time for broadway shows because people come in for the holidays. tom, thank you for joining us. i will be watching >> thank you very much happy new year >> happy new year. all right. s&p hasn't fallen on the final trading day since 2017 little work to do. i wish both of you a happy, healthy new year and look forward to the new year, as well that does it for us on "squawk on the street. "techcheck" is right now. happy friday happy new year's eve and welcome to "techcheck" i'm deidre bosa

and nilay putell joins us to help us close out the final trading session of the year. we are breaking down what was the biggest story of tech in 2021 they got bigger in growth names experienced a meltdown to end the year plus, 2021 was a banner year for spacs and ipos and direct listings and also some of its worst performing today the last spac of 2021 hits the street and, finally, wondering if it's too late to jump into semis with names like nvidia up nearly 130% year to date we'll tell you where you should put your money in the new year happy early new year's this is as much celebrating i'm doing because we're all in quarantine over here >> we have a lot of salutations, good ridens, 2021 was not at all like how we thought it would be and we'll go into 2022 and start the year fresh wild ride for tech stock we've seen this year names like apple, microsoft, google and tesla saw big gains

driving their trillion dollar market caps. even higher as you mentioned apple now just a stone's throw away from $3 trillion. and while growth players once pandemic darlings across the tech landscape take a hit, take a look at this zoom is off almost 60% from its highs of the year. peloton down sharply and others are following. down double digits, as well. slump down and peloton down 26%. the outlook for many of these stocks is mixed. but even with ark down 22% year to date, cathie wood is bullish. she wrote on twitter, quote, in our view, fears of inflation will give way to confusion and fears of recession during the next three to six months if so, the rapid growth rates of truly innovative companies, many of their equities maligned this year, should be rewarded handsomely nilay, i want to start there

with you because we did see cathie wood's ark innovation down 21% this year and one o the high fliers and the old economy with inflation and high inventories and low confidence so go with the truly innovative companies and she says that they're going to pay off in the next three to six months do you think that she's just hoping this time it's true or do you see that happening in the next couple quarters >> i do see it happening i think one of the biggest names especially in tech the way it is now is the way it is going to be forever. if you look at the big companies that we're going to talk about on the show, they didn't exist ten years ago. if you're playing long, thinking five to ten years out, a lot of the companies that came up and took advantage of the pandemic trends, they're poised to become big players over time. are they hitting some obstacles in growth and market share and in consumer behavior and not changing permanently as we come out of these pandemic waves?

sure i do think over the long run the major innovations we've seen take flight during the pandemic are here to stay >> yeah, speaking of some of those innovative companies also been trends and coins. what a year it has been, guys, for crypto currencies. really entered the main stream with bitcoin and ether those aren't even the best performing coins you have binance coin and something i talked a lot about this year is tether and the rule of stable coins. what does 2022 bring it has been called several times this year the black swan of the crypto markets and more regulation is in store and how will that change the dynamics as i look at a chart and tether, yes, it remained steady and that's the whole point of it take a look at the market capitalization it was $20 billion at the start of this year ending the year $80 billion. we still have no idea really what is in there besides

commercial paper, not what kind. it will be interesting to see how this market evolves over 2022 you could fit, what, ten years of progress into just this year for that sector. >> yeah. yesterday we heard and the market cap of bitcoin will multiply by five in the coming years. the momentum in that industry is unmistakable where i sit, regulators are trying to figure out how they're going to start regulating this space so it's safer with less downside or at least less uncertain tefty for consumers ad introducing their own digital currencies to combat some of these waves that we're seeing in this market. but what do you see ahead for the crypto market, nilay, in 2022 what big trends are you watching >> i'm looking for the regulatory action, as well, especially around stable coins replacing the u.s. dollar in any

way, shape or form is going to attract a lot of attention that's fundamentally what a lot of the stable coins are doing. making it easier to trade in and out of other crypto currencies the other big split that we have been talking about that i'm paying attention to is the crypto and also ethereum and that split is real a lot of action over there i haven't seen any killer app for any of this stuff yet. but the energy is unmistakable and i think that split is going to get wider and even more heated next year >> yeah. heated debate around that, too nilay, i don't want to short change you we were chatting ahead of the show and return to office is a big theme that we'll continue to watch into the next year and, nilay, just briefly, the isis the year that that chatter talk go away and do you think maybe companies, large companies are just resigned to having this hybrid workforce and letting the majority of parts of their

workforce work from home >> yeah, i wore the e-mails shirt just for you i pulled it out of storage >> there you go. >> i got to say, you know, we've seen, well, you know, i couldn't chicken out entirely we've seen so many companies say they're going to come back we're pushing it back. people are getting used to being at home with their kids and realizing that their work is just work on a computer. that computer can be located pretty much anywhere i think we'll see some push back but a lot of the people that have made adjustments to remote work are going to say this is how i want my life to be and those people are valuable. and i don't think you can continue to demand that they show up to an office to work on a computer long term look, ever since i left the city, you know, i kind of got exactly what i asked for and i think that's important it's important to think about how you want to live and then think about how work fits into that and every big company that really values its talent is going to have to contend with it next year.

>> yeah, another one that left sort of the city center, as well interesting to see how this plays out, guys, too bring it back to the start of our conversation and the high-momentum names that sold off that hybrid workforce is really in place for the longer term one big cap, though, we've talked about the big caps outperforming and one that seriously underperformed is disney down 14% today is the day bob steps down as chairman and our next guest turned bearish on disney a year ago due to the company's profitability challenges and joining us to discuss is managing partner natasha lam natasha, have to give you props for the start of the year you called this after a big pandemic year and all the excitement over disney plus. what do you think will drive this name going into 2022? >> well, happy new year. and, you know, as you said last year i was concerned about profitability and the risk that getting back to normal was just going to take longer than the

street anticipated and i think that is still a question you know, last year i was right, s&p was up 27% disney fell 14%. so, 41% spread in performance and as you said, it's despite disney's valiant efforts on disney plus and that direct to consumer side where they grew subscribers 60% this year. but the fact is that disney plus is still not profitability and it's going to take more than digital content to fill the hole that was created by the loss in disney's park segments which used to represent 40% of disney's precovid revenue. it was great to see the domestic parks edge out of the red but the segment is down to t29% of revenue today and expensive adapting to covid and we need to see the parks start to pull their weight, which is hard in this environment >> natasha, what do you see for the streaming sort of field at large when you go into quarantine you quickly discover

which platforms you can't live without, especially when you have kids as i do. i think we watched "en dcanto" about 100 times. do they all survive 2022 or is this the year ahead the year in which we see some of the players consolidate. i mean, over $100 billion expected to be spent content wise is this sustainable? >> i mean, i'm a heavy user of digital content because i have kids and so we're using disney and i mean we're using all the platforms. i think there is still space for a lot of players because of all the content that's being created so people are hopping from platform to platform and, you know, when it comes to where disney sits in all of this, i, you know, i'm not a super bear on disney any more. i think it's really a question of if, not when we step or when not if we step back into the

stock. it's trading at a more reasonable level when you valuate on next year's earnings closer to 30 times but, you know, when it comes to digital platforms, that can't save the day here. we need theatrical releases and we need to get back to the movies with our kids i mean, i'm slated to go to disney in january and those plans are up in the air. so, we really need to get that, get that shift back to in person as well and hopefully it happens with a flash flood of omicron like we've seen in south africa and it's possible we get back to a new normal in april. >> i think my big question on disney, particularly with the stream platform is, you know, they've changed their customer base they've gone to the retail customer and they have to grow that customer. if you have kids like i do, like deidre does, you know you're going to keep paying disney forever because you need access to "moana. how do you grow that they don't have an additional

customer segment the way they used to with wholesale distribution to different cable networks where is the growth there after a certain point? >> yeah, i think they think it's international. so you saw in the last quarter the average previews went down because they had a promotion and offering the platform cheaper internationally. you saw a slow in subscriber growth as i said at the top of our conversation, they grew subscribers 60% this year. but they wanted more than double where they are really in a couple of years. and i think that's a high bar. and international is going to be key to that. >> natasha, finally, i want to ask you about meta you're an investor in that company and you requested that ahead of the may 2022 shareholder meeting that the company undergo a risk assessment of operating and playing in the metaverse and i am wondering if other

shareholders have shared your concerns behind the scenes and how the company has engaged with you, whether they're going to go forward with this. >> yeah, so, what we're really asking there is for a study to be done and then a shareholder vote on whether they should move forward. that's fairly facebook specific. i know disney is also saying they want to be stepping into the metaverse, as well our concerns around facebook are that all of the problems as they have had around content, violence and sexism and hate speech and election interference, all of that is only going to be magnified in the metaverse. so, you saw facebook in a lot of hot water clearly this fall with the "wall street journal" investigation and the whistleblower testimony. and so, you know, here you are it's like has, i think the only thing that republicans and democrats at this point agree on is that we should be regulating

facebook and is this their time? >> do you think they'll do the assessment that you're asking for? >> i think they are undergoing their own, you know, internal studies which we saw that didn't really work in the past. and so i'm not sure that without shareholder pressure that they will as you know, zuckerberg has a lot on that stock and all of the votes. but i think investors, a lot of investors share our concern around this. i think investors are concerned around the metaverse and will express that concern at the annual meeting and, you know, i do hope, i do hope that facebook would step up and do it on its own accord. >> yeah, well shareholder pressure, we haven't seen a whole ton of that over the past few years but something to look out for in the next year, natasha lamb, thank you so much.

>> thank you, happy new year most of the -- >> happy new year to you, as well. most of the top performing stocks on the nasdaq, semis. we'll break down their banner year and where they go from here "techcheck" is just getting started. oh, what a year it has been. have a look at this. >> fantastic >> the ceo of uber >> slack ceo stewart butterfield. >> co-founder of linkedin. >> ceos of airbnb. >> nextdoor. >> linkedin. >> docusign. >> laboratories. >> qualcomm. >> roblox. >> nasdaq. >> and a lot more. a lot more "chectechk" still to come >> we're just getting started here on "techcheck."

small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. 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. ces also known as consumer electronics show was going to be one of the biggest in-person conferences since the start of the pandemic it is still kicking off monday in person in las vegas, but given the surge in covid cases a slew of big names have dropped out or moved to a virtual presence including microsoft, google, tmobile, twitter, and

techcheck will no longer be in there person we have an all-star lineup of interviews next week qualcomm and even amazon's head of devices along with many, many more should be a great way to start the year even though we're a little disappointed we can't be there in person, we'll make the most of it, as we had to do for many thengen things over the la years. >> that is quite a lineup even having despite having a real presence there we'll certainly be tuning in and turn now, d, to semis winning the trade of 2021. take a look at nvidia. shares of that company climbing almost 121% on the year. marvel technology, nvidia up more than 80% year to date our next guest says stick with those winners in 2022. patrick moorehead. patrick, good to see you

if you go back to the beginning of this year the headlines would have made you think that 2021 would have portended lots of fits and starts and uncertainty for chips as the supply chain issues dragged on, but that is certainly not what happened. what do you make of what we saw this year and what is to come next year? >> this year was really defined as growth driven by covid and stimulus checks. i mean, with everybody at home, every person in the house needed a pc people reupped their tvs because they were,again, not spending time outside, but spending time in their home. game consoles, pc games were essentially off the charts we haven't seen this growth in pcs in ten years it was truly incredible. even with those supply chain challenges, the semi conductor companies pulled in their manufacturing with sometimes

upwards of 50% into 2021 >> but each of the names, patrick, that we talked about at the beginning of the segment has a different market that it is serving, whether it's internet of things or autos or 5g or data centers and i'm wondering which of those themes you think is the most high powered in 2022 and based on that which stocks you would pick from here >> there are many, even though i'm only forecasting roughly 10% growth this year versus last year's 25% growth. if you're in 5g. if you're in pcs, gpus, high-performance computing, artificial intelligence, ddr5 memory chips and evs, you're good to go and therefore i like qualcomm, amd, marvel, lattice, and micron

for very different reasons qualcomm disconnected themselves from apple with their growth in automotive and iot amd same year on year growth and i'm expecting them to gain share in the data center and lose on client and then the impact marvell is hot, as well. 5g, edge networking and flawless execution by matt murphy and a low p/e ratio. lattice beyond turn around stage going head-to-head and altera and still i'm expecting a lot. synaptics customer experiences they're driving are incredible and micron the leader in ddr5 and a banner year for that

company. >> hey, pat, it's nilay. good to see you. you mentioned auto i've been tracking auto very closely. a lot of the big car companies have cars sitting on lots waiting for chips and drastically rethinking how they procure supply for chips do you see that having any big impact on new companies? >> here's the irony of it, it's not the high computing chips that are slowing you down. these are the $2, $5 specialty power chips or connector chips that we often forget about that's going to be an issue for every company moving forward as the electronics increases. not just going to be a tesla problem, but a ford and a gm problem. and i believe that this problem will go through 2022 but we will see a much better situation in 2023 as these companies have built capacity to take this on >> and that is even before the

potential $52 billion windfall from the chips act which could see the light of day in 2022 for now, pat, happy new year to you. patrick moorhead >> you, too. record amounts of capital flowing into spacs and ipos this year one key winner to watch, lucid still up 60% since listing even though it's now 40% off its highs. don't miss the latest spack hitting the street the last of the year bill gates back solar startp heliogen coming up next

make fitness routine with pure protein. high protein, low sugar, tastes great. high protein, low sugar, so good. high protein, low sugar, mmm birthday cake. pure protein. find our coupons in sunday's paper. it's a thirteen-hour flight, that's not a weekend trip. pure protein. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ welcome back to "techcheck." nilay patel is with us this

morning. last trading day of 2021 and stocks are lower on a quieter, calmer day to end the year the s&p closes lower, though the first time that it has fallen on the last day of trading since 2017 tech here continues to be a lag that composite down 0.1% more on the markets in a moment. first, let's get a news update with rahel solomon. >> pfizer helping lead the s&p 500 this morning that's after britain approved pfizer's covid pill for treating people with mild to moderate symptoms who are at risk of getting sicker pfizer shares are up more than 60% this year. amtrak trimming its schedule over the next year cancellations due to bad weather and covid c cases. 1,300 flights have been canceled so far this morning. 3g capital making a deal in a dutch window coverage company. the first big deal since 2017.

and in britain, tens of thousands of people thought they had gotten unexpected holiday cash the banks santander deposited $176 million in some accounts on christmas day. the duplicate payments have been corrected. imagine waking up to that and thinking it is a christmas miracle but, no, it's not. >> bah humbug. imagine explaining that to a your shareholders. thank you, rahel. let's turn to public offerings this past year a year of underperformance and spacs are not faring much better averaging more than 35% lower following those mergers that took them public but that's not stopping this next company

likely the last spac merger of the year the company is heliogen a bill gates solar technology utilizing ai to concentrate the sun's rays to heat more than 1,000 degree celsius for fuel production. joining us heliogen ceo bill gross. why today of all days to go public >> so much demand in this new energy transition for companies who want to decarbonize but also to save money on fuel prices as you've heard, energy prices have gone up like crazy this year and companies are looking to avoid that volatility we concentrate sunlight to replace fossil fuel use. because so much demand inbound to our company, we're using this capital to scale the company over the rest of this decade and the coming decades to make a big impact on the energy transition. >> so, is there a benefit to recording this capital raise before the end of 2021 either

for tax reasons or earnings reasons rather than pushing it into next year, bill >> this is just the demand of the market causing us to move as quickly as we could. the company has raised more than a quarter billion dollars of cash to be able to pursue this huge opportunity the world really is changing this is bigger than the industrial revolution what is going on right now and there is a chance to make a big impact on both decarbonization and reducing energy prices and that's what we're focused on >> yeah, bill, you know, certainly this is a huge, huge moment, huge trend i wonder then are you surprised by what we've seen in oil and gas prices this year and some of the correction that we have seen in newer energy stocks what do you expect for 2022? >> i think that people don't realize how much energy powers the planet it powers our comfort and convenience, our gdp growth and the world is demanding much more energy but the world is demanding that energy to come without

pollution. the pollution from fossil fuels more than 10 million people per year and we're doing things to the atmosphere that have longerterm effects producing energy with no co2 emissions is a game changer. i see that as having a huge opportunity in both 2022 and beyond >> bill, finally, you've got a $39 million grant from the department of energy to build an industrial-scale facility in california, how quickly can you build that and then at what point do you expect, if ever, to expand to residential solar, as well >> right now we're focused entirely on industrial scale there are many companies that are going after the residential market and many companies going after the commercial and utility market we're focused on heavy industry, heavy industry is 36% of all energy use and 36% of all emissions. we're focused on mining companies and cement companies

and steel companies. in fact, the largest steel company in the world is an investor in our company, both privately and in this going public process so, we're focused on those markets exclusively. we're hoping those companies reduce their volatility and take control of their energy production on their own premsis. we will take that department of energy $39 million reward and begin construction on that project in 2022. so we're very excited to move forward. the department of energy a grant for us looking at many companies who can make a big impact on the energy transition and chose us to invest in >> well, bill, a banner day for your company, for you to close out the year congratulations. heliogen up 25%. thank you for joining us on "techcheck." >> thank you very much amazon's underperformed the market this year and some new data is providing even more fodder for the bears that story after the break stay with us

my hygienist cleans with a round head. so does my oral-b my hygienist personalizes my cleaning. so does my oral-b oral-b delivers the wow of a professional clean feel every day.

(soft music) hey dad, i'm about to leave. don't forget your hat .

good morning. how can i help? i need help connecting with my students. behind every last minute save, ok, that works. and holiday surprise, thank you! a customer service rep is working unseen, making it happen. and at genesys, we're proud to help them help you everyday.

well amazon underperformed the market pretty significantly this year. we talked about a monster 2020 and only up 5% this year the street is bullish, though, going into 2022. it is the top pick from a number of analysts and there still isn't a single sell on the list and looking for reasons to be bullish, well, aptopia showing the top shopping apps. amazon dropped from number one in 2022 and number four this year was surpassed by shoppy and meesho amazon, though, still commands a large share of the u.s. commerce market more than 40% among american retailers but, you know, it has had this sort of struggle internationally. it is still losing money it has spent billions and billions of dollars especially in india which has proven to be an extremely tough market and withdrawn out of china altogether the question is, nilay, if

you're an investor, do you need the international market when you have 40% of the u.s. market. >> i looked at that download stat and i look at skepticism. if you think about how many times you reinstalled the amazon app on your phone once you have it, it's zero. that's new customers they're still growing and fourth place in growth. the real question is, can they get people to use it consistently here in the united states, they're obviously very good at that can they bring that behavior internationally still remains to be seen and i think a lot of the countries you discussed are very invested in making sure they're domestic players instead of giving that market up entirely >> also, deidre, a benefit for amazon to not expand aggressively in asia and globally because they're also trying to tell antitrust authorities, look, we have such a small share of the global market that we don't need to be broken up and need this heavy-handed approach. but, nilay, i wonder if one

route of revenue growth internationally would be by acquisitions i mean, amazon could buy any one of those companies that deidre just named in its sleep and possibly not even have a material impact on its balance sheet. what do you think the likelihood that it tries to grow by acquisition in some of these markets would be >> yeah, they certainly have the money to do it and it wouldn't hurt them. i think the integration problem is real. i think we're still seeing what on earth amazon is going to do at wholefoods. they're still trying to integrate that product i do think those countries, particularly india, will take a hard look at foreign acquisitions in their country. they're very invested in having a healthy, domestic market >> here's my question, guys. i mean, i'm not looking at ecommerce so much, i'm looking for amazon's fourth pillar what are downloads of amazon prime video. how has that stocked up because amazon is going into many, many

more businesses and not just an ecommerce player any more. no doubt that will continue to be a theme of the next year. speaking of another faang game apple hitting all-time highs and still short of that 3-2 mark but hitting the all-time highs all year. could airtags be a risk in the new year why a new report has privacy experts concerned. that is up next, don't go away

want video content to engage your audience? fiverr gives you direct access to specialty freelancer skills,

like video editing, with great value at any price point. head to fiverr.com today and get something started. apple's airtags popularity since they were announced. the coinsize tracking devices are meant to help you keep track of your stuff like wallet and car keys but the privacy concerns asking are apple airtags being used to track people and to steal cars the reporter behind that piece ryan mack joins us now ryan, great to have you with us. we ask this question about so many new devices consumers are being asked to weigh convenience with privacy, but it's kind of ironic that it's apple behind this one that has spent so much of the year and past few years talking up privacy. >> yeah, i mean, the company has

taken shots at everyone from google to facebook and now this kind of tracker that is being used to track people, track cars and it's definitely a great use case >> well, ryan, for our audience explain some of the technology behind it. i was someone who used tiles and it doesn't work in the same way because the ingenuity of the airtag and also the danger of it it connects to basically anyone who has an iphone. makes them a lot more useful and also a lot more dangerous. >> yeah, think about quarter-sized disk and it works similar like tile except they're just simply more ios devices out there in the world so, let's say you put something on a purse, for example, and you're out in the world. that device is pinging other ios devices in the background.

and unlike tile, there's many more ios devices in the world that creates just a larger network for these things to be found. so, it creates kind of a wider range for an airtag to be located. >> hey, ryan i feel like you're a great reporter to ask this question to apple and facebook have very different approaches to privacy as companies they also talk about it very differently. and you, obviously, criticize facebook a lot for its privacy mishaps. they're engaged, right they answer and aggressive in the press. apple doesn't say anything at all. do you think that has anyi implication for how people think about it, yet alone invest sors? >> the press strategy between the two companies is very different. look at facebook, i feel like they have to engage if there is always a crisis around the corner with facebook

apple, as you know, kind of, is able to kind of be a little more quiet, not really respond to criticism but in this case, there's been so many stories about these apple trackers that they have engaged with us on this story at least. they updated their firmware on these airtags so that they actually beep within 24 hours if they're near an unknown device initially was around three days that they would beep so, they have kind of responded to some criticism of their product. and it looks like they're at least engaging a little bit with us on this issue >> ryan, the people you quote in your article say it's not a very loud beep. pretty hard to hear it if you're not listening out for it and one of the only ways these airtags were even in their vicinity is because their phone pinged them and alerted them to that but i'm wondering how much more

susceptible you think android or other phone users outside of the apple network are to this because they wouldn't necessarily get that same notification >> right so, apple's defense in all of this is that they said like we've thought about this case of stalking and we enabled your iphone to alert you when it sees an unknown device near you that has been traveling with you for x amount of time the problem with that is if you're an android user, you don't get those notifications. and there are many android users out there. as an android user you have to download a separate app and practically scan your surroundings to get any awareness if one of these trackers is on you so, it's not the same thing and, obviously, there are many holes in kind of apple's argument with this kind of proactive notification system. >> ryan, thanks for your insights here. it is a great piece. happy new year to you. and apple did have a comment in

the story. a spokesman said the company takes customer safety very seriously and, quote, is committed to airtag's security they inform users if an unknown airtag might be with them and that does deter bad users for nefarious purposes nilay, we have to come to you on this because you spent a lot of time reporting on it and thinking about it. i wonder i know people who have gotten that notification and i received it myself and it makes you wonder, who's tracking you what's going on here but is it too late to put this genie back in the bottle i mean, so many people they have taken off like crazy we knew these concerns would probably arise before they even came out >> you know, this is an argument that cuts against my personal belief that these companies need to open up in a lot more inoperability. if you had dozens of companies that were able to integrate trackers like this into the operating systems we couldn't

point our fingers at apple and google and say figure it out we would have to point at something else we would have a problem that was harder to solve. here you see a little centralization and a little dominance of the platform and might help come to a reasonable compromise between the convenience of these products and privacy and security so, to me, it's one of those cases that really proves at how tough it is to balance the overall control of these platforms. >> yeah, ultimately, it just is up to the consumer to figure out whether this is something that is a net benefit or net risk to them we will see. meantime on "techcheck" looking for key names at a discount heading into the new year go no further than some of the year's biggest iposs, oatly, rent the runway down 60% since listing and even robinhood has been cut in half don't miss a check on this space, coming up next.

(swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

what does a foster kid need from you? to be brave. to show up. for staying connected. the questions they weren't able to ask. show up for the first day of school, the last day at their current address. for the mornings when everything's wrong. for the manicure that makes everything right, for right now. show up, however you can, for the foster kids who need it most— at helpfosterchildren.com welcome back we've talked a lot about ipo performance this year and it was a record year in terms of dollars raised and a record year in terms of poor performance, but there's also another one a new report from jay ritter at the university of florida shows that we've also seen a record number of dual class ipos hit the market in 2021, nearly 32%

of them including more than 46% of all tech ipos this year and most often means the founders are early investors in the company are using dual share classes, rather, to maintain control of the company rather than shareholders. neely, i'm wondering who you think or who you hear are setting the terms of these are founders and executive teams and boards suggesting that they have to have this structure in order to take the company public which is usually something that vcs and private equity firms, they want to be able to grant that so that they have an exit opportunity, right >> yeah. i also think there's just a lot with the founder at play here, and i say that i'm the founder on the verge i feel it. i get it the history of twitter and the history of uber and those were rocky, messy histories with a lot of investor noise and a lot of ceo changes and a lot of

founders sustain control and people like that at the same time as the companies get bigger we see it with facebook every year there are shareholder proposals that go nowhere because the investors have no power to impact the governance of the company. so once you get to a dominant position like facebook, the market can't impact what facebook does. people quitting facebook has no impact on them where does the oversight come from >> facebook, one of the last remaining mega-cap, i guess you could include tesla, you can include them at the group with the founder at the helm, you've seen this transition at amazon and alphabet stepping away and letting the operators take over and on one hand it concentrates power in the hands of the founder when you do these dual class structures and on the other hand, you have the founder who like the founder to stay in control. you look at a company like

airbnb and doordash. uber hasn't really done much since it went public whereas doordash run by a founder is a good example how it keeps climbing and climbing. anyway, guys, if you are ringing in the new year listen to your friends here at "tech check," if you missed our show follow and subscribe to our podcast and listen any time anywhere wherever you download podcasts "tech check" is back in just a moment

one more thing for 2021, as we wrap up our final show of the year, we here at "tech check," took a look back at some of our favorite moments take a listen. >> it's about drive. it's about power. >> they have to stay hungry. they have to devour. >> they have to stay hungry. they have to devour. >> wow all right, guys. thank you for making me feel at home it's me and the rock all day every day.

you've brought us a lot and you ended it off with the e-mail shirt. you have to come back again. >> word of the year every year e-mails. >> i'm just nervous if i come back again then the next time on the montage i'll be the chipmunk voice, but a new year's resolution to be on "tech check" more >> meanwhile, guys, we have just about a minute or so left. what a 2021 it has been. i remember, guys, we started the year talking about the meme stock phenomenon just exploding and next year, what do you think? web3, crypto will that give us lots of fodder lots of stories? we've been talking a lot about it on the verge team for a month now. it's coming for us and we have to find a way to talk about it that escapes the religious war underneath it all and whether it's a war about the climate aspects of crypto and whether it's web3 versus bitcoin and whether it's all just a ponzi scheme there's something there that's interesting.

there's some value to a worldwide, decentralized database that persists beyond every single company i don't know what it is yet, but we have to find a way to think about it because it is coming. biggest ipos that you expect for neely, stripe, insta cart? give us a name definitely stripe. that is such a well-run company and it's going for big things. >> we will see neely and kayla, thank you so much for helping us out and we will see you all in the new year "halftime report" starts right now. >> all right, guys, thank you so much welcome to "the halftime report." front any center issue the final countdown for a great year for your money and the s&p heading for a big return for 2019 and the big question now, what is in store for the new year can stocks sustain the record-setting momentum and if so, for how long we'll debate that with the investment committee today joining me for the hour, shannon saccoc,