amazon has been surging over the last week. we did see record highs. seeing in general this week. just note financials are the best performing sector in the s&p and the financial market have a great weekend check tech starts now >> happy friday, welcome to tech check. coming up on the show today, president biden moves to curb big tech's power we'll speak with the trump appointed sbc commissioner and

making another big bet on the economy and an exclusive with the new ceo of sirius xm >> we'll start with big tech and movement president biden aimed at the biggest order, break it down for us >> basically, the white house wants regulators to ramp up all of their models. the executive order talks about not only the price but privacy and data can be effected the ftc and doj on board on things like serial mergers >> those platforms are right brought the innovation to the economy and improved services. they've created significant

problems in terms of privacy and security and small business in terms of entering markets. >> in addition, the white house is calling on the ftc to write new rules. we reached out to see if they had any official response. no word yet. we are also waiting to hear back from the big tech companies. one voice we have heard from is senator amy klobuchar. benefitting what can be reimagined and to address america's monopoly problem >> thank you for breaking that down for ulgs. >> as an angel investor, you and

companies can compete against some of these megacaps need to be reigned in or broken up >> exactly what i was thinking about. clearly happening. this is a little of intensity we've never seen we've had more activity in the coming months. how does it affect me as an early stage investor >> i think the why it is happening with the privacy and tax avoid ns issues. the impact on the elections were very acute and scarey. that's why it has become the only issue of democrats and republicans agree on the democrats feel hillary didn't get into office because of the russians and facebook and people are blaming trump's loss

and trump being out of the public square on twitter how it results in only goes a few ways >> how you could execute that is very different >> he said this is clearly happening. he does not agree with you he said it is fab indricated an there is no need for this right now. >> when you go by buy an amazon basics cable, you don't feel eyeing you are getting gouged, ares that awesome. all of these services like photo services are free.

that is great. now we have to take antiquated laws that don't really apply they kind of know how to wrap around you kind of win that argument. what keith was not addressing was the sentiment the fact that there's wealth disparity and that people feel their pryivacy is being invaded those things have given a lot of things who were totally delighted if trump could lose all his power, they could do that to me these politicians are looking at it going, whoa, that's too much

power. >> all framing monopoly and monopoly power in logical and reasonable way a judge came down on that side a couple of weeks ago. looking at the things right to repair borrowing unfair methods it is hard to argue and data rules, and accumulation. greater scrutiny and smaller companies that could really damage the eco system potentially. back when facebook bought instagram. it was tiny. it was like a dozen people

i find it hard to imagine what the argument would have been to prevent that. >> they are used to being able to buy or build anything innovate yim that comes into the marketplace. is that going to be good for consumers or venture capitalists, early investors and founders the argument that it is good is that we seed other buyers. we always want investors to go for th for the go we would have loved for what's april and others to have been

like this. that's actually the out come and i think we'll see more companies opting into that to get ahead of us >> i'm seeing, if you don't have as an investor, the potential exit option, there's some good startups that won't have the runway if not, isn't something that might happen sort of junking these. stripping them down for parts. >> i'm going to disagree on that one. if you had insta gral spin out and yooeb. >> i'm not talking about the spin outs.

if the big company can't buy the little company to begin with >> to be honest, we have a lot of people to dip down with spacs and the likely listings where we need to be conscious this could be amazing for an extra like the pc city growing up and not being built-in side of a microsoft or google it will create more companies and transactions we'll see some of these big tech giants will span out and there

might be some things going on wra. >> ib ever and maybe you guys should bay some money. >> you are an early investor the s 1 letter highlights of robin hood users are buy and hold sna kind of investor good for the business >> i am an angel investor. i was in long before they went public what is very unique about this time, we have a generation

growing up -- >> yeah. but there is in model. >> hold on you got to let me finish this group of people is going to be so sophisticated in their 30s and 40s and that's why they are going significantly. >> you are saying eventually they'll be longer term investigators. >> let me read you the numbers >> hold on when you are learning new new skill, you start at the kiddy table and you play $1 or $2 blackjack and you learn it i think -- >> i'm asking longer term for people buying into this ip on

the profit maximizing move with options and trading. as you get older with the money changed. saving for a longer term some people like to bet on sports or day trade or buy index funds. >> jason, we'll continue this conversation we've talked about tejer there >> they are not returning our

call >> the ftc will weigh in with us on the other side of the break tech check just getting starlted it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats.

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>> i think apple is in many ways worst. they are forced in there is no way around it and the fees are ex or ate >> saying yeah google has eamon oply but apple is worse. incredible rally for apple shares hitting another high. up 5% since tuesday. >> can they both have eaa monopy

in the app stores. president biden will sign the executive order. joining us now to break it down. commissioner, good to have you it seems to me there is a lot in here in what this order is trying to do to put an emphasis on what the ftc might look into. do you have a problem with these kind of focus points or more the power of what these guys want? >> i think it is more of a focus point. what i think is big and new is that it contemplates a big,

broad regulatory order i don't think we have the regulatory imposition. do you mean things like giving extra scrutiny something we have been doing in fact, we have challenged a number of deals in razor industry and gene sequencing adding new rules and regulations that may not have the effect of competition at all i think we need to be working on rooting out the bad apple and

stopping it. >> there are some down sides with litigation and that is it can take a very long time. years in some cases and the technology sector moves very quickly. >> absolutely. one of the things you get with regulation is it doesn't change the same way it allows us to ask in these cases. is it good or bad. we've done it with great effect. moving from that model to the throw the baby out with the bath water model is neither supported in the loot or if we with a good idea is it a whack a mole situation

>> i was a little disappointed with the ftc and with the executive order to pull down those guidelines clarity is good. one of the ways we can get it is commission from sort >> i look at the emphasis of rules on surveillance and data paying attention to the fact when one company is able to hoover up a lot of data, is that something you'll have a problem with i think congress will continue and pass that legislation. i'm talking antitrust

regulations. to be clear. and like the focus on labor but going too much in the labor direction is the wrong way >> what about the third party and barring unfair markets of competition. saying if you are amazon or apple, you can't look deeply into the third parties and use that data to compete for that one. >> one thing we know is retail online or in stores is retail will sell products we make along with the products of their competitors. in costco, i see kirkland and other brands ands that not a bad thing. you want to figure out what is good for consumers versus what's bad. >> commissioner, let's take a look at what's happened in

europe they've been ahead of tech in many ways. resulted in fines have eventually been speeding tickets for the companies and affected the landscape in the effective way. how do you avoid that when you think about the regulation we are ahead in innovation providing goods and surplus. not just protecting our companies. what that tells me is that the european tells me, their not targeting issue and maybe confusing things as what is generated by the conduct and just consumer demand >> clarifying something you said about labor. were you talking about removal

of noncompetes making labor more mobil and giving talent the ability to work. >> the order talks about no poach agreements and undo occupational restrictions. >> i was in the house testing about all of these and keeping people from moving place to place. we don't have authority here the ftc cannot do everything i think there are things we can do to allow talent to move around >> i know. in california, those noncompetes are not allowed and it has led to a lot of moblt among engineers and executives there thank you. >> thank you for having me still to come, bill gurley

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we are at the bottom of the hour now welcome now. we close out a big week from sun valley first, we have a news update >> i do. wholesale inventories grew more than expected in may rise beg led by stocking up on nondurable goods

the 10-year is up about nine basis points concerns of a weakening recovery in much of the world wedbush securities outperformed the coverage just in time for this weekend's championship matches the agreement, more games will be shown on abc. rights being expanded in canada and south america. back to you. a company filling worker shortages around the world insta work now raised over $60

million with more than 25 u.s. markets. shift growth expanded over 8 x insta work cofounder and ceo great to have you. here on a platform at a time when there is such a labor shortage, how much movement are you seeing in wages paid and inflation. wages happen businesses we open post covid, the bigger trend we are seeing is the demand for flexible work arrangements

demanding flexibility, we are seeing service and industrial professionals saying we want flexibility too. businesses asking for flexibility as well. a million professionals downloaded our app and signed up we are excited to be the leader in driving the service there have been public companies what's new and what are the opportunities either by industry or that need of serve despite this tight labor market? >> this is a category we are excited in in this benchmark haden brown has done a fantastic

job there. we see this as a big, big opportunity. samir has done a super job people have talked about opening up and people going to more specific verticals when people sign up for insta work, they are quickly put into jobs. the app actually teaches you how to better do the jok so the quality goes up. there's a lot that can happen with this. >> linkedin leans towards white color and knowledge workers. not a lot of blue collar, front-line worker presence in the marketplace, there's not

a lot of conversation about who is good for that very important hands on work. >> i think that analogy to linkedin is really sound when one of our skilled workers signs up, they are up loading certificates our professionals make nearly double minimum wage or even more they can get paid instantly when they clock out of a shift. what we are doing is rewarding quality with faster pay and higher pay and flexibility they are building the opportunity our professionals are proud to be front line workers.

they are excited to get america back to work and to support marriott and hotels and retailers like nordstrom and others as supply chain gets disrupted and we are here to serve them >> work wise is a platform that places and trains workers. they just raised $300 million. better marketplace and has that training edge. how do you compete with them >> i spent a bit of time with that founder there he's actually quite impressive they got started in the oil field services. >> i mentioned massive

opportunities and i mentioned key investments. i think rising tides will be a long time before those two types of companies will end up competing with juan another. >> samir, quick question for you. with a need for labor, how did that come about? >> we support a variety of hospital businesses. >> he heard about us he was so excited about the ability to fill positions quickly. he said it is great to have tillman on board with a lot of

great hospitality brands and shows the leadership program we have in building this work for the industrial sector as well. >> let's broaden this out. >> there is a lot going on in china. that's a space where uber had competed vigorously and ended up with a stake in didi with he see the chinese government cracking down what do you think this will look like >> if you look with respect to uber, there are two forces

uber owns a percent. uber also competes with didi-internationally whether it impacts is a different force if you just back up a year ago, we were talking about the u.s. regulatory bodies like kicking the markets off now we have the chinese government saying we don't want them on the nasdaq or the nyse, which is completely flipped. one area they spent a lot of time when they go public, that money is outside of china. i wonder if part of what's going on is the chinese government

will make sure that is kept inside of china's tax authority and to be regenerated. >> back in 2017. >> over 100 billion. it is trading around $90 billion. >> from a different matter it is pretty good irr from where we are i'm thrilled with where we are obviously we had a pandemic in the middle of that which cut ride sharings that bouncing back as we expect we had the nazi talking about

how people were coming and doing their weddings at a grander scale and we'll see things opening up and leverage in a broader way. >> you say pretty good returns but it has underperformed the product market with a lost market share to competitors like doordash. you didn't think it would be valued more at this time >> we got involved the the series eight to get to the $100,000 out come is some of the best work done. i'm excited about where that company is there on track i'll let dara increase that. >> coming public via spac.

not a direct listing but almost call it a social network really good at fake crying and nonconsumer brands with the reflection >> and not to beat a debt horse, one of the reason why spacs have been so pervasive, they've gotten so much worse from a pricing standpoint spaks are remarkable on the ipo. sara fryer is an extremely experienced ceo with tons of wall street experience with the public company, she

duel tracked it and looked at the ipo and said i get better control and heeconomics. as long as we are going to have miss priced ipos you'll see more of this activity >> great to get your thoughts. great to see you both. >> great thank you. >> speaking of didi. giving back some of this morning's gains after they are restricting downloads of 25 additional apps operated by the company. now up above 3.5%, it will break the four-day losing streak joining her since taking the role that's after the break stay with us

the third full day of the conference in sun valley there talking with leading ceos, she spoke exclusively with the sirius xm cfo.

>> sirius xm shares are pretty much flat. also developing a free ad-supported version and now competing with facebook, spotify and clubhouse. >> many other competitors down play the value of live now there is a lot more attention around that. we've already had an established base there with talent where they can engage with listeners and their fans directly. we'll continue to explore opportunities to build that in more social areas as well. that stretch that is enabling them to compete.

trying to take share of the traditional radio. i asked whether there was an opportunity for her company in the new limit apple has put on facebook and their ability to target ads >> because of that first party data we've had a well established base of advertisers that support supported pandora. our acquisition of sticker they are really looking to be able to access music and talk. we have multiple formats >> now on the heels of other leaders. they'll be disciplined and other talent >> it is always a mogulfest

there at sun valley and this is maybe the first big conference we've seen with people live coming out of the pandemic curious if what you are seeing, are handshakes back? are people comfortable >> i would say for the people at the conference, they have to show prove of vaccination. and there is a sense people at the conference are covid free and happy to see each other. people are hugging, shaking hands. there's a lot of talk of m&a and consolidation. >> more consolidation between media and tech companies >> now coming up, crypto makes a come back at the expense of meme stocks

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this week, the big story was the yield in the bond market while megapack mostly held anal. >> this narrative around interest rates driving valuations and growth oriented companies has really kind of taken a new tone throughout the course of this year specifically with regard to just the last maybe six or seven months or so. this is a chart of the technology spidr etf versus the ten year yield you can see early on they are roughly trading kind of together, loosely inverse. however just about february/march, you can see this area here has started to i had wooden out meaning valuations have kind of drifted a little lower on a relative basis for those technology growth oriented

stocks what this does tell you is that at least over the last several months, interest rates have played a discussion role in this whole notion that valuations do matter at least at this stage of the market it is interesting it took this long to kind of come to that conclusion over the course of the last several years if you look at the overall picture for some of these stocks and how they have kind of pulled back during the recent pullback that we've seen, it hasn't really been all that dramatic. apple, microsoft and nvidia, apple just a little below its own record high. these particular stocks didn't really fall at all over the course of the last couple days indicating that some traders still consider them safe haven is the wrong way to say it, but a relatively safe trade momentum-wise. and also taking a look at the com services companies like the googles and alphabet and facebook as well, strong moves there, no real pullback in sight there as well. so again, some of these names

have done pretty well. and by the way, just take a look over the last ten years at the relationship between technology that sector versus the s&p, on about '16 here, it really started to get wide. so yes, a consensus trade on the quote/unquote safe side for a lot of people. back over to you >> and you may call those mega caps, safe havens are perhaps the new value in tech. and we're also take a look at the biggest winners on the nasdaq looking at the laggards, as well chinese tech leading the way to the down side.

in just a few hours, it will be friday night, so check out shares of bumble and match rbc issues an outperform a check on crypto related stocks is next.

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crypto and peoplmeme stocks headed in opposite directors kate has more. >> crypto traders are picking up some slack for fading meme stock activity the peak of day trading for stocks was back in january during who can forget the gamestop frenzy. retail trading volume measures on charles schwab dropped roughly 0% 30% from the first t second quarter and it was downgraded as a

vault. and gamestop and amc are down from a peak of nearly a billion dollars in june to roughly 300 million this week. and in the past week alone, purchases of those stocks dropped by roughly 28% analysts say that it shows investors are, quote, falling out of love with that segment of the market stock prices are catching up with weaker demand as well shares of gamestop and amc c ton about 3 po0% and 6% respectively and crypto trading activity hit a new high in the second quarter while bitcoin dropped about 60,000 and then dropped to around 30,000 where it is trading right now. goldman does expect that to, quote, significantly boost c coinbase results and others that could benefit as well. stocks are up double digits this month. and the shift in trading

behavior could also shake up some of the revenue dynamics at robinhood, that company slated to go public at the end of the month, crypto trading made up roughly 17% of its revenue for the first quarter, equities and options combined made up 60% >> just wondering about that, that is a great check-in thank you. that will do it for tech check halftime starts right now. welcome to the halftime report i'm scott wapner front and center, why top strategist tom lee is reversing his call, what he calls a big change in direction. he will join us to explain the committee of course will debate it. joining me for the hour, shannon, david, jim, jon, good to have everybody with us. let's get to mtom lee. are you there? >> yeah, i'm here. >> good to see you when you were on with us a month ago, you dowde