4425 that's going to -- well, i think that's going to do it for us on "squawk on the street". >> keep an eye on shares of boeing another concern about defects on dreamline impacting that dow stock. for now, that will do it for us on "stock on the treat." "techcheck" starts now ♪ ♪ good thursday morning, welcome to "techcheck. i'm carl quintanilla with jon fortt and julia boorstin the nasdaq is on pace for the best day since august, best day for the s&p since july then shopify teams up with microsoft and oracle to take on amazon and linkedin shuts down in china then later on, lebron james' business partner mav carter. a lot to get to with mav, jon.

>> yeah. we'll start with the chip crunch and supply chain pain. it's not painful for everybody leading to strong results for taiwan semiconductor posting 14% increase in q3 profits and upping sales forecast, expecting growth of 24% this year. warning they do expect capacity to remain very tight through next year. the chips the company manufactures used in all things, iphone 13 and smart phones this week reports surfaced that apple may have cut iphone production but some component suppliers refuting those claims saying they need no cut backs in orders demand remains robust but apple is likely to sound more cautious giving the supply constraint they remain a buy rating with 20% upside to the stock, guys. and this, julia, is exactly what we were talking about couple days ago take these things with a grain

of salt. some suppliers were saying we don't see a cutback. we only see slices of the supply chain. and we don't exactly know what apple has in inventory and if things pick back up, iphones are light. they'll be able to air freight them pretty quickly without too big a hit to margins even though it would be a margin hit >> yeah. easier to ship iphones than to ship pelotons. interesting to see how the supply chain issues play out but we're also hearing things like taking the l.a. port here in my hometown and making that a 24/7 port and we'll have to see if that kind of announcement that kind of news means we're nearing inflection point when t comes to the broader supply chain issues even just looking beyond chips but carl, if you look at the apple question in particular, there's so many other factors working in apple's favor if you can separate out the supply chain issue the fact that the penetration is greater, especially in china a lot of data about how they have more first-time apple users and the opportunity to sell even more

devices to each of those apple owners >> yeah. there's been a slow trickle of some encouraging headlines regarding auld of this, guys it was hyundai yesterday saying they think the worst of the auto chip crisis is over. and that the industry's reacting pretty fast. jp morgan today says that there's a sign that shipping rates have probably peaked then ubs a few moments ago says as far as the toy maker go, we believe the top retailers have taken measures to keep shelves restocked into november and december we'll stick with the supply chain theme here although stocks broadly shrugging off any uncertainty today, tech in particular is outperforming. dow up 500 at the top of the index, paypal, all of faang in the green. let's talk with tom lee, fund strat global tom, great to see you again. good morning to you. >> yeah, great to see you, carl. >> do you think we're working our way through this sort of supply chain inflation uncertainty? >> yeah. i think there is signs that we're at thebeginning of the

end of sort of clearing up the glitches you know, i think opening up the ports 24 hours a day obviously is a great first step. and i in many ways as you know when markets sort of see things as less bad, that's good and it really does change sort of the longer-term risk of, hey, are prices permanently higher because of shipping costs? yes, it's good news. >> to what degree do you think it pertains to tech in particular if covid -- certainly in troubled states as you pointed out continues to fall, does this shift of goods move further into services and does that leave goods and tech, at least hardware, vulnerable >> yeah. it's a great question. i mean, because we don't know what the post-pandemic world looks like as cases retreat, that's what we're going to start to see glimmers of. i think from a demand

perspective, you know, any technology company and work from home that had super normal demand last year is certainly going to see less demand but, from let's say from an equity perspective, i don't think technology stocks are that demanding right now. i know people talk about the concentration of the top five and their relative market cap, but if you look at net income share of tech, and even the top five, it's actually among the highest it's ever been in the last 30 years. so i would say tech is still very reasonably priced here. i think it can really perform even with inflation. >> and tom, how does the worker shortage play into this? just talking about the port. but then there's the question of who is going to be driving the trucks to take all the products away from the port so how does the worker shortage impact your outlook on the economy in general in particularly tech? >> that's another -- from a markets perspective, it's

obviously another uncertainty because there's so many job openings and so few applicants available. but, the bls has a great series that shows how many people monthly are actually out of the work force or staying home because they got to care for somebody with covid. it's about 4 million amonth. that's ten months of jobs growth i think there is actual shortage of labor not -- partially because people are afraid to go back to work or uncomfortable, but i think another part is a practical issue people have to be quarantined or take care of someone with covid i think as cases improve and as covid hopefully becomes endemic over time, i think these start to ease and i think the labor shortages ease. >> week 4 bitcoin, tom, you think it hits 100,000 year-end >> yes i think bitcoin is still really strengthening. you know, the narrative around both store value and protection against inflation and also against, you know, state

censorship so, those are really the three things that have attracted people to owning something like bitcoin and because it's a network value asset and it's value grows exponentially, i think there's more people falling into that camp yes, i think 100,000 is possible before year end. >> this is a tech show, tom, but you have consistently called energy a fat pinch i wonder how are you balance some of those classic reopening trades with the on going demand for tech and as you point out making up such a large part of the indexes? >> yeah. carl, that's a great question because it almost seems like i'm trying to talk about two different story arcs but i think it's a great hedge because energy is really the place where we're seeing the greatest structure shortage and price has to adjust to reflect that and energy stocks which are so underowned need to adjust even greater so as we've said, we think energy could maybe even double

this year in price but, on the flip side, if i had to think about where investor mindsets are in the uncertainty, all are tail winds for demand for technology because the biggest cure for wage inflation is technology. i think technology is still a great place for investors with right time horizon to buy here. >> with that in mind, nasdaq up 200 points, do you think there will be a divergence between the different categories of tech stocks tech is now a massive category and look at the difference between ecommerce and cloud companies and social, how would you draw the lines and is there one piece of this industry that's going to be outperforming or dramatically underperforming the rest of it >> tech is huge now, right it's the largest sector in the s&p but also the largest contributor to really gdp growth in the u.s. and globally

i mean, to me, the themes that are really rock solid are the productivity that comes from technology investment. so it is still going to be a lot of software, but i think that also means infrastructure. so i think a lot of the industrial-like technology makes a lot of sense i mean, cloud we know is a great sort of long-term story but it is there it becomes valuation quite challenging and also, you know, it's a really widely known and well adopted so i wouldn't say crowded but it's not like there is necessarily positive surprise. and then i think, you know, faang to me was consolidating this year. but if you look at the history of faang stocks, they essentially have p.e.d. rating every other year, so this is the year that they're derating so next year i think you get a benefit of faang have both great earnings growth and the probability of multiple expansion. >> fascinating i mean, i love that.

i love that bridge between tech and energy, tom, you've been pointing out all week how gasoline for example is a smaller share of wallet than it was 14 year ago and a large part is you don't have to drive everywhere, you can always zoom. tom, great to see you. thanks. >> thank you some news we just got in the last hour, microsoft says it's shutting down its local version of linkedin in china linkedin was the last major u.s. working in china launched in 2014 with limited features designed to adhere to stricter internet laws microsoft said ut would shut down due to significantly more challenging operating environment and greater compliance in china. lit launch a job search site in the region that doesn't have linkedin's social features what i think is so interesting here is that we're increasingly seeing there are two internets that chinese led internet and u.s.-led internet, jon. seems like in a lot of occasions

they just can't overlap. >> yeah. this had been building in particular for at least six months, julia. we had seen the committee that protects journalists just earlier this month talking about how they were calling on linkedin to restore journalists, block profiles in china, journalists who had written stories about the black jails, things like that in china, were just having their entire profiles blocked that probably indicates the kind of thing that was new or changed. then also we saw academics having their profiles blocked earlier in the year. the journal had done some work on this back in may listening to people whose profiles had been bought there was one writer, swedish writer, who had done some work, carl, in college i think it was a thesis on the tee teen men square.

microsoft tried to do this balancing act. people aren't posting necessarily full, lengthy, opi opinionated comments we have seen this break out in certain sectors. it's hitting linkedin profiles now no more linkedin china. >> it's interesting. we have to keep in mind it's a big world. and larry fink just yesterday, julia, said there had been big flows into china from europe interesting to see how tech reacts globally on these changing winds. >> yeah, absolutely. when it comes to social, companies like facebook have never really been able to operate there. people can access it through vpns, but it is a different world when it comes to social platforms in china. after the break, lebron james' business partner maverick carter on the new funding round backed by nike epic games and more.

plus, more on the nasdaq rally, this morning. "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 business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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 business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. ♪ time for a gut check let's look at akamai, the stock that outperformed price targets 140.

akamai's market leadership position, growing security business and margin expansion opportunities as positives for the stock. shares up almost 3% now. still down 7% in the last year and they've been a serial underperformer but rbc seeing some value there carl >> jon, got news on lebron james new $725 million bill. the production company spring hill reaching that new near unicorn valuation after selling minority stake to a consortium led by redbird capitol partners and epic games and nike. maverick carter will still retain majority stake and mav carter joins us. nice to have you in house. congratulations. very big deal. the money itself will allow you to do what, rely less on financing? >> the money itself first off it's coming from four incredible partners, which you named and know who really believe in the company, believe in what we're doing, believe in our mission,

our goals. now this money will allow us to do is finance more projects that we want to make. we used to develop projects, take them out to be sold and distribution we'll still do that but before that, now we'll be able to pick and choose if we want to finance some ourselves, we'll also be able to ramp up our physical production capability to start physically producing all the things that we want to make and also look at some strategic and thoughtful, smart mna with companies that align with us culturally and get -- do the same things we do and have creativity at the center of what they do and culturally understand our mission of empowerment. >> right you talked about the story telling element that really drives your business but i wonder, whether it's films, streaming, fashion, gaming, i mean, how are you prioritizing all of that right now? what's number one? >> that's a great question well, number one, at the center of what we do is creativity and our mission. our mission to empower greatness in every individual. and then that is the thread that we pull through all those things

that you talked about. we happen to be very strong film and tv we're very strong in our brand partnerships we have a lot of brands that we work with to create content with we started our products in commerce business, it's small now but it's growing and pre-covid we were really starting to build our experiences business but empowerment is the thread that we pull through everything that we do it's aspirational and it's a little arrogant but arrogant aspiration what it takes sometimes. we look at ourselves like disney they take happiness and pull that through movies, tv, products, experiences, the park we do that with empowerment. >> mav, so interesting to see the different companies that you are now partnered with and epic games being one of them. tell us a little bit about what you expect to do with epic games and how you see your content playing into this metaverse that we have been talking about. >> that's a great question the metaverse is the future of

the world. as they build the future of the world and build what it looks like, spring hill company will be their partner as they build everything that's happening in the meta/verse and digitally we'll be their partner for what's happening in real life and how does content play a part how does things that they launch in the metaverse also come to life in the real world we did the first-ever partnership with epic where they launched a skin, lebron skin, in the game and we did a real life experience and a real life piece of content in real life that launched at the same exact time, the first time they've ever done that and do much more of that. again, epic is a fantastic partner and i'm happy to be their partner. because i want to be on the forefront of what's happening and coming, too. >> yeah. it will be so interesting to see how you move into that game space. but tell us a little bit about the consumer products and the retail space you are already doing some consumer products, now you have this investment firm nike. where does it go from here

>> yeah, that's a great question the way we're going to think about this again as i explained to carl is we're going to take our mission and what we stand for empowerment and pull it through everything that we do. so if you think about some of the shows and the ip that we own, we have a show called "the shop" that's on hbo, that's become a bit of a hit show well, "the shop" is a show as it stands today but to us it's a brand, a piece of ip that stands for community empowerment. now we'll take "the shop" and go what does the shop look like as a physical experience. what does it look like product should it be a man's grooming line for men we'll actually be able to build out that ip and really expand in a way that disney does but keeping empowerment at the center of what we do and specifically community empowerment when it comes to "the shop". >> lebron has never been afraid to speak his mind on issues whether it's politics or health or you name it we've had this discussion with nike and other people in professional sports. is it okay do you feel like you're

alienating anybody by taking a side, quote unquote, on an issue? >> that's a great question you know, at the spring hill company we have our athlete empowerment brand called uninterrupted. and it was started through lebron's vision because he felt that way he felt he was empowered and needed to be empowered to speak out and he wanted other athletes to feel that way so we built the platform and a brand that stood for that. our tag line is more than an athlete. to your point, when an athlete has something to say or feel like they need to come out and say something, i don't think anyone should push them. i don't think they have to it's like the rest of us they're humans they have a choice then it's fine for them to come out. they have to do that with the understanding that some people may not agree with them. but that's the way of the world, right? everybody doesn't always agree and the fact of the matter is if you lose fans or people that support you, you have to be okay with that. but i think the key is and what lebron said before he speaks out he tries to make sure he's very well educated on whatever topic he'll speak about. >> the other thing i think is

fascinating is it's not just about sort of classic content distribution it's partnerships with pepsi and proctor. what do you think those companies are thinking what's their mission through you? >> that's a great question i think what they're thinking is as we look at the world and as it's changing and specifically technology technology is changing rapidly. thanks that took 10 or 20 years is changing in 6 months now. technology, brands have a mission to communicate their message and sell products. they used to do that through advertising commercials. they still do that but now they have to find other ways to story tell and look at us as a great company to partner with to be their studio content studio of record to help them story tell like we did a piece with procter & gamble called these hands. i encourage everyone to watch. it's not a commercial, a piece of content communicates the message of the brand of procter & gamble what they stand for and what they want people to know about them.

>> what's so interesting, mav, as you're talking about technology, distribution, we haven't talked at all about this streaming world that's so much content is distributed now and balance between television, streaming and what the future of mainstream entertainment looks like as you get this investment and think about where you want to be distributing your content, what is your outlook about which platform is going to have the biggest impact netflix? hbo, where does it go from here? >> the truth of the matter is we look at it on a project by project basis. the streaming wars that are going on are fantastic for a company like this, honestly. it's great we want more people in the streaming wars it's great for us. we've done deals with everybody in town and every single streamer and distribution platform out there and for us, it's always about who is going to really let us create, understand the message we're trying to communicate and really let our show be seen by the most people so we put shows on hbo, apple tv, amazon, imbd,

netflix. we have relationship with all of them because they're all good for us and for us it's about what distribution platform best serves the project and the creators creating that project as we go to market with projects >> one last thing, one thing i didn't notice really in your materials is mentions of nfts or crypto or things that other professional athletes are really into are you interested or no >> absolutely. i mean, i think as you think about nfts and crypto and mention those, the truth is epic games is one of our partners, equity holder in our company and serve on our board they're creating the metaverse all of this will live in. i have a 13-year-old daughter who this idea that there's a metaverse, what is it? it's not -- it's normal. i have a digital life with a house and an animal and pets and i have my real life with my friends and things

so those worlds merging and the creation of the metaverse is where all is this will live, digital currency, nfts, all this we'll absolutely be on the forefront of all that with our partnership with epic. >> fascinating please come back you have your hand in everything. >> absolutely. i will. >> great to see you, man. >> thank you for having me >> thank you, jon and julia. products you may or may not like if you're a third party retailer amazon pushing their own products to the top of the search list. washington looks to take legal action plus, watch shares of gogo hit hard by elon musk tweet where the tesla ceo said he's talking to airlines about installing starlink connectivity on planes. that wi-fi connectivity stock down let's see more than 3%. more "techcheck" straight ahead. ♪

do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our

retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back to "techcheck." nice little rally today.

all the major indexes up 1.4%. take a look at the top performers on the ndx. walgreen's, asml, paypal and nxp. we'll come back to a couple names in just a minute but first a news update with rahel solomon. >> hi, jon here is what's happening at this hour strong earnings beats from four of the country's largest banks, bank of america shares posting the biggest gains of the group up 2%. b of a income coming in strong the bank cfo saying that next year's net income will be above this year's, morgan stanley results were driven by surnling revenues and institutional securities. shares of united health jumping more than 5% and leading the entire s&p 500 largest u.s. health insurer beat estimates and raised profit guidance for the year. revenues rose 14% of drug benefits unit. wholesale prices are up 8.6% over the last 12 months. that's the biggest annual increase in at least 11 years. but for august, prices rose half

a percent slightly below estimates. meanwhile, weekly jobless claims fell below 300,000 for the first since the pandemic began. one day after the biden administration announced the expansion of shipping in the l.a. area, the port of long beach tells cnbc that expanding 24/7 will take time and offered no specific time frame the port of l.a. is expected to provide update on its plans later today. a lot of people will be watching jon? back to you. >> six weeks to thanksgiving as of today the nasdaq up more than a percent today. let's get to mike santoli who is looking at how the different components of tech are trading relative to one another. mike >> yeah, jon well, today you know, this rally is floating most boats in tech and outside yields down a little bit. taiwan semiconductor taking pressure off the chip area year to date basis, we can decompose what we refer to as technology into a few different areas. you have a communications services, of course, that's most of faang

semis, most directly and then software and they sort of traded off leadership over the course of the year but look at how they're all clustered with roughly the same year to date returns also, right around where the s&p is trading conspicuously outside is tech hardware apple is up only maybe 7% year to date. that's been a drag but not really holding things down what i think is very interesting is here you had the big semis over software move that was reflation that was cyclical. and then you had the reverse really since the late summer it's now coming together what's interesting about semis today, being up to where they are, it was precarious you had a lot of chart analysts saying it looks like they may fall down into the soup. they were doing nothing for six or seven months. now little breathing room. still pretty contingent and faang much steadier. despite the fact that facebook has had its issues right now and i think maybe one of the take aways, carl, is that you didn't have to be laying bets on only one area of tech. even though for months at a time

it seemed like it was kind of a 0 sum market. >> that's a good look at where we are right now, at least at the moment, mike, thank you. mike santoli shop fie announcing a new partnership with mie kocrosoft oracle open up the ecosystem and clearly a bid to compete further with amazon especially when you consider these massive cloud providers and speaking of which, in a related story, we're about to talk to julia of the mark-up who just published a big investigation into how amazon privileges its own search results, putting products that it owns above better rated brands and search results. john, they did thousands of searches having an amazon brand or being one is a lot more important than having a good rating even when the brand itself is not obviously an amazon brand. >> yeah, carl. the folks and the segment of business that's at the center of this is small and medium businesses, which are so

important right now as a market for technology companies we were just talking about back office companies, bill.com and the ecosystem yesterday as well. but shopify, a lot of people are underestimating it, i think, julia. allow these third party retailers potentially more leverage in the marketplace. they don't necessarily have to go to amazonas much. though of course amazon is really powerful. they have amazon and a range of other distributors to choose from as well as their own channel. but what this is going was shopify and these partnerships is opening them up as an enterprise play as well. they are giving these enterprise softwareplayers the opportunit to tap into shopify small businessers growing into needing erp and more data base services, things like that shopify becomes the place, the platform where they can find them there's tremendous potential value here we have to see how they play

that, julia. >> and, yes. shopify, of course, also brings so much potential value to those small and medium businesses especially as they navigate these new alternatives to amazon you know, we talked so much about how facebook is investing in ecommerce and this new rise of social commerce and the opportunity for the small and medium businesses to reach their consumers there, although there's also a lot of talk about how they're paying the faang tax going through the third parties and, of course, pay a cost for that splespecially when it comet advertising on these platforms we'll see how this plays out and if there's an opportunity to go direct to consumer without those fees. now, this amazon investigation comes amid scrutiny from lawmakers a house committee set to consider the inform act that would require online marketplaces to collect and verify large vendor information and give customers the ability to communicate with sellers making more than $20,000 gross

per year now amazon previously opposed this senate version of the bill and they have not commented yet i believe on this version. now, joining us now the market founder and editor at chief julia. always great to have another julia on the program tell us the results of your investigation, what did you find and how does it contrast with what consumers are aware of? >> so, what we looked at was what happens when you type in a product name on amazon and a whole bunch of products show up in the search results. amazon said to congress that they do not give an advantage to themselves in those search results. their house brands, some of which you heard of, amazon basics and some you never heard of solimo are not advantage, they say so we ran the numbers. we scraped thousands of search results on amazon and we found that there is no question that being an amazon brand is the most important factor in getting to the top ranking on amazon

we used machine learning to do this with a statistical analysis and the results were clear amazon brand is more important than all your star ratings, your number of reviews, whether people click on you. whether you're shipped through amazon being an amazon brand gets you to the top spot of their search results. >> of course we don't know what will happen with the inform act, how could legislation like that impact the landscape and force amazon to make changes >> well, there's lots of things being looked at in washington to reign in amazon's power, right they have 40% of online sales on their platform third party sellers are basically completely dependent on them to reach their markets lots of things can help, right transparency for instance, most of these amazon brands that they have which they have hundreds of brands it's not clear to consumers that they're choosing an amazon brand. simple transparency is something

that could make a difference obviously the sellers being able to communicate with their customers directly is also something they're seeking. but you know, there's also an anti-trust question here which is amazon using its platform to extend its monopoly as a retail marketplace into a position in a new market as a seller and manufacturer of goods, right that's a question that regulators around the world are looking at >> julia, thank you for this investigation. it's compelling. the evidence that you show of what amazon is doing makes it seem pretty clear and it's interesting to me this parallels complaints about google and how it handles search, preferences its own surfaces above organic search results but it's less clear that amazon itself is a monopoly or has monopoly power isn't the real issue consumer protection whether you're looking at the people who are buying theproducts on the site or the small businesses, which

sometimes are individuals who are being enticed to pay advertising and other fees to amazon to, you know, raise their products in the rankings only to find themselves then knocked down by amazon's own products? >> yeah. that's a great question. i mean, i can't help but just sort of note that this investigation into amazon's search results was actually inspired by our investigation last year into how google promotes itself in search results and we analyzed thousands of google search results and found that they take up more than 40% of the top part of the screen in search results for their own products and so, we -- and that finding has been used in many anti-trust cases that are pending right now against google so we're in the business as watchdogs of measuring, right, whether these companies are abusing their monopolies and extending them into other areas. as you note, right, there are always going to be questions about market size and market size is always the question for

anti-trust regulation and lots of people will argue different things about whether they have monopoly power or not. but one way you can think about monopoly power is can you use -- do you have the power to extract excess rents, right? and certainly the rising amazon fees and the fact that a lot of the sellers say that they cannot get into the search results without paying for advertising in tens of thousands of dollars of advertising does make you think that their power is fairly extreme and, you know, it's up to the regular lay tors and judo decide whether they call that a monopoly but it is hurting a lot of small businesses. >> julia, i can envision someone trying to make the argument, speaking of different arguments that a classic grocery store has no problem putting private label goods at eye level but i guess the point is if you're going to do that at least be transparent about it >> yeah. look, first of all, you know those are private labels because they say safeway brand but secondly, you know, it's clear to the consumer that they -- other brands are right

there. there's no -- they're not hidden behind it's not like the catsup is behind the safeway catsup. you have to go through pages of search results to get to the well-known brands. >> well, julia, thanks for talking to us about this investigation. we did get a response from amazo amazon there's a difference between search results and featured from our brands which are merchandising placements we do not favor our store brand products through search. they say they're clear about the advertising and that is what julia is bringing into question. >> yeah. that's not clear it's not clear that that's an ad if that's what amazon is saying it is. any way, the nasdaq largely in the green this morning but a few notable laggards chinese tech under pressure again. you can see that down almost 4.5% we'll be right back. ♪

the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now. 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. ♪♪ so, should all our it move to the cloud?

the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go there will be trouble ♪ ♪ ♪ wait, we can stay and go. hpe greenlake is the platform that brings the cloud to us. ♪ should i stay or should i go now? ♪ ♪ ♪

vc investment hitting all-time high in 2021. kate rooney is looking at where the money is going. >> venture capital deal flow staying strong through the pandemic it shattered a record in the third quarter and it's on pace for an all-time high this year new data from pitch book and the national association of venture capitalists shows deal activity topping $82 billion in the third quarter. that brings the total to more

than $238 billion this year and money was spread across almost 13,000 deals the year to date value is already 40% above the record set last year. and as far as drivers, guys, the big one here was mega deals those are the norm at this point. those worth at least $100 million made up half of the deals inked this year. the total has roughly doubled from last year another factor, participation from some less traditional backers. mutual funds, hedge funds are increasingly dipping into this as asset class and adding to the size and value of this deal. more than two thirds of the money spent on these deals came from deals where those non-traditional investors were involved bigger funds continue to dominate this funding landscape but the report also highlights lps, so those pension funds, endowments and others potentially at the upper limits of what they can allocate to this asset class

fundraising could plateau in the coming quarters. enterprise tech was by far the biggest sector, more than half of the deal value went to that sector and followed by consumer tech and then fintech. finally, geography, the bay area and new york are still dominating new york share of deal groups slightly year over year bay area, silicon valley still number one with more than half of all fundraising activity. julia? >> well, kate, certainly amazing to see how the pandemic did not slow things down only accelerated things thanks for joining us with that. after the break, a $10 billion software company backed by joe montana makes its public debut. the ceo of getlab is next. more "techcheck" is after this ♪

♪♪ ♪♪ ♪♪ there's software. and then there's industrial grade software, forged from decades of industrial experience and insights. meet honeywell forge. analytical software that connects assets

and people to deliver a cybersecure record of your entire operation. so that everyone, in your boardroom and beyond, speaks the same language. honeywell forge. industrial grade software. software developer company getlab making its market debut shares at 77 bucks a share joining us from thes in dak is gitlab cofounder and ceo sid good to have you 10,000 plus valuation on what looks like a quarter billion annual revenue run rate. did that surprise you? >> it's great. we're -- thanks for having me here we're super excited about this opportunity. we're the leading platform and it's changing the world.

it's the way modern companies deliver software and they all want to get better at it we're enabling companies like goldman sachs to do that better. goldman sachs was able to go faster and improve the most important application from two weeks to two hours with gillab. we're excited to take the company public today. >> you're often compared to gethub which microsoft bought a few years back you expanded your offe offerings. how you able to offer this with a globally diverse without a headq headq headquarters >> it's great. our customers and users are contribute back to the platform. that's why we're been able to build something that lets you do everything from planning what you're going to make, making it, deploying it all the way to monitoring it. and that's enabled our customers to be way more effective we're independent of any clout we have awesome companies

partnering with us, co-selling us and that's been great. our customers want to be using multiple clouds and be independent of any cloud >> sid, john just mentioned this but the fact cloud >> john just mentioned this, but the fact that you are a remote-only company, i wonder if that's given you an advantage for the past 18 months of the pandemic and has influenced the way you create products for customers. >> i hire the best people wherever we are. we have team members in 65 countries. it's also a great way for people who have experienced remote work now with the pandemic when their companies are going back to hybrid, sometimes they are on the second team in the company and they don't have the same access to information and they look to companies like gitlab and they're like everyone else because we are remote our

customers are right there with us we had an engineer who said i don't know who is this person giving me all of these instructions and it turned out that it was a company because they really, really cared about what the engineer was develop. sid, thank you for joining us. co-founder and ceo of gitlab >> thanks for having me. >> don't forget to subscribe to the podcast, dnlowoad wherever you get your podcast "tech check" is back in just a moment

every single day, we're all getting a little bit better. we're better cooks... better neighbors... hi. i've got this until you get back. better parents... and better friends. no! no! that's why comcast works around the clock constantly improving america's largest gig-speed broadband network. and just doubled the capacity here. how do things look on your end? -perfect! because we're building a better network every single day.

gainers on the ndx you can see chips leading the way. asml, lam research intel and nvidia more "tech check" right after this break competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something

workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. feel stuck with your finances? move your money to sofi. ♪ ♪

♪ ♪ ♪ ♪ move your money to sofi. earn up to $930 when you download the app and feel what it's like to get your money right. - [announcer] at southern new hampshire university, and fewe never stoplike celebrating our students. from day one to graduation to your dream job, that's why we're keeping your tuition low for the 10th year in a row. - [student] the affordability and the quality of education, it can be enough to change your life. - [announcer] as a nonprofit university, we believe in making college more affordable for everyone. - southern new hampshire university, it was just amazing experience. - [announcer] find your degree at snhu.edu.

facebook continues to deal with the fallout from frances haugen's testimony now clamping down on who has access to its internal message boards in an effort to minimize leaks we found out about this through a leaked internal memo facebook shares are down 13% in the last month john, forget about the irony here, but also i think that there's just going to be a lot of focus what facebook says is in its earnings which is a week from monday and it will be interesting to see if they say anything about a slowdown in advertising. >> one of the more surprising aspect as focused as facebook says they are on user privacy and there's some evidence of that, the fact that so many employees have access to so many

internal information is detected. >> definitely, they're trying to remedy that from their own point of view. one more thing, guys "tech check," made its own debut, six months ago. >> welcome to "tech check. another must-see show on tap today. ♪ ♪ >> i forgetthat there are meme on this show >> i brought these guys, too, today. >> they're ready for air >> i didn't know about hot girl summer and we have ipos. we can all be hot. >> cnbc. >> speaking of the clippers groundbreaking arena and the new development of the new toilets. >> i almost got flushed there. >> number two is never good enough. >> i look like i'm landing a plane. >> we have to give a lot of credit to the people behind the scenes who make this show happen. >> this is teddy, celia. >> cheese, everyone! >> this qr code will take you to

our website where it will post our sig nch you are digital pieces >> every company is now a tech company. >> every company is not a good tech company. >> everything we do now is somehow related to tech. >> we have lots more ahead we're only getting started [ laughter ] >> six months of "tech check" now in the books and we're excited for deidre to rejoin us on monday. john, i look back to the first twitter space that we did the night before the premiere of the show and we were going to cover tech in a new and different way and the market has handed us no shortage of story ideas. >> they have, and julia, as our viewers know, this is a very, very serious show. very serious we have no fun at all, but we cover tech >> no -- yeah. no fun at all, but i also think it's just great that we've expanded tech check beyond this television platform and we do these live streams that have been so fantastic and so many interviews with big ceos and rising companies, carl >> yeah. definitely trying to deliver the

content for the way the viewers uses them all of the time. tomorrow we will wrap it up with goldman, pnc, schwab, and retail sales are out tomorrow before we get into the real depths of earnings next week let's get to the half and the judge. ♪ carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center, a strong day for stocks and a key read on inflation coming in better than expected and what does it mean for your money and all those correction calls we'll debate that with the investment committee joining me for the hour today, shannon sek osha, and pete najarian, and it is the biggest gain for the s&p in the last three months and you have the dow jones still average up 500 points and we'll call it, the nasdaq's good. russell 2000, and the yield is coming down and that's leading to the nice gain on the nasdaq and 151 is where it