awareness and sufcustomers thro this process watching it all. >> great watching you, morgan morgan brennan, of course, another important launch. that does it for us here on "squawk on the street. "techcheck" starts now. ♪ good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt and julia boorstin today california day dreaming. wa exactly did we learn from apple's highly anticipated product event? and microsoft announces that massive dividend hike. how that compares to its other big tech cares and how to play it later on, a major milestone for elon musk in spacex, morgan just saying live at the kennedy space center this hour. julia?

>> let's start with apple. investors continue to digest its product announcements. the headliner, iphone 13 improved battery display a new ipad, faster processing speeds and ultrawide front-facing camera along the new range of apple fitness features with the apple watch series 7 no word on new mac books, airbods, new apple tv. investors seem to weigh how these products announcements could be playing out the stock is under pressure this morning, following announcements and again now down about .6% so, jon, how meaningful is it they did not hike prices on the iphones? >> i think really meaningful, julia. i think probably a lot of investors who maybe aren't zeroed in on the most important things about this announcement i would focus really on the iphone really, this is the first time, i think, that the iphone 13, the pro and the pro max, really

separate themselves. carl, partly with that one terabyte storage option. partly with some of the camera features, particularly they've all got rack focus, but this macro photography, the quality of night mode they've got. the pro work flow that's going to be in there this really is, like, a semipro and pro photographer's bone and tops out with the pro max, with a terabyte, $1,600 for the phone. everybody's knonot going to buy that targets exceed what expected selling fewer phones, key in a constrained environment packing features on to the higher-end and carriers subsidizing more, i think, than people are factoring in, carl we'll see. >> exactly what morganly wrote introduction of higher storage skus likely to drive year on year iphone isp growth and waiting

for data to roll in this friday. remaining overweight, target 168. stay on apple. joining us this morning, cnbc contributor from "the journal" and bank of america analyst, and appreciate the time. joann, wonder whether they brought a directory show off the features how much are consumers going to follow it? >> i'm into it of all the things they talked about yesterday i was most into these camera upgrades, as jon was saying sort of get into that pro-level photograph camera and features. macro photography on the pro models hard to follow jon he took a lot of thoughts out of my mouth. >> sorry. >> thank you, jon. thank you. appreciate an apology but i think really the gap this year between the actual 13 models and the pros, okay you get a lot of the same features, but with the carrier subsequent deals you showed on

screen, $1,000 off $900 off something okay i'll get the pro model more people may go for the higher-end features and get those higher-end features. >> and i remember prior phone cycles literally we'd talk about what asps mean for eps a big function in the coming prints >> yes, and thanks for having me yes. i think that speeds are going to be important, and a few moving pieces we really have to remember when it comes to asps right? introduced higher asp, higher-end skews with amazing functionality. absolutely that's true remember, they're comping in, a last year, huge stimulus checks in the pockets of consumers, and it was a very unusually high skew to where asps last year, unusual event. we are actually comping that that's number one. number two, a standard launch of

iphones last year changing some of the seasonality and the mix and sort of what was available, what's was not available and has an impact on asps, too the big scale, be cognizant despite the big offers in the marketplace, also putting in an iphone 11 at $499. super capable. thinking about new users coming into the ecosystem might be an attractive price point. and sure, there last year, too maybe on the margin slightly better this year, but also head wi headwinds to consider in the isps. >> interesting, the front-facing camera, the cinderella of personal tech. right? the rear-facing stepsister getting play, but now the front-facing feature in the ipads and phones, i think, to some degree is getting same quality, even wide-angle feature

allowing the camera to follow you. i wonder how much is product development coming out of covid. where more and more companies, apple in particular, realizing, hey. we want to look good >> yeah. wondering who the wicked witch is we'll figure that out with maybe the next product launch. you're totally right, and announced ios 125 launching monday, september 20th older iphones, whole new software stack including new facetime features really just proves that, like, everyone on their iphones using, during, on iphones during the pandemic using facetime and apple is bringing a lot of those features from zoom and webex and facebook to facetime. >> yeah. and one thing looking beyond the iphone itself to the apple watch. we did get a little more insight into how the, apple's continuing to invest in fitness and health. what do you see coming down the line there and how does that impact your outlook for those devices?

>> yeah. julia, look, it's interesting. right? they started the show with sort of apple tv plus focused on services and broadening out the ecosystem is super critical to apple. we all know that think maybe more sensor integration within these devices potentially in the apple watch we think down the road we're going to see temperature sensors possibly in airpods, blood pressure, blood sugar monitoring and these are all coming down the road and all going to tighten this ecosystem also important here to keep in the light is that this focus on services has to be looked through a lens of these amazing services and platforms apple is building, also risks emerging from either google doj lawsuit or the epic thing which is pretty much in limbo now, but can create a headwind to the multiple and the growth in the near term.

>> ditgitimes starting to ease with chipmakers already engaged in inventory correction. particularly in china, which is welcome news, although we did notice yesterday some, say, the watch, for instance, not available until later this fall. will readers be able to find what they want to buy? >> apple, i asked it yesterday proud of the fact all four iphones are out right now. last year staggered approach the bigger models available at first, or just mid-sized then the small and the big later. the year before that, apple 10, iphone apple 10r. now all available pre-orders this friday and the following week in terms of iphones, feeling pretty good. obviously, the watch is the big question really, look at that watch some details that we heard about

obviously, the design, the new durability, but didn't hear that much about the details around the different models, still two models hearing, yes, two different sizes but definitely holding back on that product now, likely because of this. >> yeah. interesting, joann i know you don't believe people should buy new phones just to upgrade to 5g. i wonder as you look back on everything you learned yesterday, what kind of upgrade cycle we'll see after these announcements? >> i feel like i can't say that on this show on this network, and i think yesterday when you look at the presentation, little focus on 5 gog. carrier subsidy deals, pushing, lots of emails brag how many e-mails people asking what iphone to buy, but it was interesting to me i'm seeing from people who have iphone 12s, should i get this iphone which, sure. always those people every year,

but, again, remember most people hold on to their phones three to four years meaning they will get 5goode fi5g and new performance what apple is looking at for the broad population >> really good destination what we got yesterday as the market is trying to digest what they handed us. appreciate it. see you next time. >> thank you. >> thank you. meantime, amazon back in focus today with the company diving further into food delivery announces a first major partnership with uk food delivery firm deliverroot invested in the company two years ago. that faced antitrust scrutiny from regulator eventually approved amazon giving prime users in uk and ireland free delivery of lowest tier, free delivery when orders exceed $s 34 in value.

and flashback to our interview this week with amazon's ceo andy jassy, who talked about how the pandemic changed demand for delivery and what amazon did in response. >> we spent the first 24, 25 years in amazon building a very broad fulfillment center network and over the last 18 months to 2 years had to double that footprint. so it brought on unprecedented demand i think that there are plenty of things in the process that we know we could do better, but i think the way we were able to help so many people get the ppe needed, the food they needed, items they needed both to function as well as to stay sane during the pandemic when we were all at home -- >> julia, this question of delivery and connecting people to the items, whether buy online, pick up in store, or it's buy online and pick up at a separate location or it's delivery is one of those things

whether you are an amazon or you're a more traditional retailer, you're working through to figure out even as certain areas start to come out of this pandemic >> yeah. i mean, jon, i have to note amazon did have a restaurant delivery business in the past. i believe called amazon restaurants and i know it shut down in 2019 when you look what's changed since then, carl, you have to wonder if it's really about amazon'sshift to being a logistics company and masters that quick, quick delivery time, and how important that short delivery time will be going forward from a competitive landscape. >> yep amazon has been -- i was foolish enough, a couple years ago to ask, do you really need it faster than two days come on. how wrong i was, carl. i ordered something this morning and was happy to see it would be coming later today even -- hey, that continues to be important never more important, probably, than it is now actually to the point you can

get things faster than going to the store. right? you got to schedule out the time you're actually going to go. if i can just do it in the morning and it's there in the afternoon? hey, that's better. >> just this week kroger and instacart, basically 30 minutes. amazing thing that happened in same day, literally same hour. another deal in the buy now pay later space, investment that continues to be red hot. goldman buying greenskies, a company more focused on big ticket items like a construction project or cosmetic surgery. a company with its own interesting history. the 50% pop today looks big, but actually went public with a $4 billion valuation in 2018 and fell as much as 70% as consumers increasingly missed their payments obviously not the first buyout square's deal for afterpay paypal of payday in japan. affirm partnership with amazon so we did a scan what other publicly traded companies are out there. actually a number of australian

companies. zip owns quad pay, a similar business model 0 to affirm and market cap at $4 billion focused on the consumer side half a dozen other australian companies buy now pay later, microcaps. not showing those. ticker hcfgb market cap half a billion focused on smau businessing. and private companies as well headlined by swedish company plarna, $46 billion valuation. julia, talked about the space a lot but goes well beyond some tickers we mention >> yeah. this is, this space is growing not just with the start-ups but incumbents i predict the space will continue to grow and consolidate and i think this shift away from credit cards to buy now pay later, this idea that consumers really don't want to have debt but they do want to be able to buy things they can't afford it creating a new kind of model.

i think it will be interesting to see how it plays out. especially as bigger players enter the space and with all the consolidation, a lot of fintech companies are trying to be one-stop shops, jon. >> they are. julia, i also think and commit to working on this we have to maybe not even just look at buy now pay later as a space. as you mentioned, it does compete with credit cards and there are several different types of models with that. some are charges more interest than be others some are assessing credit worthiness differently some are better capitalized. when there is an economic shock and we know that eventually we're going to have one, some are going to have better survive a surviveability who they're lending to, assessments there, how well they're able to access capital. definitely a separation of the wheat from the chaff got to get investor ready to understand how that's going to happen, julia. >> yeah. a space we are going to continue to watch

meantime, "techcheck" goes cross-check. dames on a secret program and research facebook didn't want you to know about. that's next. a big show is ahead, and we are just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. 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.

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as you may know, nasdaq and s&p tech sector grinding lower in the last week down more than 1%. watching the market right now. nasdaq's down 5, guys, and the sixth day today would be the longest stretch. the first six-day decline since august of 201. julia? >> and, carl, facebook is under fire yet again following after the "wall street journal" published two reports based on never before seen e-mails and documents. monday's detailed a group of secret elite users not adhering to the same rules as everybody else yesterday a blockbuster facebook new instagram was toxic for teens but down played that to the public response for vips, a facebook spokesman tweeted they know

they're "enforcement is not perfect and there are trade-offs between speed and accuracy saying that that he address the issue back in 2018 and there isn't a separate system of justice but rather a second lehrer making sure they're applied their policies correctly. and a confirmation the instagram report, saying using research to improve the user experience, tweeting, we stand by this work and believe more companies should be doing the same however it may not be the end of instagram's troubles senators richard blumenthal and marsha blackburn announced a probe of the company claiming they are already in contact with an internal whistle-blower joining us now, reporter who's been spearheading this project jeff horowitz. thanks so much for joining us. dramatic findings and i personally heard a lot of outrage from parents about this inst instagram expose in particular

how do you expect facebook to change its policies as a result of this expose >> so i think one of the things that this uncovered is they understand the laws and way the systems and platforms can be harmful but have really hard time sort of turning that ship in any meaningful fashion. the cross-check thing you noted, they realized a few years back it was completely indefensible to treat certain users, exempts from all enforcement but weren't able to do anything about it and are still working on this problem two years later. that's something i think that's pretty meaningful. same with the teen mental health stuff. particularly for teenage girls they found that this stuff could make, i believe, the phrase was, "we may body issues worse in 1 in 13 girls. in some instances, potentially life threatening effects finding some users, 6%, 7% in the united states, who had reported, users

who have reported feeling like they had the urge to harm themselves those people were tracing it directly back to instagram which is i think a pretty remarkable thing, and shows the weight of this platform. right? this isn't just games or silly social media stuff at the same time, hard to fix this. >> yeah. we certainly see time and time again facebook and instagram are powerful platforms a couple minutes ago senator markey and another bipartisan group called on instagram to abandon plans for instagram kids i wonder what you make of that and also this idea it's not facebook and instagram's best interest to do such damage their users? that they would want to change that. >> there's a pretty long history in american business of companies that come to the unfortunate realization that their products aren't healthy. whether those are chemicals or foods, and, you know i think sometimes the interesting thing

is, sometimes they're able to make those situations better can work to find healthier options. other times, though, just the thing isn't healthy. i think there's a question right now with instagram i think in very much good faith instagram is trying to figure out how to address the health issue, mental health issues for teenage girls in particular. some may be built into the system as a fairly deep level. i don't know necessarily if it's because something's bad for the user doesn't mean it's automatically destined to go away. >> you raise, i think, an interesting idea i wanted to ask, rhetorically. does america really care look how we are about guns look how we are ar covid and vaccines, and masks, and this whole, eat what you want school lunches this idea of person responsibility are there different rules until you hit 16 and then you can go ahead and kill yourself? through whatever means that you want kind of seems like that is what

exists to what degree are we, perhaps, or is congress being hypocritical saying, gosh, look at this data once teens cross a certain threshold a lot of people want them to be able to do whatever censor at this stage or a cultural shift that leads to a healthier digital lifestyle? >> i think we have for people who are under 18 a different set of rules, and i think that's fairly clear bipartisan agreement on that on a whole bunch of legal and particularly bias based activities. right? this might be different than some others, personal responsibility items, because it is about kids, and it does seem like there is an unusual bipartisan interest in this, i'll say. so, you know, whether or not people are going to care in some ways, i hate to say this that's not my job. my job, make the information

available and interesting. you're right things don't go far in washington, but we'll see. >> i don't know. when it's about school lunches and masking in schools, doesn't seem to be a different set of rules for those under 18 anyway -- >> well, we look forward to reading more of your reporting on these important issues and there seems to be bipartisan concern, especially when it comes to kids. thank for joining us. >> thanks so much. and when we return after the break what do apple's new products mean for its strategy and competitors? we'll look at two case studies k fitness, and jon mentioned earlier, the more important front-facing camera. and lucid, shares could gain as much as 50% in tcoming months's read that on our website. "techcheck" is bacin menk aomt. why is jerry so... popular? it's been like this ever since we started using workday.

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unconventional thinking. it's better for business. welcome back to "techcheck." resetting here bottom of the hour i'm carl quintanilla with julia boorstin and jon fortt

we have broken down some of the apple products of yesterday. what comes ext a look at their strategy and where it's headed in a moment. first, a news update with rahel solomonants what's happening at this hour. telling cnbc stocks will lose advantage as tighter monetary policy sends interest rates higher recommending diverse across country and assets except for one. >> cash is trash don't keep it in cash. right? second, the most important thing i think that an individual investor or any investor could do is know how to diversify well, because all of those assets classes will out perform cash. >> doordash suing new york city over a law requiring delivery companies to share more customer data with restaurants including names, phone numbers and delivery addresses the company argues that would violate the privacy of its

customers and make it easier for restaurants to compete against it cnbc learned hiring a former amazon executive to run the investing app day-to-day operations preparing to go public expects crypto as an option but hasn't announce add laumpl date yet. nbc universal and comcast ventures investors in acorn and cnbc has a partnership with it you're up to date. jon, back to you. >> thank you, rahel. meanwhile, microsoft announcing a healthy dividend hike as it has come to do every september. mike santoli is at post nine looking at the stock's performance in relation to that capital return. >> yeah, jon dividend hikes, big, healthy buybacks a core part of the microsoft investment gaycase foa wh while. fiscal 2014 on a june fiscal year, microsoft relative to the nasdaq compose it overlaps mostly with nadella era add ceo as well.

over this period of time the company brought back somes 135 billion worth of shares and reduced by 10% a buyback shrinking float of stock out there and roughly tripled the dividend back in early 2013, 3% dividend yeed income story or cash flow story as opposed to growth the stock done amazingly well. it's not necessarily the case that's the only way to have these returns if you're one of the big anointed mega cap platforms. microsoft relative to alphabet over that same period of time. close. google, doesn't do dividends, just started doing buybacks, guys. >> cool cpi frame. down bigger volume on a down day. worries about poor breadth i wonder, if seasonality playing into form here as it would >> absolutely is, carl

maybe one of the reasons there's been a little bit less of a rush or urgency for people to buy that plus honestly i think very heavy equity allocations coming into the month the market up 20%. heavy fund flows into equities over the last three months's seems no incremental need to buy in once the market seemed stopped being automatic to the up side. all that coming into play. now looking for signs seeing parts of the market oversold poor breadth flipped around, stocks down a lot from highs maybe time for it to get traction everybody looking at the same levels everybody looking at this pattern of selling the open and having declines during the course of trading day. maybe it's ripe for a little bit of a shake-up in that familiar cadence that we had last couple of weeks. >> all right great insight, as always mike santoli, thank you. off microsoft, back to apple and the strategy behind these product announcements from

yesterday's california streaming event. joining us now is the writer behind daring fireball john gruber start with the iphone, because it strikes me that they're now at a price range between $400 for the se, they didn't update, by the way, and $1,600 for the terabyte 13 pro max. an amazing range from something that started off as just one sort of high-end phone in the middle apple seems to have shifted so many interesting features towards the high end what does that tell you about how it's navigating the supply constrained environment and how this q4 might play out >> doing very well, i think. it shows they prioritized the iphone above all other products. it's the watch that's delayed until "later this fall." which is fine, but it's, you know, for the very obvious reason that the phone is the best selling, most profitable, most popular product they make they prioritized it.

i think sailed through these, these issues golden. i mean, it's -- it's shipping next week. >> yeah. look at the history. cfo warned last call about the september quarter when it came to components on margins perhaps on unit volumes, particularly i think in the iphone and ipad. but that doesn't seem to have affected their product rollout plans at all interesting to me on the front-facing camera, we've been talking about, a high-end component and building it into more and more things, including the ipad and ipad mini right? >> yeah. that's correct and -- i -- i think no surprise. right? how many people over the last 18 months have spent more time on front-facing video calls than they did in the entirety of their lives before the pandemic started. it is -- it's something that's a part of our daily life now, and even as the pandemic hopefully soon starts fading away, i don't think that that, the increase in

remote work and remote meetings is going to entirely subside back to where it was it's a very important component, and apple is emphasizing it across their product line. >> yeah. i called that zoom affect of us all worries about appearance front-facing cameras curious about insight into apple's strategy when it comes to services going forward, based on what we heard yesterday >> well, i think that the emphasis they put on the fitness plus improvements. that's their service where you pay and you get, follow the classes and instructors. it's clearly a big emphasis, and it's a fascinating contrast with peloton. that's their obvious competitor. peloton has had classes, like guided meditation and pa l latt,

building off $300 to $600 watches nearly everybody i know anecdotally concerned about fitness, whether they exercise or just want to trap their circles and get they are steps has apple watch. peloton is a very apple-like company in that they make a super high quality hardware product, bikes and treadmills, users absolutely love. but it's a niche it's -- i would be very concerned if i were peloton, frankly. >> finally, you know, we -- hasn't been that long talking vertical move into semiconductors's do you think the a-13 and 15 got credit yesterday? enough credit? seemed to took it for granted. >> i think so.

harder to talk about advantages the chips make, because it's not really about the cpu and gpu performance and how fast something goes nobody's really bothered by that nobody's thinking my phone is too slow feels like the cpu is slow what people want, better cameras and better battery life. those are the two things they emphasized yesterday, but are driven by the efficiency of apple's custom silicon the cinematic video feature is entirely a story about, not entirely, but largely a story about the a15 able to do a powerful, live, tilt shift sort of depth focusing of video on a tiny little lens you can't beat physics right? small lens, small sensor, close to the thing, but with computational photography and the math, math let's you chea a. pixel sizes, sensor site, lidar,

looking away and rack focus probably doesn't hurt. great to have you as always. thank. >> thanks for having me. ahead of elon musk's spacex launch tonight, first-ever all-civilian tcrew to space. live on the kennedy space center ground so stay with us. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪

principal. for all it's worth. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart.

marking a major moment in history of space flight. the first all-civilian crew aboard a private company's rocket set to launch later today from the kennedy space center in florida. that's where we find our own morgan brennan's hi again, morgan. >> reporter: hi, carl. just hours from now, if all goes according to plan, the all-civilian crew takes off for a historic three-day journey space. a milestone for space flight overall and came together quickly after the ceo teamed up with elon musk and spacex for this all-civilian, fully commercial mission to raise funds for saint jude children's research center. just six months of training.

isaacman told me last night, a fierce sequential. >> no one spared us on system review knowledge of falcon or dragon literally thousands of pages and a lot of power point to supportand in that transition, into simulation, this is how everything looks when normal going into slightly abnormal things, into full-up emergencies and demonstrating all that knowledge impart on you you can use appropriately. it's been a heck of a journey. >> reporter: isaacman telling spacex the most innovative organization he's experienced and it would be "irresponsible to be exposed to this kind of environment and not try to take good lessons to his own fast growing company. guys, spacex hasn't confirmed whether elong musk will be on site for the launch, a strong expectation that could be the case as of right now, that five-hour launch window for liftoff opens up at 8:02 eastern, p.m., i

should say, eastern tonight. back to you. >> thanks. great stuff. i feel like before we know it you'll be heading up into space. >> reporter: one can hope. >> one can only hope. and meanwhile, s.e.c. chair gary gensler promising more regulation ahead for crypto. more on this comments coming ahead. "techcheck" is back in just a moment. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning,

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at verizon we want to put the power of 5g in the hands of every business. interest and payments and debt. so come in for verizon small business days. every butcher, baker, and artisanal cheese maker. schedule an appointment with our business experts, and get up to $1000 off a 5g phone. because every business deserves better. today marks the start of national hispanic heritage month we're set brating anos nbc universal. here on "techcheck" spotlight executives stories and trends around hispanic diversity and inclusion when it comes to tech. first, stats tech sector at the bottom. lowest percentage of fortune companies with at least one latino director. 15%. 2% overall of tech companies are latino according to kpmg details how large the problem is at the top.

hispanics made up about 19% of the u.s. population they hold fewer than 10% of leadership posts at amazon, facebook and microsoft among others and bringing his other heritage to the table spearheading encouraging diversity within his organization >> obviously a big responsibility, because present a unique community and, remember, one of the most important jobs a ceo has, plant succession so this is core to our culture culture is everything to me, and, you know, as i think about the next generation of leaders, we need tomatic sure that inclusion and diversity is built into every level of our plant, and make sure we recruit, develop, retain the best talent. >> look out for more of our coverage here on "techcheck" and across nbc looking at companies building business models aimed at addressing the gap and resting, and a few investment trends

including expanding growth opportunity in spanish language media, and digital banking services, julia. it is a huge force in our economy, and we're going to look to so how it reflects in the country overall. >> yeah. huge and growing market, carl. meanwhile, fintech's bluesky going green. godman the latest player jumping into a buy now pay later acquisition. nor analysis is coming, ahead. stay with us.

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six new ipos start trading today, bringing the year's total to 288 according to renaissance, 11 companies red scheduled to raise more than $3 billion this week and since the start of the year a few companies like medical communications platform doximity and online payment companies are up big 16 of the ipos for this year doubled in price it's not all green pastures or prices roughly half of 2021's ipo oscar health, poshmark, didi, trading below the ipo price. eche."overage ahead on "thcck stay with us

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#1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. without trade-offs. unconventional thinking. it's better for business. now for a gut check on washington, d.c., where this part of our interview with amazon ceo andy jassy, the one little bit we didn't show new this hour yesterday is getting some attention >> now, i think the first thing is, you know, in the u.s., our government has had to spend at unprecedented levels to keep our citizens safe.

but i think if you look at our debt commitments and you look at where the debt ceiling is it's a little concerning. you know, i think it's -- it's scary for consumer confidence and for confidence in u.s. businesses, and, you know, potential credit ratings if we don't make sure that we raise that debt selling. i know that debt's going to be debated in washington. but i hope we take care of sooner than later in congress. >> and the white house sent out that quote, trying to apply some pressure on those debt selling talks, no doubt. for the whole interview including jassy's take on policy issues like education, and the minimum wage, you can go to cnbc.com, tech check's swirt or our "techcheck" linkedin page. carl. >> all right, jon. meantime, speaking of washington, the s.e.c.'s gary gensler continues to warn about the risks for crypto he joined us earlier neated while they work with many companies in the space he worries about the dangerous. >> i look forward to further engagement with the companies in this space and the market

participants and it's really about how we bring basic investor protection to protect people against fraud, manipulation and this is an area that's been rife with fraud and abuse. >> analyst dan dolan joins us this morning. closely covering not just the credit card companies but crypto, fintech and buy now pay later companies. it's great to have you i wonder after that thread from coinbase's armstrong whether you think recommendations between the industry and s.e.c. can get worse? are they in fact getting better? >> you know, i think that the s.e.c. regulation has always been as gensler said on the table. i think that the moat for the names is so strong that people want to use them i think those apps and services will prevail and yes, there is some more regulation but i don't see this as being something completely going to, you know, change things in the industry over the long-term because there is so much demand.

there is demand for the services. >> right so there is the regulatory picture to keep in mind. there is also the reaction from the legacy, the visas and master cards of the world what do you see as being the issue that moves the evolution of the space. >> you mean in disruption of the space. >> exactly. >> this is an interesting point, you were saying. when it comes to payment this is something i see in payments overall. i think there is fear for example that visa and mastercard are being taken over by crypto and people don't understand the tam for this commerce is so big. hundreds of millions of payments moving from cash to card that's billions of dollars i think there is a fear right now because there is a lot of excitement around buy now pay later. and we're excited about that too. but that doesn't bite into the cake of the visa and mastercard. there is room for growth for

both and those two names are one of the most attractive ones just because interests fear that's unfounded. so i think that's kind of the message today is thats in overblown. and i think you'll see more growth out of these names than people expect in the come years. >> certainly a lot of opportunity out there, dan but i think there are so many interesting messages from gensler in the interview this morning. he said the s.e.c. is short-staffed need to hire more people to do what they need to do he reiterated on a number of points the importance of transparency and disclosures and also compared robinhood to draft kings saying that day trade something effectively gambling looking at his approach broadly, how do you expect that to impact all the different fintech companies? >> i think that -- yeah, like the regulation and -- hi, julie, great to be on the show. but the regulation is something we expected to come. and you will probably get -- if

any news or any regulatory news you will get sort of, you know a bit of a bump in the stock but then obviously the users or the demand for the users is so big you'll get more users doing more services. even after the initial bump it's going to be a buying opportunity because i expect the revenues and the profits to keep going up so unless you are getting a complete shutdown, which i cannot foresee i think it's a bump in the road at most and then you'll see more growth coming down the road. >> big difference, dan, between the different types of buy now pay later companies models out there and viability. >> i think the big ones trends we look at is move towards lower ticket items that's the place to be you see that with the amazon firm and that's why we are so bullish on the firm or square after pay. lower ticket items, everyday spend that's the place to be, not so much high ticket items, right? because the frequency of use is

bigger there that's the place to be also lower risk you're not going bankrupt if someone defaults on a pair of shoes. that's the place to be and where the successful companies are going. >> fascinating, dan, dan dolan of mizubop that does it tor "techcheck." all right, carl thanks so much well to the "halftime report." i'm scott wapner front around center this hour breakout or break down which way are stocks heading next. >> what's the catalyst to take them there we're live from the javits center in new york city, the salt conference in new york today. the committee of course with me remotely joining me for the hour kari firestone, jason snipe, steve weiss and joe terranova. which you were here with me. let's check the markets see where stocks come off the sixth negative day in the past seven the fact of the matter is all you all know it's been hard to get much going