zoom phone and zoom marketplace and it's a crowded field with many players but cloud-based communication services are expected to be a double-digit growth industry through the decade david, back over to you. >> christina, thank you. that will do it for us on "squawk on the street. "techcheck" starts now good wednesday morning welcome to "techcheck. i'm carl quintanilla today markets are lower depite positive news that booster s shots. is time now the time to buy? tim cook secret $100 billion

with china. finally between crypto and instagram, an awful big day on the hill the latest details as they happen this hour, d. >> we'll start with apple hitting as you said another all-time high as the broader market takes a breather marching towards that $3 trillion marketkeep what a move for not just apple, but all the mega caps. they're up 15% over the last month. as it continues to underperform, apple, that is, faang, tech and s&p by a wide margin up 15% over the last month while names like netflix are down 3. there's also new report from the information detailing the company's relationship with the chinese government, specifically looking at how tim cook back in 2016 negotiated to invest hundreds of billions of dollars. $275 billion into the country to quash a burst of regulatory action against the company guys, this information report perhaps not all that surprising in terms of telling us that apple and beijing are tightly integrated and there has to be

some give back but that number, john, $275 billion explains why perhaps apple hasn't been sort of caught in the crosshairs the way other companies have the information article talks about how apple and tim cook have held up their end of the deal by doing things like investing $1 billion in didi, where that doesn't make any sense and people might have wondered why maybe now we know. >> i think it made some sense at the time didi was a consumer app early in sort of the mobile driven economy in china and apple is trying to be a primary mobile player in that market. i think over the tim cook era and you can stretch that back to even before he was ceo china has been a critically important piece of the supply chain and logistics operation for apple which tim cook watches very closely and expanded as an important market for apple's products now, some might remember 15, 20 years ago there were a bunch of

third-party knockoff kind of nonauthorized stores, retailers in china both selling authentic apple goods that weren't authorize to sell and knockoff merchandise for apple. that was bad for apple's business because they realized, carl, an important market for the future so viewing tim cook's investment through that lens both as an important piece of apple's assembly and supply chain picture and also an important end market where apple had trouble with authentic goods in the past i think that puts us into a certain context. >> yeah, of course, the dollar amount compared to their overall china business, john what is interesting to me about apple is lately highly leverage to growth and consumer growth all around the world in that sense, an offensive play back when the markets tanked last week, an offensive play when people looked to the safety of the balance sheet and capital returns. it's a bit of a growth name and value name at the same time.

>> people are freaking out it seems to work both ways at least this quarter. meanwhile not just apple at the index level, the s&p is back to near all-time highs from two weeks ago. but that ignores some of the sharp moves and shifts within sectors. mike santoli at the nyse looking at what has changed. >> yeah, john, the s&p 500 this morning basically completed a round trip from two weeks ago, the day before thanksgiving. but in this shakeout and this little scare that we got and also kind of a broader flight from risk that you saw in some of the more aggressive growth areas. here's what has shaken out, actually the nasdaq 100 you see it's down just a little bit. more flat this year but semi conductors have sort of reasserted leadership within the group. this is just over that two-week span and, of course, at the expense of software and more targeted cloud players in the dow side looking at yesterday's action in the semi conductor group we're seeing a lot of kind of

aggressive, urgent grab for exposure a lot of hot money rushing in. it's definitely bullish. probably i think a lot of folks say on a longerterm basis it shows you that investors are very urgent and rebuild exposure to that area, even if it gets a little bit ahead of itself in the very short term, guys. >> that's such an interesting chart showing that leadership at an even broader point, santoli talking about the large cap names and they outperform the s&p by so much that recently the market cap makes up the highest proportion of s&p total value since august 2020. soon weal'll start talking abou comparisons to the dotcom bubble burst just ahead of that how much is that sort of leadership going back into big tech what does that mean for the markets more broadly >> yeah, i mean, so hard to kind of get at the answer to how much is too much in terms of the market's leverage to tech. in fact, i think if you do an apples to apples comparison of where we are to the s&p exposure

relative to 2000, we're well past it. you probably have to categorize the alphabets and the netflixs and perhaps, of course, the amazons which don't sit inside the s&p tech sector. we're about half just about levered to something that we generally refer to as technology but it's also where the highest profit margins and the greatest source of earnings come from so, yeah, some areas are aggressive and probably a healthy thing, actually, that you have had this purge out of some of the more kind of hopes and dreams areas of technology where you had, you know, the high value, low earnings software companies that had a little bit of a reckoning. >> that's a dip lomatic way of putting it thanks ev stocks remain in focus, as always. a new sec investigation into lucid, a host of initiations on rivian and elon musk sounding off. joining us to discuss the space, morgan stanley head of research

mobility adam jonas. good to see you again. >> good to see you, carl >> hard not to start with your rivian note. we talked about it so much i wonder if you can sort of tell us how you came to decide to call this company the one. >> so, i mean, we think it's most of our clients miss tesla, frankly. and it's fairly, it's hard to be this passionate when you missed a name never owned it and it's done what tesla's done so, it's the one that most of our clients that miss tesla can actually not miss. the other reason we call it the one is there's been attention paid to the relationship with amazon, which is clear ly strategic, but we think the market might be underestimating just how important it is i mean, amazon through their success is having a very significant impact on our environment. and we can work with our internet team to calculate per day how many thousands of tons of co2 are emitted from the

final mile fleet so, rivian is -- no one cares if they pull solar panels on a fulfillment center roof. amazon wants you to see these inviting, friendly, rivian trucks up and down your suburban street or city street all day long to remind you that they're cleaning the air and it's very important because the shipping and fulfillment costs go up exponentially over the next five or ten years if amazon is not part of this solution, they might be perceived as part of the problem and this concentrates very much on rivian. very important the one. >> so, i wonder how you would think of rivian differently if it didn't have the amazon relationship and i'm guessing this pushes you to double down on your overall view that evs are not going to be all roses for legacy oems >> no, we think the ev business over time is going to be

balkanized and cuapple has acces to the chinese market. we're under no preconceptions that they're to the mobility ma market and even time tesla will be extracted from that market maybe ways that could happen that are positive for tesla shareholders but walled off in our opinion. so, the amazon relationship is totally fundamental. not just financially as a customer, but enables them to set up the infracestructure to address the commercial market and, look, they're going to have issues but to kind of help mitigate the issues on service and maintenance and quality that tesla struggled with earlier in its existence. >> hey, adam, good morning what would it take for you to put a sell on rivian on valuation? >> i could be sell on any of my stocks we try to keep an open mind. we freely admit where we're wrong. we're wrong a lot.

right sometimes. lucky sometimes. but i'd say that if, i'd say we'd have to see evidence that something like an apple car or tesla's industrialization and reinvention of manufacturing puts rivian in a place where their technologies whether they're automaking or battery technology is obsolete if we can get to that point, then rivian would be a great risk so, we ask ourselves, rivian or tesla? could they be the blackberry of mobility they would come down top apple and the apple car. now we're not trying to time it. we only have 30% of our upside and that's not particularly sexy for your audience. we don't really care we're not trying to explain, we're not trying to time it. >> 147, i mean, even where it is right now is mighty, it's up

there, right given what they've actually demonstrated that they can do in terms of deliveries and volume, right. so, it sounded to me what you were saying was more about execution than valuation >> correct, john yes. it's a huge market cap there's no question. and it's clearly the market mechanism. your audience is clearly getting very good at discounting the future unlike any other time we've really ever seen in modern markets. but i'm just saying 30% or 40% upside might be seen with the risk tremendous risk at rivian. the biggest risk would be supply chain. we think if they can make, they'll sell every vehicle they can make if they can make them and i believe we at morgan stanley the low on the street because of factors outside their control. it will be a really challenging time to ramp production of any auto company, particularly a start up >> adam, good morning, it's deidre if tesla and rivian could be the

blackberries of ev if apple comes out with their own car where does it leave the legacy automakers are you counting them out? i find it so interesting that you're putting rivian and tesla into the same bucket when you're calling it the one but still very early day and still a ton to prove, especially as you say on the execution side. >> you know, d, we think tesla is the stock that you have to own, if you're building an ev portfolio. rivian we think is a stock that you want to own and can own. but your question, d, was on the legacy oems. i think that rivian and its very large market cap and it raised $25 billion. they're spending more over the next 12 months on evs than most legacy auto companies in absolute amounts we think that will put enormous pressure on legacy auto to do something. what could that mean i mean, a lot of my companies, gm and ford, for example, have incredible talent, networks, capability, the f-150 franchise

and it's the golden, but what they lack is the currency to attract and retain talent. i'm talking and i'm talking to clients at the margin they say, yes, gm and ford have what it takes but if it's contaminated that's the words i'm hearing if it's contaminating by the internal combustion liability, i don't want any part of it. they have other things they can invest in, not just tesla. it's forcing the strategic hand so to speak. the next six months are going to be fascinating >> what would sort of make you reconsider like the legacy automakers that has been discussed in the pastperhaps they need to actually spin off their ev units to attract, you know, things that you say like talent would that be good enough? do you think that would go far enough and perhaps get them a greater valuation and capital raise to do some of the thing ts you're talking about

>> we learned about strategic moves and not just limited to spinoffs that might be overly specific and we're not aware of anything. but they do have inside the house capability and talent that if it were, if investors had a direct access to it and i don't want to speculate, but if they had a direct access in order to capitalize it, these individual units could be worth more than the entire market cap of say a ford or gm and they may not want to do that and there might need to be some force from the outside rivian plus other forces to change the narrative i'm choosing my words very carefully. please forgive me. >> no, i love watching the wheels turn. >> did i mention, carl, they really r1t goes from 0 to 60 in three seconds. that is as fast as a ferrari and it has a kitchen in it

>> now that's ludicrous mode right there. >> has a kitchen. >> one more question as we talk about turning some of the ev giants into potential blackberries one day you say it comes down to apple is the evolution material to that that construct >> sure. mobile got enormous share which could be a building block on full ouautonomy we don't think that will have a steering wheel or pedal. that would be beneath apple. apple doesn't want to make a car the way you and i know it. they want to turn your car into a mobile apple store an immersive screen covered in carbon fiber reinforced plastic attached to an electric skateboard driven by a super computer like the mobile metaverse, right. so, it is going to be years before we see it and maybe

there's pedals temporarily, but they will be immediately taken out. okay so, steering wheel bearish on steering wheel for apple. >> really quick, adam. what is the model car behind your left shoulder >> this is a 458 a car i'll never own but ferrari is our best ev pick. >> that's right. >> i mean, they sold a year's worth of profit instantly. find another year that can sell out a year's worth of profit instantly. it will take them to a year to deliver, but don't overthink it. >> no, your call on race i think gets buried by the discussion over the much larger firms but, thanks for showing us that, adam it's good to see you >> take care >> whether drawn on paper or on a shelf, adam has the best props. meantime, another high-growth stock getting hit hard this morning. take a look at stitch fix

plunging more than 22% after cutting the revenue outlook. blaming supply chain issues. sales were driven more by users for its free scale direct buy option rather than subscriptions as the company calls the next few quarters a transition period that stock had popped up and now it's down more than 65% year to date d, investors, this is one of those stocks where investors i think momentum has played a lot into this. fundamentally. i don't know that stitch fix's internal story has changed that much they run these experiments, they're trying what to do with marketing. how much to do with traditional channels versus digital. now with freestyle versus subscription but fundamentally the company is doing the same things but, you know, people don't want to hear that >> the question is has other company's retailers gotten good at it, as well reinvent retail through personalization and i go back to the post from 2013 about why

stitch fix is such an interesting retailer because it incorporates all these technologies like artificial intelligence without freestyle offering it kind of looks like another retailer, right? it doesn't have that element of surprise and the same level, i think, of personalization, carl, that made it such an attractive offering they have had a leadership change what is that, john >> not quite freestyle is still suggesting things to you based on what they suggested to you already and they're already in your size >> but other retailers could do that by tracking your cookies across the web they can see what you're buying. so, what i think is maybe other retailers are getting better at that >> well, regardless, the shares are awfully close to a post-covid low and it was jarring to hear mark mu hany say they hit a growth wall in the united states. meantime, roku shares are up we'll tell you why coming up next. plus instagram's adam masari on the hill and a whole lot more stay with us

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on roku's streaming platform this news sending roku shares up 13%. google had threatened to pull the two apps from roku tomorrow and could have send roku users to rival services. now, roku saying, quote, this agreement represents a positive development for our shared customers, making both youtube and youtube tv available for all streamers on the roku platform and youtube telling us, quote, we are pleased to have a partnership that benefits our mutual users the terms of the deal were not disclosed, but this does resolve a contentious battle over what percentage of ad revenue they could take from youtube on its platform it drew the attention of politicians taking aim at tech giants and their scale and their power. guys >> julia, as you said, the terms of the deal weren't disclosed, but it's hard to know when this issue is going to come up again and going to put some urgency

under roku to make that transition become more than just a platform, but at the same time, that is going to put it in conflict with some of the partners that it's working with, right, as it pushes further into content and competing with them, too. >> look, it is already making that push. roku channel is part of this initiative so roku has various parts of its business obviously, sells these devices it serves as a platform for the likes of youtube tv and pretty much every other app out there and then has its own channel where it puts content, paired with ads a lot of this is older content, but increasingly moving into original content, as well. remember roku bought that rivi library which seems to do better on roku channel. they are moving towards this multi-revenue stream business model. and, remember, they do have a multi-year deal here so, we don't know exactly the terms of the deal. but when it comes to the valuable content of youtube tv

at least that deal is locked down for a while >> that is certainly being reflected in the share price today, julia roku shares up nearly 13%. meanwhile, stocks broadly havecome roaring back this wee and expecting two major cloud ipos hashicorp and samsara worth $10 billion but coming as many tech ipos have underperformed this year. global head of technology and communications banking phil. thanks for being with us now overall this year's ipo performance is a little reminiscent of 2019, but back then sort of these big consumer disappointing debuts like uber and lyft and pulling its own ipo endeavor, as well. what is different this time around >> yeah, i think there's some unique factors this time around. i mean, when we look at relative value and number of these ipos

and technology companies in particular which represent 40% of the ipo market this year have come at historic peak multiples. o.1, 0.2 we're at a different stage of covid now. we're learning to live with covid. some of these business models covid represented a significant accelerator and investors are now looking through and i think there is an element of a covid cliff. can these business models continue at the rate and pace that they have during covid in this new era and then, finally, i would say we're at an inflection point as it relates to inflationary concerns and future rate rises and inesthvestors started to question a flow rotation into cyclicals and away from just sheer growth >> right certainly different environment this time around we've seen more direct listings, certainly. and they've also sort of underperformed but the key difference there is that insiders early employees

are able to get their money out. for some of the big ipos that haven't performed very well, those are the ones that are hurt most do you think that as we see this sort of disappointing performance of the market as a whole, we see more direct listings going forward >> it's an alternative for sure. and issuers have more alternatives today than they ever had in the past obviously, every company and situation specific companies either need the primary capital ipo and, therefore, need to go that more p traditional path or if they don't have the prime they need for capital, then the direct listing is available to them certainly, it enables liquidity day one. having said that in the traditional ipo market, as well, we've seen a lot of individual structures trigger to allow secondary release through lock-up mechanisms based on after-market the traditional ipo have evolved

and direct listings do provide an alternative, as well. but issuers have a lot of different parts they can go with when it comes to relative value. so, traditional ipo, direct listing, potential combination with the spac or an outright sale will stay private for longer when we look at the private capital market formation this year, $800 billion has been raised that's an area where citi is very, very focused and i think while we see this volatility in the ipo market, we may well see great companies just decide to fund privately and then come to the ipo market in a healthier window >> phil, looking specifically at a couple of the names coming public soon. you know, semsara and hashicorp. cloud and cloud logistics. i wonder if you think in this environment it's that initial ipo pop that's most at risk or

is it how the companies are likely to be valued? maybe it's not such a bad thing if we don't get the enormous initial run ups like we saw. >> yeah, i think you're right. i think it's the ipo discount that is getting questioned today. we did see some very, very meaningful props in day one and that is something that is more characteristics of ipos around the world. they don't tend to have the same day one pop. they tend to be larger floats to become market. so, you get a more seasoned after market in the u.s., we tend to have smaller floats, potentially even less than 10%. and that starvation of liquidity can cause a greater pop in the after market and subscription in the book so, i think investors moving forward will be more price sensitive given the after-market performance we're seeing today be more selective and i think

won't feel the need to chase the ipos in the after market so, we may well see a more n no normalized pop and trajectory and it may be a more seamless appreciation over time rather than the volatility that we've seen more recently in some of these u.s. ipos. >> we know that some like to call that pop money left on the table. interesting dynamic, phil. thanks so much for being with us we'll talk to you soon >> great pleasure. thank you. >> meantime, buzz feed feeling the sting this week since going public on monday shares have plunged double digits. pagerduty sold off but up 11% this hour. ceo will join us this hour when "techcheck" is back in two over time, i've come to

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the dow has faded now down 110 nasdaq briefly turned lower trying to hang on to the green these moved dwarfed by the massive rally we have gotten over the last two sessions crypto and instagram are both on the hill today we're going to get updates on both of those hearings in a bit but first a news update with rahel solomon. hi, rahel. >> good morning. here's what's happening at this hour pfizer says an initial study shows a third shot gives significant protection against the omicron variant. they're prepared to keep up with covid as it evolves. >> my assessment is that we will be having regular appearance of different variants and that's why we're preparing for months every time a new variant, and there will be more, i'm sure or i'm veer highly, it's very highly likely. we will see more to do >> u.s. employers posted 11 million job openings in october tying the record set in july

number of people quitting their jobs fell slightly, but remain near highs and records that go back more than two decades and jack daniels parent brown-foreman reporting disappointing results. raised full-year guidance and said it is working hard to ease global supply chain disruptions. brown-foreman shares down 3% today and 11% this year. you're now up to date. deidre, back to you. >> rahel, thank you. ceos from half a dozen crypto currency firms with how to regulate the crypto market. kate here with me with the highlight. kate, i was wondering this morning if the baton is being passed from big tech, something i would cover constantly to crypto, but not really the case. the crypto companies are look at big tech and facebook. >> couple mentions and facebook already it is a big day for the crypto industry. this is the first dedicated hearing on capitol hill for crypto currencies. we're hearing from six of the

biggest names in the industry. we've got the ceo of circle, paxos, and the cfo of coinbase the big tech, though, not in the room like we mentioned, but still getting talked about the chairwoman of the house financial services committee maxine waters coming out swinging crypto wallet novi >> what is stopping facebook from the future allowing its nearly 3 billion monthly active users to make payments and save funds with the pax dollar or other previously issued stable coin through a nova wallet if they were allowed at such a scale, how would this not undermine the u.s. dollar and the world's reserve currency >> the ceo responding after being on mute for a second, we've all been there that novi is regulated and feels confident that meta is following the rules. patrick mchenry kicking off the

hearing with a warning to congress about hampering innovation >> now, congress should not be dumb enough to raise a red flag around this technology revolution we should embrace it we should understand it. and we should be the international leaders in this space. >> brian brooks, meanwhile, he's the ceo of bit furry also a regulator himself. head of occ and talked about a potential for user controlled decentralized internet he hints at big tech, as well. he talked about the existing internet that is largely controlled by five big companies. crypto execs are looking to get the point across here that it's a lot more than just bitcoin we're talking about. they mentioned web 3 and the next wave of the internet. so other topics including market structure and even mentioned gamestop and potential for settlement times to release their disclosures around those and house members are now

focused on hacks and a lot of questions around consumer protection guys >> kate rooney, thank you. speaking of crypto regulation, cnbc has been investigating a new dispute between coinbase and a large group of the exchanges own customers with millions of dollars, well once they're converted dollars at stake eaomn javers has that. >> organizen on facebook that they make them whole in the wake of an incident that happened in mid november investors put money into a stable coin caexchanging back on november 10th. the coin is supposed to stay at a price fixed to the japanese yen, somehow it became untethered to the peg for coinbanec coinbase customers you see very flat and then a sharp spike and then a sharp decline and then very flat again. suddenly coinbase customers

telling us they were seeing account statements that didn't make any sense and then coinbase froze their accounts and that's what has driven the coinbase customers absolutely nuts because the freeze locked in large losses for a lot of those affected in an e-mail to customers, coinbase wrote, we apologize for this we know this is a significant inconvenience and we're working as quickly as possible to correct this to ensure the customers impacted can access funds as soon as possible. now, coinbase told us it will have a blog post out soon explaining what happened here. but the customers are angry that their accounts are frozen and they haven't received any compensation ricky peacock, a coinbase customer in phoenix told us once coinbase realized they had made a mistake, they locked everyone else to protect themselves not clear how how many people were affected but there were hundreds of millions of dollars in volume traded during the affected days. some customers may have been able to sell at enormous profits and unclear what will become of those gains, as well coinbase is working around the

clock to restore full trading. back over to you, john >> fascinating thank you. not all semis are created equal, at least according to ubs. forecasting the company will underperform due to smaller exposure to the ev market. pagerduty shares are popping. jennifer tejada will be with us next stay with us

welcome back pagerduty is surging after reporting stronger than expected results. you can see it now up over a little 11% the company posting back-to-back company sales 30% year over year joining us now ceo jennifer tejada good to see you. i want to talk about earnings, of course, but perhaps no better case study than what pagerduty is for than the aws outage yesterday. what was the impact that you saw? how perhaps did customers use the tools that you have to address it >> well, it's great to see you, john you know, the reality is all modern companies depend on cloud services and cloud providers where the operations of those systems are imperfect. software as we know it are imperfect and aws has been a terrific partner and extremely reliable but when they have a bad day the key thing for customers is to recognize it very quickly. use software to detect it like

pagerduty and make sure that even more quickly you can diagnose and resolve those issues before they have a dramatic impact on your customers and business we're talking a lot about crypto and some things going on in the industry customer trust is paramont we see this driving increase demand for pagerduty the increasing capacity that help our customers deliver the brands and the experiences that their customers demanding has become increasingly more important. pagerduty is really the first platform to converge modern incident response, ai ops and customer service to bring this together and operate as the platform of engagement, the operations cloud for the modern enterprise yesterday with aws we saw activity on the platform spike upwards of 8% and because of investments we make because of resistance in scale we did not even flinch. our platform performed extremely well >> that's good news for folks

using pagerduty. i want to talk about the results. you took up your full year guide and i'm curious particularly about velocity and how maintainable you see that being. there's a lot more talk about devops now and hashicorp going public and more attention to the space, which could be a good thing. how confident are you in the continued velocity of this growth >> we're very confident. i mean, we believe that devops opportunity is massive and very early in that market we map our customers to a digital majority churvurve and we see with our mid market is they're very early in their journeys to transforming and accelerating digital operations and pagerduty plays a strategic role in that we believe with really strong clean quarter record revenue at 72 million up 33% year over year in the second consecutive plus

30% growing quarter that we are in a really good position to continue this momentum >> hey, jen, it's deidre good to see you. i know at the start of the pandemic you were in close communication with a group of other enterprise software and ceo like aaron levy are you still in close communication with them coming out of the pandemic and perhaps as business models shift >> absolutely. they're all customers, as well we work very closely to share ideas and really figure out not only how we move our companies forward and serve our communities and employees more effectively. they've all been great advisors and mentors to us over time. in fact, eric just text me now i think that this kind of collaboration that we're seeing really around solving some of the world's biggest problems not just building businesses, but keeping our employees safe, insuring that vaccination rates go up so that we can find our new normal and even reinventing the way people work.

the reality is, most of us are going back to environments that don't look like they did before. and pagerduty and a number of these companies operate very well together in a seamless way using apis and that means this modern tool chain can support employees and improving their productivity and improving the experience they have at the workplace in a very seamless way. and it's been a very supportive, collective honestly of leaders who really want to see what is wes best for the world as well as their shareholders, customers and employees. >> things are busy for you with all the systems running for q4 and holiday season jen, we have to talk automation and your continued efforts there next time. good to see you, jen tejada. >> great to see you. thank you so much. meanwhile, nasdaq is higher again. up about 0.25% docusign the top performer what a roller coaster for this and some of the other tech names. "techcheck" is back in just a moment

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the stock is up higher today up 4% in the last week. "techcheck" will be right back n'goway.

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now, just yesterday instagram announced product updates to better protect teens and some parental controls that are set to launch next year. but those updates seem to further infuriate marsha blackburn who plans to say in her opening remarks that the product updates are what she calls, too little too late that the time is right to pass a national consumer privacy bill and kids specific legislation to keep minors safe online. mosseri in the hot seat as a number of other senior executives leave their head. vp of workplace both announced their departures now, this comes after fintech lead announced his departure last week. and head of facebook app and ad

chief both left earlier this year for instacart meta is saying because of the size of the company churn is normal telling us, quote, we're proud to have added more than 10,000 employees in 2021 alone and to continue having a strong bench of leaders across the company that will drive our business forward but, meta's executive exodus and simultaneous regulatory overhang does not seem to have hurt the stock. meta platform up about 3% today and does speak to various challenges going forward guys >> julia, i don't know, this is probably an impossible question to answer. somehow it feels like the edge is off of the facebook meta outrage. i mean, it's there and not like an every day thing maybe it's the stock price or maybe we're outraged about other things what is your sense about how either facebook itself is digesting that and what their strategy over at facebook meta

might be for addressing it >> well, i think the strategy at meta is full steam ahead you know, they're very much working on the long-term meta plans. the shorter term plans to help navigate around some of the apple operating system changes to make it harder to target ads. whether the edge is off the outrage. i mean, john, a multi-week period in which every day it seemed like there was some new revelation about either something terrible about the impact of instagram for kids or something terrible about how facebook was fomenting descent and violence in countries around the world and i think that period is over and that was based on the slow drip of the revelations out of the facebook files. but for now, you know, we haven't had any new and any new bombshells recently. but i think we'll see what comes out of this hearing today.

>> we'll see how long that lasts. but we talked to kate rooney earlier in the show and, you know, lawmakers are concerned with crypto companies now, too perhaps suckingsome of that regulatory air out of the room. a quick programming note as we head to break if you want to hear jim cramer's game plan for 2022 tune into a special year-end event at 12:30 p.m. eastern sign up at cnbc.com cnbc.com/investingclub "techcheck" is back in just a momentance sys workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.

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welcome back about a minute left. let's take a look at some of the nasdaq 100 top gainers you can see them there docusign, peloton, match, okta all growth stocks and most beaten down receintly taking a look at docusign up 10% today but down 44% for the month, d >> it's hard to know what's driving this group i mean, a few weeks ago we were all worried about omicron and that was hitting the stock and now the federal reserve. they're back up. the news continues to trickle out, carl. quite a roller coaster for these names. >> there was a report of the ceo of docusign buying about $4.8

million in stock between 138 and 147. the first insider buy since the ipo. overall, s&p did this morning get to $46.98. just shy of that 4,700 level let's get to wapner and the half >> carl, thanks. welcome to "the halftime report." front and center the rebound as stocks knock on the door of new highs. the big question now, where do we go from here? we debate that with the investment committee taking you to the wall let me show you the markets right now. new highs on the s&p that's hard to believe given where we were a week ago take a look at the dow, down 68 today. nasdaq is up about a third of the percent winner and always give you the winner. creeping higher there. all right, shannon, you first. by the way, good to see you. been a while since i hosted the show since you've been back. nice to see you ba