divide it by 21 million. see what you come up with. >> i was going to show you the price of oil given cathie wood and her views about tesla, we won't even need oil. so, there you go. >> the grid, though. >> power the grid, we do have to nice to see you. >> nice to see you guys. >> see you tomorrow. make sure you join us. "squawk on the street" begins right now. good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber at the new york stock exchange. and core cpi, less than expected futures up on news and cpi data shows inflation less hot and that's than forecast in august. >> and making an emergency ios

fix to close a spyware flaw and this as the company prepares to unveil that latest phone lineup later today. >> congressional democrats pushing ahead with new tax hike plans. plus aoc making the message clear last night at the met gail la we'll dive into cpi to start the morning. year on year, 53 in line 4 core a little light. used cars down. >> finally. >> the mannheim index, david, i tell you over and giver again. something you have to follow-up a slight dip of course, we don't have anything other than saying there's a possibility. victor to be an end to have chip shortage to a certain point. i am not finding that to be the case much as i find it being beleaguering outside wholesalers. the cpi number, david, people saying find something that's not hot? it flies in the face of the

bearish narrative, and i don't have any answer for it, other than the fact that numbers don't lie. >> don't feeffect in the spring, you and i go back and forth on a daily basis, you were in the trend. you were. >> i did, because you see everything that i buy is up. so i started thinking that my eyes don't lie i was going with a lying eyes thing. that's an eagles and not just the team that -- >> eagles, man >> not the eagle -- >> hate the eagles "lebowski" reference there. >> go ahead. >> you go ahead. >> i think bitcoin at 72,000 by the time both of us are dead how's that >> inflationary. >> imagine the blowback when we're dead 72,000 -- look, the cpi number is not the number i was looking for. how about that now that i admitted i was wrong on that, they'll be over 5,000 people on twitter say, i remember in 1993 when cramer

said he was happy at home. >> one read on this morning is simply that delta took the wind out of pricing power for hotels. >> yes. >> and autos there still will be cyclical pressures. right? economic cycle pressures, that the fed can't take their eyes off of. >> yeah, but then you get a situation where people against it said -- peak in hospitalizations how do we know what the peak is when it's not gotten gold yet and the kids are back from school >> we don't. we don't, but back to the inflation discussion for a moment it was only yesterday we talked about an an lis reporting a nike talking about supply chain disruptions. >> second one today. >> talking 3m. put out its own sort of concern and/or about rising costs. >> right. >> i'm not sure how it all -- evens out, given today's number. again, could that just be transitory >> we had this issue last week where we thought that airlines

would be doing badly because of delta. then yesterday, airlines doing better, because of a slowdown in delta. got lots more stories about how vaccinated we are. look, i just think in the back -- i said it to my colleague joe kernen this morning, in the absence of news that i am not going to get excited about the market not when we go into the four rucku roughest weeks of the year. >> you've been focused on seasonality, i have to be. some reason why over a 20-year period these four weeks have been weak. i think a lot of it is because people just -- they find there are a little self-fulfilling, maybe david thinks i'm being a little self-fulfilling, meaning trying to cherry pick things that are negative, because why does it always go like all happies families the same, and unhappy sell-offs different in their own way. >> you continue to believe and have a nice list of reasons why that september will be. >> watching the show lately.

intimidating to me. >> i know. >> i know. >> after you didn't get the "jeopardy" job. >> leads into "jeopardy" by ap hour so i can watch you and then i'm there. right at "jeopardy." >> a guy who should have taken the "jeopardy" job. >> me. >> plays for green bay. >> oh. not me. >> no. not you. you're out. you're out. >> hey, i'm not out yet! i'm not out yet. >> i thought you were out? >> i'm not in, but -- >> anyway, i do think that there are a lot of people that want to say don't short it i'm not shaying short. historically not a great time. yesterday nasdaq opened up, everyone excited and then seven semiconductor companies -- today everyone's excited about a microsoft cough. like i'm going to hear from andy jassy telling me things are good >> we will we are going to hear from jassy today. >> let's ask jassy about the giants performance he listens or dies by the giants. >> fir question, on the giants okay. >> ask about the fumble. >> not the 145,000 additional

jobs adding or 150,000 jobs added last year, or -- >> taxing the rich aoc's -- i was not at the gala this year. >> no, you weren't i missed you there. >> nor never been. never been there myself. >> never been? >> yeah. >> never been to the metropolitan. >> did you go last night >> no. i always wanted to go. >> you did you wanted to go >> might have brought you as a date. >> highly unlikely i don't think that's really in the cards. >> make a very handsome couple. >> the other big news today in the next hour, of course, s.e.c. chief gary gensler in front of senate banking one quote from the testimony just don't have enough investor protection in crypt oh finance issues trading or lending frankly at this time more like the wild west or old year of buyer beware that existed before the security laws were enacted he wants more transparency on corporate bonds. >> yes >> on crypto.

>> remember, referenced twice. when roosevelt came in, the philosophy was tabulated in. then roosevelt said, there's got to be a margin we will have deep markets and people can buy provided there's transparencies about what the companies are saying so, david -- >> what? i'm communicating with my producer i'm looking at gensler's op-ed today. >> from the "wall street journal." >> look at me. i am the captain okay >> okay. yeah. >> when i read has gensler's saying, basically saying you know what? we ritliterally have in crypto, prethe ap. >> an opportunity to talk to him tomorrow excited about it watch wering his testimony this morning, obviously, but able to hit on many different areas with mr. gensler. not just crypto. it's spacs and china that gets you to today's op-ed from him where he talks about

chinese firms need to open their books. talks about the holding foreign companies accountable act that was passed. >> right. >> this last year. by congress. to prohibit trading in a foreign jurisdiction, prevents oversight, the oversight board from inspecting the company's audit for three consecutive years and says, there could can be real trouble by 2024 in terms of us prohibiting about 270 china-related companies from trading. >> do you think he really wants to wait until 2024 you got to pull that forward carl, we have -- we have two markets. we have the market where you can do whatever you want whether crypto, chinese offerings and then all of these other markets everyone has to suffer from, from constantly having to disclose i think that the idea that we have two markets is about to come to an end i know my colleague often is saying gary gensler has had a full plate i think gary remarkably addresses a lot of the full plate concerns in this testimony. it's going to be really

groundbreaking. >> interesting looking forward to having him on tomorrow again, to go over so many of these different things on that plate. the question, what will actually occur? keep writing op-eds. at some point you have to actually make a reg, do something. goes on to say he doesn't believe china-related companies currently provide adequate information about the risks they face okay. what are you doing about it? >> well, the difficulty i have, again, two issues the chinese, see it with wynn trading down today. a new rule promulgated that may hurt how casinos are judged. the so-called nanny state that my colleague was talking about communist party suddenly saying gambling is not so great gaming is not so great david, draft kings, a nightmare. a nightmare for draft kings. kidding me down eight

that's not that bad. >> might also reflex renewed lockdowns in china. >> probably one person of 22 got that same -- delta variant, which seems to be able to -- we are, seem to be very blessed i'm waiting for the numbers from sunday's games and saturday's college games. so far no spike of the one we keep seeing, icu look at that. >> interesting goldman took a crack at these corporate vaccine mandates yesterday. how many might convince or force to get vaccinated. 12 million people, they say. they argued by next july, mid-'22. 90% of adults with a dose. >> i find when i speak to ceos behind the scenes they're really reluctant to do what a couple people have done bob chapic from disney if they can stay off the red hot griddle of vaccines they're going to try to. i think the idea that as much as i thought initially there was a

burst of corporate adoption. >> yes. >> i now think that there are ceos who just say, look. i'm getting some pushback. i don't want to offend people. >> a mixed bag i hear that but still that frustration amongst ceos they haven't been able to get their workforces back in the office in a meaningful way and here we are mid-september, pushing these dates back to january. led by the tech companies. it varies according to industry. many look at the largest, most important companies we have. apple, alphabet, or so many others, ah, can be next year by the way were, it's going to be hybrid anyway other industries feel frustrated they're employees are, why should i go back when they're not going bag? >> an analyst meeting wept very well yesterday raising number furiously a lot of people thought we'd be in hybrid mode obviously we're not back.

>> tech giants, apple holding a product event in a few hours company expected to unveil the newest iphone model as well as updates to the watch and airpod headsets begins at 1:00 p.m. eastern time and as with other recent events at apple, they will be held virtually. goldman last night argued they think there's going to be an announcement on installment payment options at zero interest, which would allow consumers to get in on some of the pricier phones. >> there you go. buy now, pay later i think this whole thing, people, including my friend dan. act as if apple is just some sort of a, they have a retail store. absolutely apple is, who is your provider who's your provider? t-mobile at&t verizon? by the way, this is all over the world. who buys them and what do you get? my phone broke yesterday i think very timely. i don't think it's a vast national conspiracy, but i'm looking at providers saying, you know what? i'm going to shop around. >> as you should, because right

now you can get very, potentially very good deals in terms of a trade-in. >> but they have to -- apple, kind of orders apple has a good look at. >> right. >> so i don't think -- they're not just waiting for people to come into the app store. that's what it always seems like come into an apple store no go to a t-mobile store that's who you go to. >> i'm the idiot who actually did go to the apple store waited three hours paid full price when i could have just gone to verizon. i'm a complete moron when it came to that. >> pathetic. >> i was not happy about it. my son could have figured it out, too. >> younger people seem to -- >> i did not. >> so it's -- 50% win? i do think that when we look at this, there are so many people who always say it's incremental. then, holy cow look at this i got this, i got that, i got this why don't people realize tim cook is not a self-promoter. nobody thinks in that new phone it will dazzle you. >> you think a surprise today or just going to be --

>> yes. >> -- typical camera and -- >> no. a surprise and the watch will be a surprise. >> already going to do a 38 billion in device sales in wearables -- >> any idea what he's talking about? >> wearable sales. >> come back after a break >> finally, actually making calls for you, you don't need the phone? >> the fphone -- goes, please, check back in a bit. not sure what you're -- >> a total idiot look, i think expectations are low. plus, don't forget had you a crazy decision where somehow nine out of ten go with apple and the tenth goes with epic then stock goes down $80 billion. finally for once apple's not coming in hot. >> nope. stock has underperformed all ye year. >> yes it has. yes it has, david. >> something of a surprise later, we'll see i don't know

bad luck >> apple 13? >> what about apple 13 >> i said 13 >> 13? >> no 13 on the empire state building. >> i know. >> don't seem to mind and relatively leak-proof. at least this particular event we'll find out more in a few hours. >> if i can get me a watch that gives me no false positives, i would get it in a nanosecond >> didn't do a good job tracking my swimming. not a good job think about it >> cuts your blood pressure. >> i don't i don't have high blood pressure. >> all right >> i'll let you know. >> my blood pressure is up because chinese, communist government anything they touch is a freaking nightmare anything anything that's why gensler is just spot-on. that and coinbase. >> coming on with us tomorrow. >> i know.

>> and we can't wait. >> can't get -- >> got gensler the pre-market loe lots to get to including boeing. long-term forecast revenue miss at oracle m & a and intuit and goldman sachs with a new cfo we're back in a moment. >> announcer: chthis cnbc progr is sponsored by --

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steve share, chief financial officer of goldman sachs stepping down from the post end of the year. the company putting out a news release earlier this morning saying he will depart as of january 1, to be replaced by dennis coleman, who's been his deputy for some time, a longtime veteran of the firm as well. takes over shares on a roll about three years. he's had many roles there. 28-year veteran. add his name to those of greg, eric, and a number of other, perhaps less but certainly senior employees of the firm who have departed over the last year and some may say, oh what's going on here in the case of this, what i'm hearing is pretty straightforward. particularly because, sort of the same generation. your window for leaving is --

is -- finite in terms of stock price at a high. when you can actually do it. before there's anything that might come your way that requires a lot of attention and time, and then your window for your career, frankly, is not open that much longer either in terms of -- making a jump. doing something new. and so i think that most likely this should be viewed in that way, jim you know, a guy at a certain age, having been there for a long period of time. >> but three years remember -- used to have -- >> a while longer. >> a very stable -- >> stavos didn't have the job long. >> maybe that he didn't perform. >> and things are known, but what i hear anecdotally from so many investment firms, particularly investment banks, killing it crushing it. >> they are crushing it, and

have you ever talked to a more miserable group of people? holy cow honestly they're like miserable lives are horrible when you talk to them, yeah, my life's horrible. you don't understand no, i actually do understand how'd you do last year there is a conflict. a lot of people also, by the way, not goldman, they like that new hampton's lifestyle, don't have to go to the office goldman guys. >> there every day sheer's been there every day since the pandemic. >> do you think, was he miserable? >> no idea i don't bleeelieve that could bi case proud of his tenure there and continue building up presence in markets and that effort. obviously theyals, investment bank killing it. sort of private equity-like business recurring flows that they have of -- of active cash, so to speak, it's very important

trying to get a valuation. can't complain $411 even though morgan stanley -- >> going out a high. kind of -- look, maybe this is just my own sources, but a liked guy. a little rough around the edges but a liked guy! >> competent definitely. >> that's great. competent. that's a real -- wow a high bar. >> yeah. he was okay. >> i like him. >> i like him a lot. >> you do? >> yeah, i do. i like him a lot. >> that's two right there's. two people. >> if you say something wrong, the commercial will come and then you will be corrected >> even as you guys are talking, the "times" has a letter from senator warning to chair powell asking him to break up wells fargo. break up its core banking from its other financial services we'll keep our eye on that. >> where was that during the period where -- sharpe what he he done?

got rid of the board, all senior reports and now -- what do they want what do they want of sharpe? >> we'll get to cramer's "mad dash" in just about seve nus.n don't go anywhere. >> ann this cnbc practice is sponsored by -- hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business, you can pick the best plan for each employee

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between that cooler than expected cpi print the apple event, gensler on the hill, andy jassy on our air, the california recall, busy tuesday morning futures close to session highs as cpi rolled in and the opening bell is coming in about four minutes.

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principal. for all it's worth. >> announcer: the opening bell is brought to you by nuveen.

leader in income, alternatives and responsible investing. welcome back we're going to squeeze in "mad dash" before getting to the opening bell. >> evercore comes out with a note prelude to andy jassy coming on at 11:00, runs amazon, saying we're really missing the whole point about the magnitude and meaning of amazon's logistics expansion. now, this is right in jassy's wheelhouse interesting to hear what he has to say, but they're raising the price target from 4,200 to 4,700. this stock the 3,047 saying if you want the faang, it's going to be this one. i felt amazon, same day talking about -- always felt as amazon goes often large tech -- so i regard this a very important call and one you really want to

go on with, because they're saying they're going to pull away again pull away on same day is something we all really want as customers. and makes me feel that prime could raise price. >> definitely where the battle is increasingly there's the opening bell and the cnbc realtime exchange on the big board, exchange crew and nyse celebrating nasdaq companies. sustainable enterprises. at the nasdaq and sport radar, provider of sports betting and entert entertainment, michael jordan among those ringing the bell we'll talk to the ceo in a little over an hour. >> getting crowded. >> the space -- >> a crowded space i know that people of penn national talking about how because of importantly they don't need to do a lot of advertising, cost acquisition. but anybody watching emails this weekend. you would see like -- if patrick

mahomes gets half a yard you get $100 >> if we just keep up that shot they'll keep applauding the entire time. >> probably. yeah. >> okay. >> just funny. >> enthusiasm. it's good. >> yeah. boeing, jim, you said didn't really matter today, but they did raise their guide for the return of domestic travel, international travel wide body, single aisle planes for 2030. >> yeah. fleet renewal, sustainability. efficiency important, travel demand covered that before it comes back, and then the whole idea that planes are just better and better and better is something that does matter, but not matters today. i struggle with anything in this presentation as much as i like it, that it's going to make it so to say, you know what, i want to get in ahead of a quarter get in about a possible equity -- people feel longer they go without wide body and

chinese orders, i don't know look, i don't know any special insight they need to raise money, but it's obvious they're net getting the orders i thought they would get by this point >> you've not been positive on boeing even though -- you still own it and in your charitable trust y . >> yes, i do taking a longer term -- >> you had nothing good to say about this company. >> that has to do with the news. >> i thought you were holding the stock? >> because i take a longer-term view when you take a longer-term view, you can be as long as you want to. >> oh, i see. >> i think the chinese simply not playing ball at all. all the airlines not having, just a boom in travel. i know business travel's not come back yet. i happen to think that people want to go places. and that, they're just waiting for the all-clear. >> we are getting some

qualitative comments out of amex this morning saw a strong july in tme and softness in august sequentially. looking at early days of september, though, looks a little stronger, in the u.s. >> look -- >> by the way, amex is leading the dow. >> and square has done a remarkable job this initiative, this small business initiative, david, i know it sounds like just so much dross, but it is real. their commitments to small business is extraordinary and i think made is so they have the correct egos of other people extraordinary for the most part. >> speaking of small business. have you ever heard of mail chimp? >> sure have bought by the same company that bought credit karma. >> it was. into its $12 billion in cash a stock. it's a company -- global customer engagement, marketing

platform what it is, for growing small and mid-market businesses. what they say. you can see into it. shares actually responding positively in the early going here to that deal that's a big number. >> yeah. it is a big number when you -- >> i don't know all -- i don't have a lot to measure it on here. >> well, remember, when -- >> bought by salesforce, a couple billion people laughed at that and thought -- paid too much in terms of fantastic acquisition david, signing up to compare right now on mail chimp. >> it's equal parts stock an acquisition -- valued 562 a share. you can see already doing a little better if you put the average -- >> brilliant and -- >> cash as well. >> an amazing company. look at that chart look what they've done remember, this is a period, by the way, which has not been

extraordinary for small business but intuit is a way to cut your raw costs as a small business and -- because, they are the instrument of not having an account and the answer when the irs knocks wait you're -- numbers. incredible company it's an incredible company. >> and going to take on between 4.5 and 5 billion in additional debt to pay the cash portion of the consideration here, again, $12 billion for mail chimp that's a rich monkey i remember when they bought credit karma and said, are you kidding me like karma turned out to be something people like to check credit scores and they like to check where their house is on zillow i have friends who check their credit score, like, i haven't checked it in the last year and a half. >> check their house to make sure it's still there? is that what you do with yours do an aerial view? >> really like to hit me on that don't you? >> yes, i do, can't own stock or

houses. >> i know how elizabeth warren feels about it. >> i have a very good relationship. >> you do. >> with senator warren. >> does she know how many homes you own? >> that's not been the subject of the conversation, feeling more with the substance. >> may want to break you up, make you divest? >> if not her, then aoc. >> and would have to get to my wife that would be the breakup. >> she may have power to do that who knows. or may fed powell. >> jo. jay powell is not in favor mail chimp is one of those things i just said, you know what i'm giving into it, the benefit of the doubt because of everything they've done. think how, the luck they had h&r block -- look at that. >> there's aoc in a dress. >> megan fox is like, what's on your dress >> yeah. i don't know do they have in texas, cut the taxes for the rich dresses >> aoc i mean --

>> how about florida >> all of those jobs on amazon, would have -- >> did you hear comments from eric adams yesterday >> yes. >> about husband ais approach to business in new york city. friendlier a pivot from the de blasio administration. >> has not been friendly to business. >> got that. >> and, of course, this is a federal official, not local, but has also been -- fairly hostile to -- >> i mean, the growth -- invite her on the show. >> i'd love to have her on the show great to be -- >> let's make that happen. >> during around the amazon headquarters in particular in queens. one of the keogh key opponents. >> blamed 4 ax for the top line price. >> i want to urge people to read an oracle conference call, because -- larry olsen comes on and basically starts by saying,

let me explain something to you. we are bigger and more better than almost everybody, other than amazon and microsoft. we're well ahead of google then a few comments about how a bunch of, everybody else is idiots comes back and said, did i tell you that we are bigger than google i mean, the conference call was -- it was strange. then i think people are completely intimidated by ellison because no matter what happens. stock's down three, congratulating him he managed by intimidation >> hmm. >> of the analysts this chevron. >> a tough guy. >> i worked on this myself >> looking over at my stuff. >> i like to front run. >> i know you do, it's legal in this business. >> it is. >> mike worth's stuff, too talk about chevron stock not doing much. >> nobody knows what you just -- >> it's in a press release, jim. chevron accelerates. >> a press release from walmart yesterday. that didn't -- >> my bad there.

>> that's okay i really -- >> a press release, when we obviously have doubts about the cuts they're talking about here talking about chevron not a fake press release scelebratinger carbon emissions investing between now and 2028, $2 billion to lower carbon intensity of operations, and that does triple the company the previous guidance of $3 billion. go from an expectation of spending $3 billion over call it the next seven, six and a half years to $10 billion obviously still a lot less percentagewise than then spend on getting oil out of the ground a significant reflection of the focus of both chevron and of course, sun on the other side as well not as well, focusing on -- >> is this perhaps an insurance program? in other words, maybe a policy taken out against what happened to darin woods with engine -- >> possible. i don't draw that much into

those reports about engine one i think -- with chevron. i think they've met with many different oil companies. >> mike worth has been well ahead of many of the other people. >> unclear where that effort, if any, goes, but, yes. although worth has been going down this road for some time. >> yeah. >> but this is a pretty significant increase. >> it is glad you mentioned it. i think a lot of people are very skeptical, carl , wait a second. one of the largest carbon companies wants to be carbon neutral but many companies are doing amazing things with carbon dioxide. putting it back into the ground. i used to think they were uninvestable they got the message not from me. that would be saying that my head is even bigger than yours, but -- but -- oh, i'm sorry -- i do say i look at these companies, they are concerned, and it may not be engine one they actually may care about the environment. >> we've said many times, though, the amount of venture

capital available to them continued to shrink for some time it's not going the right way. >> why so many commodity strategists have long-term views that you're looking at supply crunches because of pressures from esg look we're at 71 today on crude and as running into houston this morning, nicholas. >> natural gas is, i don't think you can stop it. i think it can go much higher. on tonight, suki, a chairman whether the charts, supply problems, whether the arbitrage between what you're getting in europe, southeast asia versus us, makes sense to sell it here. you sell it for $16 overseas. >> yeah. speaking of ways to power things other than with fossil fuels, morgan stanley, did you see that adam jonas initiating a lot of different stocks at least a few on lucid, we have been focused on that. stock's down about 2.5%.

he had to say, at a $31 billion valuation, the stock market appears to be ascribing an unusually high probability of scenarios lucid achieved high market share margins for both. lucid can occupy a sustainable niche place in a difficult markets and at this stage see many obstacles left to hang a more establisheded etf and growth into its -- >> one of the most successful spacs out there. >> adam's done the best work, i think, on the need to have batteries that are effective, and also just, frankly, possibility of a battery shortage this is something ford's focused on remember ford wants to go all-electric. either plug in your f-150 and it can power a tremendous number of things but you've got to have enough batteries to meet the demand i don't think ford does right now. >> it's not just -- >> not just semiconductors. >> hires from lowe's on the forefront and apple trying to

bolster ev development program. >> apple reacting somewhat to doug field -- >> leaving -- apple. >> apple to go to ford a lot of this -- a lot of excitement at ford right now about the new lineup, and -- look, we all watch the commercials, those who watch football you figure out not just the super bowl who's got things going, and i found that the sport sporting narrative is exciting. mustang, f-150 electric. a little more exciting -- >> that guy talks in a very low voice about that chevy truck. >> that ford >> no. the ford guy talks like a regular guy. >> oh, i'm sorry i got confused. mentioning china a while ago and cathie wood, what it would take to have her interest in equities renewed take a listen. >> what we did in the series of moves recently around china, we have taken our position down

significantly but stayed with a few of the low margin -- >> what would it take to -- invest more? what would you need to see >> what would i need to see? i think it would be, xi jinping saying we made a mistake i don't think he'll do that. i don't think we'll be hugely involved with china. >> reflection of what her distaste for chinese names -- by the way, still very active in crypto and ether in particular. >> yes i'm an etheoren guy. i think more easily used what happened yesterday. i marked the ceo of barrack. >> again, often -- >> and versus crypto, say, and mark's taking a longer term view than ten years say 10,000 years and gold seems

to have held value to some degree but people are getting upset gold hasn't soared in an era we fielded inflation. >> gold down 6% for the year. >> i know. how do you like that >> looking at gld. >> right but cathie wood, look at what was, what did come out of the chinese last night with the idea that maybe mikhail should diverse away from gaming like vegas to should, i don't know take off manufacturing semiconductors no the idea of this is gaming so if you're going to make it less dependent on gaming, that means probably hurting gaming. not boost all sorts of other businesses. >> will you look at this every day we come in and people say, you know what we're done done. >> today was the civilized internet their goal civilized internet to regulate flow of content and information distribution >> look, we like the words >> this sounds good.

>> could use a little of that. >> a little more civility, but you can't police things. so -- >> things that anybody who's -- my wife was in china for 18 hours two years ago. burnerville. right? like the wire -- >> yes had to take your burner down. >> burner. right? >> yes >> don't you presume -- i mean, i was speaking to my stepson, happened to -- he was -- camel surfing. you know surf behind him, mongolia, hurt his shoulder look, i don't know if i trust the doctors, and -- just doctors trust the doctors? like, hey, just a second that's like special surgery up there in mongolia. what they want you to say. >> i remember that we have the dow up 82. vix back below 19 and get to bob pisani. >> hey, guys, happy tuesday. the cpi, the big story wa weaker than expected

undercutting a little bit. good for 20 points at 8:30 eastern time on the s&p 500. off the highs now, but still to the up side. look at the sector leaders, and they've been leaders throughout the month, really. energy and semiconductors two of the big market leaders and hasn't ban huge out performance from a lot of sectors this month, but consumer discretionary up health care, banks weak essentially sideways the down for many, many months, not been a leadership group for a long time complaining, a trendless market. not quite true s&p down about 1%. a few modest out performers not many most in the tech space look here. technology, sectors like semiconductors have been strong recently cloud technology's doing well. energy in the cyclical group the one big outperformer amongst cyclicals. nasdaq 100, flat-ish remember s&p down about 1% more interesting, the down side trends seen. pharmaceutical down. heard about concerns be a the government getting involved again in potentially medicare

pricing drugs there. that's an issue. hurt them. home construction down on a lot higher labor and material costs. retail down on reopening story softening a bit as industrials and transportation interested in what's happening on that side of things not a big, big decline overall not trendless, ipo market. calendar's filling up. keeping track. names potentially out there but we don't have them on the calendar starting to get calendars fs filling up this week, a shoe company from switzerland. holden at the nasdaq a qualitying croup toast coming next we're. digital payments, a/k/a brands, out there. that's a big fashion retailer. that's out and the week after that, warby parker down here at the new york stock exchange this calendar's going to fill up i anticipate in the next week a

lot more of big names particularly big consumer names we're talked about a couple weeks ago. finally, gensler is testifying today in, of course, the senate banking committee. very clear three main policy initiatives that he's pushing that he's going to emphasize the first one is, of course, on market structure, and on payment for order flow he's made it very, very clear that he is basically hostile to payment for order flow and excessive concentration, he calls it of market players two we're talking about. citadel and vertoo.analytics, a fa fancy statistical term, gaming concerned gamification of trading and made it clear that he thinks it poses conflicts of interest for the broker, since their designed to optimize trading. he believes. revenue and data collection is a conflict of interest he believes and very vocal about that.

crypto, probably the most controversial. last week surprised a lot of people by essentially indicating that coinbase is lending program might be a security, and the move here indicates that he is considering most crypto assets a security at this point and bringing all o over a large swath of crypto assets you know, i think what's going on is he's made it clear he believes it's necessary to get clarity on the regulatory front before he moves ahead with anything else in the crypto space and that includes the much awaited, long-awaited bitcoin etf. i don't think we're going to get anywhere until we clarify what kind of regulatory control they have over these things

and 3:00 p.m., doug sifui, his closing response >> as we go to break, we did get the cooler than expected mpi number and once again, typical morning. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away.

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this morning on tech check, at 11:00 a.m. eastern time, don't miss amazon's clivexuse. andy jassy his first since being ceo.

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good tuesday morning welcome to another hour of "squawk on the street. live at post nine of the new york stock exchange. we did open with a pop to the dow. now we're down about 90. we have an apple event today cooler than expected cpi and testifying on the hill we will monitor that hearing and bring you the highlights leslie >> and we're 30 minutes to the trading session, carl. starteding with oracle shares sliding after they fell short of forecast, amid increasing cloud competition, down more than 3.7% and announcing a deal tool buy marketing chip fraaround $12 billion in cash and stock. that followed credit karmdau for

more than $7 billion and reiterating an over wailgt rating on the stock. you can see shares up about half a percent right now. we'll have a lot more crypto later this hour. consumer prices posting a smaller than expected increase in august. steve. >> i'm going to start with commentary i just got from rsm, quote, score a victory for team transitory in the inflation voice. but adds too too soon to include inflation tick core inflation at 4%, year over year the lowest since they are still historically high. and transitory inflation can bein some of the areas where prices are declining among them you'll see at the bottom of your chart were airline fairs down 1.9%.

and used car prices. gasoline up 2.8% food prices up 0 out 4%. and sort of insurance and other things facing down 2.3% and oxfordicnomics writing in quote we believe the annual rate peeked in june that being said, the bottle necks amid strong demand will keep the rate of inflation elevated it removes some of the urgency of the footd to act this month but with inflation still high, the number seems unlikely to change many minds by itself. that's especially true because while fears of the initial inflation, that's eased offer, there could be other sectors like housing that could push up prices down the road, along with businesses passing along higher wages to consumers carl >> thank you very much let's continue that kajz with

the u.s. equities strategist great to see you a lot to cover with you today. i'd love to start with inflation and steve's point about whether those increases are behind us, whether proddictivety allows tusz put massive inflation off the table. where are you right now? >> when i think about it in the context of corporate margins the transition between fundamental economics and what the equity market is focussed on and margins have been resilient. number one, this view towards technology and net margins are around 25% that's twice for the rest of the market and a lot of companies are switching through their higher input cost that's what the inflation is measuring. i would say it's embracing the

transitory view of the fed as well i'd say the focus is on this question of what are equity investors paying for and carl, they're paying for three things they're paying for long-term growth they're paying for margins and earning stability. so, those three factors can explain, regardless of sector, why some stocks are trading high valuation and some lower the other attributes, cap or sectors or other leverage, things like that those are not being ascribed more importance in valuation today than they have higs orically long-term growth, margins, earn gds stability. >> i'd love to get your take on what is in the copy as you see macrostrategists bring their numbers down there's always that caveat that

at the draw down risk is limited because of buybacks or what have you. what do you think happened after labor day? because that's when we got the bulk of those calls. >> i would advocate the path of least resistance is higher there are always risks there's the higher margins or inflationary pressures, wage inflation. potential rate forecasts all those exist. there are different risks and i would say why i had a more positive view in the trajectory of the market is companies have responded pretty agleszively to these higher costs and that's what has led and will lead, in going forward, to pretty upward trajectory in profit i think the biggest risk is tacks. and in terms of the discussion with portfolio managers, it's been taxes in terms of the proposals from

the ways and means committee last night and expectations, all the discussions last week about what the trajectory of taxes are. i would say the one risk i would highlight and isolate is the idea that our forecast for earnings are somewhat below and i think that's because we're assumic, my team and myself, rusuming that taxes on the corporate level are going higher that would lead the risk to potential negtive earnings revision, as you look later in the fourth quarter once the tax legislation, hikes are come nothing to place. i'd say that's one big issue we look for where are our forecasts different from consensus and our my colleague, significantly above consensus expectations on amazon, google and facebook

obviously, three of the five largest stocks in the market so, that's one big issue, carl another issue is those big five stocks now comprise around 38% of the russell 1,000 growth index. that's 38% that's extraordinary amount of concentration and a lot of large cap growth mutual funds are deregisterer as a diversified fund if you have a bench mark waiting, you would be in passive violation of the sec guidelines. there's a challenge in terms of asset management in turls of how to deal with this extraordinary concentration. >> i want to follow up with tax reform for a minute, if we could. is that risk purely isolated to taxes increasing or does that also account for the big spending packages as well? do those net out at all or truly

a net negative with when all things are considered if taxes are raised here? >> i would argue a knelt negative in terms of profits the idea of increased spending is spread over a decade, in terms of pruosals. the transition and translation into higher or lower revenues is somewhat dissipated by the time you think about the length of time on the other hand, the hire corporate tax rates is immediately, dependong what the language is in the final legislation. so, that would be a head wind. and so, our forecast is probably around 5%dom munugz, if you will, in head winds. if you had no tax reform, rev -- earnings growth this year to next year would be around 7% and our published forecast is 2%

and that's because we're already incorporated in our forecast, the idea of higher tax rates interest rates are e troedinarily low, in historical contexts in that environment, equities are o -- what is it that we're see sng extraordinary inflows into the equity market and that's been related to the fact there's been extraordinarily busy issue, both sfrum follow ones, other capitol raises, ipos you have that inflow into the equity market. and that's going into -- >> you make the point on buybacks, david, that stocks were in rooesent weeks do you think they're at risk in aggregate? >> no. my perspective would be the

extraordinarily high margins means there's a high all quality problem for the corporate sweet, which is what to do with cash flow they're generating? how much goes to research and development, how much into capitol spending and there's a lot of money so, it's a positive problem or chal chg for companies and our expectation is there -- a reasonable amount of that, cash flow, will be redirected towards purchasing shares. and level for repurchases has been extremely high and robust and the buyback dust is likely to continue going forward in my forecast >> david, great stuff as always. good to of you to elaborate on the notes we read every week see you soon >> thanks, carl. i want to alert our viewers to weakness in some of the

nation's stocks of broadband, led by comcast, shares have been down as much as fiechk%. it does appear linked to comments from chief financial officer, michael cavnew gnaw, at a conference this morning. talking about the disruption due to covid and how the hitser -- how it's effected things and what we're seeing in the tail end of august is a little bit of a slowdown in the net ads in the cable business. that does appear to have been enough to knock shares down significantly, and shares of charter. one of the larger broadbands providers in the country he went on to talk about the third quarter w historical adds.

and that was behind 2013, which was a record quarter he said if you put the second and third quarters together this year, you'll be 10% better combined than you were over the same six months for 2019 certainly weakness we notice in comcast shares and wanted to share that with our viewers. >> that's interesting, and we talk all the time about the migragsz to suburbs and rental market of course has seen a recent uptick as people move back in the cities but as they're doing frequent moves, one thing you don't think about as frequently is what do you do about your cable subscription >> maybe you lack in doing so. >> and so much investment is tied to getting streaming businesses running and still very much in question.

>> i do notice there is weakness as well in fox and viacom, discovery. unclear whether that would be related to this add all. obviously, it relies on people having a broad band connection but weakness, overall, led by comcast. >> take a look at the road map for the rest of the hour on "squawk on the street. apple is set to unveil the newest iphone models today and michael jordan backing on the nasdaq. and we'll tell you wha

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. our john ford sitting down exclusively with jassy since becoming ceo >> jassy's first substantial interview of any kind since becoming ceo in july he shared thoughts on the debt sealing and imtsz it's impact.

>> alsoen the pandemic and the impacts in covid what about bigger picture, the macro economic impacts what are you seeing and have you experienced? >> i'll just mention a couple now. the first thing is, in the u.s., the government has had to spend at unprecedented levels to keep our citizens safe. if you look at our debt commitments and where the debt ceiling is, it's a little concerning i think it's scary for a consumer confidence and for confidence in u.s. businesses and potential credit ratings if we don't make sure we raise it i know that's going to be debated in washington but i hope we take care of it sooner than later in congress. and i think education -- you know, in modern economies, like the u.s., it's pretty difficult to have the opportunities that are available and emergent if you don't have the right educational background and dollars a real division in the country.

if you look at households with income of $56,000 and lower, only about 15 of those families have kids that go to college households of over $108,000, about 82% of those families sebd their kids to college. that's a huge divide so, if you want to make sure everybody in the country, and around the world, have opportunities to participate in the emerging economy, we have to make sure we have the right quality of education in all the communities we operate >> some leaders have said community college should be free and standard >> i don't know. it will be intershing over time to see whether or not we have the same number of four-year colleges ten years from now because it's expensive i do believe we need to do more in this country and across the world in two-year colleges where we focuses what people are learning on, you have can learn trades and professions in a concentrated two manufacture

year education and that could be a path moving forward that's moving forward >> we've been investing with two-year colleges around the country and i expect we will continue to work with them >> jassy weighing in on policy and we walked about a lot more the rest of the interview coming up next hour on "tech check. >> people are asking what is andy jassy doing talking about the debt sealing it reminds me of goldman saying they fail to raise the limit they say treasury could potentially need to halt more than 40 pf of expexected payments including to households >> and listening to those comments, that seems to be what he is talk about is the impact on the overall economy and even though he would say amazon represents a sliver of global commerce overall, i think we all know that, for so many of

us in the u.s., amazon does have a significant presence and so, it has skin in the game when it comes to what consumers have to spend and consumer confidence, carl >> john, congratsz on a great interview. and i'm curious to get your sense of being in amazon hq, sitting down with andy jassj himself. what's the tone been like? obviously, succession in the big tech giants. not always an easy task. what's your sense, just being in the room and sitting down with him specifically >> he's been at the company for a quarter century. so, in that sense, not new at all. but walking around seattle and being at amazon headquarters, thereerant a ton of people around seattle is one of the cities very much with delta and precautions taking a step back we were masked inside the building six feet, plus, a little bit for

the interview itself, the short period of time we did have our masks off. but we talked about hybrid work. i asked whether he regrets hq 2 and all of that spending, given what's happening to the workplace and you can hear what he said in a few minutes >> john, we can't wait a lot to come from andy jassy. first interview since being name said ceo we're going to tell you what to

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welcome to "squawk on the street." lost and then some, despite the cooler than expected cpi number. and later on friday, and then retail sales as well let's get a news update. frank colin has it for us. >> here's your cnbc news update. the four former minneapolis police officers charged with violating george floyd's civil rights will be arraigned in civil court. this is different therein the state's case nicolas is weakening after making landfall in texas as a category one hurricane

it's already dumped more than a foot of rain and 5,000 people in the state are without power. president joe biden campaigning on the eve of that recall election vote against today and it could be consequential for the national agenda of the democratic party er for it's seen as a referendum on the covid policies. and vladimir putin is self isolating after someone in his inner circle tested positive for covid-19 so far he's tested negative and has been fully vaccinated with sputnic v. testifying in front of the senate banking committee we're going to listen as he gives answers in regards to spaks. >> you're going to want more information, like you suggest in your goldman days. we talked about how they've treated the markets as a game,

they seem to win at the expense of everyone else, including communities in rhode island and ohio and pennsylvania. spakz, for instance, drawing companies that want to please wall street, sometimes make promises they can't deliver on look at youngstown, ohio there's a lot to unpack what's going on whether or not they're only able to succeed t seems clear there were outside investors looking at this, not as a long-term investment in a town of work force, but as a way to make a quick buck with no follow through. there will always be people, of course, like that, but that doesn't mean we need to encourage risky financial mechanisms to encourage speculation over long-term investment and when investors make their money and pull out, companies break promises and workers pay the price. what are the risks of the spak market as highlighted over the

last year and what can we do about it >> i think the special purpose acquisition companies, blank check companies, the risk are to investors and dis kroegs closure to investors i've asked them to serve up recommendations but in essence, there's a lot of cost in these and secondly, usually have a two-year fuse and they try to go out and buy something. and a lot of the institutional investors, when that happens, sell it's called a redemption right and retail investors are often left holding the dilution or significant cost of the bankers and promoters. we're looking at greater disclosures and if there's inherent conflicks along the way and again, try to put this out to notice in comment and rule making >> thank you my last question it's been 11 years since we passed on frank. the rules of record and

compensation remain unfinished we've watched kpivls leave with huge bonuses after presiding over fraud and scamming customers. the fraid golden parachute is become a cliche. er for it's that common place. why is it important to have strong rules to claw back or when executives got that compensation by breaking the rules and hoy important is it? >> for the sec, it's important because this committee and the whole congress with the p president put it in law and it's a mandate we shall fall follow i remember being a staffer on the other side i know that's how he felt. two, in terms of substance i think why congress addressed this and put into law is if there's a material misstamts or omission in the financials and

they need to be restated, then the executives shouldn't benefit and there is a certain number of years, a look-back period, clawback period where you should give up the performance-based compensation, if it was based upon faulty numbers. >> thank you >> thanks, mr. chairman. chairman gengsler, one area that appears to have nearly universal agreement is the benefit of a faster settlement cycle for securities as you know, they seem to be confid pt in a t plus 1. my understanding is you support these efforts. i would encourage the sec to move ahead as quickly as reasonably possible so that can proceed. and i think there's widespread support by removing the link between the 30% weekly average liquidity and the possibility of imposing fees and gates.

i don't think there's a need for regulatory reforms as an investment but improving this regulation would redusz the risk that i think the regulatory regime imposes now. i am concerned about the sec noted a kwltly fulfilling the capitol formation mission. last year's appropriation instructed the sec to deliver two reports to congress by end of june which would help benefit small public companies i certainly hope the sec will submit those reports promptly and you tiefed to the house that the sec would have a report on game stop and robinhood by this summer we got a week left in the summer i hope we will see it soon let me turn to crypto currencies and my time is limited so, i'm going to try to do this

as efficiently as i can. i think i know your position, among other things, is not all crypto currencies are inherently securities that's true. >> there are a small number that aren't but i think as chair clayton said in front of congress, i think very many of these facts and surkts are investor contracts. >> here's my concern so, some are and some aren't, is what you're saying i'm conconcerned the sec has not provided sniff knlt explanation and how we testing, which i think is the court standard for determining when something is an investment contract. for instance stable coins do not have an inherent expectation of profit they're just linked to the dollar you might use them in an attempt

to make a profit but that's a second order activity. is it your view that stable coins themselves can be securities >>. >> they may well be securities as thurgood marshal wrote, that in defining the scope, congress painted a broad brush and it included about 35 different things inside the definition of a security in the 33 act >> i've got limited time so, i acknowledge that here's my problem. i think what you just said is they may be securities or some are securities to me, a stable coin does not meet the second prong of the howie test, that there has to be an expectation of prophets from the investment if it doesn't meet the howie test, looks to me like --

>> of course, it does give you a sense as to how many issues he's dealing with in the brief amount of questioning we took there obviously spaks came up, the gameification of the markets to a certain extent and as you see there, the conversation moving to cryptoand whether it should be considered or many should be considered securities. on spaks, we can look at the various indexes we have as well. the sec chair did nulkt rules that could change incentives we talked about the misalignment between shareholders and sponsors and i talked a great deal and he did reference it laetsly about a high percentage of redemption in many of the spak, prior to close, leaving a small float outstanding of the stock and less stock than the company imagined would be available when they threw up their projections.

and it gets back, leslie, to this idea of more transparency i read the outline to the deal and it's a lot less detailed than it would be in a typical merger plenty to discuss by mr. genzler, who will, by the way, be joining us for a long interview on the street. >> can't miss that to your point, they're very focussed on disclosure and conflicts of interest. a lot of it has to do with a variety of issues we talked about here crypto, spaks specifically want to talk about order flow without using the specific words in his prepared remarks. a higher concentration of market makers what does that mean, specifically for the retail investor is something that he's particularly focussed on and will likely comment on >> not even mentioning china and

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schwab! look forward to planning with schwab. apple is set to unveil their latest series of products at the california streaming event scheduled today at 1:00 p.m. eastern time the new apple watch 7, the rumored air pods three joining us to discuss what to watch, chris

welcome back and appreciate you playing the game we like to play on product event days and that is what do you think the headline will bein a couple of hours? >> you're going to see new iphone maybe marginally better than last year. aer chip and time of flight in the camera, probably and bigger capacity and i look at huge expectation in terms of is this going to be -- on the iphone and like you mentioned, the watch. but i would say, not a whole lot of execitations into this product release, because may be more instrumental. >> there is a bit of a discussion about pricing and what we might hear

a lot of cross winds, given the chip shortage, although we know apple is a fairly powerful player in the supply chain what do you think we might hear on that front? >> i think the expekzitation is going to be similar to [ inaudible ] and never mind the component numbers because obviously, it's driving product inflation from a cost stapdpointed and apple is probably in a better position than most other device makers who weathered the storm. largely, i think, at this point, is going to be in-line pricing, similar. and i'll be surprised at the prices because of kawhi modty. what's your expectation, how strong a sell to you thing this will be? >> i would say definitely apple

will showcase it as one of the newer phones, which is it is i think keep in mind last year, when the new phone is introduced, skepticism around 5g especially on the carrier side the infrastructure isn't there i feel like the people on the fence haven't updated in three or four years. i feel like, from a consumer standpoint, no matter how shiny the new phone is, i think it's going to be fun. i'm not too worried about it because there are people not 5g and might probably be close to move, eventually >> finally, you know, product days are never great for the stock, historically, product announcements. but stocks not going in hot has had air lit out of it because of the ruling on friday prrls what do you think of the

stock here >> i definitely do like the stock. to put it in perspective, last time you and david was in june and stock is around 1:45 so, pretty decemberants strike since then but you're absolutely right. i think if you take a longer term look at stocks, the legal issues are an overhang, but i think stock [ inaudible ] >> appreciate that we'll see what we get in a comhour's time thanks >> apple is not only preparing for today's event, he's looking at the company's battle with one controversial software company >> that's right. we saw apple roll out the security patch for so-called zero day, zero click vulnerability. they discovered a such a wear company is producing spyware that can get intoi phones and

other apple devices without you clicking on a mysterious link. it company that produced the spyware is called nso group. and there's a lot of questions about what they're doing and doing. it's an israeli software company that makes the so-called pegasus spy ware software. they say they sell it to fight criminals and terrorists but citizen lab a cyber security research entity, says they're >> gauging in desputism as a service. that is selling the stuff to governments that then use it to opress reporters, huge rights activists and the like i talked to one cyber security expert yesterday who tds apple has high security in devices but said this. >> they're not immune to these hacks. and technology that nso uses is very sophisticated those able to procure it are age

to conduct these attacks against any sort of high-profile individuals, even though patching their system, not clickening on suspicious links >> apple minimized the scale of the damage yesterday saying attacks like the ones described cost millions of dollars to develop, often have a short shelf life and used to target specific individuals the subtext is they're not likely coming after you, necessarily. and we reached out to nso group. they don't seem like they're backing down nso group will continue to provide intelligence and law enforcement agencies around the world with life-saving technologies to fight terror and crime. >> thank you for that. at the top of the hour, do not miss tech check.

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welcome back to "squawk on the street." i'm dominic chu. stocks are mostly lower this morning with majority of the s&p 500 sectors in negative territory as you can see behind me here. but we want to call your attention to some of the action within the consumer discretionary sector so far

today. as we head toward session lows you got shares of las vegas sands, wynn resorts, mgm, casino companies under quite a bit of pressure today as a new covid outbreak in the fugeen province of china stokes concern that stricter travel restrictions will be in place it could derail the recovery of some casino operators. more "squawk on the street" coming up. stay right here.

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[music stops] welcome back to "squawk on the street." sport radar ringing the opening bell this morning ahead of the debut on the nasdaq today. joining us is sport radar founder and ceo carson corral. thank you for being here in your founder letter in the prospectus you wrote you see numerous opportunities for growth where are those? >> those are around the data and the technology so it is all about how can you process data and make products to make the clients more successful and that's what sports radar stands for.

innovation, we produce products where we have predictors, risk management systems, full flash services with software that the client doesn't need to care about to operation, we do this for them, and we have advertising services connecting the world of the media to the sport fan with sports betting. this is an exciting opportunity. >> and in terms of a monetary value, you estimate the sports betting market is anticipated to expand from $1 billion in 2019 to $23 billion in what you call maturity, a $23 billion market at maturity. what has to fall into place to actually reach that total addressable market and when is, quote, maturity, how far away, how many years >> well, in our predictions ten years at maturity, that's $23 billion. and we aim to address to 35% of this pool of 10 with the services i just mentioned to you. of course there is a lot of business in there, all the big

brands which you know doing sports betting, but we think the back end service for us is probably 30, 35% total addressable market. >> license bookmakers are operating in about half of u.s. states, with more gearing up we have seen the number of online bets surge over the last year as legalization, of course, works its way through the country. your topline growth is 18% the first six months of the year do you expect that growth to accelerate and have a greater correlation with what we're seeing in terms of just this heightened frenzy of activity in the sports betting market, that growth >> well, look, in the first half year we had the growth of 42%, comparing it to the last half year in 2020 so this is, i think, an exciting number and our ebitda at 47% up in the first half year. so i think that shows you how exciting this market is and how good we can tackle this opportunity. it is a real big opportunity for

many companies and we are super excited to be on the u.s. marketplace and if all the support of the partners around. >> i wonder about data rights licenses i mentioned it because you have quite a few of them with sports leagues, but you did lose one to the nfl to genius sports how much competition is going to be out there for the various licenses is it increasing and is it a threat to perhaps your growth? >> we do this now since seven years in the u.s and we have excellent partnerships yes, we lose one deal. we have monitored 50 leagues where we have deals with them, exclusive, nonexclusive. so that goes a bit up and down i told you before the numbers we achieved we can't have it all but we are super excited about the partnership with mlb, with mba and with many others so that is something where we are building our business based on many, many partnerships. >> finally, it is a big day for

you, of course, as it often is for founders during ipos you own almost 32% of this company. you're going to be a very wealthy man. any changes in store for you, personally, or are you just going to continue to lead this company? >> i got this question so often. no changes for me. so i'm blessed and fortunate in my life since many years absolutely no change for me, it is a milestone, which i want to reach with the team. i have a great team around us. so we, together, will lift the company now to the next level. but there is absolutely no change for my lifestyle, no intention to change something or sell something so things are perfect for me and we have the best setup >> founder of the company 20 years ago, doesn't sound like you're going anywhere anytime soon we appreciate you being here today, karsten. >> thank you for having me thank you for having me. >> you're welcome. things are perfect we'll be watching as we open for that as well you want to make sure to tune in tomorrow, because morgan brennan is going to be live from the

kennedy space center in florida. she goes to a lot of those launches and one day as we kidded with her she will be in she will be in the space rocket. >> morgan space brennan. >> yes >> she will be in orbit as well. that will do it for us on "squawk on the street. "techcheck" with andy jassy, that interview, stay tuned it is coming up right now. our business is very different from apple's business. we feel like we experience probably two to three years of growth in 18 months. jeff called me and asked me if i was interested when you experience great voice apps, it makes tapping on an app so circa 2005. we won't compromise on it.