country can appreciate the depth that you are -- depth of knowledge and the time that you're investing in helping us understand the scenarios that could happen. >> sure. so we have tools to bring inflation down and they work by raising interest rates we do that over time and what that does is it increases mortgage rates but just at the margin and same thing with car loans and things like that. ultimately that slows down demand ideally in a way that comes to a gradual halt and economic activity continues. so that's what we're trying to do here. right now we need to move away from very low interest rates they're not appropriate for the current situation in the economy. the economy is very strong unemployment is low. wages are going up the labor market is quite healthy. and inflation is all too high. we're responsible, we're accountable for inflation and we're going to use our tools to

bring it down. >> may i have a little more time, mr. chairman i know this is your committee. thank you, sir very kind. question for you, as you think about the next meeting when you discuss the interest rate increases, are there increments that you would consider, not foreshadowing your decision, but the incremental increases that you think would bring the spending and the inflation down while not overchallenging the economy? >> yeah. so, as i mentioned yesterday, my thinking at this time, which is a very, very sensitive time in markets and in the world because of what we're seeing happening in ukraine and we don't know the economic implications of that, i said that i would be recommending and supporting a one quarter of 1% interest rate increase at our march meeting which is two weeks from yesterday. so i also said that if we don't

see inflation behaving as we expect it to be, which is to peak and begin to come down, if we see inflation behaving in ways not consistent with that, then we're prepared to raise by more than that amount in a meeting or meetings. >> very good i would simply say as i call them the kitchen table economists all across the country, typically moms making hard decisions on rationing the amount of resources that they have and the priorities that they have, i think it's really important for us to make as clear as possible and as simple as possible their understanding and appreciation for what's happening when you're trying to run a very strong and heavy load at home and you have a full-time job, what can we do to talk in a way that makes it easy for us to digest at home, we are doing our public, the average person in our country, a lot of good to understand what we're trying to explain. thank you. >> senator warren from massachusetts is recognized. >> thank you, mr. chairman right now our country is trying to enforce strong sanctions

against russia, weather the political economic fallout of the ukraine crisis and address the pandemic-related inflation and corporate price gouging hurting american families. much is at stake for our country. but republicans on this committee refuse to show up and vote on five nominees to the fed. they refuse to do their job. this is shameful and it is risky. any republican talking today about the risks facing our economy should be willing to show up and vote on fed nominees so, let's talk about one of those risks, mr. chairman. as russia has invaded ukraine, the centerpiece of the u.s. response is economic sanctions the u.s. and its allies rolled out some of the strongest economic sanctions in history, severely restricting russia's access to the global financial system by sanctioning the biggest banks and companies, by kicking russian banks out of s.w.i.f.t., the international payments messaging systeming and

by freezing the russian central bank's foreign reserves. now these sanctions are powerful, but russia can dodge some ofthis pain by using the same crypto currency tools that are currently used by drug traffickers, cyber criminals and tax cheats i'll pick one example here we've all become familiar with ransomware where a cyber criminal infects someone's computer system, locks it up, then demands payment in order to unlock the system. and how do they get paid through unregulated crypto currencies like bitcoin. chair powell, you know -- do you know who cyber security experts say is the world leader in ransomware attacks and in getting paid through crypto currencies that allow them to obscure and hide their trails? >> i could guess, but -- >> you want to make a guess here based on what we're talking

about here today it's russia. if you listen to our own national security agencies, the answer is russia that's why when president biden held an international summit last year to fight ransomware, russia the biggest source of the problem, was intentionally not invited. according to one estimate by the block chain analysis company, chain analysis, russia linked actors collected nearly three quarters of all ransomware revenue in the world last year and hundreds of millions of crypto dollars are collected in moscow each quarter. as much as half of those come from illicit crypto wallet addresses. russia is the world's expert on moving money outside legal channels so, chair powell, obviously you do not administer sanctions, but you are an expert on the international financial system so i just want to take a look at

this are other countries currently using crypto currencies to evade sanctions? i'm thinking here of north korea, iran, venezuela >> honestly it's not something we're responsible for. i mean, i have read publicly that those things have happened, though, yes. >> well, the treasury department, the department of justice the united nations and the imf all say that the answer is yes crypto takes the sting out of sanctions. and in fact, the treasury department warned last year that crypto could undermine our sanctions regime theoretically the crypto industry is supposed to enforce sanctions as well. so, let me ask, chair powell, is the crypto industry enforcing sanctions right now? >> so, what i have read -- again, this is really for the

treasury department, but i've read the same things that you have and you had in your letter that some reluctance expressed on the part of the crypto industry to do that. >> all right they are supposed to, but the problem is they haven't been doing a very good job. just read the treasury department sanctions review or the u.n. reports on sanctions compliance we know that many crypto exchanges and wallets are not collecting information about the identities of their customers, are not screening their platforms for illicit activity and are not reporting sanctions violations heck, this is how north korea has been able to move money around and finance its illegal missile programs here is the thing, the whole point of crypto is that it allows someone to conduct financial transactions without having to go through the traditional banking system or traditional financial intermediaries right now millions of

transactions are taking place that are completely unregulated with no one verifying who gets what and that means that while sanctions can make it very difficult for russian companies, political leaders and billionaires to move money around in the traditional financial system, there is another shadow unregulated world that they can turn to. crypto poses a variety of threats to financial stability, to investor protection, to our environment. but crypto is also providing a new way for countries to sanction-proof themselves. cracking down on crypto is a critical piece of holding russia accountable for its aggression we can't fool around any longer. we need to get new crypto rules in place thank you, mr. chairman. >> thank you senator morand from kansas is recognized. >> thank you. >> that is senator warren, q&a senate banking with the fed chair. welcome to "techcheck" i'm carl

quintanilla with jon fortt and d deirdre bosa the potential use of crypto currencies to evade and skirt some of the financial and economic sanctions that have been place on russia from players all around the world markets have been relatively tight range but we have lost some gains since the open. as we got some reports of a tough phone call between putin and macron and a little bit of back and forth on these reports of a potential iranian deal that would release more crude on to the market for more on what we heard from powell including some comments again about a quarter point hike, let's get to steve leashman steve? >> yeah, carl. i think the markets really moving on those macron comments that you and scott tweeted out the worst is to come but there is some perhaps -- a lot of interest in what j. powell is saying questions from senators in the banking committee about the impact of the russian invasion on ukraine and the u.s. economy and monetary policy.

powell said there's some financial hit to demand, he said the biggest implakt would be for the inflationary impact of higher oil and commodity prices to work their way through the u.s. economy now, senator shelby was a really interesting moment asked powell earlier if the fed was willing to go as far as paul did in the 1980s to squeeze down the u.s. economy to ring out inflation. here is what he said >> let me say i knew paul volker and saw him testify in this room many years ago he was one of the great public servants of the era. the greatest public economic servant of the era >> you're prepared to do what it takes without any reservation to protect price stability? >> yes >> that would be a departure of what you've done >> his comments come after cleveland fed president mester on cnn said it's possible the fed may have to raise rates

above the neutral rate to combat inflation. powell added the war also made supply chain bottlenecks worse as ships were not being unloaded in some places overall, powell seemed to stick to his plan to raise rates at the upcoming march meeting by 25 basis points and proceed deliberately thereafter because of the uncertainties of the economic fallout from the war. even though the inflationary impulse from this war could argue for even faster policy hikes. deirdre? >> steve, there's been an increasing number of questions around crypto currencies role in russia being able to evade sanctions. you just heard from senator warren who said crypto takes the sting out of sanctions you hear fed chair powell say it's not really their job, but what could the fed do here how is he answering in your opinion these questions? >> i don't think the fed has much of a job in this. deirdre, i would throw more to you on this. my understanding is that russia has tremendous foreign currency needs right now. you saw the ruble today spiked up to 117 to the dollar before

coming back down and by the way, i've been watching the ruble exchange rate in euros and in chinese yuan both of those are also depreciating significantly against those. the chinese don't seem to be helping putin out in this regard so, i don't think that crypto has the ability at the moment in scale to help russia you would have to have -- right now there's a demand for dollars inside of russia you would have to have this ability to change those -- change those rubles into hard currency and then back -- sorry, into crypto currency and then into some other form it's possible. i just don't know, deirdre, you would know better than i would if the crypto market has that ability for that kind of scale to make it happen. >> yeah, i think that's what we talked about earlier this week with kate rooney, not enough liquidity and they are highly traceable some of these transactions i'm sure there will be more to unpack here. i think jon has a question >> right, right. >> steve, going back to the question for the fed chair about how far he's willing to go to

achieve price stability, there's some concern that we might be headed for stagflation right now. how does that play into the needle that the thread is trying to thread right now? >> yeah. at that point it's a very large rope, right? it's not a needle anymore. so, the issue becomes that you have this impulse of inflation that the economy were to slow down that is not obviously the fed chairman's first forecast or first choice or outlook for the economy. he thinks there's a lot of play in the economy here. the ability of -- that the unemployment rate is 4%. that gdp is running 7% and it's supposed to be above trend this year he thinks he has the ability to raise rates and inflation will come down as a result of that and other things and then he thinks the soft landing is what is in his forecast for now >> steve, with your help, we'll

monitor the on going q&a in front of senate banking. that's our steve liesman thank you. let's bring in mike santoli watching that open above 4,400 which we bumped our heads on what's your take so far? >> the market continues to really not do any more than the minimum acceptable bounce, at least at the moment. not really free of this undertow not just of the russia/ukraine headlines but also just the valuation adjustment that's been under way in the nasdaq, the tactical kind of resistance that we've been hitting in the market right here everyone is looking for the s&p 500 around 4450 or above that's where it becomes something more than just an oversold bounce and can maybe mean it's breaking out of this down trend now we have a decent cushion the lows last week, they look pretty good. we got oversold. sentiment is really nasty and pessimistic. that's a net positive for the market but overall, i feel like we're

just twitchy in this range until further notice energy down, seemed to give a little lift in the pre-open market, but it's not decisive enough at this point i think to give anybody a lot of conviction ahead of the jobs number tomorrow. >> i was going to say, crude has been a puzzle all morning long got commodities on pace for the biggest weekly gain since 1960. >> yeah. >> and then you had citi remove short on december crude. on the other hand, short selling in crude is near a one-year high. >> yeah. i mean, it's very difficult to pull apart all the dynamics here except to say in the short-term this move is very stretched. it's for good reason you know, i always say when you're talking about trying to secure physical barrels, it's the inverse of why crude traded negative last year it wasn't because people thought oil was never going to be worth anything again it was because they literally mechanically did not want to take the oil now it's the opposite. no one is making a value judgment, paying 111, hoping to

sell at 130 down the road. it's much more about the supply. however, momentum money behind that supply rush is something that i think you have to be weary of in the short-term going up for the wrong reasons is the way you would characterize it for the rest of the equity market. so, i think i'm watching the energy stocks to see if they're handicapping a short-term pause in this move >> all right mike, thank you. we will continue to monitor the fed chair's testimony. turning now to a few earnings movers, though take a look at snowflake, shares plunging more than 18% after reporting the slowest revenue growth since 2019. i mean, q4 was still more than double year over year, though. ceo frank slootman joining cnbc's mad money last night for more on the quarter. take a listen. >> the mood of the market is foul for good reasons. but you know, a quarter is a sis

single mile marker in the marathon let's not get too excited here we're in the beginning of enormous opportunity and transformation in the economy. and you know, this is going to be a blip on the radar pretty soon >> another cloud name taking a hit this morning, octa down 10.5%. revenue beats, q4 losses were smaller than expected but the guide is weighing on the stock forecasting steeper losses than expected for both q1 and fiscal '23. c3 dlrks ai a name in the green, smaller than expected loss up fractionally. revenue beats, raising revenue guidance for the year ahead as well we should note the stock is down about 40% since it went public in december, 2020, at a heady time for stocks. we'll sit down with tom siebel for more on those results in just a few minutes also got results from box, nutanix, pure storage, best buy outside of that realm, grab as

well that we'll hear from a bit, carl it's a busy morning for earnings and to me the story is about expectations and valuations as much as anything >> it's a big mix of micro and macro. still to come this hour, we'll continue to monitor fed chair powell and his testimony in front of the senate we'll be joined by the ceos as john said of c3 ai "techcheck" is just getting started. ♪

time for a gut check morgan stanley downgrading intel and qorvo. shift toward growth stocks is what they're looking at arguably they offer more risk reward here morgan stanley buys into long-term projections from intel, interestingly, but is skeptical of the short-term outlook, calling the semiconductor value stocks show me stories two major risks while intel's foundry investments and what that will do to intel's cash flow and then qorvo's china smart phone business, dee. >> we mentioned c3 ai earlier. the stock is higher on the back of strong quarterly results and raised guidance. still if you look at the one-year chart, it is down 75% one of the hardest hit software

names. joining us now on the quarter, tom siebel great to have you with us again this morning let me start with changes in your c-suite you brought on your third cfo in less than a year and a half. why are your financial chiefs leaving? >> well, our cfo left after 12 weeks for some highly personal, highly sensitive reasons and they were sblier personal in nature they have to do with some personal relationships that he has. and i really don't want to say more than that the bottom line is we have an extraordinarily experienced chief accounting officer and chief -- and controller who has been with the company roughly a year i think he managed, i believe, order of 46 of 50 people in the f & a organization so he managed the whole

organization any way and he's in a position to immediately pick up as chief financial officer. so we're in very good shape there. but as it relates to the immediate past cfo, he had some personal issues that he had to deal with in a very short order. it's unfortunate, but that's the way it is. >> understood, tom let's get into those result. your customer entity count decreased from last quarter. i understand that you're going to have a new way of calculating customers going forward. it will include different divisions or groups within the same company so i wonder, how will investors know if you're actually increasing the number of companies that you work with versus deeper integration, especially when there have been so many questions around diversification? is this really the best way to present this metric? >> well, we present -- first of all, we have not changed the way we count customers we counted customers the same way all along. and we basically count pretty much standard in the software

industry is way we do it we count unique divisions and unique entities, okay, that license with us for unique projects and for example, at a large manufacturing company, they have multiple divisions, multiple use cases, multiple decision processes and multiple acquisitions each of those are counted as unique customers. that's -- that has not changed what has changed -- what did change is in the course of becoming a compliant of uho, cfo, get us in compliance with sox putting all the internal controls in place, it became apparent that we were -- we had undercounted our customers using that methodology so, for to provide complete transparency, we applied the historical numbers and the revised numbers i think going back five quarters

everybody can see it it's entirely transparent. but we had been undercounting our customers by basically a factor of two. i think we have 218 customers and it's entirely transparent. and it's accurate. >> just to clarify, tom, you will keep the customer entity count going forward as the new way you're calculating them? >> we have always calculated for the most conservative way do it we provided the customer entity and we did provide that. and that does bounce around a little bit from quarter to quarter. for example, if somebody has a trial, they do a customer. they are a customer entity when the trial might be, say, 12 to 16 weeks. when the trial expires, they're no longer a customer let's say it takes three months or six months of negotiating enterprise agreement, then they become a customer again. that's why that customer entity bounces around a little bit. but, that's -- yeah, it's very

clear. it's entirely transparent. we did it in the way of -- we did this in a manner to make it most transparent to investors and consistent with the way it's done in enterprise software industry >> tom, good to see you. we've talked in the past about your customers in the defense space. and i understand you also had some work that was in progress in russia. tell me how does this geopolitical situation affect your customers writ large and then your work in that region. >> we had -- as of the end of the quarter, we had, i think -- as of today, we have no work in progress in russia and we have no exposure to russia the fact is we were working -- we have been working on a number -- couple of large transactions with our partner baker hughes with large oil companies in russia. okay those were a business that we

were looking at in the short-term and obviously the probability of our closing those transactions is zero we have no exposure to russia. and there's no software installed there. and anything that we might have been forecasting for russia, i can assure you with are no longer forecasting we also do not do business in china, as you know >> yeah. >> for similar reasons >> tom, thanks so much for being with us today. tom siebel talk to you again soon. >> thank you. switching gears, yulia bore steen percentage of women in leadership roles within corporate america. julia? >> well, jon, we're a long way from gender equity in business there are massive, persistent gender gaps, but women are holding more leadership roles, according to exclusive new analysis of russell 3,000 companies. growth of women in executive roles accelerated to an average of 6.9% between 2016 and 2021.

that's frup a 3.8% rate over the prior five years now, women comprise nearly 14% of named executive officers in 2021 now, that number does not sound high, but it is progress up from 8% in 2010 the sectors that are lagging, energy, the lowest representation of women named as executive officers with 9% representation followed by financial services with 12%. financial services also had the lowest growth rate of all the sectors. now the sectors that have made the most progress to closing gender gaps, utilities were 21% of leadership is female and healthcare which has 16% female leadership there are also certain roles in which women saw greater gains in representation and the biggest gains were at the very top the percentage of female ceos more than doubled from about 2% in 2010 to over 5.5% in 2021

meanwhile, cfos, treasurers and finance vps saw far slower growth you can find more of our closing the gap coverage on cnbc.com including more on these very important issues >> julia, i don't know -- really interesting data -- how much you're able to parse it, but there are certain roles within those named executive ranks, among those as cfo, that have more tendency in many industries to lead up into a ceo role later. so i wonder if there was any examination in this report of how the pipeline might look based on these numbers >> i mean, you raise a very good point, but i think the fact that we're having this conversation, jon, the fact that you raised that point, is sort of -- speaks to greater awareness of the fact that for a long time the fact that you had to be a cfo or have exposure to that part of the business, that was sort of the natural pathway to ceo that's something that companies are starting to re-evaluate. another thing i would point out is that there's also growth in

the number of female founder ceos that were in the russell 3,000. so showing that women are able to grow their companies and lead their companies as ceos as well. so i think that's another path to ceos, founding the company yourself but i do think that you do raise a very important issue, though we are starting to see changes in terms of what kinds of qualifications and what kinds of prior experiences are considered necessary to take the top role. >> great to see that progress especially here on the ground in san francisco. julia, thank you so much. after the break, we will give you an update on fed chair powell testifying in front of the senate banking committee and how the market is reacting "techcheck" is back right after this

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welcome back to "techcheck" i'm carl quintanilla with deirdre bosa and jon fortt in just a moment, we'll take you back to the hearing room as the fed chair continues to answer questions from members of senate banking. but right now, coming off the session lows what's been moderate chop today, dow is down

124, s&p just south of 4,400, a level that we opened above today. first a news update. >> let's talk about what's happening this hour. u.s. crude prices swinging through a $10 range this morning. they hit 13-year high above $116 a barrel in russian supply worries. but all of those gains and then some were erased on prospects for an iranian nuclear deal. west texas crude now down about a percent. growth sloed unexpected in the service sector ism services index hitting the lowest level in a year. factory orders grew twice as fast as expected during january. and best buy shares surging 7% today traders focussing on strong guidance as mixed holiday season results hurt by product shortages. bj's wholesale on track for the worst one day loss ever. earnings guidance for this year

is also below estimates. holiday sales were disappointing at burlington stores fourth quarter profits and revenue shy of forecasts and the company says retail spending this year is very unpredictable. burlington now down about 10%. back over to you, dee. >> thank you meanwhile the fed chair continuing to testify in the senate senator john kennedy just began his questioning. let's listen in. >> throw russia out of the international marketplace. and obviously we all agree with that and he sanctioned everything but he hasn't sanctioned russia's energy. europe is going to continue to buy russia oil and gas despite the fact that europe has 1,000 trillion cubic feet of natural gas that it refuses to produce. and america right now we're

continuing to buy russian oil. so, how are we going -- how are we going to throw russia out of the international community and global markets if we don't attack their oil >> and that really is a question for the elected government by the administration and particularly the treasury department. >> i know. but i'm asking your opinion because you're a smart man. >> i appreciate that very much, but my opinion is that it's not something i would have an opinion on, as fed chair we don't do energy policy. we don't do sanctions. we're technical support. we're not the policymaker. i would be -- it would be like the secretary of the treasury coming in and talking about monetary policy. >> okay. let me take you back to the spring of 2020 governments shut down the private sector virtually every country. our markets are panicking.

everybody is looking at you. to calm things down. you did. you did. and one of the things you did, aside from the currency swap plan that you established, well played you said we have to -- we're going -- we meaning the federal reserve, are going to provide capital to american businesses okay and you did. and you kept us going. and i thank you for that suppose, though, the federal reserve had said at that time we're going to keep american businesses going and we're going to supply the capital, except we're going to use this opportunity to bankrupt the oil and gas community. the oil and gas sector where would we be today if we

had done that? >> you would be very unhappy with me and appropriately so. >> why is that >> well, because -- >> some of your possible new colleagues think we should have done that. ms. raskin talked about that said we should have taken the opportunity at that point to bankrupt the oil and gas >> i don't want -- >> i know. >> get into -- >> i just thought i would slip that in. i'm not asking you to comment on ms. raskin our reserve trust or the other things that we need to get to the bottom of. i'm asking you to tell me what would have happened if we used that opportunity to bankrupt the fossil fuel industry as ms. raskin suggested we should >> well -- >> strike the raskin part. that makes you nervous, i can tell. >> i just -- you know, we're a creature of law. you passed the cares act it didn't say anything about picking and choosing and we

weren't going to do that we didn't do it. >> you think picking and choosing is a bad idea >> i think, you know, we actually have a document i have right here from 2009 where we sort of our document where we negotiated with the treasury department who does what and it talks about our -- the fact that we don't get into allocating credit we try to affect broad credit conditions we don't allocate credit to particular industries. and that's a document that we think is sort of one we live with >> thank you, mr. powell. >> senator ossoff from georgia is -- >> that is senator kennedy of louisiana with the fed chair as q&a continues over at senate banking. we continue to be in this range here, dow is down 171. nasdaq actually the worst performing of the major averages holding on to a loss of more than 1%. john >> we will continue to monitor the fed chair's comment and bring you highlights plus, coming up after the break, the ceo of a recent software ipo

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♪ it's been a tough few months for software stocks, especially for the smaller ones in general. software company samsara ipoed in december. shares grinded lower losing a quarter of their value when it

comes to fundamentals, though, beatin beat ing expectations for first full quarter good to see you again. looks like you got 64% annualized arr growth i should say reoccurring revenue growth year over year and you're in this really interesting space when it comes to moving stuff around for a challenging time in the global economy. tell me how that's affecting your business and customers need to control cost in an inflationary environment >> well, hi, jon thanks for having me on. so, you're exactly right we're in a very important position right now so, what samsara is doing is helping digitize the world of physical operation think about areas of our global industry like supply chains, the food and beverage industry but even construction and other essential services, these companies need to know exactly what's going on out in the field to help produce their costs, to

be more efficient to be safer and also be more sustainable so that's what we help with. we provide technology for those industries and by giving data and analytics and insights we're able to see quickly how they keep costs low that's just more important than ever >> so, what's the impact say of spiking gas prices when you're dealing with fleet technologies? does that impact the growth rate overall and demand in a negative way? or is it more the effect of, hey, they want to spend as little as possible on gas? >> you know, jon, i think it really is about being efficient. so fuel prices have always affected the operations industries they use a lot of energy to do their work and so when fuel prices spike, they want to figure out how to be as efficient as possible in how they run their routes, how they idle if they're idling out in the field and in general where can they buy the least expensive fuel we provide tools that help with that and i would say now it's just very front of mind with these

gas prices really spiking. so, it's something where they're trying to figure out how to spend less and how to be more efficient. you need data to do that. >> you're expanding the categories that you want to move into tell me, it is mostly about attaching new services and offerings on to your existing base of customers? i'm looking through the numbers. i believe you've got, what, more than 800 with more than 100,000 dollars in annualized reoccurring revenue. they're spending with you. and is it trying to take a full package of those to new customers as well. >> so, jon, we're doing both in terms of revenue base, we're seeing very strong traction in these larger enterprises customers have complex physical operations and what they're looking for is a complete system. so they don't want just gps tracking or just driver safety improvements or just compliance improvement software they're trying to be smarter

with their entire operation. that's where we come in. as you mentioned we saw over 800 -- we have now over 080 customers that spend over 100k with us per year we have a number of fortune 500 signing up so our philosophy is to build them all the tools they need our typical customers over 70% of them use two or more applications from us in our large enterprises over 90% use two or more applications we're building more apps for them and then we are just strarting to scratch the surface of this market 55 billion addressable market growing to 100 billion the next few years. we're only a small fraction of that, half a billion in revenue. we have a lot of new customers to egaujegauge with as well. >> speak about the mix i know you are targeting industries that haven't already been swept up in digital transformation where are you seeing the most growth and where do you anticipate that to come from >> so, deirdre, the industries we serve make up about 40% of the global gdp really vast and wide mix

we have companies in supply chain transportation warehouses, in other words we have customers in construction, food and beverage all the way through to local government and energy utilities. so we serve a number of these different industries they are in that process of digital transformation i think that wave is just beginning for them little different from what we saw in corporate office space and i.t. the last few decades. number of different vertical industries but they're all going through the transformation, kind of going from 20th century pen and paper process to 21st digital technology. >> and finally, how should investors expect to model samsara's sg & a your sales and marketing spend as you push more into those areas? is it more product led is it going to be more like a traditional enterprise model >> so, we are an enterprise company. we have a direct sales force for us we're making investments in that sales force. if you take a step back and look at your hiring, little over 1,600 employees. we grew more than 30% that head count last year we're going to

continue to invest there across the board, not just in sales and marketing but in engineering and our g & a functions as well but as an enterprise company, we need more people to engage with more customer. >> all right the ceo of samsara, thank you. >> great, thanks, jon. speaking of logistics, take a look at another earnings mover, moving things on a smaller scale. q4 drops sharply year over year, because they're investing in getting more drivers on the road i spoke with grab's president in a ft. knox interview here he is talking about grab's strategy to keep that growth going. >> q4 was really about reinvesting into our supply network and really to be recalibrating our driver supply to take advantage of the growth that we see for in the rest of the year i think at the same time, we're seeing deliveries continue to be very robust. we're seeing basket sizes continue to grow

i think we'll see deliveries as a permanent part of our business even after covid ♪ 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.

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♪ ♪ let's get a gut check on peloton today. ceo john foley selling another $50 million of the stock to michael dell's investment firm despite selling nearly 2 million

share, foley maintains effective control. it sold the stock 26, below the company's $29 ipo price. the shares have lost three quarters of their value, and after that news, down another 6%. >> it's been a tough take for peloton, carl. amazon, meanwhile, shifting focus. the tech giant announcing it will close 68 retail stores including all locations of amazon books, four star and pop-up shops in the u.s. and uk. workers will get a shot at other jobs within amazon those who don't get those will get severance. sales growth from amazon's physical stores falling behind the overall retail business with sales coming in lower in 2021 than in 2018 yet according to a spokesperson, the company's still committed to growing its physical retail presence with the focus on its grocery and clothing stores. amazon shares are down about 10%

for the year so far. it's interesting amazon responsible for shutting down bookstores and this time its own and they keep iterating within their model >> yeah, they do it's a little ironic when they got in and it's ironic when they're getting out. the main point of this is they're putting all of their efforts into grocery and carl, this is a space that they've been trying to get into for a decade and we don'tthink about amazon as they're struggling to get into new businesses and the company's created cloud and they've had a tough go in terms of market share way down the list compared to other grocers and they're coming up with more offerings in that space and it's not like shareholders, carl, are demanding they do anything different. >> the emphasis on food is reflective of say the action in kroger's stock versus american eagle. it's all about grocery right now, and by the way, we should

mention and with its lodgistecs capability and its cyber intelligence to help companies in support of ukraine. in addition to donating up to $10 million for some humanitarian effort. it's a great point after the break, more highlights from fed chair powell calling for a 25-basis point hike. "tech ec ichk"s back in just a moment (vo) right now, the big switch is happening across the country. small businesses are fed up with big bills and 5g maps that are mostly gaps—

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welcome back i want to check in once again with our steve liesman monitoring powell's senate testimony. steve? >> hey, thanks, carl yeah putin is talking right now i think we'll bring you some of that later fed chair powell continues to get pressed by senators with questions and concerns about inflation. he continues to tell them that he will be raising interest rates and reducing the balance sheet and going kind of more slowly and steadily than he otherwise would because of the war in ukraine powell was asked if the fed is modeling what happens to the economy if all goes down at $25 a barrel and he said they were and if inflation goes up, gas prices goes up and growth goes down a little bit. it's interesting what's happening in fixed income markets right now, and the

impulse from the war will be more inflation and the .2 spread, we were down at 32 when i last looked and i don't know if we have that chart. maybe we do, maybe we don't. there we go. that's a non-inflationary worry about economic growth kind of thing that's happening right now. powell just said the fed is watching carefully if the oil spike is temporary or perm nents. carl, just one thing i'm watching and i've not been able to confirm this and lukoil, the country's second largest oil company in russia has come out and urged an end to fighting in ukraine. i take it from that it's on multiple websites including by afp which is why i bring it to you, but they're obviously a privately owned, not state-owned company, but it would be one of the largest companies to come out and one of the large russian companies to come out against the war. >> we did see that afp bulletin this morning and interesting as

we are looking for signs of cracks in unity regarding the russian stance, steve. in the meantime, citi has that a moment ago and i'm noting it's becoming probable that prices have peaked already or can soon consolidate near-term if it is on the path to de-escalation inventories are at or near lows and they're in q2 and that's something to monitor closely >> for sure, carl. before the war began, i had been talking to people about the oil supply and the oil price because that is so key to understanding where the fed is going to go and they were predicting a decline in oil prices with an increase in production here in the u.s. and elsewhere. very quickly, carl, we'll talk about this another time, but there is an interesting and new economics of oil in america. it used to be that you'd have a big spike in oil, and it stays home and the impact on growth may not be negative. >> right we've been talking for a while

now about how the global economy is certainly less energy intensive which will make this cycle pretty fascinate being and steve, thanks for that we've not mentioned as well that zelenskyy calling for face to face talks with putin and we'll monitor putin's comments let's get to the half and the judge. >> carl, welcome so much welcome to "the halftime report," i'm scott wapner. front and center, the firm taking u.s. stocks and tech back to overweight? are they right does it signal that now is, in fact, the time to buy again? we'll discuss and debate that with the investment committee. joining me for the hour, jenny harrington, josh brown, pete najarian and co-founder of marketrebellion.com and let's go to the wall and 12 noon in the east and there's the picture there's the dow, 33,776. you see weave given a good amount back and then