general, shouldn't be a surprise to anyone the market is incredibly frothy making it a different environment than just a couple years ago i think in any economic cycle, really interesting companies great companies that would want to be in front of and want to be partnered with, but it's definitely a more competitive, a frothier and a higher priced environment than in a really long time. >> trea stephens thanks for joining us today. >> thanks, morgan. take care. that does it for "squawk on the street." scott, great to have you here again today. "techcheck" starts now. good thursday morning and welcome to "techcheck. i'm deirdre bosa with jon fortt

and julia boorstin charl the morning off. today facebook targets the vr market and tesla an ad and publicry sir richard branson's spac, and chairman to linkedin. check out the dow. underperforming. largest losing street since january. stocks put the braectkes on yesterday the slide. fifth straight weekly gain and tech the top performing sector. >> yeah. big tech regulation moves ahead. bipartisan bills targeting giants like amazon and google getten an extra boost with house judiciary chairman jerry nadler backing up colleagues on capitol hill the world's biggest company, opposed to many global efforts to curb their grove. apple's tim cook speaking

yesterday. >> the current dma language that is being discussed would force side-loading on the iphone so this would be an alternate way of getting apps on to the iphone as we look at that that would destroy the security of the iphone, and a lot of the privacy initiatives that we've built into the app store >> cook there taking issue with the digital markets act, an eu proposal restricting data sharing and self-practicing. cook praised other efforts, like the digital services act, pushing for transparency on content moderation despite this bipartisan push to regulate, still opposition from house leader kevin mccarthy against giving more enforcement power following this conference with the chair of the commission guys, it's funny

one of the examples, julia, of what this would do is prevent the loading of office-like apps on to ios. they got pages, numbers, things like that. the whole purpose, the fact of apple loading those things on, as steve sanoski pointed out, counter apple's dominance in office apple can't do it, i don't know. an awful lot of meddles in the free markets here. >> yeah. it's very complicated. look, jon, i know you've been skeptical any of these bill koss have a massive impact on the tech giants. worth noting one reason stocks are not hit by this regulation, a sense if the companies were to break up unlock for value. although i do think it's worth pointing out here that the bill most likely to be passed is the one giving more funding to the ftc and more power to lena kahn to really follow-up on the rules

making sure they're properly exe executed deirdre? >> if anything gets passed i mean, jon mentioned what mccarthy said. he said he's also going to offer an alternative proposal, that would address republicans concerns around what it calls se censorship of free speech. for tim cook could go after, not the likes of facebook or google. so many opposing thoughts between lawmakers, between the tech giants themselves raising a point, does anything ever actually get done? julia, referring to stock prices investors don't believe so. >> either won't get done or if it does, make them more valuable, when companies split up more valuable. our next guest, shifting gears, a bit of a look what could happen

yeah in a case study, call it a case study. large cap tech names heroed about facebook's current cornering of the virtual reality market as regulators work about a decade behind on the antitrust front. it is the subject of his latest edition of the newsletter. casey newman joins us here focussing on issues a decade old, you think they should pay attention to what facebook is doing right now. sweeping up all the vr software companies. tell us about that >> that's right. if you look what's happened just in the past couple of weeks, facebook bought a company called big box games, maker of population one, some folk compare to the "fortnight" of vr and a company called unit two games, maker of a "roadblocks" platform for creating and sharing games. don't get mere wrong small aqua zinss but so was

instagram back in the convey the question i'm raising, shouldn't we pay more attention what's happening in plain sight right now than maybe what happened with instagram in 2012? >> but, look, there's so many different companies that are playing in this vr space now just heard a lot from snap about what they're doing with vr building hardware. you have apple building its own vr products. is this, could this really be a point of kconcern? is there new scale in the vr space to control that market, if the market does become more valuable than it is now? still relatively a small market as well. >> that's right. i think that's the main reason folks aren't paying a lot 6 attention to this right now. right now virtual reality looks like any other video game console and the video game industry everyone who make as console spends a lot of time buying of you videos mark zuckerberg spent a lot of time telling anyone who asks we

go about our workday, meet with co-workers spending a huge portion of the day in vr if you believe facebook is good at what it does, take him seriously and they are going to succeed here. >> casey a really great example what worries me about some of this regulatory reach into deals. mark zuckerberg's been trying to get vr to happen for years and years now, saying it's the next big thing and pouring money into it if you're a vr start-up, you love a vc, probably love. potential exit of a big company trying to make a market out of this if you tell facebook it can't do this it might hammer inohinoh - innovation and have an unexpected reversal. microsoft doing big a.r. deals with the military.

it's not like facebook is all alone. >> that's true, jon. i think that's a fair point. at the same time, facebook can also just hire people to buy vr efforts on its own without acquiring other companies and we mow they've already hired 10,000 people to work on facebook reality labs, which is their hardware division. these aren't the only ways to succeed. i'm not necessarily saying the acquisitions should be banned but i don't want to live in a world with only five giant companies and everybody is competing to see who can buy them so, again, i think it's time to raise questions here. >> yeah. casey, though, can regulators regulate based on where they think facebook might go? jon brings up the innovation point. they rein don't have tools to do so and what would that mean for other companies and industries >> i think that's a great point. i think that's why passing a bill that bans all acquisitions by default is probably a bad idea acquisitions of the life blood of silicon valley.

looking back i think a lot of folks wish the ftc intervened to stop acquisition of instagram by facebook in hindsight, seems anti-competitive to some of us i think the question is, if vr is really successful, won't we look back on this year by facebook and say just like what happened in 2012, back when they watt, ah, instagram. how big will this get? $1 billion how could it ever be worth that much >> casey, a fascinating look what could be the new battleground regulators were wish they'd taken a closer look at thanks so much for talking with us this morning. >> thanks, guys. microsoft's ceo sat nadella needing new business cards adding chairman to his title as well board of microsoft voting unanimously for him to replace independent director john thompson in that role and taking over the tech jibt in 20914,

impressive stock up and board crediting nadella for tremendous progress drives cultural change. something he spoke about joining "techcheck" back in may. >> the microsoft '20-21 is very different from the microsoft of 2000 to me and everyone at microsoft our focus on our culture, our diversity, our inclusion and in particular the everyday experience of our people is super important. it's a huge priority, and not just in the abstract sense it's about the lived experience. this is about being able to confront your fixed mind-set each day to improve. >> you wonder if you're a shareholder what happened to that movement to separate ceo and chairman titles. doesn't seem to be happening as much anymore over to you. >> that's true massive vote of confidence for satya nadella.

still to come, a richard branson spac and google makes its mark in new york city and ceo's of qualcomm and another pap big hour of "techcheck" is just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next.

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a gut check on peloton up today but only its third gain in the last 14 sessions. still on track for yet another monthly decline. its fifth in 2021 and its only june. stock down more than 30% this year. remember, shares up more than 400% last year deidre, sometime reality bites how's that for bad time? >> yeah. not bad, julia. and what is the outlook investing in the tech sector specifically ipos. in just six months hit a record for u.s. listings. $171 billion are offerings have entered the markets, but the ipo etf got to a basket of stocks that have gone public recently

down almost 1% year to date. to be fair, we came off a monster 2020 and the same basket of ipo stocks. look at a longer chart actually doubled since january 2020 joining us, jeffrey solomon. good morning to you. is this a healthy pullback perhaps a sign of being priced better >> i certainly think everything we're seeing in second quarter is healthier considered to the first quarter. significant volume and significant uptrends and a lot of financings that got done obviously. a lot of spacs went public numbers went public out of that number, it looks more normalized i think we're seeing in this quarter, it's healthy. markets needs to judge all the new issue. something is still getting done. big companies becoming public and setting ourselves up for a really strong second half of the year. >> as we talk about new listing,

spac, more direct listing, traditional ipo remains popular. we mentioned at the top. we've seen a massive issuance already this year in the first few months traditional ipos have a lot of values made too much of this? >> i think, we think more choice is better. not every company is really set up to do a spac merger not every company is set up to do a direct listing, but a lot of companies use the traditional ipo process because it gives an opportunity to actually tell their stories, spend time with investors, especially institutional investors, well ahead of asking for money. the process for ipos since the jobs act in 2012 has been pretty, actually, much improved. i would say pup can see it in the biotech sector 500 companies publicly traded just in the biotech sector alone. 1 in 10 companies listed in the united states, a fact of the

function of great improvements in the ipo process from the jobs act. safe to say we wouldn't have a vaccine today if it were not for moderna and pfizer had access through this process new ways of getting companies public are interesting and beneficial for a lot of folks. traditional ipos work well. >> and your take on spacs. we've had a dramatic slowdown in spac listing in the past couple of months. do you think that's going to turn out that what we saw beginning of the year was a brief fad and there is going to be a continuation of a slowdown? what's your outlook on spacs now? >> yeah. so spac, new issue i've been in the spac market 25 years in various capacities. this is no news. spacs raise a lot of merchandise and have to deploy that money and investors, initial investors in spacs actually have to wait until they get excerpts to put new money to work.

it's more to scale today seeing in second quarter doesn't surprise me at all because of a tremendous amount of money raised in the first quarter. we'll work our wear through this a lot of spac exits coming fcc slowed things down asked for increased disclosure, all is really positive i expect we'll see significant closings probably over the next six weeks to eight weeks you'll start to see that they'll be a lot of exits and we'll see whether or not there's new issue in the market. >> jeffrey, give your perspective, if you will, on retail investor behavbehavior not just this market at but times when major indices are toward historical highs with a lot of interest in the market. perhaps a lot of predilection to trade? how much will stick mind-set-wise? where should the investor be in a time like this >> yeah. be careful i always say this.

friends ask me for advice. can't give specific stock advice but can good advice that risks are kmencommensurate with the t. play the stock market like you go to las vegas and i think that's not great for long-term saw a lot in meme stocks and spacs post merger driven to unrealistic valuations from our mark, we know a lot about market structure and could see that flow was retail my advice to folks is to really, got to do your work. there are, there's risk in these markets, and you need to be able to do your work and i would say to the regulators looking at this, we should look at investor suitability. want to make sure folks don't enter markets where they really have no business being, and where they have an information disadvantage so i would like to see retail investors a vital part of the market do your work

make sure you understand, and make sure your time frames are long enough so stocks moves against you, you can continue to hold them or buy more of them when they go down. >> right so jeffrey what do you make about the gamification of trading? something that robinhood and other newer platforms have been accused of does it encourage potentially irresponsible behavior or getting new cohorts into the market and at least learning >> i actually like the idea that investors are coming back to the market conceptually. i just think needs to be a lot moreinvestor education we do a lot making sure folks are responsible for their investments. can't just show up at a casino there are a lot of stuff, protections in place for people particularly around gambling i think we should have that same standard maybe even higher

standard, for folks playing in the market uninitiated, new to the market, yeah risky things you can lose your principle. i just think we need to, i have no problem with gamification as a concept but we have to do a lot more education around individuals, because what will happen is, folks will lose money. all of a sudden you get regulators and legislators riled up and i'm always worried about bad policy that inhibits capital formation, because let's face. we have the best capital markets in the world people bring their companies to list here because it's the divas and the best market with the greatest rule of law that's really important for the u.s. economy we have to make sure whatever we do with individual investors we make sure that he can have a good experience in the markets largely because that's the market we go, all companies go to, to finance their growth. what i think is central. >> well, jeffrey, thank your

insights join us again soon and after the break, the ceo of qualcomm and of intel a joint interview onstage together at cnbc's annual "evolve" summit and a company going public "techcheck" is back in a moment' truly absorb the natural goodness. new chapter. wellness, well done.

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resetting here near bottom of the hour. i'm julia boorstin with jon fortt and deirdre bosa we'll hear from ceos of qualcomm and intel in a moment. a few chip stocks leading the nasdaq, nvidia, ind, xilinx put it time for a news update. >> good morning. what's happening at this hour. the supreme court dismissed a challenge to the affordable care act. the justices ruling 7-2 leaving obamacare in care found texas and other republican-led states had no right to bring their

lawsuits against the health care law. and weekly jobless claims rose unexpectably to a total of 412,000 last week. the first rise since late april and largest jump since march. and investors david tepper telling cnbc the federal reserve did a good job at its monetary policy meeting yesterday tepper saying he thinks the stock market is fine despite the fed moving up its timetable to tighten policy. and ford says that strong demand for new vehicles will help it beat guidance in the second quarter ford's ceo took a jump on the news down slightly on day for the year, up 70% back to you, jon. thanks, rahel. and putting the u.s. back on top. i spoke with two ceos as part of the "evolve" summit yesterday, how to return the u.s. to chip manufacturing dominance. >> joked about it at the start intel and qualcomm on the same

panel? right? i thought this was the latfiel -- hatfielded and mccoys. we're evolving and we see it bring together community with theirs in communication. christiana as a new leader,eand myself i described four super powers, cloud ai and edge, we can do pretty amazing things, in complement, conjunction with each other and help accelerate u.s. competitiveness in core technologies areas. >> intel and qualcomm together a new era. amongst specifically discussing the importance of addressing the global chip shortage. >> semiconductor is really important. not only for the united states, but for the global economy i think we all know that at this point. i think for a company like

qualcomm, we do a lot of advance research on conductors and continue to have incentive for that is important, and also very happy about building a much more resilient supply chain with the onshoring of semiconductor manufacturing. i think that's also very important. and you need investment of this order of magnitude for that to happen. >> and delsinger also talked about how intel and qualcomm are helping build out new 5g in infrastructure in the u.s. and europe. >> four years later, here we are, strong focus on building the 5g industry, doing it with open platforms and most built on intel silicon and open rand as an open interface breaking awas the air interface from the base stations that run on it and a flourishing ecosystem and new companies emerging many american. it's like, all of a sudden, you know, software and silicon have

conquered innovation, conquered what was seen as a geopolitical cries just three or four years ago. technology wins. we're able to open up's the engine of technical innovation of america and will do just fine that's exactly what we're seeing with oran, cran and 5g right now. it's great for american ingenuity. >> deirdre, t-mobile and aws a few weeks ago talking about oran and possibilities with 5g. seems the narrative is shifting a bit in that space, even globally, as american companies take a different tact to the sort of vertical approach led by wawa, that china is taking >> shifting for sure, but is it too early to, perhaps, call it a success? i'm not so sure about that huawei culminating the space over the last few years. we see qualcomm and intel together but we're in the midst

of a global chip war heating up. right? china, on track to spend $2 billion subsidies for chip companies through 2025 perhaps there's no better driver, julia, for companies to team up than a geopolitical threat. >> yeah. geopolitical threat indeed, deirdre. i wonder, and jon, maybe you can answer this. the fact they are teaming up the fact they're focusing on the fact the types of chips they each focus on are different and choosing to come together right now, just really speaks to the fact that the threats and challenges they face, both of them face, are so huge right now that they're better off having these rivals come together and that trying to fight them to separately jon? >> also the opportunities are different. yes, there was a time when qualcomm's focus was on trying to get into pcs and datacenters, and intel's focus was on trying to be, you know, in mobile what they were in pcs i think now they see those

opportunities differently. yes. some of those geopolitical and kind of structural challenges that they both face. and, yeah, still competing on a number of levels, but i think what this signals is that their core vision and their core challenges no longer put the bull's-eyes on each others' backs. investors wise or at least take it into consideration consider be ring where these company, lanning to go and likelihood they'll get there and their stocks go up from here we'll see, de? >> yep all great questions. a great panel, jon thanks for bringing us to us. up next, richard branson's spac takes 23 in public. the ceo joins us next. speaking 5g. look at shares of dell a key part of the network in the u.s. services set to launch in vegas later this year. "techcheck" will be right back.

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23 going public through merger with richard branson's spac, bg acquisition corp. the company known for direct to consumer dna tests

joining us now with the ceo. meg? >> reporter: julia, thanks the founder and ceo of 23 and me joins us now you guys going public today. stock starting to trade on the nasdaq under ticker me i want to ask. on this first day of trading a lot of people know 23 me, of course, for the spit tests they can get, an tcestry and health information back 83% of your members opt into the research and a tremendous database of information about them you use it for drug development. as you're start tock trade publicly, i wonders 23 me a biotech company? consumer retail company? how do you expect investors to value the company? >> a great question, and i'd say one thing i took away from this whole spac journey and talking to investors, how much people don't fully understand the story. and the thing that's so interesting to me is fundamentally it starts with the

human gianengenome our genetics represent us on this planet and we have opportunity to understand what it means with that you improve your own life and contribute to all kinds of research discoveries. that's why we do the hthe therapeutics coming from human genetics and a way customers contribute and ultimately benefit them in, know, with their human genome. >> so you just mentioned getting all of this information back, improving your life as a result. one of the main criticisms of 23 and me's product is how actionable is this information actually i wonder from your own personal experience what decisions have you made base and your own results from the 23 me meme? >> a question we get quite a bit and people often want to understand what actually is the medical utility of this? the product has, i would say,

ranging from lifestyle to elements that are absolutely about your own kind of decision-making, two things that are quite clinical areas like the breast cancer mutation for brcai obviously a highly clinical report our customers get. you get more controversial reports like alzheimer's and that is one i've seen customers, they really want to get this information, because eventually it influences how they're living their life. may want to change their behavior might want to think how they're planning to retire or how they're going to plan, you know, being older. and then you get some of the other lifestyles like saturated -- report. more lactose intolerance. >> anything for you personally >> i'm here with my son. we were talking about this last night. he was saying how much when he started, turned around 10, started having stomach problems. ah my lactose intolerance from my

23andme report it gives you a clue into your health i said publicly before my mother had breast cancer and i could see in my report i'm at a higher risk and influenced the way i thought whether or not i wanted to have that recreational wine definitely influences how i think about, you know, living my life on a daily basis. the thing that's actually amazed me most, how it's influenced identity one thing that struck a nerve in this whole country is how the ancestry connects you to the entire world and it gives you a clue into how, where you've come from where all of your relatives are from so that has been something that i think surprised me just how much identity has struck a cord with this entire country. >> so fascinating. good to see you. i did your test many years ago

curious, as you look at proceeds from this deal today, curious where you're going to be investing those resources? is it to have the ability to test for more different things, or to really focus on the therapeutics where do you see this spac deal fueling your growth? >> two areas are really important to me. i look at where the last 15 years of this company was really almost putting together the infrastructure for how we can take off so it was really about proving out that consumers can get theirs information that they're capable of understanding it, that it can be without a medical professional, that the research people opt in over 80% of people opt into research we can actually do research with this consumer, you know, self-reported information. we can do genome at scale and now over 11 million customers. they are engaged over 75% said they want to use this information to change their life

and i have this incredible drug discovery team and platform. i have over 40 programs under way, and i want to scale all of it i want to scale the consumer side i want to help my customers do more with their genetic information. i want them to be able to truly have a personalized health care experience, and i absolutely want my customers to benefit from the human genome seeing this data turned into therapeutic programs how great will that be one day i one dack and the cloud source platform actually cured some number of diseases >> it's jon fortt. good to see you. >> good to see you, too. >> advising after my 23andme report to get up and walk on a plane because of blood clot possibilities. i wonder if your business the way you see it going forward you remind me of the apple

watch. a consumer device to drive revenue and profit on the front end and itemized data on the back end to help industry. where is the growth for you mainly going to come from, do you think? from that consumer engagement? are you going to grow profitable services out on that side that are going to be the main driver? or is it going to be that data, perhaps from a smaller group of consumers, and the therapeutic possibilities? >> i think it's really both. and i -- i look at, you know, the consumer and the therapeutic side almost an an infinite loop. you want the two balanced. the consumer side, recently we launch add subscription product and did that in part because customers wanted more. over 70% of customers visited the site last year and absolutely wanted to be engaged and wanted to have a reason, you know, for the company could be developing additional content and services like a way to actually really introduce personalized care for our customers. and our customers, we get

thousands of people who call in every week to the customer care team it's very clear they would like to know how to use this information, and really apply it to their lives so they actually are living a healthier, longer life that's just as you mentioned factor five report what do you actually do? the airplane is a great example making sure people get up and walk around. a great sample of how it's impmented. we're going to do more on the consumer side, but absolutely when i think about the future of therapeutics, the next five years are going to be about actually really moving all of these programs forward and getting them into the clinic i imagine us in the future, ten years from now a very robust consumer business and a very robust therapeutic side. >> i actually have that factor five, too, jon, and wanted to come back to something you mentioned about ancestry striking a cord how people are

connected. you made this yorurself genetic information. a lot of representation from people of european descent not so much for people of other backgrounds. so the information you might get back is not equally relevant to everyone how are you doing on that front and do you feel you're close to a place where the information will be equally relevant to everybody? >> it's going to take time and the way woe are addressing this issue is really making sure, first, a look at the company. like, are we -- what can we do to make sure this is representative for everybody but secondly, making sure we're getting all populations, all communities to participate, to join 23me and participate in research you can't make discoveries in a population if you don't have those people initially participating. so it's really about making sure we have the right customers, and that we actually are representing the product back to them in the right way. >> hmm a big day, trading at m.e. on

the nasdaq thanks for joining us. >> thank you. coming up next, the good, bad and ugly in chinese tech that's after the break. plus, apple has a new neighbor they're not exactly riends we are live at google's new flag ship orste in nycs. flag ship orste in nycs. stay with us. ion. new chapter. wellness, well done. ♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service.

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♪ a bit of the good, the bad and the ugly for a chinese tech this morning in a new segment calmed "the thread." connecting con tense between the headlines. first up, bytedance, parent company of tiktok revenue doubled more than $34 billion with growth profits surging 93%. meantime, dd, ride hailing behemoth out of china headed for a u.s. ipo another headline about antitrust as chinese regulators announce a probe into its practices the good and bad news for two of china's most vaultable tech companies. what's the ugly that threads all this together? well, take a look at chinese adrs not a great year for public chinese tech stocks. ky etf tracking biggest tech

stocks in china on pace for a fourth straight down month and longest losing streak since 2018 down double digits as a whole for the year down 30% in 2021, this ecommerce play and jd down 20% as well. baidu and baba with regulatory pressure weighing on a lot of these names. question, will they face the same fate as the others cut down by their own government. guys, where's jack ma when you need him i think painting according to some brings up a real risk. for a lot of these chinese companies, the home advantage has helped grow them to the size they are but now the chinese regulatory threat could actually cut them down >> hmm yeah. >> i'm curious, deirdre, if you think the regulatory threat will

impact the ipo this dd ipo predicted to be biggest chinese since alibaba. i wonder do you think it will have an impact >> a key difference between a financial sector, raising some stability questions for the chinese government so they took some real action that hurt their business model versus ride sharing which perhaps isn't as big a threat to civility more of a competitive issue. what are the other smaller competitors doing in this market still unlikely the key, jon, you never know in the chinese market there's not much transparency. never know when someone like jean could be cut down >> regulatory issues brewing in congress we've talk and. lots of countries heading in that direction, perhaps. meanwhile, shares of roadblock, a rough week. down more than 10% since monday. pointing to a slowdown users and

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google, the latest tech giant to establish a brick-and-more tan retail presence in new york city. the location itself making a statement. cnbc's steve covac is live outside the chelsea store which opened a few hours ago steve, i'm looking at your shot. i see people behind you so it is grabbing some attention. >> reporter: yes, some people. not necessarily a line i was told by one of the employees here there was a google super fan right out front at like 6:00 in the morning, four hours before they opened. right now the crowds have died down quite a bit i took a stroll through there. it is really less of a store and more like a demo area where you can try out google nest products, their stadia gaming service and, of course, their pixel phones and chrome books. that's what it is about, more of a showcase than a store. >> steer, i think about that iconic image of people waiting in line outside apple stores and

i think also about the fact this google store is located conveniently near an apple store. do you think of this google store as more of a destination or as something that might pick up some foot traffic that happens to be in the area? >> reporter: well, yeah, actually you can't see it right now, but i'm literally looking at the apple store across the street, so it does make a statement. google's headquarters is right upstairs, too, so it is a convenient location for them they already own the space and they're able to plop it in there. again, google is an advertising company. they do not make significant revenue from their hardware products this is really just a showcase to show what they can do there's like this ai demo that you can go into that will translate things you say in real-time, which is pretty cool, but other than that, like are people going to actually come in here instead of the apple store? i don't know pixel phones are not very popular. in this country, we are a samsung and apple country, so i really would be shocked if this moves the needle for google's

hardware business. >> we also should note google's office in that building. maybe they got a good commercial real estate deal given what has been happening over the past year plus. but part of google's model, right, is to get into devices, to drive data that drives advertising. so in a way the store represents what google is in the same way that the apple store perhaps represents what apple is >> reporter: yeah, that's exactly right. it is all about getting a foothold android is the largest operating system by a mile, way bigger than ios, of course. that is, of course, all a data play, all an advertising play. we saw it yesterday with the facebook announcement they are going to put ads in their virtual reality oculus headsets. the hardware might be kind of cheap and not very appealing but, again, it is a new avenue to open up more ad inventory for them that's their core business >> all right, steve. i was on the press call yesterday where they explained a few more details noticeably, they wouldn't say whether or not they're going to

open up more or even if they had any other plans. i wonder since you are looking right across at the apple store, can you gauge who has more customers right now? >> reporter: it is a little hard to see google has these giant balloons hanging you will up and down the avenue so it is tough to see i didn't walk by the apple store, but i come down a lot and it is usually crowded. this is a high-end shopping areas, a lot of clubs in the chelsea meet packing district. this is a lot of money, people come to shop, so it is not surprising there's an apple store here and google would want a piece of the pie >> steve, thank you. we should mention as the hour draws to a close, zuckerberg is going to be on the tape tonight, same conference where tim cook spoke also, we have adobe earnings, guys, after the bell we're going to have the ceo on "techcheck" tomorrow that's a particularly important company. not just, of course, in creative

cloud as the economy ramps up and you see companies using those products perhaps to drive business, but also in experience as they try to use data to understand what the customer is going to do next that will do it for "techcheck." "the halftime report" starts now. all right, jon thanks so much welcome to "the halftime report." i'm scott wapner here at post nine, front and center this hour, the man who called yesterday's fed surprise is back with us today. jeremy siegel on what to do now with your money. plus, those exclusive comments on stocks from hedge fund manager david tepper from our conversation earlier today we will debate all of it with the investment committee joining me, steve weiss, courtney gibson, the president of luke capital markets. jim lebenthal, jon najarian here as well. nice to see everybody on this big day. let's go to the wall, check the markets. mostly lower you see there lower across the board. well, nasdaq is actually higher by nearly 100 points it is the ten-year note yield that may be most interesting thing to look at