that will be a good read >> that's true speaking of things that aren't rebounding, thank you,melissa, for joining in today we should note the market back to near lows s&p down about 1.06% do notice nasdaq comp down shares of microsoft off as much as 4%. that will do it for us on "squawk on the street. "tech check" starts now. happy tuesday. welcome to "tech check." today another upgrade of apple upgrading to buy with a price target of 2.10

why debut ar as a key growth driver and can disney bounce back from a disappointing run this year and jpm bearish on some software. first up, checking in on apple after coming in less than a buck per share. the stock fell about 2% yesterday with the rest of the market it's down more than 1.5% today our next guest is bullish on the stock upgrading to a buy as he sees a potential headset driving hardware sales okay not too long ago -- i can't even remember exactly how long -- this was at 2 trillion and people said it's going to be a long time before it hits 3 how on earth could arvr be the justification for going even higher from here

it's probably going to be really expensive. like, more expensive than an iphone >> hey, jon. thanks for having me look, i think that, you know, these landmarks of 1 trillion, 2 trillion, 3 trillion, these are just manifestations of people's expectation of what is the ultimate growth and profitability of this company. you have a company that's churning up a billion dollars in revenue a day. these are staggering numbers and extremely profitable margins. when you take a look at the apple over time, what it's done is really transformed itself from a cyclical hardware story that used to have 38% gross margins that people viewed as risky and headed down to a company that is actually much more stable now given the

services as the story becomes a more meaningful part of it along with 42% gross margins and the mix is headed higher with vertical integration which you highlight in the past as well as what they're doing on the services side. so when you put that all together, that's what is going to drive this stock higher the introduction of new products is always a multiple enhancing it's not the sole driver obviously iphones continue to do well and they are doing extremely well there so there's a lot to it but what av/vr does is expand which apple needs. that's what i think is important. >> what's the lesson here because in the past people talked about samsung as being this big threat to apple apple needed a cheaper iphone. turns out they have one. they also have a more expensive

iphone and that cesells better they have built out the strategy where they have airpods and apple watch. those are selling really, really well what is it about apple that people missed when they were criticizing it for not having come up with the amazon echo >> yeah. i think that's a great question, jon. i think that people typically underestimated apple from an innovation standpoint. you hear this a lot. they're not being innovative if you look at what they have done within the iphone, that's where the innovation is. look at how big a chip company apple has become in its own right and what they have done with m1 and the processors within the iphone where you have photography which has taken a life of its own. this is where innovation is.

it's in the user experience. that's what they excel at which we see every day we use and we interact with and that's the more obvious piece i think a piece that's really missed is what's happening underneath and that is what is enabling that user experience that is so unique to apple where it can talk seamlessly with the rest of its product portfolio and the speed of these devices has gone up immensely. so you have seen all this innovation behind the scenes in some way that hasn't really popped the imagination of people in the same way it would if you saw it more in form fact or something like that. >> it sounds like you think this innovation will come in the way of an ar/vr headset. how important do you think these add-on products and services are and how important do you think

this push into ar/vr is going to be for apple >> thanks for having me for number one i want to point out that i totally agree that the key is vertical integration that apple used to place itself in a unique competitive advantage and build a mode around its business it's one that's harder for f investors to have a grasp to work with designers to create that unique user experience. that's what really drives the ecosystem around apple increasing demand on the iphone and other add-on products and services and these are high margin and in many cases they enhance the ability to apple to lock people into the ecosystem and it also provides a little bit of recurring revenue because some of these are a subscription model. i think it's only natural to see the evolution into ar and vr as that technology becomes more

prevalent and i would expect expertise that apple has will provide it with a unique advantage and let's not forget the cash flow that the business flows off which will allow it to finance some new content that should also, again, be higher margin and add to apple's business overall >> that vertical integration does seem to be an advantage but i want to get your last thoughts here on that push into ar/vr as someone that covered this space for a very long time, i've been talking about this technology for years it really has yet to really tip into the mainstream. is an apple headset be what does it how quickly does that business selling hardware or services fee, when will that actually be meaningful to apple's bottom line >> you're absolutely right it's been a long time. look at the patents. we included those in our note

today. and these have been filed seven, eight, nine years ago. so there's been a lot of time and effort and energy that's been put into this particular side of the business now, remember ar is the world's largest implementation we look at the supply chain and we see the product demos and putting together pieces around product. so we think it's on the cusp of coming when you look at wearables in general as a category, you have watches that are running 15 to $20 billion annually and it takes a while to whebuild up to that state i think it's very much the same sort of user and very much the same sort of ease of use and transparency being able to overlay something that's not intrusive. those are things apple will excel at apple will be the company that

makes this much more mainstream just like the ad that when you think about what apple has been able to do in these, sort of, areas where you have hardware and software and services integration, this is the core place where apple has really excelled we think this is the main opportunity that we're excited about as we look out over the next few years >> it's funny how we talk about a double digit billion business for apple, they did it too takes a while. thank you. >> thank you let's turn to morgan stanley's top tech stocks for next year. the bank picking disney and microsoft rating both as overweight on disney despite cutting price target to 2.85 to 2.10 based on slower earnings but sees a 20 to 25% upside for the stock you can see it's at 1.49 and change on microsoft the bank is bullish

that makes up 12% of revenue and mobile ad revenue seeing a boost. 21% annual growth rate spurring upgrades to overweight for unity and an initiation on iron source that's a lot i don't know if you want to start with disney or ironsource i see this interesting evolution of the content play away from both the idea that they will benefit digital companies like buzzfeed we've seen get beaten up and away from facebook, google, toward these players that are giving small and medium sized creators a leg up in the ecosystem. >> absolutely. i think what's really interesting is just the ability for these companies to benefit on this growing user base of

gamers so there's a big opportunity able to to add on to the advertising that they're primarily do which is to promote different apps to be downloaded and then within the apps themselves promote other apps that users might be interested in with this data. there's ability to do more with that audience and expand the total available market with advertising with those 2 billion folks because they want to do things other than play games so that's a big advertising opportunity. the risk is that right now this isn't that big of a market so i think the larger ad networks are probably not looking at deeply once they realize that they are able to leverage hook they have into gamers, maybe that's a threat to this new monetization opportunity. >> what i think is so interesting, lo, is this company

is in great position to target ads and not put out of business by apple's operating system change and this moment where we see facebook scrambling to try to figure out how to adequately target consumers without the access to data they once had but, jon, i wonder if disney is part of that same play disney has a lot of information about who its fans are disneyplus that direct to consumer lifeline between disney and those consumers and i think that ability to do direct to consumers, it's not just about subscription stream for disney it's about the other things you will do on top of disneyplus they see that as being the center of what it will be in the future and how else can that expand whether it's in marketing parks or other things like that. >> often we're talking about business models and why don't

they let other people in but they work nicely if it's a beautifully tended garden. we talked about apple who has done that and some of these players are building that. we'll see how big these gardens grow if they do, they have to rely less on other people to either bring things in or take things out in order to make money that is the potential here they don't have to rely necessarily on an apple or facebook, et cetera, to guarantee the money making if they have a good flywheel inside their own garden >> cutting out the gate keepers. that's always a good idea if you can get away with it turning to the latest digital media deal, vox media acquired group nine media. the all stock transaction will give vox ownership of the combined company with 25% going to group nine. vox will be ceo and chairman and

called vox media where the group nine ceo will join the board the stock fell 39% following the debut on nasdaq and shares trading down nearly 9% this evening. you know, before the show, jon and i were debating whether buzz feed's stock decline means digital media as we knew it is over these companies need to transition to figure out new ways to monetize their fan relationships for the types of content they're making what do you make of this deal and also all of that in the context of buzz feed's not so successful debut >> those are great points. i think especially looking at buzzfeed and what that might be for what happens with vox. these companies were high flyers five or ten years ago and now

we've seen increased pressure on these business models. i believe that when one looks at the ways that we see disney able to benefit from deep volumes of content, there is something with these companies and the content that they have that i think as your comments point out but there has to be a modification on how companies think about monetizing user bases given the direction we've seen with the way that apple is limiting the use of data. so i think these business models when they first came out, the obvious place was to monetize via advertising. but i think we have to reimagine what these businesses are going to look like moving forward in a new world. >> like lo said, i don't think digital media is dead but the old dream of digital media is dead we saw explosive growth in youtube and facebook and somewhat twitter and media

companies look at the views i'm getting on my video. this is great for everybody. and then platform owners changed rules and it didn't turn out well for likes of buzzfeed and then apple changed the rules on the other platform owners like facebook so it just goes to show that high quality content direct relationship the likes of disney and some would argue other companies in the media space, comcast owns nbc universal and cnbc, but the content that has value and that you can trade off of not just in advertising but in direct relationships in events, in all of the sorts of things that vox has been building up. maybe those have more staying power in the end, julia. >> absolutely. i look forward to talking about that with ceos of group nine and vox and still to come jpmorgan making a big call on the software sector. why our next guest says buy

crowdstrike. "tech check" is just getting ayitusard. st wh it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

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or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibilities. cnbc can now report that instagram has surpassed 2 billion monthly active users according to sources within the company. that number doubling since 2018

when instagram announced it hit the billion mark and stock reporting those figures publicly the company has been under fire with a series of pr problems prompted by the facebook files of revelations of its negative impact on kids and teens instagram ceo was on capitol hill facing tough scrutiny from lawmakers. growth remains solid and the parent company hasn't done too badly over that time period. the stock is up about 70% though today is down about 1.5% you can read the full story on cnbc.com and we just tweeted it from our show account as well. >> big difference between bad headlines and bad performance got to look beneath the covers for sure taking a broader look at software, bearish on the sector overall downgrading more than a

dozen stocks and price targets joining us now is sterling from jpmorgan tell us how much of this has to do with valuation. a lot of names that you are upgrading here looking at three in particular have been under pressure you made a call on zoom a while back which was very high multiple and come back to earth. what do you see happening overall? >> this has a lot to do with valuations we'resetting at levels that ar two standard deviations to the right of the mean in terms of value ation in the last 20 years what we did was analyze software valuations as itrelates to interest rates and sensitivities. since january of 2019 we see a much stronger correlation so we downgraded a couple of high flyers we think they are well positioned fundamentally but we

think it's just one of these situations where the valuation is probably out of sync with the reality of what might happen from a macro perspective over the next 12 months >> i've been paying more attention to stocks lately the blocking and tackling enterprise software dealing with tax and tariffs and things like that is this a season where you think that kind of a stock that isn't going to get your consumer or multiuser type of brand attention where that stock might shine? >> there's two tail winds that you have for it. if you look at its compliance and sales tax compliance which benefited from the supreme court ruling with wayfair. it's a number of trends moving in its favor a lot of companies both big and small are in a tough position to be able to automate a lot of

these processes and when you think about going through the holiday season, it's less about the per user and more about the transactional nature and this is a company that can benefit >> just a quick question on the discontinued digital transformation that we see in particular with regard i always think about comments software has eaten the world and now we see shortage of software developers what are your thoughts around just developer tools to be able to make the process of software development more efficient to be able to offset this low supply that we have of software developers is that an area on your radar and one you're bullish on long-term? >> long-term absolutely. that digitala automating processing in industries and getting to

industries like construction that have not technologically be advanced are seeing benefits of software applications for project management, et cetera, but specific what you're asking on the developer side moving toward broader suites of platform productivity with companies like getlab. y companies will benefit for years to come because you need to observe when software applications are running slower to react quickly because it can cost companies millions of dollars for every hour that performance suis under pressure. >> interesting reading your notes here because you cover so much ground, but i wonder as you look ahead what the different factors are that you think will be most impactful for your outlook on the sector and also on specific stocks you talked about valuations but are you focused on things like interest rates or on prolonging

of the pandemic. what are factors on top of mind right now? >> we cover a wide array of companies but it's heavily about growth we have done data science models to determine what drives valuation in software and growth is number one. we like companies that can either show acceleration right now or have the potential to turn and reaccelerate. that's the real call behind zoom the growth is still deceleratin and will for another one or two quarters but then we think it reaccelerates as churn in low end of customer base goes away and we start talking about moving to the cloud all of these phone systems that all of our businesses rely on over 400 million users on a global basis that we ultimately think the majority of those end up in the cloud. that will benefit companies like zoom >> all right we will leave it there for now,

sterling i love me devops i like that. still ahead, went to get on crypto without owning. going public on the nasdaq we'll talk with the ceo next tesla moving lower after more stock was sold. more "techec iafr ischk"s teth

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welcome back it's the second straight day of losses for the nasdaq. dow is mostly flat being dragged by microsoft, salesforce and cisco. likewise, the tech is underperforming. the biggest lagger amid s&p sectors right now. stocks moving lower within it

including adobe, microsoft and alphabet more on that in a moment let's get a news update first. >> good morning. here's what's happening at this hour senate democrats have chosen to seek a $2.5 trillion increase in the u.s. debt limit. that amount should be enough to delay further fights over the debt limit until after next year's midterm elections a senate vote expect later today and prices up 9.5% over last year food and energy inflation helping drive the november surge. pfizer shares hit an all-time high today. the company says its covid pill is 89% effective at reducing the risk of hospitalization and death unlike merck's pill. kroger is ending emergency covid leave for unvaccinated workers who become infected.

kroger will raise health care costs by $50 a month for unvaccinated managers and nonunion employees you are now up to date julia, back to you >> thanks so much. if you're looking for a way to play crypto, terawulf is merging. the company positioned itself as an esg play with 90% of power source from hydro, nuclear and solar. joining us is terawulf's ceo explain what is the business model to start off >> sure. terawulf is holding on to bitcoin and creating best possible company we can.

>> and so in terms of investors, is investing in your company a way to get exposure to bitcoin without actually owning bitcoin. how would you explain your value proposition to investors >> people can choose to buy bitcoin. it is capital teintensive. that's why we're a public company. we have a very steep pipeline and we're about zero carbon emission we're unique in that regard in this space and we're very focused on execution on the business plan. at its core, it's energy infrastructure that's what we've done for the last 25 years. we're the best at it we're going to continue to evolve our business plan as we build out our platforms in upstate new york and pennsylvania

>> paul, talk to us about risk very often the cleanest energy sources also tend to be more expensive and having a lot of geographic reach on options where to put things can get you perhaps lower cost and cleaner energy to what extent is this going to be a costly capital buildout to get resources in the areas where you need them in order to have lower operating costs going forward? >> well, i think you got to untangle that a little bit first of all, just front end the cost is less expensive than other folks out there because we're at scaleable sites where there's excess supply of energy. so we're very competitive. two, i think when regulation comes, which by the way we welcome. we think regulation would be great thing. it will come in the form of a carbon tax so here we are at zero carbon emissions. we'll have a lower operating cost third of all from a risk perspective, i think that we're

going to be mining bitcoin in the most responsible way and that will create a divided market of winners and losers and we're going to be amongst the winners. >> you know, it would be interesting to hear a little bit about your team and the way that the team has been built to be able to really position the company uniquely as you point out as esg player. i mean, that's attracted the likes of those who make investment decisions on things that are important to them i wonder how defensible long-term that strategy is but maybe a team that you built has a longer lasting ability to maintain that. >> i appreciate that question. i'll give you three thoughts the first thing is we didn't build a team out of a sense of esg being an ideal we have been in the energy infrastructure business for the last 25 years. we have 15 members of our team that have been with us 15 years.

we have 10 members of our team that have been with us even longer five of our seven senior executives are women who have all been with the company over ten years. so it's not just an ideal, a thought, we would like to do this this is the way we've run our energy infrastructure business for the last 25 years. the second point is we have senior women on our board. i think that's important i think that we can attract investors like members of kinship because they are savvy investors. they are sophisticated entrepreneurs and they want to get a return on their investment but see bitcoin mined in a responsible way. that's the solution that we're having the last point is in terms of survivability of our business plan, again, at its core it's

bitcoin infrastructure many don't have sources to procure and mitigating risks of energy infrastructure. that's what we've done to go about bitcoin mining as a natural evolution of that business and, again, we're going to be doing it responsibly because we're zero carbon emission >> certainly an important conversation about the future of that energy infrastructure thank you so much for joining us on your nasdaq bdebut. >> thanks for having us. check out shares of uber rising on comments from the ceo speaking at a ubs conference this morning >> last week was our best week ever in terms of overall gross bookings as a company and close to 40% above where it was at our ipo.

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volatility returning to a couple names particularly amc and game stastop >> gamestop specifically v volatility we saw yesterday has resolved itself to the upside today to stop some of the bleeding that we've seen to the downside on those moves. just to give you an idea on the

meme check gamestop, the original one, up 2.5% off session highs amc entertainment up nearly 2% off session highs as well. a quick check on other names that have been talked about in the past as part of that meme stock trade. blackbetr blackberry down and tesla caught up in that wall street frenzy meme stock trading but that story is driven by tesla's ceo and his stock sales over the course of last several weeks take a look to put things in percspective with volatility we've seen g gamestop is closer to 11 billion market cap right now to put context around the massive volatility we saw in the first half of this year versus more

muted moves we've seen in controlled decline over the last couple weeks here and amc entertainment, a big move there as well. and some of that volt atility peaked around summer months here and back then we're talking about maybe roughly a $60 billion stock in terms of market cap. so amc entertainment and gamestop one to watch here meme stocks a focus. we'll see if they find footing after a big decline from recent highs. back over to you guys. >> thery are still a lot higher than at the beginning of the year after the break, we sit down with ceo's of vox and group nine "techcheck" is back in just a moment

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apply free at snhu.edu worker's comp can crush a small business. every year it would jump 5, 10, 15, 20 percent - even though there was never any claims. and that's where i was struggling as a growing business. i'm very happy that i moved over to pie for my worker's comp. from start to finish, it was extremely easy. they quickly came back to me with a plan that was affordable for me so that i could grow my company while not breaking the bank. ask your agent, or get a quote at easyaspie.com. vox media set to merge with group nine parent companies of now this under the all stock deal vox will own 75% ownership with remaining 25% going to group nine the deal is on pace to close in

early 2022 pending regulatory approval joining us to talk about the deal is the ceo and thank you for joining us i'm going to start with you, jim. i know you've known ben for a while. why did it feel like now was the time and it was necessary to do this kind of a deal? >> first of all, thank you we couldn't be more excited to announce this today. banned i have known each other for a while. it's a small group of media entrepreneurs that have merged in the last decade or so and we have helped each other out, been a support group, and we got to talking and we realized that the time was right now both of these companies have a lot of company even though we're different. we share the values of quality work we want to treat our employees and our teams well and we want to be ambitious and be

successful we program things in different ways but between the two of us we have the best portfolio in media touching every conceivable content category, doing it at scale, doing it across every conceivable modern distribution pla platform i can go on and on when you put the two together, it's a company that is not only strong financially but is strong in its work, strong in its culture and we're excited to plow forward >> ben, i'm curious from your perspective on the pressure to scale. you have these brands that consumers really love but when you're competing for ad dollars with media giants and the social media platforms, how important is scale and what will that do for your properties? >> well, i think scale is a path optionalty and that's really

what we're excited about here. this space has never had a company that's going to have the sorts of choices that we have in front of us with jim gives a good pitch as you heard for all of the different things and strengths that we have and now we're going to go out and be the acquirer of choice and we're just set up to be able to take advantage of a marketplace where being small has been difficult and we are far advanced now from startup life into being one of the leading modern media companies so incredibly, incredibly excited. >> jim, for folks who aren't paying attention to digital media and the business of digital media every day, give a sense of the state of play between third-party program and what you have internally with concert and why it's important for you to own brands, have an audience that isn't coming to

you necessarily through somebody else but that is loyal to those brands and the content >> sure. well, great to see you again we operate at scale for our advertisers. increasingly marketers are coming to us and they want one stop shopping. they want breath and scale that matters. they want context that matters you mentioned programatic so when you build brand you know you are in a safe environment. you know you are in a highly performing environment and you know that you will be able to do that at scale and that's a value proposition that not many others can provide the way that we can together you mentioned our concert program. what that enables us to do is bring in other publishers as well and other premium

publishers who benefit from being part of that scale and we go to marketers with a one stop value proposition that hits 90% of the digital universe. if you look at properties that we own and operate now, we are easily a top ten media company and if you add our reach with digital partners ranging from nbc universal we reach more and we are excited to provide something valuable to our advertising partners >> how important is what jim just described in concert to you doing this deal at this point. there have been rumors about group finenine talking to inves for a while now. >> i think concert is one of the many things that we love about vox and i think jim alluded to

this but just the data that we have access to across all of these properties now is even that much more valuable and more of a mode in terms of advertising relationships but concert is one relationships. concert is one piece and you're right, we've spent a lot of time out in market understanding what our options could be most of those conversations we approach as a buyer, but the reality was that we got to look inside of every company in the space. it was so clear that vox media was really head and shoulders above everybody else exquisitely well run, unbelievable brandsin and credibly diversified revenue, tons of growth. it's a dream and getting to partner with jim is something i'm incredibly excited about and i'm sort of pinching myself today. >> i share that excitement it's audio

it's podcasting. it's video across all conceivable platforms and between the topics that we cover, the platforms and the media types that we cover them on, this is the winning combination. >> well, you know, clearly zoks vox is in a different can the gory, for so many years these companies were in the same category and we recently had the buzz feed ipo -- i'm sorry, the stock falling off a cliff, and i'm wondering how that impacts yourself perspective, jim, on your plans to go public and what you would want investors to know how maybe your company is different than buzz feed >> well, first of all, jonah is another one of those people who have built up building companies together we are friendly, we have mutual

relationship it's hard doing this, and i have nothing, but relationship for what he has accomplished and continue to accomplish and we're happy to see them hit the public markets. as you pointed out, we're very different companies. we -- we have different products, we have different cultures, we have different finances you opened up that you couldn't talk about one without the other, but we can. it focuses on a lot of different things and again, has different financial profile, different work profile so while we're different companies, what we share is a belief in the growth of media. i think speaking only for myself and for vox media, gone are the days of quote, unquote, digital media companies anyway particularly with this acquisition of group nine and

vox media coming together. we are just one of the largest media companies and it's probably even redundant to use digital media company. if you're not a digital media company i'm not sure, your future will be very bright we started in digital. we are now one of the top media companies, period, and we will keep growing from there. >> well, fair enough every company is a digital company and every media company is certainly a digital media company. jim, thank you so much to talk about this big deal. >> thank you so much. >> take care after the break, another downgrade to mention evercore isi taking dell down in what they call a no-drama downgrade for more balanced risk reward profile and thinks upside could be more muted. we'll be rhtacig bk. you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to

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one of more thing and that's two metaverse acquisitions first nike buying shoe company it sold pairs of digital sneakers in just six minutes meta is buying meta. facebook parent paying $60 million to a south dakota bank for the rights to its name and trademarks julia, they did that without revealing that it was facebook

doing it >> oh, this is a land grab this is the new land grab, john, and my question for you is when will we see real world shoes that look like that? >> one-word answer no time for it >> nike is a culture company, not a shoe company >> thanks for being with us. "the halftime report" starts now. let's get to scott. all right. john, thanks so much welcome to "the halftime report." i'm scott wapner front and center, the critical fed policy seems certain we'll debate with our investment committee and find out how they're investing right now. with me for the hour, stephanie link jim lebenthal, josh brown and the dow is down 160 a loss of one-half of 1%. the s&p down 1%, apphi