that we are seeing today the dow transports, though, are underperforming and the small caps, again. >> you always keep your eyes on the dow transports >> i do. that's going to do it for us on "squawk on the street." "tech check" starts right now. >> you get days like this, it's a neat opportunity to put some money to work. >> the problem in the broad overpriced world like this is what the heck do you earn? >> a vacuum in the markets of sucking in all the capital and that's leaving other opportunities that are left for d dead. >> for the last two years when the mega cap tech stocks sold out significantly, i'm a buyer. >> good wednesday morning.

live from the code conference in los angeles. i'm carl qui in, tanillo stock stocks rebound and investors seemingly buying the dip. big tech in the mega cap names got crushed with faang plus and the nasdaq both on pace for their worst month in a year. what's with all the confidence we're hearing here at code several investors ahead this hour on how they are remaining bullish plus tech's biggest ceos where our feed kicks off this morning. >> is it possible to, i think, destroy crypto, but it is possible for governments to slow down its advancement >> so, what should the u.s. government do? we had gary gensler on earlier, he was calling it the wild west of finance what should they do, if

anything >> i would say do nothing. >> okay. they're not saying that. >> yeah, i mean, i wouldn't, i would seriously just let it fly. >> just one of the many topics that musk covered last night talking about crypto not necessarily the second coming of the mu sigha >> billionaires going to space people should thank billionaires but goodness, do nothing on crypto that's a bad idea. that's like, you know, right it's like doing nothing on self driving. regulate it. see what happens no >> but a sense of inevitability that crypto is going to continue to rise and that it will be regulated. but another thing he was defensive about that i thought was interested in the context of tech he made very expensive cars saying this is what it takes to

innovate you start making something that is very expensive for rich people and then the cost comes down and ends up being available to everyone. he wants to send people to mars. >> he made the choke of geckoes large phone and wall street. new technology is always expensive at first >> it's true, right? this is like $1,000 bucks the processing power in this thing even ten years ago, come on, would have been a super co computer. >> the same thing going to mars. he wants to get into orbital space so he can bring down the cost of getting more people to mars. >> fascinating discussion that we'll talk about this morning along with the major themes in tech bouncing back after the selloff. yesterday as you know all of faang down 3% for the month with the exception of netflix long-term confidence versus risk a big theme here at code here to break it down tech investor, thanks for being here. >> thanks for having me.

>> what are your initial reflections on the conference so far what you've heard over the last 48 hours. >> i mean, the session i didn't want to miss with elon musk. i think he has some really interesting comments on where we are right now with relations in china and he brought up whatter point. inside of the country, as well as those outside of the country. what effect has that had on their policy decisions and will we see a softening once we're able to return to in-person meetings >> did that make sense to you? the crackdown on billionaires in china is because they can't meet in person? >> i don't think that entirely explains everything but i think it is an interesting point about the importance of being able to meet with people in person at least for that initial meeting. that's really important to be able to kind of make that in-person connection >> what's the, i guess, read

through that inesthvestors shoud have on the accountability theme we have been hearing at this code and previous ones, as well. not just facebook, but crypto. coming under a certain level of scrutiny and m&a at a level people find concerning >> certainly in silicon valley in particular an attitude with the government let them innovate and that will have long-term benefits for the economy and the ability for more people to be able to have engagement experiences, reduce costs, increased productivity. all those things are really important. but now we've seen the other side now we're starting to get some exposure based on the excellent reporting by "wall street journal" around facebook and internal conversations they had about how to get more betweens on to their platform and monetize them. obviously, these are businesses and for-profit businesses and they have to think about these

things but i think we're getting exposure that is making us uncomfortable. transparency is important. we need to be able to know that as the consumers, we are the product for some of these companies. there's a hidden business model. we think awe are getting a benefit and also the company's ability to monetize. what we've seen with this wall street journal reporting, a little level of uncomfortableness with this is how it is done this is how the sausage is made. we need to make sure that we continue to watch this >> it was interesting hearing marc benioff weigh in on the risk of facebook and the challenges of facebook and the whole regulatory question and also a sense of competition. you know, we had satia weigh in and say maybe there is opportunity in search. maybe google has been a mooonopl for too long maybe if we need to think at

them differently maybe they need to look at themselves what do you think of the corporate rivalries that seem to be emerging in the rveg can thes here >> increased regulatory notion necessary, which i think we should explore these are the most competitive people on earth. they didn't built multi-million or billion dollar and want to pull back to compete what that portends to, look, there are still places we can innovate just because one company is in the leadership position today. we've seen this story play out before key can go back a decade or two and look at the leaderboard and see how that has reshuffled over time overtime new companies that emerge and new companies will make a comeback. microsoft is a great example in their leadership and digital transportation the game is not over

>> the game doesn't end. it keeps going of course, regulation to consider we got the chance to sit down yesterday with eu commissioner for competition. maybe the best known regulator around the world, although lina may be catching up at the ftc. we talked about regulation ahead of the eu trade summit in pittsburgh >> there are a number of sort of must-do discussions one on privacy to make sure that data can flow how to put things into practice. i think on ai there is, on both sides of the atlantic, a deep recognition of the fact that in some use cases, fundamental things are at risk women are not being discriminated and people of color are being discriminated and that we need to get this right. and that, you know, it's such encouragement for us, as well as the biden executive order. it's a huge encouragement. >> she also had this to say

about fines. a regulatory tool that has cost companies like google billions of dollars >> definitely fines is not enough a fine is just a thing, just punishing past behavior. and then cease and cyst and restorative measures how to make sure that the legal thing you have done if they cannot be undone then how to do a repair how to do your part to make sure that the market is open and contestable again. >> well, we've been talking with you about risk for a long time but is this significant good the eu and u.s. have a meeting of the minds on how this should be done >> i think so. this is, i had a chance to sit in that session and that's the thing that came to my mind is, you know, just looking at these two allies and super powers kind of coming together on the need for increased regulation

look, the challenge is regulation is always going to be slower than innovation regulation is almost always looking backwards and looking at examples of what has transpired and then try to apply policy and moving forward the problem is it doesn't keep track with innovation. >> what i wonder if you look at the chance of this european u.s. collaboration on some of these rules and also the fact that there is now a bipartisan push to regulate some of these tech giants how does that impact your outlook? you mentioned facebook earlier but so many ways these tech giants can be regulated whether it's privacy or anti-trust or content. what is the biggest risk and which companies and types of companies would you stay away from >> the biggest risks for the companies that have the deep pockets to acquire the other innovative companies always this pressure of continuing to innovate and a lot of companies are very comfortable with acquiring companies to kind of bring that product and the technological expertise from teams into the company.

so, we've seen increased scrutiny on transactions recently zoom is one transaction. you know, that's going to be the biggest risk for those large companies that want to acquire these companies. now, from an investor's perspective what we don't want to see, we don't want to see that slow down innovation. i would say, in particular, within the financial technology sector look, the banks are slow to innovate you have companies with deep pockets like jpmorgan that are acquire fintech companies. the innovator side of me wants to see that left alone as much as possible but then thinking about it from a citizen's perspective, we do need to better understand the long-term ramifications of what these kind of marriages end up looking like >> anybody else puzzled by tech companiesfixing what they've done to the market this isn't an oil spill, right how do you fix either a data breach or a culture that you've created of, you know, r radicalization happening

that seems like a new regulatory bridge whether it's too far or not. i have no idea how it will cross. >> look, some of these are little concerning and you want to understand and have clarity around what these comments specifically mean. and that's where i go to you know, we don't want to see the government be too heavy handed, right. look, i get it if they had the ability to see the future, they wouldn't be in my business, they would be investing in the future. >> sometimes they do >> sometimes they do we just want to make sure that these actions are not too heavy handed look, i think this is a good opportunity for those that have the expertise and thinking about what the future could hold to go in and try to help the government i mean, this is the challenge that we have some of our best and brightest minds don't want to go in the government the people in the government helping shape these types of policies would much rather be working at facebook or google or start their own company. >> one thing about code has allowed us to get to see people

in person. thanks for starting out the hour >> all right take a look at some of othe names leading the ndx higher this morning netflix and electronic arts and why the next guest says every corner of our market is overvalued "tecchk"s ckn stwo minutes. iju t nother 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. comcast business powering possibilities. alright, here we go, miller in motion.

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gut check on affirm. the latest company trying to make the next super app. affirm announcing it will launch a debit card and allow customers to buy and sell crypto max wasn't always a fan of crypto he said expect us to look for more opportunities to buy and build as we look to leverage our core strength. shares of affirm jumping this morning after taking a hit in yesterday's selloff. you can see it there up a little more than 2.5%, julia. >> the direct to consumer giant seeing a big direct listing. glasses maker warby parker set to begin trading on the new york stock exchange joining us now is up front ventures mark shuster companies include parachute who are eyeing their own public offerings mark, as you see this direct

listing i know you were in bird which is going public via spac what is your outlook on the exit opportunities right now and which ways these companies should be going public >> first, great to see warby parker go public and we throw out terms all the time, direct to consumer. when you think about the power of ability for a consumer product to build a direct relationship with its customer, that's really what is powerful historically the channel the retailer was able to control how the product got to market. and i think that's really what shifted. i think it's going out at about a $5 billion market cap which is fu phenomenal market creation >> how does all of that impact your outlook on which types of companies to invest in right now? >> well, up front investors we are investing when almost no revenue and no customers

we're betting on big transformational changes in the market i don't get too put off by what happens day by day in the public mar markets. >> are you better at distilling covid effects and pull forwards from the models you're looking at >> when we were at march 2020, i think we were nervous that everything was going to get wiped out. and the weirdest thing happened. 90% of everything was up when you think about what technology did, it actually assisted us in getting products to market faster in a world where a lot of things were shutting down. we also have been doing sustainability investing since 2014 and everything in sustainability is up agr agricultural production and agricultural and fire control and a lot more money went into that so, actually everything is up right now. now, i will tell you one thing which is marketing has become much more expensive and customer acquisition much more expensive

and people relying on customer acquisition and their growth has slowed >> the main thing i'm wondering about d to c is where the next critical area of innovation is so many of the things that the early d to c companies were good at have become platformed. right. shopify is helping with that direct relationship. those kind of marketing vehicles are being built into so many different companies. stripe is enabling payments in a way across physical and digital. so, what do they have to do better what do they have to innovate in that other companies can't just do >> well, i would say to you that the platforms actually in many ways make direct to consumer much easier. because a lot of these things they used to have to build themselves so, you can launch faster, reach customers faster ultimately if you build a better product and do something that traditional businesses can't do, there's a lane for success but i'll tell you what we look for.

we look for market places. so, we have a company called goat goat is now privately held but publicly announced at 3.7 valuation and their revenue was zero they will send billions of dollars of sneakers this year. high-end sneakers and a marketplace. what is interesting when you connect buyers and sellers in a marketplace, incredibly hard to disrupt because you create this network effect of buyers and sellers. >> so, beyond those marketplaces, you mentioned sustainability what are the other categories that have the most potential now, coming out of this pandemic phase. >> when we think about what we're investing in the three to five year time frame telemedicine incredible area to be investing in right now because we know that you want to see doctors without having to sit in a doctor's office without other sick patients and doctors want the leverage of technology that is a good area. we think biology as it merges with i.t

look how fast we solve the problems of vaccines that was pure technology you'll see a lot of mrna investments which is what the technology was so when we look at that, we think there will be a lot and i will say back to the area of sustainability fish sustainability anding a rutural productivity, all these things will matter >> thank you so much for joining us here in person today, mark. >> great to see you. >> great to have you in person. semiconductors the worst performing sector during yesterday's selloff. smh having the biggest down day since may now on pace to break a four-month win streak. one of the etf's top ten holdings off its lows of the morning after reporting a beat on the top and bottom line outlook has inesthvestors worri. plus more on an alpha update >> market sup 30% to 50% is not normal alpha in those numbers of 500 to

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welcome back to "tech check" we are resetting near the bottom of the hour. i'm carl quintanilla with deidre bosa and john fortt. first, let's get a news update with rahel solomon >> good morning. here's what's happening. pending home sales surging al 8.7% rose for the first time despite rising prices and tight supplies of available homes united airlines starting termination procedures for nearly 600 employees for defying the covid vaccination mandate. 1,000 are seeking medical or religious exemption. earlier on "squawk on the

street" ceo scott kirby said other companies should expect similar levels of support for vaccine mandates >> i think our experience is representative with what every company will have if you just do it and say here is the rule and the guideline and the date, stick to it and everybody will get to around 9% shares of dollar tree are surging about 15%. best one-day gain in nearly 21 years. the discount retailer surging after adding to its stock buy back program dollar tree hit a 15-month low on friday. quite a difference a few days make, john >> let's get an update from the nasdaq josh lipton is there in times square not literally in times square, but overlooking it josh. >> that's right, john. modest rebound for tech this morning. let's start with some of the big names. facebook, apple, amazon, alphabet and microsoft

of course hit hard yesterday facebook down 10% in september and highlight a range of issues that tech is confronting, they say. rising yields, tough comps and moderating pandemic tailwinds. chips a soar point micron not helping and reporting and disappointing with the forecast last night and analysts say help limit the pressure in today's trade. have a look at the video game publishers, as well. act vision ea take two and stronger yesterday in the green again today. joe saying the group is benefitting from attractive valuations and upcoming launches back to you all. >> josh, thanks very much. let's stick with some of these market themes today following yesterday's ugly trading and bring in someone who has been an early investor in some of othe biggest names in technology including facebook and netflix. jay hogue who sits on the board of netflix, peloton and zillo.

jay, great to have you in person >> great to be here in person for the first time in two years. >> same for us this discussion always starts the same way we ask about the market and the investor says we don't think about the, mat on a day-to had day basis. when you have markets and rates creeping in, does it change? >> one of my acronyms internally is fate. there is always something to worry about from a macro standpoint, china tensions, pan d pandemic interest rates and i know it sounds trite but we do our best to fo ignore all that d focus on the best companies and the rest will sort it out. we can't predict and that's, you know, that is our recipe of course, it is always better to have the market every day forever, but it has been a huge tailwind over a long period of

time and fundamentally driven by technology which, you know, in a down market day doesn't mean the outlook for technology has really changed >> i like that does it mean you have to have a minimum time horizon of five years, ten years, something like that >> i think and technology is interesting particularly being at this conference you hopefully have to be right and not focus so much on day to day. but if you're five years too early on a given segment, you're probably not going to make a lot of money so, it's more, i think the job we're trying to identify the big winners of the future is a very hard win i think your job is even harder, which is try to make sense of hourly, daily, you know, weekly, monthly market fluctuations. >> that's why we talk to you, right? we don't have to come up with the answers. it's a big direct to consumer

day with warby parker going public and you're on the board of peloton which is a huge direct to consumer name. i wonder how you frame the challenge for these companies, particularly when i mean apple is coming after peloton hard on the software side and with the apple watch. what is the most important asset for a company like that in this kind of environment? >> so, generally on the consumer side you've seen businesses that are able to provide very unique convenience value or selection and so, netflix, peloton, et cetera and do something that engages consumers. that's something we look at a lot. in the case of peloton a long litany of unsuccessful home fitness companies before them. they talk about 20 workouts persubscriber permonth that's a very engaged consumer they provide something magical that is really engaging the

consumer when they do so, they can, you know, grow substantially over time i will also note from a market fluctuation standpoint i think sunday was the two-year anniversary of the peloton ipo and it traded down way back in history the ipo traded down. near term does not mean long term >> speaking of netflix a of conversation of streaming video and this question of where does netflix need to be investing now? what is going to help them compete and how important are games? you've also invested in game companies. so tell us what you see as netflix's key growth feature >> i think the common thread between both entertainment is incredible engagement. so, hours, you know, hours watched per day for the average netflix customer and in video games it's often it can be several hours. i would say and i know there's

lots of focus on this show and else where about the streaming wars and this answer might be disappointing but consistent with what they argue the competition is not, for netflix is not around streaming services to some extent they're replacing linear alternatives. there is a big viewing ship. the chal slenge and the opportunities continue to develop engaging shows, deep movies, et cetera. ted shared at the conference, obviously, some of the viewing of the monstrous titles and the beauty of the internet is you can provide what used to be thought as a niche show or a niche documentary which used to be seen in a theater by, you know, 82 people and the power is you can have that viewed by several hundred thousand people via the internet and that just, as a creator, has to be a wonderful thing. so, netflix has produced

incredibly great shows and continues to be the place to go for creators who want theirs shared to the widest audience in the world. >> talking about netflix subs and they think over time they will eband flow net sub ads will be like tv ratings where they pop for a show and those people leave but the trend overall so low that it will just sort of be like water just going back and forth and we won't worry so much about the ad as much in q4 as we thought. we are inthe early days. do you think that's true >> certainly avoid forecasts but i would point out that the street pays a ton of attention to quarterly sub numbers and and there can be a variety of factors in a variety of regions across the globe that might contribute to a stronger than forecast or weaker than forecast quarter. do either of those change the

fundamental slope up and to the right for the annual subs and adding the 200 million plus today and 400 million in the future i don't think it does. >> i have to ask you about facebook talking so much about regulatory scrutiny and some of the choices facebook has made. how does that change your outlook and not just facebook but other platforms snap that are also focused in the younger demographic. >> i would say the large platforms which are, of course, operating on enormous scale. i think facebook last quarter was $29 billion in revenue and growing north of 50% and, you know, google which owns youtube. 2 billion monthly active users just enormous numbers. with that comes, obviously, an enormous audience and with that comes an obligation to do as well as you can to balance the issues around the content on your platform. unfortunately, it's both a platform for positive content

and negative content i would say that the, it's a serious issue. i think it's a complex issue and youtube as an example. youtube has eight billion videos a day uploaded to the site think about the process which you have to screen that content and, obviously, most of it has to be machines doing it. that is an extremely complex challenge and what might be offensive to some might not be offensive to others. you have to think about it across all the regions of the globe. it's a hard challenge. i understand the focus, but it's not an easy answer >> today expanding their guidelines on antivaccine content. jay, thank you so much good to talk to you again. >> pleasure being here thank you. coming up, warnermedia ceo jason kyles says that amazon not netflix is their biggest

competitor live from code continues next.

i sat down with jason kilar to talk about the future of the content business shot back at ted sarandos calling them conflicted when it

comes to film distribution >> i think that's an insincere statement by ted ted put his theaters in films, too, by the way. we have done it for 98 years and probably do it for the next 50 years. the reason why we're doing it is we think it is the right thing for customers. >> kilar's comments come after nine months to release films simultaneously the way he handled that decision did draw backlash from filmmakers and i asked him if he had any redwrgrets. >> change is hard and we did the best we could at the time. you are doing the best you can and you can do better. that applies to us when we announced that decision we were doing the best we could and yet we could have done better in hindsight i wish we would have taken two or three weeks rather than one week to talk to

the 170 participants we had on our slate for 2021 >> with warnermedia just recently closing a deal for half of the nhl rights, kilar laid out warnermedia plans to continue to invest in sports for linear and digital so, i asked him what his plans are for sports betting >> i think that sports betting will be an important part of the sports future which means it will be an important part of oour future. i say that and betting could take size and shapes and sizes and monetary betting and little things with your friends doing something that has no monetary value whatsoever in terms of a poll and something interactive and adjacent to a game i think you'll see all of that stuff from anybody who is serious about sports >> which company is the biggest threat to warnermedia? >> the biggest competitive threat i would probably say amazon, you know, would be that company simply because of their breadth and depth across devices

content, retail, of course but i do want to kind of talk from my own book a little bit. we just grew revenues 31% last quarter for warnermedia. a 98-year-old company. we added more subscribers than netflix, disney plus and hulu combined we feel really, really good where we are yes, there is competition, but that makes us better >> he was talking about adding more subscribers here in the u.s. they are still rolling out hbo max internationally with six more european countries added just this month. now, the only topic he wouldn't tell me about is his plans what's going to happen once the company's merger with discovery closes of course, that's the questionmark >> not joining netflix >> i don't know. he did shoot back pretty hard there. you never know with these guys >> after the last few days the comments about proudly maintaining those relations with exhibitors make a little more sense. you listen what endeavor said

last night a $9 billion business hollywood is not going to let that go away and then you have "bond" opening and saying that some of the streaming budgets are not sustainable over the long term they are investing so much in streaming, john. >> i don't know if i believe that sarandos was being insincere. if you are a traditional media player the expectation of box office and percentage of box office if you work with netflix, sure, they put movies in theaters. that's not what you're in it for. that's what these folks have to figure out >> they put movies in theaters but to get awards attention which is not particularly important for the content creators >> which would be a huge deal if the academy said, you know, you don't have to be on a huge screen to be considered for a category >> that's something to watch especially once theaters are fully open again but a lot of attention on bond this weekend that's a film that has been delayed so many times and, you know, full theatrical release.

>> what was the joke in the middle of the movie there was a worry they would cut it off and say, oh, it's been delayed again. >> i can't wait to get back in the theaters i don't want to see a bond movie at home for the first time >> that's what they're hoping, john >> unless you have like a huge theater in your house. some people do not me more code content is straight ahead "tech check" is back in just a moment we see access to fresh food being the global norm, not the exception. at emerson, our cold chain software and technology keep perishable food at proper temperatures, to assure its safety and quality. emerson. consider it solved. there's software.

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delivering alpha cnbc investor conference kicked off this morning our own andrew ross sorkin spoke with tpg chairman jim coulter and asked him about the near term investing environment >> stuff happens in october and we've got government activity. we've got the potential to fall. so strap in. strap in it's going to be an interesting time with both opportunities and risk >> sustainability a very big topic, as well coulter spoke about how tesla is just the tip of the esg iceberg. >> so i think about where we ares a moment that equivalent to

alo. the first internet company you heard about. tesla is the first company you may have heard about in the environmental area doesn't mean that tesla will end like aol but does not mean we have not seen the googles and salesforce of this way >> you can still register now to watch the rest of today's interviews at deliveringalpha.com and then tomorrow here on "techcheck" a very big topic for us, as well we look forward to that. meantime, a check on the shares of hp downgraded to neutral. they say i.t. will shift from pcs to storage favor names like dell. the ceo of docusign is on the other side of this break other side of this break don't gowa ay.

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more beyond just sign, but strategically what do you invest in and what's the order of operations that you execute to make that happen >> first off, we are super excited about the broader docusign agreement cloud, but make no surprise for you, e-signature is what's driven this company it's what brought us to this dance and we love e-signature. it's a fantastic product it will be the most significant part of our growth for years to come and just from the law of large numbers with businesses and it's continuing to grow at 50% last quarter while we don't expect that we're going to get that real nice sort of pandemic sort of tailwind that's kind of hard to say nice and pandemic, and horrible on every dimension, but we've been up front about it. it did accelerate our business and so we'll return it a new normal hopefully in the office and also for our business. we'll continue to be a high growth software company like we were before the pandemic and in terms of your questions and

e-signature will lead the way and it will be the tip of the spear where people will start the digital transformation with docusign. >> in fintech and software stuff when it comes to software, small and medium business has seen a lot of growth and investment right now. how do you balance the importance of smb versus enterprise for docusign? where are you putting relatively more resources >> a terrible answer for you and we serve smb up to the larger enterprises and we talk about this a lot with the similarities in our business. it is our low-cost acquisition channel and people come to us online and we have over a million customers and the majority of those are small businesses and they come to us with no marketing investment and at the same time our biggest growth has come from the enterprise so i think you're going see us continue to do both and we're making it easier for people to come in to the docusign family online and it's broadening and

developing relationships with the largest customers. >> looking at that growth, you've had your fifth consecutive quarter and how much of that is a pull forward? how much do you think we'll see that dramatically drop off once these transform. >> it's a good question. i don't know the exact answer, right? we've tried to model as much as we can and how much of this is incremental and we have the company growing in the high 30s before the pandemic and we assume our business will be more similar to that with this lens the hard part is figuring it out, if you'd asked me three quarters ago, i probably wouldn't have thought that we would grow 50% last quarter and i'm pleased with that and we're focused on the longer term construct and let's do this stuff that we know is important and create the best work environment for the silicon valley and make sure we're driving innovate you have software if we do that we'll continue to be high growth. >> i heard about someone the other day who was involved in a deal that required a, quote, wet

signature. i hadn't heard that phrase before, but i wondered is that a thing? if so, where is the place for a wet signature in the future? >> i think in the long-term future we hope there won't be one because of the benefits of the ease and the efficiency and it makes people's lives better with the digital technology and wet signature means it's going on paper and someone cut down a tree to do that. if you heard mark talk about the trillion tree effort we all need to be thinking about the environmental impact of what we do. to give you a sense right now in the short term, there's still the preponderance of agreements are not done electronically and everyone uses docusign and in particular, media, technology and financial industries and across the overall industry, we think we're less than 10% penetrated and we look back and say if there are, unfortunately, a lot of wet signatures out there. >> if you're an investor. >> growth opportunity ahead.

>> ceo of docusign, thank you. >> thanks for having me. >> the nasdaq is giving back a lot of its earlier gains and hovering near the flat line as we approach noon on the east coast. down 2% since monday and we'll wrap things up from code after a break. stay with us

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one final block from code in los angeles today. take a look at some of these semis and relative weakness on those names on the mdx last night. micron did guide fiscal revenues down about 10% below consensus and got a downgrade of nxpi to bernstein and it ties back to what you and lisa suh talked about, and the supply chain is fragile and it will take big lifts to get it repatriated and back online and here we are getting ready to head to q4 in a few hours pretty much. >> that's why i'm headed up to seattle after this i'm not going home to the east coast. we've had microsoft and amazon announce new products that have a lot of chips as well as other things in them and we'll see how they work and ask about how they're working with supply chain availability. >> and they're scheduled to come

out before the holidays and there's no doubt the world has changed even as we hopefully emerge more from the pandemic, the consumer is different, expectation are different and we'll see if they'll want to buy the gadgets you'll be looking at. >> you want i robot, an astro. >> someone called it a camera on wheels are you buying the robot thesis on this? >> not for myself personally i'm a not a fan of open cameras and microphones around my house, but we'll see. >> we've been doing code together for years at this point. we've been through all sorts of stages sometimes code is about regulation sometimes it's about mobility. i remember once it was about drones and we talked to cara swisher and she said it was about solutions and i wonder how much of this will end up in people's everyday lives. >> i feel about solutions and who's responsible for reining in different companies and we heard

companies are rivalling each other and microsoft wants to take on google and we hear a lot. about revelation. >> tech is doing well when a lot of the world is not and that's a big part of this dynamic, too. >> safe travels to you and on your way home. let's do this again, some time >> it is great to be back in person. >> it really is. >> have a good evening let's get to the halfback at hq. >> carl, thanks so much, welcome to "the halftime report. i'm scott wapner the state of stocks, are they broken or buyable? is the correction closer and interest rates higher? those are the key questions we are now facing joining me for the next hour and where your money will be heading is the investment committee, steve weiss, john najarian and the co-founder of market rebellion.com and since may we're up pretty much across the board except for the russell which is flat. the dow is good for a half percent. that's basically where the s&p is the nasdaq is trying to get something going and there's the yield on the ten-year note, 151.

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