there. and the dow is slightly higher, up 90 points right now, as is the small caps, the russ schedule 2000 but the nasdaq is under pressure around poised to end the week lower that's going to do it for us on "squawk on the street. "tech check" starts now. good friday morning. welcome to "tech check." i'm carl quintanilla today, another volatile week for tech the latest on big tech's shifting landscape a day, another day in the red and now it is time to get de-faanged and zillow shares heading in the opposite direction and do not miss the interviews of the ceos

later this hour and finally as you may have noticed "tech check" is live from los angeles ahead of super bowl weekend bringing you the latest from so-fi stadium and we will talk about everything from ads to gambling to meteorites, a big hour ahead >> and carl, great to have you on the west coast. not far from here. but first, we will begin our feed with the volatility in tech which has overshadowed huge shifts in the mega cap and in the wake of faang earnings, this new landscape has emerged, take a look at the top nasdaq weighting, meta formally known as facebook, conceding market leadership to tesla and nvidia and the market cap is smaller than disney and adobe, and no longer coming close to the top ten or even 15 largest companies on the nasdaq by weighting john, meanwhile, the biggest of the faangs, we need a new acronym, only becoming bigger, apple, behind the chaining landscape, with the privacy changes, alphabet benefitted directly, and i know we've been

saying this for years already, and we need a new acronym, but after the last few months, especially earnings season, i don't know where to start. >> i think we need no acronym. and that's where i kind of step back on this whole thing, great setup but when jim cramer came up with faang, not years ago, it wasn't about big market cap, it was about dominance in their particular area, and growth potential, and that was facebook, amazon, netflix, google, and then at the time, netflix's market cap i believe was under $25 billion. so now, yes, facebook, meta has had a bit of a fall but still 600 billion in market cap, nearly three adobes, three oracles, three salesforces, three qualcomms, four intuits, it's still huge. but there are other things that are big also and so i think investors have to think about, are you into this whole regulatory market dominance narrative that talks

about big tech i think that more people out of washington carl are saying big tech now, or are you focused on who's got growth potential, who's got dominance technologically in their particular area? i'm not sure there's just one acronym for that unless you want to go -- >> maybe now, you know, maybe it is a function of who's got cash or who's balance sheet is the most pristine in an era in which corporate credit spreads will increasingly come under focus, as the fed tries to make the pivot. >> yes, they've been increasingly called the value plays in tech, right, the cash-rich companies with big balance sheets, but john, to your point, i wonder if you think that means that sort of the era of us talking about big tech is changing, and what kind of regulatory implications that has, right because they used to be so well, i guess laid out, right, we knew what their dominance were in certain marks but how do you deal with an apple and alphabet that are so dominant in their fields >> i was just listening back to

a pies piece of my conversation from andy back in the fall and he doesn't like the big tech moniker and it is move often coming out of washington as an attack so you know, should we talk about big tech, how about talking about platforms, the platform play, versus not, how about we talk about data, right, who is really doing the smartest things with data, when we talk about identity and we talk about data management with snowflake, i think we've got to get deeper into the fundamental stories of what these companies do, how they're retaining customers, how they're able to grow that customer base, carl, versus just talking about who's big. >> yes, well, cramer's back next week, guys, and he's awfully good at coming up with these acronyms, and depending on the basket, or screen, that you want to develop, so maybe we can get him on the case. >> i don't know how he's going to do that, carl, i think we just threw out too many, he will have a whole sentence this time,

right? >> i'm going to stick with no acronyms at least for the time being, carl. >> okay. guys, let's turn back to the big game this weekend, the nfl's regular season ratings for television and digital up 10% year on year as the best since 2015 according to data from nielsen, an average of 17.1 million viewers a game, and our julia boristen is on-site to talk about what is happening with the ratings for the league. >> that's why football is the most valuable content in television when it comes to advertising dollars. we're seeing ads for this game sell for as much as $7 million for a 30 second spot we're talking as much as 7 million, up dramatically from the previous record, which was closer to 5.5 million and i think what we've seen as netflix and other on demand streaming services have grown their audience, when it comes to live tv, nothing is more valuable than sports. i think people are expecting as

much as 117 million viewers to tune in to the game on sunday, that would be an all time record, and it makes the ads really valuable and we're talking about them now. >> it's true we were mentioning the amazon ad during the break walk us through who pays what, for the rights, and how amazon is changing that equation, over time. >> in terms of the media, we're going to be talking about this with brian from the nfl coming up later in the show, but it is interesting, because there are three sets of rights currently up for grabs that are being negotiated over, and that means that they could be either bought, you know, individually, or packaged together so there is sunday ticket and i asked bob with disney, if they're interested and they're very much interested in it, there is the media partnership and there's also the mobile streaming rights so all three of those rights could be purchased by a tech giant or by the likes of an espn for disney. >> super bowl week, it is usually a flurry of press releases but one that got through to me was the nfl

developing some metaverse products, in this case in conjunction with roblox. >> a metaverse partnership between the nfl and roblox and i think we will be hearing a lot about the metaverse in the super bowl ads, meta, formally known as facebook, did buy an ad, we've heard a little bit about that spot, and we'll see ow many other of these brands really buy into meta, and there is a salesforce add making fun of the metaverse and metaverse will be wund of those undercurrents, one of those themes, and some leaning more into it than others >> i got to bring you in on this, man, because this will drive you crazy. >> i am looking forward to the salesforce ad. i think there's plenty of action in this area, in part because there's so much money sloshing around, so much crypto money looking for a place to go, and we were just talking yesterday to the finance guy, and who knows what else he said and looking to put the money all over the place and some people

are putting it into super bowl ads, too, and that should be a warning sign for a lot of people because i remember super bowl, 20, 25 years ago, dot-com money, sloshing around, right >> now there's a lot of crypto money, right we're expecting a lot of spots from the newest crypto players, and in fact the conversation with the ceo yesterday, not just transaction costs money, but he said, some of platforms, he didn't discuss which ones are making more from the spread as well which is why they have so much cash and we can't really see where they're getting it from, to be able to put into these advertisements, julia. we'll see a lot of them. we even have stadiums. >> we are in fact, the crypto.com arena is not too far from us here in los angeles, crypto.com is one of the three crypto advertisers that's going to be spending big on these spots, and in the big game, and i have to say, john, it's not just about the risk of this

being a bubble or a sign that all of these crypto players are jumping in at the top but this is really an opportunity for them to re-grow, grow their reit and fight for market share and a key opportunity to reach the broadest audience you can get in terms of advertising, especially some of the younger viewers who are especially hard to reach with tv ads, they will be watching on sunday so it doesn't always turn out like it has, like a test drive situation. >> i'm with you. >> julia, i'm with you, but at the same time, we are talking about metaverse, and football, and i mean we've had madden for a long time, right talk about a virtual world, and interact with it, and come on, right, like multi-player madden, and for things like this, it already exists, has existed, for a long time. the players participate in it. you know, it's streamed, this part isn't complicated, right? >> well, no, i mean, but yeah, they already have madden, but they now get to reach an even

younger audience with roblox and they might even get people to spend extra money, and hook a new generation of viewers. >> right. >> and when i think about the sort of the wheel, the carousel of controversies, that everyone thinks are going to be existential threats to the business, injuries, right, protesting, kaepernick, we obviously had penalties, the clock, and now it's diversity, and the flores suit, and how do they keep managing to come back, and answering all of these concerns >> i think it is interesting that we saw goodell address those diversity issues, acknowledge that we have to do better, and sort of address the issues head-on but i think the fact is, is that this is a sport that america cares about, and the fact that there have been so many competitive games this season, up dramatically from last year, but also years before, this is just an exciting sport to watch, and it is so rare to have something, especially as we talk about from advertising, where people need to watch in realtime, and i also wouldn't underestimate the

impact of the sports setting that has really continued to drive interest in live sports. >> and talking to fanduel last hour, in that it drives a different kind of experience, out of watching the game >> much more interactive the final score is maybe one of your ten biggest worry, right? >> absolutely. and this idea that people have skin in the game, even if it's not a team that they personally have a connection to, and that they want to watch every different moment of the game, because they might have some financial upside, so i think that live sports is going to continue to drive value, for the league, and it's going to be, this used to be something that all of the sports leagues were so opposed to, and now not only do you have the nfl embracing the setting but also the networks like espn >> finally, i think back to the needham notes earlier in the week about netflix where laura says one of the things they need to do is maybe get into sports or news, what do you think it is that holds back a company like netflix, or apple, with lots of capital to deploy, from taking something on, even though it's

expensive like this. >> we have seen netflix invest in a lot of sports documentaries, that's a big push they have made in the past year, but going with live sports and also advertising, those are two totally foreign things that they never touch. >> that's what laura martin would say, that's for sure. >> great chat. we can't wait for this week, john and we can't wait for the metaverse either. >> you are all in california. >> am i the only one rooting for the bengals? i went to college in the midwest. my best friend is from ohio. i worked in lexington, kentucky. after college. which is part of that, right that northern kentucky area. i don't know i must be the only one all right. >> the home team. >> there you go. >> affirm shares are falling but their results were up quite a bit, ceo max is next don't go away. "tech check" is just getting started.

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time for a check, revenue up

326 million in q4, up 84% year over year, and the street liking what they see, keybany raising the price target, shares are flat, up one-third of a percent. shares of affirm continue to sink this morning, after the company released quarterly results earlier than intended yesterday afternoon in a twitter slip-up. a beat on rerchz revenue, it is a complicated forecast that is putting pressure on the stock. joining us now is the first cnbc interview, is affirm's ceo max levchin, good to see you this is complicated but i'm hoping you can clear it up what's happening with the guidance, as your user numbers ramp, considerably, transactions are ramping considerably, and you're moving from being a little more peloton centric to

amazon, walmart, shopify, you have these interest-bearing loans, where revenue is recognized differently so give us the straight ahead understanding of how that affects the guidance >> so different products that we sell to merchants have different profit profiles and different recognition of revenue more interest bearing transactions need time to bring revenue, transactions with zero percent, primarily have to recognize on plot, and mixed changes as you pointed out, deconcentrating from some of our strikes in home business which by the way is still growing really, really strong, you will see this mix change, and over time, it will of course normalize, because ultimately the same dollars of revenue will come in, but the mix is something that our investors have to understand pretty well, and you'll see it play out very well over the next several

quarters >> so to clarify there, especially given peloton, that was revenue at zero apr, you were recognizing all upfront and its big dollar revenue, right, because these bikes are expensive and you're transitioning more toward smaller dollar transactions and very high volume, right, with customers who you're hoping are going to be loyal over time, but not only are the dollars smaller, even though the transactions are more, but those are going to be recognized over a longer period of time. and you actually see the numbers already, the numbers we quarterly reported, the active user base went up 1.5 times, so it's enormous, and the frequency of transactions went up at the same time, if you think about it, these are a huge number of new users we're adding and they a chance to transact once, and we had the transaction per user number is also up, so you can see the frequency that continues to happen and it will over time build and there is a massive network effect, as we cross-sell

our merchants to our consumers so over time, this creates very, very significantly, increases very, very significantly but you're completely right, revenue recognition stretches over multiple quarters depending on the term the consumer chooses, and as well as a lot of the home business that was wrecked during the pandemic is recognized on the spot. >> i know you talked a lot about the amazon partnership and how it has increased your future opportunities for other merchants, but can you clarify what it's doing to your take rate in terms of transactions and how much you may be having to give up there >> and with the breakouts, the partners, with commercial central terms, we're very, very happy with the deal that we were able to negotiate with all of our partners, and obviously, if you look at the transactions to date, there is not a lot of zero percent transactions taking place there, the whole point of our business is both the merchant and the consumer side paid something.

>> right. >> different merchants, different deals, ship shifted costs from one to another so you will see our costs across our partners where the mix will change over time. >> without breaking out specifically, can you talk about sort of some of the trends there, because your exclusive deal with amazon ends in 2023, so what is the trajectory, can you increase that take rate, how are you thinking about competition when it comes in and how are you bringing users outside of that amazon ecosystem so you can do things such as cross-sell like you talked about? >> amazon is an enormously important partner and we have a very, very large, very large successful partnership with walmart that we've had for years, and continue to grow and bear fruit and a lot of experience and a lot to show for, it like i say, in terms of scaling our partnership, with our partners, and even more so with our friends in ottawa at shopify, where we have been building a lot of new products together, and so we're quite

good at scaling these partnerships, and i'm very confident over time we'll be able to produce more products. the overall part of the business ultimately is in relation to the consumer, payment first, by the net promoter score and the consumer's propensity to huse, it and the number of consumers and the the number of transactions per user is your big indicator for ow good we feel about the business. we will continue to see more oo transactions and we'll will continue to see more consumers >> delinquencies still below fiscal '19 but the street is obviously asking a lot of questions how credit metrics may worsen it sounds like you're building in a fair amount of rate hikes here, 180 basis points >> exactly so we forecast, and we run the business with a fairly conservative outlook for both credit and rate hikes. and our models are all built around the idea that the fed will take fairly protective action around the rates, i think the market has now decided that

they will, so i'm not overly concerned there at all on the delinquency side of things, we choose the interest rates we want, we ran our last year, our calendar year, very, very conservatively as we were trying to figure out what we're willing and willing not to do in terms of the stimulus with the pandemic, and you can see the numbers were quite a bit higher and we made a decision and send it to the market and last quarter, we believe, that we're going to loosen our approval a little bit to encourage growth we are still very much in control of those numbers, we'll bring it to the goal that we want, and keep it there, and if the market conditions do change in terms of macroeconomic numbers, we will tighten so that is all part of the plan. >> max, finally, a little bit more on interest rates explain if you will how rising rates affect your costs of doing business, and then strategically, the impact on affirm's savings and what types

of either funnels or customer interest you expect on that end, and what that will do for the business >> so interest rates, it probably is one of the more misunderstood parts of the business, and we fundamentally serve to constituents, the merchant side it really, really truly important to us but the consumer decides whether they're going to take they're firm out of the wallet or not, and when they look at us and especially at zero percent yield from affirm, no deferred nterest, and compare that to their rising credit card rate, affirm looks that much better so in a rising rate environment -- >> really looking forward to the rest of that answer. hopefully i can get it and here you are, max you were talking about the, how affirm looks better, especially at zero pers apr in a rising rate environment and then you

froze. >> that work from home gets you every time i think the broadband got to me. in a rising rate environment, consumers use affirm more often, because we're that much more compelling than credit cards et cetera so on the consumer side, as much as i dislike rising prices, we serve a more important service to consumers, and the consumer demand and on the funding side of things, it is a vast diverse collection of funding partnerships, and sometimes we are able to lock in rates for a long time and other times we are able to float it, so we are managing that number, just fine, and have planned for a rate hike moreover, just to give you proof points, we ran this business, really, really well, a couple of years ago, or five years ago, where we are contemplating to be able to come back, too, so we're going to be just fine, on the cost of funding side as well >> and we plan to keep up with your progress. as the whole economy goes through it max levchin, founder and ceo of affirm, thank you. >> thank you.

speaking of fin-tech, b of a upgrading another firm, and we will find out why the stock could rally 70%. we can see that at cnbc.com/pro. meantime, lots more ahead from so-fi stadi aweums countdown to salary. sports betting, media rights, ad sales and more stay with us need your prescription refilled? capsule pharmacy can fill and hand deliver your medications - the same day - for free. go to capsule.com to get started. we handle your insurance,

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welcome back to "tech check. i'm carl quintanilla markets here ending the week on a bit of a tepid note. s&p just marginally down live from so-fi stadium, talking media rights, ad deals and a lot more with the nfl's chief media and business officer in just a moment first though a news update >> good morning. consumer sentiment falling to more than 10-year low this month, concerns about inflation

helped push the university of michigan's index down to 51.7 from january 57.2, and economists had expected an increase despite some expectations for a dramatic half point rate hike, the federal reserve will probably take a more measured approach, at least to start. cnbc's steve liesman says several officials are saying publicly and privately they do not agree with the call from the st. louis fed president bullard for a fed hike next month. a quarter point expected, for every meeting in 202, and the fed's kmiftss say the inflation should moderate this year but the timing is uncertain and the senate banking committee will vote next tuesday on several fed nominations including the reappointment of the chair jerome powell. back to you. >> thanks. we're hear life at so-fi stadium in los angeles ahead of super bowl lvi and joining us is the nfl chief media and business

executive, brian, thanks so much for being with us here on this beautiful day ahead of the big game i know ratings are expected to be sky high. 117 million viewsers expected. but i think it's important to acknowledge that streaming is an increasingly important piece of your business. people will be able to watch the game on peacock and various other places on mobile devices, and streaming is also a big piece of the media deal you just did. how important do you think that's going to be for viewers >> julia, thanks for being here. great to be here i think streaming is extremely important. when we did our recent media deals, which we talked about four, making sure that our partners had the right to drive streaming, it was not only important for us because essentially we're a sport based on reach, we want to reach as many people as we can, and clearly you need streaming to do that but we want our partners to be streaming successfully for their business and as a part of universal and to be able to have

access, our right to push that, is our nest interest with their best interest. >> and three sets of media rights deals up for grabs, including sunday ticket, and very much interested in securing, where do those negotiations stand now, and how likely is it that it is a big tech company >> lots of conversations, as you can imagine, the quality of the content over the last few years that we've enjoyed, there's lots of interest from traditional companies and tech companies and it's not just about sunday ticket, we're looking for strategic partners for our owned and operated assets which include the nfl network and the red zone channel and talking about pretty interesting partnerships with nfl film so we can increase nfl film's presence, and the mobile rights, and we had verizon, with the mobile end market game, right, so there are lots of rights that we actually have that we're thinking about long term just because they're main deals doesn't mean we don't have a lot of work to do.

>> one thing that is evident in the post season is the quality of the play. i think it was rick springfield said the best commercial for the nfl these days is the nfl. and i wonder, is the league looking at how deep some of the coaching staff has become, and the way in which there is very little edge, you end up going into overtime a lot, and what that does to viewership? >> look, i think it all begins and ends with the product on the field. when what i do in the media rights or in the commercial deals, it doesn't matter, if the product isn't good and i think we've seen that on display this year. we've had some of closest games we've ever had the divisional round of the championship round of the playoffs were evidence of that, where the games were incredible, all of them, and it was our best season and post season since 2015 in an era where fewer and fewer people are watching television the fact that we're up that much is very significant. but again it is the parity of the teams, anybody can win on any given sunday and the fact that it is so competitive is where the strength is derived.

>> and i'm curious how much the rise of sports betting has driven ratings and curious what you plan to do going forward to further integrate sports betting into the viewing experience. >> yeah, i think sports betting long term for us is really about increasing engagement. i mean we have 190 million fans in the country, and from a business standpoint, getting those 190 million people to watch one more game, or watch one more week is a lot easier than growing 190 to 290 million, and i think sports betting is one of the ways to do that as far as the short term, we have not seen a huge increase, again, in ratings because of sports betting but rye now, we are at this inflection point where over half of the country has access to sports betting and i think you might see that going forward. >> it has not that liong ago where not having a game because of covid was a problem and trying to refine the protocols and it seems like you ironed out a lot. i think 95s of players, 100% of staff at this point. >> yes. >> what more needs to be done

and how much does that benefit the league, if a future variant comes along? >> look, i think what we went through in 2020, to play a full season, not miss a game, and sometimes it's late on wednesday, sometimes it's late on tuesday, and we didn't miss a game, with the regular season and the post season and the learning we did in that, about testing, about protocols, about the power of vaccine and boosters, i think it makes us stronger going forward and we have figured out, along the way, like everybody else, we have fabulous medical advisers, and i think we were extremely prepared for anything that happened in 2021, and you saw the success of keeping all of these games on the field i mean what we did in '20 really 2346 h-informed '21 and here we, are and i think going forward we're a lot smarter, and if we have another pandemic and what we have done already. >> and i have to ask about the lawsuit and the allegations of discrimination and i know the commissioner has addressed these issues and i'm curious as you continue to address these issues, what it is going to mean in terms of what the viewers see, what the fans see, of both

in the stadium and also watching from home. >> and i think we're clear when it comes to diversity, equity, inclusion, in all of my time in the league, i've been here a long time, we haven't had a league meeting where an owner's discussion, where this hasn't been the top of the agenda but we clearly have a ton of work to do the outcome that we have, with the few head coaches we have of color, is not acceptable and we've said that. and we have to keep trying to keep working i think as far as what players, or what fans will see, i think, you know, you'll see us support a lot of the diversity equity inclusion efforts that we had, and we've made commitments both financially and otherwise you'll see, that on the field and other place, but really for us, it is lesz about what you see and more of the work we're doing, and we have a ton of work to do and we will keep at it. >> and before we close out, i want to talk about the nfl in the next dimension with bringing the nfl into the metaverse and announced a partnership with roblox, what does it mean to bring the nfl into the metaverse and what do you have especially

when it comes to things like nfts and we've seen the success of nfts in the nba in particular >> the metaverse is fascinating to us. and it is core for us, how the fans translate their passion, in this world, into a more digital world. and we have taken steps whether on this. i mean we've, you know, we've been licensing "fortnite" for years, and madden ultimate game is probably the most popular part of the video games but recently you've seen more concrete steps, we have a relationship for nfts around video highlights and you have seen our announcement with roblox, and when you look at the platform, most of half of the country under the age of 16 will engage in roblox in some shape or form this week and an nfl virtual experience there is important and i think you will see step more aggressively into it it is internet 1995, and we will be smart and pick parth ners and it will change a million times and i think it is giving fans a

similar experience in the digital world on their termgs which i think is the most exciting part about blockchain technology, it may not the platforms that control the experience and it will be the users and that's prelly empowering and i think blockchain, more aggressive on picking and block chain allows us to have the tickets market and the secondary ticketing market over time and we're really excited about that. we will get gev and i think if anyone tells you they know how it works out, they're lying to you, and we will figure it out along with everybody else. >> thanks for joining us. >> thanks for having me. inciteful interview. >> bitcoin down by almost a third since november up quite a bit lately, though, and nfl plays veerha been among the celebrities jumping into the space. that story is coming up. stay with us and environmen als. ♪ ♪ there are so many more young investors coming in

and participating in the financial marketplaces today, and that's really due to advancements in technology. there's a proliferation of innovative technology solutions to be able to interact and invest in the financial markets. younger investors today are engaging in social media in ways that we've never seen in the past. they're in forums, actively engaging with their peers on certain topics and certain investment ideas. 75% of them believe that their investment decisions can influence climate change, and 90% of them want sustainable investing options in their 401(k). they believe that they can really impact with their investment dollars more so than prior generations. i'm naeema huq abrar, and we are morgan stanley.

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let's turn now to zillow shares soaring this morning after beating the street with results $3.9 billion despite posting more than $880 million loss on the year from its now closed home flipping business and sending out long term target force 2025, including achieving annual revenue of $5 billion, joining us exclusively zill low co founder and ceo rich barton good morning it's great to have you i got ta start with these long term targets and i wonder does

this shift in strategy, you know, at the end of the day, reduce the long term market opportunity for you? you essentially go from an buying business which is a market maker to getting a portion of the transaction. >> hey, diedre, thanks for having me on about four months ago, we took the difficult but great decision to sunset, to winds down our home flipping operation, as it was just too volatile and too risky for our shareholders and our business and ultimately, served too few customers, and the volatility you're seeing inour earnings today actually just supports the, you know, that that was a great decision it just, it throws this huge blanket over our p&l, over our gaap earnings and it's hard to figure out what's going on, in the business itself. but what is emerging from the fog, we are emerging from the fog now, and i think what investors are seeing now is a

sleek iron-clad cruiser that is kind of beginning to steam out of the fog, and has a lot of blue ocean ahead of it, we did make some news, as you pointed out today, by putting a stake in the ground for 2025 numbers, and saying we plan to grow, we expect to grow, to 5 billion in revenues, and 45% profit margin, and that is supported by the growth we have seen and the growth we are reporting today, in the core business, which generated $853 million in ebitda in 2021, up 3.5 x from three years ago. so the company has a strong balance sheet, is in good shape, and is set for the next phase, which is the housing section >> and i want you to put a number on that blue ocean you are heading toward, did you so when you talked about the opportunity in the i-buying business, you said the tam was $1.9 trillion, in a presentation, what does the tam look like for what you're trying

to do right now? >> the overall tam, the housing market is the giant industry, perhaps the largest in the country, and that $2 trillion is simply the transaction value of all homes that are exchanged every year last year, it was 6.1 million homes and over $2 trillion in tam. that is ultimately the source of our opportunity, you know, now that we are not a primary, we're not in the home flipping business ourselves, we are kind of looking at what fees are generated off the exchange of all of those homes in the form of real estate industry commissions. and mortgage fees and commissions and appraisals and moving and closing -- we are set up as the leader, the go to, the

biggest brand in real estate, for consumers, at 4 million daily app users on our app which is probably, you know, three times the size of the nearest competitor we have, we are in a position turn those users into customers and that's what our vision is going forward with the housing situation. >> given what is happening with relatively low inventory, high prices, difficult to get into the market, with starter homes these days, i'm surprised your rental business doesn't have more momentum, more traction can you tell me how you're thinking about the market overall, and how it is going to develop over the next, even five years, and the degree to which zillow is going to be a software and platform provider to the whole real estate industry, including landlords and to the extent you're really looking to

focus on sale transactions. >> our rental business is really strong we are, it is strong but nascent, and the macro setup for rentals right now, john, as you point out, is kind of difficult, renters soars, fees are low, and not a lot of money being spent by landlords on empty rentals because they don't have many empty rentals and that is our primary business model but we have a great zillow 2.0, what we call moving toward the transaction investment in rentals and he could have digitized and automated applications and we have the landlord tools where they can actually collect rent, using their zillow rental manager app, and we are setting up, we think we're setting up really nicely, to be the place to go, for both renters and landlords, bringing the two of them together, in a really seamless easy way so it's a great seed that we planted ten years ago, in the rental space, and it is coming

to fruition now. >> how do you accelerate that, what are the investments in people or m&a that you need to make that happen >> we have a terrific team we of course look at everything all the time, but we have a terrific team going after the rental business, and we see rental as kind of the first stage toward home ownership. it is kind of the first stop in our housing super app diagram, we put out an investor deck yesterday, when we made a little news with our 2025 target. and you can see it, if you look at the investor deck on our ir web site, you can see the first step along the way is actually rentals, so it's a great opportunity in and of itself, but we see, we want to have a lifetime relationship with our customers who already trust us, and they already depend on us, they already know our brand, and connecting these up in a lifetime of services we offer is what our goal is >> rick, thanks so -- rich, thanks for jnioing us.

rich barton, thank you >> thanks. >> "tech check" back in two. don't go away. ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change.

nfl athletes cashing in on crypto and that includes sponsorship deals, even some taking their salary in bitcoin despite massive volatility in that space bit coin has lost a third of its value since the november high. jane wells back here at sofi

stadium. pretty fascinating. >> these guys are all over digital everything, from current players to hall of famers. >> the richest people in the world, they are talking about it, and they are talking about having a certain portion o their portfolio to reflect that. >> are you >> yes >> can i ask which currency? >> no. [ laughter ] >> arin jones of the green bay packers said he took a quarter million in solano coin and he admitted its lost half its value and he's looking for real estate in the metaverse >> everything you see right here, right now in the world is -- you'll be able to get it in the metaverse so in the end you can own real estate which you can never touch. it's weird. >> deandre hopkins of the cardinals is mostly investing in real world real estate, but he wants to get into nfts because they allow him to profit from

his likeness >> so it's hard for us as nfl players to kind of be a part of those things because our likeness is -- it's the nfl. nfl pa so they get a percentage out of these things so we always try to find ways around that >> finally, joe montana's venture fund has seeded about 2,000 unicorns and he's in crypto, sports betting and online games and he says what could be better? >> one of the hardest things for me is fantasy that's big and i don't have time to sit down and watch who gets hurt and who's the substitute and do all that >> okay. the most interesting thing i heard from him he doesn't watch a lot of football on sundays. joe montana says, no i'm a doer, not a spectator. >> color me spectacle. overall it's encouraging to see them getting more sophisticated about their own future cash flow, what that's going to mean

to them personally and to whatever business they want to grow >> it's really interesting and they all told me they're educating themselves and they've made a few mistakes and they think digital here is for the long haul and they don't want to blow it. i'll tell you one thing, deandre hopkins told me the worst mistake he did was investing in something because someone told him to do it it's a new generation of players and learning from the mistakes that the older generations made with their money. >> it's a great angle on the sport especially on a day like this, jane >> good to see you, jane wells >> if you enjoyed looking at the business of the nfl, don't miss the big game at sofi stadium on sunday coverage begins at 12:00 p.m. eastern on both nbc and peacock. don't go away.

competition beat us again. 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 system for a changing world.

one more thing before we go. yeah, a lot of eyes will be focused on the super bowl this sunday, but what about after that it's a big week of tech results.

airbnb and roblox reporting tuesday. shopify, wednesday cisco, nvidia and dropbox to close out the week dee, i'll be looking at roblox and airbnb the metaverse versus the universe roblox is where it was where it was trading a few months ago and airbnb is a little beneath its march 2020 level, i believe. i don't know >> you have to guess that check offy has a metaverse somewhere we still have software names to in especially from the art complex that follows where growth is going, but given that we do -- we did have two bright spots this week. twilio and data dog, those shares came up here which probably sums up john next week, but to that point, twilio and data dog reported this week, better-than-expected results and mizuho says that that may be a reminder that there's value here

and there's fundamentals and that could bring greater confidence to the small and big-cap growth sector. does brian check sky, and he ad someone to the board on that note, too. >> we'll leave it there. halftime report starts now all right, john. thanks so much welcome to "the halftime report. i'm scott wapner we are live outside sofi stadium in los angeles, the site of super bowl lvi sunday's game being broadcast on nbc, as you know in just a little bit we'll be joined by the great al michaels. he is calling the game once again. we also have a cnbc exclusive interview today with jeffrey gundlach, the ceo of doubleline capital. what a great time to speak with him especially after that red-hot inflation read and those comments from james bullard, as well yes, the investment committee, they're with me, t