maybe it's all that time he spent in space already >> yeah. >> that's going to do it for us on "squawk on the street". "techcheck" starts now. happy monday welcome to "techcheck". carl is off this morning we'll have our good friend joining us today nasdaq adds to its gains from lastweek coming off its best performance since early september, top picks in tech including today's chinese internet stocks are on a rebound. facebook upgrades from a poke to a nudge, mark zuckerberg and

sand berg's new strategy towards teams and harmful content. apple going epic again those stories in just a moment but we're going start with the market and a tech sector that's been defined by the volatility in the early part of october. dom chu has more >> pull backs come in the nasdaq 100, the biggest mega cap within the composite overall. if you take a look at the nasdaq 100 and took a look at those that have fallen from their recent highs set either in september or october there's about 11 stocks, 11 companies in that nasdaq 100 that have fallen by least 10% from recent highs we saw either in september or october. now three of them in particular with regard to tech and communications are asm holdings.

stimulus 50% for the year. there's a sharp drop off on that white line in the course of the last month two charter communications up about 6% year-to-date. you see it in that orange line another drop off facebook as well some regulatory woes and worries about their content and policing of content and usage that was up a big decline as well those three stocks among those that have fallen northwest take a look at those it speaks to themes developing in tech and media. some of the biggest pull backs in industries we've end focused on is semiconductors, software and then the large cap internet stocks these three etfs for semiconductors, software and large internet have each fallen over the course of the last few weeks from their highs by 5% to 7% keep your eye on those they could be bellwethers.

chinese internet especially within the nasdaq 100 because there are a number of them within the nasdaq 100, you see here, netease, pinduoduo and baidu is off their session highs. one of the big etfs, kweb still up a percent to put things in perspective, if you take a look at the period we've seen in the last year that particular etf that attracts chinese internet stocks is down roughly 50% plus from where we've seen it over the course of the year just in a year-to-date period. a little perspective there on southeast bounces that we've seen with regard to these chinese internet names they still got a long way to go to get back where they were earlier this year. >> certainly quite a decline there. thanks so much for filling us in there. we want to bring you in now

allow. thank you for joining us curious for you thoughts on what dom just laid out. what are the opportunities you see now in the nasdaq? >> well, i think, first of all, thanks for having me it's a plea sure to be here. there's so many inputs that the market is trying to grapple with all these macros we're looking at the debate on whether or not the inflationary pressures we're seeing are transitory as has been laid out by most of the heads of the government agencies. or if we truly are going see some lasting inflation we know tech stocks are most sensitive there. i think what we're seeing right now is the market trying to grapple and come to terms with,000 interpret these inputs we're seeing, confluence of so many different things, putting so many different pressures in different places we haven't quite seen this in some time. i think it will take a little bit of time for things to settle out. for those that have a longer

term perspective say over five years i think this could end up to be a good time to buy >> i wonder if this is a time when you do need to have, especially that five year perspective thoup to this point the last decade you can have a five minute perspective and do pretty well. to what degree do you need to think about what the platforms are going to be in technology and i use that term loosely both software in terms of, you know, companies like service is trying to build out the now plat korm and be more of that. then even intel trying to build out this foundry strategy which wane is like a hardaway manufacturing platform extension. are you betting on the ability of certain tech companies to do that >> well, no question the ultimate goal for any company that has a software product is to become some type of platform to go beyond and capture an entire industryparticularly supply and demand side

so, you know, i'm not surprised to see a lot of these companies having a platform strategy but i think what one has to do is truly look at what are the people actually using, you know, what's solving some real world problems that are important to whether it's individuals or enterprises. i do believe if one can identify those types of platform companies, that's a mashlg if you look at a company like stripes. stripes solved a very simple problem and often that's the best approach is to just really focus narrowly on one problem and the then over time expand out. >> well speaking of platforms and different challenges let's turn to the facebook fallout that stock is coming off four straight down weeks after the whistleblower's testimony. they want to nudge teams away from content that may not be conducive to well being.

craig rebuffed calls by lawmakers to reveal facebook's algorithms and as facebook draws growing scrutiny from capitol hill >> things that we have heard from users both in the u.s. and around the world since the election is that people want to see if you like more friends less politics. so that should be looking, testing ways in which we can reduce the presence of politics on people's facebook experiences. >> interesting to see him playing defense now. a real emphasis they are doing their best, continue to make more changes but they want regulation, regulation would be beneficiary to facebook. what do you think of this and what do you think will happen next do you think we'll ever see zuckerberg make the round on these shows? >> i don't know if they are going to put mark in front of

the cameras for the sunday shows. here's what i do know. i heard facebook for a long time basically say trust us and on the one hand, you know, people trusted facebook and it didn't quite work out. now what we're hearing is facebook saying well in essence we need congress to tell us what to do. and, you know, i think there's some policing that is completely possible within their own power and control and, you know, when i hear some of these stats, these stats sound great. some of the measures they put into place were good it begs the question that chuck todd asked on "meet the press," which is why remove any of them? why not just keep all of them in place if it was the case that they knew that putting those measures in place was going to be able to have a good positive outcome for the election why not just keep all of them? that's the question i think we all should ask >> it seems to me that the core issue in question is whether

facebook can show governments, show the world generally how it works without revealing data that reveals privacy related information. that's a big part of what's being called for i find it difficult to under how regulation can effectively work unless there's some insight into what facebook is actually doing in society up to this point facebook has been resisting this. you're saying oh, we'll make some tweets here and nudge a little over here and show more friends versus politics. i don't know what that means friend talk politics i've seen news stories in my feed i see people i know talking politics unless they are able to show us how facebook works how will we know what effect it has on society? >> yeah. you know, it's interesting at the end of the day facebook is a social media platform, but when you have over, i don't

know, call it half of the population or so in the united states at least getting their news from a social media platform which by design is going to pull in people's opinions, the metrics that these companies use are specifically designed around engagement and so we know and we've seen that when people apply their emotions positively or negatively to some of these stories, that drives engagement and so when one singularly look at these metrics specifically around engagement and monetization that result from engagement, it's hard to actually -- you know you can see how we got to where we are today, right it's the wild west out there when it comes to people applying their own views to these hot button political topics. >> you know, we just had some graphics up showing the declining engagement among

teens. i wonder if we can bring those back up. i think concern that facebook is losing its stronghold on the youngest demographic, a demographic that's essential for its next round falling engagement between 2020 and 2021 for instagram and facebook facebook will have to grasple with that on top of everything else now speaking of regulation, apple asking a judge to throw out the september verdict of its year long legal battle with fortnight maker epic games when it called a resounding victory the apple wants to change the mandate on its payment systems as the country tries to minimize impact to revenue stream some could be worth as much as $20 billion a year shares of apple are down 6% cities in ruling amidst the larger tech selloff. i have to wonder here. do you think apple can delay this long enough that they can make smaller changes and

actually eliminate any risk it would have to make the larger changes that could be damaging >> maybe they mostly won in that ruling but they are going here for total victory and i think the question of how the payment systems are going to work. i think there's even clarification that needs to happen in here on exactly what the judge's ruling means lowell, we saw that so many companies after the ruling were kind of like oh, we'll see about whether this means we can go back all in on the app store and there are companies that would like to be a payment middle man on the app store and perhaps give some different options. not surprised apple is taking this move and i think a lot depends whether they get a new shot clock to make this legal case >> yeah. without question it's going be interesting. we knew that the initial ruling, we were going see more to this

fight. there's definitely a playbook that exists within apple and all the other companies. look the reach that apple has, you know, it's important to have that method of distribution in the playbook but, you know, it's an expensive distribution platform. and so, you know, look we're not going to see the end of this for some time. look it's a cat and mouse as well we always see that there are the clever start ups to figure out how to work the rules within the platforms that they get their distribution from. >> and i guess we shouldn't be surprised, guys, that apple is going for total victory. they said it was a victory they wanted it to be a total victory. the reason why it was a victory the why said apple did not have a monopoly the question now is can developers go as far as offering their own competing payment systems. if that ever does happen it will be a long time before it does. and facebook is seeing its longest straesk weekly losses

since march of 2020. david sack has a take defending the company next "techcheck" is 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. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in busess is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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>> welcome back. let's get a gut check on sofi.

price target of 25 bucks implying more than 50% upside. that's after it gained almost 15% since mid-september. but morgan stanley said key drivers like student loan financing could be along the way. he regulatory interventions and crypto currency trading will hurt its business model. lowell, when i look at sofi and robinhood and the mass of companies that are saying anthony these one stop chops for consumers, my underlying question is kind of that e-bay versus amazon question each may had a lot of volume but didn't have the right technology ideas and sort of infrastructure investment to drive the future of ecommerce which of these companies are

making those correct investments versus kind of driving costly interest or attention on the top that's not going to drive value in the long term >> well i love that analogy having been an early e-bay employee i think when i look at the difference between sofi versus a robinhood. look they are both going after this millennial, gen-z, these individuals just starting down the career path and they are not quite there yet but it's clear if you look long term at their trajectory this is a valuable customer looking at sofi, sofi took the approach of focusing in on student loans. that's a good transition point, also a good indicator based on the loan as to the type of occupation that the individual could have starting, again, very narrow and then using that as the beach head to expand out into other areas over time. so i love that approach. we see that both with sofi and robinhood and their focus on the

millennial and gen-z and the buy now pay later platforms. this notion that we can identify these ultimately high earning individuals early in their career, provide them with something that they need on their financial playbook today, that will engender long term customer loyalty >> yeah. take a look at sofi shares up and robinhood shares are down 18%. now shifting over to facebook, looking at the other side of the facebook debate our next guest fears regulating social media content could lead down a slippery slope to censorship joining us now is david sacks. david, thanks so much for talking to us on this important issue. what is your take on the revelations of the facebook whistleblower? >> well, you know, it's a lot of what we've heard before. there's nothing much information here these are the same talking

points we heard about facebook for years. mark zuckerberg has been hauled off to the senate judiciary committee the four times to hear the senators lecture him on how facebook is not taking down enough content, need to be censoring more and that's what you heard with these so-called revelations. the idea, by the way, that can you have this facebook whistleblower appear on "60 minutes," 36 hours later she's on capitol hill testifying in front of this committee that just doesn't happen. government doesn't operate that fast this was a coordinated hit the whistleblower is working with the staffers of the judiciary committee for weeks. and it's really to fuel this agenda of requiring social networks to take down more content that politicians disagree with. >> look, david, there was a lot of talk of different types of regulation including privacy regulation and including more regulations specifically focused on kids.

so do you think there could be some value regulation to come out of this? facebook says we added voluntary indicate for more regulation on the internet >> that's what to be careful of. facebook is a giant social networking company can afford the regulations of course the more regulations you impose the more that becomes a hard entry for new social networks facebook is willing to go along with the regulation doesn't mean it's good for the industry the regulation i think most damaging and was the point of this committee hearing was the idea of imposing a new government oversight body akin to the fgc and, in fact, you know, she suggested she should be appointed to the committee, in effect setting herself up as mark zuckerberg's boss what they are talking about is establishment of a new, again, government agency to regulate

what can appear in your news feed on facebook and on all social networks and the thing to be careful of here is that the first amendment guarantees a free press but doesn't guarantee a free news feed what these politicians who want, have been calling for mark zuckerberg for years is an end run around the first amendment, they can't control the press they can control your feed that's something be quite worried about. >> i heard it differently, david, when i heard the testimony. to me the new thing, the new emphasis in part was that facebook knew of some of the impact that it's having in society and what's forthcoming what it knew based on its research even in how politics are being executed in even some european countries which might be emblematic. the algorithmic control of the

news feed is optimize for attention that's not free, not necessarily what you want to see or engage with it's what's more likely to both keep you engaged and keep the people who are making content that you engage with making content. do you disagree with that? >> well, you know, we talk about these algorithms as if there's something evil or sinister what the algorithm does is look what you're responding to as a consumer it's not that different from the nielsen rating system. for years we had hollywood produce tv shows that people go watch and they would have rating systems. the issue is that those rating systems would take a while to give you feedback. same thing what editors do at cable news network or in a publication like the "new york times" they are looking at the number of clicks and deciding which turning to take with their content. the wish news feed you can make

that feedback instantaneous and give you, again, more of what you want the harm here has been blown completely out of proportion and really motivation here is to the substitute the consumer's own choice of what they see with somebody else's choice that's something to be wary of i'm not saying every choice a courtroom makes is good for them but i think letting the consumer choose is better than let some politician in washington choose what we get to see >> david, i want to get your thoughts on another area that's facing regulation, that's crypto currency and stable coins in particular what is your outlook on the importance of stable coins and how regulation might impact the industry >> well stable coin is just a digital dollar, a tokenized version of the dollar. what it's useful for is on-ramps and off-ramps for the digital

currency world that provides a way for you to get your dollars in you put them in a stable coin and therefore not subject to the volatility of the market while you're trying to figure out where you're going to spend those digital dollars. it's really utility. stable coins as the name implies shouldn't be an object of speculation. i think that where the government can be helpful here is creating a regulatory framework that provides investors with certainty that would advise a stable coin that's 100% dollar backed. a stable coin like attether is o backed 100%. what will happen if they could get their -- they could basically convert all their tether in dollars. be helpful to audit, you know, a stable coin like that to provide investors with certainty

there are plenty of other stable coins that are 100% dollar backed and i think -- and really i think regulators should reinforce or re-emphasize stable coins are valid and should provide periodic audits to make sure they are 100% dollar backed >> another important area i'm sure we'll be continuing to watch. david, thanks so much for sharing your thoughts on those big issues this morning. >> good to be here meantime, a forecast in 40% jump for alphabet and google shares up 60% since january. after the break zoom and square, so many tech deals as partnerships in software which ones matter. at nt. st with us

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welcome back to "techcheck".

stocks are currently in the green. the s&p tech sector up .6 a percent. nasdaq up half a percent tech stocks top of the heap there. let's gate news update now >> hi, jon, good morning here's what's happening. shares of southwest airlines down about 2%. flight cancelations continue southwest has cancelled 360 flights today and more than 600 have been delayed. southwest is blaming bad weather and air traffic issues in florida. they expect to resume normal service later this week. pg and e said they are cutting power to folks in northern california due to fire. crude oil trimming its gains after hitting a fresh seven year high supply worries continue as crude

is up for an eighth straight week james bond not quite living up to expectations at the box office this weekend. "no time to die" earning $68 million. the movie has grossed more than $10 billion so far but it needs to bring in $800 million before it turns a profit. i'll send it back to you turning now to software stocks and who is in position to emerge from the pandemic era with the best momentum, sma big part of the story. deals have been falling apart. we also spoke with service now ceo on friday about the partnership he just inked with a german software company. let's not forget about an ipo still in the pipeline. so how do investors parse winners and losers let's bring in byron

i'm trying to figure out the right platform plays here. there are so many companies that are arguing we'll get huge in this or that way, whether it's in fintech or sass again we just had service now on friday talking about their data play how are you assessing who actually is positioned to make good on these ambitions? >> wonderful to be back, and we are in record territory in wild times and still have a quarter to go in this year so certainly a great time in software i do think part of the earlier things you mentioned come in to play so much of early success is about focus whether nailing the vertical or a particular product area long term dominance depends on multiple horizons. you see these early leaders that are now in the tens or hundred of billions of dollar in market cap looking to even the platform

and extend into their second or third level. >> so, we're heading in to this season of a lot of cloud conferences, and, you know, announcements, a lot of the hyper scalers have been announcing industry moves, trying to focus in maybe on medical, trying to focus in on applying ai to specific industries to where they can gain share over aws. is that the right move do you think they will be acquiring some of these smaller companies with best of breed and point solutions to do that >> i do. and we see this acronym sass that support your question who are leaders as flag bearers that will go through. just a couple of weeks ago sales force one of the leaders among them the issue with m and a has been valuations these public companies are trading at multiple, average

software company is about 21 times revenue right now. but private companies are trading at higher multiples. we're seeing 30, 40, 50 x revenue with abundance of capital and healthy ipo market that's pulling them in so what used to be an alternative to have m and a in these 20 x numbers are harder and harder to get across they days plus you have increased government scrutiny on larger transactions including those you mentioned which adds a risk element to them. we're seeing more and more of these private companies look at public markets in the last couple of weeks it was fresh works amplitude and we have a half trillion of market cap sitting locked in the top 100 companies still waiting to go public which will go forward in the coming quarters in a very material way >> byron, returning to the question of what you expected

here from these big conferences coming up, how important do you think security is going to be in terms of a focus for these companies going forward? >> unfortunately, security is front and center for every software company this year whether a security vendor and selling your services to others or if your an application and defending your service the from takes. crooks keep innovating a market that will never stop. you have the addition now of ransomware and state actors conducting cyber espionage for their national the industries. so it is absolute chaos out the there in terms of the attackers that are coming in and we see that the state of security has never been better but yet the rate of innovation needs to continue because the attacks are coming as the prizes get bigger and bigger and the value of these assets become larger >> byron, i just have a question going back to one of your points earlier about the increased

regulatory scrutiny as well as the valuations that are making it more challenging for these existing companies to acquire southeast upstarts what impact, in your mind, could that have on innovation with some of these companies given some of these legacy companies that are public look to acquisition to bring in new products quickly and apply them to their customer base and these young companies look at that as an exit and a way to actually grow clearing. if we're going to see fewer acquisitions what impact will that have on the large existing legacy companies and their innovation efforts >> so, i love the question and i actually think from a slightly different angle which is what impact could it have in freezing innovation from the start. so much of innovation has depended on a range of out comes. not just a zero or one where you lose everything or become a facebook or google in a massive trillion dollar business it has you landing well short of

ever getting public and selling for a modest m and a outcome if some of the extreme policies that are being proposed in washington occur such as freezing m and a among the top five or so buyers you create this came ripple effect. not only will those small companies have soft landings but take them out as bidders which will create a very different dynamic. as everyone knows having multiple parties create an efficient market and if you take them out and make it unable for them to participate u have a chilling effect in m and a discussions. a lot of these acquisitions aren't for needing category to legal companies obviously or they would be public on their own. quite the opposite these are teams coming in to help build out existing or expand new product areas and we think that's a pretty heavy and important part of this eco system where you get this turnover and entrepreneurs launch again and start their next thing several years later

and we think that need to continue >> a lot to think about. thank you. >> always a pleasure bitcoin now hitting its highest level since may. we'll break down the mining landscape next stay with us

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a war is brewing among states in the u.s. to attract bitcoin miners mckenzie which states are winning and why? >> so for the first time julia we have state level insight on where all of america's bitcoin miners are located and what we've seen states like new york, kentucky, georgia and texas are very popular destinations for this industry. according to foundry usa each state has its own appeal but what we're talking about are places that are epicenter of renewable energy, a fact which has been started to say bitcoin

is bad for the environment >> so mckenzie, first of all glad to see you. i was worried you didn't look like i expected. i was a bit surprised to see new york and texas there at the top and not see washington state i know new york has a significant amount of hydropower but seems like washington has even more. do you have any sense of why the bitcoin rankings might be different from where data centers, cloud data centers in general might choose to locate >> great question. one limitiation is just the fact that the foundry usa pool doesn't account for 100% of america's bitcoin miners texas, for example, ranks number four, but many industry experts believe it's actually number one. and that's because some of the biggest publicly traded bitcoin mining companies are not included in this data set. this came is good for looking at larger trends around what's

happening in terms of america's bitcoin mining adoption. you mentioned new york yes a hydropower mecca also perfect example how it doesn't matter that the lawmakers aren't too keen on crypto miners as long as you achieve energy that you can buy at scale miner want to be there so that is one key thing for new york it's also nuclear power that accounts for a big part of their electric mix their energy mix >> as you see these states fight between themselves i have to wonder what this means about how much bitcoin mining will move from overseas to here in the u.s. >> right and so we saw earlier in the spring china kicked out half of its bitcoin miners and many have been showing up in the u.s texas is considered to be this new mining mecca you have a lot of chinese miners that have been directly transferring their operations there. it makes sense

you got a cheap energy grid that allows miners to just plug straight into it and then you also have natural gas which is a huge new power source and we're seeing deals being signed twine oil and gas companies and bitcoin mine a lot is happening there that's where a lot of industry experts believe these chinese miners are ending up >> fascinating stuff new gold rush. thanks so much bank of america is out with a list of some under rated stocks likely to beat the street pull the list on cnbc.com/pro. plus is going outside overrated according to our next guest. he said now is the time to invest in metaverse. stay with us

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shares of robin rood today that company won an sec filing that increased regulation of crypto currency trading. a risk for the stock, was down earlier but not so much now. coinbase also higher we're back in two.

all right. we are entering the metaverse now. our next guest says going outside, well, it's highly overrated, and digs into who will benefit from the eventual robust internet that some people are calling the metaverse. andrew, enjoyed the note, got to tell you off the bat i'm a metaverse sceptic in the fact that i lived through the second life hype and the sims and all of that, and especially coming out of covid, going outside is great. i went to, like, this dance performance in the city over the weekend, sat in the front row. it was amazing being in person

going outside is not overrated might some with interest in this area be overhyping it? >> you know, it's funny. the crux of our note basically says the metaverse is a physical, digital convergence in a persistent realtime world. our conclusion is we agree with you, we are somewhat skeptical it is probably decades away of this magical metaverse place that we see in ready player one and others now, the technology to get there will accumulate over time and offer differentcompanies different opportunities to really benefit and so we are skeptical to call anything a metaverse play, the technology to get there does provide some potential opportunities for some public companies we talk about. >> so tell me, facebook and apple thus far have failed to make virtual reality and augmented reality completely mainstream, though they've done some wonderful work on it.

but now they invent this word metaverse and we're talking about it again why have ar and vr not had more significant penetration both on social networks and phones and gaming consoles where sony and others have tried to carry the baton as well? >> yeah, i think it depends on which technology on virtual reality i think gaming in general and platforms in general are going much more social you strap on two screens a couple of inches away from your head, and all of a sudden you're blocking everything out. the broader technology isn't good enough yet to make virtual reality very social. on the augmented reality side i think we're missing some really great killer apps. the augmented realities are still holding up a 4-inch display in front of you. you're walking around with an iphone to augment the world. and, again, that's just not a great experience where we think the metaverse really has an opportunity, again, is kind of take the technology that's building the metaverse and applying it to

traditional ip so our view is ip holders have a real opportunity, not necessarily the big platforms. >> so, andrew, i'm a little bit less of a metaverse sceptic than my colleague john. but what i'm really curious about is when we talk about the metaverse, we're largely talking about social experiences, entertainment and games. but i'm curious how you see the meta verse seeping into the enterprise space who's going to be using this from a business perspective and how? >> yeah, sure. some of the newer technologies, you can see multiple metaverses building out take a company like general motors or an automotive company, they could use a game engine for epic games, not only build the model of that car but also build a entire street, world, city, and then use that as a testing ground as opposed to trying to build a car. if you think about a lot of the self-driving testing that's

going on, it is getting done in virtual worlds, which, you know, i would consider something like a metaverse-like type world. so i think whether it's meetings, whether it's design, whether it's architecture, construction, building products, you can see where people could build a virtual world to not only test but share and advertise in a market through all these different products without ever building the physical device. >> hey, andrew, i have a question about the hardware side of the equation. who are some of the leaders doing innovative things in hardware and what's really required >> so, one of the interesting things here that we talk about is a lot of people talk about the virtual concerts the actual first virtual concert took place in 2006 so, get to, i think, this, you

need need persistent worlds, you need software platforms to go and enjoy it so instead of watching a travis scott concert with a hundred other people in your own fortnite game, you're watching with tens of thousands or hundreds of thousands of people if not millions. to get there i think we need a more robust cloud. to get there you need better networks for us to access that cloud. and then we'll need better devices to be able to run a lot of the software natively to help offload some of the computing power. so if you think about -- it is a broad step to eventually get to where we need to go, and it comes from multiple hardware players, but it also will come from software as well. >> well, the metaverse awaits. we'll see who shows up thank you. >> thank you for having me >> john, we're going to keep on debating the metaverse meantime, don't miss cnbc's

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forget netflix and chill after hit shows "squid game," it's become netflix and shop the company partnering with walmart to create a digital storefront, selling merchandise from shows such as "stranger things," and of course "squid game." this is a very netflix is doing a very disney-ish move trying to expand the value of the franchise off the screen >> no question i think, look, all of these shows are drivers of memes they're a huge word-of-mouth why not monopolize on the fact that you've got a hit at the moment, don't wait, put that merchandise out there now, just sell it. [ laughter ] >> and they're spreading the love around. they did the shopify deal that we talked about a little bit ago. and now they're doing walmart.

all of that is up for grabs. and as we head toward noon, i'd like to point out despite that warning out of red hat, coinbase is up a little more than 5%. zora, the subscription software company also higher. it's great to have you with us and that's it for "techcheck." "halftime" starts now. welcome to "the halftime report." front and center this hour two of the biggest questions facing investors right now. are stocks heading for a correction or a rally? will earnings deliver or disappoint our investment committee debating the answers to both and where your money will work best in the weeks ahead let's go to the wall, market stocks coming off in more than a month. you've got financials, energy, and materials leading today. s&p, nasdaq, the russell all in the green. all right, joe, i come to you first. correction or rally? that's the key question. is this the key week that decide