transportation and more. back over to you >> a busy week with great reporting and interviews thanks for wrapping it all up. we've got major averages rebounding but still on track for a losing week. tech, squawk on the street is done and tech check startsnow. ♪ good morning welcome to tech check. elon musk ai ambitions are head and shoulders above what we thought. just don't tell his dancing

robot suggesting it is eamon oply making a fun case against and the would interview yesterday. >> putting the artificial in ai last night in an event that would have been remembered for the introduction of the human idea robot the only catch. that's just a guy in a spandex suit remember the cyber truck promised for 2021. production hasn't started. push back to 2022, at the earliest and the high end plaid or the plaid plus with the plus version scrubbed entirely. kind of reminisce ant of nikola.

an electric truck rolling down a hill stock rolling down the cliff while tesla is up today no comment on if that might have been trevor milton in the suit interesting capable of a dead lift of, what, 150 pounds? >> right look this is for those things born that are boring or repetitive or dangerous. they haven't built a prototype and putting out those notes they'd seen next year saying

they believe they have the intelligence of optimists in a bot. a tesla bot. >> this was really a recruiting event they were able to rewrite the advantage. could its positioning in ai that it is laying the groundwork for something similar to something that aren't obvious to other automakers beyond the robo taxis? >> absolutely it is artificial

intelligence tesla has staked clear advantage. you talk to others and say that's not true. we are every bit as active and making vantmentes as quickly as tesla. there is a perception and creating the impression that tesla is the place you want to be if you want to work in ai >> i understand the recruiting element. but if you are in ai, wouldn't you want to kbo somewhere proven to bring it to market in something other than a car >> it depends on how you want to think about it if someone came to you with a chance to work with elon musk

and a lot of people find it intoxicating to have the opportunity to work with elon musk it depends on how you lookat i let's hear wood's response from yesterday on thoseshorts

better saying there are bulls against her or bears against her. better than being in the dot com bubble let's get to the officer chris from agustis you laid it out in no less than 37 tweets at the end of that, you say you are not short why not especially if you have so much conviction? >> i am actually short tesla i recall the late 90s it was and interesting period she didn't think it was a

bubble from those markets, i see what's going on in spac and robinhood and crypto and aspects of crypto like tether. it is a function of price. an invention, price has to matter what has happened to create a bubble not much worse than what we saw with the janices in the world in the late 90s. a lot of parallels i'm over, kathy. >> i know. you said you are cheering her on everything you just laid out you are money manager. you have a fund. put your money where your mouth is and actually short ark? >> i'd like to see something she

does do well good for the citizens and society. i am short the tesla position. when you are at 15 times and not investing those ways from those years in 14, 15, 16, 17, 18, 19 you can grow your way out of the problem which is kind of what you look at what's happened. apple, amazon, microsoft and facebook were shorts some of these things were

overvalued i wrote a piece in early 2000 going into the tech bubble in march saying they would lose money in 15 years and it would have nothing to do with the start of business. they were doing a 38% profit margin because price matters if today's investors do not have the orientation would go back and look at that, you'd see a nasty out come best case scenario you can't value that based on

earnings if you presume those would scale up assume a 30% profit margin you get to a mediocre, good return you trade at 20% margin at 30 times earnings and you are looking at a midsingle digit return kathy mentioned there is good little use investing in r&d and growth. in the front end, so 10 years on, today's share holders will lose 25% of their capital position very expensive it tends to get ignored. when kathy butt out the piece on

tesla in the spring with $3,000 her share of target. there is just no way to get there. in terms of insurance operations to suggest a business in underwriting insurance which they don't do will be as big and profitable going head for head for top spot in insurance relative to state farm >> chris, let me reign you in a bit. the question is from a higher view whether or not you believe some of the trends she's trying to leverage, ie, space, autonomy it is not the same, is it?

>> the internet has created enormous capability for businesses you take any number and you'll have some gems. when you are starting at 15 times sales. not 15 times and five times sales. you are talking so much risk all of the money has come in there was a $1.9 million fund at the end of 2019. you went through march of 2000 you've had probably $15 to $20 billion roll in. i would say half the portfolio is under water >> it has been, yes.

>> i'm not going to get in front of a 15. i'll get in front of tesla on principal. >> we are going to get to that let me jump in here, chris and get to your picks. i'm looking at your top 10 holdings berkshire, exxon why are they better positioned to deliver better returns if we are going to put your picks next to kalky woods >> talking deflation we are going to grow renewables if the population of the globe

grows if you are going to have natural solar, you have to have natural gas. public policy is taking us down that path and right fully so berkshire has cut half of that out. there on track to be coal free 15 to 20 years on. you take those numbers that refine crude you want all of the output from oil. you want asphalt and plastics. you want medicines, you have to have refined crude i've got places in europe where refineries are dirty assets. i've got a position that picked up a refinery in washington state. >> we'll have to leave it there. thank you for your in sights we'll see how these bets turn

out. thank you for being with us. >> thanks for having me. one more thing, facebook we told you the ftc did refile antitrust against the ompany this one nearly twice as long and points to acquisitions of facebook and whatsapp and names snap as a competitor and says specifically youtube and tic toc may be a different market. ftc approved the lawsuit with a 3 3-2 margin facebook has until october 4 to respond a lot will depend on which case we move through scheduled to go to court in

2023 it may help explain why investors weren't reacting to this amazon has asked us to recuse themselves too >> watching these shares in the near term. >> morgan stanley likes these ideas. telling us which stocks those are. tech check just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business.

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its been another brutal week for chinese tech stocks. alibaba down double digits tencent down as well didi not fairing any better. those stocks could be heading even lower eunice yoon explains >> the personal information protection law is china's answer

to europe's gdpr focuses on protecting user data. collecting the minimum amount of service in the consent and offering easy opt out options and get government approval to transfer data overseas and unveiling tighter rules for the car industry requiring approval to transfer data abroad. the new requirements will hit the growth of companies here which rely on information to publicize those expanding the country's anti-sanction laws to hong kong and macao. comprising the vote that would have made it easier to punish companies with operations in

hong kong and macao that abide with u.s. sanctions. many view that could undermine status reporting for cnbc business news, beijing. >> bullish on media names listing disney and netflix as top bull cases to close out the year from q 2, tough comps. what's magic about netflix and disney >> unbelievably strong advertising and the stocks in media have been the cyclicals and a tough year in comparison and had an unbelievable year on net ads as they came in.

we think those trends reverse. those comps get easier and harder when it comes to advertising. for us, we think the best opportunity in streaming comes back and some of these underperformers would under rate disney and overrate netflix's. >> these products are relatively low and drive engagement by no means have we put in that pricing and in many ways netflix has shown a way and raised the prices conservatively 12 to 18 months by market and to drive operation leverage, you'll need

to drive prices. >> ben, good morning i want to ask you about your bearish note on roku and ask you about the company that co-pay off later. do you take issue with it in terms of the player in this place in terms of the streaming wars >> roku has done a phenomenal job. this valuation nearly $60 billion enterprise is pricing in market dominance not just in the u.s. but globally. we think the streaming market is incredibly competitive we think roku is a really smart investment for them. talking disney and netflix is a little different than the business they built

historically and it gets much tougher the second half of the year. >> we've seen plenty of consolidation earlier that said vicom cbs might be a target for a big tech giant looking to expand do you agree >> be careful talking m&a. we think consolidation is going to continue. we think the number of global players that could scale properly is a small number i would also highlight the environment around marchd a is only getting tougher it is only clear what could get done investors should be keeping up what they are thinking about investing in this space. >> x m&a you do point out

highest net video. we'll see what paw patrol does is there a sense they do have some momentum? >> absolutely. paramount plus has been great. i think the kid's product itself has been under weighted by investors. can they scale streaming enough to offset the legacy pressure and actually grow earnings >> we were constructed on paramount plus >> an exciting space to cover. very jealous, ben. thanks for your time have a good weekend. >> facebook's former general

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welcome back to tech check stocks are firmly in the green we'll get to that in a moment. news update with tyler mathisen. >> happening right now, the aflcio will be led by a female selecting liz schueler and also tapped the first african-american to hold the first spot at the organizations. mike richards will not host

jeopardy sind indicated show after reports of masagonistic comments made in the past. footlocker shares profit estimates. sales led by strong demand led by womens and childrens. topps is staying private canceled the merger agreement with the spac deal after they lost contracts with major league baseball and the player's union to make baseball cards. that deal went back some 70 plus years and will be held by its fanatics back to you. back to facebook and the ftc renewed antitrust lawsuit. does this complaint have an even

better chance of sticking. welcome back good to see you. >> thank you for having me >> now they are using com score arguments. saying they control 85%. 65% of maus. >> it doesn't pass the smell test at the end of the day having the narrow market in the obvious area seeing this complaint where he went deep saying, look, you got to make arguments other than just conclusive allegations and i haven't seen anything different from what was presented before

>> if you were to go to somebody on the street and say is tech talk a competitor? is twitter a competitor. >> on the front end of the video being up loaded. all of these are are competitors for time and attention given the acquisition facebook sees seeing the enormous amount of time on iphones and message using the sma feature there. >> we are still talking social media platforms and i wonder if regulators are looking backwards and probably won't go to court until 2023 talking the next big thing, the

metaverse. he's making early acquisitions to make a gain here. should the ftc be looking at this space will that matter in a few years from now in the sense that the ftc takes a proper role and then seek to create new markets they should be thinking standards and the rules of the road and some of the things they complain about could be said as rules of the road of platforms there may be productive moves made toe have a role in that looking back at mergers and how they were done 10 years ago.

does this prevent facebook making acquisitions move being forward. >> this would be a challenge to require those in different spaces generally speaking those are procompetitor. traditionally, the classic thing about the laws that protect competition and not competitors. people lose in competitions and companies go out of business that is something you are supposed to see in a robust economy. the idea you are going to try to undo things done years ago isn't an efficient use of the government's resources

>> talking about the work room's app. zuckerberg said i don't think this suggests we'll try to become an enterprise company but i do think work will be one of the key use cases people use how do you think that positions them in a policy standpoint? >> i'm not sure it is any different but it does show the breath and usefulness of a basic platform of all the different use cases. you'll have it built in over time for head sets and tools and that it all connects through a metaverse. facebook understands that. they want to make sure that they are contributing to what this

new eco system will look like. >> fascinating chris, always grateful thank you so much. >> the last installment of the other side of the street breaking down his bear crawl on tesla and what we learn from elon musk's ai presentation. we are back in just two minutes. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee?

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if you look at the biggest stock, we think google is the best that's our favorite. they are growing revenues of 38%. buying at two multiple points. facebook is growing revenues at 38% buying at a multiple revenue both in a reopening place calling alphabet undervalued up nearly 60% in 2021 we also

decided to take a closer look. up 130%. here is the forward pe with the price compared to the earnings estimates for the past two years. trading at 25 times earnings it is not cheap. what about its competitors so many competitors have small earnings or even lose money. pintrest has a multiple of growth and you run into the law of large numbers here and you look to price per sale facebook nearly 10 snap, 33 pintrest 16.

roku, 21 times alphabet is the cheapest and you have to consider that they have significant cloud business so still losing money an open question for the market. when you look at the numbers i like to look at the youtube juggernaut alone we don't even talk about youtube but there is now 100 million people watching it on their tvs. if you are really concerned about reclosing of the economy you'll want to look into names at home. clearly cios and corporates are

redoing their infrastructures and one reason microsoft hit an all-time high today. as you point out, alphabet has been more expensive than it is today. these other projects co-pay off in the future and investors are now fine with alphabet even the cloud business is in the red and narrowing some of those operating losses showing that these six semistocks and you can find out what there on cnbc.com/pro

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material the company says the decision was taken to comply with requests from banking and payment providers. the payment companies we reached out to including master card deny making any such requests. there is also a fundraising issue set to be steering clear of the company despite impressive growth reportedly taking in over $2 billion. on track to bring in $6 billion this year. the company is said to be seeking a funding round that would bring it a multiple sale we talk about how much money there is in the private markets. we spend so much time and only fans one of its largest and most successful companies in the

space yet explicit content reportedly scaring off some vcs. >> looking to widen their market but they say that contentmeantir you missed part of the show don't follow to subscribe to the podcast. license any time any where wherever you download podcasts t "techcheck" is back in just a moment this is the sound of change from pnc bank. it's the sound of a thousand sighs of relief

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that's because you both have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? we wanted tesla to -- i'm not going to say to dilute us. but we wanted them to scale as quickly as possible, because we think if we're right on autonomous, that they -- tesla could get the lion's share of the market, certainly in the united states. >> cathie wood still bullish on the autonomous feature with her stock in tesla the highest weight across ark invests. our next guest does not think sew. writing that woods may be overvaluing tesla. for the final segment of the reality check.

bernhard sacconaghi. folks said tesla was misunderstood as energy and tech company. could that bolster the long-term argument >> i think that's the debate about the stock, is clearly tesla and many, many other well capitalized companies and start-up companies are all investing in full self-driving or autonomy. and to do so they are using ai and, you know, this is a bit of a race but many, many people are looking at it. and clearly tesla in many ways has differentiated itself historically on the basis of technology, on the basis of delivering, you know, a battery that had longer range, on the basis of delivering cars that had really unique software and electronics inside of them and so i think tesla has always somewhat been viewed as a technology company

the big debate ultimately is, how quickly does one get to autonomous cars? and once one gets there, does anyone really have a sustainable advantage that they can commend huge price for a long period of time and i -- i think that's really where the bulls and bears probably, you know, disagree most >> right and a lot has been made over the dancing man in last night's presentation but technology, ai has advantages that aren't immediately obvious. and could its positioning in ai lead to advantages beyond fsd, which many are skeptical on? i was talking to phil lebeau about this looking to earlier in the year its focus on technology engineers allowed it to redesign the software for different chips, which turned out to be a big advantage versus other auto makers >> i think some of the work that tesla is doing with neural nets

can get more broadly extended over time. and so that remains to be seen, and i think someinvestors woul say there is option value in tesla doing research in that and pushing it -- its application towards autonomous driving but beyond but i think more generally that's the case with the googles of the world, the apples of the world focused on autonomous, the baidu of the world, the cruise automation of the world. and there are many consequences of this. and i think the neural technology is probably broadly extendible it's difficult for outsiders to know who will ultimately win the race and if the race is won, how significant the economic windfall will be from the race >> you know, tony, one thing we hear about today is only any put

the energy they put into these roeblts into cars, why not put that energy into cars? other than, it's careerly being valued as something -- or more than an auto maker, why not looking beyond autos themselves? which is the more compelling argument >> i don't think they are mutually exclusive but i think you have to jog before you run or walk before you run. and there is potentially tremendous value from full self-driving you know, today, tesla charges $10,000 for the feature. only about 10% to 15% of customers actually purchase that if that number arbor torg to 70% that would be an extra $6,000 on average per car, all pure profit that's an enormous, enormous opportunity for tesla if that's here and now i think more broader applications like the tesla bot and ai are further down the road and perhaps they create some

option value but there is real value and we can quantify it and see it today if they're able to develop the capability in ftsd compelling enough that more people want to buy it if they can get there first, then they can accrue returns uniquely to themselves for a long period of time. if ultimately they get distracted and others get to full self-driving first, then tesla could lose some competitive advantages today and ultimately could lose some of the pricing power it ultimately may have on full self-driving today >> so, tony, who do you think does get to full self-driving first? i mean, the auto makers clearly once they turn it on will have a lot of miles to draw from. but you also look at companies you mention baidu, a chinese quip, waymo has their eye on this who is likely to unseat tesla here. >> our contention is there is so

much intelligence and dollars working on this problem, and it's not a finite end state. so elon i think rightly talked about nines of reliable, 99.9% of the reliable pb, or 99.99, or 9.999. the goal is obviously to make these systems as fool proof as possible over time it's a continuum it's not like we wake up one day and someone announces full self-driving they get better over time. and hopefully regulators get more comfortable approving and allowing for full self-driving at level four, level five to take effect. so i would say 0.1 is not it's not end state it's a continuum .2, i don't think anyone outright wins. i think the history of technology and automobiles is that first movers on air bags or

anti-lock brakes, >> right. >> command a premium and everyone else ultimately follows at some point in time. i think that's the same with automated driving. >> our thanks as always, tony. have a great weekend dee, go ahead weekend to you as well a lot of ecodata coming up as we go to jackson hole to the judge lt all right, guys thank you so much. welcome to the "halftime report" i'm scott wapner front and center this hour two widely held stocks going into different directions lately. the big question is, which move might mean more to your money's next move, microsoft or amazon we debate with the investment committee joining me is are jenn harrington, pete najarian, the co-founder of market rebe rebellion.com. red in the premarket is now green. dow yous at the high of the day. good for 200 points. nasdaq having a nice rebound