we'll talk to him coming up and find out what we're going to do from here in the markets >> just a quick check on the markets now, it is pretty narrow trading range. the s&p is basically flat. that's going to do it for "squawk on the street. "techcheck" starts now good thursday morning, welcome to "techcheck. i'm deirdre bosa with jon fortt and julia boorstin carl is off. today, one of the most compelling stocks in our coverage, why btig is so bullish about airbnb this morning. microsoft has a new street high today. why citi says its 30% upswing is still ahead for that stock and blizzard alleging culture of sexual harassment, the latest on

that developing story. also this hour, calls on snap, twitter and intel ahead of earnings tonight analysts are predicting a big drop for one of those names. we'll tell you which one in a moment for now, let's start with that bullish call out of btig, taking airbnb up to a buy, price target of 170. the stock was over 200, but at sub 140, that's a different story. they argue the uncertainty around the delta variant creates an attractive entry point and that airbnb is better positioned than peers if people become wary of hotels and cruises again. the hang-up, though, for them, still valuation, even at this subtracted entry point. >> valuation compared to the travel industry. the otas, right, expedia and booking.coms of the world. this note says they want to compare it to other platforms, doordash, uber, and lyft in that sense, the valuation,

julia, is compelling another interesting thing here, apple pushing its return to the office and if we see other companies do the same thing, that could be bullish for the company. we heard from brian chesky a few months ago, first quarter results showed us people are extending their stays, they're staying for longer so that continues to happen, we could see that trend really continue as well, julia. >> yeah, we'll see how airbnb benefits from the hybrid workforce. let's turn to microsoft. citi says a strong finish to 2021 is coming takes the price target up to street high of 378, cloud revenue continues to pose double digit growth and covid has only accelerated the customer adoption in azure. the case for citi, 422, and all ahead of earnings next week. what do you make of this call here >> i think analysts a lot of them are expecting a beat. those weird to say, when it

comes to the cloud numbers and so i think big question around the guide and how microsoft talks about that in relation to the delta variant. so often from these enterprise technology companies, we heard that, you know, the buying from enterprise companies in geographies that hadn't been as affected by covid was stronger well, now that the effect of covid is spreading into geographies that, you know, three months ago didn't look like it was going to, there are questions about demand does it mean a demand spike for certain name that we're seeing more out of office use, more cloud adoption during the pandemic or will that be kind of counterbalanced to a greater degree by the lack of enterprise buying along traditional channels i think any of that color is going to be important for the street, especially when it comes to guidance. >> yeah, we're seeing microsoft up 1.7% this morning

and all the big cap, the megacaps hitting record highs going into earnings season but if you're looking for other names, in tech to be bullish on, sarah malik joins us with her picks in the sector. sarah, talk to us about earnings we have intel, twitter and snap after the bell intel, you say there is a lack of clarity around the strategic growth plan, but there could be a short-term case here >> intel could be a story of a strong quarter, driven by pc growth, because people are continuing to work from home the question mark there is how does that normalize as people start sending more on hospitality and entertainment. for us the big question on intel is -- what is their strategy to remain competitive going forward, we think we'll get a lot more information at their november analyst day we're waiting for that the question mark is how do they get market share versus their peers. how are they going to extend their capex to become more competitive with their technology all of those questions for us

need to be answered before we're more interested in the stock, we're hoping to get better around november. until then, probably more of a trading range for intel, they may put up a good quarter, because the forward looking is going to be murkier than we would hope for >> right how do they beef up that manufacturing business there >> i was saying the foundries potential acquisition, it is a multibillion dollar use of capex, but the question marks again on whether that technology would be competitive enough for them and there is a lot of operational risk around that potential acquisition and a lot of shareholder capital being used for that. so, you know, we would need more information on all of that >> and shifting gears over to twitter, i understand you're bullish long-term. what are the factors you're go to be watching closely in this quarter's results, considering that last quarter there was such

a disappointment in the user growth and in the revenue. >> twitter is less so about the quarter. it is another quarter of tough comps. they're coming, lapping the second quarter which was right in the middle of covid, people are very engaged in the phones and twitter. going forward, long-term for twitter, a lot of market share gains, they're making the right investments that could double their revenue by 2023. and we expect engagement and advertising to continue to pick up, even as we come out of the pandemic we have the tokyo olympics eric lot of live events coming up, positive for twitter and also just people continuing to be engaged in twitter as we move forward, so we are positive on twitter for the long-term. this quarter could be a tough one for them again we would look at that as a buying opportunity if it was a difficult quarter. >> i want to go back to intel. interesting because yes, they have earnings tonight. we'll talk to pat gellesinger about the results. on monday, they have this big event looking at process technology you say you want to wait until november is there that much downside

risk, you think, right now, where the entry point between now and november and even after could be that much more attractive is it more of a short-term trade that you're concerned about? do you think that long-term the foundry strategy that they already arcticulated is so unlikely that you're not willing to bet on it >> it is more we expect the stock to be in a trading range it is more about the opportunity cost if you're owning intel, you may not get the upside you want and the shorter term because of the lack of clarity we have around the strategy. versus the other companies where you can put your money that are more leveraged to the reopening or have more pricing power or clearer strategy in place. and then wait for intel until more of that news is behind us and we understand their strategy and we think that would be more of a buying opportunity that is likely to come around the november analyst day when we get more clarity an how they become more competitive moving forward and gain market share back >> sarah, thank you for being with us. sarah malik from nuveen.

>> thank you for having me shifting gears over to a gaming giant, california is suing activision blizzard alleging a culture of sexual harassment josh lipton joins us now with the details. >> so, julia, a frat boy culture that is how activision blizzard is now being described here in this new lawsuit filed by the california department of fair employment and housing the state agency alleges that female employees there are subjected to sex discrimination, unlawful sexual harassment, retaliation and unequal pay. according to the complaint, female employees make up around 20% of the company's workforce they're subjected to what is described as pervasive frat boy culture, for example, so-called cube crawls in which male employees apparently drink a lot of alcohol as they crawl through their way through the cubicles, engaging in inappropriate behavior toward female employees. the agency seeks pay

adjustments, back pay, lost wages and benefits for those female employees in an amount to be proven at trial the company hitting right back, though, very hard here, saying in a statement, the dfeh includes distorted and in many cases false descriptions of blizzard's past, a picture they say the dfeh paints is not the blizzard workplace of today. the state agency says this is all much bigger than just activision blizzard, though. sexism plagued the gaming industry for decades and increasingly so in recent years. back to you all. >> that's so interesting, josh i have to wonder if they say this has plagued the whole industry, is there action planned against other companies and what is the next step in this lawsuit here? >> so now the state agency is clearly making the case in the lawsuit, it is not just activision blizzard, they say sexism has been a problem for decades, and it is increasing. it is interesting, i did check in with andrew over at jeffries,

he covered that industry for a long time, he covers activision blizzard and he agrees with the state agency it has been a problem. we have seen that issue come up with other different companies as well. to bring back to investors, what does this mean it means at this point, andrew considers this for activision blizzard a distraction for sure. he says it is not a good look in his opinion for ceo bobby kotick but knowing what he knows now, it doesn't change thinks thesis on the stock he thinks activision blizzard is a buy. they have earnings coming up here shortly on august 3rd >> all right josh lipton, thank you okta a big temperature did pandemic winner. is another surge ahead the ceo todd mckinnon is next. it's another day. and anything could happen.

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evan spiegel is now such a focused business person, i'm hearing he's a nerd. >> i think he always was. >> no, he had that period, he had that hollywood period. >> he never -- he was always a nerd said that when things weren't going as well as he wanted them to. >> i like him. >> what are they getting right in your opinion? >> has that demo and people keep looking at it. like tiktok.

you can't look at tiktok, buy some snap. >> geeks are cool these days you heard them talking about evan spiegel twitter, snap, they have earnings after the bell today. both are coming off a strong first half, up 25% each since the start of the year. snap in a better position according to the street, but, julia, both of these names here, they're both endure pressure to add new users. that's what it comes down to for the street >> i mean, i think it does we saw in the first quarter that snap showed that the reopening was good for their user base, good for their revenue, twitter some real questions. twitter, the pressure is really on now to show maybe they don't benefit from the reopening, but can they really benefit from the slew of products they have been rolling out, such as this audio chat tool. i think there are different factors that will drive their group and remember snap has all the premium content, do people want to watch that content now that they can be out and about

more we'll be watching those subscriber numbers carefully a shame we don't have evan seagl on this quarter. >> he's not wearing that designer t-shirt look anymore, which was a little more hollywood. so, you know, if he -- the more he edges toward nerd look perhaps that benefits the tech chops. anyway, shares of okta rising slightly this morning as the stock looks to get back to break even for the year. ceo todd mckinnon joins us now to talk some cybersecurity, the rise of ransomware and views on hybrid work. hybrid work is where i would like to start. good morning, welcome. ahead of microsoft earnings, give us some insight into enterprise buying patterns as it is kind of uncertain when the return to the actual office will take place i know you got a solution on okta for office 365, based on identity management, which i would think would allow people

to deploy it more securely, more safely wherever the workers happen to be >> thanks, jon thank you for having me on "techcheck." great to be here we're about connecting people to technology, whether that's employees to their technology they need to be productive you mentioned office 365 one of our most common integrations in our integration network, and where companies are, they are adjusting to this hybrid world they have employees that have been remote for the past 14 months, they have employees that are now back in the office, many of them. they're trying to mix the mode of hybrid and in the office and do it in a way that is flexible and gives the employees power to do their jobs. and it is -- one thing we know is that the old model of trying to do security and cybersecurity by putting a firewall around the office or firewall around the data center, that was the old security model and that's not going to work anymore. employees want flexibility, they want to be able to dynamically choose where they work and

that's what ever company is doing. >> talk about your own office reopening plans. you're moving to more of a campus model, offices more spread out has the rise of the delta variant adjusted your plans whatsoever >> yeah, we asked our employees and 80% of them want flexibility. 35% of them wanted the option to be able to work from home permanently. so what we did we looked at it and said we're going to have this world where the office evolves into collaboration spaces for projects that need in person collaboration or events that need to be done in person but employers have flexibility and choice on when they want to work from what locations and we're going to give them the technology and tools using our own products to make that possible we have seen it be successful over the last 14, 15 months. as we move into this hybrid world, we're going to make sure we continue to invest in the flexibility to make sure it is productive going forward. >> what do you think about your

hybrid workforce, thinking about the hybrid workforce of your customers. how much greater is the cybersecurity risk now because people are using their own devices and because they're so spread out and how are you advising them to handle that risk >> i think that the model is that you have to embrace flexibility. there is always a trade-off with you want more flexibility, more capability for the end users and with that comes risk and certain bad things could happen what we embrace is take an identity centric approach. don't make antiquated security policies bhas based on people being in the office or politics being in your data center, that's the old firewall model. that's the old put a moat around the castle and hope no one gets in the new model is know who the people are, know what they have permission to do from whatever device, and secure from that the industry term is zero trust

make sure you authenticate and authorize them what that person is supposed to be doing and that's the right way to secure things going forward what we do is at the center of that. >> i want to press more specifically on demand and the sales motion in this environment. just kind of anecdotally here, not looking for you to giv earnings commentary, but to what degree are customers either hesitant because of the uncertainty in the overall economic environment or leaning in because they think they're going to need this technology no matter what happens? has the process been disrupted at all or is there enough experience with uncertainty over the past year and a half that this kind of technology, people leaning into it. >> early in the pandemic we saw a rush of businesses, people had to support remote work immediately and that was, you know, last year and the beginning of last year and what we have seen since then is the

steady increase of companies making longer term investments they know for their -- we talked about identity management for their employees, identity management for the customers so their customers login to their websites cnbc has cnbc pro. you want to have more subscribers and viewers connect to your applications so more and more customers are doing every industry, every kind of company are doing projects like that. so they're supporting this hybrid work environment with the long-term investments around identity they're also supporting their customer facing initiatives and identity is at the core of that. those spern those experiences need to be personalized based on what they've paid for you're seeing customers embrace that long-term trend as well. >> i look forward to seeing how that reads through microsoft earnings in the future thank you. okta is a cnbc disrupter 50 company and our weekly news letter offers a closer look at disrupter 50 companies like okta before they go public.

sign up by visiting cnbc.com/disrupters. and head of hbo max joins "techcheck" in a moment. stay with us ♪ ♪ ♪ cisco. the bridge to possible. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

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bitcoin crossing 32,000 this morning. rebounding from earlier this week big losses as jack dorsey, cathie wood and elon musk reiterate their support at the b word event musk said he's bullish and a hobbler. listen. >> i might pump but i don't dump so, you know, not a case of -- i definitely do not believe in getting the price high and selling or anything like that. so i would like to see bitcoin succeed. >> meanwhile, tether exploded in

popularity this year it is now the third largest cryptocurrency by market cap and it is trading volume nearly doubled that of bitcoin. tether helps traders move around the crypto economy the poker chips if you will. also called the weak link as questions surround its backing or its reserves and officials from janet yellen to jay powell to gary agies y gentzler call fe i tried to get some answers yesterday. >> i'm not going to ask for names who exactly is in your reserves of commercial paper, but could you tell us a little bit more information, for example, has any commercial paper held in chinese companies? >> you want to take this one >> absolutely. deirdre, our portfolio contains international commercial paper as you noted, from our public disclosures, it is

overwhelmingly rated a2 or better we think that's the key thing here we think that transparency with the market and how the market has spoken and decided here is what's really important. >> this is the key question, guys, that we didn't get an answer to because commercial paper makes up the majority of tether reserves, not u.s. dollars, despite how stable coins are marketed we don't know anything about that makeup. there have also been plenty of questions around an audit, something that tether has promised for years, but failed to deliver i asked them what the holdup was. >> so the attestations are part of assurance services offered by independent accountants. audits are another form of assurance services for now we're providing those quarterly attestations, assurance attestations showing that tether is in fact fully backed and reserved. we are working towards getting financial audits, which, by the

way, no one else in the stable coin sector has done yet >> now, on further pressing they did say that an audit was months, not years away i appreciate them coming on to talk to us but the interview probably raised more question than it answered a lot of folks in the crypto community are asking still, what is backing tether and could it sort of fall apart is it a house of cards that could fall apart if we do get the anses anwers and know that regulators have their eye on it. >> just so i'm clear, you're way deeper in the space than i am, if tether is unstable, the house of cards isn't just tether-related, it is the whole crypto ecosystem because these are the poker chips that people use to sort of buy and sell and trade in cryptos, right? the idea being as a stable coin, people think it is pegged to the

dollar but its value if there is a run on it for some particular reason and the commercial paper behind it, it isn't as stable as they're representing that could be an issue, right? >> that's exactly right. its value does not change very much maybe a few tenths of a cent here or there because of a spot to be backed by the u.s. dollar. that falls apart that could have a broader effect on the cryptocurrency. also, john and julia, there are potentially real world consequences it is now one of the top ten commercial paper holders in the entire world that raises questions about the debt that it holes and its impact on broader companies, on the broader economy and that's why people are so interested in that question. but this is also a company that has been around for a number of years, really we have seen that market cap spike this year, julia, but there is questions such as the whereabouts of its ceo. i also asked the executives why are you talking to me, versus your ceo, they said that, you

know, he's busy with customers, but he doesn't have time, he focuses on different things. this is a question asked for a very, very long time without any really clearancers t the ceo and the cfo. >> so many interesting questions still unanswered here. you did a great interview. as you think about the long-term ripple effects of all the questions raised by this interview what is the most important thing that you think the company really has to answer right now that they clearly didn't in your interview >> there was a lot i think i came out and said what do you hope to achieve by this i don't talk to mainstream media hardly if ever at all. and part of that was trying to gain trust i guess the flip side of this, really important to note, the people that used tether use it for its liquidity and its velocity cryptocurrency markets don't serve that purpose and unregulated cryptocurrency, like tether, serves that purpose. it is not necessarily them, it

is us. financial journalists. and people around, that aren't necessarily trading with tether, they want answers to these questions. so there is the potential for this all to collapse, but it does function and we see i'm looking at the charts now, volume today is more than twice that of bitcoin. but, jon, interesting to see how it all unfolds one thing is certain, i don't think this story and the questions are going to end anytime soon. >> well, for the crypto world, important to know, is there a tether or are you free soloing out there? we will see. important questions that you've been asking, d. bank of america out with some top picks for the summer. they're all tech plays catch more on that call on cnbc.com plus, the head of hbo max joins us next on the heels of new subscriber numbers stay with us

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resetting here, just after the bottom of the hour i'm deirdre bosa with jon fortt and julia boorstin hbo max just announced 47 million domestic subscribers, let's get a news update first

with rahel solomon. >> good morning, everyone. the biden administration is expected to put more money into fighting the latest rise in covid cases. nbc news reporting the white house will announce today that it is allocating $1.6 billion for covid testing, and high risk settings such as prisons and homeless shelters. lots of earnings beats this morning. although many of the companies out with results are also seeing their stocks fall. southwest airlines among the hardest hit, despite higher sales. >> very good results, our revenue almost doubled from the first quarter levels and the bookings for the third quarter look really strong and apparently there is big money in foam shoes. crocs shooting up 13% on record sales and profits. who % above estimates. crocs shares up 8% at 129 a share, up from a low of $8.40 in

march of last year i'm a late adopter and i'm starting to think they're cute so -- that's just me i'm the last to everything julia, back to you >> those are some pretty cute crocs, boat shoes there. at&t reporting better than expected top and bottom line results and strength in the warner media division, that's set to merge with discovery. they added 3.5 million subscribers globally in the quarter for a total of 67.5 million, also raising year end guidance to between 70 and 73 million subscribers. joining us now to discuss is hbo max chief andy forssell. thank you for talking to us this morning. >> happy to be here. >> so, andy,the big question i what is driving that higher forecast for the year, and how much of these gains are tied to

the fact that hbo max is simultaneously streaming movies which they're in theaters, something set to continue through the end of this year. >> i think two big drivers of continued growth, we had three quarters in the u.s. over 2.5 million net subscriber ads and going from 1 to 40 countries with the launch. the first one is programming i've known you a long time, my roots are in tech. i love product i love the challenge of getting the right programming in front of the right person. at the right time. in the end, if our -- if our programming folks are creating stories that matter, everything will work and everything worked this quarter movies you mentioned, as well as episodic, the whole industry is a little thin on episodic now because of production shutdowns for covid. but despite that, they're still firing on all cylinders. we had hacks, the friends reunion, flight attendant got an emmy from earlier in the schedule

the interplay between films and episodic is something we're learning from. people hire those things to do a different job for them on a different vening we learned a lot and the second thing in terms of power and growth, we went to two regions, one of 40 countries, that's going to continue for years and we're excited to get that journey going. >> i can't ignore the giant suicide squad poster behind you. you have yet another of your, i believe, 18 movies this year that is coming out directed at consumer in a couple of weeks. i'm wondering as you look ahead to next year and the fact that that simultaneous release strategy is going to end, do you have any sense of how that's going to impact your growth or what needs to be done to mitigate that? >> i mentioned some of the impact this year, and it is really industry wide in terms of the shadow of covid production shutdowns. it made some of the episodic stuff, industry wide a little

thin that, by q4, that will have been erased and we're on schedule, casey boyce and team have a fantastic schedule in q4 that continues through the next year we have the game of thrones prequel, peacemaker from james dunn, a phenomenal series. it is amazing. i think that's going to counterbalance and then film doesn't go away. we're going to continue to experiment with windows. we have a great slate of straight to hbo max movies that are max originals. we have the theatrical slate the windows will contract a little bit the whole industry will experiment with windows. we feel good about that transition can't underestimate the impact films had on us. they have been tremendous, especially to make up for some of the schedule shortages given covid. >> speaking of experiments, have you thought about putting mobile games in the hbo max app and if not, why not >> so i think the

experimentation you'll see there as part of lots of folks in the industry think about how do they manage franchises. we got decades if not more experience in doing that, john, so answer your question, we don't have immediate plans to put games in the app our ip is put to use in those games. it is part of managing franchises effectively we'll continue to do that. nothing in the short-term in the app. our job is to make it easy to find a show or movie you want to watch and get people engaged and keep them on the service that's working well. >> okay so perhaps not games in the platform to that point, you say programming is important, but you're also a tech guy we saw this announcement yesterday, if you maxed with snapchat and making it easier to co-watch talk about that strategy and who how you are introducing technology to what end and for what reason? >> sure, i'll say younger

viewers are different. generational differences are significant. we're going to see that play out over the next decade as people age up a little and see is it a generational difference, or an age difference snapchat is a great example. great partnership with them to get some of our content out there and let people sample it and get interested and find their way back to hbo max. you'll see us experiment doing that it is obviously huge contention, not just in s5, but screen time in general, and younger viewers are aware of that contention at its highest we expect a lot from this partnership and you'll see us expand that. >> now, the elephant in the room is that hbo max is soon to be merged with discovery, all of warner media is. i'm wondering what you think the combined streaming service should look like is it essential to bundle discovery plus and hbo max together, especially when you're going up against netflix, that

has a slew of new shows launching into q4 and next year. >> i can't comment on the specifics of that. that will play out over the next year i would say that, you know, in are going to be a very small handful of, you know, fewer than five, number tbd, but five or fewer players that are truly global and thrive economically and deliver for customers across the globe. i think that scale is imperative you make a tech investment, you need that to pay off, as manys . in search of that scale, you need content, you need cash to drive the rollout. we're optimistic as a stand alone. we'll see what happens and, again, i can't comment on the specifics of that. but i think you get more optimistic, not less so.

we'll see how it rolls for right now, we finished the third quarter of greater of 2.5 million assets so we're excited. >> well, we look forward to seeing what the combined company looks like thank you for joining us today. >> thanks to you all take care. audio startup clubhouse is telling the public welcome to the public that story is after the break. ♪ ♪ ♪ cisco. the bridge to possible. ♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance.

♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪

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gut check on intel, it braces for a tough comp into second quarter earnings. analysts expected nearly 10% drop in revenue from a year ago, along with a 20 plus percent dip in profits as global shortages hit the tripmaker. gellesinger has been pushing for expansion in capacity to help turn the company around. the stock is up 8% since his appointment was noannounced in january. what are you most focused on in this interview tomorrow >> there is the short-term stuff that will affect the stock and how much supply is there available. and, yes, you know, margins, that's somewhat important. i think as we were talking about earlier in the show, there is a question of credibility around

process technology and i don't think that's going to come in this report, that's coming on monday, with an intel event that will be really geeky, a lot of investors are going to have trouble understanding it so i'm going to try to help break that down when it happens. but also this foundry strategy that a lot of investors and others are doubting. how much meat can pat pitut on h bone there pat has been trying to get out there and articulate it again and again. i want to see how much more he has to say about that. and then, you know, d., it comes down to entry points at what point do investors want to take a flyer on intel is it cheap here or do you think pat can't get it done and turn it around? i think that's what you have to watch in the earnings. >> yeah, even when we herd that m&a chatter, which global foundry said was not true to

you, jon, there were questions would that be the right place. we'll rely on you to break it down, that event on monday everyone is now welcome in clubhouse. the social media site, the social audio platform announcing the app is no longer invite only for ios and android users. what happens to the roughly 10 million people on the wait list? they will be on boarded soon but it does seem that new users are able to sign up right away clubhouse, of course, righting for relevance as facebook, spotify and twitter add on their own audio features i still get my alerts, but i don't know the last time i logged on to clubhouse or for that matter sort of gone to spotify or spaces. i do like spaces for some listening. >> i think what we saw was clubhouse pioneered this format. it was a product now we see other platforms introduce what was a block for clubhouse as features on their

own platforms, just added extras do we hear something about this new spaces feature that chitter has been pushing, twitter talked how that's driving engagement after they report earnings we'll sea e how it comes up in other platforms. >> maybe they can pull a snap and still be relevant despite the fact that everybody is copying them and people start writing them off evan spiegel has managed to do that, along with a change of t-shirt. that help as well. uber announcing a new $2.2 billion acquisition today. the head of uber freight is next stay with us

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uber announcing an acquisition this morning for its freight business buying company transplace for more than $2 billion a part of the business we don't talk as much any more is ride hailing and food delivery. let's bring in the head of ub delivery freight the rate of growth has slowed carbably offer the last few years from75% at the end of 2019 to 50% in the first quarter of this year with this acquisition, what can we speck going forward will freight's growth accelerate

or continue to the decelerate >> thanks for having me. superexcited to share the news we have been going phenomenally well over the last few years the numbers decline because the they are getting higher. with the acquisition we are seeing opportunity for growth and offer more and more innovation and technology for supply chain across the world and for the tens of thousands of shippers that the joined company will serve >> now, over the pandemic, the corie has been selling cash burning units like autonomous and fly taxi you guys are losing money though you say you'll be adjusted ebidta positive in a few years but can we view this acquisition as a change in strategy? will we see more money going into the freight unit >> you you can see it's a continue situationoation of the vision we had all along.

since starting the business four years ago, it was always about bringing the digital transformation to the industry smacht we have built the largest digital network in the u.s. for truck drivers. we have over a million truck drivers on the platform. considering our financials they keep getting better because we have the scale and liquidity the innovation of marketplace technology and data science and efficiency we can bring, now that we have the digital infrastructure, are only accelerating that's the next step for us. we now understand superwell truck drivers and carriers that employ them and transplace understands the shippers and supply chain when you bring both together uber freight accelerates transplace transplace accelerate uber freight and the combined entity can offer a lot or more value to the ecosystem >> finally, lir, talk about the supply/demand dynamics labor shortage is affecting the

trucking industry as well. we're seeing higher paychecks, more turnover. how does this help uber freight in in moment get to the level of profitability in just a few years >> that's a great question and we are living in unprecedented times. i'm setting here at the san francisco office overlooking the bay looking at 20, 30, cargo ships stuck waiting to be unloaded there is no truck drivers, no containers capacity is so hard to come by and as a result price of logistics of supply chain, of moving all of those packages we like to consume are skyrocketing as a matter of fact, it's almost 3 x as expensive to move a truck now compared to last year. and that's all while having more and more demand and less and less truck capacities. so the industry in supply chain are under a lot of strain. and for us, it's doing our best

to the support the working class, the three, four million truck drivers in the u.s. that can have an easier way to onboard and get the job done, bringing more capacity to market but then with acquisition really optimizing the supply chain and getting rid of waste remember a third of the trucks are running empty. and if we can opt myself and use that mileage to combine entity we can do so much better and help the current strain on logistics >> lir, we look forward to seeing what you do with it and hope to see you in person soon >> thank you >> thank you >> you missed part of the show don't forget to follow our podcast, listen us to any time, podcast, listen us to any time, anywhere, available wherever deleted download your podcasts tech check is back in a minute

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insight. he talked about tech's role in testimony issing injustice or amplifying it >> we have to understand that technology if left unattended from the lens of justice -- if it is left unattended we will get more injustice we can't pretend the risk in in new digital era is that we simply transfer all of the injustice, unhumanity, prejudice and the in the analog world. that is just transferred to the digital world where it can happen a lot quicker, where the velocity of the -- the evil, the ip justice that is being done is much faster than in the old analog world and so we have to address those potential deleterious impacts.

we know the impacts that can come we have to look at how the efforts are constructed, how ai is constructed and support ors organizations like the algorithmic justice league like professor la tanya weenie lab at harvard looking at discriminatory impacts of ai >> more on tech check's social accounts that will do it for "techcheck." the half starts now >> thanks so much well to the "halftime report" i'm scott wapner front and center, if you thought the correction was over, the headline guest today says not so fast the chief u.s. equity strategist mike wilson here to make his case why stocks are likely to go lower. we debate it with the investment committee. carrie firestone jim lebenthal, josh brown np s&p now negative by a fraction the nasdaq holding its gain of the day. let's bring in mike wilson he has bee