momentum of course, we pointed out many times. the stock up 63% for the year. remember not many weeks ago it underperformed the broader market that is no longer the case as it stands for the $1,154 billion market value that will do it for us "squawk on the street. "techcheck" starts right now. good monday morning. welcome to "techcheck. i'm carl quintanilla today we're kicking off november with top picks across media and cloud. how to play big growth as the s&p and naz hit some highs who will be the key winners and losers across hardware and software finally the $20 billion crypto

exchange taking on coinbase later this hour. >> john, one month into q4 officially 82% of s&p 500 companies that have reported so far have beat expectations for earnings on semis up 12% right now on some strong results after the bell with uber, roku, square, pinterest. dom chu has more key themes to watch here >> where has the momentum been over the course of the past month or so. and for the market overall, it's maybe been what you would expect for the s&p 500 at record highs that we just hit today, a lot of the movement has come in certain key sectors of the market, namely, in consumer discretionary and, of course, in energy we've seen oil prices going higher over the course of the last several months arguably since the last year since the pandemic lows. so, if you take a look at the sectors doing the best, it has been consumer discretionary.

it has been energy the place that has been the biggest laggard is communication services and we've highlighted why that weakening momentum in social medium has been that trade. within the stocks that you want to watch, the ones that are gaining some of that speed have been in semiconductors you take a look at some of the big names like nvidia and tesla. tesla has been a big driver of the consumer discretionary trend. 63% year to date gains there and then nvidia highlighting just how much momentum there has been in certain parts of the semi conductor market if there's one place that you're going to want to watch, though, in the course of the next month of trading, it has generally been some of the places in the market that have seen historical good performance in the month of november over the course of the last several years one place in particular to watch is the computer networking and wireless eequipment type companies. this particular etf and network

etf tigger ign up 1.5% today up 22% year to date. the reason why it is important is according to data from the investment group over the last ten novembers, this particular etf has pibeen up 80% of the ti. eight of the last ten and north of 6.6% on average during those particular years so watch, carl, julia, john, computer networking this etf, by the way, some of the buiggest holdings juniper networks, cisco, f5 and others watch that particular space especially in the month of november historically a good performer, guys >> dom, one of the big performers i'm watching enterprise software versus some of the hardware names that have seen supply constraints. you mentioned some of the networking names and semi conductor names for a lot of the semi conductor names there continues to be strong demand, even if it can't be supplied

quite yet. but microsoft overtook apple in market cap which kind of happens every once in a while. one might argue arguably on the strength of its enterprise software and cloud business and, of course, we also had last week report such strong growth and that's a software enterprise collaboration and dev ops company. when you're moving bits and not atoms you don't have the same. >> it's a virtual chain. no physical chain to deal with john, you and i both watched this the market has been seeing this play out for a while now one of the reasons why you've seen a lot of the enterprise technology names really outperform some of the key parts of the hardware market not that investors have been kind of ignoring it. they have been the exact opposite they have been pouring money into many parts of those markets and they've been doing so especially in the mega cap-type names. the ones that provide the most safety cushion or perceived safety versus some of the

smaller names out there. so, yes, enterprise software is key, but size is also a big part of that trade so far it has been those mega cap companies that have done really well, john, in the enterprise trade. >> dom, i'm curious the long-term impact of the supply chain issues on the advertising market we were starting to hear about it and some of the earnings we heard so far from snap and the idea that there could be a pretty meaningful pull back in the all-important fourth quarter. what is your sense of how broad the impact could be in terms of the impact and advertising market and all the ad supported companies. >> what is interesting, many advertising or media-type companies over the course of the last several months that outperformed if you take a look at that, it might be this anticipation, julia, if you will, that these supply chain issues do end up getting resolved at some point in the future and that adv advertisers could feel comfortable spending that money on advertising because they feel

like the supply chains could support getting product to market and having people buy them one of the big things to watch right now is whether or not a lot of that is being priced in already. some names that have been doing so well that it's hard to say what is the expectation for how positive things would be i would note, though, if you look at the online advertising market a difference between the social media side of things versus some of the traditional channels we come to know and that is something key to watch whether or not the social media side of things is that ultra level way to play or take pessimistic views on what is happening overall, guys, with the advertising market >> dom, leads us right to our next guest thank you for the set up we will stay with the advertising theme. spotify a top pick in the media space. $280 price targt and joining us on that call, morgan stanley benjamin ben, always good to see you. good morning. >> good morning. thanks for having me

>> i want to get to spot, in particular, but can you begin by giving us the backdrop on where you think the ad market is headed and is it slowing faster than expected. interviewing the likes of hershey where they say what is the point basically in advertising if our goods aren't going to be on the sehelf >> a big topic as we head into the holidays here which is the biggest part of the year from an advertising perfective no question that supply chain and in general the end market is quite strong we expect the ad market to grow almost 30% but there are pockets and it could be big around goods and performance ads. think of bottom of funnel advertising where there is probably some risk around the holidays i do think per your last conversation we've seen a lot of that price in the stocks and there are parts of the ad market and think of things like sports betting that are incredibly

strong so, i think there will be companies that will have a pretty good fourth quarter when we think about advertising, despite all the supply chain noise. >> that leads us to spot which i assume is your interest is peaked because they're leaning so heavy into that part of the business >> yeah, i think there's two key points to make on how we think spotify can outperform from here you know, the first is they need to accelerate their user growth. they had a tremendous year in 2020 this year has been a little slower but we think with the more mobile consumer going back to work and going to the gym and commuting, plus music being released because artists can tour and will drive engagement and that ads up. second to our last conversation is really about advertising. they had a really strong quarter last week when they reported and podcasting is a huge part of that and it's so critical for spotify because it's a source of gross margin expansion i think because podcasting is so new and also frankly small today, it's going to power right through all of the macro issues

we were just talking about >> yeah, ben, there was so much talk on the call about podcasting and about how that's really what is driving the growth and also enabling them to avoid some of theseu other issues i wonder how much your thesis on spotify is about this company becoming more than a music company and how much video plays into that, as well >> it's absolutely key music is a great business in that the market has already largely transitioned to streaming. we think about it compared to video, music is much further along in the evolution to streaming. for spotify the margins on music are only going to be so good they're in the call it 60 cents on the dollar going back to music labels they have to build businesses on top of that. and i think the really good news this year, which frankly got masked in the noise this year is that they started to do that podcasting is one and the other is marketplace which is really

about building a b to b business with labels and artests. i think video plays a role but podcasting and the services side of the business is where we're really seeing traction right now. >> hey, ben, john fortt, in terms of supply and demand also that it's not a demand problem where there's a fall off in demand for digital advertising, but rather the supply of inventory that you can target in a meaningful and predictable way has dropped and maybe that's why we've seen apple's search ad share in the market rise because companies are trying to find other methods. if that's what is going on, we should expect as companies adopt new tools, new methods that this should shift over the next couple quarters, right >> yeah, i mean, i think what is made investing in sort of this whole space over the course of the last two years so tricky, it's so hard to know what is a

secular trend versus covid related, which is including the supply chain stuff i think if you think about last year's fourth quarter, it was one of the strongest quarters, you know, for the consumer and ecommerce and performing marketing ever we're lapping that so, to your point, as we move into '22, things will normalize. for advertising companies that play all over the funnel top and bottom, you'll see these things normalize as we move into '22. >> finally, ben, when you talk about podcasts being relatively new. the number of podcasts on spotify has gone from half a million to three million in a couple of years. where do you think it starts to get too much >> well, i don't think there is such a thing as too much content. that's coming from the media analyst here at morgan stanley but i think when you step back, we're still only at about roughly a third of americans just to pick this country listening to podcasts on a weekly basis and we think that can be over the majority this can go mass

media, which i think would be incredibly powerful for the industry, for advertisers and also for spotify >> fascinating ben, always good to have you thanks so much for your time >> thank you after a sunny week of quarterly results for names like alphabet and got a breakdown of the key winners and losers in xte cloud. ne, "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.

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let's get a get chuck on a few ev names favorite ev stock and it's not tesla, they see ferrari expanding aggressively in the space. price target 245 compelling design and access to capital is why ferrari could be one of the best plays. shares up 15% in the past month. tesla's foot still on the gas, as well. stock is up another 4% almost today adding to the gains last week of more than 20%. last week also marked the stock's tenth positive week in a row and on a dollar basis, john, basically burying all other big cap names in terms of volumes. >> what does ferrari know about tech remember apple's eddy q is on the board at ferrari you have to bet he's giving some advice there. let's turn to cloud stocks aws, microsoft, azure, google

cloud which make up 70% of the cloud market all saw revenue g gains. service now and atlassian all saw big gains. now the top performing stock and taking over nvidia let's break down the biggest winners in the space with former sap president sanjay good morning good to see you. i want to start with atlassian so interesting to me based in australia the flipped model where they spend less on sales and marketing and more on r&d and that product led software movement but still growing really fast. what is your take? >> yeah, john, julia and carl, good to see you all. i have been following this company for a while and i like the australians and what they have done there. this company is $100 billion market cap on 2 or $3 billion in

revenue. they believe in no enterprise sales reps for a long time and organic growing and now they have more products and have like the order of 120,000 customers and it's really a lesson, which is one of the key aspects of what i saw in this quarter's earnings and sort of through the pandemic that these companies atlassian and hub spot, that have been focused on mid market caompanies some of you have made this point. looking for ways to digitally transform and their i.t. departments are zero or one person they need help with these companies that can self-start and do it on your own and it is a classic example of a company that has been doing this for thousands of customers and great to see their stock run up over the last 6 to 12 months. >> let's flip this around and look at a bigger cloud company, specifically google cloud where thomas curian is focusing a lot on the sales force over there.

their growth perhaps not what you would have hoped for over this quarter you just reported but is that a one off? >> i think, listen, if you look at the big three clouds, aws, azure and google azure 49% and google a little slower at 45%. but if you look at what is called the remaining performance application or backlog, they all have a very healthy backlog and my suspension maybe they had a one quarter of aspects deploying and slow down a little bit and no material change and talk about industry solutions john, you have made this in your previous shows as a point as one of the reasons they differentiate the aws folks talk about ai as one of the key reasons they differentiate and azure talk about the breadth of the portfolio the reason they differentiate. collectively $123 billion in total revenue growing 43%. that's amazing that never happened in the tech

world ever before. >> yeah, really interesting, sanjay while we have you here, i want to get your thoughts on the security space we can't talk about cloud without talking about glowing demand for security, as well how do you see those players competing right now which are best positioned? >> yeah, julia, i think if you look at the security space this is in the past it was a topic of chief security officers and maybe some audit committees and now every boardroom is petrified by the threat and colonel pipeline and solo wind and you're seeing a new set of companies that emerge and you follow me on twitter, i post some of the top 100 tech names that i follow in the public and private and then a few days ago i posted six or seven security companies that i track by market cap the biggest of them and palo alto and cloudflare and those six are doing really well the past year.

but the stand out ones are clearly ones like crowdstrike and cloudflare in their areas. i don't think there is one security company that owns the entire platform. microsoft and their comments said they're trying to build a $10 billion security business and these six or seven key security players are best of breed in their area and the threat vector is going deeper into areas like source code and i think new companies. i just joined the board two weeks ago of a company that is focused on developer security where it's examining the source code and open source source code and that's actually what happened so, i think there is going to be a bright horizon for both these public six or seven companies i identified and dozens and dozens of other security companies on the private side that are going to emerge over the next couple months >> sanjay, you mentioned and he did say in recent days his view that corperates are investing in the cloud really increase productivity and offset inflationary pressure.

i wonder if you think the inflation narrative got flipped and supply chain issues got ironed out and we wound up with more of a glut than a shortage, where would the urgency come from for corperates to continue investing in capx? >> i think that's a good point, carl i thought it was really interesting that talking like the state person of the country when he talked about deflationary pressures and being an offset to inflation when you think about the transformation he has done a microsoft over the last seven or eight years. he has that platform to be able to talk about that again, if you're a small company, about 5,000 and 10 million small companies. if you're a small company with a small i.t. department, i mean, how you deal with all the supply chain ssues, you move faster o the cloud. if you're a bigger company, you can certainly basically get arbitrage pricing from potentially bigger companies and a legacy of on-prem structure

and big companies moving to the cloud. i think the cloud xwets many of the early forms of what they need and many cases building their own chips and they've kind of insulated themselves some from some of the supply chain issues as it relates to their own infrastructure but they're not completely vulnerable. and i'm going to be very interested in seeing the shift $1 trillion i.t. market that is gradually moving increasingly faster and infrastructure and azure and google and ali baba and to salesforce and adobe and service now in the application case >> all right, sanjay, we appreciate it. thank you. >> thank you, john that was fantastic meantime theater chain a mc admission in october was highest since the start of the pandemic. a sign of normalcy returning not normal is the fact that since february 2020 amc became a meme stock

shares up 400% since then. mu melissa lee is here with that story and the digital documentary on how they cracked wall street. >> this documentary takes a deeper dive into the so-called apes many think of themselves as not just owners of amc stock but part of a bigger social movement a story we all watched unfold over the past year as millions of investors pile under to the stock taking 80% of the theater chain and giving adam aaron an opportunity to save the company. i asked him about his plans for the future and here's a part of what he had to say >> we have a massive evaluation of our company right now and we need to grow into that valuation. and i think the way to do that is to expand the appetite of amc and reach beyond just being in pure movie theater play and do other things as well in the future as we did movie theaters

in the past. we have a lot of ideas on that score and i think as the next six, 18, 30 months play out, you'll see amc branching out and doing more interesting things. that will be the definition of success. >> the apes have given aaron a billion dollar life line to do just that. >> did the retail investor save amc? >> we had saved amc first by raising a lot of money, but then the retail investors arrived in huge numbers and, yes, they saved amc and that's when they saved amc because of the retail investors. we raised another $1,250,000,000 in may and june. that will guarantee that we survive through this pandemic. >> always interesting when a ceo

calls his own company's valuation massive. we have much more from aaron including whether there was a secret message behind him not wearing pants during that infamous youtube interview why they're diving into a more fair market for the investor you can watch it on youtube, as well as cnbc.com >> i'm so excited to watch this and as someone who covers the movie industry what has been so fascinating to me is how distinct from the fundamental of movie industry all the movement in amc shares has been my question is, did you get a sense of what some of the changes are that he's going to want to make to the actual business itself and how far from broadcasting or streaming movies and showing movies it is going to go? >> you heard he wants to shape amc into much more than a movie theater company. we already heard about streaming or showing sports events which is another use for the amc theaters and tapping into what the retail investors have to say and giving twitter polls and to the twitter nation what they

want to see and one idea he is taking under consideration is commemorative movie ticket really going heavy into crypto they are already accepting crypto at the movie theater. julia, it will be interesting to see what can be done to transform this company but he has a little bit of a cash cushion at this point at least to do that >> yeah. and that's been hard one fascinating to hear directly from adam. we can't wait. the documentary is out now on our cnbc youtube page and cnbc.com after the break, investing in the metaverse not just facebook. other ways to think about hardware and software in the space. plus, tesla is not the only ev name to keep an eye on. xpeng motors is up 30% in a month and tired this morning after delivering more than 10,000 cars for the second mth aowon stay with us

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welcome back to "techcheck." stocks are mixed right now s&p 500 is about flat. dow and nasdaq marginally higher russell 2000 is up 2% after we hit new record highs this morning. the mega caps that are dragging us lower within tech specifically adobe down 2%, alphabet, microsoft, netflix more on that in a moment first, a news update from the one and only sue herera. hey, sue >> good morning, john. nice to see you. here's what's happening at this hour barclay's ceo has stepped down he is leaving the bank after a dispute with british regulators over how he described his ties with convicted sex offender jeffrj jeffrey epstein. if he misled he could face a fine and a ban from britain's

financial industry or both he plans to contest those findings american airlines reducing flight disruptions caused by strong winds american has canceled 11% of its flights today and another 7% have been delayed. harley davidson shares soaring falling to end tariff on steel and aluminum that should end the retaliatory tariffs. they expected tariff expenses of more than $200 million next year and u.s. manufacturing growth fell less than expected in october but the ism manufacturing index still dropped to a 16-month low. the transportation sector posting some of the weakest growth as supply constraints continue you are up to date that's the news update haven't said that for a while. carl, i'll send it back to you >> what a joy to see you on our air, sue >> great to see you, too new record highs for the dow, nasdaq and s&p.

josh lipton is at the nasdaq with what's moving hey, josh. >> carl, let's start here with the team and downgrading that to neutral and pointing to increasing competition and prospects for slowing growth that stock about 10% now off its high but still up around 30% in 2021 our own jim cramer says maybe the easy money has now bipartisan made in cybersecurity stocks he still likes palo alto networks up 40% this year also worth highlighting reporting and moving higher q3 results and q4 guidance above expectations that one up more than 60% now in 2021 nxp reporting results after the bell and up around 30% this year and off 10% off its august high. here on sonos also enjoying a day in the green up 45% this year demand for its products have soared in the past year and its growth so, barren's argues not

reflected in its stock price > let's come back to facebook name change. meta our next guest is calling it a new battle for hardware and software and a sign that mark zuckerberg doesn't want his desk being controlled by hardware companies such as apple. with us is tech columnist and cnbc contributor joanna stern. give us your big picture reaction to this name change, the big event last week. what should we take this all to mean about what facebook, i mean, meta, is going to be all about in the next five or ten years. >> i will, but i get a pass for calling it facebook, right, on my first appearance. i'm going confuse the names. i watched this presentation last week and all i could see is seeing mark zuckerberg going after the business and how it will evolve over the next five to ten years to me mark zuckerberg and the

future of meta is all about controlling that hardware and operating system combo because we are seeing the results right now of them not being able to do that, specifically on the iphone and the impact of the app ad transparency, ad tracking transparency decision and the fact that more and more people are not opting into tracking and that is hitting facebook's bottom line. so, if you're building on the future, you're thinking i've got to control this hardware and i have to control this operating system and i've got to control this thing called the metaverse. >> yeah, joanna, zuckerberg made a dig at apple and tim cook when he said we're going to be subsidizing these headsets and charging no or low fees and doing this at cost so we can help drive the cost of this ecosystem and we want to be a kinder, gentler kind of platform i wonder what you make of that with that in mind, if they're eating these costs, at what point facebook, meta, can really start making money on the same

platform >> that makes a lot of sense because that's how meta -- i almost said facebook i'm really trying here they have been positioning themselves previously, right this anti-high cost expensive gadget because that's apple you need to have a lot of money to buy the iphone, to buy the macs and buy the ipads and that will probably continue to be apple's strategy and it will be. that is what made apple so successful meta is saying, no, we're going to foot that bill and all sorts of other ways subsidizing, ads, obviously, being one of the major ones that is going to make the metaverse more accessible to everyone the big question is, why do people want to be in the metaverse and i'm not sure anyone knows the answer to that yet. >> joanna, on behalf of investors, i am highly skeptical because has facebook ever made a great piece of hardware?

there's a generation of tech companies out there facebook, amazon, google who think they're hardware companies because they make a bunch of hardware they subsidize with other businesses and amazon was trying to dig at apple saying, oh, we like to make money when people use our stuff. we don't want to charge a lot. it's good apple can charge a lot for its hardware people like it and that's why the stock price is so high isn't it kind of weird that there are all these companies acting like they're going to be hardware companies wheni don't know if they ever made a great piece of hardware. >> i totally agree with you, john i think the difference here is that they had acquired a great hardware company or the start of a great hardware company in oculous. so, in the oculous space, in the headset space, really no one is doing what facebook or meta has been doing the headset is superior, yes, the cost is also superior. it's not as expensive as a high end playstation headset. that has allowed meta to get into this consumer space again, come back to this

question, what are we doing with the headsets on. they've done the glasses now and the rayban glasses and ultimately not the sort of caliber we've seen from an apple or even a samsung. >> joanna, a lot of people are making the point that facebook/meta don't with the metaverse. they're building for the metaverse which is larger than just facebook/meta who is next to pile on and say we're building for it, too >> i think all the big tech companies are going to i am not sure they'll use the word metaverse this is a semi nerdy term and dystopian for the people who know what it is. you'll have all the big tech giants say we're also building for this whether it's ar and vr and mostly ar. we know apple's working on it. we pretty much know google is working on it especially with the move in pixel to create

their own silicon, that's not just a bet to work on smartphones, i would think, for the future certainly snap with their glasses and already sort of the lenses they have in their snap app. i spoke to evan segel about this a few weeks ago. he didn't like the word metaverse because that's sort of a escape from the real world i want to build software that overlays the real world. >> well, it seems like there are two versions of this the augmenting, over laying on the real world and then the separate virtual world and with all of those companies jumping into this, you know, apple building its own version of a headset which company is best positioned to be the dominant winner in the new universe does facebook have a first mover advantage here or will apple be able to quickly overtake them? >> facebook has a first mover advantage because they had the hardware they have the oculous out and the ecosystem of the apps and just bought the company that makes super natural, the popular

vr app they know it's popular because they own the oculous store that gives them the advantage right now. that said, we can never count out apple. they are superior at making the hardware and software together i wouldn't count out microsoft because they've said first of all they want to go into ar space for consumers and remember they've been sitting out of the sm sm smartphone space other companies have been irk w working very hard in the smartphone space >> a fascinating new industry for us to watch and also for the anti-trust regulators to watch joanna, thank you so much for joining us >> i think second life has the first mover advantage, i think guggenheim lowering its estimates for amazon as it forecasts nearly $4 billion in added labor and supply chain costs in q4. that's not the only bill coming due for big tech we have more on the international tax agreement that could cost gains like apple billions right after this break. don't go away.

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g20 leaders endorsed a new global minimum tax of 15% over the weekend. a major milestone but only half the battle negotiations are still under way over taxing big tech in particular spoke with the treasury secretary this morning about what comes next. hi, ylan >> good morning, carl. the most profitable companies will have to face some tradeoffs

including america's tech giants. yellen expects this to be a net win for u.s. businesses. >> especially the large technology companies that have been affected by in a ray of unilaterally imposed digital surfaces taxes in recent years they will see a more stable tax environment that will be conducive to their doing business i expect them to be supportive of the agreement and hope that other american businesses will, as well. >> now, on one hand a higher rate in countries such as ireland which yellen is visiting today and where names like apple, ibm and twitter have made their home in europe the companies will also have to redistribute where they pay those taxes so instead of basing it on the physical location of a business, every country will get a cut depending on the amount of

sales and number of users. in return, countries promise not to target big tech with punitive taxes. i spoke with pasquell donahue today and he said that certainty is valuable. >> they will know how much more they will be paying and they can be confident that the agreements on these issues will not spill over into bilateral trade dis disputes >> but the details of this part of the deal have not yet been finalized, guys. the goal is it to go into effect in 2023, but some countries aren't so sure they're going to make it. back over to you >> thanks so much, ylan. great reporting. nasdaq 100 heading higher thanks to the chinese company jd, baidu leading the charge there. it's important to keep in mind there all those stocks are at least a quarter off their highs. stay with us

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crypto trading space when coinbase reports next week we've already seen a slowdown when robinhood announced results. here with us now, jesse kraken and kate >> jesse, good morning and fwgrea to see you >> thanks for having me. >> it's a big coinbase competitor they've started moving more into the nft space. what is kraken to differentiate

as these companies get into your core trading business with crypto currencies? >> we're going deeper into crypto so we've got a wide offering for staking we're supporting parrot chain options. we've got a skunk works ntf project of our own we're also exploring more traditional financial services through our banking license that we have in wyoming so we'll be encroaching on their territory a bit, but i do think we're all sort of converging on a similar feature set. >> what do you mean by converging there would you guys offer stock trading at any point >> exactly yeah so we're getting more into traditional financial services so just stock trading, banking services, you know, maybe even small loans at some point. but you know, that sort of smaller project, we're really experts at the crypto currency business we've been in the space for over

ten years now and we're really on the bleeding edge with what's happening with crypto currency >> and robinhood we think of as the upstart in stock trading speaking of that company, they said last week during earnings they're not going to add any new tokens until there's more regulatory clarity how do you decide? regulators are paying more attention to unregistered securities do you expect to have to take any tokens down at this point that happen to be on krake snrks and how are you navigating that? >> we don't expect to take anything down. we have a robust listing process. we do a lot of diligence before we list something, we have a very thorough legal review if you see it available in the united states, we're confident it's not a security. we don't expect to delist anything and if you're waiting for regulatory clarity in the space, we've been waiting for

ten years, still don't have it you might be waiting a long time anyone interested is going to have to accept there's gray area and regulators in the united states don't seem interested in clarifying anything for us >> one question about the gray area is just how secure your customer's assets really are and this question of whether or not they have to worry in that you're not an fdic-backed organization and that you have committed to taking care of the assets, but you're not regulated in the same way that some other companies might be >> fdic only protects you in certain cases with you know, kind of bank failures. i don't think anyone in the crypto industry is, has complete insurance coverage over anything that could happen. i think it's just part of being in crypto currency i think people accept it's a new territory. it's a new world most people in crypto currency today don't think the

government's doing a really great job of protecting them from the traditional financial services industry, which is not serving billions of people in the world. so you know, i think people have come to crypto currency because of its utility and they're not worried about worst case scenario with the bank failing, but they can control their own keys, their own coins. people are able to withdraw their coins off of kraken anytime they want. there are no bank holidays in crypto so i think because you have that option, because we're not doing fractional lending, we're not a fractional reserve operation we're not taking deposits and lending them out to other people you don't have that risk that the fdic is willing to governor r c cover there. >> thank you so much for joining us jon, back to you >> thank you a lot more ahead for tech earnings as blizzard, qualcomm and lyft report this week.

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detect car crashes in auto dial 911 from both iphones and apple watches. beginning next year, users who are in a car accident could have their iphone dial 911 automatically. the feature called the crash detection will roll out next year across iphone and watch products jon, i don't know about you, but i think anything to keep me safe, especially when i'm in my car, seems like win, but i wonder if there's any privacy problems with this >> this seems like an extension of the hard fall defection feature that apple built into the apple watch series 4, so it's been around for more than two years and there have been stories about hikers whose lives were saved because they have a big fall carl, this similarly probably using accelerometer, and put a

call out, which is similar to what onstar has done in cars as well, but now that's getting kind of disaggregated from the vehicle itself and becoming a part of the technology >> yeah. fascinating in which the way nanotechnology has become embedded we've got a big week of earnings roku, uber, peloton, square. pins is on today b of a is caution given the lookout from snap and twitter. s >> we're going to continue to watch those advertising issues and maybe we'll hear more about pins being open to a sale. >> and don't forget qualcomm demand is healthy. that could be good for qualcomm. >>jim this morning talking about on semiconductor, which

will have implications for nxp, but maybe we'll see how the auto supply chain is loosening up when it comes to autos and of course, a big dose of macro with the fed meeting and statement and presser and the jobs number coming up on friday. let's get to the judge and the half >> all right, carl, thanks so much welcome to the halftime report front and center this hour new month, now record highs. what will november hold for your money? we debate that today with the committee. joining me, bren, joe, steve, and pete, cofounder of market rebellion.com. let's take a look at the markets. dow, nasdaq, s&p, all setting new records today. dow going above 36,000 for the first time ever. we've got historically the second best month for stocks that being november. so joe, how do you feel about the setup going into the end of the year now >> well, i feel good about the