year just to pay the tax now, right now, we don't have any revenue estimate force what this would raise for the government, and of course, that would vary widely by year. morgan >> robert frank, the numbers are astounding thanks for bringing us the latest. that's going to do it for us on "squawk on the street." "tech check" starts now. happy monday welcome to "tech check." we have keentcarl quintanilla ad julia boreson, a rough start to the nasdaq, more than a percent at the open, now taking back some of the losses and tech putting pressure on the

s&p as well and the power of duopolies and why the consumer could benefit from increased competition. and finally "tech check" is live from code here in l.a., a series of big interviews all week long, i'm here today to talk to lisa su, and carl and julia are here tomorrow hey, carl. >> we can't wait to join you, john let's get to facebook. head of instagram, joined the "today" show this morning to announce plans to pause the instagram kid's project. >> say we want to talk about how we will put the work on pause, i still firmly believe it's a good thing to build a bridge of instagram that is designed to be safe for tweens but we want to take the time to talk to parents and researchers and safety experts and get to more consensus about how to move forward. >> now, the public campaign comes ahead of facebook's global head of safety appearance tomorrow in front of the senate commerce sub committee on consumer protection. julia, facebook's market cap

falls below a trillion but still hanging on close to 350. what does it say about the fact that they're doing this? >> i think this is safe, playing all sorts of defense, and on one hand last night they put out a blog post saying you misinterpreted our numbers and we're not bad for younger kids as the report in "the wall street journal" indicated, they misinterpreted and misread our own internal research. look, in some ways, we're actually good for teens. they're playing that kind of defense there. and owner, they're acknowledging that this is a problem that is so big that they are not going to be able to move forward with instagram for kids they're going to have to invest more in research around the impact of their products on kids but i also think that this is really interesting, carl and john, that this all comes at a time when just this morning, tiktok announced it reaches the numbers one billion monthly active users it is all about the battle for the younger user it's essential for facebook and

instagram to figure out how to hold on to these younger users and the reason why adam lesseri went on the "today" show this morning totalk to the parents to tell them don't freak out, don't block instagram on your tween or teen or kid's phone, we're working on it and increasingly moving forward, we will see these platforms fight to hold on to that younger user base. >> this is nonsense, carl. this is nonsense so they're pausing work on instagram for kids, but they're still working on it because they're talking to all of these stakeholders about how to build instagram for kids so in other words, they're just continuing to work on the product, they're not releasing it yet, because they knew if they released it now, it would be, there would be a fire storm. like i don't know. like yes, it makes sense for them to slow down. but they're slowing down, they're not really pausing, right? didn't he just go on the "today" show, and say that they're going to talk about how to do it better >> that's exactly what he said, john. >> absolutely.

>> go ahead. >> absolutely. i think they do really want to get instagram for kids out there at some point because they know it is essential for the future of this company to get younger users using their platform >> well, they're not launching it for now. >> they're not pausing they're just acknowledging that they had a bad launch plan and they still need to work on the product, right that's just, they're still working on it, right, carl >> that's what he said but let's get the take of the kindred ventures, to talk about what it means for the growth, to julia's point, but also to john's general point, and that is that typically, you don't see them playing any kind of defense like this. >> yes, hi, carl good morning, thanks for having me back on this is a very thorny issue for facebook because they have three, actually maybe even four issues that they're going to to have to reconcile. one is obviously to your point, the competition and scale issue from tiktok, but let's put that aside for a second, it turns out

that instagram ages 13 and up is still a very challenging issue there are intense security issues around child safety there, too and there's intense issues around privacy and what they try to figure out how to balance which they haven't tried to figure out, kids 13 and up is the balance between free speech and uncensorability which adults have been demanding and this desire for true security, which parents have been demanding. and it is a very hard thing to balance because those pull against each other and the truth of the matter is, even separately from under 13, they already have a technological crisis, which is intersecting some of their political demands here that they are going to have to figure out how to solve one of the things -- go ahead, please >> i was going to say, what do you think is the more powerful dynamic, the competition from the likes of a tiktok, as julia just said, or the potential pushback from parents who watch the "today" show, and advertisers who may be saying, you know what, i don't want to be put up against this >> absolutely competition.

it's the unfortunate thing to say. but at the end of the day, one of the things that they have even noted in their own blog posts was that kids are already on instagram and so to some extent, you know, parents have somewhat limited leverage, which is part of their outrage, because kids are going to go, and kids are going to continue to go now the pr backlash that facebook is going to face for this something you have to worry about but it is not something that frankly has been that challenging for them, if you sort of look at reality over the last 15 years, there was a technical error in messenger for kids in 2019 which allowed children to enter adult group chats and the general public has pretty much forgot been that and i think it is a pr risk that is worthwhile to take on head-on if they can get competitive benefit against tiktok. >> and they are trying to mitigate that risk, as we discussed, maybe slowing down the launch, pausing, we had some debate, and pausing, but tell us what you think about the

competitive landscape right now. we haven't mentioned snap yet this morning, but we obviously have snap also appealing to the younger users. and then you have tiktok hitting that milestone is facebook in trouble when it comes to that younger demographic? do they need to make changes to really appeal to the younger demographic better >> absolutely. and you know, it's my belief that a lot of these tech platforms when they get to network scale aren't really monopolies, they may be closer to duopolies and they're competing for the share with one other player and in the demographic facebook might not be one or two, they might be three, and snap chat, being one and tiktok two in the united states outside of the united states, whaep and instagram are very dominant but thinking about other cull tours and tiktok and snapchat are ahead and they know that and that is what you're seeing here, and they have a lot of catching up to do.

>> kanyi, i'm wondering your take, i'm getting increasingly skeptical of the effectiveness of the nest ability defense that facebook keeps applying, this is going to happen eventually, whether it comes from us or not, either china is going to come in and do x, if we don't do it, or your kids are already out there on the internet doing crazy stuff so we might as well make this what about the innovation and good product that they say you know what, we discovered there are too many teens around tweens with body image issues where this product is making it worse and we are determined to actually fix that, and here are the resources that we are bringing to bear, and you know what, we're not going to release more product until we fix it, and can demonstrate it to you with data. what happened to that? isn't that a better defense? >> i don't disagree with you at all. and the truth of the matter is, you know, facebook has seemed to deploy the defense that we're going to barrel ahead, people will forget that eventually and

that will catch up them in the public consciousness and i think instagram for kids is exposing one of the fundamental weaknesses in building trust with so many of the people who are their most important business audience. but the truth is their users still come back. and that's the thing that they're trying to figure out how to balance, perhaps that the users keep coming back, but we have, as the business community, and a lot of the audience, have somewhat lost our trust in how they will operate so you're totally right, john. >> kanyi, let's switch topics quickly here and turn to google. the company's cloud arm ramping up competition against microsoft and amazon slashing its marketplace fees from 20% down to 3 the same move that microsoft made on july 1 google trying to claw its way back from third place in the sector while the platform is yet to turn an operating profit for alphabet you talked earlier this month about the plans and certainly it does point to further price declines and competition in the

cloud. >> it does and i think this is also a different playbook that we're seeing in the enterprise versus consumer-facing app stores where we're hearing a lot of questions about ow google play is apple's app store and remember, we saw shopify cut the amount that developers have to pay to be in its app store as well. i think this is about a particular stage and ecosystem development, when some of these platforms feel, i think an increase in volume, this he can show different kinds of benefits, and they can get different sorts of value creation in the ecosystem by lowering fees in one area and creating more economic activity, like lowering taxes to increase growth in a particular area, or giving, you know, different kinds of economic incentives for companies to locate in a particular place kanyi, is that how you would see it >> that's part of how i would see it, yes.

the other thing i'm saying just to double down on that point is the public cloud to expand 14.6% over the years, which is unbelievablegrowth, and 14.6% cagr, unbelievable growth and the race to capture that market share is something that you are seeing play out in the price war and zurz azure is doing an amazing thing and now they are at 22% and amazon has been flat over that period of time with aws and i think google cloud realizing that the opportunity for enterprise play to have the cloud in the midst of this cagr environment is very appealing. another thing to note is there is there question about how much extraction of the ecosystem is appropriate and google play is dropping their app fee, i think from 30 to 15%, and you're looking at what is happening in the battle between epic and apple, in terms of mobile games, on the app store for apple as

well and i think what you're finding is that a lot of ecosystems, whether they're developer ecosystems, or enterprise s ecosystems are finding they want to take more and more of the power and don't want to be distracted as much from, extracted as much from the platforms so that is the macro plan over the next ten years when many of the platforms realize they can't tax as much as they would like to. >> yes, i know it is really interesting, kanyi, we have been talking about this apple epic battle, but i'm curious, for to you put this all in context of alphabet being an advertising-driven company, now, over 80% of the revenue comes from advertising, nearly all of the profits come from advertising, and when you see them cutting these fees, what does this say to you about the importance of this company diversifying away from that reliance on advertising? >> it you look at the way microsoft on the enterprise business to being a software business to being a cloud business, it is one of the most impressive software stories of last 20 years and you are seeing

it manifest in the market cap. google has that opportunity to make that big of a transition in going from an advertising-dominated business to being more of a cloud and enterprise workplace business as well, so they've got an amazing opportunity there, and if you look at what happened with microsoft, i think they're looking at that and seeing they're being kind of an opportunity. the truth of the matter is so much of business is moving to the cloud and it moves to the cloud, you know, with almost a 10-year acceleration over the course of covid-19, and now this has made this something like an existential opportunity for some of these big platforms a thnd is true frankly of alibaba and true of oracle and true of so many of the big platforms, where moving to the enterprise cloud, becoming a dominant player there, is going to be the frontier where enterprise work is played out over the next ten years. >> fascinating obviously good for the consumer. we'll see how it turns out for the companies. finally, i want to get your take on amazon. despite their cloud strength, morgan stanley does cut the price target to the company, for the company, to $4100. they were at 4300.

they keep the overweight they worry that wage inflation could pressure profits moving forward. they look at logistics head count cost per unit up 50% year on year, on a day where we have other reports about say whole foods issuing delivery fees to help keep up with costs. >> two simple answers for this in my judgment are right now, we have something like 11 million job openings and nine million people unemployed. the labor marks are really tight. and to some extent, this is by design, the biden administration has been clear about the fact that they're trying to push wages up, and so you're seeing that play out and i think amazon is now looking at $18 per hour above their $15 already stated, in trying to keep up with, you know, the increase in demand in higher wages the second is this supply chain crisis that we're all dealing with here and just thinking about the port of l.a. and long beach, which are 25% of u.s. imports, they're breaking records right now in terms of ships that are waiting on the docks. it is currently the largest average dwell time since the

pandemic started we're seeing this intense level of backlog in terms of our supply chain which is now creating a bunch of pricing pressure on so many different parts of our supply chain. and amazon being as big and as strong as they are, even aren't immune to that which i think speaks to the depth of the crisis >> kanyi, isn't it weird to go kind of bearish on amazon because it's investing in logistics and supply chains? and because amazon is saying now that people are a key part of figuring out how to do that, at a time when others can't hire workers at all, they're managing to do it, yes, it's expensive, but they say it is a strategic investment in the future, i mean isn't this sort of like downgrading amazon 20 years ago, because there's building outs of distribution centers >> i don't disagree and i hear what you're saying and jeff bezos in his parting letter was prescient in noting that they were moving toward becoming a people company because i think he realized if you don't center people in an

organization, in an economy where it is moving today, you will have extreme fundamental challenges that said, centering an organization like amazon around people is something they still have to figure out and something they will have to make something of a cultural phase change toward and i think technology will be a huge part of that. fin tech services, to help for trucking, and help for supply chains, management and optimization, which is where we're investing very heavily, these things are going to make a very big impact but ultimately it is a very hard problem and they haven't figured it out yet. >> finally, kanyi, look at square, today, you say the fin tech firm has lots of ambitions beyond banking, the stock sup more than 20% from the year to date low back in may you say you're long on their creative strategy. >> extremely long. and i think the important thing to understand about square is square is not just a bank but a network. and if you think about square and who it's competing against, competing against jpmorgan or in that realm but the truth of the

matter they're hoping to become the fifth big network. and the other networks being visa, master card, amex and discover and so by acquiring afterpay, and getting the buy now pay later, they now have a credit issuing system, by attaching cash to their square merchants, they now have a closed loop network, somewhat similar to the visa network and they're developing all of this software to allow for so many long tail creators to onboard on to the seller solutions, so they're trying to become more of a network than a bank and the truth of the matter is, i'm very long networks and i think networks in general, as we have seen so tech giants can become unbelievably big and even bigger than traditional fin techs and so i'm very long square for that reason. >> kanyi, as you talk about square being a competitor to visa, also tell us about how you see it fitting in with a fin tech and also with pay pal, and this increasing pressure for these companies to be one stop shop force their consumers. >> it is really, really, really

hard to build a closed loop network. you have to have an acquiring business, you have to have an issuing business, and you have to have great technology and jpmorgan has a great example, has two out of the three of those, but maybe not great technology yet and so this idea that everyone can become a closed loop network is something that a lot of companies are trying but it is very, very hard to do. and thus far, global closed loop networks that are truly scaled, there are really only four, with visa, master card, amex and discover, so while i think pay pal has a real opportunity for it, i think even plaid and stripe on the private side theoretically could build symptoms and shopify is going after it and square i think has the best chance of becoming it. >> fascinating we continue to watch them awfully closely. we covered some good ground today. appreciate it very much. >> thank you >> we sure did >> and as i mentioned earlier, i am in los angeles, at the code

conference, as it kicks off this week carl and julia will be here tomorrow and this week, we've got a big lineup and the ceo, lisa su, early facebook investor jim briar, satya nadella will be on stage and ted and i think a couple of big themes here that we are going to talk about are pandemic acceleration and collateral damage. and by that, i mean there are a lot of businesses that accelerated during the pandemic, since microsoft, there are a lot of businesses that are trying to accelerate out of the pandemic, by you know, investing in various things, you know, these content businesses, like netflix, that we're going to talk about, that are trying to create more kind of bundles of brands but then at the same time, as they try to take advantage of this opportunity, with data, with the digital economy, you know, there are some bad things that happen. facebook is facing that right now. and i think the code stage is the place where companies and leaders are often held to

account. >> we've been obviously trying to, we've been rooting for code to get back into live events, which has been difficult for a lot of people during the pandemic, julia, but to john's point, i mean that pandemic is going to sort of be a funnel for all of these media mobility gaming, which is clearly reflected in the guest list this year >> yes, and i'm looking forward to being on set with you and our guests when we are there tomorrow i cannot wait. and coming up, much more on the weakness we're seeing in tech. 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

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let's get a gut check on box. jmp upgrading from market to outperform, price target 32 and the positive outlook due to significantly improved sales execution and a rapidly-expanding market for data management. shares are up about 40% since january. julia? hedge funds ramping up the stake in the private market. our leslie picker has a look at how the strategy is paying off

leslie >> i want to show you this massive divergence in performance and you'll see why hedge fund managers are moving in bigger and bigger ways in the private market buyout, private equity and venture capital, generating annualized return last year around 14%, twice the performance of hedge funds that wasn't the case a decade ago when performance was nearly identical, and you can see, it has widened over time. the market has shifted making the private investments more attractive companies are raising more capital. and higher valuations, before going public and that means by the time they do an ipo, often times their highest phase of growth has passed, and despite the active ipo markets, there are about 50% fewer public companies thatten there were two decades ago, leading to a shrinking opportunity set for public investors like hedge funds, so they like tiger global and c-1 and co-2 and dragon air, have all been putting billions of dollars of work in start ups

in 2021, they already invested $153 billion surpassing all of last year's record startups like this, because hedge funds tend to move quicker, to invest, and they are intervening less, like they don't take board fees, and they are offering higher valuations oftentimes than many traditional vc firms will. 90 hedge funds are now active in private, triple than a number a decade ago representing more than a quarter of capital invested in private companies at this time. traditional venture capitalists i speak with though complain that this onslaught of hedge fund managers on their turf has created cut-throat competition for deals, and ballooned valuations but unfortunately, for them, they there are very few success stories of things working the other way around private investors becoming hedge fund managers. julia? >> leslie, interesting to see how much the influx of this capital from the hedge funds can drive up those valuations but i'm wondering if there are any

trends in terms of types of companies that hedge funds are most interested in investing in. >> it's a great question so tiger global, their strategy, at least it's been reported to be this way, that they have a group of analysts whose job it is to select the two, one or two best companies in each kind of business area to invest in and then become really competitive, with speed, sometimes they can have turngz as -- turn-around as quickly as a day or two in terms of investing, and that's kind of, they tend to really sprinkle capital in all sorts of the tech world, but really looking at those companies and that have the number one, maybe number two market share in those areas. but it really is tech broadly when you look at where hedge fund managers are investing, and just anything that is kind of the high growth, tech-oriented, digitally native type of company.

>> leslie, thanks. it makes you wonder what the impact of that is going to be. are these private investors investing with worse information than they would be if the companies were public, and woot outcomes be different? but i know you will continue to track that for us. delivering alpha takes place the day after tomorrow don't miss that. meantime, netflix is attempting to double down on the brand, what it means for subscribers and the stock. plus, look, ma, no hands tesla lets customers request access to the full stealth driving software not everybody is happy about onusishough. el mk going to speak at code later this week "tech check" is back after this. g pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved.

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welcome back to "tech check. resetting here near the bottom of the hour, i'm keent keents with -- keen kecarl quintanilla and

julia boreston dow is in the green. despite apple being down more than 1%. we will get to all of that in the moment when rates back off the intra-day highs. here's rahel. >> crude oil hitting a three year high and closing in ong $80 a barrel for the first time since mid july, west texas intermediate bracing above $75 a barrel prices are rising as demand picks up and present could top $90 a barrel by the end of the year. treasury yields surging in volatile trade today the five year note hitting a 19 month high and closing in on 1% the 10 year going above 1.5% for the first time in three months before pulling back. rosengren will rire on thursday, nine months earlier than previously announced. he is also disclosing he qualified for a kidneys tr transplant. and durable goods orders growing 1.8% in august, despite

parts and labor shortages and july's drop was revised to a gain, with demand for durable goods has risen 16 of the last 18 months. julia, back to you. >> thanks, rahel. netflix shares on the move falling more than 1% coming off of the first ever fan event on saturday giving users a look at over 70 new series and films to come the next guest says while the event was jam packed with clips and teasers to keep fans excited, there were notably very few new announcements. with us now is bank of america nat shindler, thanks for joining us, i guess my question to you is why do you think it is so important to netflix to do something like that, like that big of an event it hosted on saturday to connect with fans? >> thank you for having me i think that this event was important for netflix just to highlight the difference between it and other services that are out there. the amount of content that

netflix has is really unparalleled and with other services highlighting new content such as disney, showing off marvel content that really isn't going to be around for months to even years, netflix has to highlight, this is a huge amount of content that they're showing, that probably, with the vast majority, it is coming in the next three months. >> yeah, but you know, netflix, the market for netflix is very saturated here, in the u.s., and it has even struggled with growth domestically, a lot of pressure for the company to grow internationally, what are your expectations in terms of subscriber numbers for the back half of this year? and then also, how does that fit into what all of the rivals ar doing? >> so i think this is the fundamental question that people are asking right now, if you look at 2018 and 2019, netflix was adding mid 50 million net sub, in a combined year, about mid two years period, 18, 19,

mid 50 million if in the two year stack of 20 and 21, basically the covid period, can they do the same that would be adding their guidance of 3.5 million net sub adds in q3 an then maybe on the order of 7, 7.5 in the fourth quarter. that isn't a lot given that in '18 and '19, they added 9 million roughly in the fourth quarter. so that international growth is there. so the question is, is did the pandemic just pull things forward and we're back to the same two-year stack? or has it fundamentally altered with the competition i do not believe that the competition is the real story here i think that is overplayed people can only watch stranger things on netflix. they can only watch marvel on disney those aren't one for one exchange those are different products and they can only be seen at those places >> that's interesting, nat, i wonder, over time, over the years, there has been a repeated call from some on the street that they need to introduce a

low cost or free ad-supported version of their platform, do you think that is still necessary? have you ever thought it's been necessary? >> you know, 800 million people the world over pay for some form of tv. and if you look at actually the cost of netflix, compared to the number of hours of people that use it, if you go to the more penetrated places like the u.s. and the u.k., where people use it a whole lot, i mean you can barely go for a jog and the tread of the shoe that you burn in that period of time is more on an hour, a dollar per hour basis than netflix so is there a need to do it? maybe in some countries. but i don't know if reed ever will he sees very against the con concept. >> is netflix trying to break beyond a traditional maybe transactional relationship with customers, and into trying to

turn it more into fans because that's what i'm reading into the clothing initiative that they did with shopify, you know, the video game that they're moving into, and they seem to be trying to compete fans which disney certainly has with many of its properties but i don't know that many people are fans of netflix so much as they're fans of one show or several in particular. >> yes, so i think there is definitely a push for that, i think they envy some of disney's fan loyalty, and they probably should and these are attempts to do it that they haven't done in the past i think some of their real problems has been, they really have believed in kind of having jumped, because of that they don't build long term franchises, they have some of the basic rules that things shouldn't last more than three seasons and few of their shows has and that makes it hard for people to really fall in love

with the property and disney is basically betting their entire world on marvel and star wars forever, which are universes that they have created and own so it's a very different way about doing things and i think that netflix would love to have some of that fan, you know, appreciation that disney already holds >> it does seem like netflix is increasingly building brands and franchises, at least based on what we saw on saturday, and also with the games, this idea of taking brands off of netflix, making them games on oculus and elsewhere, how important do you think the game strategy is going to be as part of the whole brand building and also holding on to their subscribers, reducing churn? >> well, clearly, they are going after a little deeper kind of universe building, and bigger franchises, and the announcement which they were not only announcing that season two, they

highlighted season two, which we knew about, they showed highlights of season two, and they announced another animated show and a kids-oriented program in the universe, as well as season three, that highlights they are looking to build on the universes that they own, which is really what others have done so well up to this point, particularly disney. with the games initiative, you know, i'm skeptical of it in a little, in one sense i think it's very valuable for them to build connection with audiences and i think that's what they're looking to do, but i'm a little skeptical of it, versus how wall street has throughout about it early on this isn't competition for activision and electronic arts these are just taking their ip and gamifying it mostly in the mobile world these are going to be limited fan kind of appreciation things that build loyalty more than they will be large revenue generators at least in

the near to medium term. >> yes, certainly a lot of value in building those brands and that relationship. nat, thanks for joining us and don't forget, we'll hear from netflix today at code. we want to check out shares of sony, with@an outperform, and a price rg itaets over 20% upside that stock, benefitting from that report, not benefitting from the report today, trading down 0.8%. we'll be right back. now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web. powered by people-based software from viant - a new standard in media. the upgrade marketers deserve. viant. built for now. ♪♪

in case you missed it huawei's cfo has returned home after years of house arrest in canada mention was arrestsedin 2018 a the request of the u.s. for allegedly violating sanctions against iran it has been a long simmering point of tension between the u.s. and china and now the d.o.j. is agreeing to defer prosecution until late 2022, allow her to leave the country this pretty much ends the situation. two canadians also who have been detained in china for nearly three years were freed and allowed to fly home at the same time carl >> what a chapter it has been, john, just remarkable. before the quick break, let's get a check on the biggest laggards, a lot more on what to expect at code, beginning tomorrow, this week, we're back in two minutes we see smarter software delivering cleaner power.

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here on "tech check," we talked about the tech industry's lack of diversity, particularly in the senior ranks. but there's more out on the value of adding diversity, news just out today the annual study of women in the workplace, surveyed 65,000

employees, finding that women leaders have stepped up to support employee well-being and advance diversity, equity, and inclusion. the study finds that women in senior leadership ranks are 60% more likely than men to provide emotional support to employees and 24% more likely to ensure that their team's workloads are manageable they are also more likely to be allies of women of color and twice as likely to spend substantial time on dei work that is not essential to their job. this focus on employee well-being is found to result in employees being happier, less burned out, and prioritizing the dei results in employees, as twice as likely to be happy with their job and half as likely to consider leaving on the down side, this work on well-being is essential to retaining employees, it is undervalued in performance reviews. and there's more negative news so women did make that, there is

a study of a drop in the representation of the svp level. so john, i guess my question to you, at what point do you think there will be more awareness of the value that female leaders bring, and the sense that these companies should be chasing the numbers and investing more in diversity at their top ranks >> julia, probably around the same time that female contributions in the household are appreciated at the rate that they should be, meaning i won hold my breath >> well said, john we definitely want to see those numbers get better, not worse. coming up after the break, the first tech unicorn implementing a four-day workweek. we'll talk to the ceo in a moment nasdaq on pace for the wstor monthly loss since last october. more "tech check" continues in just a moment.

>> reporter: how does a four day work week sound? that's what $4 billion start up bolt is experimenting with this month. bolt founder and ceo is here to speak to that. welcome. i have what might be a surprising take to you i'm sure a lot of people are thrilled about a four day work week but i never want to have a job that i hate so much that i only want to work it four days a week what do you say to that? >> well, i have another surprising take for you.

a lot of people apartment four day work week and a number of surprising points is that people think that this is going to lead to less productivity we believe a four day work week will lead to a surge in productivity >> well, i mean that doesn't surprise me at all that a lot of people feel that way my sense is that, you know, if you got a job that you just want to get the check and get out then sure working fewer days and being more productive sounds great but if i'm learning a lot and if i love working with my co-workers on what i'm creating don't i want to be productive and work five days with partners and with other organizations that are also working five >> well, i think talking about the people work is one of those concepts that we're leaving in the past at bolt there's only one thing that matters and that's results. that's the outcome achieve results and do so well

being kind and good to your team around you so frankly we don't care if you're working two hours a week or 200 hours a week, if you're passionate go for it but we only care about all you're delivering results to the organization. >> well, speak of working 200 hours a week i was talking about this earlier with jon and he was teasing me because of my wo workaholic days i would work 15 hours a day. how are you making sure people aren't working longer on tour days a week or working on fridays when they don't have to. >> you can go ahead and work on a friday if you want to. just don't expect your other employees to collaboratae with you on a friday. friday through sundays are a weekend. expect your teammates to be traveling or with their families there's a great line we like to

say and credit, we want to work like lions not like cows cows graze all day doing the same repetitive thing that constantly look tired and sluggish when we're working we're on, ready to pound and then when we're relaxing we're also really spending time enriching ourselves outside of the office. >> you know it does kind of feel the evolution of hr policies that have been around for a while. i think of netflix r where they don't account for vacation it's up to the worker when they want to go on vacation i worry about inefficiencies get one person working a day where somebody else thinks it's their fifth day off. how do you account for that? do you see any problems with ongoing innovation as a result of that? >> operationalizing a four day work week will not be easy

that's why no big company until bolt has really made this move but when we thought about four day work week we thought about it in line of our concept around a conscious culture which we're a thought leader on. we published on conscious norms how you build an organization that bridges execution with humanity that's what we're about. we published all of our learning on how to execute with humanity and four day work week is something that we'll be diving into with great attention to detail and publishing our learning on how to do it right to the world >> well, ryan, it's a bold experiment i'm sure a lot of employees as you say will be enriched by it look forward to see how are you company continues to perform >> thank you for having me this part of the show, don't forget to follow and subscribe to our podcast list enany time, anywhere,

wherever you download podcasts "techcheck" is back in a moment.

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michael sheets jeff bezos is doubling the amount of time he spend at his rocket company blue or the begin. he stepped down as ceo this past july he called it his life's most important work to read more go to cnbc.com. and i mean every day is a great show on "techcheck" but another great one tomorrow i talk to lisa su. here from microsoft ceo. also tomorrow i'm in san diego a couple of hours south with qualcomm ceo and along with magic. a great show, carl >> i can't wait for that all three things >> julia >> yeah. carl, you and i will be on set there at the hilton for coffee we have jim an early facebook investor and david marcus from facebook he oversees all their pin tech moves. >> what a lineup

also time for one more thing today that's a crypto currency trading hamster that's outperforming warren buffett meet mr. gots a hamster that exclusively trades crypto. he picks between dozens of crypto currencies by cycling through them on his wheel and then executes buys and sells orders by going through different tubes. his life streams are broadcast over twitch. he can be uncertain in his decision-making but tends to work some late hours here he is executing a buy order and then immediately selling before buying again. we can't argue with the results quite yet, guys. he's up about 20% since opening the account back in june that is better than the s&p so far. jon, traders they get younger all the time >> they do

julia, i would like to see him working just four days a week though and see how his trading goes >> yeah. amazing stuff. what will they think of the next we have to get some of his stock picks as well. >> we look forward to seeing all of you let's get to the "half." welcome to the "halftime report". i'm scott wapner is today's stocks a sign of things to come a good to see everybody. we begin with a look at stocks we enter the third quarter big move on interest rates there it is. broke out last week pushed close to 150 "today" we settled back just a bit the result