mobility >> yes, i am rivian, by the way, owned by a lot of hedge funds, who even it privately it's trading well below that now certainly a subject for "techcheck," which starts right now. good thursday morning. welcome to "techcheck. i'm here with jon fortt and deirdre bosa chips get hit today, before talking to intel's ceo pat gelsinger. the dow is rallies after barely recouping yesterday's losses

and finally netflix and bill, bill ackman announcing the holding of the company just what exactly could he push for. we will discuss, dee all of them move across the industry, and tells margins down last quarter as a company we ended up across a slew of new products the ceo noeled that the supply constraints continue to have an impact supply chain also a theme hurting lam research due to, quote, worsened supply chain conditions that stock, guys, is down 5% we're in a chip shortage environment. we can't lose sight of that fact some semis are able to hike prices does intel's results suggest

that -- >> it's definitely difficult to hike prices when you don't have products leadership. that hasn't been established, pat gelsinger would say, yet there's all spending that comes with new products. they have that coming -- going on as well we're talking about chips, we should mention amd getting the xilinx approval in china they have more to do to getsh -- i'm sure -- there were some hopes about more of this clearing up in the second half, but it was never a definitiv thing as far as supply shortages. now just looks more into 2023 that we'll get those clearer skies, carl. >> indeed, jon, though a lot of

predictions in the fall, even late summer of last year, that this was going to be resolved in q4 perhaps, but it is proving to be more persistent nobody can tell you that better than the fed chair himself >> ceo pat gelsinger is here with us. it was an interesting quarter. as far as the tech line and results, ear have you upbeat there was a lot of focus, though, on margins i noticed a lot of analysts say the plan is right, but it's going to be rocky from here. investors not picking up on that theme yet, though. >> thanks, jon, and good to talk with you, carl and deirdre we finished beating by a billion. i'm just proud of the team for all the things we accomplished

we're coming off the big ohio announcement, the strength of our product line, with new products, so a lot of good things happened. we want we were going to be investing. we're doing exactly that we want margins were between 51 and 53% and guided to 52%. if anything we're a bit ahead of the schedule i had for myself personally as we came into the role >> something i wanted to clarify, there was a lot of worry about sapphire rapids i was hearing the past few weeks that it was slipping, but you seem to be saying, no you you're delivering it q1 on time is that at the volume expected was there anything to those rumors >> what we said last quarter was

we would start shipping in q1 and ramping in q2 and through the year that's still our plan. sapphire rapids is going to be a great chip there's some key feature areas like a.i., 30x improvement, it's also good for training security features, a differentiated product for every cloud venter, every socket will be targeting sapphire rapids it's going to be a great product and we'll be updating more as we come up to our investor day in a couple weeks. let me check in on the three big shots that you guys are taking there's the process technology leadership that you're aiming for. there's the replaning design and the foundry big that you're building you, of course, have doubters on all three. do you consider yourself on track with all three of those strategic priorities

>> let's take them one eight a time five notes, four years, intel 7 now in product with alder lakes. all on track or ahead of schedule, and relatively speaking, some of the competitive offerings have slipped somewhat that competitive gap with the process technology closing maybe even more rapidly than i would have forecast a year ago alder lake, you know, some of the headlines that came out just last week, that we crushed or prior and all competitive alternatives with that product the products are getting better, but we still have room to deliver yet. the sapphire rapids is an example. i have a lot of work to do yet to deliver unquestioned leadership products in every category on the foundry business, this is a long play. it takes a couple years for

customers to move new designs into newspaper foundries, it's a business model for sxajs for intel. we're a bit ahead of the schedule that i set for that, the momentum we're seeing for the customer and for the industry for that, obviously that leads into the big bets on capital we're following what we call smart capital, where we need to build shells, and we'll decide how we pop ulate them for our products overall, that build-out, the semiconductor industry is going to double over the course of the decade we're going to be positioned to capitalize on that. >> hey, pat, it's deirdre. you do paint an optimistic picture. i did hear some skepticism from analysts you talked about there's quite a bit to catch up on in your core business your competition is making moves

on m & a railroad trying to bite off too much as you say, it's going to take time, but is there a point where you step back and reconsider that strategy? >> i am so committed to our foundry strategy, deirdre. the way to think about it -- i have described it as idm makes ifs, or internal main factory, and -- it establishes the engagement with the industry, this benchmarking of testing, the external customers, it makes every aspect better. nobody else gets for go in with a fully global network, the broadest set of intellectual properties all of those assets gets leveraged to build a foundry business the geopolitical implications is just a tailwind. the fact we'll build a foundry

business in europe and u.s. at scale, and the world needs technology at scale. that will be the driver. foundry companies in the world can do it, and clearly intel, but our stewardship, we are committed to keep that alive and well and be the leaders of process technology again >> i know you have some support from the white house, which was on display earlier this week i want to talk earlier about gross margins, though, they have come down from the mid 60s to just above 50. are you confident that 50% is where it bottoms out if it goes lower than that, would you then consider that strategy >> we have set a range of 51 to 53, and then rising. we laid out a five-year picture, rising in the latter part of that five-year period. we feel comfortable with that. the guidance we gave yesterday at 52%, right in the middle of

the range. obviously we beat again last quarter on our profitability, so all of these things, we feel very comfortable with the range we're laying out for that, you know, the lowering of margins, there's good news in that, because we haven't brought a major new process technology for quite a number of years. as those costs roll into our business model, this is at predicted, this is all according to plan. i have great confidence we're going to meet and beat those ranges that's why we lay them out the way we do. i'm a meet/beat/raise kind of guy. we had another great quarter last quarter a lot of near-term issues to address, but there's a low-grade fever with open questions about china, taiwan, and i'm wondering, as we get past the

olympics, is there a playbook to deal with a geosplit wall disruption to global supply? >> clearly this is a back drop, carl, that's been driving this view i have used this phrase we need a globally balanced resilient supply chain this is part of what motivates the u.s. chip pact, and the eu chip pact. we need a better supply chain that has more redundancy and resiliency that's why we have taken the steps we have. last week's announcement with president biden, a farm kid from pennsylvania introducing the president of the united states of america, wow. you know, this is just beyond any of my wildest expectations announcing the silicon heartland, and the response we have seen from the heartland of our nation to rebuild manufacturing, to bury the term

the rustbelt and now become the technology hub of the nation boy, incredible enthusiasm for that yeah, we see this as a fundamental rebalancing of that global supply chain. the world needs it we are a semiconductor capabilities technology leadership, digitization of much this is important for our nation, our economy, our national security, and we're clearly going to be one of the companies making that happen. >> the president even called you boss [ laughter ] >> which was a fun moment. let's talk about graphics. you're starting to ramp art graphics to what degree do you expect it in '22 and '23 to add meaningfully to revenue, perhaps the margins, depending on how much of that is going to be higher and discrete graphics >> we're launching the production you saw at ces, 50 design wins

across everybody in the industry there really is a thirst for us entering that marketplace. frankly i can't remember a time i've introduced a new product. probably since the 8046 that had this excitement from customers there's real enthusiasm for us to enter that market it's going to take a bit to ramp the business, but it will be a meaningful contributor it's also why i have laid out this plan of getting segment reporting across our business areas, to give that transparency, the internal accountability as well as external visibility for how we will run that business this will be a meaningful new business for intel i'm quite excited, as we'll launch to go product later this quarter. >> i don't expect you to give me the meal ahead of analyst day, but maybe give us a menu what is the new data what kinds of new benchmarks can we expect from you on analyst

day? >> yeah. the first and critical thing is building on that last comment, jon. we're going to lay out the business outlooks for all of these six accountability segments that we'll have going forward. that will give us more clarity you're going to say how fast will that graphics business grow i other say, here it is. we'll give you the numbers across networking, foundry, graphics, mobility, so really laying out the strategy for all six business areas meaningful road map updates on all six of the business areas, and we're going to mention the growth rates and the revenue expectations you can see across all six for the next fife years. how do i get to that 10% to 12% growth rate that i have described. how do i do that we'll tell you exactly, because we'll build up against those six

business areas, and some fighting announcements to go with each one of them. i think it's going to be a great day. we'll lay out the strategy, give the checkpoints that the street can measure us upon, and have my leader standing up and describing their passion and enthusiasm for each one of those business areas it will be a great day >> all right pat, thank you, we'll look forward to that for sure pat gelsinger, ceo of intel. guys, i think we have breaking news regarding softbank after that, we'll turn to andrew ross sorkin. >> marsella claure runs, an argument text for what we have seen softbank. it's our understanding that that is happening today there have been negotiations for

several months marcelo was the ceo of sprint, merged that into t-mobile. our understanding is he will remain a board member at t-mobile and univision he was also behind the wework transaction, softbank getting into that transaction, and then effectively saving it. there is now questions of the longtime value of wework, but a giant in the world of softbank and what was going on in the valley our understanding is he intends to start a new fund, perhaps on his own. we will see, but that is the news >> andrew, he was also very involved in the latin-american fund, looking at companies there. it also raises questions about the succession marcelo claure was potentially

seen as one who might be there, and the narrative around that was mats yoshi-san wasn't going anywhere do you think that has something to do with it? >> i have not gotten into the bottom of exactly why they landed where they have having known marcelo forever for some time, he's an entrepreneur. he started bright star many, many years ago, and now has run and operated many, many businesses i could see -- there's some part of me that thinking that marcelo could try to be the next mats hassan, but probably in a different outfit this time >> that would be quite the next act, andrew. thanks for bringing us that news

fascinating. meanwhile, we talked a lot of intel it's not the only mover this morning. a breakdown of tesla's quarter, and apple next "techcheck" is just getting started.

. trading just south of 4400

it's been a remarkable week, given all the volatility yet, mike santoli, virtually unchanged on the week. obviously we have widened out the scales what's going on here, you look at the nasdaq 100 in the last several days, a broken-up trend, obvious lip this spike in volatility profittaking from last year, and a general sense perhaps we're in a motor of selling rally a lot of focus for both the -- on monday's lows whether it was qqq volumes, options hedging, all of that stud, it qualified it looks something like a version of capitulation, but really not ability to get back in gear. i have to say, this is all happening below a level that people would hope would hold

so there's a lot to prove. the talk of the pfed raid hikes and what it means, from the cycle from the end of 2015, it outperformed and really built up that outperformance right in there, in that 2017, 2018 when the fed was raising rates. obviously very different environment. it was a slow growth macro world, and obviously they tech platforms are dominating the point is fed rate hikes don't directly need any one particular thing for growth stocks, dee. >> mike, thank you. tesla posting a beat on the top and bottom lines, but the stock is ticking

elon musk announcing on the call, tesla will not introduce new models, but still expects growth joining us is ali vogri, who has a neutral rating on the stock. these are themes we don't always associate with him it's, i guess, not what the diehards wanted. they wanted new models, the quicker cybertruck. >> thanks for having me. i think it was a bit of a disappointment elon was participating on the pass he had previously said he wouldn't join calls unless there was a substantial update while he did confirm that the

cybertruck, semi and roadster would be delayed until 2023, which i think was expected, we didn't get a spokesque timing on when that would be launched. also, you know, he did mention they haven't even started working on the development of a lower priced visible in the $25,000 range. i think that was also a bit of a disappointment as you look out over the next several years, tesla needs to move down to the lower-priced, higher-volume segment to really sustain that 50% growth, which is what they expect to do. to the extent they haven't even started develop that $25,000 vehicle yet, it means it's unlikely to launch around 2025 >> elon musk introduces all these big themes he talked about self-driving, which could be the most important source of profitability for tesla.

are you model that into your notes and your price target? >> we are models the opportunity for full self-driving subscription revenues. we think that's a compelling part of the story. he rolled out a city streets version from beta to all of their customers at some point this year. we think that's where the customer value proposition becomes very clear you're going to see rates interesting. right now the subscription is $250 a month if you assume roughly about a 50% attach rate, you could be talking about a $20 billion recurring business as you approached the end of this decade we are factors that into our estimates. obviously if attach rates go, that would be the sort of an up side where we're more skeptical is moving toward higher levels of autonomy, level 4 plus, and eventually robbo taxi service.

elon talked about that on the call yesterday as well obviously there's very big numbers associated with that opportunity. for now we're skeptical on his ability to launch that in the foreseeable future, plus we see some pushback to his approach there. >> certainly hi promises of the past haven't exactly come to bear i there's an argument that tesla's head start on product, head start on market share, their very good supply chain management, means bad news for legacy oems who want a part of that business. is that true >> we think the legacy oems will be able to compete the quality of the product they'll launch on the ev side is very compelling versus what we have seen historically they'll be competitive on price appeared very competitive on range. i think where tesla still has an advantage is from a production capacity and battery capacity

perspective. as it relates to that, it's going to be very different for the legacy oems to catch up from a market share perspective at least through 2023-2024, we think they have an advantage there, but by the middle podcast of the decade, they should have started to build up their own vehicle capacity, and close the gap with tesla, and that's where we could see the market share potentially take a hit. >> ali faghri, thank you we'll talk soon. >> thank you for having me. you can catch a wrap-up of the street's biggest calls and why they're calling tesla a cash machine. that's on cnbc.com/pro we're back in three.

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markets are higher this morning, though off the best levels of the day. dow is up about 430. netflix the top gainer on the nasdaq, after news from bill ackman julia will have more in a moment first, we'll get a news update with rahel. good morning u.s. economy grew 5. 7% meanwhile, weekly jobless claims fell for the first time in a month. the key housing indetention down 4% a. the supply for homes for sale remains tight shares of blackstone jumps on record earnings well above forecast getting a boost from surging capital inflows and gains on the real estate holdings. mastercard rebounding from

early losses also gave mixed guidance for the current quarter and said payment volumes have slowed. back to you. >> thank you very much, rahel. apple reports after the bell our next guest reiterating his buy rating, driving by a.r. and vr, projects $121 billion, eps of $1.90 welcome back good to see you again. good to see you, carl. thanks for having me. >> you've gotten incrementally more positive on the names what is it going to take to impress you tonight? >> yes we had the stock for several quarters, but we pulled the trigger on it and upgraded the stock in december, because we felt all the worries surrounding this particular iphone cycle

were baked in. people are looking at positions from a cash flow perspective, stability and cash flows, versus a light footprint, having the balance sheet, awful things that are super important that the fed is tightening. so we this is this is separate period of outperformance, given a great pipeline that the company has, at the same time that it fits very well, it has all the macro issues specific to the quarter, carl, i think it's going to be important, carl, that they make the numbers, but then on the guidance, right? this is a very tough compare remember with the iphone 12 launch was delayed and staggered. so that created a strong last quarter, so what is apple going to message about in terms of availability and about the availability to -- we're

slightly below consensus when it comes to the march quarter, but we think that's well understood by the street at this point. >> you know, thinking back to a lot of the bullish calls earlier, or i guess late last jeer that were pinned on ar/vr product, were we over our skis at that moment >> i don't think we'll hear a lot about it on this particular call i think the earliest that you can glean something into what apple is doing is delivering the conference midyear we have some ways to go to get incorporated into people's thinking i think at this point in time, what people are going to be looking at is how much of supply chain will impact the iphone 14 launch timing, because we've heard from the supply chain that there are issues around

push-outs. that said, apple has been extremely good at navigating supply chain problems. about a $6 billion headwind and alternates higher than that in the december quarter i think it will end up being better than that, but if it continues to become a problem near term, i think people will be focused -- i think we'll get more color on wwdc, and look, a new product category always matters a lot. it's not the numbers themselves will move materially in fiscal '23, just from the new product category itself it takes a couple years to hit maturity, but it's favorable and we've seen that with many product launches we go through the cycle of whatever product we go out with isn't going to sell anywhere

near as much as the iphone eventually if you look at the watch and other thing, the attitude reverses. a couple things i will be watching, hopefully you can reflect on this, is exactly how apple has handled the supply constraints? were they able to direct customers into higher-end phones, put their components there and get a better margin? also the degree to which apple is able to redirect and upsell into what it has in stock? did apple's customer loyalty result in them selling more macs or airpods, or whatever they had in stock versus what they didn't >> that's absolutely the right question, right? when you look at some of the aggregate supply chain, people are taking and making whatever they can, but remember the skew is toward the highest-end products consumer balance sheets have been so strong, the willingness

to spend for a product they need, a bit incremental it stakes, whether it's a monthly payment or immediate is something that consumer are immediately willing to do. we'll see that the iphone 13 will be very, very strong. some of the components came at the expense of ipads i think the mix -- the phone mix and the pro max, we think that this is going to be a really interesting quarter on consumer buys preferences, their ability to sort of support higher products, and i think that's what apple will tell us tonight. >> a great point about the consumer household budgets, retail sales and the recent. great to see you, wamsi. >> thanks for having me.

a new user guide has been released to help customers to understand the options available. it comes in response to reported stalking linked to the airtag device trackers, including what to do when you encounter a rogue airtag that could be tracking you without your consent guys, you do get the notification already if there's an aird tag. this is a trick,spot for apple to navigate, especially as it's staked its brand >> yeah, carl, that's true >> it has been an issue for some well-known public figures, guys, but jon, it just points to both the magic and the down side of technology for example, these reports of using the iphone as a payment hardware mechanism amazing, we'll see how that developments,

but clearly they can be use for nefarious purposes, too. >> the down side is, if you're alerting a person carrying an airtag that there's an airtag in their position, and somebody who's stolen your stuff will be aware you're tracking it if you legitimately placed it in something that somebody has taken. also, if you have an droid phone, unless you downloaded the app that alerts you to airtags, you're not going to know, but apple has some work to do, but there's at least an alert mechanism built in meantime, if you're looking no an under the radar dhip stock, bank of america says, hey, look at global foundries this morning, saying there's been indetriment nat selling in the name, but they could head's high as $t90 a share

more on "techcheck." don't go away.

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yet forward fulfilling our mission and helping more people achieve financial independence. with netflix almost cut in half since october, could it become the latest target for an activist not sure, but bill ackman

revealing that they have purchased more than 3.1 million shares while he's not arguing for any changes yet, what might an activist campaign at netflix look like? julia boorstin joins us with some ideas this is a very fun exercise, but there's not like a ton of levers in an obvious sense for maybe other companies. >> we have to be totally fair this is theory receipt cal ackman tweeted out his admiration, but he also wrote that he's looking at this as a long-term investment opportunity. theoretically if he wanted to makes changes, i have some in mind, one around a lower-cost or free ad-supported version of netflix. we know netflix just raised

prices here in the u.s they had to lower prices in india in order to have the service be competitive there, but there is this question whether netflix could go faster, reach more people if it wasn't so expensive comcast, cnbc's parent company, just revealed faster than expected growth of peacock, because it is ad supported at a lower cost tiesing is so valuable live sports and news they have sports, but only as documentaries. we've been talking so much about football this past weekend nfl ratings are so high right now going into the super bowl. there's this question is if you want to make netflix something as people have to watch all the time, well, maybe sports is something that's very expensive, but could keep people really

hooked, you know, season after season, deirdre. >> yeah, julia, what's it going to take, do you think, though? the management has been clear there are things they won't do with an activist investor being involved and the sheer price of the stock and what it's done over the last few months could tempt them what about the idea of m & a as w well. >> for example an endeavor. >> there's been so much talk about activision if ackman is interested in pushing netflix into more games, using games to bolster the value of the subscription, you could see him pushing for an acquisition in the game space, probably something in the mobile game space, because that would

fit better in with what they're doing with gaming. yes, m & a, they could buy a studio they could buy one of the big media companies like viacom/cbs if they're interested, or even some other assets that are up for grabs, such as starzz, even amc network. i think there's a fundamental question right now for netflix, they're investing so much in content that people are burning through it faster than effort. how do they make this subscription valuable when people expect so much high volume and quality when it comes to what people want with that subscription services. >> what about spending less? why couldn't they have a strategy around maybe targeted bets instead of spreading money all over the world if their hit rate got better, maybe they wouldn't have to spend as much, and maybe some of the inflated air might come out

of the this content spending bo nan that we have seen over the last few years. >> that's right. they've been leading the content financing, but in a lot of ways, people expect netflix to have a massive volume of content. >> instead we'll see we'll see what, if anything, these new investor in netflix pushes for meantime, netflix not the only name cut in half check out shares of doordash now just a little bit away from that 2020 ipo price of $102 a share shares down 60% from their highs. we're back in a moment

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to covid paid sick leave for california and even this weekend's nfc championship game, but i wanted to bring you his comments on big tech and what he says about what's happening in washington and the crackdown is more that the reatrics than act. >> the most well-known ceos being grilled and i thought it was more performative than an effort to advance policy and progress that's a private conversation can leaders that do believe we have a pathway that will benefit all of us. >> you can find my ten-minute exclusive with governor newsom on cnbc.com. >> that's going to be interesting to a lot of our west coast audience especially, thank you. yasmin yasmin khorram >> the disk drive maker has a

strong outlook seagate posted its largest revenue in more than six years the stock still negative on the year, but it did hit positive territory earlier this morning and now only one underweight rating on the street as the dow is close to 500 to the upside, back in two. inner voice (furniture maker): i'm constantly nodding... ...because i know everything about furniture ...but with the business side... ...i'm feeling a little lost. quickbooks can help. an easy way to get paid, pay your staff, and know where your business stands. new business? no problem. success starts with intuit quickbooks.

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>> one more thing. stop, what's that sound? spotify, rogan in the free world, the giant removing neil young's songs after he posted this week blasting spotify for, and asking the platform to tack down all of his music if he's going to keep rogan. the move will cost him 60% of his worldwide streaming income spotify telling us in a statement, quote, we want all of the world's music and audio content to be available to spotify users. with that comes great responsibility in balancing for safety for listeners and freedom for creators >> d., i know this one hittious particularly hard because you've got neil young on heavy

rotation >> heavy, heavy rotation i made this very clear i'm upset about this move not because he's canadian, because he is an incredible songwriter/musician that has lasted over decades and maybe a little bit because i'm canadian, as well and some to have gleaned for my love of neil young and we'll see how this turns out and this does open up, carl, a large debate on what other some might argue more relevant, larger artists can do with their political power on spotify >> yep about spotify's long-term strategy on this they have moved a lot of misinformation where do they draw the line and then, john, to what degree does young's move influence other high-profile musicians that don't need the marketing at this point and their library's enough. >> some that are on higher rotation on others play less i do before we go want to come back to news that we hit at the top of the hour.

marcela claure the former ceo of sprint that put the merger with t-mobile together. there has been the founder mass hassan overpay and claure were seen as top candidates to replace mass hassan and he has a 300-year vision and not close to retiring, carl, perhaps. >> we'll see what apple says tonight. let's get to the half. carl, thanks so much welcome to "the halftime report." i'm cot wapner front and center, the fed and what happens to your money now we'll get to the investment committee today. joining me for the hour, degas wright, bryn talkington, jim lebenthal, steve weiss, and john najarian co-foundeof