those restrictions were just lifted, but meeting demand is proving costly wheels up expected to post another loss in the fourth quarter. that's due to higher costs per aircraft, flights and pilots that stock down over 60% from its ipo. that share price stock telling the whole story. morgan >> hot spare to not much there robert frank, thank you. that does it for "squawk on the street." "techcheck" starts now good wednesday morning welcome to "techcheck. i'm carl quintanilla with deirdre bosa and jon fortt why cybersecurity mandian may be nadella's next target. a hailstorm for lyft, a deep dive in those earnings as the stock has a nice u-turn. an exclusive with the new ceo of

arm, what's next after nvidia's historic deal for the chipmaker collapses. >> we're going to start with meta, a severe dropoff, that brought the stock below $600 billion market cap, now recovering a bit $615 billion interesting level here, lowest level since may of 2020, given it might help the company f formerly known as facebook dodge antitrust scrutiny is the tiktok tumble just beginning? joining us this morning to discuss, baeri annan. how much do you think is reversible if they can demonstrate tangible progress in this new growth area >> i think so when it comes to meta they are so well positioned with virtual reality hardware and having a captive audience, ready to experiment in this

space, like they can't turn the corner we can't underestimate the impact tiktok had on meta and they're going to be a voracious competitor for a long time for zuckerberg to be fighting against. >> that $600 billion market cap level is an important one, because it could help meta escape the regulatory scrutiny or backlash. does that shift on to others like google that has benefited so much from this apple privacy move >> well, i think there are a couple of things to unpack there. in terms of moving below the $600 billion cap, i think that is helpful for facebook. i do think that there could be repercussions for google what is fascinating in this game around regulate complexity, tiktok, the thorn in meta's side at the moment, was positioned potentially to avoid some of the issues that meta was facing because it is positioned itself as a content broadcaster

platform, not as a social network and connectivity platform the definitions here are critical, not just looking at what's in the market, it is going to be an interesting time to see this evolve. >> and, ann, you mentioned tiktok i happen to be speaking yesterday to tiktok's chief operating officer, vanessa papas and president of global business solutions blake comchandley and blake was talking specifically about how tiktok is differently positioned with some of these idfa and ios issues. take a listen. >> we made a decision right from the get go that we were going to put user control first in terms of privacy we kind of are watching all the different regulatory environments around the world and the writing is on the wall there are going to be some changes and the ios 14 change was a significant one by apple putting control in user's hands.

but we believe that from the very beginning, we built all of our data and privacy policies and governance around users having more control and didn't have business models that were entirely or heavily dependent upon massive amounts of signals. >> as particularly interesting to me because blake chandlee worked for facebook, one of the international employees, knows the big brands very well i wonder, a, as tiktok expands, will it have to get more signal outside the platform in order to scale, and how hard is it really going to be for facebook to make the necessary tweaks given the billions of signals it is getting all the time from billions of users? might they be overplaying how bad this ios change is going to be over the next year? >> well, what's really interesting is the way in which the signals have been monetized. what has happened is a lot of

what i work with struggle with the privacy laws kicking in because they're not able to measure in the same way you do their internal investment and marketing. it is super hard to track now. the efficacy of the social media driven market campaigns, it is harder to track roi. facebook has focused much more on trying to gather the data, not so much for signal sharing but for their own product development. if you look at their privacy changing last summer, tiktok ta takes what you've got in your own background when you're posting contend and what appeals to you and they have done it very clfreverly i think meta is >> let's turn to lyft, though, beat on the top and bottom, that wasn't enough to keep the stock in the green today i think when i'm just last

looking, it did rise along with the rest of tech it is up over 3% we did see weak guidance, disappointing number os on acti riders john zimmer was asked about that increase this morning on "squawk box". >> it is not just, you know, part of the inflation story. it is the ride mix so when you have less of the shorter rides or bike rides, and you have more airport trips which you do see in q4 when people go see their loved ones and fly more, we saw 50% year over year growth in airport trips, doubling year over year in airport trips, so ride mix plays a big factor in there. base pricing doesn't necessarily change going forward it could but primarily i think it is about the ride mix >> now, guys, i know we have to sort of see uber tonight for more complete picture. even though uber does food delivery as well but for the ride sharing picture, if we zoom out and look

at the companies, the ride sharing companies, what they have done since their ipos, they haven't gone anywhere. they suffered during the pandemic, when we came out of the pandemic, there wasn't enough supply, what is the endgame here and if you're an investor, what are you looking for the companies to do? they just really have been muddling along for the last few years. >> there is no question, i'm looking for them to start producing cash flow. and it is so interesting to me the ride share space has been such a rider space along the way that would scale at some point real profitability margins, real cash margins >> what gets them there? we have been talking about this for years and that net income is so far off. >> yeah. what we have seen is interesting, uber has diversified, they moved into other business streams such as food delivery. we're all seeing the grocery

delivery wars, becoming huge piles of cash that is getting burned let's stay focused lyft stays focused on ride share, on quality service, they limited international growth to try to get there i would like to see lyft be the first one to get into cash flow positive. >> one thing interesting in the quarter, ann, active drivers hit a new pandemic high and airport rides doubling year on year even though clearly airline traffic has done better. i wonder if we get this continued reopen ing, if there is no new variant, if antivirals become more available, if that trend has a few more legs in it. >> i certainly -- we are seeing huge conduct for experiential, not just air travel, but also in live experiences, so you expect live concerts, live entertainment to start to recover. the only thing i would say is we got to remember that ride sharing has been benefiting particularly in these areas where people do not want to go on public transportation so there will be the reopening,

people get back out there to see folks in person, but also subways and buses more and that will be negative for ride sharing services. >> let's close with microsoft, rumored to be eyeing another acquisition, mandian, which shot up more than 17% yesterday on those headlines. mandian, it is a head scratcher to me, back in 2016 or so, this was like 60 bucks a share. and we talk about it often, they're often finding these major important vulnerabilities, and yet it hasn't performed that well, so i don't know, i look at the likes of mandiant and then okta and companies that are looking at identity technologies, which is kind of security, but not in the traditional way. and it makes me think about where the value is going to be for investors going forward. >> that is such a great question because there are a number of players in the space, but when it comes to cybersecurity, no

matter what format it is, i.d. protection, whether it is responding to potential threats or reactive rather than preventative, it is completely on point this sector it is national security priority nasdaq did a survey recently and it showed the number one concern for many corporations is ransomware attacks i think about microsoft, $4.3 billion plus acquisition, microsoft has cash, they can take something like this business, put it into the suite of microsoft, both consumer and commercial products, and i think it is all about scale and getting to new users much more rapidly. >> it feels like everything is on the table these days, maybe apple is interested in peloton, maybe microsoft is interested in many, many names because maybe they're the only tech giant that can do a number of deals from the regulatory point of view i wonder, does that follow through, yes, the high growth complex has been hit hard over the last few months, but do you

think that we are going to see a lot of m&a follow through, more private equity deals, for example? >> i think this is absolutely the year of m&a and it is going to be winners with billg balanc sheets finding businesses. private equity, a trillion dollars of cash right now, interest rates going up, but still relatively low this is the time of the year i would be sitting there looking to take private, screening to see where you see big dropoffs in stock prices and free cash flow potential and this is go to be where private equity goes for the next six months. >> that's going to be fascinating if we get to see some of those cash levels get put to work. ann, great stuff thank you for helping us out with the number of topics today.

thank you. a news alert from washington this morning on that congressional stock trading ban. >> reporter: well, house speaker nancy pelosi is just about to talk to reporters but i am told she is getting behind this push to ban lawmakers from trading stocks while in office, even though she dismissed this idea just about two months ago. the current proposal around prohibiting trading would apply not just to lawmakers, but also to spouses and dependents. and that's important because many politicians, pelosi included, have said they're not the ones behind these trades this is really about their significant others but we know that pelosi's husband paul is an active investor her financial disclosures show he won call options on a variety of big name tech and media stocks including alphabet, micron, roblox, salesforce and disney they say holding the stocks is okay, they shouldn't trade them. other lawmakers want all the assets put into a blind trust

and some lawmakers, like gop senator steve danes, say ownership itself should be prohibited, even through a blind trust. here's steve danes on "squawk box" this morning. >> they can hold widely diversified mutual funds, etfs, that's all allowed it is just trading individual stocks, getting the concentration of wealth into individual companies, and individual stocks, that's going to keep the focus here in terms of avoiding that conflict of interest >> reporter: now, i'm told that pelosi is working with the house administration committee on the best strategy forward. a group of senate democrats is also working on a unified approach so, guys, this issue is clearly gaining some steam and perhaps no surprise that we're in a campaign year. back over to you. >> you got that right. i did notice carolyn maloney said i'm one of only four members of the house who currently use a blind trust. looking forward to us making that the norm on capitol hill. we'll see how that develops. thank you.

the ceo of arm is with us, exclusively this hour, as the biggest chip deal ever falls apart as you know. "techcheck" is just getting started.

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disney earnings tonight. gut check on that. julia has bob chapek later on "closing bell. where why streaming and parks will be on focus in this quarter. >> with disney shares down about 18% since the company last reported earnings, the pressure is on for the company to deliver in those two key areas first, streaming subscribers after last quarter, disney plus added just 2 million subscribers and after netflix's disappointing growth outlook, is disney on track to reach their target on disney plus subscribers. it is expected to report 126 million this quarter

disney's d to c business has the most potential to compete with netflix and investors are skeptical of the long-term streaming targets which they say we think are still very much achievable, particularly as disney bring the full assortment of content to direct to consumer the second area to watch is parks. they did start to show a rebound from the pandemic last quarter investors are looking for a further rebound with bookings into the summer. now, driven by improvement at the parks, disney's earnings are projected to grow 97% to 63 cents per share, revenue is expected to grow 29% to $20.9 billion. going into earnings, 69% of analysts have a buy, the rest have holds no sell ratings on that stock. we'll be talking about all of those issues and more with bob chapek, that's going to happen right after earnings cross in the closing bell >> julia, so many fascinating

threads in their earnings. got the direct to consumer story, which is more of a show me story, the street would agree. you mentioned the operating leverage of the parks. and now sort of these unanswered questions about the theatrical window and where all this incredibly valuable ip through what pipes is it going to run. >> yeah. i wouldn't be surprised if he mentions encanto, that had a theatrical release and 30 days later was released on disney plus a song from encanto that went viral, one of the top songs ever released by disney so i think that the question is sort of what the plan will be going forward, are they going to do more of those 30-day windows or more direct to consumer or just going to embrace the flexibility that they now have that they certainly did not have prepandemic? >> yeah, julia, really looking forward to that interview coming up later today thank you. turning now to doximity, beating the street with revenue of $98 million joining us now the co-founder

jeff tangy shares are surging today, but well off their peak like many of the pandemic darlings as you face a slower more normal growth going forward. you're also forecasting margin contraction though you are making investments through m&a, expanding your suite of products and tools. are you trying to grow into that larger valuation how do you think investors should be viewing doximity. >> a strong quarter for us as the market has shown today a 13% beat and 6% raise in our revenue forecast for next year which as you mentioned takes us to 33% growth for next year, and we're projecting a 40% ebitda margin so, you know, quick reminder, we're building the physician cloud. software suite that helps doctors save time and provide the best care for their patients 80% use us for their interactions each day.

telehealth visits, esignatures and news on the latest treatments so the growth we had this quarter and the race here to projections proved that healthcare is finally, slowly, making that leap to digital. and we're excited to help our clients, which include all the top 20 hospitals and the top pharma companies, catch up and spending only a quarter of their marketing on digital in 2020, to what the fortune 500 has been doing for a while, roughly triple that. and in terms of our margins, you asked about our profitability, i say that we're proud to reinvest in the business and keep helping doctors and, again, i think a 40% ebitda margin guide for next year shows that we're also giving back to investors. >> jeff, you gained so much traction among physicians, hospitals, pharmaceutical companies, over the pandemic is there an opportunity for you here in a consumer-facing platform how might that complicate your existing business? but also there could be a lot of opportunity. >> yeah, yeah.

so we're not focused on going after consumer at this time. there are a lot of players in that space my joke in telehealth is that everyone wants to be amazon for healthcare including amazon itself, right. so we see a lot of competition that consumer space. where we shine is we're the shopify, we're helping all of those existing hospitals and group practices digitize their practice, we had a record number of doctors do telehealth visits with us last quarter 350,000 unique providers, which is more than we have ever seen what we see is a shift in not only the primary care doctors, alsoons using telehealth so we're excited to keep leaning into health, the existing healthcare system digitize. >> the number that really jumped out at me was your 171% net revenue retention. showing just the loyalty and the

ability to sort of add on as your customers see more value in what it is, you know, full portfolio that you offer my question is, when you look at the growth opportunity, how much of it is that broader portfolio that you can offer, how much of it is geographic expansion when perhaps outside of, you know, your core markets, the spend might not be as strong from the hospital side. >> yeah, carl, great question. >> it's jon. >> sorry sorry, jon i can't see. 71% growth, yeah, in the existing clients, we grew 79% in the last year, so most of that growth is from existing top 20 pharma and hospitals, and, you know, they're realizing that digital marketing works and as the pandemic smoke clears, i think this will continue to move that way we're less than 5% of the healthcare professional budgets that just the pharmaceutical industry spends. and, you know, i love the 171%

at our number, but if you look at the top five clients spending eight figures each with us, it was 190% so they're growing even faster with us, which to me shows we got a lot of head room to help healthcare make this transition to digital >> jeff, the white house had some truly remarkable figures earlier in the week about the number of missed medical screenings that we have had ever since covid, the pandemic era began. i guess my question would be do you expect us to try to make up some lost ground on that front are screenings going to run above trend once we get the all clear from what we hope is an endemic phase? >> yeah, certainly will be a catch-up a lot of deferred maintenance in this country, and we're seeing that actually in our key doctor business, our business where we help doctors go do a couple weeks in a hospital to help catch up on their backlog of surgeries. that business grew 93% for us

this last quarter over the prior year a lot of doctors getting on planes trying to help catch up here on all this deferred maintenance. >> jeff, before you go, want to ask about advertising on the platform and how apple's privacy changes may have affected you guys you have a lot of access to first party data have you seen more interest in ad dollars how do you plan on looking at this side of the business given the changing landscape that we're seeing in privacy? >> yeah, great question. so i was 14 and apple's privacy changes haven't affected us directly at all. i do think it is affected some of our competitors and probably made us even more the go-to digital partner for large hospitals and pharma companies. >> jeff, thanks so much for being with us. jeff tangney, talk to you again soon >> great, thank you for having me breaking news from microsoft on the other side of this break. stay with us

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welcome back to "techcheck." we have an exclusive interview with the ceo of arm coming up in ten minutes, as nvidia's historic deal for the chipmaker falls apart. dow is up 300. let's get a news update with rahel solomon. >> here's what's happening at this hour. teva pharma erasing premarket losses, now up 10% company giving full year profit guidance below forecasts, but it also says revenues will accelerate in the second half of the year cvs shares on track. guidance is below forecast they say it expects to give 70 to 80% fewer covid vaccinations this year, and that in store diagnostic testing could sink

40% to 50%. one of the biggest waste companies paying a hefty premium for a smaller rival. republic services is buying u.s. ecology for $2.2 billion including debt shares up 70% on this news. the s.e.c. taking its biggest step yet to address last year's frenzied trading of meme stocks, proposing cutting in half the time it takes to settle securities transactions to just one business day proposal would also mandate new record keeping and contract transparency between broker dealers and investment advisers and their clients. up to date, jon. back to you. >> thank you. news crossing on microsoft moments ago. comments from president brad smith on app store legislation and microsoft's planned acquisition of activision blizzard eamon javers joins us from microsoft's offices in d.c. >> good morning. that's right microsoft at this hour is announcing what it is calling a

new universal app store, which will create what the company says is a seamless experience for users on all different kinds of devices and platforms from the xbox to all the other different options that microsoft offers this is in the wake of the acquisition announcement of activision blizzard that is a $68 billion acquisition. it will be the biggest check that microsoft has ever written and i just sat down with brad smith, the president of the company, to get a sense of what this new universal app store is going to be all about. here's what he said. >> we're focused at microsoft on our acquisition of activision blizzard, more first party titles what we're really focused on doyne a doing as well is creating a new universal app store that will enable any gamer on any device to access and download and use any app. so it works for mobile, it works on consoles, it work on pcs, it will, i think, really bring new opportunities to people who create games and people who play

them >> reporter: the company is also releasing a list of what it calls 11 app store principles, up on microsoft's website later today, that describe exactly how the company is going ting to ha the app store and the promise they're making to competitor and developers they're saying it won't use proprietary data that is nonpublic in terms of competing with other developers who are developing apps that will be sold on its app store. brad smith told me in our exclusive conversation just now that a lot of this is designed to get around regulator concerns about the company getting to be too big. he says they're designing a lot of their approach here with washington in mind take a listen. >> this has to be approved by regulators in 17 countries i think they rightly will ask us, as this process begins, how are we going to run this business, how are we going to live up to the responsibilities we will have and i think if there is one

thing we have learned from 25 years of regulatory experience, it is the right kind of mindset that we hope to bring to this. namely, we want to adapt regulation, rather than fight against it >> reporter: jon, i also asked brad smith about the acquisition of activision, that say company that had a tumultuous history with sexual harassment allegations, employee dissent and the like he said that the company is going to be under scrutiny between new and the time this deal closes and that microsoft is really depending on the current leadership at activision in order to live up to the commitments they have made on the culture front as that acquisition goes forward i also asked him about the rumors, jon, yesterday, that microsoft might be interested in acquiring mandiant he said he wasn't going to comment. he wouldn't give me a head nod he said i'll keep my head still here and not answer that question no indication from microsoft on whether they will buy mandiant

>> brad is very good at that i also like the way he phrased that, 25 years of regulatory experience isn't that a phrase -- >> regulatory experience. >> i want to ask about your understanding of this universal app store because it strikes me as being potentially the anti-apple app store in this way. it sounds like it is not just for microsoft platforms, for windows, for xbox, et cetera, but the pitch would be, hey, this is available on android and perhaps eventually this is available on ios devices as an app store alternative to download our software. am i understanding that correctly? >> reporter: that is the vision they're talking about this morning, a universal app store that could go on all these different devices, so even this apple product that i'm holding in my hand, potentially down the line, a lot of this hasn't been worked out yet they're talking about the deals that they're going to have to work out with sony, for example, and in terms of some of the products that activision offers

and that microsoft will offer in the future we don't know exactly what it is going to look like yet but it does seem like they're trying to be all things to all people here and we'll see how successful that approach is going to be, jon >> yeah. thank you for that as i look at activision blizzard, trading at 80 bucks, a delta from the price that microsoft is going to be paying. so maybe interesting signs on the regulatory front there skepticism in the market, we should say thank you. as we head to break, want to follow up on a story we mentioned yesterday, softbank denying reports it plans to trim its stake in alibaba, baba shares rallying on the news. "techcheck" is back after this

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let's get a gut check on global foundries shares in the green on a good take semiconductor manufacturer beats, full year revenue growth of 36 year on year the ceo sees more growth ahead, the company capitalized on demand for 2021. the stock is up 23% since late october ipo. >> we're watching that and crypto as well, with bitcoin just shy of 44k. "techcheck" is back in a moment.

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years of regulatory scrutiny now the softbank-owned semiconductor ip owner preparing for a 2023 ipo, changing up the leadership, announcing the president of its ip products group renee haas will take the reins exclusively. joining me now rene haas thank you for being with us. looking ahead to arm once again as an independent company, and i've been following the company for about a decade and a half, tell me about the growth prospects. my understanding is that you got around $2.6 billion in revenue over the last 12 months, forecasting $900 million in adjusted ebitda for fiscal 2021. so nice profitability, but there is always this tension within arm between being switzerland, an independent, not competing with customers, versus the raw

growth trajectory. which do you pursue? >> revenues are at 2.6 billion and set a record, profits are a record the arm is going public, it is very different than the arm we saw in the public markets in 2015, much more diversified business, we had huge growth in the hyperscalers, automotive, cloud, infrastructure. the trade-offs are always there, relative to investing, versus long-term return i think i would like to emphasize we're so excited about the future for arm it is a different company than the company that everyone knew that was public presoftbank. >> tell me more about that there is so much of a move toward everything that arm sort of pioneered and believed in, low power, you see what apple is doing with the m1 chip, et cetera flexibility and custom design, we see that happening with the hyperscalers whether it is custom services, more design work, which is high margin, lots of possibilities it seems for arm to expand what it does how much of that are you going to lean into >> we're going to lean in pretty

hard if you look at the smartphone and the revolution around that and what made arm a very, very good solution there was broad software applicability, and low power, high performance. let's talk about the cloud, let's talk about electric vehicles very, very same formula. they need high performance, they need low power, they need a broad cell for ecosystem, that's are all things that arm is good at. >> what is the latest in china alan wu remains in the position despite being fired nearly two years ago and claims this is an independent chinese-owned entity meanwhile, you're facing increased competition from a rival that seems to be gaining traction in the country. >> so we have a jv in china, 49% is owned by arm, 51 by china investors. we put that in place four or five years ago we are going through a management dispute there and working through that i would like to say our business in china has never been better record royalties and licensing

>> but is arm china under the control of arm limited >> arm china is 49% owned by arm, 51% owned by outside investors. there is a board, a number of arm people on that board we're working through that dispute with the board and also with alan. we're confident it will be resolved soon. >> what can you say about the potential you see in this environment around not only electric vehicles and adas but also the flexibility in customization, in competing devices. qualcomm and apple are two of your most successful architectural licensees, and their growth in new areas has been tremendous. what kind of a role do you see arm playing, even within the windows ecosystem, and bringing more computing power, flexibility, graphics performance and low power to those devices? >> yeah, we love working with

all of our partners including the two that you just mentioned. the arm architecture, again, as i said, the most popular architecture in the world, finding its place in many applications again, very, very well suited for low power, high performance, and when you think about the electronic vehicle of the future, it is a computer on wheels there is over 30 arm-based processors in a car today. i see that number going way up in the next number of years. we work with our broad partner base to get a number of solutions out there, super excited about the opportunity. >> how do you approach the hyperscalers and cloud in general? there is a lot of custom move, amazon, microsoft, google and others, into building custom chips, designing custom chips for cloud workloads. do you need more dedicated groups for that type of work specifically to work with those customers? is that an area where you intend to scale up and see some real revenue growth possibilitys?

>> i wouldn't think of it that way. the custom chips that go into the cloud, what we're seeing is multiple cores into a chip, 12 cores, 36 cores, 48 cores, 96 cores and the little cpu cores that we deliver, the customization, the mix and match allows the hyposerscalers to tailor the end product what is fixed is area and space and electricity. so as a result, doing customization can give any one of the hyperscalers a huge benefit. >> rene, how do you respond to those that uncertainty over the nvidia deal may have stirred up over more interest, risk5 has seen interest, investments, partnerships, for some of your customers. >> yeah. we're -- while we would have loved the nvidia transaction to happen, great for both companies, we're moving on going forward. competition, gosh, it is the nature of our business

the semiconductor business is one of the most competitive on the planet and computer isas and how they play out, again, a huge competitive battle so competition is there always we respect everybody we compete with including risk5 as you mentioned. >> does that change the way that you guys are looking at the marketplace? how do you hold on to the share you already have and what does that mean in terms of your investments you talked to jon about already? >> we have to continue to innovate that's the magic in this industry you have to deliver great solutions, solve your customers' problems and innovate like crazy. that's how you address the competition. >> talk to me about where the workforce is geographically. i remember the days when cambridge was really most of it, but there have been a number of acquisitions that you have done, you mentioned business extensions how much of this is cambridge, and uk, how much of it is much more broadly global now, and what is the impact then on how you need to run the business

>> we're very much a global company. most of our engineers are in cambridge, that's where our headquarters are we have huge design centers in france, austin, texas, a big design center in bangalore, india. i'm speaking to you today from san jose, california i used to live in london, arm is a global company. we make the airlines very happy when they were flying years ago with arm employees on board. >> and, given that, how much is regulatory concern and issues and even, nationalism and the location of chip fabs going to be a concern of yours even as, i know it is not you directly necessarily having to be concerned with this, but those who are licensing your designs are very interested in where their chip supply is coming from. >> we're one step removed as you said, jon, relative to where we are in the supply chain. however, we're a global company, with a global footprint, and we shipped -- we shipped our chips

with arm inside more than any other architecture we keep a close eye on everything going on from the global standpoint, the supply standpoint, but it doesn't immediately directly affect us as we are of us as we are the licensure not building the chips. >> rene haas, the incoming now ceo of arm on the prospects for that company, hoping to come public in the next year. thank you for being with us. >> thank you for having me and we continue to watch peloton. it's now up more than 35% over the last week. cnbc has another great piece up on the website with a leaked memo from the new ceo and it includes lines with "fast is as slow as we go. tech check is back after this.

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welcome back the next chapter in musk's war of words with the white house. the president doing an event to promote american ev infrastructure giving a shout out to the company he has not mentioned so far in his presidency >> tesla, our nation's largest electric vehicle manufacturer. >> tesla's ceo elon musk has been highly critical of the administration he called the president a, quote, damp sock puppet. biden seems to be controlled by unions after he wasn't invited to a white house summit on evs pete buttigieg addressed the

topic this morning on "squawk box". >> the president strongly believes in everyworker having the free choice to join a union. we believe in good paying jobs and we believe that unions built the middle class we also admire the range of american companies that innovated including tesla which did so much to make evs possible in america >> the twitter beef aside, there is something here on which ceos get invited to the white house and have the ear of the government, john obviously, this is something personal to musk it's nice that the white house finally mentioned it, because as we've said in the past you want to champion your giants. >> so weird. so ward, carl. i mean, tesla is the ev name, right? >> yeah. >> it's everywhere in the world. >> elon musk, yeah he's hard to handle and he's even hard for himself to handle and so american and such an

icon i understand how maybe from the white house's perspective you need to be careful about the optics and how you align with elon musk or not especially given all of the trump era positioning, but i guess, about time. >> to say that he's done so much to make the ev in america possible is certainly an understatement also, carl, that piece of news that the model y is the second best-selling vehicle here in california i thought i was just looking for teslas and that's why i saw so many of them no, the numbers back it up huge success and that's overall. so just a huge number. >> yeah. the president says he's a car guy. we would love to see musk get invited to the white house some time maybe later this year >> meantime, if you're looking for other ways to plate ev trade. a big boost as china makes it easier for mainland investors to access the hong kong shares and the stock still needed it. down 20% year to date and we're ee the narrow range and in the

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one more thing we brought you the story a couple arrested for landering

$4.5 million worth of bitcoin. these are the sketches from the court featuring lichtenstein and hethser morgan, an entrepreneur and you may have heard, yes, a rapper that goes by the name razzle khan, this is according to the doj ladies and gents, here's razzle kahn ♪ ♪ love to be contrary, but i smile like a gator ♪ ♪ i have pilot blood ♪ i'm a real risk taker ♪ >> guys? that is part of her persona. that wasn't half bad forbes profile said she was thinking of, quote, better ways to combat fraud and cyber crime and they each face up to 25 years of convicted. >> that was much more than half bad and now they have to do another season of "succession". >> that's right. they've definitely made good use of the, teariors of this very

building where she shot that video, but it is in all seriousness a big deal and if you're paying attention to security in the crypto space it's definitely something we'll keep our eye on. as for tonight, we'll make our way through disney, twilio, mattel and mgm ahead of cpi tomorrow and let's get to the judge and the half thanks, carl welcome to "the halftime report." i'm scott wapner front and center, the rally and why one member of our committee is changing his recall of the january lows and you'll hear about that in just a moment and we'll debate it and find out if the other committee members agree. joining me, kari firestone, steve wisseiss, joe teranova and jon najarian co-founder of market rebellion.com that's three-arequarters of 1% the russell outperforming that ten-year note yi