conversation -- >> it is a big story glad you're following it closely, because it impacts a lot of different -- obviously an ipo of that size, broadband which we follow closely and whether they compete in a real way, it is fascinating. >> infrastructure talks in focus. that will do it for "squawk on the street." "techcheck" is right now. you don't know how big it can get, how far it can go this is no time to take your chips down a million dollars isn't cool you know what's cool >> you. >> a billion dollars make that a trillion mark. good tuesday morning and welcome to "techcheck. i'm deirdre bosa with jon fortt,

john kequintanilla and julia boorstin cathie wood and crypto, why arc is looking to launch its own bitcoin etf. the biggest ipo of the year, what to expect from the di di debut tomorrow all against the backdrop of more record highs, nasdaq just dipping into the red a moment ago. but currently up one point after hitting yet odd all time high along with the s&p 500 yesterday. the s&p 500 is shooting for five straight gains, we haven't done that since march tech stocks continue to lead the charge in june, jon, as a lot of chartsfound new life. tech stocks, we begin with facebook, hitting a trillion dollar market cap, the fifth company ever to do that. and it got a boost there after a judge dismissed the ftc's complaint and state antitrust cases against the social giant stocks easing off this morning after yesterday's surge before the close and now off those highs.

julia, what seems to me to be most interesting here is the sort of warning shot toward the authorities out there coming after big tech that if you accuse them of being monopolies, you better clearly define what the market is. and i see implications for cases against apple, amazon, on down the line >> there are broad implications here, jon. i think you're right what is so crucial here is that while the state ag's case was dismissed, when it comes to the ftc's case, the case was not dismissed, it was the complaint that was dismissed and now the ftc has another month, they have until july 29th to go back and come up with a new argument, and this is going to be an opportunity for the new head of the ftc to show us what her approach is. this is going to be our first real time seeing her in her new position take a new stand. this is going to be very interesting here and crucial to see and maybe an indication of how she might approach future

cases. and then the other thing i would point out here is a lot of what we learned yesterday puts the onus on legislation. it shows that it is hard under current laws to show that these companies have monopolies in their various areas. i just want to say here that a lot of what those pending bills that are being discussed right now do is they allow these tech giants to be curtailed without having to prove that they're monopolies first >> yeah. and, julia, first of all, there is the question of whether that makes sense, right the whole point, right, of antitrust law is to curtail monopolies should we be curtailing big companies just because they're big or what is the other argument around protecting healthy competition, consumers, the free market, et cetera but, you know, i wonder here, there is going to be an argument made that apple is a monopolist because its app store, has a monopoly over iphone app stores.

reading through this judge's breakdown, and interpretation of the sherman act, it seems questionable whether that would pass muster here either. >> yes, look, and if you look at the fact that apple may have monopoly over the app store, that's its own thing but if you compare it to google and, of course, the google play store is bigger, there are more google-based devices out there, that changes the conversation. i want to see if we can pull up the wall we made, this graphic showing all the different pending legislation that could -- pending investigations of the tech giants that could be impacted by what we learned yesterday by this judge. this judge's opinions on these two cases, because i think that the question now that we're going to have to look at is does this raise the bar, does this mean that it is really hard to prove a monopoly under current laws and that the laws themselves will need to change for there to be any meaningful antitrust action taken against these companies. and i think that it is interesting just looking at how

different these companies are, yes, they're all big tech giants, but google and whether google has a monopoly or not is a very different conversation on whether amazon is using its strength in retail to push into different areas and appropriately, you know, such as advertising and the like all very different cases here. >> and for some companies, it is much easier to make that monopoly case like google versus facebook, some might argue there is a new group of regulators coming in here, they have been studying for years what the previous group, either have or have not done. lena khan leading the ftc now, does she come here with a better case, better position? the case was not dismissed yesterday, it was the complaint. they have a chance to go back. >> yeah. that's why -- i'm going to be watching to see what she does as a sense of what's to come for the rest of her term and she has already taken a very close look at the tech giants. it was a paper that she wrote about amazon in particular that really put lena khan on the map.

we'll see how she applies this approach more broadly, but she is considered as somebody who takes a very hard stance against these big companies. and this is her chance to put her stamp on this argument in the next 30 days as she comes back, goes back to the drawing board to figure out an argument that would be more compelling as the judge put it >> right julia, and in the meantime, street will take this, if you've been defending facebook on the sell side, as a victory, morgan stanley today, i'm sorry, b of a to 400, they were at 390, they say it is a quiet week, this is a massive event ive as we said "squawk on the street," i can't think of a more important day of redemption for facebook than this ruling. if they do go back to the drawing board with a more compelling argument, what might some of these shares do in the meantime >> well, what has been interesting about all of this, carl, is that in the past couple of years as facebook has drawn

more antitrust scrutiny, a lot of the times when these headlines have crossed, the stock has not necessarily suffered and part of that is because of this idea that if you were to break up the company, and this is true perhaps of all the tech companies, that the pieces might be worth even more than the company put back -- put together i don't know if that's necessarily true, in facebook's case, they generated so much value and distributing adds and targeting adds across the various platforms, but i think that, you know, this really speaks to the fact that analysts did not expect there to be any real long-term chance of facebook being broken up i think that what we're seeing here is, yes, there might be some legislation, but the immediate threat, especially pushed by the state ags, wanting to break up facebook, that is off the table for now. and that is just going to be a lot harder to break up facebook. yes, this say battle of a larger war. this battle indicates that specifically breaking up facebook is going to be a tough one to get through >> yeah. thank you for breaking it down for us we'll keep the conversation

going with our next guest. facebook's former chief privacy officer and first general counsel chris kelly who joins me here at one market great to see you. >> great to be in studio and outside with you >> in a fog, but nonetheless together what do you make of this and what do you know of mark zuckerberg and other leaders at the company what do you think their reaction is to what happened yesterday slam dunk or double down and think we need to get serious about this, this is a real threat that is still ongoing. >> there is a pleasant surprise the ruling was as clear as it was, it was focused on a market definition probably inadequate and a showing of market power that was deeply inadequate and so i think that there was a pleasant surprise that the case was dismissed the way it was and as you stressed, the complaint that the ftc drafted was dismissed where as the state case was dismissed altogether. so they're going to have to file an appeal, which would be highly unlikely to win. and so the state case may just

be done with altogether. >> would that be a little complacent though as we were talking about with julia, there is a new group of regulators coming in, lena khan, everyone seems to understand, she is a force to be reckoned with, unlikely she's going to present the same case as her -- >> i do think that's right, of course but, you know, the judge went pretty deep on the reasoning here in terps of current antitrust theory about why the case was inadequate. and so i think you'll see in the section on market power was particularly damning as the judge effectively accused the ftc of using the paul rudd argument from -- the argument of paul rudd's character from anchorman, 6 0% of the time it works every time they said 60% of the market, well, 60% of what market and how does that show power and when the standard of power showing market power is generally 65% even, so the ftc has their work cut out for them to go out and outline that carefully and really rethink the way that they file

and they also have to think about going to the administrative process instead, where they have control over administrative judges internally to the ftc, they could go that way, but after -- quite frankly, a pretty embarrassing opinion from the judge, they have to -- they got to come up with a lot better argument to make this stick. >> it seems to me like, i mean, maybe this happens all the time, very clearly with many of these cases, they're working backwards, trying to find a market in a way that specifically fits the individual company. and the judge seems to have kind of called them on that then at the same time, you got this legislation, being considered in congress, that throws the monopoly issue to the side it seems to me it is saying if you're a company of a certain size, we're going to curtail the way you compete does this perhaps accelerate the focus on that legislation and the judicial branch tends to give deference to the legislative branch that could be a lot more powerful, right? >> it is definitely true that

congress makes the law and the judiciary enforces them. we have 100 years of antitrust enforcement, and that can't just be simply overturned by an act of congress. the principles that the judge applied, the cases that he looked at extensively in the two opinions were -- extraordinarily well reasoned about why this didn't fit in a classic, you know, refusal to deal case substantively and the market definition was ultimately the completely fatal part of this at this point and until that's fixed, they don't have a case to go forward on could it very well accelerate a move to change the law it could but ultimately we need to be having a discussion about whether or not american technology companies should be constrained by, you know, a new theory about bigness that doesn't really have much connection to traditional antitrust law. the critiques of facebook over the years about election, you know, problems around content

review, around all of these different things, haven't fit in an antitrust rubric and a lot of people have tried to fit them into that. and hopefully this will be a bit of a turn away from that but could it prompt action in the congress of course it could >> that's interesting, chris i love that you dove into the 60 plus, this vague 60 plus metric of what is monopolistic power. i guess my question would be, that argument feeds right into what a lot of these giants have been saying for years is that you were not viewing competition the way we view competition. so does this give them some license in the interim to be more aggressive on acquisitions, on innovation, or do they wait for this to cool off and see if lena khan returns serve? >> well, one of the things that has been a little bit dismaying to me as somebody who has trained antitrust lawyer, represented netscape against microsoft, have an affinity for worries about bottleneck control in a number of different cases,

there has been a huge turn away from the idea that what we're trying to do is promote active competition. there was a lot of stuff in the house antitrust report that said, well, the market is dried up and nobody is investing in these companies. and that was just -- that's patently false from what i've seen, you know, in my activity in the valley, and elsewhere we have massive competition going on right now and you have these big companies trying to compete with each other. there was substantial indication in a lot of the discussion about the whats app facebook acquisition that what they're seeking to do is make sure they don't get excluded on ios on apple. they're competing with each other and startups and everything else. and the idea that we would economically constrain american companies from being -- from having scale that they need to compete with chinese and russian companies doesn't make sense to me. >> you hit on my next question and that is who wins if these american tech giants are broken up it is not like there is only startups waiting in the wings. you mentioned chinese companies. look at what tiktok has been

able to do, right? do you think that regulators are under valuing that idea? >> i do. i think that the -- this is a very competitive world that we're living in right now and we're talking about the didi ipo. i think generally speaking, the competition is good, but we have a competition going on, american and european companies that have a very different view of the future of the internet than chinese and russian companies do and we have to be cognizant of that. >> and different approaches to privacy. chris, thank you so much for being with us in person. we'll get you to write our n memes. >> okay, thank you >> thank you still to come, tesla gets a price cut, cathie wood goes deep near bitcoin and debuts from didi and dual lingo. a big hour of "techcheck" is just getting started

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60% of the time it works every time >> that doesn't make sense

>> let's get a gut check on tesla. ubs cuts the price target from 730 to 660 they say tesla is the undisputed leader in ev, but they face growing competition, operational delays, tesla down 1.5%. they do raise their target on both ford and gm deirdre? the ipo market moving into high gear with 17 companies set to list this week alone. the quarter is expected to be the busiest on record in the u.s. since 2000, but ipos are underperforming. didi set to dayebut tomorrow. it might be best known for defeating uber in china in 2016. our next guest says uber won, turning its stake in didi into billions of dollars more when it goes public. keep in mind, he led the deal

for uber when it was still 1.0 joining us to discuss former chief business officer at uber and ceo of dbcm capital emil michael. good morning thank you for being with us. is it too early to say it is a victory? part of the reason that didi wanted china is the home court advantage. now that's turning into a regulatory threat, in the cross hairs, we don't know how it is going to turn out, it could be like an ant group, billions in value wipd ed off >> i guess it is possible. we're a few hours from pricing so all systems looking good right now. i do think they have to be careful from a regulatory standpoint because they're the only ride sharing company of scale in china so they are going to have to be wary of that and i don't think chung way, the ceo, is out there doing what jack ma did. i think they learned from that i'm optimistic that this ipo will happen tomorrow. >> right, and ride sharing much

different kind of threat than financial services in china. your point is well taken you used some examples saying in your sort of tweet -- twitter thread saying that it has been hard for companies created after 2010 or go into china after 20 10 to succeed. you have examples like apple and tesla that have been hugely successful in china. wasn't that the promise for uber being a success like those companies and reaping billions and billions more in rewards >> yeah. i would say that, you know, the -- there is a set of companies that have succeeded in china, tesla, apple, microsoft, oracle, some of the companies that built soft square or hardware oriented products that the chinese were happy to take on uber was different it lived on an app and it tracked, you know, where people went and what their financial information was. so it felt a little bit more like google or some of the other more app tech oriented companies that tried to get into china,

and failed like facebook, et cetera i think it is a little bit of a different ball game between those kind of companies and what uber did in china. >> and emil, doesn't this fly in the face of everything we're being told about rising geopolitical tensions, interest in taiwan, trade, the breaking up of global supply chains just the u.s./china relationship how is this happening in that environment? >> it is a great question. in 2016, when we sold our uber/china entity to didi, things were calmer back then and that -- we started building there in 2014 so the relationship was actually more optimistic they were going to pass financial regulations that allowed u.s. investments to operate there. they let uber arm the app store there, a big change for china. so things have deteriorated since then so now i think you'll see

amidmuch harder for companies like uber to go into china today. >> do you think that uber investors are appreciating the value that you see, this big stake in didi. there is also a stake in the russian ride sharing company stock has been a massive underperformer since it went public it went public at $45, now just $50 and underperforming the s&p. >> yeah, i don't think so yet. because when the -- prices tomorrow hopefully go public and you can calculate 12% of where they go public at, $70 billion, that's $9.4 billion, and then next will be yandex and grab later this year and stack and altimeter, those are three market to market events that make it more clear to the investors. what is unclear yet is what is the tax treatment and what are they going to do with the money or shares? are they going to sell and distribute are they going to do what yahoo! did with alibaba and spin off a

derivative we don't know yet and now determine how investors react ultimately to these assets >> that's a good point the ceo has been doing a lot of m&a. we'll see what he does with the lucrative stakes emil michael, thank you for being with us this morning. >> thank you speaking of ipos, another one we're watching duolingo, filing its s1 to go public yesterday according to filing, the company saw sales more than double in 2020, and customers for its english proficiency test rose 5x it is not yet profitable, loss was nearly $16 million i spoke to the co-founder and ceo nearly three years ago about why he started the company, which is free to use and ad supported at one level he said his background growing in guatemala convinced him it would help a lot of people.

>> if you learn math, usually learn math to learn physics, to become an engineer it is usually multiple steps removed where as with knowledge of english, it is just one step. just know english and that's it. so that's what we started with, but then, you know, we didn't want to just teach english, we taught other kinds of language and but always our mission has been offer education for free. >> but now we see the business model expanding, they have an english proficiency test that colleges can offer, 600 institutions offered it at the beginning of the pandemic, now 3,000 are offering it. and it appears that this platform could be useful for more than teaching language. so we'll see if investors buy into that now or if they're going to wait to see if the strategy plays out >> we have seen these online education companies and apps really take off during the pandemic in this digital transformation we'll see. exciting day for the company, though, going public, carl.

>> indeed. all kinds of exciting things in terms of going public this week, not what you see in the middle of of the summer. kratos defense, and arc a fascinating story. we'll talk more about that after the break. 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.

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resetting here near the bottom of the hour, welcome back to "techcheck. when we continue, cathie wood doubling down on bitcoin, a lot more on that in just a moment. first, time for a news update and rahel solomon. >> good morning. good morning, everyone consumer confidence in june jumping to its highest level since the pandemic began the 127.3 reading is also far

above forecasts. on the rise, home prices, the annual growth rate hit nearly 15% in april, that's the highest annual rate since the index began in 1987. airlines placing a huge order for new jets. the largest order ever for commercial planes. united says it will allow the carrier to add flights and also retire older planes. the head of an influential consulting firm resigned declan kelly stepped down following reports he was drunk and inappropriately touching women at a charity event kelly apologized for his behavior and walmart says it will start selling private label insulin. the retailer says consumers can save over $100 per vial of ins len and up to $250 per pack of insulin pens, the products will be available starting in mid-july you're now up to date. carl, back to you. >> big story for us today, thank you. cathie woods ambitions in bitcoin becoming more clear.

filing with the s.e.c. wood has already taken out positions in crypto exchange coin base and bit coyncoin trust she could face an uphill battle according to bloomberg 14 issuers have filed for a bitcoin or bitcoin futures etf with the s.e.c. to no avail. ark's funds boosting investment buying 62,500 shares yesterday, the 13th purchase this month alone. ark holds just under 7% of the outstanding shares and as for the ark fund itself, a lot of technicians looking at the fact that it has been able to make some higher lows ever since june and technically that is supportive, but she's got her hand in all kinds of baskets now. >> she does and i am fascinated by the cathie wood brand and what it has meant in the

context of growth in this market and just continuing to believe in growth. it is almost like a softbank type feel of really believe in the future, invest in it, hold on for dear life, that's one of the things they say, right >> yeah. hold on. you have to admire her conviction, right? when we saw this transition to value from growth earlier this year, she doubled down on some of those positions like coin-based too that had a rough charting of it since its ipo, she doubled down, top ten ark holding, bitcoin coming way off those highs that we saw a few months ago she is doubling down so there is that conviction that is at least in the short-term right now looking like it is working out as we see this transition, carl, back to the growth trade we'll see how this all shapes up but like you said, there is a lineup, there is at least 14 others that are hoping to create a bitcoin etf here. >> and we had this discussion

with cramer earlier this morning about all the other managers who have hopes for creating an instrument regarding bitcoin, like she has right now, but if anyone can get it done, does she have some kind of mystical staying power because of the strength of her personality and her influence on the street that would get past some of the regulatory hurdles >> even if it doesn't, she's just -- she's putting up shots, right? she's taking them from half-court, and, you know, several of them are going in they're making the investor highlights little different from chemov, very tactical, he gets in, he gets out, he makes money cathie wood, sticking in there up next, would you pay for your internet searchs? former top google exec launches an anti-google search engine today. he joins us next and morgan stanley says forget big tech six favorite stocks that are cheaper than faang but have bite read the full story by subscribing to cnbc pro. find out which names you're

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welcome back our next guest was once top executive at google and now said free ad supported products can be bad for consumers and the country because of their inability to stay true to what

users want out of their products gone on to launch neva, a search engine with a model that couldn't be more different from google joining us now is former google ads svp and co-founder of neva good to have you we were talking last week, i since signed up for neva, i'm impressed with how well it works. with this model, you're not doing any ads at all no affiliate links either. so this is even more pure than duck, duck, go, you're going to charge consumers a monthly subscription fee what convinces you that people are ready to subscribe to search >> thank you for having me, jon. neva is the world's first completely ad free private subscription search engine now, $150 billion across the globe, but the fact of the matter is that what started as a way to get you and me great

information has now become an enterprise where most of the energy is on advertisers so neeva is innovative here because we want to put you at the center of the service by being a subscription service, we can create a much better expedience for you, one that is more personalized, one that is deeply private because the model says we don't take money from anyone other than customers. and we are able to bring all of this together into this singular expedience and we also support publishers from early on because search engines are based on great content. so you're going to see lots of great content. all of these that we think that neeva is paying for. >> this comes at a really interesting moment where big tech companies including google are facing a lot of regulatory scrutiny, a lot of it antitrust scrutiny and they're accused of being a monopoly some would say they have a monopoly over search in general. some would say search

advertising. what is your position on that, and do you think that product innovation and a different model can allow you to thrive even in an environment where google is so big >> yeah, i mean, i think we have a larger problem in our nation when it comes to monopolies. our government has been -- for 50 years we have veered far away from how things like the sherman act -- more than a century ago, that's a whole issue. we just need to think what monopolies mean in today's world, especially with free products but for us, we still think that product innovation matters principles matter. and so this dedication to you as a consumer and customer allows us to think about neeva very, very differently and we think that leads to a more personalized superior expedience and part of the news today is that as of today, we're open to anyone in the u.s., people can

go to -- sign up for a free trial and start using the product. >> good morning. it is deirdre. aren't people moving away from your traditional search engine people are searching more for pinterest, amazon, smart speakers aren't they? >> they are, but the fact of the matter is that there is -- as i said, $150 billion of revenue being driven by searched aer have advertising it is the go to place. we want a product, the headache we're trying to figure out, we go search. and, yes, there is a lot of other places in which we also search but that whole position of, you know, what is a browser do when you type in a phrase into it still matters a lot. it is at the center of an enormous amount of attention that's where we think they can start creating values. we move to other areas, but the focus is on what is the default

search expedience when you have a question. >> talk to me about the model. often we can make the mistake of thinking only by scale, only by being the biggest can a company be successful. are there costs you don't have because of the model that you have chosen. who how should we think about the way that n eeva grows and becomes profitable >> the principle, how you set up the company matters a lot in the product that you end up creating by being a subscription product, it means that the entirety of the team is focused on creating a better product we don't have an ads division, ad sales people. it will surprise you to know the size of that product team and the ads business team is like three to four times the size of our organic -- so that simplicity of mission matters. there is one person that we are optimizing for and that is you, the customer we also have a really nimble and dedicated team

many of whom are just enormously accomplished people that came to our company because they believed in this mission of creating this useful product for our customers that is completely what it is plus, things like cloud computing is a game changer as is deep learning it is putting all of these together that gives us a chance and in two years we think we have a comparative product that will keep getting better day after day. >> not having to build out your own infrastructure, huge for neeva and other companies. thank you. >> thank you, jon. good to be on. keep your eye on etsy today. ripping higher here. above 200 for first time since early may. we'll talk about the acquisitions they made this month, what is happening within the company, on with cramer last night. don't go anywhere.

salute to veterans independence day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this independence day,

our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon visit us online at www.salutetoveterans.org heavens to etsy. the resale platform up 7% since yesterday following the announcement of its acquisition of brazilian e-commerce site elo 7. the deal is the second of the month for the company following their purchase of resale platform depop on june 2 that fueled a 20% stock boost. and josh silverman did talk to cramer last night about the company's investment strategy. >> just like elo 7, it is a business model like etsy it is a business model where

sellers sell directly to buyers without logistics or warehouses or factories in the middle, and it is a business that faces the exact same opportunities asset sy h how do we run a global payment platform very well, how do we do performance marketing? etsy is well positioned to help. >> stocks trying for its tenth straight day of gains, up more than 20% just this month but despite the recent optimism, stock is still down double digits from its march 1st high i think do they call it recommerce that resale platform which apparently is a huge growing part of retail, but also sort of flying in the face of an environment where shoppers are more interested right now in going into physical stores >> well, i think the question for so many of these pandemic winners and etsy was one, share price doubled over the last 12 months, what is next

etsy is really trying to tell investors that through its acquisitions, depop, the resale market, and also that gen-z demographic and with the latest acquisition, jon, geographical -- expanding the geographical footprint in a market that many investors are already excited about. >> and i got to keep going back to this antitrust backdrop etsy has nearly doubled its stock in 12 months amazon handmade didn't kill them how do you define an amazon monopoly i'm zone primamazon prime wardr did not kill stitch fix. this is a year and a half after nike killed its direct relationship with amazon so the work is cut out for those who want to make this monopoly argument yes, there are some clear dominance issues, maybe how these companies treat others in their marketplaces, but are they

monopolys? i don't know >> it is a good point. the e-commerce pie has become a lot larger the question is how amazon uses its dominance in some other areas that, you're right, you point to some of the other e-commerce players that have done very, very well over the last year. we'll continue to chat this and debate this certainly in the weeks ahead. in some news for esg bulls and followers of jamie dimon, announcing plans to buy open invest, a fintech startup that allows users to customize investments focused on environmental, social and governance factors the bank's third fintech acquisition since january. dimon has not been shy about pointing out the fierce competition in that space. for cnbc's exclusive reporting on this story, head to cnbc.com. "techcheck" will be right back [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis.

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let's roll. donis this some kind ofon. a ninja boy band? huh? [ "me and you" by barry louis polisar ]

♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ from foggy san francisco to the rockies, it's the analyst supine ideas festival and our leslie picker joins us live from the conference with a special guest. to you, leslie. >> deirdre, thank you so much. i'm with chris krebs, the former

director of the homeland security cybersecurity and founder of the stamos group. a lot of important issues to discuss with you first of all, top of mind for business leaders across america is the idea of ransomware attacks, increased 485% according to bit defender. this year we've seen the high profile attacks, cloenl pipeline, jbs, exposing the vulnerabilities of critical infrastructure, especially pertaining to the food and fuel supply chains. do you expect the incidents accelerate and what should companies do now to make sure they're not the next ones targeted. >> i think this is the issue that corporate executives, directors with general counsel need to be thinking of right now. it's a matter of am i going to be in business tomorrow, delivering for dlts, am i going to deliver for shareholders? that's what should be top of

mind i think these issues will continue until we can take the players off the playing field. so the criminals that are doing this, operating out of russia, i think we had a good step forward with the biden-putin summit in geneva a couple weeks ago. we should see some reduction but they may move elsewhere. it's not just russia this is frankly how the north korean regime finances its government so it will continue. and what, again, businesses should be doing is thinking about can they operate do they have a continuity plan but more importantlily what are they going to do if they get locked up? do they pay. >> is there any kind of technology or amount of investment that can make a corporate ceo feel much more secure in light of this as they wait to, as you mentioned, take the bad actors off the playing field. >> it's three things first and foremost, as you point out, it's going to take

additional cybersecurity improvements in our businesses and it's a lot of just doing the basics making sure you're patching. you have multifactor authentication in place, you know who is on your networks and you have operational backups off line and you can restore business the second thing we have to look at is what's the role that cryptocurrency plays in enabling the players. i expect rectors to look at how cryptocurrency intersection with the fiat economy and using our law enforcement, military intelligence operations to disrupt actors and make it hard are for them to operate but more importantlily may make them not to want to play the game. >> you mentioned cryptocurrency, the currency of choice for a lot of the ransom requests taking place, reportedly the case for bitcoin with cloenl and jbs payments so is it possible for there to

be a more aggressive concerted effort to get that in control in is it in the works is it even possible in order to kind of prevent or thwart some of the activities? >> i think international regulators are taking a hard look at cryptocurrencies and how they have skated under the radar for some time in terms of transparency what i would expect here to start in the united states is that the treasury department -- and this began under secretary mnuchin in the last administration but looking at the intersection points where there is leverage, over-the-counter defsks, kiosks, but looking for know the customer and transparency. that model should shift to the international regulatory commune and again a couple weeks ago in cornwell these are points of discussion among the g-7

countries happening at europe and nato. >> it's a movement toward institutionalization of the cryptoworld. we'll be watching we appreciate your insight and perspective thank you chris krebs. >> thank you, leslie and leslie has more from supine this afternoon don't miss the co-founder of ethereum better known for the ether coin and the cnbc exclusive on "fast money." elon musk speaking live right now about his satellite ambitions. his comments after this break. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential.

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a few things to mention before we go, as i'm here in san francisco, sources telling me that uber is announcing a revamped return to work policy as soon as today, allowing the employees to work up to half the time from anywhere i'm told there will be manager discretion that doesn't necessarily mean, guys, you can take a week off and a week on. we've talked about this. three is the new five fom nop. but jon they just opened up a brand-new headquarters about ten minutes down that way, mission bay near the chase center. it will be interesting to see

what they decide, if they're requiring employees, right, the constant question to be in the city, live close to the office by requiring them to come in a few times a week at least. >> three days would be more than half the week. they said up to half i don't know is that two and a half i don't know carl, are they working seven day as week at uber? i'm sure hr departments are busy right now writing all the language. >> yes. >> meantime, elon musk speaking now at mobile world congress, announcing that spacex is start link now has more than 1,500 satellites powering the internet network. musk saying by august the company will offer connectivity across the globe, excluding the north and south poles, sorry polar bears and seals. hope to have a half million users within the next 12 months, carl >> yeah, 1,500 satellites. and of course musk has spoken in recent days, guys, about the possibility of bringing that company to market over time in

which case his influence would grow even wider. finally, guys, inside one of the most successful business partnerships of all time, tonight, buff oat and munger talking to our own becky quick, the highs and lows of their career in business fascinating, 8:00 p.m. tonight here on cnbc to the half and sully. >> thank you, carl and welcome to the "halftime report," everybody i'm brian sullivan in in for scott wapner today front and center this hour, we're getting down and dirty the real stuff, the veindustrials, e companies that make things they've been making solid coin lately and wall street says more to come industrials, the big names like ge, honeywell, bogeyo boeing, tech tron and more top stocks on the street lately and guess what four more bullish calls on these and other names in the space we have a lot to do. joining us for the hour, stephanie link jaso