>> yeah. and that's reflected to a certain extent, we'll keep a close eye on the ten-year. interesting listening to professor mishkin who is concerned that the fed is behind the curve. that's it for "squawk on the street." over to "techcheck," it starts now. >> they got the golden key >> grab anything >> nice! happy monday welcome to "techcheck. i'm jon fortt with carl quintanilla and deirdre bosa news crossing now at 11:00, doordash is going deeper into grocery.

partnering with albertson's to offer on demand delivery within an hour for nearly 2,000 stores across the country available on doordash's member program dash pass and with uber, instacart, amazon and others, doordash ceo tony xu will join us later on this announcement, exclusively. doordash also expanding into japan and pet goods. but this comes on the first of amazon's two prime days, they call it prime day, but it is prime days, and really to me it is a story about loyalty and logistics. the value of dash pass, you know, trying to make this business model work for these various delivery companies by getting a higher share of wallet in the things that people want conveniently we saw doordash push into convenience stores, and into pharmacies, drugstores, now going deeper into grocery at a time where the model seems to be leading the way when it comes to efficiency, at least so far.

>> jon, we saw shares turn positive as we broke this news doordash shares now up about more than 1%, that was a very quick turn around. to me this is the story about dominance, doordash has really been able to come in and almost sort of nowhere and dominate the food delivery market, able to do that in convenience and take-out, now going at the grocery market, perhaps challenging the likes of instacart, what is so interesting is uber is trying to do the same thing and investors just haven't really responded in the same way if you look at one month, uber shares are actually lower where doordash has been dominating, up more than 20%. so there is a real leap from investors that doordash could pull it off at the same time, though, carl, there is competition, doordash last month launched dash marts. those are the owned and operated convenience stores, what is stopping it from going into groceries now that it is going to be getting data from albertson's. i'll ask tony xu if he had to

make any assurances so they wouldn't compete with them in the future. >> it is fascinating some news regarding shopify today and doordash news. it does appear like those players in the econ space are trying to make their own bit of news as we pay a lot of attention to amazon this week, guys our first guest this hour added to his google position following the fed on friday. making it now the largest single stock holding in his portfolio and joins us on a day where the dow is up more than 500 points, best day since early march, bouncing back from friday and the worst week of the year good timing for dan niles who is back with us and kicking off the hour great to see you >> great to see you too, carl. >> i want to -- let's go back free fed meeting, i would argue you went in pretty net cautious, fair amount of cash on hand. and sure enough we got this spasm last week. what do you think it means and what is the -- how does it alter the playbook especially for tech and growth >> yeah, i mean, i think the main thing is if you look at

what the fed did, you now are looking at two rate hikes in 2023, but i think the thing people aren't focused on is that you need just two more voter and you got the fed median dot plot having a rate hike in 2022 people are not thinking about that so i think the playbook is that inflation, the fed is acknowledging it, it is running hotter than they think, and we put out a tweet this morning on unemployment and the fact we think that's going to come down a lot quicker than people are currently expecting. and i think between those two things, that really puts pressure on market valuations in total, which are at record highs, and tech in particular which is the highest segment within that. >> mike wilson at morgan stanley said market has been slowly pricing this in over time. and argues again for a 10% to 20% correction from the highs which i think you think you're pretty much in line with, right? >> yeah, i mean, i really do

i hope it is only 10% to 20% if you look at valuations, we track about nine different measures, and the one that we like the most, which is market cap to gdp, market cap on the entire stock market, that is about 1.9 times. the peek during the tech bubble was 1.4. and over the last 50 years that is 0.8 so valuations, seven out of nine metrics we track are in the 90th percentile to 100th percentile in the case of market cap to gdp. it is hard to make a case that this market doesn't have a lot of risk priced in, because of those multiples. we hope it is 10% to 20%, it could be a lot more if unemployment comes down the way we think it could be and forces the fed to act, you know, by jackson hole with the latest >> dan, you're using these traditional valuation metrics, we know we're in a market where let's say some more creative valuation metrics are being

used what do you make of the argument that the digital transformation we have seen accelerated over the pandemic can bring these valuations so much higher and allow that transformation of high value -- excuse me, high growth companies to continue >> i love the way you put that in terms of creative valuations. yeah, i mean, you're certainly seeing that, you can see that whether you're looking at meme stocks or crypto or whatever non-fungible tokens, spacs, et cetera the thing you have to remember, we have been through this before 1999 was the last time we had sort of creative valuations in your terms and we saw that with e-commerce, for example, right amazon at the peek in 1999, stock was at $106 a share. over the next two years, from 99 to 2001, the revenues doubled almost from 1.6 billion to $3.1 billion. that creative valuation went

from $106 a share all the way down to $6 so the thing is when you have easy money like you do now, and, by the way, you had easy money back in the late '90s as well as during the housing market, and look at money supplies as a good indicator of that, valuations just got absolutely killed once you got away from that and i think the fed is going to be forced into that soon, between inflation on the one side, and then you got unemployment on the other and with both of those things moving, that's going to be hard. >> well, dan, i'm not talking about the crypto markets or even the meme stocks. i'm talking more your call on oracle versus some of these newer enterprise ai companies that perhaps have more fundamentals behind them, but still represent a riskier bet. do you think that the transformation we have seen over the last year gives them more runway >> yeah. sorry, yes, so when i look within the tech market, it really does have different pieces to it

and so as you rightly pointed out, for us, our favorites are facebook and google, for example. if you look at them, they're really growth at a reasonable price. they're trading at 23 to 25 times earnings, market is at 22 times, but the growing revenues of 30 to 35% this year and they have benefited from advertising picking up you mentioned oracle which was a top five pick for us coming into this year. it is a similar situation where you got air cloud revenues doubling year over year, and you can buy the stock at a 16 times pe, 1.3% dividend yield, so that looks really good as well. so, you know, we're a hedge fund, so the good news is we have got those -- google is our largest single stock position. facebook is number two right now. and -- but we have shorts in areas of high growth software that is trading at 25 to 50 times revenues, with no

earnings and we have those as balances, that's why we're doing pretty well this year >> yeah. >> by having that mix. >> hey, dan, it is jon you mentioned oracle i can't help but contrast oracle's results and adobe's from last week both strong on the top and bottom line, but in their guide, oracle, you know, on the margins, was saying we're going to invest more in infrastructure, capital expenditures will be higher, we're just getting ready to talk to tony xu later in the show about an expansion into grocery. these investments cost money as an investor, how are you factoring in what the impact is going to be on the stocks when these companies say they're going to make these investments and are you buying into that or are you reacting some different way? >> yeah, no, it is a terrific question, jon. it really depends on the type of company you're talking about, so in oracle's case, the biggest problem is this company has been horrific in terms of growing

over the last three years, and you can argue the last decade. and it is in the hottest area of all technology, software some of that you can argue is due to the fact that they haven't invested in the past the fact they're doubling their capex this year, you know, the reason we picked it as a top pick coming into this year is we thought, you know, they would get a lot more traction on the cloud and autonomous database business and trading at 16 times, we thought that would be really, you know, good for this company. now, if you're dealing with the really fast growth company, that is going to have to invest more to keep the valuation 20 to 50 times revenues, that's going to be a big problem for that type of company so i think it really depends on, you know, which types of names you're talking about and what the profitability expectations are already oracle 49% off rating margins, so i would argue that's actually too high and they need to invest -- >> and, dan, how are you investing in ai and machine

learning all of the companies that you have mentioned have ai and machine learning as part of their story going forward. really they're not pure plays in the sense that they got big businesses already that play in a lot of different ways and a lot of ai and machine learning badge companies have really high valuations is this a point where you're staying away from that pure play story or have you found ways to do it maybe for the long-term that you feel comfortable with >> no, i mean, we're actually short a lot of those names we love the sectors from the long-term basis. but, you know, again, back to that amazon analogy, we love e-commerce in 2000 as well didn't mean it didn't get crushed. for me, i look at google, which has a big presence in ai, in cloud, they're in autonomous driving, et cetera and that's why that's our biggest position we feel it is -- we feel we can hedge out some of the multiple risks there, in the sense that it is in the overall market,

right? big portion of the market by being short some of these incredibly high valuations against it so you're absolutely right, jon. it is difficult right now to be in that space with the view we have towards what will happen to valuations over a period of time >> i got to say, dan, i'm really digging the way you are exploring growth themes, especially in tech, but through a value lens you mentioned oracle, that would do it for you in the cloud you are hot on magna in evs and viacom in streaming. can you explain those two thee se sis? >> magna is trading at 11 pe you may have seen last week they had an expanded agreement with fisker, an agreement with google's autonomous driving division as well talks years back they might help apple get into the ev space. and so if you look at it at 11 pe 1.7% dividend yield, it is a

low risk way of participating in the sector and the stock has done well this year, in the high 20% range. if you look at viacom, a similar situation. the ad market has never been stronger in the last decade. hearing these companies talk about up front, et cetera, but viacom, people forget, they have a $4.1 billion streaming revenue probably this year up 60% for this year that division alone you could argue if you look at it netflix multiple and growing more than three times faster than netflix would be the value of the entire company. that's at a 10 pe, 2.4% dividend yield. that's a way for us to kind of get some exposure to streaming, without dealing with some of the multiples in that space to other, you know, areas so that's how we're trying to get to some of these high growth names. >> from the fed to money supply to paramount plus, dan, we

appreciate it. always good to see you thanks so much dan niles. >> thanks, carl. in creative valuations, coming up on the show, that exclusive with doordash ceo tony xu, a black swan event for crypto perhaps and some blizzard backlash, a 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

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kwaucwatch shares of zip recruiter this morning goldman and evercore they call it a buy price target 28 and 31 respectively you see shares, guys, up 8% this morning. d. >> meantime, carl, bitcoin is cratering this morning, back below 33,000 as china extends its crackdown on mining and taking other cryptos with it along with the likes of microstrategy and coin base. our next guest says though it is not bitcoin we should be watching, but tether, saying the third most popular digital currency at the moment could signal a black swan moment for the entire crypto market

also runs our booking department apparently, if you saw him tweet at us this weekend jason calicanis, great to have you on the show. good morning >> thank you for having me >> so before you denounce it, which i know you're going to, can you explain to our audience tether's use, why it is functional in the crypto economy? >> yeah, so for people who don't know, tether is what is called a stable coin, a brilliant idea. it is a cryptocurrency, a token, electronic money if you will, digital money, that doesn't change in price. so you can't use it for speculation, they're essentially poker chips. take them from one table to the other in the casino. some casinos allow you to move chips, you can take your aria chips to the wynn and they'll exchange them for you. one tether is supposed it equal one dollar for ever and why do they exist they can bank the unbanked and if you don't know a lot of the -- we hear about coin base,

that is the most respected u.s.-based regulated crypto exchange you can feel fairly safe, i think, about using that crypto exchange but most people around the world are using crypto exchanges that can be popped up with some off the shelf software, and also maybe service people who are either unbanked or of an uncertain profile. and those offshore exchanges are really good at trading some of the, you know, meme coins, coins that maybe somebody like coin base would be very reticent to put on their exchange, maybe coins that are just a couple of hours old. and, you know this group of individuals who run tether have a bit of a -- let's call it to be charitable, a mixed reputation >> and, jason, we're showing right now on the screen, it is reserve deposits, it is not

simply one tether equals one u.s. dollar, there is lots of other stuff in there, mostly commercial paper i know you're raising the alarm on that. you said tether is being used as the poker chips in the crypto k currency economy it is value is that it is stable and it can move money quickly and efficiently. so something you're calling for like an audit, why would that be useful for tether users who are basically using it to get in and out. >> yeah, so, this has grown to a 60 -- over $60 billion in -- and become the third largest cryptocurrency and they were -- they reached a settlement with new york's attorney general and you covered here on cnbc many times and they have been banned from working with anybody -- any customers in new york which is telling enough and they're supposed to be audited and they're supposed it release a quarterly report of their holdings, that's the big concern, if they have $60 billion in market cap and people

are giving them billions of dollars, how much cash do they have less than $4 billion in cash and cash equivalents and then a number of journalists have now got their hooks into this, very reminiscent of john kerry's work with theranos, where we talked for a year, is this real, is it not? and they have been basically filibustering, there is not a real audit and they hold a lot of khmecommercial pap cer whichd put them in the top ten and that's not a super transparent space. >> the use case is so much different, right, than investors holding theranos or other examples i know you use in your podcast, using it simply as a tool to get in and out who wants the audit or is it the traders using it and there is other versions, right? circle and usd coin, why haven't those gained in popularity if they're safe and more regulated coins? >> yeah, well, you said it right there. they're safer and more

regulated. so if you were somebody from a country or maybe you were involved in activities where the money maybe wasn't acquired in the most straightup fashion, you would prefer to have tethers so if this is audited properly, i think there is two neartheorio what is going on here, the money isn't there and people have stolen it, or they have been printing tethers in some way to manipulate the price of bitcoin, and so nobody actually knows what is going on here. and whenever you see some kind of event like this, bernie madoff or theranos and watch them basically deny and then basically give weird service to the press, you've been asking them pretty diligently about their audit and who they bank with, there is a reason why they're unbankable, a reason why they have been forced to give this quarterly statements and the quarterly statements that they're releasing are like a pie chart, one page. this is not the transparency

people are looking for >> yes not the -- well, who is looking for, right kay rooney has been asking really good questions, but they seem to fall on people who aren't actually trading it and, okay, let me -- >> anybody who is in finance should be concerned about this yeah, anybody in finance should be concerned about the amount of money pouring into -- >> they're not the ones using it >> yeah, it doesn't matter who is -- >> let me ask how -- >> yeah, go ahead. >> how is this -- let me get back to a broader question here -- how could it be the black swan how do you think this first domino falls that could potentially take down the rest of the -- >> sure. everybody on the exchanges decides to redeem their tethers at the same time and then if you look at tether's terms of service, sometime in 2019 they decided that this would no longer be backed dollar to dollar and then they put in

their terms of service they deserve the right to withdraw if such delay is necessitated by the illiquid ty or unavailability or loss of any reserves by tether to back the tether token they're basically putting in their terms of service now we don't have to give you your money, and this is the big risk factor here, and so the contagion that people are speculating about, people who are in crypto themselves, it is very hard to do any kind of criticism of crypto because they'll say, boomer, you don't get it, you know, and have fun being poor they'll attack you as we all know and so this should -- this is such a -- it is the third large oft est cryptocurrency we need to find out what happens if people are redeemed if someone owns a billion dollars worth of technologiers, redeem 100 million and tell us what happens. >> it does have more protections

than ordinary bank because it terms say it can suspend payments >> the new terms say that. >> it is a really important topic, so thank you so much for joining us not the last that we have heard of this. thank you. by the way, tether giving us a statement saying tether was investigated for more than two years bit new york attorney general's office after that length of time and the considerable documentation provided by tether, the new york attorney general's office made no negative findings what so ever that tethers weren't backed tether admitted no wrongdoing, all the new york attorney general's office determined was that certain disclosures from long ago could have been made sooner the more came in assurance attestations than other recent disclosures show that all tethers are fully backed and demonstrate our commitment to transparency is greater than

ever they say they're also looking forward to producing audited financial statements for public consumption. doordash tony xu on the other side of this break "techcheck" returns in a moment. competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. at pnc bank, ball! look out! we believe in the power of the watch out. the “make way, coming through” great... the storm alert... dad. and the subtle but effective ding. that's why we created low cash mode.

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resetting near the bottom of the hour, i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin an exclusive with doordash ceo tony xu is coming up next. first, a news update with rahel solomon. >> good morning. and here is your cnbc news update at this hour. an ncaa loss this morning at the supreme court. in a unanimous decision, the justices ruled it is a violation of antitrust law to block some education related aid for student athletes and includes things like scientific equipment, tutoring and paid

internships. it does not address the question of whether college athletes can get direct payments. goldman sarchs celebrating win in the high court. the case is now being sent back to a lower court and american airlines canceling hundreds of flights this weekend due to staffing shortages and maintenance problems struggling to keep up with surging demand as covid travel restrictions are lifted, and american will cut back on flights through mid-july it amounts to about 1%, but if you're on one of those 1% flights, it still is a tough position to be in. >> might as well be 100% if you're the one on the plane. right, rahel. >> all perspective. >> thanks a lot. here is a question, is this tv's moment to get back in the game on advertising? julia boorstin is here to explain. hey, j.b. >> good morning to you, carl it is always a battle for market share with digital and right now

eight tv distributors and tvmakers are teaming up to form a consortium called go addressable, to address -- to advance the growth of addressable tv advertising that's commercials targeted based on democrat graphic info the companies in this consortium include comcast, of course, cnbc's parent company, charter, altice, dish media and vizio, all of these companies offer tools for targeted tv ad delivery now, what they aim to tackle in this consortium is how to make advertisers aware of how much charge ad inventory is available, how to work to create a streamline way to buy addressable tv ads across sellers, to help navigate the fact that a lot of that targeted ad inventory is fragmented, so it is hard for brands to buy those ads at scale and how to

compete with targeted ads on streaming video services along with, of course, digital advertising. this all comes after tv advertising dropped 9% last year and it also comes at a time when apple's operating system update and google's move to limit the use of cookies are limiting targeting capabilities of those ads, digital ads on the platforms. this might be an opportunity for the traditional players to use their technology tools to help draw back some ad dollars over from digital guys >> julia, you mentioned google and we have these reports today that the eu may open a formal probe of its ad tech business by the end of the year. it is being framed as what would be its biggest regulatory threat >> yes absolutely this would be a big deal, there is a big report out from reuters on this. what is so interesting here is, you know, google has been attacked before for various issues of its size and its scale, how it is used, its heft in areas such as shopping or

travel, but this would be looking at the fact that if you're in the digital advertising space, hard to avoid using google this idea that software plays a role in so many facets, the market, just to give a sense of how big google is, want to look at some numbers here 27% of global online ad spending is controlled by google. 57% of search ads, $147 billion in revenue from online ads last year the question is, is google really an intermediary for so many different types of ad buying in addition to being a destination for ad buying itself this is a really important area to watch, carl, and it seems like much bigger deal than the recent french inquiry we saw recently resolved. >> julia, thanks for bringing that to us we'll keep an eye on all of that meanwhile, watch uber, b of a said there is significant upside to come in the second half of the year shares are down more than 2.5%

want to know why it is a top pick, head to cnbc.com/pro to find out "techcheck" is back in two what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change.

welcome back doordash stocks shooting higher on the news, headed lower for

the day, now up 4.5% doordash getting deep near the grocery game delivering from albertson's stores directly through the doordash app going forward this partnership goes beyond the company's white label drive service, which allows walmart and chipotle to use dashers to fulfil fulfill orders, now builds that into the app joining us now, doordash co-founder, chairman and ceo, tony xu. tony good to see you big day. you're delivering groceries for humans, for pets, delivering in japan, but i want to start with grocery. you've been doing this for a while already as a white label what did you learn from that experience that goes into this model? >> good to be with you, jon. thanks for having me you know, we learned now for three years after first starting our entry into grocery with whitelabel delivery powering the likes of albertson's, walmart, hybee and others, grocery delivery is at its

infancy. what the pandemic did is it accelerated the need to get more and more things inside the neighborhood brought to you. that's why we're super excited about today's announcement and which we're launching nationwide with all of albertson's stores and their entire catalog >> so, tell me, tony, how different is the business model for grocery from the recently revised model that you have for restaurant delivery? you recently broke it down to expose different pricing tiers, where it is one thing if essentially you want a white label as a restaurant, and, you know, you don't want to appear in the marketplace it is another price more if you want that marketing within doordash is this constructed differently? how is doordash going to make money from grocery partners and consumers through this >> let's start and take a look from the consumer's perspective. there are some differences here. i think first to start, every consumer expects fast delivery regardless of what they're

searching for and buying and that's really what, you know, today's announcement as well as grocery inside the doordash app really provides as the largest on demand commerce platform in the u.s. people expect really fast deliveries from doordash and that started with restaurant meals and now it is happening actually with grocery stores and what, you know, consumers are doing and what we're really enabling grocers to do for the first time through the doordash app and their channel, is this express delivery they can get everything under an hour, no more, you know, schedules or slotted times or minimum, you know, order sizes or queues they have to wait for. they can get anything now. and that really is very, very powerful when you combine that both happening through the doordash app as well as through the grocers' channels, their websites and their apps you get this density that really makes the economics flow for everybody. >> explain to us and to investors why in particular you

got a couple of things built into this, as i understand it, one is customer loyalty for the grocer programs there and then there is a game with albertson's where you put food into a digital grocery bag to earn rewards why is that important for this in the way that you're engaging with the grocer? >> well, i think there is really two parts. you know, the first part is helping albertson's grow and any grocer grow through their own channel. that's really where we think something like loyalty is really important. from day one, doordash was really built to do two things. one, help you grow your sales that really happens through the doordash app and two help empower you to do, you know what doordash does through your own channels and build your own digital business. building something like loyalty really allows grocers to keep those relationships and continuously engage and re-engage with their customers as -- with respect to big marketplace, where the doordash

app this game we just announced in the bag as well as some of the promotions that we're offering for first time customers and to grocery, that really is helping them understand doordash is really now going beyond restaurants and helping bring everything inside the neighborhood to you in minutes, not hours or days. >> tony, historically we have spent as a people more at restaurants than grocery that flipped during the pandemic and now we're back to where the two numbers are basically in line would it surprise you if grocery ended up being stronger over the longer term in a way that collides with what recent history has told us? >> i think it is hard to predict. but what i do know is that people eat 20 to 25 times a week and regardless whether it is coming from grocery, from restaurants, whether it is coming from picking up things that we're now getting back into the real world, doordash offers all of it. and really, you know, for us, it is trying to keep groeing growih

the secular trend of convenience and meeting them where they are and giving them what they want >> tony, it is deirdre, nice to see you this morning one of instacart's selling points to its grocery partners versus amazon is they say they will never compete in the space with them. they will never create their own grocery retailer, and use those vast amounts of data it collected over the years doordash has dash mart can you say doordash will not create a grocery retailer itself you're already in convenience. it wouldn't be that far of a leap >> well, you know, all of our products, they're always built, you know, as a platform offering what that means is it can really help that merchant grow their own channel. take, for example, something like dash mart dash mart, we sell our own items through the doordash app, but a lot of times we're carrying the

merchants products and being an extension of them. think of dash mart as extra shelf space to help a merchant grow in a new geography or increase their penetration in an existing one all of our products, logistics, you saw that through our doordash drive product, that helps through the doordash channel and through a merchant's channel, you see that through something like online ordering, we have built products to have consumers order through our app, we have a product storefront to help small businesses get online and get orders and get all the power of our marketplace you see that with dash mart. dash mart is selling items through the doordash app, and also an extension and to help these physical businesses continue to grow and take more share. >> right, but do you take a cut of that? dash marts are basically own the and operated microfulfillment centers by doordash, right can you envision them ever becoming more grocery than they

are convenient or adding on grocery? and then, you know, has albertson's or some other partners questioned you on this? >> well, with dash marts really do is regardless of what they carry, they really are an extension, can be an extension if the retailers want them to be, to carry their items we already do this we carry this -- we carry items for lots of small businesses, coming online and getting distribution for the first time and we're carrying and we're more than happy to have dash marts power in merchant owned channels as well everything we build will both help the merchants grow their own channel as well as their business on doordash and this goes to our mission of both helping them grow as well as empowering them to build their own digital businesses we really view dash mart as an added ability like doordash drive and storefront to help them grow. >> let me read between the lines here are you guys going to do ghost

kitchens i was talking to your chief operating officer, christopher payne, about how a lot of your restaurants are able to launch concepts in the same kitchen and do that through doordash you're talking about dash mart as being an augmenting of some of these businesses. ghost kitchens would be that as well is that something you're looking at i know you personally invested in the concept >> we have seen lots of excitement again from both dash marts, from retailers and, you know, including grocers as well as from restaurants and things like ghost kitchens. what you're seeing is you're seeing a growth and changing of the physical world as we're trying to make space a lot more efficient, especially as we come out of this pandemic everyone is rethinking the real estate needs everything from commercial office space, to malls, to restaurants, to grocers, to

retailers, and what we're doing, whether it is with, you know, kitchens as well as dash marts, is helping merchants be successful and growing through their own channel as well as their business on doordash >> all right, well, we're going to watch this space for sure tony xu, ceo of doordash thank you. >> thank you got to mention, doordash, two-time disrupter 50 company, our weekly newsletter offers a closer look at disrupter 50 companies like doordash. sign up by visiting cnbc.com/disruptersnewsletter. coming up, results are in, blizzard set to release the results of its controversial executive pay battle in just 15 minutes. we'll get you all the details later this hour. stay with us we're right back

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we're delivering for the earth. by investing in more electric vehicles, reusable packaging, and carbon capture research. making earth our priority. i thought i'd seen it all. ( ♪♪ ) time now for a segment we call the thread. today's focus is tech and negative energy. first off, data centers. nbc reporting this weekend that some people in drought stricken communities are fighting their development due to an immense amount of water they use daily to keep from overheating one plan for mesa, arizona, will need 1.25 million gallons each day. data centers have increased in popularity during the pandemic and as more companies yiies into

online services. next is the u.s. energy department moving to end exemptions that allow small companies and nonprofits to outsource manufacturing of tech developed here with federal grant money? all part of president biden's supply chain initiative designed to boost to boost domestic manufacturing across some of the biggest segments in tech and compete with china sectors that have struggled include semiconductor stocks, rare earth elements and batteries used in electric vehicles and bitcoin mining we've told you about the environmental concerns and china continues to crack down, extending its mining takedown and asking major banks to halt crypto trading more than 90% of the bitcoin mining capacity has been shut down it's had an impact on the price of bitcoin today back below 33,000. maybe more of an impact on dogecoin which may be your favorite crypto. it's at 22 cents down from 74 just a few weeks ago

down 70% from the elon musk "snl," john. can't make that up when we come back, a cnbc investigation into amazon's workplace conditions that's after the break tech check is back in two 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. uipath. reboot work.

with prime day upon us, time for a reality check on amazon. likely to see another year of record-breaking sales and a record-breaking number of deliveries for amazon's army of over 100,000 drivers cnbc's katie did a deep dive on cnbc.com into the amazon logistics program talking to drivers about just what it takes to deliver from amazon's signature blue vans. have a listen. >> we can work ten-hour shifts my heaviest day was, i had 199 stops. about 320 packages >> some drivers say the routes have made them walk across busy highways carrying armloads of packages and the gps has issues. >> this is the deftination on my left across this water. >> drivers have reported they don't have time to find a bathroom >> there were times i didn't drink anything all day or eat anything all day >> that's why some people are urinating in cups in plastic

bottles. the only thing with that, though, they don't necessarily throw them out of the vans or throw them in the trash or pour them out they just kind of leave them which is definitely disgusting you know, getting into the vans the next day and seeing somebody's pee bottle sitting behind the seat or sitting in the cup holders. >> amazon in a statement to us said, quote, safety is our top priority and that it's working on, quote, addressing gaps in its system hoping to give drivers fewer stops to watch the full piece, and it's well worth watching, pull out your phone and scan the qr code on the screen or head to cnbc.com/techcheck and, john, while lots of people are getting their packages and ordering more on prime day, just the logistics, the juggernaut of what the drivers go through. >> that driver said it's her favorite job she's had so far, despite all of that. so a nuanced piece as well and if you missed part of the show, well, catch our hot

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the results of activation blizzard's sale on payvo leslie picker has more on that >> that's right. a activision blizzard is about to resume after a week-long adjournment. one item is the agenda is executive compensation ctw investment group saying the delay is a desperate attempt to avoid a loss the group, along with influential proxy advisers iss and glass lewis had been surging them to vote against the pay proposal the independent directors on the board, however, said the delay was nose give shareholders more time to review recent clarifications the company had made with regard to pay. iss argues that the ceo bobby kotick's equity awards are outsized compared to the median total pay of peers the company says it's actually reduced his incentive awards and aligned his pay more closely with shareholder interests the stock was up 58% just last

year alone either way, to your point, carl, it's a big number we are talking about here more than $150 million for kotick but that payout was tied to certain targets he met, including doubling the company's market cap >> leslie, we'll await those results. let's get to "the half" and the judge. the fed has spoken >> reaching the conditions for liftoff will signal the economy is strong and no longer requires holding rates at zero. >> i don't think this bull market is over >> we'd like the market to pull back i don't think it's going down very far >> i want to begin with those conversations from earlier today. fed did a good job stock market in his words, quote, still fine for right now. >> now the investment committee gets their chance. our two-day, two-team stock summit begins now.