tweet. >> lobbying efforts by blue origin so that is where that tweet comes from and not a direct payout for jeff bezos and blue origin. >> all right bezos is doing well. we're not too worried about him. >> that will do it for us right here on "squawk on the street. "techcheck" starts now. good wednesday morning welcome to "techcheck. i'm carl quintanilla with john fortt. what is the playbook now a downgrade for paypal and roku while amazon and peloton named as fresh picks bigger than ford by market cap elon sells more tesla shares and

we'll dive into the valuation debate there, d. >> we'll start right here one market the tech sector coming off a close and what do you do now? a lot of analysts ideas today, but perhaps the biggest goldman names top pick for next year thrilled, jim, to have you back. we have to make this a regular thing. >> i'd love to fascinated to hear your thoughts on this in light of the retail earnings we had in the last few days >> i had this epiphany when you look at the 350 companies that came public during the 12, 13-month period people thought, you know what, let's bet on a dozen of them. at least six or seven. the only one that came through was amazon in a big way that was born before that period. once again, amazon is the one that you want to bet on. that's because it keeps moromorphin into other companies and different things that was abouted av ed advertis.

obviously, we have retail that started with books retail is very powerful and then amazon web services which is a juggernaut that piece just basically says, look, do not underestimate the power of amazon advertising. >> sort of, john, a third pillar we like to talk about and analysts like to guess, what is that going tobe advertising certainly in the running grocery business we heard from target and walmart that are, quite frankly, doing a lot better than amazon in the grocery business, right, john? >> well, i mean, grocery is so interesting, jim, i think because it's a slim margin business but one where you put it into this tech environment, when you put it into omni channel and add in delivery in all this what i'm hearing from albertson's and others is the customers who are coming at this from an omni channel point of view from online and curbside pickup as well as in store, they're spending three times as much the retailers are saying how can we get them to spend more with us, get that value ad and expand

our margins. i wonder if you see anybody making these strategic moves that you think gives them the opportunity to really make good on that. if a walmart or albertson's or even an amazon has a better shot >> this is a great question, john al albertson's has historically terrible margins they have taken the margins up and suddenly people like that, even though they're no where near as big. big grocer, but not like walmart. now, walmart has literally kept the margins down and they're doing that because they somehow believe that people remember during a period when things come down in general, they'll still shop at walmart. i don't know if the american consumer is going to reward them target kind of confused. they don't know where prices are going so they didn't give a forecast that really made comfortable. albertson's keep going up and people just have given up on walmart. they're saying, okay, listen, they want to save the consumer,

that means heck with the stockholder. did they really mean to hurt, to give a negative margin call? i think they did and that's why i think of all the ones we just talked about, target is my fav >> that's why you see shares slower on the back of that grew 60% in the quarter. if you think amazon's next leg is logistics and the many different businesses they're in, quite hard to get same-day delivery these days but target is doing a pretty good job with shipt. >> people are empowered and feel very good. we shipped a lot for the mad money group. now, here's the other problem, though we used walmart. we've ordered like a six pack of soda on these. now, how much money are they losing not that long ago i had forgotten to wear a belt and we call and say bring us a belt how much did they make on that darn belt. that customer spends more in the

store. but how much are they losing on people like me how much >> when you order six cans of soda, right. that's all you're ordering, jim. >> sometimes we just test. >> test it out and see if they'll do it. >> sometimes a bag of licorice we want to see if these are viable operations and, deidre, i love them all. but doesn't mean they're making money. >> they can be heavy, the soda cans >> that's why i have staff what they do is allow you to lift rice cakes which on mass aren't that light. >> rice cakes? >> i'm not kidding if you put enough of them together by the way, they still taste like cardboard but fewer calories >> i'll take your word for it. you had a big week >> had john, john -- >> lucid last night. what >> are you brooming me

>> what does brooming me >> no, you're carrying the rest of the week. lucid. let's run a sound bite from the fantastic interview you did last night. >> thank you >> and, you know, if i was an analyst in this space, i'd be asking fundamental and profound valuation questions. i'd be asking, who amongst the companies actually creates all the technology it has. who manufactures it all in house? to the best of my knowledge, there are only two companies that design, develop and manufacturer all that tech in house and those two are tesla and lucid. >> questions before i went to bed and i found myself looking at my e-mails and talking to people and the one that was most telling was my daughter who said, dad, are you selling lucid

cars for the man i mean, dad, it's just a car now, she's a 30-year-old person of purpose, but my lawyer called me and many viewers sent me e-mails and said, look, they have 17,000 reservations who are you to anoint that valuation? and what i came back and told this person, i am reporting. i'm not saying it is worth it. >> you have to you called the game. it's not exactly -- i know that your investing news letter started this morning when will the ev madness end you've been positive on their cars but i heard you this morning talking to david and carl, as well. saying, you know, they're being valued on deliveries now >> remember, carl, remember when you needed an optometry because we were valued on eyeballs and now reservations does that mean since the reservations are refundable that if they got 700 reservations last night after watching that piece, does that mean we should take the value of lucid up

again? >> jim, how long have we been making up new metrics and new multiples, right >> i'm tired of it you know, "squid game" per share. >> price to reservations >> now, price to reservations. to refundable reservations >> refundable. >> four seasons worth. i would have had to pay if i canceled >> but tesla has done the same thing. they have reservations your point, though, isthat manufacturing is difficult they're a tech company, not selling software, they're selling automobiles. >> exactly if you're getting a reservation, let's say musk is right there other than calling me an idiot, i made a million cars, jim i didn't have 17,000 reservations just because you have a lucid, you have a lucid store and a tesla store, i mean, you're a complete idiot >> a lot of hype john, this idea that has been floated recently by the street that what if the legacy, could

they raise more money? does a carmaker these days have to be a tech company i guess that's the question. does an ev company have to be made by a tech company more vertical integration. >> speaking of tech and cars, i want to take this in a whole different direction for just a moment because yesterday we had qualcomm ceo on "techcheck" and he was talking about the deal with bmw, tech in cars that stock ended up almost 8%, jim. it strikes me we have nvidia earnings tonight after the bell. that's a company where they have told the story and the street has believed the story and investors have been rewarded qualcomm is in the process of that story catching on it seems like the story that they're telling about beyond the smartphone and intel you just talked to pat last night and the street doesn't believe that story at all so, we're talking about valuation, where do you place your bets? >> well, i think that this is the all-new qualcomm

i think that your interview was incredible it was kind of game, set, match interview because what you basically said is this is not telco. it is everything including telco. their automobile business is fantastic. we keep talking about automobile shortage how about the fact that we need 18 to 19 million vehicles. and qualcomm is in the sweet spot john, i want to throw this right back at you. phil lebeau who, of course, is the best there is. he and i going back about the idea that the margins of the ev companies are so much better than the margins so, i wonder whether people are saying walmart and target where they versus the question versus home depot and lowe's where we don't. is it about the margins? if he can pull it off, they're huge >> jim, i am not the guy on evs. i don't understand the auto business and the economics of it nearly as well as you and certainly phil lebeau.

when i'm looking at the technology components that are going into it, i'm looking at reusability. how much is purpose built for that one industry versus a platform that draws on the technologies that a company has built and leverages that, for example. qualcomm has one technology road map and auto is a piece of that and be able to bring to bear some benefits of scale there it's an argument that makes sense, based on technology history. i look across other companies and wonder who else has that kind of technology scale argument to bring to a specific industry vertical and that ip that they can exploit, jim >> it's just going to be nvidia that reports tonight, but in a different group. >> you have jensen later this week, too, speaking of your big week >> surgea asurgeance.

i would not name my dog nvidia it is a special company. but i would say the one thing he is doing is thinking right now about 2041 and no one is doing that and he has the luxury of doing that because he's going to deliver numbers for 2020 >> he's not just the meta verse and ev and everything. while we have, i know we're doing rapid fire but i know you spoke about paypal >> oh, my, again my travel trust owns it and people decided that showman is a pinata and he can't do anything right. and next thing you know -- >> it's european >> i met him and all the other europeans i meet the idea that paypal is going to sit there and take it down 12% shoalman he's not a plant he's not a potted plant. he's not a fiks. >> venmo which has now grown

into this huge thing but where are they now when it comes to buy now, pay later some trends we've seen they're late to trading a little bit more of a crypto that's not a bad thing >> no one likes robinhood any more i'm putting that out there but i will say this about paypal how many times have we counted shoalman out remember when they screwed up and people said you got the worst part of the deal if you went with paypal he is smart, sand target loves him and walmart loves him and amazon loves him but paypal has something up their sleeve. the time to sell it was 310 and not 206. >> they have the users, too. when you talk about cross selling which is one of the most important things in fintech companies, they have that lever they can pull. but the, mat market is not seeit >> when you finally have some money, you just don't use paypal and you actually get a card and

it still has that cachet and yet that is the cheapest of all, but it's not tech. but it makes a lot of money. >> they want to be tech. >> but it's some 48% i don't want to be tech, i just want to make money if i want tech, you know, i can have oracle. no, i want money now, one thing i discovered and, john, i'mcatching on that here when you talk about money with these people, they think it's dirty. they're like, oh, how can he talk about money how about the fact that they're so rich they don't have to talk about. when you're really, really rich, you don't have to talk about money. >> a lot of money here in san francisco and the bay area and wall street. >> not like out here and the other thing i've discovered and this is the dirty little secret of san francisco and working from home. you can drink all you want >> you think that's what some of the engineers are -- >> some. i mean, it's not wine. i mean, they're going for the hard stuff >> microdosing microdosing has caught on here

>> they're not microdosing they're macro dosing when you get up, no one knows you're drunk no one says i think he's drunk no, because they're working at home that's what people don't talk about. people want to drink late. >> you have an investigation here on your hands >> i saw it last night with people from major companies that i don't want to name people pounding at 11:00 or 8:00, i guess. >> east coast time but you'll come back, jim. i'm gone the rest of the week, you're here. >> my wife says just move here my daughter says how can you sell so many for that british guy and i explained that he was from wales wales. like bond. wasn't sean connery from wales >> i don't know. i'll take your word for it jim, thank you for being with us >> thank you for having me >> have a great rest of the week we'll see you very soon. john. >> jim is in san francisco, which is fantastic where are the rest of us i'm in new york here at the

technology executive council gathering. cnbc technology executive council here in mid town, times square we're going to be talking about some of the biggest issues in tech here later in the show we'll have the chief technology officer of mongodb mark porter will be here with us these are technology leaders across multiple different industries, not just in tech also various industrial areas. it's really exciting retail they have ideas about how to run their businesses how they're getting talent in this tight labor market. how all of this fits into society during and through the pandemic as so many companies both in tech and outside of it have struggled to deal with this new opportunity and technology has been part of the answer. so mark porter is going to lend his thoughts on that

you don't want to miss that, carl >> all right, john meantime, after the break, inflation's impact on technology why our next guest says that software stocks are well positioned despite rising rates. "techcheck" is just ttg arnggein 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. as i observe investors balance risk and reward, i see one element securing portfolios, time after time.

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tech is back to trading close to record highs, but as inflationary fears mount, how will growth stocks, especially software weather that environment. joining us this morning is byron deter joins us >> great to be back despite jim's comment of day drinking out here in silicon valley >> he speaks the truth i've seen one technician last week or so say the ndxs unwillingness or inability to buckle in a rising rate narrative has to be respected. and they took off their cautionary call. i wonder if that's how you see things developing right now. >> so, carl, i do think that we have to remember that tech intrinsically is actually deflationary in its nature you have this effect where cost structure is declined with scale and get more impact results from them so when you look at software names in particular, you find that the compute are naturally

riding this declining cost curve. you can combine that with real estate rates and the lack of physical inputs that other supply chain issues are facing manufacturing industries right now that are driving costs up. and i absolutely would argue that software costs are somewhat immune from the inflationary dynamics on the flip side, on the revenue side, you have high vendor lock in and pricing power that suggests you can run pricing up in a forward inflationary environment, if you choose to, which would actually be net margin expansive and i believe that the reaction and potentially the overreaction to pulling out of subscription and tech names in a potential inflationary environment is actually misplaced for those reasons. >> i think the last point the more interesting one you sound like cathie wood arguing that cloud is a disinflationary tool that corperates will look to as they try to protect margins and also this corporate cap-x boom and the money you're saving on

things like real estate as we reinvent remote work will drive that top line. >> very much so. as organizations arice looking o efficiency, software becomes that unlock and the method of delivery for software is cloud based. so, as people are wrestling with this fear of high multiples versus the greed of not wanting to miss out on this epic market run and how many months, quarters or years we have left, i think you can find a safe haven in the high-quality names that are existing at hypergrowth levels that give you the buffer to absorb multiple compression and still in a sane ban overall for multiple lengths >> byron, give us some detail on what quality means in software today. i hear what you're saying about this software being inherently deflationary where you're coming up againstinflation. but certain strategies have got to be better than others so, what are the key strategic assets that a software needs to

have whether it's industry focused or certain unique value that it provides to a market, say, smb what do you look for to determine whether that company is less likely to be affected by this inflationary environment. >> right so, the high-level drivers of massive total combined is front and center in our mind and top-level application names where they've got some vertical protection so they're insulated from direct competitors in many ways and multiple acts where they can layer in payment and i'm looking at toast that is growing over 100% and the best market portfolio in family and tr trading in high teens multiple revenues right now the infrastructure names that have become the foundation of this reopening and infrastructure trade and look at a company like a data dog in that bucket where you, again, have the extremely high growth rates that are coupled with

healthy multiples and twilio sitting in the teens and datadog trading in a high level in the 50s and yet when they're growing at 60, 70, 80% you can see the massive markets where they have growth endurance for many years ahead and still have stock appreciation in the coming years. >> good morning. i told jim, less drinking and more microdosing here in the bay area when you talk about the hypergrowth names, a lot of the most interesting ones over the last 18 months have been money losing companies so, how are you distinguishing aren't those the ones going to get hit hardest if interest rates rise next year. >> efficient growth and how does the market view the tradeoff between investment and future growth rates versus top line pushing.

pushing well north of 40s cash flow tradeoffs and that's what we like to see we like to see the businesses that can grow in the 50s, 60, 70% and with a shopify or toast and toast now north of 100% and yet reasonable burn rates in the low double digits. that to me suggests that they have legs ahead. they can tap the brakes at any point market spend coast into positive free cash flow and yet with massive market sizes and low cost of capital right now wouldn't be prude. and continue to lean in as long as they can and have the flexibility to manage free cash flow and burn when they choose environments ahead >> that was really cool to hear. good to see you again. thanks >> always a pleasure have a great day well, signs of snow flurries in consumer electronics big story this morning apple announcing a self-service

repair program yeah this has long been an issue for consumers and even regulators. the ftc voted in july to tame ai take aim at the issue. for iphone 12 and iphone 13 models starting next year. mac computers are going to follow its 's a shift in a way to appls stance right to repair issue going back to the days of steve jobs, guys a few caveats in here. you repair your item, however, you have to do it right. so if you damage it, you could end up voiding the warranty. apple kind of saying, yes, here's a kit where you can fix this yourself if you're a technician and know what you're doing. carl, we still recommend you bring this to a professional if you're not one yourself, but here you go. have at it >> they don't call it the genius bar for no reason, john. that's going to be a fascinating

development. meantime, zoom earnings after the bell tonight stocks down 35% in the last year and given the work from home we saw from peloton and twilia. you have to hear what moffett said more "techcheck" after this.

welcome back to "techcheck." i'm carl quintanilla a sign of the times today. the staples center is being renamed the crypto.com arena in a moment, julia will bring us an interview with the ceo of crypto.com let's get an update from rahel solomon. >> here's what's happening at this hour. target shares having their worst day in eight months. focusing on weak margins and sales and profits that topped expectations target spent heavily to improve its supply chain and have enough

workers to keep shelves stocked. reported strong q3 results and says that q4 sales are off to a good start. sales up 8% after hitting an all-time high earlier this morning. housing starts fell unexpected last month. shortages of materials, labor and land continue and construction slowed across the nation and starts for multifamily homes slowed president biden is asking the federal trade commission to investigate oil and gas companies. he wants to find out if energy firms are illegally acting to keep gasoline prices high. biden says there is mounting evidence of anti-consumer behavior you're now up to date. john, i'll send it back to you >> all right thank you. let's now take a look at shares of roku they are falling sharply this morning. got a downgrade to sell at

moffettnathanson the signs of revenue growth are even more obvious and forced us to review our long-term assumptions. they add earnings estimates are just too damn high like the rent price targets get cuts from 220 to 330 you can see the divergence from netflix starting in october. underperforming on the year. deidre, i remember when netflix was the dog that everybody was kicking around because, you know, the metrics didn't look quite right and disney and roku were soaring and now things seem to have sort of reversed i'm not sure that these analysts have a total handle on the long-term aspirations of these companies and the metrics they should be watching because, my goodness, it seems to shift around pretty quickly from quarter to quarter >> it can be fickle, right, john, carl you're talking netflix and disney which have now had the huge spending billions and billions of dollars on content

what has roku done with that bet. where does it live i never see it does it go further into content? i know they're looking for new revenue streams. it's hard to compete with those guys >> netflix all-time high as they're going to be giving us more descriptive viewing data, john this is going to be interesting. b of a raising the question, does this mean they're eventually going to reverse themselves once again and create an ad supported version? they once said they would never do original content and original non scripted content, that changed too. >> it seems like, carl, so many ancillary businesses they are reaching out into whether it's retail, gaming that we talked about here other ways they could perhaps leverage that viewer data and advertising content. i still think, carl, the core idea of roku as a powerful force, really that entry point

for so many people into the other services i don't know that strategic bull work is resonating the way that it might but we will see what they're able to do with it over there. >> yeah. fascinating days in the streaming space. when we come back this morning, the iconic staples center getting that new name the ceo of crypto.com is going to be with us. meantime dow down 200 and banks suffering a bit here as yields back off. oil is down as oil, west texas, at least, close to 79. don't go away.

one of the country's most iconic venues is getting a name change the staples center, home to the lakers, clippers and kings, will now be known as the crypto.com arena starting on october 25th ag the owner of the stadium and crypto.com announcing a 20-year deal and a source familiar tells cnbc that the deal is worth $700 million. let's bring in julia boorstin who joins us with crypto.com ceo kris marszalek >> kris, thank you so much for joining us to talk about this

very big deal right here in my home town of los angeles the big question $700 million. why does it make sense to invest so much in these naming rights >> thanks for having me, julia we have 100% conviction. this is a work line investment one of the world's most iconic venues and we are excited to partner with aeg in l.a. and it comes at a time when crypto currency is going main stream and changing the way our entertainment and sports work. so i think it's a sign of times and a fitting name moving forward. >> certainly a sign of the times. i thought it was interesting that in addition to the naming rights, you're also going to have a 3,000 square foot crypto activation space what does that mean and how do you expect to use this arena as a way to educate and bring on more customers >> i think the reason why we

were the topic was through hard work and staying humble, we earned a reputation for engaging with fans and through our previous partnerships we have proven that we can be very creative in terms of how we engage fans and how we boosts local communities wherever we go doing a deal that touches a venue of such legacy, such a huge responsibility. so, we're willing to put in the hard work to make sure that it is all done properly and we'll make the fans proud to have our name on the building >> yeah, it will be interesting to see how many of those sports fans you convert to being users of your platform speaking of your platform, we were just talking in the past couple hours about the decline in bitcoin the price of bitcoin down 10% in

the past week. i wonder if you're seeing trading activity on your platform and how you see sort of the risks thatt are inherent in this space >> right, indeed we see optic and connectivity on the platform people are buying and as you can see it from this and other partnerships of 20-year-long deals we think a very long term deal industry and crypto currency has the ability to reshape how internet works and fundamentally different. so we're very excited about it >> and just a quick final question we talk a lot about your main competitor coin base can you tell us what your plans are to go public >> we have only been doing this for five years but we've got a trusted, secure, kind of regulated platform that now with this partnership is placed at the very center of the

revolution so i think, you know, in due course, in due course when we're ready. but it's still very early. >> well, this is certainly a very high-profile deal thank you so much for coming on to talk to us about it, kris >> thank you very much >> fascinating part of the journey, julia "techcheck" is back in a moment.

gut check on shares of paypal after a monitor multi-year run the stock found itself under pressure we talked about this earlier in the show down 30% since july. bernstein has seen enough downgrading to market perform and says paypal leadership as a digital wallet is hard to ignore but change is accelerating and the disrupter is the risk of becoming the disrupted a warning on increased competition. the warning of buy now, pay later the huge trend that exploded amazon today says it will stop accepting visa credit cards in the uk because of its fees guys, just shows the leverage that these giant retail platforms may have going forward and also tells you what's

happening in the payment space visa and mastercard have always been the rails but are the rails themselves being disrupted, john that's something we talked about for years and feels like it may finally be happening we are starting to see inklings of this. >> yeah, just earlier this week we had on rene, the founder and ceo of bill.com, another area when it comes to smb where cloud and payments are taking on new capabilities the growth in that company has been phenomenal. carl, last week i was speaking with tax and compliance. that's another area where payments are just enabled by the cloud are enabling new capabilities and i think it's an opportunity for paypal to tell its story about how it branches into these areas, as well but especially after that pinterest detour that they took. a lot of people want to hear from them more firmly on strategy >> it's interesting.

the legacy credit card, john, returning to cross border travel and we did get encouraging headlines on that front but that's a cyclical shift and turning out to be no match for the structural shifts. >> guys, yesterday we were talking about dinotech the bifurcation in the payment space and the younger names are a lot more attracted to inestvestors these days >> i remember when they called microsoft a dinosaur you all saw jurassic park. after the break, i sit down with mongodb ceo live. the stocks enjoyed a nice run up reha60th yr.mo tn % isea stay with us

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. take a look at shares of roblox strong earnings last week popping another 30% in the last five days. yesterday announcing some new ad products management saying, quote, in the next three to five years all will have a roblox strategy and that has gotten notice from some of the desks, especially morgan stanley, john. >> i'm just glad we got through talking about roblox without metaverse. now i'm here at cnbc technology executive summit live in new york with mongodb mark

porter we were talking about the disinflationary nature of tech especially software in this time when we have supply chain bottlenecks and people really leaning on software and the cloud to get insight into what to do next. how are you seeing that demand play out at mongodb and the technology to serve everyone tomorrow. >> cnbc tech council is awesome. i've been a member for three years now and i just love what you guys are doing on the supply chain stuff, as you know, john, we've seen mongodb do well, and that's because all of these people even before this recent supply chain drama that's going on, they need to digitize every piece of their supply chain so we see people like box who in 2020 grew w

without an outage and try that with legacy technology i know you talk to the legacy people sometimes when you think of supply chain and think about what's going on, you need to track everything from the truck to the carton to the container and that's something that we've been working on with iot and time data, so you talk about the features we're offering to let people manage every piece of their business, both the physical piece and the digital piece. what are you hearing from customers about that the ceo of qualcomm was just on with us yesterday talking about retail at the intelligent edge, the idea of when the shells of a grocery store get connected like they're trying to do with walmart. you have this flow of data that allows certain companies that are, you know, prepared with the right technology to have an advantage even in difficult supply chain times and our customers are coming to you to take advantage in that arena >> our whole goal as a company is to produce software which developers can use to write applications faster.

no one can outsource their competitive advantage and in particular what they're finding for us is we provide the set of tools and a platform they can use. we're a b-to-b company, they can use for their b to c businesses to do better recommendations and better fraud detection and better pivoting quickly. so if you build an organization that uses the right software tools you can make better decisions and we're seeing companies throughout pharmacy, throughout retail all using moggodb. >> tell us about the labor market and when it comes to technology talent before -- how is mongodb position when talking about the great resignation. are they resigning from mongodb? >> that's funny. i don't think of it as the great resignation. i think of it as the great hiring for us and the great rebalancing for everybody else the reality is as a result of the pandemic people changed

where they worked and when they worked times we've always been focused at how people worked at mongodb in the last two months some of the greatest technical engineers on the planet have joined our company because of our empowered bottom's up culture. >> you work remote, right? >> i work remote i am physically in seattle and i work for a new york company, and i love it. the reality is is companies have to sit down and they need to really take a deeper look at how they're running their staff and you and i are on a panel later today where we're going to talk about how executives at this council need to run the companies different in order to make this hybrid new environment a place where people want to come to. >> i was going to say that is exactly what cnbc's technology executive council is for, having deep conversations with technology leaders across different industries about exactly that sort of thing so i look forward to having that conversation throughout the day. we will have a dinner. if you are the leader and the technology leader of a company

and you want to have more of those conversations, cnbc.com/tec, i believe it is. >> mark, thanks for being with us here on tech check. >> back to you >> really good to see events back in person be careful what you nft quentin tarantino announced he was selling pulp fiction token, secret scenes you can own yourself and now he's being sued by miramax who says it still owns all of the movie's ips and it could be a trend in the nft world and don't forget to follow and subscribe to the podcast "tech check" is back in just a moment

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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. ♪♪ >> let's get a check on peloton. after the company raised a billion there ares in a stock offering yesterday and think $50 a share, so they are loweyer by 4.5% our friend the journal's laura foreman cautioning in her latest piece that yesterday's cash raise could signal more problems to come. that stock, of course, has been hammered this year

most recently plummeting after disappointing earnings earlier this month, year to date the stock is down over 65% and such a reversal, carl, the pandemic darling >> yeah. there have been a couple of firms coming out to defend peloton this morning, guys and they do make the point that customer service ratings continue to be strong. lowest churn in just about any subscription model we'll see if that holds. i think it was baird suggested that maybe 50 was the floor. >> yeah. it's also a software company, folks. you have to remember that, so they've got optionality, carl. facebook, and meta platforms showing off new metaverse hardware it's a glove meant to recreate texture, pressure and vibrations when interacting in a virtual world. they're want available to the public yet, but they've been working on them for seven years and plans to pair them with vr

headsets and glasses and maybe a new competitor to meta, a new version of the app octi backed by james murdoch users can create videos that blend virtual reality world and based on engagement. the app shot to the top of apple's app store sitting at number 11 right now on the list of top download. john, you made the point that the metaverse is all great, but when it comes to designing the hardware and that's where the hard part decides to come in julia? >> yeah. i think that's right i mean, look, i know that john is a metaverse cynic, but i think that these two pieces of news are interesting paired together because on one hand we'll hear a lot about the hardware, but the reality is it's going to be a long time before the hardware is available and affordable on the other hand, we'll see the proliferation of a lot more apps like octi and it's a mashup of

facebook and the snap and bringing new people into in meta world. quick thought, john. a company that doesn't make a lot of, and we'll look forward it that. let's get to the judge carl, thanks welcome to "the halftime report." i'm scott wapner, front and center this hour, a stunner from the street's most bullish firm which says stocks could hit a near-term peak this week that firm none other than fund strap. its chief strategist none other than tom lee weighing in momentarily on the next move joining me brenda vingiello and joe terra nova and anastasia omarosa. stocks are lower, the s&p is just a smidge positive and the nasdaq's