time thank you for joining us. >> thank you doesn't look he is leaning into the meme craze so much just yet. we will see. one last thing st stripe-d employees are leaving higher cost areas. in september the payments company began offering employees a one time $20,000 bone he is to leave cities including new york and san francisco. that offer was contingent on a 10% cut in base salary they have a $95 billion valuation. this news comes ahead of their

stripe-ed conference we will be watching that today we have been talking a lot about flexibility and the different approach that tech companies and perhaps additional financial companies are taking another data point here, maybe flexible will reign supreme. >> yeah. i mean, let's put that pin in that and see then what happens when you went your next job and you moved to albuquerque? maybe it works out maybe it doesn't maybe you need to move get connections to even get the next job. stripe-ed making its force felt in the payment space. >> i think there is going to be a lot of attention paid to how people respond to these incentives to move to less expensive areas. it could be a tale of two types

of businesses, those who want people back. >> ibm is calling peopleback, apple, three days week watching the broader markets at this hour -- we will we will let "halftime" deal with a lot of that ahsana is upsetting at half a percent. that does it for tech check. "halftime" starts now. >> thanks so much. really to the "halftime report." i'm scott wapner front and center this hour, the great wait and then what, for your money? that is the question little is expected from the federal reserve today. as it wraps its meeting. jay powell holding his news conference just after 2:00 p.m. eastern. we debate where the markets will head following the fed we will welcome jeffy siegel in just a moment. we are keeping our eye on geneva as well. where the meetin