♪♪ ♪♪ innovation, disruption and next big game changing technology the future of fin tech, commerce and media and space and biotech and transportation mind blowing tech that isn't yet on your radar but should be. cnbc's special report, the next begins right now >> welcome to a special edition of "fast money." i'm leslie picker. joim jim cramer is off today here is your run down for next hour, we're looking at the next

generation in innovation, developments that will change the way you shop, treat diseases and communicate and more thank you for joining us let's start with a future of money. how you use it where you use it and what it looks like defy or decentralized finance is one of the latest disruptors in fin tech it is considering such a big opportunity that investor kathy wood known for her key stake in tesla is diving into the d-5 revolution she listed the reasons why it is so attractive on tech check yesterday. >> the movement towards defy which is taking middle men out of the financial services sector, taking the toll collectors out, cutting costs for traditional financial services companies and creating many opportunities for new greenfield opportunities for other companies. i think it is a -- this whole space is, you know, the vanguard of innovation, the likes of

which we have not seen before. >> joining me for this conversation is an all-star panel of forward thinkers. kate rooney and and hu sewn and mckenny and james ho thank you for being here kate i want to start with you. as kathy laid out, decentralized finance or defy for short means cutting out the middle man where there doesn't need to be a middle man, right? >> exactly and kathy wood is not the only one excited about this you talk to venture capitalists in silicon valley, this does seem to be the buzz ward when it comes to cryptocurrency. so the idea is exporting the most popular part of bitcoin, one being the transparency and the underlying technology known as block chain you may have heard that term using it for other parts of the economy. so you could think of lending, banking, things like mortgages, stock exchanges and taking things that we use every day and

putting them on a block chain. and the most popular block klain that folks are using have turned to is known as atherim or ether associated with that block klain. so you have software developers working on a variety of different things saying it increases transparent and you don't need a middle man. they are saying we could walk away, we don't need to be the central authority. some have argueses that not always the case and a lot of the projects and start ups are early stage so it is too soon to tell who are the winners and will regu regulator allow it to happen the way cryptocurrency wants. >> james, first i wanted to ask you this looming question i have which is if there is into middle man, there no central authority taking a spread here, how are people making money off of defy

or are they not, are they investment opportunities to be had here >> no, that is a great question. i think if you look at many of the defy protocols, there is a mechanism baked in many of them to make spreads, so take something like unisoft where they take 30 basis point fees and 25 goes to liquidity vied providers an then back to uniswap which they put in a fund that is owned and controlled by the token holders. so there is still a fee structure when you look at the system in terms of collecting fees, right, for various actions and putting that in the hand of token holders who kind of governor the protocol. >> okay. so going back to regulation, kate, proponents of defy argue that the projects don't really need regulation. but the s.e.c. doesn't seem to convinced of that. some news just this week out of

the s.e.c. on its thoughts on defy what kind of headwinds does regulation pose to this area >> that is right regulators are paying close attention like we described like a stock exchange, these defy applications walk and talk a lot like what you'd see in the normal regulatory structure of what the s.e.c. is looking over. so gary gentzler said that the applications are not immune in the u.s. they will be under the same structure if they look enough like a traditional stock exchange for example, they're not going to get away with not being regulated in the same way. he also called it a misnomer that some of the these applications are decentralized and he's definitely raising some red flags there. he also happens to be quite the expert when it comes to block chain. he taught a class at m.i.t. so he knows about it but seems to

be paying close attention. >> i did not know that so basically his cake is you could run but you cannot hide. speaking of hiding and running and block chain as well, mckenzie, you cover crypto for cnbc.com and bitcoin was the first defy applications, the idea that you could hold and send value anywhere in the world thanks to an electronic ledger that keeps track of everything but right now it is virtually impossible to live off of bitcoin. do people believe that that will change, that it will barometer just a more prevalent part of our daily lives and are you starting to see maybe this legacy companies whether it is in the credit card space or banks going ahead first into this area to make that possible? >> yeah, so a big trend that we're seeing and the world of crypto is people acquiring bitcoin and other digital currencies through earnings rather than buying it out right

and they're doing that by swiping their credit card. so you have visa that is partnered up with circle, blockfy and coin base and gemini is launching with mastercard this year. the perks are enticing no annual fees and earnings up to about 4% back whenever you buy something. and what is interesting about this is that it gives people just with a passing interest in crypto a very easy on-ramp to accruing digital coins and it is a trend that i here is about to accelerate >> that is interesting james, are you involved with crypto at all or are you participating in any type offence illary investments that may propel this area >> yeah, so we've made a couple of investments within the cryptocurrency space those include companies like analysis, which is a block chain data and ftx, which is one of the largest exchanges globally and companies like falcon x

which is trying to build the prime broker equivalent of the goldman sachs and jp morgan within the crypto space. we're excited about all of the trends that are going on here. think if you look over the last year, the level of institutional adoption is as real as ever and that includes everything from the card networks like visa and mastercard, the custodial firms lick fidelity and msci and even community banks. fis, jack henry, those folks that partnered with nydig. so small community banks and also offering crypto to their customers. so we're bullish about the next deck said ahead. we think the secular trends are very real and we're excited to be a part of that. >> i was to bring in hugh because he's covered banks for as long as i could remember. we go way back covering banks and finance back in the day. but i think back to a headline, think it was one of your dotcom stories this year when you

quoted jamie dimon saying jp morgan should be scared bleepless and i'll leave that to your imagination, i don't think i'm allowed to say it, even though this is friday night, about the fin tech, are the legacy banks positioned to survive for the long-term? i mean you have partnerships and acquisitions, sure, but will we see these banks as we know it in ten, 20, 30 years from now >> i think it depends on which banks you're talking about it is great to be with you there is more than 5,000 banks in the united states, it is hard to believe but this is obviously hundreds of regional and small community banks. so if you're talking about jp morgan or bank of america, yes, of course, there is no threat to them exactly in the near term. if you're talking about some of the smaller banks, you've seen some consolidation, m&a in the regional bank space because they need to scale up to get larger

so the expense base could be big enough to put money into technology and here we are, we're talking about defy, which is hugely disd disruptive if and when it happens but fin tech is a much broader category which is digital delivery of everything that they do whether it is deposits, brokerage, wealth management, et cetera et cetera and they're focusing on plowing tons and tons of money, jp morgan spent billions of dollars on technology. they have three fin tech companies in last year alone if you take a step back, fin tech investment at large is about $98 billion. it is a record for the first half of this year alone. so we're seeing a ton of investment, hyper growth hyper hockey stick tripe revenue growth in the small start-ups that are going to be public companies soon and you've seen coin base and

robin part of the larger fin techs. right now it is very intense activity in fin tech land and you've seen the maturity of the space grow and you've seen jp morgan's jamie dimon concerned about the threat from silicon valley go from theoretical to real. >> we have joked many times how this is the year for fin tech ipos and clearly that is in focus as each company including the legacy players build up their war chest to compete in the new world. kate, mckebsy, hugh and james thank you for being here we're just getting started here on a special edition of "fast money. up next, the future of e-commerce, the big disruption on how we shop and the new technology that could be a game-changer for the entire retail industry. we're back right after this.

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when you look at our business, due to the vertical integration, we make off the product sales and advertising not off drivers and service fees so the business model is different. >> woulell, that was the foundef go puff. topping a $15 billion valuation after ranking 36 on this disruptor 50 list. the pandemic has certainly pulled forward the adoption of e-commerce and changed the way people shop. our cnbc digital reporter melissa repko joins us with what is next in the future of e-commerce melissa. >> hi, leslie. as as you mentioned, from walmart to petco, they are using wide video to introduce customers to new products we've seen this take off among retailers in china where this has been a huge market

it is over $125 billion of sales last year according to research. when you ask retails are still trying to crack the code last year live stream drove $6 billion of sales and that is on path to growth of $11 billion this year. t the researchers are trying to attract viewers. one in case, bloomingdales they sent people cocktails and amazon and others are enlisting the help of celebrities who have a built in fan base. >> i wouldn't hate it if someone sent me a cocktail to buy some things that might be effective. and i want to bring in another voice. deborah, the founder of core sight research and advises about getting into the billion dollars live streaming game that could be the next frontier of shopping i was fascinated by the numbers that melissa just laid out about how big and effective this is.

why is it so effective and why is it so big in asia but not so much here in the u.s.? >> well let's start why it is so effective. i think it is really this idea of this three dimensional multi-dimensional and bringing e-commerce to life and when we shop, we can't see inside of the bag or how many zippers there are and we're getting more questions answered and the fact that there is a host and then there is fuel behind the scenes doing customer service, really brings shopping to life. and in terms of why china is a bit ahead of us is that they started earlier. so let's call end of 2015, 2016, they got a start about a year and a half two years ago and we're marching toward that quickly but i think that right now there are many platforms that we're seeing come to live and starting to accelerate the market here domestically as well. >> so is this something that may be better for customer acquisition, not something that

people are using every day and they're used to and maybe ordering on amazon for years and years but something that maybe people are less familiar with, they don't understand and don't know what it looks like so live streaming is the way to get around that, deborah >> well it is interesting right now, only about 32% of americans have even watched a live stream let alone transact and the ones who have gone on, it has been for kind of getting -- 40% on a good deal. 38% is mentioned discovering a new item and about 30% to learn more and so in terms of can the whys and whats of how people are getting there continues to i think ebb and flow but i do think that we're seeing really different estimates some retailers are litly doing, hold on to your hat, $5,500 a minute and others are doing about -- this is terrible, but $500 a minute. and some of it is about the production of the show, how authentic is the host and are

there great -- is there a lucky draw, a sweepstakes, something that you didn't expect that you could win. there is a lot of game-ification happening and which drives more sales and more viewers. >> melissa, how is this different than someone pushing a product on tiktok or instagram or twitter or some of the kind of now it seems like legacy ways of marketing goods is this different just because of the ability to purchase things >> it is kind of a modern spin on an infomercial. but with petco, they have a dog fashion show and they were encouraging people to adopt dogs and promoting their pet accessory line for walmart they're talked about the gap home line. they answer questions and the other benefit for them is they could drive down returns because

they could answer questions about the size and the color and then that person is more excited when they get the box on their doorstep. >> i could see that. stay with us, melissa and deborah. let's add one more voice to the mix. our following guest is looking at the next innovation in paying you're goods for a key component to the success of live stream shopping ethan shoi is a partner at excel. we're alouding to the idea of the more traditional ways of marketing products may make it more challenging to purchase those products and ask questions about those products within the platform, is live streaming the way around that hurdle >> yeah, i think if you think about the way advertising and products have worked today, a lot of facebook advertising, google advertising and it has been to debbie's point, one dimensional. and live streaming is ushering this new era of is qvc 2.0

it is not just about being able to see the products used live and it is about the great content about things people are passionate about. >> how does this compare to the traditional way of marketing the live streams with better production value and the warmth of the host and tend to be to do better and i assume that doesn't come cheap for the companies. >> i think i literally have a ring light sitting right here that you put on your phone so i need more of what the customer expects the biggest difference between a qvc and a live stream is that it is in a store and we're seeing stores being used so there is this idea that it is all coming to life. so you want an authentic host, a background that we could see ourselves in you don't want to high production value in fact, those retailers who are doing about $5,500 a minute

versus $500, the ones mauching more have what we consider a lower production value but is more authentic. >> interesting ian, how does the payment technology really play into this i would assume the ease of purchase is a big part of this what are some of the companies that are really involved here? >> yeah, if you think about some of the core infrastructure, there is traditional gateways, we invested in one called braintree and stripe and there is also shopify that have other great assets and we've invested in a few others. and then there is some brand if you companies that are harnessing the whole live stream component and payments together so there are companies like pop shop live and shop shops and so this component of bringing together product discovery and seamless payments is critical. it is frankly why in china it is been so successful, because the

chinese population and consumers are used to buying things inside of a super app situation as we chat, which are apps that you could run your whole life in you could pay your bills and do your social media and you could call an uber car, but here in the u.s. everything is just so fragmented and you have to go find a product and then go pay for it on separate platforms typically. >> so what is the solution to that is there likelihood of greater consolidation? >> i think there is probably three things that we're seeing that is going to happen in the future and it is happening now is you'll see social media have -- facebook has launched facebook and instagram and you'll see discovery and payments combine and more seamlessly integrated. you're seeing platforms like shopify. we invested in a company called -- and down in latin

america and provides payments seamlessly integrated and we're also seeing a new battle front where a lot of companies are trying to replicate the amazon one click checkout and aggregate a lot of customers' credit card data and go to merchants and say we've aggregated this data, let us be a click out button on your website. so we'll see this happen, but it is important for live streaming to be really successful. >> yeah. sharing that credit card data, i'm sure it is itemized, but we'd love to have you back on to talk about the privacy implications of all of this for another day. we're out of time here thank you to melissa, and deborah and ian for joining us. and speaking of retail, be sure to catch cnbc next evolve live stream. our own courtney reagan is sitting down with the ceo of kohl's and chewy and how they're

dealing with supply chain issues and staffing shortages and shifting consumer demands and more getting underway this tuesday at 1:00 p.m. eastern register at cnbc events.com evolve promising new technology that is disrupting the entire health care space this special edition of "fast money" is back right after this. t doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?

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businesses program themselves like you would program a computer so if you had an mrna vaccine, that is a piece of code, it is atc's and g's not zero and ones, but they make a protein and turn your music on. >> that is jason kelly founder and ceo of ginkgo bio works, a company slated to go public via spac toward the end of the year

with participation of kathy woods arc invest biotech break-throughs were front and center in 2020 for a race for a vaccine for the covid-19 and advances are also continuing in gene therapy and cancer and neurology and rare diseases and more. the next guest is an analyst, ali irwin is specializing in technologies welcome. just want to start with gene editing first. you could give us a sense of what is on the frontier with regard to gene editing when i think of that, i think of immortality. is that something that is possible with the exception of getting hit by a car or other things will we be dying from diseases in the future thanks to gene editing? >> so, the short answer is, you know, not immortality in the short-term for sure but we may be able to create cures for

disease so it is really quite exciting >> you see kind of three stages to gene editing. we're in the first stage right now. you could give us a sense of where we are right now and where we're going from here. >> of course so the first stage i like to call it crisper cast nine and we think of them as stages but also that they could all work together they're all just going to be important for different disease indications. so the first one, crisper cast nine, you could think of it like molecular sizars so we cut the dna and allow the body to e.r.a. pair the strands and get those joined -- those ends joined back together you could think about it like a white piece of paper if you cut that piece of paper and put it back together again, it is not the same before you did that so, this could be really good for a few different types of disease indications and so one could be attr, when you create too much of a certain protein.

the protein in this condition and intelia is working on this so you disrupt the gene because you need to create let protein another example is crisper therapeutics and they're working on blood diseases and what happens there is you want to sort of disrupt one gene to reactivate another gene. and so that is been seen to be really helpful there and then we could go into sort of some of the more innovative or different types which just basically increase the functionality. so one example is let's say you think of base editing. there is one company working on that there that is ipoed, it is called beam. and you could think about it like a pencil and an eraser. so you if think about it, you're on the white piece of paper again, in the pencil and eraser, you might have some lead or debris or eraser debris, but essentially your paper looks get

better this will work for one-third of all joan genetic disease mutations because it needs to correct base pairs but i just heard the last caller speaking about that as well and so this could be really exciting and some companies working on beam like i mentioned, they're working on it for sickle cell and verb is working on it for the pcs k9 gene to target ldl or bad cholesterol. >> so if it is good for a third of diseases, you also cover stem cell and immunotherapy technology as well what is the forefront for those two areas. >> sure. so immunotherapy, a lot of interesting things going on. and gene editing plays a big part as well so we have things like car t cell therapy which is like you could take cells out of your own body and have them genetically told to be cancer killing and then use your own cells or use

someone else's cells, a donor cell that is already ready to go on shelf when you get there and that is calledalo genetic. so this is happening with crisper gene editing and as well as through other mechanisms as well >> in the arc fund speaking about innovation and biotech as i mentioned in the intro, 2020 saw a lot of change and a lot of progress on that front but in the arc portfolio, my understanding is that you don't hold moderna or biontech, some of the key vaccine companies as it pertains to the covid pandemic that we're in right now. what is the thinking behind that why are you, why have you avoided those so far. >> sure so we do have mrna companies in the portfolio, they are not moderna. we have access to it in some capacity because there is a partnership between moderna andver tex which is a company

portfolio name and they're working together for cystic fibrosis to potentially cure it. and it is a disease that effects the lung and digestive system. we also have several other mrna company, we have pfizer in the portfolio, and in addition we have arteris that is working on a covid vaccine and using mrna for other implications and we think that nearing to be the end emic phase and we know that people will stay at home and go less to the hospital and less to their doctors and so that is why we think of the importance of things like teledoc and others that we could really think about during this end emic phase and that is why we think of mrna and the gene editing context while we already have the infrastructure built up

for using mrna it doesn't only have to be for infectious diseases it could be used in oncology, in gene editing. >> i saw headlines that modern was looking into applications for hiv and aids thank you. you're an analyst, we appreciate you joining us and explaining this very complicated topic in a way that even i understand so we appreciate it. we've got a lot more coming your way on this special edition of "fast money." up next we're looking into the crystal ball for the next big thing shaping up the media landscape and later on out of this way world to keep america connected. the details and the money involved we're back after this.

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the way that most of these other services work are more utility tearan in that you could send messages back and forth while we have voice video and text chat and created the feeling of a place >> that was jason sitron from discord which ranked number three on this year's disruptor 50 list following the status as a $10 billion target for microsoft. sticking with media disruption, covid lockdowns pushed consumers online to virtualized meeting and life like gaming platforms so does the future of media lie in augmented reality and creating our own meta verse. there i said it. let's bring in alex sherman to break this one down. alex, you tease the word on

twitter. i gave it away what is the future of media? rur free to use the m-word if you so choose. >> i don't know. i don't know if i'll go there. let's see how we progress here let's start before i wade into the meta verse, i think what we know is going to happen immediately, or let's say the next year or so, is that there is going to be a push to have more games cloud based that are untethered from consoles which have dominated gaming for decades. so we know microsoft is pushing this instead of being able to have to put all of your games through xbox, you could play digital we're assuming here that the other consoles sort of follow suit here over time. where games will either be played mobilely on your computer or probably where we're headed is through an app on your phone or on your pc and then eventually on your smart tv.

but there will be no console that is step one step two will be some form of augmented reality, attached to the screen so you're still playing the game on screen but wearing some sort of device, glasses or whatever and you're having an additional layer of gaming where the characters are say you're room in addition to the screen. that is coming we certainly know all of the big tech companies, apple, google, snap, microsoft, they're all working on these vr, ar devices that will have a gaming component. the last step, the futuristic step is bringing the game out of your house to the world. so let's say you're in the backyard and wearing a device and playing a game and the characters in the game are in the yard through the device totally untethered to a screen when will that happen? i mean, if you trust companies, they'll say five to ten years. if you trust the history of the vr development, we may be senior

citizens by the time it happens. >> well, and speaking of senior citizens, gaming and i know the total addressable market for gaming is massive. i'm not a gamer since the nintendo days. but what are some of the other applications outside of games, will we see this in the boardrooms will we have a vr tv set here one day where instead of you sitting there in your piano, you're sitting here on set but you're next to your piano. what are the broader applications for this technology. >> so that is where the meta verse kicks in this is a big news this week mark zuckerberg has said he wanted to transition facebook into a meta verse based company within five years. he demoed this horizon work room application which is not gaming, it is for -- but you have to wear the oculus plus two that cost $299 today so that device has come down to a consumer price that at least is realistic for people to wear

so certainly you could imagine it in sort of a meeting setting. the other places that it is very clear that where we're heading is fitness, there is start up called raptor that makes glasses that you could wear and your v vitals and how long you road that is about $600 that is existing today there is another start up called merge. they made an arvr. and kids could wear it and gives you virtual field trips. so you could pretend you're at nasa space station or other natural geography animals and so education and fitness in addition to your general enterprise meetings seem like other vertical where's we are likely to see this technology. >> i like the idea of the fitness one. only if the avatar would do the work out for me. that would be next level, totally worth $600 in my opinion. but think that might defeat the purpose. thank you so much for joining us have a great weekend.

>> thank you. ahead on "fast money." taking connectivity to the outer limits but first a supersonic new way to travel and you won't have to be a millionaire to do it. we're back after this. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

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that building you're trying to sell, - you should ten-x it. - ten-x it?more thought ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. welcome back to the special edition of "fast money." we're approaching the top of the hour let's get to frank holland with a look at what is coming up on the news >> here is what is coming up at the top of hour. as the white house deals with the fallout from the chaotic scenes in and around the airport in kabul, president biden claiming today significant progress has been made in getting americans an our allies out of afghanistan tonight we're talked to a retired army general about what

needs to happen on the ground in kabul and we'll hear from an afghan american woman on her heart-wrenching journey to get out of the country and hurricane henri scheduled to hit over the weekend we'll bring you latest on that storm track. drama on the the set at jeopardy as the new host steps down just days after getting the gig and sha kari richardson banned for competing in tokyo for cannabis use, she gets the chance against her olympic competition. all of that is coming up in minutes. picker, back over to you. >> sounds like a jam-packed show up next, innovation trying to bring flying taxis to your driveway and an out of this world way to keep you connected we're following the g bimoney. we're following the g bimoney. we'll be back right after this that i should get used to people staring.

so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.

we really see printing as a whole new tech stock for aerospace that is software and data driven very quickly and so much like you've seen with gas and combustion to electric, pioneering is a new tech stop that will be the most disrupt tim technology in our lifetime. >> well that was number 23 on the the cnbc disruptor 50 list the ceo of relatively space on how they're shaking up the final frontier we'll have more on space in just a moment but first the next big thing in

transportation what if you could call an uber and a flying taxi arrives minutes later to pick you up certainly a dream i've had while sitting in traffic it could be a reality though as early as 2023. as companies like jobe aim to launch a fast and quiet and affordable air taxi service with zero emissions is this the way to less traffic and even a panelway to electric passenger planes let's bring in cnbc airline reporter and fellow leslie, leslie joseph to speak more on the future of air transportation leslie, it seems like a jetson's type of thing to have flying taxis. 2023, that is two years away is this a reality? >> not yet but we are kind of getting out of the whole mode of like the golden age of renderings and some of these ev calls which stands for elect rim vertical takeoff and landing like a

helicopter of the future with multiple rotors and powered by electricity are starting to fly. so that is a very promising sign that some of these things could be flying maybe for us, maybe for some of our packages, maybe for the medical industry sooner than we think. >> now -- >> yeah, go ahead. >> i was going to ask, these companies are achieving multi-billion dollar evaluations and that implies that flying taxis could scale. does the traffic move to the skies. how will this work, especially from an air traffic control and regulatory standpoint. is there infrastructure in place to scale this thing. >> that is part of the challenges that these have and like you said, there are billions of dollars going into these companies. we've seen companies interested in orders making orders, ups, united airlines, united therapeutics, companies that kind of span various industries plus investor money.

they're going public via spac, last week aviation making a debut has grown $1.6 billion now. so the money is pouring in the hurdles as you mentioned, regulatory, those are there and this is new technology, i don't -- i'm not going to get into a self driving car right now or an automated taxi or an uber without a driver when i leave this interview so it is -- you think about how long it is taking for vehicles to get technology like this approved and have widespread adoption and now we have to think of the aviation industry making those same sort of leaps and will regulators be amenable to that and that is yet to be seen. >> and i think about the carbon footprint of another vehicle utilizing the air space and i mean, is the technology really greener for these flying taxis than they would be for the

electric vehicles that are on the ground is it similar technology would there have to be an on-ramp to transition these flying taxis to be more electric and have less of a carbon footprint? >> well that is part of the appeal and i think that is why a lot of the money is pouring into these companies and you think of like united airlines, american airlines set goals to cut their carbon emissions commercially the aviation is 2% to 3% of global carbon emissions and we saw the report this month about climate change so there is this race to green up the aviation industry and that is one of the places. greener and quieter are the two points for air taxi, the companies that are making them are really touting as their advantages of course the same thing with electric cars. you have to think about what is fuelling the grid. is it coal, is it natural gas or

hydropower so those are questions for industry as they start to mature. >> it sounds like a lot of hurdles but there are certainly bulls out there who believe this could be years away. so we appreciate you laying it all out for us and staying on the story. lank you leslie. >> thank you. now as we look further than the airwaves and higher up in the sky, what is the next big thing in space let's bring in cnbc.com space reporter michael sheets for more on the next generation of low earth orbit slights and what they mean for your internet service. what are low earth orbit satellites and what are they doing for your internet service just as i mentioned, michael >> hey, leslie great to see you and certainly low earth orbit satellite broadband or leo is this new idea and a next generation technology that is actually starting to come to fruition already now, a little bit of context here is that the space industry

already generates over $400 billion in refrn and a significant chunk comes from the telecommunication side of things and those satellites are often times very, very far away. and they provide used cases like direct tv, you have some limited at home broadband services but they're not comparable to your internet service provider could give you in your city. this is whio broadband is trying to stake things a step further you're talking about launching hundreds or thousands of very small satellites it provides faster and more reliable service down to the earth's -- because they're closer to earth. now there is a couple of major players involved here and you probably won't be surprised to find two of our more familiar billionaires as well as government you have spacex, elon musk with starling and you have amazon which began the project keeper

program while jeff bezos was ceo. and you have telesatellite speed network and one web which is backed by soft bank and even the u.k. government. so there is a number of very high stakes players involved in this new generation of satellite internet. >> who would pay for this satellite internet would this be done by the governments for just broadband coverage or is this something that you're traditional internet providers would be contracting with these companies in order to deliver better service to their customers here earth side? >> so it is a little bit of both actually one web, which is probably the second closest along in development is very much focused on your b-to-b enterprise customers. they want to be a back hall and partner with major telecommunications networks. star link is the out liar. they've gone straight for the

consumer network and back in october launched a beta that now has over 100,000 active users. and they're paying $99 a month to set up a small starling dish, it is an antenna that could go outside in your yard or up on top of your roof and that connects to the satellites in space. now it is still in a beta. sts still expanding, they don't have global coverage yet and that network has launched maybe about 1700 satellites so far and that is a potential total size of 30,000 satellites to provide a comprehensive high speed coverage so consumers are starting to see the benefits of this with star link but amazon has yet to launch satellites, light speed has yet to launch satellites so this is something that is going to start catching on in the next few years. >> well if there is anything 2020 and 2021 with the pandemic have taught us is that reliable internet service is key for work at home and economy. michael sheets our resident space expert

thank you for breaking it down in a way that the rest of us non-rocket scientists will understand as we wrap up, all show long we've been playing sound from our cnbc disruptor 50 companies. our weekly newsletter offers a closer look at the founders behind them. describe by visiting moving slow, and i am frank holland in for shepard smith this is the news on cnbc president biden addresses the chaos. >> i cannot promise what the final outcome will be. >> gunshots, violence, desperate crowds trying to get out plus, the heartbreaking image of a baby being pulled over barbed wire escaping kabul one woman's emotional decision to leave afghanistan behind forever. >> i don't know if i'l