that was an interesting conversation with lance fritz. man, that video of those packages all over los angeles. >> stunning, isn't it? >> it's stunning we're in rally mode with s&p 1.4% nasdaq almost a 2% gain. that does it for us with "squawk on the street" "tech check" starts now. ♪ good thursday morning. welcome to "tech check" i'm carl quintanilla with deirdre bosa and jon fortt. our first guest says the cloud is next. reasons that sector might be right for consolization. amd gets the downgrade, we'll talk about the piper call. and later, netflix tonight, why investors are looking outside

the u.s. for calls >> meanwhile, carolina, nasdaq, we're going to put this historic drop in perspective. remember, it finished more than 10% from its record high 8% just this month that said, nasdaq is having its best day of the year, jon. we're constantly monitoring the movements, it's good to put this in perspective >> always like to zoom out and put it in perspective, and that's where we're going to start this morning, putting that word "correction" into some context. nobody does context when it comes to markets better than mike santoli to break down the software and how much investors should be sworried, good mornin, mike >> yeah, software was in, early part of last year, we'll see if it ends up being first out let's take a look at how the software sector performed over the last year, compared to other elements of tech, that would be

semiconductors and the communications group, that is dominated, of course, by meta, by google and by netflix as well you see, obviously, software, kind of -- it's eating the world. almost ate the market in 2020, 2021 that's your indigestion right there. it's outperforming that's the most stretch. the big question, are we there yet? as to some rationalization of the valuation of stocks with regard to the relative market. it went up because people were willing to pay more for $8 future earnings. take a look, price earning, s&p software group relative to the s&p. so, this is the premium of software to the s&p. and you've radically undone the 2021 surge, you see there. but, of course, we were in uptrend in this measure for years before that. so it's hard to say you're back to some long-term norm

it's unclear if you have to get there as well. one final note on this, this is a sector, etf by the giants, microsoft, adobe, intuit the real one, there's a lot of mop to do, down 57%. maybe a different story if you're looking at what's happened to the price to sales multiples of some of those small memes. >> mike, while you're giving context, what is the correction, normally i know it's normally characterized by a drop of about 10% but when you talk about index correcting or market correcting, what does that mean? and does it mean the same thing of indices on a multiyear run so that a correction isn't -- i mean, who knows what normal is >> the reason, jon that a sharp setback after a long run higher is typically referred to as a correction is because the price has accelerated and deviated

away from the longer term trend. in a sense, it's the price kind of correcting back to what seems like its longer term tendency. so, it's an overshoot that then gets undone. that is sort of the basis for the terminology. the 10% threshold is just sort of a vague rule of thumb that somehow turned into a formal definition we can use that. it's as good as any but it doesn't necessarily mean that the job is done or you that always need 10% to correct back. one thing is, nobody uses it this way, if something is way below trend and bounces hard, that's a correction, too a way of getting it back to its trend. usually it's coming back from a point of ex a. >>mike, appreciate that. let's stick with software, the next guest said the drop in valuations would bring back big tech m & a, there are 40 saas

for acquisition. nina, it's great to have you back good morning i guess the question is how some of those with cash are going to balance relative bargains, i guess, versus regulatory risk? >> well, thank you so much for having me. it's great to be back. yes, it's certainly been a rough couple of weeks and we're in what some people call correction territory for a lot of stocks, and tech stocks have certainly taken a hist and investors trying to balance the macro in monetary policy with the micro in the earnings season despite the bigger shock of what's happening with interest rates in the public market i have to tell you we haven't seen the same correction in the private markets. they're pouring tons of money into startups. even in the last couple of weeks. it's interesting >> what leads you to cloud, if we're looking for new baskets

where m & a might meet up? >> well, i think you have to take a step back, right. last two years people aren't only buying tech stocks because interest rates were below. people were buying tech stocks because they believe these companies are disrupting massive markets because saas is quite frankly, one of the biggest models to invest in. even though you're thinking about profitability. for example, saas has high margins, very little turn, great net dollar prediction and predictable revenue. if you think about the stock, zoom, doc sine asanaa less than 12, docusign, 25, 26, market cap these are all products still delivering to their end customers. so, i think you have to take a stem back and ask yourselves are these companies worth investing?

almost like buying a ferrari, same engine, same horsepower with a 50% discount. >> nina, with the private market, the names you mentioned have all gone public over the last few years what do you tell your portfolio companies about going public when they're getting oftentimes, better valuations and better terms in the private market? does it make it less appealing to go public how do you think about your exit >> well, i think the private valuations are very different, right? they're driven by simply a function of supply and demand, as we saw last year, vcs traded $120 billion just in the u.s a lot of these d.c.s, when they raised this money, they have to deploy the capital in a certain time frame, two to three years which means we can't sit on the sideline and wait for the public markets to come back so, if you meet a great entrepreneur who is building a multigenerational tech company you want them to encourage them

to think long term not to think too much what's going on in the public market. that's why a lot of the prices have gone up, when you meet an entrepreneur building this confidence like the snowflakes of the world trading beyond their ipo. that said, i think we have seen a couple of companies say wait and see how the first rate hike is digested by the market. the companies going out strong incremental i think they still will >> nina going back to what's public, cloud, as a service, platform as a service, infrastructure as a service, probably aren't so useful to investors doing can deep work, for example, snowflake, data dog. it's data management, sort of deep involvement with that, that's more important to them than saas. i wonder what you think are the most interesting and perhaps overlooked areas one i'm thinking about is

gaming a lot of gaming is -- you know, has become sort of software as a service over time. and hasn't been thought of that over time. and right now, companies are moving away from it as that. >> we're seeing demand for innovation beyond saas in the public markets i have to tell you in the past, the best companies would triple their revenues in the first two years and double their revenues from there today, we're seeing companies again in a.i., or data, open source and gaming and e-commerce haverocket ship like growth. some of the interesting companies we're seeing using ai to apply business applications for example, we invested in a company called de-scribe helping doctors automate their note taking and autonomous vehicles.

i do agree with you, i believe there's a lot more just cloud and saas i think we're going to see even more creative business models and also bigger markets get disrupted as we've seen a lot of these private companies emerge over the last couple of years. >> hey, finally, nina, we've had downgrades in the hardware space. we're going to talk about one on amd in a moment. sysco was downgraded that maybe ip spending peaked are there worries that they bleed over into cloud or does that subscription and revenue model make a big difference? >> well, i think what we've seen, remote work, or hybrid work is here to stay in addition to a lot of companies having to do a land grab to go to market where data-driven decisions are very important. i think a lot of these companies have to look to software to solve the problems so we really haven't seen a slowdown in

demand and we don't anticipate a slowdown in demand >> nina, appreciate is very much it will be interesting to get past the initial hikes as m & a heat up. that might make a new narrative. nice to see you. and the download to piper sandler, dropping from 150 to $130 citing the slowdown in growth the analyst behind that call joins us good morning is it backwards to be talking pcs. amd is talking metaverse and technologies, investments show where they're going, you're looking at the ppp market which they're dominant in. but is it backwards-looking? we are going to sort out harsh's audio. technical issues right there that's a good question for you,

we spoke to lisa suh a few weeks ago. >> i don't know if we have harsh back i think i heard him pop in that question from deidre, about pcs being backwards looking how much of that dependent on that market and how did that factor into your cost >> yeah, pcs are the biggest piece of the business for amd. we build pcs in particular two categories, and it's a much younger business but the bulk of the pcs that they do revenues is -- pcs that's the part we're concerned about. look, the reality is a lot of folks upgraded their laptops at home during the pandemic work from home, study from home, et cetera. and we think we saw some numbers in the fourth quarter where pc sales declined we think that can be one issue and the other issue, revenue is

expected to grow in 2021 and the number is expected 22% growth in 2022 and it's growing at 10% top line you're going it to see the company slow down its growth rate quite a bit the question becomes when you're in a market that's largely defensive, where there's sort of, you know, a high valuation name, you get into a situation that will stock trading 40 m multiples and that becomes a problem for us >> part of this, harsh, is a valuation call would you downgrade other names in the secretary, then, like nvidia and marvel which have higher prices? >> we did downgrade this morning, that's based on the

orders in the chip space in autos are running way above size, even for content when you look at other names for video, we see fundamentals, much higher growth greats, for example, going forward we also see very strong and dominant positions within areas. within nvidia, for example, let me address one thing, they're about to get into metaverse. that will be a royalty-based model which can do wonders for the gross and operating margins of that company nvidia as for morrell, they're so strongly positioned in 3g, and custom compute and other areas like connectivity, we feel very good about those businesses. there's a concern of intel catching up down the line. it's been a year since and that will continue to happen, when you look at a year

ago, the competitive landscape could be different the supply and demand challenges can be completely different. and you have a slower growth company with a multiple rate hike at this point >> harsh, nxp, you do talk about supply normalizing in the second half of calendar '22 but some of us remember when the hope was it would normalize in the second half of '21 we don't know what variants are coming down the road, how comfortable are you on that call, as far as autos go >> let me give you an interesting data point when you look at large companies like apple, amd, qualcomm, broadcom these are all guys at the leading edge of the nose in other words, the latest, greatest technology of manufacturing chips. almost all of these companies are single-handedly beating their revenue estimates by $200 million, call it $1 billion, for people like apple, they're

raising guidance in the call and coming back and beating the number supply is getting better, it's just that demand is of is also getting increasingly better from the last year. and consumers moving and pivoting away from vacations and outings to things like tech, for example. so the need is catching to supply and we're starting to hear rumblings, some of the companies calling for supply parity. in the second half we think by the end of 2022, we think it will be largely caught up and other companies will be next in line but it won't take quite that long for it to catch up. it's much smaller compared to the leading edge once that happens, we get back into a normalized environment where the power shifts to the consumer, rather than the chip

companies, of which pricing decline in a few years i think all of that might be due at some point in time. this is really a longer term second half type of a call gimp the market, it's there at this point >> a fascinating dynamic should be coming out. thank you so much. we'll talk soon. well, meta is getting into nfts is the next quarter more of a skid game for netflix. "tech check" will continue ♪

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time now for a gut check on a few payment names morgan stanley likes for 2022 paypal, mastercard take a look at paypal, down 30% since last january morgan stanley slashing it price target and slow revenue growth and headwinds in the year ahead. but it is bullish on buy now, pay later. weighting it overweight.

as for mastercard and visa, legacy, guys, projects increased earnings but warning new covid variants could derail the expectations also calling both of those stocks great inflation hedges as their revenue rises with higher prices carl >> meanwhile, guys as everybody knows, netflix earnings tonight. our julia boorstin explains why, hi, julia. >> well, carl, the future lies overseas subscriber growth is key coming from overseas. now, the company did forecast an overall rebound in total subscriber growth over quarter projecting 8.5 million new subscribers. analysts are less optimistic with fewer, 8.2 million but they did forecast the vast majority would be from international markets. and leverage investing on the squid game growth.

it announced will release 25 korean originals this year bank of america with a buy rating on the stock saying with the massive content slate and continued growth in asia we see opportunity for subscriber upside saying its global content investment strengthens its value proposition. we'll also hear a focus on that content investment, weld estimating $19 billion on content this year, up 13% from last year. now, this focus on international comes as netflix's growth in u.s. and canada stagnate the last quarter netflix added 70,000 subscribers in the region and actually lost subscribers in u.s. and canada in the year before that. but it's raising prices in the u.s. announced hiking prices between a dollar and two dollars analysts will be looking for any guidance how much that price hike could impact term and the question overseas

whether a recent price cut in india could drive signups. stock up 50%, down about 11% over the past 12 months. going into earnings, though, 70% of analysts have a buy rating on the stock, 20% have a hold less than 10% have a sell. the company number i'm watching, guys, more important than subscribers for last quarters, q1, analysts looking for 6.9 million new sets >> this morning, julia, i looked at streaming data for morgan stanley which brought expectation down they argue if they miss on subs, with this kind of content they've had, maybe they shift the conversation as you point out pricing and margins over subgrowth. and that would be a different way of thinking about the company? >> yeah, look a huge one, q4, they had big movies "red notice"

they had "don't look up. those are star-studded theatrical-type movies the question is did that get people to sign on? and they got big series like "emily until paris." we have to way to see how big titles grow admissions and minimize turn. and in 2022, maybe people are getting out and about more, maybe they're taking a look at subscriptions they're paying for and want to narrow it down we're expecting expectation of turn looking at analysts as well, looking more broadly, jon, at streaming of landscape. >> it's an important report, for sure i know you'll be all over it let's talk more about it now, for streamer former head of acquisition at hulu, the founder of gaming pop-in alex krugar.

alex, i want you to give a big picture strategic perspective, it feels as though we might have reached peak video and moving more into a gaming interactive when it comes to content meta is wtalking more about metaverse than facebook and buying blizzard after killing mixer. does that indicate from the broader perspective that netflix is either in a bad position? or maybe with google out of originals, it's in a good position >> well, i don't think google and youtube being in originals would necessarily direct competition to netflix, or mean really a significant dent when it comes to long-form premium programming. at the landscape, that you describe it, landscape of long-form, serialized series

that netflix has popularized and the growth of the subscription landscape, in my opinion, it's a mature industry. it's a competitive space and one where both on the demand side, as far as how many consumers there are who are willing to subscribe for the first time, as well as on the supply side as far as where the creative energies and creative talents are going, as far as making high-quality entertainment both of those are going away over the next decade away from long-form entertainment. so today would seem -- we're seeing consistent growth in what we reported as far as originally series but my analysis is that we're in the fourth quarter of that ecosystem. so netflix is the leader it's the leader worldwide. it's the leader in the u.s. but it's slowing down and it's hitting an equilibrium, as far as where it's going to be, not

unlike where cable was, premium cable was a decade ago >> but, is it mature like premium cable? or is it mature like search, where google -- search matured in a way from a growth perspective, but google was so dominant it was able to branch off of that and continue to do lucrative things and grow overall. is netflix in that sort of position, or is it in danger of being obsolete >> that's the big question, what netflix has that is incredibly sticky say number of paying subscribers where unlike paying subscribers for cable, those subss subscribers don't despite them and those subscribers enjoy it like them and return is low because they continue to enjoy them on a month-by-month basis

the question is will netflix be able to expand to subscribers potentially for more money or will it continue doing what it does so well? and you alluded to the fact that netflix has expanded in a small way, kind of putting its toe in the water into the game ecosystem. but just building up an alternative business that's gaming, that,to me, is not the solution the solution is to figure out how to take the user and hold their hand into a future universe, where entertainment and content is experiencial. and netflix doesn't have any experience in that landscape now, arguably, there's an argument to be made that netflix is further ahead >> alex that leads into my question, what does netflix look like in the future more like a disney leading into those experiences, merchandise, potentially a theme park or does it look more like a video game company with much of its business in that virtual, or

virtual experience >> i think what has to happen with the theme park, it becoming virtual and across the board to any interconnected device. the question is whether this will happen. the question is will netflix be a major player in that space the reason i say netflix is a little behind xbox but even disney, it's because historically netflix had been manbackically focused on one thing, investing on great content and making it available to consumers what they've not invest said franchise-building what they've not invested in is building worlds around eco-characters and they build up, squid game and so on the question is will they be able to do it before somebody else comes in. to say we want to become hbo before hbo becomes us.

the next ring they're going after, the question is will somebody come in and scoop netflix the way netflix scooped hbo, or willthey be a dominant player there >> well, we'll see what kind of color we get on the call, not just on this quarter or the next but that runway you're talking about perhaps three or four years out. alex, thank you. >> thank you guys, the rally continues on the nasdaq this morning, much 8.1% trying to reverse what is historically a bad january for the index. taete got the stocks to rg on the way up. next, stay with us (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate

high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. ♪♪ ♪♪ ♪♪

let's reset. welcome back to "tech check. i'm carl quintanilla with deirdre bosa and jon ft. we've got a guest coming up who claims the metaverse is, quote, obvious b.s. we're not talking about jon. first the update with rahel solomon. hi

>> hi, carl. sales fell 4.6% record home sales inflation on the rise, median price rose 16% last year to $358,000. jobless claims also jumping with 286,000 in the latest week be economists say, however that the recent surge is temporary and driven by the latest wave of covid cases. american airlines lost less money than expected last quarter but omicron has slowed its recovery and cost pressures. american's stock pell 3.5% this morning is now up slightly on the day. and shares of baker hughes jumped more than 5%. despite the earnings miss. higher oil prices and driving drilli ing demand and service and this year, tight supplies of oil and natural gas. carl, back to you. >> rahel, thanks got key antitrust legislation on the hill today with the support of a new

coalition of smaller tech companies that are hoping to break up the giants. our ylan mui has the story >> the techcompanies have support for big tech rivals like sonos, basecamp, youqrora. gem cattic senator amy klobuchar the lead sponsor of the bill said that's provided a counterweight to massive lobbying by big tech >> we are proud of their success. we all know here that they have a bunch of money and that's fine. that's capitalism. but in america, we never rest on success. and one of the ways we do this is by figuring out what is working. what isn't working how we fix it so we rejuvenate

our capitalist market. >> at this debate doesn't follow along party lines. democratic senator dianne feinstein is adamant mantly against this bill, patrick leahy said he's worried about impact on privacy and republican senator mike lee shared those concerns. >> it may actually entrench the very four companies that which it's aimed by creating a strong incentive to simply cease doing any business with third parties. this could crush thousands of small businesses and it could actually worsen the state of competition >> now, it has been a robust debate so far. and he expected to keep going. the committee originally had 107 amendments to work through so that number is there.

back to all. >> ylan, thank you it has been a painful week for cathy wood's arc innovation. currently having the first month ever, down about 20% a lot more "tech check" straight ahead. ♪

the tech giants scrambling for social media dominance the subject of today's thread. starting off with quote-unquote troubling news for tiktok. reporting its revenue only grew 70% year over year to $58 billion despite the recent tech crackdown in china where tiktok's parent is based meanwhile, their overall online ad sales growth fell about 2.5% year over year back stateside, instagram is taking a different approach to growth, launching an early task of creator subsubscriptions that includes exclusive live streams and stories and subscriber badges, but only ten power users have access to that today. despite the intense scrutiny,

whatsapp parent company metais outperforming by at least 40% over the last 12 months. dee, tiktok, man, the growth is interesting. and also interesting how they managed to dodge a lot of sort of regulatory, you know, scrutiny and even the content scrutiny that the likes of metagot, and i wonder if that changes in 2022 >> right but it's got to deal with beijing's scrutiny, right, we saw them sort of taking a back seat sort of the biggest company in the world valued at $300 billion. likely to stay that way for a while, carl, with the scrutiny that k-webb chinese etf is up 7% here we've seen the names bounce back so much uncertainty about the market and likes of tiktok i know we talked about it, what's going on, the macro picture in china, and slowing ad

content very relevant to the company. >> all that said, dee, tiktok's time going from obscurity to national dominance is like nothing i can remember in the internet whether time spent, revenue, profitability, users pretty much makes it the most successful social media company to ever step foot in the united states >> i would love to get my hands on that f-1, we'll see if that comes, but it's such a remarkable story we are going to continue this conversation after the show. josh richards, he makes $5 million on tiktok last year. one of the top influencers there. he joins me for live stream in just under an hour that's at 12:30 p.m. eteasrn "tech check" is back in just two. ♪ ♪ ♪ digital transformation has failed to take off.

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we mentioned it a moment ago, let's get a gut check on chinese tech ad.com, alibaba, all rallied after cutting key rates. the five-year rate by five basis points chinese tech stocks also having a pretty good start to the year after a rough 2021. all in the green this year and outperforming faang, despite the regulatory pressures in china

did well on those stocks last year street is bullish. 88% of analysts have a buy, for example, on baba, 92% with a buy on jd.com. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something 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 i'll shoot you an estimaterld. as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv!

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metawould also allow users to sell from facebook and instagram but will that extend to metaverse? the next guest is liking it to growing up in the soviet union phil, great to have you, you can call the metaverse dumb as you have but it doesn't change the fact it has entered the mainstream and the loudest players like facebook and metaare setting the narrative. what's wrong with that narrative? >> there's so much actual, so many real problems in the world and opportunities to solve them and seeing so much hype for the mere dystopian sci-fi vision which no one actually wants, it's kind of sad it's lame. you're right, it's part of the life cycle right now my prediction, a year from now, it's going to be rare to see the work that metaverse used

ironically >> we may be at that point already. underneath the hype, it doesn't really change that is sort of where we are going in the last two years, amid the pandemic, people are comfortable living digital lives want to or have to because of the global circumstances. what should we be thinking of as the metaverse? how can we parse through the hype >> i think you're totally right. the word is squishy. it can mean whatever people want it to mean rid now it's a shorthand for sprinkling some hype to make it seem more interesting. if by metaverse, the internet, digital world, zoom, video communications and of course, we've all been in the metaverse for years and it's generally a good thing we are. if you mean a specific definition of kind of the way that meta talks about it, a persistent, interconnected 3d world, mostly experienced by wearing a headset on your face

where we live and go to meetings and shop, that definition, that's certainly not happening and it isn't going to happen because it's dystopian and no one really wants it. >> bill, thank you thank you, thank you for -- i mean, the viewers know, i've been saying pretty much what you're saying also for a while now and you're not against certain ideas that are getting sort of glombed into this metaverse narrative and it's just the overall kind of hype marketing that makes my stomach churn, and i wonder where you see the most potential you've done work in videoconferencing layered on top of that. you're interested in the value of ar. i see some things happening with app-loving iron source, companies like that kind of making mechanics with digital economies work better, unity, et cetera where do you see the most interesting investing areas?

>> absolutely. >> i think we're living through a historical discontinuity i think the world right now is the changeiest that it's ever been triggered by covid and triggered by all of the changes that we have to make in response to it. things that we used to think of as pretty much being set in stone for decades are now malleable and open to change the ways that we do education and how we work and how we deliver health care and all of these things that used to be resistant and there are many creative ideas coming out of start-ups and out of big companies right now for that everything from augmented reality that has a big future as soon as the hardware is ready, just digital communication we've been thinking about this revolution and we've been calling it the out of office world and the real changes that it's out of office when i say out of office i kind of want it to sound like i'm saying out of jail where in the before times there was this massive thing that dominated

every professional's life which was the office and now for almost everyone it's a much more dominating force and your work and your life and of course, digital technologies will play a huge part of it. they already have and so much innovation and that's why it's infuriating and depressing to so so much being paid to what is obviously just a gimmick people floating around in cartoon universes without legs and having meetings that way nobody wants that. that isn't the thing that will actually catch on, but a lot of the constituent piece of what's going into the metaverse, those are totally legit. >> phil, why not just come out and say it why not say that this was the creation of the facebook marketing office and that we all sort of adopted it passively because of the strength of their marketing muscle >> well, you know, facebook invented it.

it's directly lifted from lots of sci-fi classics and and for decades nerds like me have been reading these sci-fi classics and going, yeah, we can build that although in the actual works the world described are horrible places to live. this idea has been around for literally 40 years and hasn't developed that much. it's just that now there's a bigger tsunami of hype around it and it attracts other hype it attracts nft hype and all that stuff >> let me play devil's advocate then you say it hasn't developed all that much, but my nephews, for example, during the pandemic when they couldn't play with their friends and a person logged on to fortnite and roblox and we talked to a number of companies that were able to hire more diverse peoplefrom more

places and do you think there are important developments and there are potentially beneficial aspects of a metaverse if you want to call it that >> well, i don't want to call it that hey, legend of zelda on the nintendo switch let me live through the first six months of the pandemic obviously a lot of us derived hundreds of hours, thousands of hours of pleasure, and although a few minutes of that, as well and of course, we've hired -- my company's hired and i've hired more than a hundred people from 20 different countries and very diverse from all over the world. that's not the metaverse that's working in a distributive way. >> that's the internet >> and perhaps the internet economy, phil, thanks for your comments we'll talk to you again soon phil libin >> thank you >> i know you want to re-live this past hour well, you can.

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amazon has been pushing boundaries with stores and it first opened a bookstore in 2015 of course, there's that hair salon in london. now it says it's opening a clothing store called amazon style in glendale, california. it's 20,000 square feet. that's about the size of a typical t.j. max because that's the ruler that we use for stores it will operate like a showroom. imagine one shirt on display, you can then scan with your phone, send to a fitting room. last year wells fargo estimated amazon surpassed walmart as the number one apparel retailer in the u.s. and that's amazon's apparel and footwear sales in the u.s. it grew to more than $41 billion. after a huge 2020 run, the stock's been basically flat for the last 12 months no word on whether this shirt will be in stock

carl, you want to shop at an amazon store or a t.j. max >> that's going to be a classic. >> meanwhile, a great programming note >> that's right, before we go, carl tomorrow airbnb ceo and brian check offy will be live on tech check. you don't want to miss that and he's decided to live in an airbnb >> let's get to the half carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center inside the correction wreckage how much are stocks likely to drop is there anything to buy now and how to protect your own portfolios we're discussing and debating all of that with the investment committee, joining me is jason snipe, jon najarian and i'll show you exactly what's pp