rally that we're seeing.n would. you are seeing best days since march which again speaks to the rally that we're seeing. >>would weeks. you are seeing best days since march which again speaks to the rally that we're seeing. >> everything except for our parent company comcast over now to tech check which starts now ♪ happy tuesday. welcome to tech check. i'm jon fortt. futures off. today intel surges as it announces plans to spin out its mobile iunit, and the continuing turnaround attempt, the beleaguered american giant and then sharp moves within the software sector as high growth names struggle

overall stocks continuing to bounce back from last week's selloff. nasdaq now up almost 3%. yeah, still up almost 3% recouping just about all of its losses so far, taking us back to last monday levels >> you're right, jon stocks broadly are surging both the dow and s&p now having its best two days of the year. at the top of the dow, tech, salesforce, microsoft and intel, those shares popping after the company says that it will take its self-driving car unit mobile i public by mid 2022, reportedly valued at $50 billion. and their chief joined us this morning on cnbc, compared the company to tesla take a listen. >> this is a real company that is leading in a powerful technology category. when you look at the products, they built a full stack of silicon systems, software, the manning software, whole risk

management system. they have been unquestionably creating this category and the only company that we see who is anywhere close is tesla in terms of capabilities >> any valuation around 50 would be a nice appreciation from 15 which is what they bought it for in 2017. and we'll see whether or not it becomes it public competitor and be in the same universe of the nvidias and qualcomms of the world. >> yes, and we've talked to him several times over the years there is really underlying technology here. he is a professor, he's been doing work in computer vision for a long time and the technology underlying is applicable in a lot of different areas. so speaking of, joining us now on all of this is mobile's co-founder who will be leading the spinoff. good to see you again. so talking to pat gelsinger a

couple months ago and he seemed reluctant to spin it out but i guess intel will retain majority ownership here what do you see as the possibilities to continue mobileye's growth which has been impressive during this period? >> i think the key message here is that this ability we are at an inflection point. a lot of assets have been built during the past four years and not only that intel in-vooesed by acquiring mobileye, there have been a lot of investments one is the public acquisition of at the time move it for close to $1 billion and we have huge investments in building active sensors like imaging radars and very specia specialized technologies so a lot has been built and we are at an inflection point where we believe middle of 2022 where

we'll launch first our robo taxi and all the deals that we have around it both for consumer economic cars, premium it is a huge growth that we have experience and a lot of value going forward. and what is missing is visibility and this is exactly what an ipo will provide mobileye and this value that will be created will benefit intel going forward because intel will still remain the majority shareholder of mobileye >> and you and i were talking a couple years ago if i recall about some trials that you were running i think in israel around road vision being able to, you know, have digital representation of the roads. and use that to do better planning and do better navigation going forward what other sorts of trials have you done like that and what sort

of data repository do you have that benefits mobileye beyond just the technology that you have in the vehicles themselves? >> when you think about terms oe technology, cloud connectivity is a major factor. and it comes in two varieties. one is over the air update which in the future most cars would be updated just like today's smartphones will be updated. but another very, very important piece is data collected from cars about the scene sent to the cloud and in the cloud you go and piece together a very detailed map of the surrounding. it is much more detailed than a navigation map and this is what mobileye has been developing since 2016 today we have about 10 million miles of data we get delivered to us every day. we have been mapping the world and this gives us a huge asset

going forward both for ride hailing and more importantly going for the premium, something that covers 95% of the driving experience in a level 2 class. and also for consumer av going forward in 2024, you need to map the world. and mobileye is really the only actor with this kind of crowd source ability of mapping the world. and we have multiple sites we have of course in israel, we have in detroit, we have in tokyo and in china and in paris where our cars are being driven by those high definition maps that we built automatically and over the years we have been posting clips that show really human driving capability of our cars >> it is remarkable technology and i'm curious as we talk about this turning point in terms of

all cars eventually being both evs and avs, when it comes to that autonomous technology, what do you think the biggest challenge is is it a regulatory one particularly in countries like the u.s. >> i think that there are two challenges one is scale if you want to bring autonomous at scale, it means many, many millions of cars being produced every year with level 4 capability you need to design it from scratch with scale in your mind. it means the costs should be only few thousands of dollars and not tens of thousand of dollars. and this is a big change in the mindset. it is not you build something for tens of thousands of dollars and over time the costs will go down you have to redesign from scratch. so this is what mobileye set out do both in terms of being camera centric, because cameras are very low cost and provide a full end to end capability of

driving, and then on top of it, building specialized active sensors like imaging radars and very specialized such that by 2024 with a specialized system on chip that mobile dye is designing, we can bring it down to a few thousands of dollars. and this is where scale will be generated. the second challenge is regulatory front we've seen a lot of progress first germany has enacted laws israel is at the final stage of enacting laws. china has enacted laws in the u.s. you see industry actors like a program called 2846 which is at the final stages of publishing all its recommendations on standardizing all the regulatory certainties that one needs the sae is coming up with a

similar program. so i believe that in the next year or so, the u.s. will catch up from a regulatory perspective. but for now, there is regulatory certainty in europe and in israel to start launching cars without a driver >> speaking of which, especially here in the u.s., people are starting to ask questions with the promise of self-driving about the auto industry's revenue model, in other words, do we move to a subscription model where you don't ever really own a car but you can certainly pick one up that self-drives you around and what that would do to legacy oems do you have a thought about that, do we love driving so much that we'll want to have our own for the foreseeable future >> the future can play out in two different ways and it is difficult now to predict which way it will play out one way is kind of ride hailing, row bobo taxi. that future says that you provide ride hailing services.

over time you prove the safety, that it is cost efficient in terms of costs per mile of mobility, and then over time, major cities will not allow privately owned or human driven cars to enter their cities and this will proliferate to the point at which people do not need to own a carney more, you just hail for a car and go wherever you want to go. this is one future another future is that it will scale through consumers. you start looking at premium a dust to level 4, from level 3 to level 4, and costs in which you can acquire, which you can purchase so if it is few thousands of dollars, say you add $10,000 price tag to a car, then with the price of a button, it could become autonomous and that will generate the scale of autonomous cars very difficult to tell which flut future will play out and that is why mobileye is active in both

futures. >> low latency important there so i imagine intel still has play because you will need a lot of processing power in that car to act on what the mobileye technology is showing you. and we'll look forward to seeing that perhaps make its debut next year thank you. >> thank you and let's stay with auto as intel tries to monetize mobileye, there is perhaps no one more responsible for the exploding valuations than elon musk he took the stage at the summit last night check out his response when asked about government subsidies. >> i would say honestly i would just don't pass it, that is my recommendation >> what about the support though for the charging network there are parts of this -- >> unnecessary >> no? >> no. mine, do we need support for gas stations we don't so there is no need for support

for charging network delete it. delete >> of course tesla has benefitted from billions of dollars will government subsidy which is also made up a significant portion of the company's earnings fresh off that interview, joanna stern is joining us now. you covered a lot of ground yesterday, fascinating stuff i want to start off with musk's comments about subsidies is this a strategic move because his competitors would benefit more from them than maybe he would at this point? >> if i could read elon musk's mind this interview probably would have gone in many different directions and would have known exactly what to ask but i did ask, and there was a followup was do you feel this way because it benefits your competitors. and he took a moment to think about that and he reflected hade competitors, but ultimately he

thinks that the government is spending too much money and that, yeah, this doesn't benefit tesla. >> and what about his comment we played just now about the charging stations, seems like having more charging stations will be just so central for widespread adoption of evs why is he against this >> i really should have followed up there my guess is that he can go at it alone. tesla has already built out a pretty extensive charging network. they have plans to build more. they have plans to build out in solar, to increase the battery capacity which they have talked about in range of all these cars so my guess is that they are the elephant, right? they are the elephant in the ev race right now as much as president biden and some of his infrastructure doesn't address that tesla is there. and so that is my thought, he thinks that may, we can go at this alone and he said as much. he said that we started -- he addressed that they have

benefited from subsidies he did say that. of course many people saying today their reaction is that he is hypocritical to say no more subsidies when he has been fitted so much, when tesla has benefited so much. but ultimately he is saying that right now he doesn't need that support and that the country shouldn't be behind this >> give us your perspective on the significance right now, the importance of elon musk. and i say that because he has shown at least in the past an ability to move cryptocurrencies, bitcoin, dogecoin, haven't mentioned that in a while, certainly tesla evaluation is linked to him, the entire space industry which has been getting quite a bidations could do in the future probably no one encapsulates this idea that you can bet on the future and make good than elon musk himself. did he sound optimistic, was there any signal to the markets in his mood or what he

specifically said? >> i thought he was hugely optimistic and my goal going into this interview, you, jon and everyone on the show, you know better than me how hard it is to interview folks like elon musk to get them to talk and on a wide range of issues, to not be so canned. and that is a great thing about interviewing elon musk, he doesn't give you the canned responses. but my goal here was to get him talking on as many things as possible so, yes, we talked about government spending, but he also talked about starship, he said that that is where he is -- mentally he is focused the most and most challenged right now on the launch of starship in d2022 or he hopes. he talked about scyber truck an promised another update on that on the next earnings car didn't want to tip his hand there. he talked about neuro link and the progress they are making there, a big bet on putting computer chips in our brains but he said that it is going well with monkeys so that is the amazing thing with talking about elon musk

you are all over the place and you get to hear all these different ways that the future can evolve >> don't forget you also talked to him about china and he was pretty conciliatory with the chinese government we'll have to leave it there thanks so much for joining us. >> and we also talked about how many kids he has so there was a lot of things >> joanna, thank you dow up 542 s&p 500, 4687. does close the gap from that black friday selloff pretty good breadth. we have the vix all the way back down close to 22 plus some software names on the move bitcoin back above 50 k. big show still ahead on my travels across the country i came across this house with water dripping from the ceiling. you never know when something like this will happen. so let the geico insurance agency help you

plus some software names on the and protect yourself from things like fire, theft, or in this case, water damage. now if i had to guess i'd say somewhere upstairs there's a broken pipe. geico. save even more when you bundle home and car insurance at geico.com. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

glioblas . let's get a gut check on some software names. mongodb is up more than 15%, only one analyst has a sell on the stock according to fact set. down fragsly fractionally is co. the forecast was muted shares about half they were in january while mongodb is still up about 40% this year

meantime on the heels of those earnings, our next guest has his eye on software growth despite or because of the recent weakness joining us this morning, the founder. eddie, good to see you thanks for being with us >> thanks for having me on >> on how reassuring do you think this two day bounce is >> look, i think that the key thing that investors have been really concerned about is that there has been a huge upward shift in multiples that the market has been paying for cloud based software companies over the course of the last 24 months or really since the pandemic hit. and so i think that this market going into 2022 will really continue to be market of the haves and have nots. who can sustain the momentum that they saw throughout the pandemic >> so the super nots, is that

gist a list of the companies that issued relatively weak guidance in the last three weeks? >> this is probably among the more exciting times that i've ever seen in investing in software because there is so much change. if you rewind back 12 months ago, zoom was at the top of the leaderboard and they were growing revenues at 1,000% and now as we're coming out of the pandemic, knock on wood, what we're seeing is some of those businesses are starting to see a deceleration while others are seeing the inverse of that and i think that the difference between what coup is seeing and what mongo is seeing is a microcosm of that. >> and you also like china you think that it is investable, down quite a bit this year but how do you factor in not only just the general environment, attitudes toward china, the diplomatic boycott that could signal further international perhaps isolation

and just it is dibtfficult to ko what china height regulate next and really affect stocks we saw it with educational software >> yeah, it has been -- 2021 has been the most treacherous year to be investing in the chinese internet and media sectors, really china more broadly over the course of the 20 years that i've been doing this there has been a huge shift in policy on the government's part. effectively putting regulations across a number of sectors as you mentioned. our strategy has been to focus on what are the government's priorities in terms of taking back some power into the state-owned enterprises and really trying to stimulate what they call common prosperity, where the capitalism the last 20 years has resulted in this bifurcation of incomes and wealth across the economy and

you've seen just a lot of these private internet and media companies grow to be very large businesses, creating some wealthy multibillionaire founders and so where we've been focused on is looking at the places where we think that the companies are either going to be beneficiaries or at least it will be neutral some of the regulatory changes the last thing i'll say on this is at the end of the day, the chinese government is over the long term keenly focused on continuing to drive economic growth so while there is a tectonic shift, if you will, at the end of the day they will need to create an environment where foreign investors are going to feel comfortable and safe investing, that they will be able to perpetuate the type of growth that them and their population is expecting. >> and i'm curious for your take on the u.s. media market i know that your top pick here is nexstar which we don't talk about much

i'm curious if you would benefit from this company from ad dollars and moving over from digital. do you anticipate apple's operating change to mean that facebook and those other digital platforms are less effective and some of those dollars shift back to tv? >> i think that might be too strong a statement just because the shift from linear television on to digital, it is a one way trip and i think that some of the apple and idea fake changes that have been topical over the course of the last several months are more than anything going to be causing shifts in where the ad dollars are spent online and on streaming platforms depending on, you know, like snapchat called out their ability to target ads relative to the facebooks and googles which obviously a significant greater degree of personalized information on their users.

what we are seeing in the u.s. media sector as we look out into 2022, you know, there is a couple key drivers number one, you mentioned nexstar which is a holding of ours, the largest local tv broadcaster in the u.s. or one of the two this is a segment that has had 20% to 25% of its advertising coming from the auto manufacturers which obviously with the supply chain issues and the chip shortages have been pulling back on advertising as they have no cars. and so step one is we think that there is going to be a big rebound over the course of '22 and into '23 there but then remember, '22 we're going into a big political cycle and every single political cycle has been just astoundingly large in terms of the dollars raised from contributors and all those dollars flowing in to advertising. local tv is one of the great beneficiaries there. and we think from everyone we talked to the ground that '22 will be at least as big as 2020

which is a big feat considering that 2020 was a presidential year >> and we've already seen some ad spending forecasts hiked just this week in advance of those elections next year. good to talk to you. we'll see you again tonight. >> thanks so much. arc etf has sold up double digits this month, but the firm is still expanding tune in for details on her new esg play, the arc transparency e tecet that is launching tomorro. and elizabeth holmes taking the stand for what could be her last day of testimony we'll be live outside the courtroom this hour. a lot more tech check still ahead. ♪ ♪ ♪

♪ ♪

welcome back stocks are just off of their intra day highs but in the midst of a strong two day rally. s. s&p just shy of 4700. a lot of tech names are powering

us higher. plus a check on the software space with the ceo of gitlab as that stock is under pressure but first a news update with frank holland. >> american express is helping lead stocks higher with a 5% game their ceo is giving strong earnings guidance for next year. he expects travel spending and entertainment will return to pre-pandemic levels. earlier goldman sachs ceo david solomon says the stock rally shows easing concerns about the omicron variant. >> the market certainly and this morning is another indication is kind of looking past the variant to something that will be slowing down economic activity but we're still not completely out of the pandemic. there is uncertainty that comes from that. and that uncertainty will affect economic activity. >> u.s. trade deficit dropping to a six month low in october a month after hitting an all-time high exports surged 8% giving some hope that supply chain issues

are easing and home price gains are slow next year to half their current rate according to a poll of property analysts. however they also predict housing prices will continue to outstrip wage growth so affordability of homes will continue to worsen over the next two to three years that is the very latest. and we need to mention another software name that is getting hit hard, gitlab despite a beat on the top and bottom lines. it was swept up in a larger selloff down 39 port st. lucie t 39% the last month and here is their ceo to talk about it you gave a talk on definite devh tools that you are offering and why that is important right now. >> thanks. we're really excited about the results for the quarter. revenue was up 58% year over

year but we're also excited about the long term potential. every company needs to become a software company and largest way is dev ops you are hearing about the uncertainty in the market. at the height of the pandemic last year when revenue for airlines was down 90%, three global airlines signed with gitlab because whatever happens in the market, they need to transform, they need to become software companies, they need to become great at dev ops and that platform helps them. >> and i'm wondering about velocity though when it comes to either partnerships or a sales force owinr other factors that cause you to movie guess faster even than other dev ops players. what will it take for revenue velocity not just to stay where it is but perhaps pick up even more >> yeah, what is important is

that we don't just do direct, but that we're working with partners we've been very happy with our collaboration with aws and dcp their salespeople go out and they sell ggitlab because they know that cloud transformation to move to the cloud will go faster for that client so we're happy about working more with the channel with the hyper clouds, with the global system integtegrators in order grow revenue >> give us more insight into your outlook not just the fourth quarter but also into next year. you are going to be going up against some very tough comps. but where do you see the continued momentum coming from, is it from adding new subscribers or is it about expanding what it is that your current customers are doing with the platform >> yeah, it is both. it is new customers, it is expanding seats at existing customers.

and it is up tiering customers using more functionality according to the forester study, customers are able to replace three point solutions in year one, two, three of using gitla babb, so they get more value over time. we're very early in a $40 billion market they predict that by 2024, 60% of companies will start using a dev ops platform >> and let me ask you about automation finally the process of making tasks that are repetitive or that are basic more automatic, faster, that can speed up a lot of operations we see pager duty moving deeper into that as well with the dev ops space with the acquisition of run deck. how do you plan to make maybe even these libraries different automation playbooks easier for customers to use, and is that an important piece of what your

growth is based on >> yeah, with the dev ops platform, we are able to replace a whole bunch of point solutions. instead of using ten applications, you get to use one application. at t-mobile, they were able to deliver ten times more frequently at goldman sachs, they were able to go from two weeks to two hours to update their most important application. so when you consolidate, when you have a single pane of glass, you will go faster you don't need a walkman and calculator and a camera and everything any moore it anymore it is a single piece of equipment and it allows you do more faster and more secure. >> and we're more closely watching the dev ops space for sure thanks for being with us >> thank you keep an eye on bumble today getting here as jpmorgan goes to buy, lists their target at $55

share. shares have sold off almost 30%. now 55% off the highs ofthe year although this would take you reecchk ilout november 19th. mo th ecstl ahead. r, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

nasdaq up a full 3% and a lot of the gainers centered around semis, china tech, some enterprise software. but take a look at the leaders

you will see plenty of semi names on there now liz b elizabeth holmes wrapu her testimony and scott cohn is outside the courthouse >> reporter: and she is here for her sixth and what could be her final day on the witness stand as she tries to explain her conduct as ceo of theranos in cross-examination last week, we learned some things that are pretty difficult for her to overcome here in this case she has acknowledged that she altered documents, she has acknowledged that she was not entirely forth right in talking about the company's deals with the defense department and she said that she badly mishandled inquiries from the press and of complaints by whistleblowers here is what we expect will happen now as this day and this week unfolds this trial already going longer than people hoped. but she will be back on the stand today for more cross

2k3578 nation from assistant u.s. attorney robert leach he expects that he will wrap up that cross-examination sometime probably this morning pacific coast time and then redirect from the defense as they try to clean up whatever they need to clean up from her testimony and then the defense case continues and they could call an expert witness to talk about her allegations that she was abused by her former boyfriend and former theranos chief operating officer, and she says that that contributed to her actions and is a reason why she did not intend to commit a crime and the prosecution could call rebuttal witnesses just doing the math, it looks like this case won't go to cl closing arguments until sometime next week. longer than initially planned. >> scott cohn, thank you very much and as we follow inflation and we've mentioned this before, microsoft is planning to rise prices as much as 20% for some

customers unless they move from monthly to annual subscriptions. and the ceo has argued for the deflationary effect of its products if it allows employers to cut costs, do things more efficiently in areas like real estate and travel. you can read about the changes coming at cnbc.com plus we talked intel mobileye, another company trying to capitalize on the cutting edge in car technology, ceo of auto giant stellantis is next. leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

municipal bonds don't usually get the media coverage matching your job description. the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest,

call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376

a gut check on apple, an all-time hyatt 171.28 today. morgan stanley upped its price target to 200, they see up side as new products get priced in, apple pushes further into ar and vr as well as the autonomous vehicle market morgan stanley notesthat apple's price has increased 500% in five years while over the same time frame, iphone revenue has grown by just 40%. so not just iphone revenue driving growth they argue. tech check is back in just a couple minutes stay witush

♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work.

we started the show talking about this intel ipo spendoff next year, but 2021 has not been kind to the newly listed as you probably know by now of the more than 50 tech companies to go public this year in the u.s. through an ipo, a spac or direct listing, only one is less than 20% below the year high stock price while more than 20 of the companies have lost at least half of their value from the highs. metro mile down 80% from the peak robinhood down 75. renaissance ipoetf down 18 and down 26 from the record my back in february most interestingly it has been a record year for ipos anyway and by pretty large margin, poor performance yet to slow the stampede of companies coming to market and if you listen to david

solomon this morning on squawk, that is because they will need some capital to fund exthipansi plans for the years ahead. >> and i'm guessing the one company that is not suffering is affirm and i remember we were talking about late last year affirm was expected to come public earlier but waited and there was some speculation that that was because the market was just too nuts and what would seem to be a positive way but perhaps the neglecative of falling from ipo highs is what max was trying to a so i had >> yeah, it would be fascinating to dig in and figure out how much of those stock declines were because they priced so much higher than contianticipated. valuations were incredibly high.

and i have to wonder maybe we'll start to see some of the ceos hold off to see if we'll have the sort of valuations and everything sort of calm down and stabilize a bit before we see the same type of frequency of ipos next year >> it is a good question certainly not stopping the speculation and discussion of potential ipos, jon. just today more chatter and pressure on companies like nordstrom for example to split off various parts of the business, headline regarding volkswagen, would they syphon off part of porsche. and part of the discussion but certainly getting more fuel given the news out of intel today. >> got to be more than one because we just showed affirm and global foundries both positive so let's look closer >> yeah, we'll dig back in and there is a good piece on cnbc.com up right now. check it out and a quick programming note, don't mis-c nbc's financial advise or summit, that is tomorrow at 10:00 a.m. eastern

we'll break down all the key gains that you should be watching into 2022 find out more at cnbc evtsomen.c 2ek c tech check is back in a moment. y managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different.

[voya mnemonic] my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter... she's cute like her grandpa. voya doesn't just help me get to retirement they're with me all the way through it. come on, grandpa! later. got grandpa things to do.

aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

what a news day in the auto business today you have intel, tesla, ford, sales force all in the mix announcing a partnership, both stocks up better than 3% benioff will be on "mad money" with cramer. and another automaker, stellantis formed in the merger now making a big push into software revenue phil lebeau with a special guest. hey, phil. hey, carl. let's bring in the ceo of stellantis joining us from detroit where he has given a briefing, a software day give us a little bit of perspective on some of these targets you've just outlined here $22.5 billion in annual revenue from software and subscriptions. by 2030 you don't have much right now on an annual basis and

that's what you're targeting by 2030 how do you get there and where do you see the growth coming >> well, thank you for inviting me yes, indeed, it's an exciting day today. it's our software capital day after we presented back in july. indeed, big business coming on this software-enabled business lines. we have a clear plan to reach additional revenues. no less than 34 million connected vehicles and no less than 400 million over the year updates by 2030. we have a very rigorous plan, the talent, the people are now on a rolling start to get the job done and most of it is coming from additional improvements and services that

will make our customer journey more enjoyable in the future that's where we are today. big additional business, big opportunities. as you see our car company is now moving towards the technology direction in a much more powerful way with a significant investment in the next five years on electrification and software we are going to invest no less than 30 billion euros, a huge amount of money. we are dedicated to making this a success. today was a big day to present to investors >> you are developing smart cockpits, behind the driver's seat where we are looking out over the steering wheel at the instrument panel, et cetera. paint a picture of what you expect the driving experience to be five, six, seven years from now. how much different from what we experience right now when we're behind the wheel >> well, first of all, we are

developing all of those smart cockpit related devices and features with fox con. we have now a dedicated company to do this which is called model drive. this will give you access to many more that is connectivity based. you can now enjoy and connect to in your car. not to talk about professional connections that you could have through this customer journey. many new things can happen in terms of face recognition, voice recognition, access to new features, making sure that we can all over the life cycle of the product update the performance and features of your car and the residual values.

new things are coming for the smart cockpit developed with our strategic partner in a dedicated company we call mobile drive >> looking at your ambitious targets, $22.5 billion by 2030,s what the biggest potential challenge that could prevent you from hitting those targets >> when you have such an ambitious plan, execution is key. getting things done is the biggest challenge but we have a fantastic opportunity which is the track record of our company. stellantis is going from the merger from fca as a very strong track record in terms of getting things done. the execution capability is quite high if not one of the

best in the industry and facing this challenge which is the complexity and the addition of five new business lines is a matter of execution. we used to say 10% planning, 90% execution, and we intend to get things done as we always did in the past this is what has happened with fca, with psa. we know how to be disciplined and to get things done this challenge is in our hands but we strongly believe we can overcome it. >> carlos, one last question for you. when you look at the growth of electric vehicles in the u.s. expected to be more than $2 million in annual sales but you have no electric vehicles right now and will not have your first one until 2023, are you moving a little too slow? a lot of people look at stellantis and say, come on, you

have to get with the program here >> you're right. we are moving forward full speed and what we have explained to our investors by 2025 almost 100% will be electrified in north america, which means we have already many electrified vehicles like, for instance, the technology of our jeep brand as an example all will be deployed not only the plug-in hybrid direction but the pure-v by 2025 most will be electrified. >> carlos, i hate to cut it short. i know we have a lot more to talk about and we'll talk more in the future. thank you for joining us from detroit. carl, a huge day for the auto industry including stellantis.

back to you. >> and the airline industry, phil, which you brought us this morning on "squawk." you've been busy our phil lebeau. the vix is back down to 22 we'll talk whether that shakeout has left the market healthier. to wapner and "the half. carl, thanks so much welcome to "the halftime report." front and center, the bounce can you trust it should you buy it? how far should it go joining me stephanie link, jim lebenthal and john i the biggest jump since february. a 3% gain for the nasdaq big question, doc, is the bounce legit? can you trust it how far can