sapora inventories are low. supply chain is tough and consumers in great shape, balance sheets strong, savings high. >> really nice. >> restaurants rack a lot of hope for rack cramer disappointed. >> got to go sarah stop talking "techcheck" is next. >> we'll be on at 3:00. >> yes, we will! good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa today, big tech ceos go to washington as the white house attempts to get firm commitments on cybersecurity from the private sector then an earnings exclusive with intuit ceo of the $150 billion

fintech player joins us next and 15,000 reasons to buy tech or sell it. the nasdaq continues its record climb. got an all-time high on the s&p as well. we begin with mike santoli looking at valuations this morning. mike >> carl, a little break from that pure either/or market in so long either big growth stocks or cyclicals working. seems as if the nasdaq is able to hold its own. look at the nasdaq 100 versus the dow jones industrial average over the last year obviously, neck and neck different phases of out and under performance, but this is actually dated to september 2nd of last year, which was that huge relative peak in nasdaq last summer this time, a massive melt-up in faang-type stocks almost to exclusion of everything else. since then worked off relative excesses still staying in an uptrend. even, by the way, with amazon doing absolutely nothing over

this period. it has been a relatively well-balanced market up to now look, too, what's happening to valuations of the nasdaq 100 majority of the marketcap and earnings power of the overall nasdaq trended lower. obviously, this is coming from an elevated level. 32 times earnings, a 20-year high in forward pe back then but compressed down to 27, 28-ish. still a premium for the s&p 500. one of about 25% to 30% versus the s&p as opposed to back then more like 1.4 times the s&p's multiple seems like we've had moderation. even without having too much in the way of outright losses, guys >> mike, going to talk meme stocks and crypto in a moment. two parts of the market that aren't really rebounding chinese stocks, tech stocks. did see sort of a bounce yesterday. also spacs they are sitting out sort of the

resurgence and what is it, to tell us about the broader markets? >> also add to that biotech. really 3w4blasted over the past month and disruptive tech, want to call it the art complex flat year to date even though had a great start. those things tell me you've had a little of a crescendo of some speculative activity we know what's going on with chinese stocks a little specific there in terms of authorities turning the dial on those companies to me, it was about, had fevers of speculative excitement has faded, and it's netted out to the benefit of more the stable, big mega caps that are kind of able to weather through it without necessarily being the sexiest story in the market. to me, it tells us that. what's interesting relatively recent ipos perked up recently like look at what airbnb was doing this week, for example you wonder if they've gone

sideways, market stays together, new highs, unlikely they remain neglected. >> wells today we expect the fed to start talking about tapering in earnest, potentially reducing downward pressure on yields, they believe a trend supporting longer duration assets, and as a result, they cut software. wonder, do you think that makes sense? >> it makes sense in terms of how the market has behaved recently in the correlation being much lower yields has netted out to the benefit of software. especially within tech i get it that's been kind of the algebra of the market recently yields down equals relative underperformance of software i think a lot of assumptions embedded in that for one, in the past the fed tapered, ended a qe phase, not meant long-term yields go up we don't know if that piece will work

everyone is rightly on alert for a lot more taper even if not detailed scheduling out of jackson hole and the september meeting. >> mike, thank you we did point our audience towards meme stocks. look at them surging again in late hours yesterday. the biggest gainers once again, who else, gamestop and amc shares of those retail darlingses jumping more than 20% respectively you can see gamestop up more than 30% this morning. other big gainingers, clover health, robinhood and wish the rally is putting a squeeze on short sellers with close to a billion in estimated losses. according to analytics company ortex. bitcoin trading near 50k a street call to hit 420 feels like april all over again. >> confession. i don't care about meme stocks i mean, not sure they are actually memes anymore most of these stocks

a lot aren't tech stocks or making a claim to fundamental technology innovation. i mean, people are jumping on them because of hopes, maybe, or popularity, carl, but this is like a side show that's fun. says something about the market moment we're in. i don't know i like to dig in on companies that have real technology possibility, understand trends that are driving an industry, and in this so-called meme stock story, for most of them, that's just not there >> yeah. well, i'm not sure the reddit crowd cares whether or not we think of memes or if it's real. >> right >> getting commentary in general, de, migration has been away from memes into crypto. certainly filled out by some of robinhood's commentary last week. >> right on a day you do see both -- a week, i should say, you see both surging. i hear you, jon, hear you. fundamentals a good thing. what does it say about broader markets? mike touched on this a little.

we're seeing a rebound sort of parts of the markets, with the nasdaq, they, above 15,000 sort of in the slow part of the summer as well makes you wonder whether, what we're going to see the rest of the year certainly, carl, you alluded to the defense plans having a close eye on especially taxes. >> wondering what you'll see, sometimes you need glasses bringing us to warby parker seeing its path to a public offering direct to consumer eyewear company filing with the s.e.c. to go public via direct listing reporting half a billion in net revenue on s1. i spoke with the founders back at the very end of 2019. right before the pandemic hit. about the prospect of a public listing. >> so when do you do it? what determines when that point is where it's like, oh, well i mean, not when you run out of money. you don't want that to happen. >> it's before -- [ laughter ]

>> you know, i think what we're running on our business in a way to have maximum flexibility. right? to control our own destiny that is by being profitable. right? enabling us to control our own destiny being careful with our capital needs. enables us to control our own destiny by continuing to grow quickly, and we've also been just building all the infrastructure needed to operate at a public company. so we have the flexibility to go out whenever we wanted to. >> prospect of running out of money for retail companies in general. not so funny in 2020, but that discipline 6 theirs appears to have paid off. several direct-to-consumer offering stumbled on its company blue apron down more than 40% over the past 12 months. a notable exception in the direct to consumer space, though not always talked about that is peloton. up nearly 300% since 2019 ipo.

others have seen exits in the d to c space in the hundreds of millions including ba nobody owes, sold to walmart. dollar save club sold to mirror and lululemon. getting a sense, perhaps, whether direct-to-consumer route is a fast accelerant into growth that's mostly it or whether it gives them advantages in continuing the scale? >> interesting we know they've either lost money or broken even the past three years. 95% of revenue from glasses. how do they broten it out, de? a mentor in mickey drexler, a giant of retail. i was interested in the s1 talk about rising use of smartphones, tablets, and computers. that's driven the need for eyewear. prescriptive eyewear, i definitely relate to. >> yeah. same here. you need those blue glasses.

watching this very, very closely, other candidates looking at potential ipos. sweet greens jon, you mentioned names from a few years ago really a tough go in markets as well as blue apron. this will be a really important moment for the ecosystem and warby parker has a big brick and mortar footprint suppliesed to read, what is it 145 retail stores. a big part of their strategy >> yep >> going to be fascinating to watch. covered david neal a long time wrby the ticker. meantime, ceos of leading tech and finance company ies meeting with the president discussing cybersecurity threats. a busy afternoon eamon? >> carl, heard from the white house cybersecurity adviser on cnbc within the past hour talking about what to expect from this meeting with the president later on

an all-star cast of characters coming to the white house today. watch for the idea companies might make announcement how they're going to bake in security technology into the hardware and software that we produce. think about that as you think about the types of companies that are coming to the white house today, what kinds of announcement they might make later today. also talked a little of an idea of insurance and what it does and does not incentivize in the cybersecurity space. take a be listen. >> insures incentivizes us and various safe practices like driving a car below the speed limit. installing smoke detectors in our homes. looking to see insurance sensitized companies to patch quickly, share information in a more strategic way. >> interesting to hear from the insurance companies on the back end of this meeting today. look at who's going to be there as i say, it's an all-star list of ceos and executives from top companies around the country

including tim cook of apple, satya nadella of microsoft travelers duke energy, focusing on education piece of all this the other thing the white house is talking about here is the idea that there are about 500,000 cybersecurity jobs still vacant in the country. need people trained up, educated in the pipeline for those jobs no way to fill them with just people sitting on the bench now. a big piece of this will be education, training, apprenticeships and the like wait to see what the ceos have to say when they emerge from the white house later on this afternoon. >> any idea whether they're on the same page, whether each party is doing enough to keep the country's most critical assets safe? i've heard some people say, boy, would be nice if the federal government took more of a lead in setting standards or ensuring compliance sounds like they're kind of putting that off on insurance companies, perhaps

>> i think that's a great question, jon. i think you'll see everybody on the same page pubically today. a lot of this has been baked in. a lot of advance planning around this andy nounsments from the companies are cued up, ready to go wait to see what they are. companies definitely making announcements this afternoon at quett of the white house everyone is in, know, full bore cooperation mode this morning, but you're right there's an under current of resentment back and forth. the government side, generally feels like the for-profit side is putting profits over security not focusing on this enough. being too slap-dash. the other hand private sector said, wait a second. in second hit by state finance intelligence agencies and can't possibly combat that the government has to come in here and protect us more aggressively that's the tension that's sort of behind the scenes today though, i think, on the surface, everyone's going to sing off the same song sheet here, jon. >> love it on the other hand

eamon, thank you. shares, meanwhile, of intuit coming back after a nice boost this morning post-earnings. a stock already had a nice run this year. up more than 50% in 2021 the ceo is going to join us exclusively on the other side of this break, sasan goodarzy "techcheck" is just getting started. >> announcer: "techcheck" sponsored by -- welcom get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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a gut check on leading the nasdaq upgrading to strong by, saying a fallen angel is finding its wings. stock approaches peaks we saw in april, february and december can it break out of the range? we'll see. shares up almost 5%. about a three-month high, jon. >> sounds like an '80s song. learn to love again. meanwhile, guiding shares of intuit touching an all-time high with a particular bright spot on what was a strong quarter. joining us now exclusively on those results, the ceo sasan goodarzy good morning what's your insight into this recovery based on the way customers have been behaving for you? >> jon, good morning thanks for once again having me. we're seeing a nice recovery in the u.s.

i'm talk about in our international in a moment. i think both consumers are starting to get back into the job market small businesses starting to recover. albeit important to state small businesses aren't all the way back to right. look at our base, 20% of our customers net deposits are still down a little more than 20% compared to a year ago but in general, folks are coming back, and i give, you know, a lot of credit to small businesses where some are changes their business models to be much more effective in this type of an environment they're leveraging digital platforms like ours to be able to run their business and empower growth things are coming back in the u.s. a little different internationally. countries like uk, france, australia, canada. to name a few. i would say, canada's behind the u.s., but some of those other countries, uk, france,

australia, recovering much, much slower because the countries have been sort of on and off in opening and closing. small businesses and consumers in general just don't have the confidence yet to start building up inventory, depending what they sell. hiring more employees. i'm confident over time they'll bounce back, but certainly behind the u.s >> sasan, talking about the warby parker s1. it strikes me the issue they'll dealing with, having had to close stores in 2020 furlough workers, now trying to get back on a growth path very much mirrors the sort of thing you're talking about. small businesses dealing with many of whom are your customers. i wonder what technologiesology the newer side, either customers are adopting or needing to adopt to succeed in this environment >> yeah, sure. i mean, three trends, then i'll make it very real. we're experiencing this. i think macro environment is experiencing one is, people are just shifting to leveraging more virtual

solutions from wherever they are around the world and whenever they need it accelerating adoption of just online tools, and we're seeing an explosion of using digital offering to be able to manage your money the way that translates into how customers are accelerating, i would say, their behavior changes. when it comes to our live offerings. whether to be able to do your taxes virtually or to be able to run your business virtually, we're seeing an accelerating adoption of turbotax and in essence, access plumbing, hair salon, whatever it may be, do it virtually and achieve outcomes you want with confidence we're seeing an explosion on the credit platform, credit karma, refresher, well over 100 million customers. one of the highest net promoters

above 70 just a trusted brand so customers and more members are coming to credit karma to be able to access financial products that are right for them, because credit karma knows about each member and with their permission, can connect them to whether it's personal loansance credit cards, auto insurance free savings and checking accounts all of which we do with our financial partners that's accelerated same with quickbooks where i'll end nap is, we're seeing an acceleration of adoption of our platform to truly be able to run your business, and i give a lot of credit to our team in the last couple years truly we've made the platform a shift from a place where we're the source for your books. now a source of truth for your business meaning you can grow your customers manage money and be compliant all in one place and seeing an acceleration with all of our platform, because of the shift that i mentioned earlier, and by the way, we believe that this is a secular trend that will continue the pandemic really sort of

pushed us forward five to ten years, and we think this acceleration will continue >> yeah. that's interesting it really sort of reflects a lot of the commentary on the street this morning meaning a lot of analysts writing about the old intuit, relight mid-teens eps growth verse calling in case of morgan stanley, the new intuit, durable, in the high teens, consistent operating margin, i guess, expansion not something you're pushing back against >> no. well, i mean, first of all i would say we're building on a 37-year-old foundation that has gotten stronger every year, and we've invested heavily to truly be a platform company. and a significant shift from just a platform company that helps you do your taxes, helps do you accounting to a platform we help consumers achieve financial freedom in any product. same for businesses.

you can truly fuel your business by running your business on cookbooks. our partners or we create. we believe in doing the right thing for our customers and think momentum will continue. >> sasan, i want your take, you mentioned credit karma you picked up right before the pandemic on trends in consumer finance and fintech. is the environment buy now pay later healthy? with crypto and retail trading, players competing with credit karma, also dipping toes into that space is that healthy? is that attractive >> it is, but i would just say, start with the customer. right now buy now pay later is an accelerating trend. end of the day, when you look forward three to five years it's going to be about choice for customers. whether they want to use credit, debit, buy now, pay later. another form of a loan, which

you have access to whether on cookbooks flat form or credit karma. i think it's another choice. we believe in choice for customers, because depending where you are in your life, you do need different choices. there are many that don't need to buy now pay later and rather use debit. those choose credit and buy now pay later. these choices, we love because end of the day, it allows consumers to be able to fuel and power their financial freedom. the thing we are focused on, and particularly on the credit karma platform, is ensuring that we don't entice customers to get into more debt we want them to understand how to achieve cash management, because it's easy to offer products to get consumers in debt, but end of the day, we're very thoughtful about how we do that >> lots of companies offering debt these days for sure wondering how that's going to turn out sasan goodarzy, ceo of intuit as

stock touches an all-time high. >> thanks for having me, jon take care. meantime, floating 450 in february, tulio down more than 10% in the last month. twilio the ceo joins us as investors rethink the trade. meanwhile, s&p still about six points away from 4,500. 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? workday. the finance, hr, and planning system for a changing world. ♪

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welcome back to "techcheck." resetting bottom of the hour i'm joe biden with jon fortt and carl quintanilla and julia boorstin continuing to watch the nasdaq hit another intraday record high this morning at 1534 a news update first with rahel solomon. >> good morning, everyone. what's happening at this hour -- delta is taking a different approach to getting workers to get their covid shots. starting november 1st, the

airline is raising health insurance costs for unvaccinated employees by $200 a month. also have to undergo weekly covid testing starting september 12th. shares of dick's are the intoing good soar into an all-time high. retailer announcing special dividend, 20% increase from regular dividend and improved full-year guidance. and orders dipping 0.1% in july restricting production as well. s.e.c. shut down an investment advisers claimed was running $110 million ponzi scheme a judge frozen assets of southport capital and horizon, private equity, invested little and paid much of the funds back to early investors. up-to-date back to you, jon. a good afternoon if you like

cloud gazing salesforce, jpmorgan expects a healthy q2 with improving metrics acknowledging a tough comp and noisy metrics for about a 10% jump in revenue compared to last year stock up more than 40% in 2021 snowflake, by numbers, big winner since september 2020. its ipo up more than 130% but flat this year see if that company can continue its explosive growth, and analysts expecting a large increase in revenue, but big losses as well we'll see in a few hours with a lot to discuss on the show tomorrow carl >> absolutely, jon. meantime, sticking with the cloud space, communications platform twilio on a tear, you know, throughout 2019 and 2020 shares, though, this year have lagged a bit down since february. also announcing this week, it's entered into a merger agreement to invest between $500 million

and $750 million acquisition corps. joining us twilio's co-founder and ceo jeff lawson. good to have you back. good morning. >> thank, carl great to be back. >> walk us through what this brings you and whether or not you're having to spend time convincing the street the upside is worth it? >> the details of the transaction are something that i don't talk about too much, but the nature of the deal is what's important, which is a strategic relationship with a key partner of ours that represent for us a vendor that is able to help us realize this vision of the future of customer engagement that really centers around messaging. think about it text messaging is one of the best experiences that we can have, when we are engaging in business whether alerts, notifications, getting support and service. it's a valuable medium for businesses, if you do a good job of actually engaging through

customers over messaging, you have the ability to reach the lock screen of their phone the most valuable resource on the planet the idea with this is getting closer to key partners enabling a future of messaging every business that is using messaging finds is key to building closer relationships, tighter relationships with customers. >> strategy sounds like it makes sense, but tactically, was this the optimal avenue with which to pursue that strategy >> i don't know. time will tell >> yeah. i mean, i wonder do you thin some way investors are shell shocked from's recent spac weakness and whether or not an uphill climb convincing people paths that go that route are worth it >> yeah. we'll see. >> jeff, you know, a follow-on to that, is this part of a larger corporate strategy seen

palin do something similar investing in a number of spac deals. looking at other customers to maybe pursue something similar also a partnership a while why did you have to or want to do this? >> part of their plans and we thought being a part of it would tighten our relationship with a key partner and vendor of ours not a part of a bigger strategy. i can't speak to the broader spac market. i barely understand those words. not really my forte. i'm more of a technologist i can tell you building with partners and customers is what the company does ip would say a spac vehicle is, you know, it's not really necessarily the strategy of the company. >> jeff, let's talking about the technology, because we've been talking about warby parker filing to go public. that's a direct to consumer company. just had intuit's ceo talking about the importance for small and medium businesses of leaning

in to technology and having better systems at this time. that's a lot of what twilio does as so many businesses trying to accelerate, hopefully, out of this pandemic, what kinds of messaging technologies, what kinds of ways of connecting to a meme, connecting with consumers, are going to be most stra teateach i strategically important? >> the companies that build the most, tightest connections, with their customers are the companies that win the companies that win the hearts, minds and wallets of customers. because it takes it out of the realm of transactional and turns it into a personal relationship. think about the brands you receive messaging from whether it's the email newsletters, companies you start to, buy repeatedly from. think, oh, i need a new shirt. which website do you go to first? the type of relationships companies are building and the notion of customer engagement. twilio is a customer engagement

using everything they know about you. what have you bought expressed that you like? use that to personalize and make it more meaningful and relevant to you. >> sounds like further integration into areas that salesforce, that adobe, that others are trying to create around this kind of experience clouds and experience system also you risk, seems, annoying the customer with more and more of these types of communications, if they aren't really targeted towards what they want. what are the best companies using these systems doing to make sure it's optimal and advantage for the customer, not annoying, think amazon we visit amazon, a completely different home page tailored exactly to what we've bought in the past and think we might be interested in in the future. the type of idea that is driving the best companies forward that dynamic personalization every company needs to get as good at that as the tech giants

are. every click, every view that you do on facebook, amazon, google right? those are tailoring the experience that you're going to have in future to make more relevant i think consumers do absolutely get annoyed when they get irrelevant marketing go to a website, shop men's t-shirts next day, email about women's hats are you paying any attention at all? makes no sense that's when you unsubscribe. get out of my inbox. companies that dynamically personalize are in we bought the leading personal customer data segment last year and they help companies do this. q2, talked a be in customer brought onboard. try to figure out, who are my customers? how do i better serve them get the right selection of beer in front of the right customer so i'm not selling mask or micro customer those things endear you to a

customer and what segment is bringing to us. >> consumers and small business especially can relate to the exact dynamic you're pointing to, jeff appreciate the time. thank you. >> nice to see you. bill ackman's solution to the lawsuit against his spac a spark. after seeking approval, of course read about what that is, and why he's doing it on cnbc.com. "techcheck" is back in two. trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim trading™ is right there with you. to help you become a smarter investor.

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funding secured. calibrate focuses on obesity. i think qualifies as a hefty raise. julia boorstin joins now to break it down. julia? >> it does indeed, jon calibrate launcheds obesity telehealth product last year june 2020. now raised nearly 1 $128 million total with tiger global and a fund leading this $100 million series b round and funder spun zimmerman joining the company's

board. ceo isabelle kenyan says the company is on track fors 21 millionrevenue and members reported average 14% annual body weight loss in just the year of using the service. customers pay a monthly fee for an app and curriculum advising on lifestyle changes similar to what ww and noom offer. what makes cal brate different, includes one-on-one coaching and telehealth meetings with doctors who were prescribe weight-loss drugs and that's usually covered by insurance the pandemic has been a catalyst for growth as it's expanded entirely virtually. >> the potential is so much bigger right now, physical locations and consumer intent now because of covid right? before covid might not have been seeing a doctor on telemed and

today you are focusing on underlying health. conditions that put you at risk for other types of chronic disease. >> using funding to work to expand kl brate service and get employers and insurance companies to subsidize the cost of the service because of the long-term savings of reducing obesity. find my full interview with the ceo on cnbc.com/techcheck. jon? >> individuals potentially getting healthier. makeup of corporate board also getting healthier these days, perhaps? >> you know, the makeup of corporate boards are getting healthier, particularly when it comes to female representation so the number now is 25% 25% of board seats in the russell 3,000 held by women. that means we're half way to gender equity on boards, and -- it is progress i want to say, it is progress. 47% of new directors appointed in the second quarter were

women, driving the growth. bad news, would take years at this rate to get to gender equity at this pace. slow but steady progress from 22% last year to 25% this year. >> well, hopefully got eight years, julia thank you. "techcheck" will be back in a moment. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades.

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let's check in on a story we've been following this week only fans doing a total 180 scrapping plans to band sexually explicit material coming to resolution with bank partners. the decision less than a week after the original announcement the platform would be banning ex-lis it content and received plenty of pushback from content creators and advocates arguing the ban would drive such work underground thus making it more dangerous. the company tweeting this morning that it had secured assurances necessary to support the "diverse creator community and thus suspended the planned october 1st policy change. jon, wow what a walk-back the question is, has the damage

already been done? some as a move of only fans selling out. a report to raise money and trouble doing so and perhaps wanted to clean up their image, of course, at expense of their many users >> yeah. diverse -- never heard diversity couched quite that way before. i guess broadening's this is a tricky one for fintech paying for ways to pay for things outside traditional channels only fans, none the less, carl, having trouble. >> outright confusing. we talked about it last week and the week before, de, trying to widen their investors base how this does that in the face of that turnaround remains to be seen. meanwhile, were ofa-of- b oa stocks up more than 50% this year hear more about that call and others like it

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fintech companies encroaching on thetraditional banking services and now loans are being offered through a venture debt financing

product. joining us is a financial analyst and we are seeing more companies in the tech space take stakes in their customers. we just spoke to twilio ceo jeff lawson we have seen palantir invest in their spacs and you're doing something similar taking stakes in your customers. is this about building loyalty, selling our products, boosting your corporate balance sheet, both what's the strategy here >> thank you so much for having me, i'm excited to be back so just to -- for those who don't know brex, we do the financial software for the next generation of businesses so we already provide a corporate business accounts, loans, expense and bill pay and software for our customers and now we're launching venture debt that's a type of loan that allows the company founders to maximize their ownership in the company while getting the capital that they need to grow their business and that is the strategy for this product

it is -- if we have our customers grow by giving then more loans that maximize their ownership, they grow and, you know, they become bigger customers for brex at the same time, we're super excited because we think that this market is ripe for disruption and we're going to lead with flexibility, speed and transparency traditional lender today, they take forever to close a loan, up to eight to ten weeks which is our own personal experience when we started brex. it's a one-time loan that we get, no guarantee that's going to go up as your business grows. and there's a lot of terms brex is committed to doing that much faster, with no shady terms and also we can grow with you. so as your business grows your line of credit can grow with you as well. >> what do you consider shady terms? >> a lot of lenders will say, hey, i'll lend you $4 million but you have to keep a minimum of $4 million in your bank

account. that doesn't actually extend runway or help with anything a lot of companies don't understand that nuance and end up taking it end to end and brex is for sure extending runway for all of our customers >> right some may call that shady some may call that better risk management, however. how do you balance sort of the risk you're taking on with that sort of longer term customer loyalty that you're trying to build? >> i think that if you're not willing to extend your customer's runway, there's actually no point of the loan, right? so we believe that we need to make our product work by extending the runway and we just pick the best companies out of the brex customers so we look who are the fastest growing and doing the best and have, you know, great investors and we partner with them to keep helping them with their growth. >> enrique, finally, i want to talk about competition in your

space. ramp one of your rivals raised and doubled their valuation in the last five months they do differentiate itself by trying to save the customers money and that's resonating with the customers. does that represent the shift in spend management how are you guys thinking about it >> we definitely believe that helping our customers save money is an important task and we have a lot of features around brex to help them do that. for example, we have features such as we flag unusual activity from employees so instead of having managers review every single transaction, we can have them review things that just sound out of the ordinary. or they have duplicate subscriptions let's say the same people are signing up for the same subscription, we can flag that and we believe that saving money is is an important piece an brex has a lot to do with it and we're helping our customers save a lot of money as well. >> thanks for being with us and we'll talk to you soon brex ceo and founder

meanwhile, kathy, nintendo, users reduced their stake and this morning one analyst cut the price target in half is it game over or time to level up "techcheckisacinwo" bk t - [announcer] at southern new hampshire university, we never stop celebrating our students. from day one to graduation to your dream job, that's why we're keeping your tuition low

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nintendo trades well below 67 yen and here's the only analyst slashing the price target to 25,000 he may not be the only one losing faith in the company. arch fund has sold every week since mid june and all this as microsoft expands to xbox allowing players to access more games per month. and outperforming nintendo by 50% this year. we know the roll that microsoft has been on. >> yeah, i wish i could do that sound effect when mario gets

hurt when he shrinks, but nintendo is focused on game play and they know how to come back. >> i still play switch all the time. >> my kids do too. charlie sheen and ashton kutcher, pam's mom on "the office," sometimes you need a fill-in and that's what the government is saying to intel. they're looking to buy a super computer containing nvidia as a place holder as they wait on one from intel and the intel machine touted as the fastest computer when it was announced in 2019 is going to eventually find a home in chicago. it isn't supposed to be a replacement, but an understudy see, i don't know how you find the time with all of the reporting that you do and the humans that you take care of to play switch, but you can - >> yeah. did i just accidentally reveal i still play the switch, it's true but i have kids to play it so there you go.

and producers too. i will say, on this very show, that still play the switch. >> i'm glad you're steeped in the beat overall, we're continuing to watch this market, hard to keep it down as you know. we got to 4499.33. just a stone's throw from 4500 and sales force. >> the stocks are marching to new all-time highs and without the help of two cap names, what is it signaling about the market and what's the next move for your money we'll debate it with tiffany mcghee, jim lebenthal, joe terranova and steve weiss. but first, the s&p 500 hit new record tries, trying