underneath the market that has not been so obvious because big cap techs have been holding up the s&p 500. all this is necessarily good it is a little bit of a reality check for the market, little smack in the face, and ultimately this will help down the road. >> bob, thank you. >> okay. >> bob pisani. that's going to do it for us on "squawk on the street. "techcheck" starts now >> happy monday welcome to "techcheck. today a massive sell-off for stocks, dow is down about 770 points at the moment with the

nasdaq approaching its own 2% drop president biden attacks facebook kara swisher weighs in on a new war of words between potus and mark zuckerberg. and later, the newest partner, one of them will run the crypto fund and joins us this hour. we're going to start with this sell-off, mike what is driving this and why is the dow down so much more than the s&p 500? >> yeah, jon, it is a growth scare, a global growth scare, something that has really been -- actually having its effect felt below the surface of the market for several weeks i think the dow is more that index that will be more exposed to the global recovery theme, taking the brunt there also that's where the outperformance was in the earlier part of the year average stock started to decline, peaked five weeks ago in the market. it has been a lot of the very large megacap stocks, the very stable ones like the apples, microsofts, amazons. this month have been supporting the indexes and some of that has

faded today. so you don't necessarily have that obscuring the weakness underneath it is not just tech outperforming and keeping the indexes together here is apple, six-month chart really outperforming things like the localized loud software plays and semiconductors so what you are really seeing here is this margin over the last several weeks of the megacaps really outperforming and the rest of the stocks getting cold below the surface, that's giving way today. everybody is fixated on that pressure on treasury yields, which seems to just reflect money looking for some kind of haven outside of the global growth theme we should keep in mind, we had pullbacks like this before it is at the s&p level, where we're at 3%, 4% from an all time high we haven't had a 5% pullback, which is totally normal in a bull market to have 5% pullbacks, haven't had one since last october so i do think that part of it is regular market rhythms, combined

with, you know, seasonal effects that aren't as friendly to stocks and then you have this issue of we don't exactly know where this covid surge is going on around the world is going to lead economies and restrictions and rethinking the pace of that acceleration >> is this mostly about sentiment or some real new piece of information that you have seen that you would attribute this -- i mean, pretty significant drop, at least off of the open to we knew the delta variant was out there. that's not new but some headlines out of the olympics are concerning. what is this about maybe >> i think it is -- to a large degree, jon, incrementally it becomes harder to ignore or cast, you know, wipe it aside and say this isn't going to matter for growth. i do think you're just seeing enough attention on the covid curves that it is just a good excuse, if not true motivation, for people to say, i want to have less exposure to risk right

now. that means more bonds that means less in stocks, i don't think there really was a thing that happened but, you know what always does tend to occur is the market finally shows some vulnerability, and then we have all these things that have been in the air for weeks, and all of them seem plausible as reasons why you might want to take some risk off, right? whether it is, you know this sort of -- china was hacking microsoft, what does that mean for growth we have the olympics issue and, you know, now oil prices are going down because of a supply deal and then that seems to undermine some of the cyclical trade i do think it is one of those deals where we retro fit the story lines, but the ongoingness of the covid surge colliding with what i think were pretty well entrenched expectations among investors of a booming economy this year is probably the explanation for this bit of turbulence >> mike, i'm curious what you think the most important upcoming catalysts are i know earnings season is kicking off, really getting under way this week.

do you think those earnings numbers will really matter or do we need more forward looking indicators is it the guidance we should be watching >> certainly guidance, julia earnings, they certainly matter at a price, at a stock price the earnings are going to offer support. we have had instances where, you know, the market reacts in a fairly negative way and sells the good new oz on earnings just because we already have run up, we knew they would be good, but right now if you look at small cap stocks, they have been devastated already and so you would think they're going to reach a level where if the earnings are decent, they're going to find some kind of a support. we probably are going to be looking toward, i think the macro data will matter a lot more it is funny because we were two months ago we thought inflation and hawkish fed was the thing to fear and we started to price that in. and now it seems like we pivoted to saying, actually, we wonder if growth is going to be there to drive the economies to a point where the fed might want to restrain it

so i think that confusion also partly explains where we are at this point >> very good point there, mike thanks for joining us. let's stay right there and bring in megan shoe of wilmington trust. what are you seeing in the market's big decline today >> we have been telling our clients for a while now to expect more volatility, to not get too used to the smooth market ride that we have had mike is spot on in so many things he said and we haven't felt that volatility in a while. we are advising our clients to be calm, to be patient i think we're seeing a number of factors come together, growth scares, probably some degree of a positive feedback loop as it relates to yields. a risk off market, that then leads more money flowing into bond bonds and other state assets and at some point investors wonder if the bond market is telling us a picture that is scarier or

more concerningthan we would have otherwise thought i think the market today is, you know, over the last couple of days we have been seeing some more weakness in that tech-related part of the market. i do think that's more kind of normal profit taking, but you have to think about the source of the concerns, if it is growth-related, you know, not moving back to hutdowns and lockdowns that could really benefit some of these tech companies, but, you know, true end of cycle concerns, typically tech would sell off with the rest of the cyclical parts of the market >> but tell me about some of those concerns about another wave of covid, this question of what is delta and what could its full impact be how important is that in your outlook? >> it is very important. we're watching it carefully. we don't think it is going to derail the cycle we think this is a, you know, a factor that is contributing to concerns that maybe our expectations for growth were too high i also think that delta variant is much more of a concerning

story outside of the u.s., particularly you think about emerging markets and some areas of even the digital market complex that don't have the supply and the rate of vaccine penetration that we have here in the u.s. so i think if you were banking on and we have been banking on kind of that handoff from u.s. growth to non-u.s. growth, that story is really at risk when you think about the spread of the delta variants but by and large i think policymakers are going to be focusing more on the vaccines than shutdowns >> i don't remember when i've seen something quite like the two stories going on at the same time in stocks with the dow down about 783 at this point. but i'm look at what's up. peloton is up more than 6% so is chewy. nvidia is up 4.75. doordash up more than 4% it looks like perhaps a rebound

in some of that stay at home or covid-related trade, even as we see the dow down so much what do you make of that >> well, it is a different story line than we have seen in the past and over the last year or so the low rates have been supportive of some of the companies valuations that you just mentioned there, where you have a lot of positive growth expectations baked in and you need lower rates in order to justify some of the valuations that they're trading at. so i think that's part of the story. but then you also have, you know, the fact that it is not broad-based across big tech is the fact that some of those big tech names have done so well and you're going to have investors taking some off the table, profit taking and those spaces, regulation concerns that are not as much an issue for your pelotons, your chewies and some of those names, but more concern for the facebooks and amazons that, again, have just done so

well we're not concerned. we're not really changing our narrative. we still like tech long-term we're neutral right now, but further selldown in the market would give us an opportunity to maybe add more exposure for that longer term outlook. >> so i look at the names in the dow that are down the most at least to start the morning. it is boeing, it is dow inc., it is amex, goldman sachs, jpmorgan, travelers. those aren't tech stocks and it seems like a lot of financials, maybe some interest rate sensitivity. there are two separate narratives it seems going on i'm not sure how much of it is a growth scare in general or fears about the future just in general and how much of it is a reaction to either covid or interest rates. >> yeah, well, again, i don't think it is just one factor. i think it is a number of different things certainly some of the big banks are going to take it on the chin when you see rates moving lower

and that yield curve flattening. again, some signaling in the market that the fed will make a policy mistake or we might have premature end to the cycle we still like banks and some of those more value oriented cyclical parts of the market that we do expect to do better as interest rates move higher. it is so hard to imagine that, you know, many including ourselves are expecting somewhere around 2% on the ten-year by the end of the year. i don't know that there is any shot of getting close to that now, but we definitely think interest rates 9 to 12 months out will be higher than they are today. and there is a greater chance of them increasing than decreasing much further and so we do think that some of those more cyclical oriented parts of the market will do well we also like some of the payment providers that as you get a more normalized growth picture, new business creation, that supports

all, and the spending that consumers have, we're still looking at a consumer with about $3 trillion of excess savings. and that is a positive for the spending picture, for your companies that are really tied to digital payments. >> certainly so many different forces at play here, meghan. we appreciate you joining us we're going to stay all on top of this sell-off with the dow headed for its worst decline of the year jon? >> we were just talking about the outperformance of stay-at-home stocks. let's talk about zoom for a moment it is not higher, but the teleconferencing company announcing a deal to buy cloud call center software maker 59 u, an all stock deal. this move, zoom's fourth acquisition since the beginning of the pandemic, was by far the largest, fueled by the company's significant market gain. zoom up more than 7% year to date i talked to zoom founder and ceo during last week's executive

council meeting about how the company sees itself moving forward. >> i'm in a crisis now we already -- our business from being a video conferencing company to be a -- consumer, enterprise, all kinds of use cases. >> platform company. i was really trying to ask him also during that session with so many different things they could do, they got a consumer brand now, they announced some hardware, they're doing kind of ticketed events on the platform, what are they going to focus on? i think today we're getting a big answer to that they're focusing on enterprise, plumbing, not just communications within companies and between businesses and other businesses, but now between businesses and their customers, which is going to put them in competition with salesforce, slack, microsoft and teams and give them tools that others

don't have. >> it seems, jon, when it comes to between choosing on focusing on the consumer or the enterprise market, the enterprise market is where the money is by having this portfolio of tools, they have a better shot of giving their customers these big enterprise clients every different part of their different services they could want to manage the communications in this virtual world. dan niles weighs in on this morn morning's sell-off, fehling out selling out of his facebook position "techcheck" is just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests

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facebook falling with the rest of the market this morning. it is down about 1%, and following a weekend where president biden accused the social network of killingpeopl due to the spread of misinformation on covid-19 and especially on vaccines that was the subject of our next guest's latest piece for "the new york times." joining us, kara swisher kara, lay out your position for us this is a great op-ed you wrote.

>> thanks. you know, i wanted to say, like, look this is part of a biden administration effort. they went from one person to the next, and then president biden said the most thing that would cause the most consternation at facebook, which was i had an interview with ron klain where he talked about facebook's problems and then jen psaki talked about it and biden came through with the line, which is you're killing people. i think it is part of an effort to pressure the social media companies to do more around misinformation as they're seeing all kinds of obstacles in getting people to get vaccinated and social media is one of them. especially people who spent a lot of time on social media and sort of sit in these pools of conspiracy theories and use them as an excuse not to get a vaccine. so it is -- that's their version of trying to pressure facebook into doing something about it. that was my point in the article. >> but in terms of what facebook

should be doing more, is there another platform that has done a better job of this issue such a whack a mole situation. facebook says it is playing offense, defense when what would you like to see facebook do? >> they have done a lot. they have done a lot they have done a lot of covid information that they put out, and then they have done a lot of cracking down on misinformation. it is just it is not enough. they try to -- what was interesting about facebook's defense, we have done a lot and it is sort of -- it doesn't -- it is not enough it doesn't matter if they have done a lot they created a platform where this stuff tends to thrive that was another point i was making, no matter how much good information you have out there, if there is a flood of misinformation, people tend to treat it almost equally to the good information and i saw this, and then i saw this when the second part isn't quite factual. and so it is a really difficult situation facebook finds itself in, no question. they have to decide what is true and what's not there is some things that are absolutely true. and so that's the kind of stuff

that the biden administration is worried about, conspiracy theories about bill gates putting, you know, putting chips in your brain and stuff like that and being magnetized by them there is all manner of stuff on facebook that is really kind of crazy. >> i wonder what you think of facebook's rather muscular response to the president here i remember a few months ago we were talking about, you know, amazon's response to warren and sanders over the unionization efforts and we had a bit of a back and forth on whether amazon was right to be so muscular. maybe we got a trend going here. facebook pushing back pretty hard here, right >> i thought it was ridiculous they shouldn't have done that. they never pushed back on the trump administration, all manner of things at them and stuff like that i thought they should have said we're trying our best, this is difficult, it is difficult, especially with speech issues and we want to get this right and we're trying our best and we

would be happy to work closely with the biden administration on this i don't know why they did that i just -- i guess getting called a murderer is not a great thing for a corporation. but at the same time, you know, they should have had more control in their response. it just created another news cycle and focused on the fact that the president thinks facebook is a bunch of killers, i guess, i don't know. i wouldn't have done it. >> well, kara, we'll have to have you on again to talk about this issue certainly is not going away anytime soon thanks for joining us. >> no. we're getting some new details on robin hood's coming ipo. leslie picker has them >> robinhood sharing numbers, lots of new numbers ahead of the proposed listing next week in what is easily the most anticipated ipo of the year. robinhood is asking investors to value it at $35 billion at the high end of the range. that's the market cap. the company is setting a range of amended filing this morning looking to price shares between

38 and $42 a piece this could raise $2.3 billion if it comes in at the high end of that range with today's filing, robinhood kicks of its road show, meeting with investors, largely virtually because that's the way things are now but unique to this deal is the ipo access feature, which could reserve up to 35% of the offering for customers usually retail investor allocation is just a fraction of that size. the online brokerage that saw tremendous popularity as well as controversy during the game stop volatility earlier this year also revealed updated financials in today's amended s1. they said it generated estimated revenue as high as $574 million during the second quarter. that would be nearly 2.5 times jump from the same period of last year. but the company estimates that it lost about half a billion dollars during q2, where as a year ago it was profitable, now much of that was due to some of the revaluation that took place with regard to its emergency

fund-raising earlier this year net cumulative funded accounts more than doubled year over year to 22.5 million as of june 30th. here is the kicker, guys robinhood says it expects growth for the third quarter to be lower compared with the second quarter on decreased levels of trading activity, particularly in cryptocurrencies. one can assume this will be a top question during many of robinhood's road show meetings with investors a notable statement in today's s1 guys >> sure is sure is. one of many questions, perhaps, leslie, thanks the dow is down just about 800 points, a little less. now a little more. apple down more than 2%. the nasdaq continues to extend its losses for july. dan niles is here to talk about all that after the break stay with us

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welcome back to "techcheck." dan niles just sold out of facebook, we're going to check in with him. first dom chu has a look at which names are leading this downturn with the dow down more than 800 points. dom, what's going on >> there is some question about vulnerability in the marketplace right now. the stocks that could be poised for kind of outsized losses in cases market sell off and go past today f the tech sector above the trend line over the longer term. the s&p 500 was trading roughly 14% above it, the tech sector roughly 17% above its long term trend line you see why maybe here you see a little bit more of a decline the reason why a lot of traders are not panicking just yet is that even in the last 12 months we have seen broader-based sell-offs to the tune of around 7%, 8%, 9% in certain parts of the market and in technology only to have it bounce back

toward trend lines in the upside for sure now, the reason why we're looking at this, there are 11 stocks in the s&p 500 tech and communication services sectors trading at least 20% above that longer term trend line the 200 day average price on a rolling basis. first of all, look at a big cap stock out there in fintech, hot as of late, pay pal shares, that stock is up, again, rather largely, just about 68% over the last year. and it is trading currently just around 20% above its long-term trend line does that mean it could go down? yes, could it go down by more? something some traders are looking at the this stage. look at another key megacap technology name, oracle. software, data-based software, cloud. it is trading 28% above its 200 day average price on that rolling basis. it is 59% of the upside here could it be due for a longer term unisidownside move if the e

goes negative. the most, i guess the one that trading the most above its 200 day average price is cybersecurity firm ford net. they have been on a tear, up over a doubling here, 99% and you can see almost a straight line up, it is now trading roughly almost 50% above its 200 day average price. so, jon, julia, if we're looking for some of these stocks that could have some vulnerability to the downside, some traders will look at the ones who had very extended runs to high levels, rarified air so to speak keep an eye on those names. >> you mentioned cybersecurity, sentinel one up 7% this morning. well, let's keep talking stocks. our next guest sold out of facebook, cut his google position during the sell-off dan niles is with us dan, it is kind of weird, i mean, the nasdaq is having a garden variety kind of modest down day, barely down 1%

and it is not tech names on the dow that are really suffering the most what is prompting your action here and what is your explanation? >> yeah, so, those sales were actually last week it is not today. but basically what we are looking at is it is really been a tale of two markets. you have to go back to june 8th, where from june 8th if you look at what the market has done, the s&p is up 2% since then. but the russell 2000 has fallen 8% and if you look within that, things like the energy sector and materials, financials, that really led the way up, those were down a lot. what powered the market has really been the -- what i call -- microsoft and apple and the traditional bank stocks, those names are up 10% since june 8th only up 9% coming into it. so you really had underneath this surface a lot of deterioration if you look at the broader market defined as the

russell 2,000. what prompted us to get rid of our -- hedge out our entire facebook position and get out of google is if you really are worried about the economy slowing down again with the ten-year treasury yield going from 1.5% to 1.2%, then google, facebook in particular are reopening plays. they get advertising from the airlines and the hotels, the malls, all those sectors have gotten killed. these two stocks have kept going up and in addition to that, you have the idfa stuff from apple, that is affecting advertising dollars, et cetera, and they were up a ton coming in. that's why we took some profits in that, because we're, like, that doesn't make sense ifall the reopening stocks are down, the guys that benefit from the opening in tech side are up, it is probably a little bit of catch-up that needs to happen there. that's why we did what we did last week. >> dan, do you have a reopening head fake play or a reopening

not so fast strategy because it seems like what zoom is doing is buying 59, which plays either way. it is customer service software that allows those folks to work from anywhere. but it is also deeper in the enterprise, which is going to need to connect with consumers, whether they're in person, whether they're digital, it is sort of an omni channel strategy how do you play this if you're an investor looking to benefit whether we're really fully reopening or not >> yeah, i mean, i think it is tricky the backdrop to all of this is valuations are incredibly high so if you think about it, you know, last year the s&p is up 16%. coming into today, the s&p was up 15% looking at the stock market, you never know we're in a pandemic because the fed has increase the balance sheet to over 8 trillion, up 77% last year it is up high teens so far year over year right now. and so that's really distorted valuations across the board for

everything so if we're looking at reopening, we're not looking at the tech names from here what we're looking at more is things like energy, financials, or materials, those sectors have gotten absolutely destroyed from june 8th, they were the strongest sectors going into that we're looking at a lot of those names more on the reopening side to play. on the tech side, what we're looking at is, okay, last year, i bought a new ipad, i bought a new mac, i upgraded the tech in the home because everybody is working from home, my kids are home from college, studying from home what i'm looking at more on the tech side is more enterprise oriented plays, so i think our largest position now is cisco. we look at that and say very little consumer, lots of enterprise, if you believe we go through the winter and then things will start to calm down again and then people will be part time back in the office, that will benefit more of the

pure enterprise plays versus those that are a mix of consumer and enterprise and those enterprise plays like cisco, hasn't grown in five years. so orders were the best in ten years last quarter >> but, dan, as i look at the stocks in the green today, a lot of consumer names that have benefitted from the pandemic and really saw big gains in the first six months of the pandemic netflix, pointintpinterest, whau make of the fact that they're in the green today and how does that work with your more enterprise focus >> well, remember, that's what's been going on since june 8th if you've been a winner last year during the pandemic, that's what works the question you have to ask yourself is do i believe the world in three months from now, we get more vaccinations, more herd immunity, things will look better three months from now from a reopening stand point

than they do today and i think from my perspective, once we get through kind of this wintertime period, that's going to end up happening. i would rather be more counting on things continuing to reopen versus where we are right now from where we were on june 8th that's sort of the way -- to answer john's question on reopening if i'm playing reopening, that's how i'm playing it, and i do believe we're going to be in a better situation as we get out of winter. >> i have to get your perspective on this antitrust push you sold out of google and facebook last week there has been this big antitrust push and now we're seeing this additional scrutiny of the biden administration of facebook and how they handle the vaccine issues how does this regulatory scrutiny impact your outlook on these tech giants? >> yeah, and to be clear, we still have a little bit of google but i think you see this in china in a bigger way, right we were on a cnbc interview a

couple of weeks ago and said, look, we sold out of our china adrs, clearly wrong, the government was continuing to push on them, and you have seen what has happened to didi, the most high profile right now, but before that, alibaba in november if you look at the u.s. as you bring up, julia, you got more and more pressure on these tech companies because, you know, they're easy punching bags right now. and so for a lot of them they have gone straight up despite that, but the pressures continuing to increase and so from our perspective, you know, we would like to back off of those a little bit, but let them come in and, by the way, we like facebook and google long-term. we think they're in great shape. they'll get through the privacy concerns this antitrust stuff is going to take forever to play its way out. but when you're dealing with stocks at all time record highs, and, you know, relatively high valuations across tech in general, facebook and google are

reasonably priced, in my opinion, you just want to let some of that froth come out because it doesn't make sense that one sector of the market is straight up, up 10% or so coming into june 8th and up another 9 and the russell is getting hit for 8% during that period of time that doesn't make sense. >> dan, what do you think is the most important quiet narrative for equities right now there are certain screaming, cs and what have you, regulation, we were talking about. what is important that we and investors might be paying too little attention to given all that is left >> i think that the too little attention part is, you know, valuations are something you don't see. they're hidden, right? you see what the stock does every day. you see what yields do every day. if you ask the average investor what is tesla trading at what is the pe ratio or, you

know, pick your favorite electric, you know, solar company or pick whatever you want, that's something that is quietly in the background that you're not seeing. the other part i don't think people arepaying attention to, by the way, just valuations at 1.9 times market cap divided by gdp of the entire stock market, peak of the tech bubble was 1.4, average for 50 years is 0.8. valuations are incredibly high second piece is how is inflation going to affect the profit forecast for a lot of these companies for the back half of the year the fed may think it is transitory, but a lot of companies, you hear them at conferences are saying, inflation is affecting my cost of the -- my services cost, i had to give raises to people and my margins are less than i thought in the back half of the year and so that's the thing underneath the surface to your point, jon, which san excellent question, that i think you want to be listening for on the conference calls coming up. >> will do, dan. like to listen up and listen closely.

dan, thank you >> thank you look at the worst performer on the nasdaq 100 this morning what you might expect with the reopening head fake. see some travel in there some reopening, some dating. more on the sell-off is next stay with us

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bill ackman's spac deal is falling apart, dropping its plan to buy a part of universal music. leslie picker has those details for us leslie >> jon, that's right bill ackman will still buy a stake, but the about face is something ackman laid at the feet of regulators >> to sign the deal, and then we push forward with the transaction and then actually in the last -- this week, last few days, the s.e.c. raised i would say a deal killer which is they said that in their view, transaction did not meet the new york stock exchange spac rules and what that meant -- i would call that a dagger in the heart of the transaction, put tauntine in an awkward spot. >> he clairerified a key sticki point is a minority stake in a company that is due to list

later this year in amsterdam as for investors, shares are trading just about 2.5% above the spac's ipo price, but after a run-up earlier this year, due in part to retail interest, the stock declined 26% year to date. so now tontine has a year to find and consummate a new deal he said if he finds one, it will most likely be more of a straightforward merger rather than one with more of the creative and complex structuring as was the case with this most recent deal. but one of the broader takeaways from this news is that the regulators are clearly paying attention to spacs, begging the question if the s.e.c. purportedly scuttled this deal, will it scuttle others the spac deal index minimal move today suggests investors aren't too concerned at this point in time, just down .3%. >> this says so much about the spac world as well as what ackman says in -- as the potential to the music industry.

thanks, leslie goldman is a little more hopeful on qualcomm this morning. upgrading the stock to neutral shares are falling today with the rest of the market there is a lot more "techcheck" straight ahead

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when you add xfinity mobile. get started today. bitcoin falling below 31,000 today, and promoting a new crypto partner today to help run its $2.2 billion fund. the firm also announcing today former intel ceo bob swan will join as an operating partner let's go to kate rooney for more

on crypto investing. kate >> thanks, julia aria simpson one of the newest and youngest general partners, getting promoted a year after joining the firm great to see you thank you for being here >> thanks for having me, kate. excited to be here >> you're only 30, you started your first vc firm at 24 that's really a dream for a lot of people why leave that behind? and talk us through your role as a general partner verse a deal partner. what's really changing here? >> one of the things that really drew me is it's been the only large vc who has had early conviction and maintained that conviction throughout multiple crypto cycles. and i think that's one thing that sets the firm apart from most traditional vcs i saw the opportunity to do something big here the firm's operating model has -- well, we tried to deliver

a lot of value to entrepreneurs. the ability to do the kind of investing i was doing but at a bigger scale seemed like an amazing opportunity. i'm very glad i took it. in terms of how my role changes, i'll be continuing to invest in entrepreneurs in the crypto space. that's really the same it's more about being able to have a seat at thetable as we think about how we can help the crypto space evolve further and also to be able to spearhead deals from start to finish. >> got it. the industry moves so quickly. you're very young, but you've already been through a couple of booms and busts in the past couple of years. how are you investing through what appears to be another bear market for bitcoin and crypto currencies bitcoin has lost roughly half its value just since april. >> you know, we really take the long view and focus on the technology over the past eight years, you

could call them a bear market or moments of somewhat less, you know, exuberance from a financial perspective is when a lot of the real work is done that's when entrepreneurs are coming up with new technologyie, that's when they're building them so we really think about this as a multidecade endeavor so, you know, we're pretty much unp unfazed by the cycles. >> we talked a lot about bitcoin. investing in things like defi, decentralized finance, things that our audience may not remotely think related to crypto where are the less obvious areas where you're seeing value the next five years? nfts popped up recently. what should whoa expect as that cycle continues? >> you mentioned gaming. that's definitely one of the areas i'm most excited about and where i'm spending a lot of

time it's easy to stomp at the sector that's basically a toy that in reality what we're seeing is that's a category where we expect the next hundreds of millions, billions of users to come in through. because there's just so much natural alignment in terms of the principles that underpin games and, more important ly, what the new wave of crypto games allows is for players to have ownership in these games. in many cases they're able to use them to actually generate revenue and build a life for themselves so, one game that has become extremely popular in crypto is called axio finity and development of what they call scholars. in order to play this game you need to invest in axis, these cute little creatures through which you play the game and earn to tokens however there's a significant upfront cost in order to do

that basically folks started what are known as scholarship programs and it's an initiative that really sort of spearheaded this. and what has been amazing to see is during the -- in the philippines during the lockdown, many people not able to go to work began playing this game and are actually earning a better living than they were doing whatever they were doing before. so it's just really amazing to see this new crypto economy emerge, which is delivering incredible amounts of value to people who literally, you know, have said we don't know how we would have made it through the pandemic without this. so, you know, that's just one example of something where we're seeing crypto play a positive role in the world and we're super excited to see a lot more of that. >> absolutely. lot going on in the crypto economy. thank you so much. we'll leave it there arianna simpson, newest general partner at andree sesechlt n

horowitz's new partner. >> thank you. sending it back to you jon. >> thank you a bit of a divergence in the markets here the russell has cut its losses significantly. josh lipton has more from the nasdaq market site josh >> john, the nasdaq isstarting the week off in the red here, modestly lower in today's trade, down for the fifth day here. the longest losing streak since october of 2020. you pull back the chart and that index is still up 10% for the year in terms of big-tech names, apple, you can see in the red. this comes after a nice recent pop for the bulls. that stock hit a new intra-day all-time high last thursday. am amazon, facebook, alphabet lower to different degrees nasdaq bucking that trend, edging into the green here other sectors we'll keep our eye

on, c cloud stocks. under the hood the most off their high would include names you all talk about, ring central, snow flake and zoom zoom making that news buying that company 14.7 billion. back to you all. >> that may be why ring central is suffering a bit today josh, thank you. and if that weren't enough, a big week of tech earnings ahead. dow components, ibm and intell among the names reporting. you can catch us any time, anywhere listen to and follow the tech check podcast today, wherever you get your podcast we're back after one more quick break.

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another story about a critical spyware attack, software sold to governments that target terrorists reportedly being used against journalists, activists, business executives and world leaders an investigation of the israel base pegasus software reveals successful hacks of nonterrorist

hackers. this is a hack that targets iphones and android devices. while you previously needed to open a link to install the spyware, zero click tech, denies wrongdoing, calling the 57 number exaggerated julia? >> well, we're going to continue to watch the markets sell-off and halftime will be all over it "halftime report" starts right now. >> julia, thank you very much. i'm scott wapner inside today's sell-off with stocks under pressure. is another pullback coming liz young, michael, pete najarian and joe teranova. bond yields down sharply as well fears over the fast-spreading variant. liz young, is this the big correction that some have been calling for? is this the beginning of it?