result i hope your next few hands go well for you the comp outperforming a bit that will do it for us "techcheck" starting right now >> i shall leave you -- >> i should have left her. for all eternity a dead planet. buried alive buried alive ♪ happy wednesday. welcome to "techcheck. i am jon fortt with carl quintanilla and deirdre bosa

today tim cook calls nancy pelosi, concerned about a series of antitrust bills being debated today. and then an exclusive with former walmart exec marc lore. what we learned from prime day and what we didn't and later bitcoin circuit breakers, the levels to watch this morning and the crypto conviction is next >> the nasdaq adding to its record close yesterday hitting another all-time high as tech stocks continue. we'll ex plane the disparity later this hour, carl. >> we'll start with antitrust, apple's tim cook did call nancy pelosi, the house speaker, over a series of bills being debate that had could curb tech's power. meantime, ftc chair has found her first antitrust target, set to review amazon's planned purchase of mgm studios and the eu probe into google's ad business later in the week is this really big tech's

monopoly moment? good morning, ylan mui >> reporter: democrats are phrasing this debate and opening it by calling the bills the culmination of a methodical and detailed investigation into the model of big tech. they spent 16 months looking into these companies there were ten hearings. they combed through 1.3 million documents and summarized their findings in a final report that spanned 450 pages. this is lawmakers essentially rebutting the pleas from the companies themselves, apple, amazon, facebook, google and microsoft, to pump the brakes on legislation they claim could end the most populous services jerry fad nadler said this is to protect democracy itself >> the unchecked concentration of power in any industry pose as danger to our democracy. our country and our political

institutions would be stronger as a result of the important reforms to open markets, to new competition that are set forth in the legislation we are considering today. >> reporter: each of the six bills under consideration today does have bipartisan support but that doesn't mean that everybody is singi ing kumbaya. there are deep divisions over the bills and, in fact, the ranking republican was ready to take it all down >> big tech's interests are conservatives. these bills make the problem worse. they don't break up big tech they don't stop censorship >> reporter: the committee actually started with one of the least controversial items to provide more money to the ftc. back over to you >> watching congress, the ftc, the eu again, we're talking about all

this regulatory risk and new highs on microsoft, for alphabet >> you mentioned microsoft, around a $2 trillion company and, carl, i can't help but remember history 21 years ago this month a judge ordered a breakup of microsoft it was supposed to split into an apps company and that was supposed to save the future of technology and that same month just a few days later internet giant yahoo announced they were going to use little-known startup google as powering their search and it seemed like, oh, why switch and now no one is worried about microsoft really in this antitrust debate it's apple, it's facebook. mark zuckerberg was only 16 when that order came down microsoft won on appeal. you wonder, is this necessary? a lot of people thought a breakup of microsoft would be necessary to save tem.

tech microsoft wasn't broken up and these little companies that looked fringe at the time have done so well that now we've got to shackle them to save tech i wonder if this legislation is focused on exactly the right thing. >> we didn't see a breakup of microsoft, but we did see, what, a lost decade, their competitive take a hit from the distractions raising a question some analysts talk about, too, would these big tech companies be better off if they were broken up, some businesses like aws at amazon could be worth a lot of money all on its own carl, what it comes down to is regulation versus the popularity of some of these services and devices. we are talking now about their dominance, a day we just had, we just finished the prime day holiday from amazon where, again, be sales just surpassed the previous record.

there's no question these are dominant companies they are more entrenched in our lives over the last year users take issue with that tech regulation in theory sounds good and practice. i think this is what you're talking about. is this the right thing to focus on >> even ylan used the phrase popular services, emphasis on the popular and one thing we were talking about with cramer is the degree to which is there an outcry from rank and file working americans and if not whether this legislation can get over the hill. >> it's a question whether we get the intended consequences. we'll see what this legislation actually does, if it actually goes into force. moving on, amazon's prime day, as we mentioned, comes to a close, touting the shopping holiday -- i didn't get the day off, though -- as the biggest

two-day period ever for third-party sellers. more than 250 million items purchased by prime members worldwide. they racked up $11 billion in sales. 6.1% jump over last october's prime day event and surpassing cyber monday's 10.9 billion sales record joining us to talk about the future the co-founder, former walmart and cereal entrepreneur marc lore. marc, good to see you. i think of this as being at the crux, this prime day discussion of loyalty, logistics and brand. what's the most important driver in e-commerce these days maybe what amazon is getting right but the opportunity for others as well >> i think the opportunity, we're at an inflection point where i see two potentially

major trends emerging in e-commerce that will take place the next 10 to 12 years and one is social commerce and the other is conversational commerce i think those will be the two big areas of opportunity that's being able to use voice to converse in a way you would on the showroom floor of a retailer to get exactly what you want in a very personalized way not having to go on a search engine and type toaster and get 10,000 responses it will be a lot more seamless i think we're seeing this now coming into play with companies where instagram influencers are connected to brands in a way that allows people to buy things directly from instagram follower pages. that's a trend i think we'll see more and more of >> you say those are important,

and i can't help but notice both conversational and social are largely locked up by a lot of big companies. whether it's i-message, instagram, facebook, facebook messenger, google with google shopping as well and there's antitrust pressure if there's a breakup, if there are limits on how big tech is able to exploit these platforms, does it change, limit or accelerate how companies will be able to move into conversational commerce >> i think it accelerates it it only confirms this is the beginning of a big mega trend and opportunities for startups to engage. i personally am not as concerned as others about social platforms given the massive focus on

logistics. retail is a tough business and it's won or lost on logistics and, you know, i think getting customers on the front end to be able to shop is great and social commerce, media players, have that with the huge base of customers but not the back end logistics and that's where the complications lie. >> on that point this direct to consumer ecosystem has been growing. we've seen logistics be an easier piece thanks to the back end companies for those brands warby parker, a success story, now aiming for an ipo. does it and brands suggest these indirect channels like amazon and walmart are becoming less and less necessary to brands >> there's a huge opportunity for really strong brands like a

warby parker i think there continue to be opportunities in that space. i think they're products that resonate with customers. a certain demographic for merchants to replicate and i continue to see great opportunity and the companies will continue to grow and get bigger and i think it's difficult for mass retailers to replicate those type of brands if they were to do a private label and really tough they have a real soul. >> right we've seen amazon at least trying to do that with a similar sneaker. are these indirect channels as they come under more scrutiny and launch their own private label brands, are they almost detrimental to brands like warby parker >> i think difficult to create those brands inside of a mass merchant i think what really makes those

brands special like a warby parker is the connection, the passion people feel, they're mission oriented they have a mission, a giveback component, things that resonate with millennial, gen-z type customers. it's not authentic i think that's the key here. >> marc, apologies for the requisite supply chain question, but there was a report out today that the ntn port in china, one of the world's busiest parts, is returning to normal operations are you getting the sense that back to school and holiday will be problematic or are these reports about openings in supply chain going to help? >> yeah, i'm bullish on back to school and holiday, things being freed up in the supply change. it's been a real struggle

through covid but things are opening up i'm feeling optimistic about that >> mark, is small business under threat from the ad targeting changes of ios or from amazon's power over logistics and its third-party sellers? either, both >> if they are in areas like logistics or dealing with commodity goods, i would say yes. still an opportunity to create brands you mentioned the warby parkers of the world i think there's opportunity there to create brands, products that resonate with customers and, so, i think there's still opportunity there. you just need to be smart what you go after >> marc, let's shift to your venture capital approach you spoke about this the last time you were on cnbc and your

approach, your strategy to take larger than normal stakes. at the same time we are seeing some very big players in the vc space but at an even bigger scale for $775 million just a few weeks ago. was that born out of the likes of softbank and tiger global how do you compete with those guys, and how early are you getting in >> yes, i think that's the primary difference we are a softbank. softbank is making outside investments in series a and b and those investments are helping make those the industry leaders. we're coming in but basically putting in $10 million so they can go out and hire the very best team and will help kick off a $50 million round soon after

a company in an exciting space with a great founder there's a much higher probability of that company actually rises above the rest and i think it's similar with softbank and they're just coming in later or with bigger checks >> that's fascinating. a precede softbank but funds have been trafrgs with those big stakes have come big hits but some big misses. how carefully are you looking into corporate governance to make sure that you're not getting too involved with a company that has a lot ahead of it >> i've been a big believer in founders with a straight i look for.

and those leaders coupled with a great set of core values usually puts a company in a really good position to have good corporate governance i think the values are critical to building a big, successful company and hiring great talent. that's at the crux of what we do and what we're looking for >> talking about value and how to capture it not just from the startup side but also cities and society. talk about this model you're exploring for how everyday citizens can get more of a stake, more upside in citi's gr growth >> sure. i was inspired by this book by henry george, an economist in the late 19th century. basically proving that landownership is a real issue.

and in this new city we'll have a private foundation owned worth this land and the idea is if the land becomes very valuable, and it would, that foundation would be very wealthy and its mission would be to give back that wealth to the citizens in enhanced social services this is capitalism at its best but people are sort of benefiting from land and feeling they have a stake in how well the city does. that doesn't happen today. one of the reasons we have such a divide and is one of the things we will test. i don't know if this model will work but it is different we do have a philosophy and we want to encourage others to do the same, more testing of different models, different ways

of living, of trying to create a different quality of life and how we could improve the quality of life. >> i would like to see how that develops thank you, marc lore when we come back bitcoin circuit breakers, do not past go and rothschild "techcheck" 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

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coins and tokens including bitcoin, ethereum but still losses for bitcoin and others ranging from half of their value up to three-quarters if you mentioned that 30,000 mark, our last trade there is still up a whopping 250% however, we have seen a 47% drop from the highs as you can see here we've hit it a few times, right around the 30,000 mark. that's been an area of support and at this level 34,000 and change is one of the longer term trend lines for bitcoin depending on the measure you look at. it could be a battleground in bitcoin. if you take a look at some of the ramifications elsewhere in

the mark, ethereum, light coin, even dogecoin trading on a relative basis -- that's -- i didn't put that in there >> you mentioned dogecoin. >> i did and i forget that there are memes on this show, so i will remember that the next time i talk about dogecoin, up about 22% over the course of the day so, anyway, let me get my composure back with these particular crypto checks certain stocks in the market overall, we look at spes ofcally the areas that are maybe first or second derivative plays on some of those coin and token markets. you have to, of course, look at places like, of course, coin base and others. if you take a look at those particular moves in some of those types of stocks, coin base is one you'll keep a close eye on it has been tied to trading as the volumes increase you'll see more in coin base. micro strategy is up and the gray scale bitcoin trust has

been a way some traders have played exposure overall up about 2.5% these three stocks among the top 50 looked up on cnbc.com the last week or so. remember, guys, when it comes to coin base, remember that coinbase shares have drifted lower off 10% since going public as that crypto trade plays out, you have to watch coinbase it has been the first proxy on what's going on with bitcoin and everybody else out there >> right, and the ipo. can we get a bye dom >> i will watch for it the next time that's the hi dom. there we go. checking on intel announcing the creation of two new business units and high performance computing and the breakdown of

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resetting here near the bottom of the hour i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin new numbers out of facebook. we'll get to that in a bit first, it's time for a news update and rahel solomon good morning good morning, everyone w warren buffett is resigning from the gates foundation saying his physical participation is not needed, two months after bill and melinda gates announced they are divorcing. he called for the governments to review tax deductions for charitable donations as he announced his contributions to the gates foundation and also some family foundations. southwest ceo gary kelly will

tran transition the airline says that kelly's biggest source of pride is the carrier has not had a single layoff or furlough even during the pandemic and sales of new single family homes fell as the median sale price rose to over $374,000. you're now up to date, carl. back to you. our next guest says it's time to rethink how we talk about technology calling both sides monopoly mark. one is the faang-type name with monopoly power and the other those playing with monopoly money like tesla chief strategist sven hendricks. what a pleasure to welcome you to "techcheck. thanks for being with us >> carl, great to be with you. >> ordinarily i would love to get your take on fed macro but on this buy in the mentality in tech that reigns relentless, how

long lasting is it and does it make you any more cautious on that space >> in general it has worked expanding month after month and the s&p keeps falling that track. the dips being bought. it's the 2013 script when we have the same kind of liquidity avalanche. with tech in particular now what's interesting when you look at new highs, you always want to look at the participation and the internals as they come about. and on technology sector right now these latest new highs have been the weak est readings all years. new highs were only 122 yesterday. back in february was 600 in april 250 it's declining another measure is the 50-day moving average participation yesterday was only 64. what this points to is internal

weakening in terms of participation and for those highs to be sustainable you want to see a broadening out of that participation. >> i did notice today that the faang-plus index up ten for the year to date is still the weakest first half and wonder where you think it leaves some of those names in evs that have had a rough 2021 does that gap get filled >> that is an interesting one because we look at markets as being a steady bull market and the indices from spy to nasdaq and what have you. the carnage has been taking place. tesla peaked in january. we saw that with spacs the same way. these stocks have seen significant drops, significant damage for anyone buying them late

what we need to see for these stocks is an improvement in terms of their charts and tesla made some progress today getting above the 50 as long as that's sustainable, that's positive for the stock for the upside, for example. if these come along, then yes. we have to be cautious on how the technicals evolve. >> revisiting a theme we touched on with dan niles earlier in the week, as easy money from the fed drives up, who in tech gets hurt >> i think the big faangs would get hurt if interest rates rise. the notion that the ten year drops and we immediately see a positive rotation back in tech just underscores how important the yield equation is and to me the ten-year is critical to watch.

as long as it stays above 141 on a sustained basis, it has potential to move higher >> sven, good morning, it's deirdre. you mentioned the more speculative trades, tesla spacs and said in your notes you're impressed the largest tech sector hasn't seen any fallout from the drop in these trades. are they disconnected? >> in 2000 the tech bubble burst in march but the large indices were unaffected for months the question to me is are these things getting hit hard, a sign the overall larger asset bubble is at risk and that there's a

lag factor so far we have not seen that evidence but we see new highs fail on the larger indices, watch out. we saw a trend break in the dow in the last week and it's trying to repair itself there's technical damage underneath despite the new highs. i think in general we need to keep a very close eye because these markets are so extended historically since we haven't had a single correction since last fall. >> where do the meme stocks and the more speculatives fall in this the meme stocks that have held up better than many might have predicted. >> for now look, the reality is this is what i call the monopoly market. on the one hand the faangs is a quasi monopoly

we still have a tremendous amount of liquidity flowing into the markets and so these stocks all narrative driven are not fundamental driven there better be a good fundamental story to ultimately back up the valuations otherwise they are coming back down-to-earth. we're living in a world where all assets are flying to the moon and the moon is becoming a very busy place. ultimately you have a real economy which is ultimately has to catch up to the printed economy that we have right now we have this incredible growth curve based on the opening and the combination of fiscal and monetary policy, but somewhere -- and, unfortunately, no one reamly really knows thi is the organic economy underneath all of this once stimulus, in terms of the peak liquidity is waning off. >> finally, sven, bitcoin, the bounce from yesterday, the past 24 hours or so, has it escaped a

technical pattern that would send you back to $20,000 >> we have to see. look, bitcoin is on twitter for months and was identified in late april one bear move after another. now we have a very, very solid bounce hopeful you would get a confirm but, keep in mind, we've seen these rally before and they ended up being sold. the charts are still in the bear market move. and what we need to see is a change in behavior of higher highs because it's been going lower and lower all the way. our concern is sentiment got hit because a lot of people got hurt if they bought here in 2021. and, of course, we still have regulatory issues ahead.

china is one example of this i have not seen jay powell or christine lagarde being great friends of crypto. we'll see how that regulatory battle is fielding up. >> sven, thanks so much. great to see you >> great to be with you guys goldman reiterating its buy ratings on micron and western digital. both those shares up forecasting strong demand for the rest of the year the semiconductors used in smart phones and watch sprinkler opening for trade just moments ago and another debut drop to go with it. the ceo with us in just a moment "techcheck" is back in two minutes.

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facebook is expanding to sell directly on its properties and announcing some new numbers. julia boorstin has that. julia? >> well, jon, mark zuckerberg has talked about how commerce is a valuable long-term opportunity for facebook and is revealing just how fast shopping is growing and unveiled some new tools to help accelerate that pace now just over a year after introducing facebook shops, it

now has 300 million monthly visitors this up from 250 million that the company announced at the end of april when facebook reported its first quarter results. it also now has 1.2 million active shops up from 1 million when it last reported back then. now to make it easier for brands to sell and consumers to shop across all of facebook's platforms shops is expanding to whatsapp and new shop ads to personalize ads based on people's individual shopping preferences. people can shop photos even if the products in them aren't tagged t. can identify similar products zuckerberg saying this is the beginning of using tools to try and close and the like this puts facebook in competition with pinterest and

snap and this helps facebook work around apple's limits on its ability to gather data off of the app so now facebook will have a lot more data from shopping on facebook about what people like which is a valuable direct source of data and would help compensate for the data lost all this shopping is not about the fees facebook might eventually collect from shopping and much more about keeping people on their platform and all the data they get to better together those apps. >> i'm curious what you think this does to the overall e-commerce ecosystem and the companies swimming in it we just had commerce iq on yesterday. we talk about shopify as the possibilities and how they can reach an online social audience, get more complex they have to have dashboards to manage that and don't want to lose control of their ability to put their

stuff on whatever platform, right? >> the direct to consumer brands will be everywhere and if you seep in the ad and you like the product you don't have to go through lots of different steps to have that instant gratification of making a purchase i do think we'll have brands both direct to consumer and broader trying to figure out how to be everywhere this could be an omni platform world where you're going to have to be everywhere consumers are you won't have to go to a dedicated retailer to buy things >> facebook competing with amazon and it's amazing watching these monopolies compete julia, thank you softbank just wrapping up its annual shareholder meeting those details after the break. plus peloton getting a price target bump over at bofa

it announced yesterday, not helping the stock, though, it's down slightly. for more on that story head to cnbc.com "techcheck" will be right back oh, i've traveled all over the country. talking about saving with geico. but that's the important bit, innit? showing up, saying “hello! fancy a nice chat?” then we talk like two old friends about sticky buns and all the savings you could get by bundling your home and car insurance. but here's the real secret. eye contact. you feel that? we just had a moment. [chuckles] who would've thought it? geico. save even more when you bundle home and car insurance.

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shareholders questioning him on governance, the possible succession plans masayoshi son responding to the critics in his masa son style saying venture capital is too small for softbank is more like, quote, vision capital. even compared himself and softbank to the capitalists that funded the rothschilds in the industrial revolution and as for a successor, masa said he is narrowing down the list and it could include a founder of a vision fund portfolio company and of course succession discussion is nothing new. in 2015 he said nakesh would take over. he left to lead another company. other executives have been named as possible successors but notably they've had to actually step down from the board last

year for the corporate governance issue that masa son has taken a lot of hits on he has many, many lives. he didn't sound any closer to going anywhere last night. >> he is one of those unique figures. there was an english language biography that came out. a unique figure where so much of technology history in the tech boom floes through him he's under pressure but this is nothing like it. something tells me he will survive. when while plug power price target to 31 the firm saying funds wider than expected losses are a big risk given its valuation. plus, want to listen to us on the go? follow our podcast listen anytime, anywhere available wherever you download podcasts "techcheck" is back in just two.

. tonight president biden's new crime prevention strategy aimed at combatting the surg in violence in big cities plus britney spears speaks out

sprinkler making the debut at nyse a few moments ago turning around the last couple minutes, up 5 from a down size officer. sprnklr i think separate from stacey cunningham of exchange first on set guest, congratulations on bringing the

first company to bring the full team down for the ipo. >> thank you, amaze be to be here. >> talk to me about the origins of the company going back quite a ways, back to the era where direct mail was making the shift to email and companies figuring out how to relate to customers. >> absolutely. i was a fortunate to be part of the direct mail to email transition what we have done with sprnklr take what we have done with email as a channel but bring it now to ever increasing number of channels we provide for unified platform for all customer-facing functions, everything from customer care to marketing, across 36 channels, modern channels today. >> and the point that you made in a lot of writing and see over the years that customer experience has gotten fractured in the tiny silos across social media and customer experience. and as a result companies, even though they spent a lot of money

have been trying to manage the multiple silos and you're trying to consolidate that. >> 49.6 billion connected to each other you and i don't buy anything without reading a review it's very important that next generation of marketing starts with customer care and the way to do that is with the unified platform so no one calls 1-800-brand to complaint any more you go on twitter. you get off the plane, terrible flight and don't like the hotel, it's is a one-sentence review how do you read and understand when someone is upset? go take care of that customer in a modern way and how convert them into another -- a loyal customer for many, many years and advocate the brand. that's the platform we provided. >> john chambers, of cisco fame is on the board, an investor and dropped by a moment ago to say he sees a lot of parallels with early cisco.

i wonder what you think he means by that. >> every 30 years or so the world changes dramatically and technology has to keep up with it. when you look at customer-facing functions in large companies, care and marketing and advertising, customer research and sales software, the current stack is 30 years old. and we're building our platform using ai for the next 30 and that's what he means john is always part of market transitions and guided right. >> he has been good and seen around large corners, for sure stocks up almost 10% congratulations and we look forward to having you back many times. >> thank you very much. >> dee. >> meantime clover health look at shares taking a leg higher after the company released a filing mentioning a short squeeze shares up 95% the last month today up another 6 and third%. tech check is back after one

more quick break

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marked emphasis on the team now more than every. for from the fortt knox digital shows. three c ceos highlight how testament to success is being around the right people. many ceos i talked to over the careers credited one foupgsle element as a key to elevating companies, the team. here is how the leaders tell me having the right people around them made all the difference. >> as a manager what did you learn that you took out of how you got through that period of not having the right person for the particular role. >> it took us a while to get the right core team together but that turned into one of the greatest strengths. >> i didn't hire appropriately many times phenomenally good people just wrong jocks. >> resources and talent makes or break the about. >> businesses are overnight successes but even on the inside are way more challenging and chaotic than people realize. >> if you have strong belief in something i need to make sure that the team around me has the belief in that. >> every difficulty whether very

interesting opportunity and initially you stumble, but once you see through it, the joy of finding something bigger than life is amazing. >> and that's just a taste, scan the qr code on the screen, take to you website to watch the full piece. cnbc.com/tech check where you can find our show linkedin in page, twitter account and a lot more content dee? >> great piece, jon. meanwhile we watch the house this morning as congress debates five crucial and i trust bills, at least one of which was enough for tim cook to give the speaker a call on. the latest out of washington we'll be watching that all day here on cnbc. >> in the meantime, there's been plenty to watch all day, tesla the lead performer on the nas. we said earlier this morning first peek above 50 day average. reassumption of some interest in that name. along with some reports that

show some hope that auto makers get a better supply of chips in the second half of the year than currently led to believe we've talked about tech. but the rest of the week is about fedex and the bank stress test after the close to tomorrow that does it for tech check let's get to the half. >> carl, thanks very much. welcome to the "halftime report." i'm scott wapner froent forgot ant center the new momentum nasdaq hits new record high led by fangs and microsoft which tops $2 trillion in market cap the first time ever today. is big tech once again now the best bet for money we debate that with the investment committee joining me the hour liz young head of investment strategy at sofa joe catastrophe najarian along as well let's check the markets before we get started nasdaq, nasdaq 100 s&p tech sector hitting new highs today dow turned negative. but we're focusing on tech right now. liz young, you got the ive, the iwf, the growth etfs