fully operational. it did get approval to begin production from the state environment office, but not right away license is subject to an objection period along with other controls still a good sign. that will do it for us tech check starts now. ♪ >> good friday morning welcome to tech check. today volatility continues for stocks the nasdaq falling 2%. losses on the year now 15% a couple of chip names on the move after reporting results we will break down results

apple holding its annual meeting, a vote on tim cook's pay package coming plus we look ahead to next week and the peak performance. >> we will start with stocks the nasdaq is lower by 2%. mike >> there is not a lot of subtext so far this morning in terms of what is driving things clearly the overall concern shadowing the market and the suppression of risk appetites coming out of ukraine. apple, amazon, microsoft, alphabet, all down 2% plus a shift we had seen apple hold up better that, for one day at least, is not the case it tells you it is a

macromarket. a level of stress hormones going through the market a lot of anxiety about near term volatility possibilities as opposed to a few months out. everyone is clinched up. credit markets are starting to get squirrely. overnight markets getting attention. it doesn't seem like we are at a breaking point, but a ratcheting up of concern. i find maximum bullish headlines about crude oil. it is up again today and at highs. it's having a struggle to turnbullish crude news into much higher prices. the feeling is it is priced in probable risks >> could you dig into the short st term liquidity markets

i know it's not historic, but where should it rank >> bright and in front of you on the dashboard. it's the kind of thing that's difficult to know where it's coming from. all you are seeing is heavy demand for safe, overnight places to park money you have collateral impaired throughout the banking system based on what is happening with russian assets and others. you see people wanting to find locations for cash overnight much i don't think it is about jeopardizing bank solvency, it is more about the desire to stay out of harm's way in the short-term and having to pay for the privilege to some degree >> mike, thank you now a look at a couple of earnings movers. marvell beating out the top and

bottom lines for the full year losses are higher marvell, cloud, 5g and auto strong competitors to the quarter. and also broadcome is hyped. cloud, enterprise and iphone driving it analysts point to the next apple deal as another item to monitor. but the real driver across both of these is demand from hyperscalers, the big names in the crowd and enterprise overall. 5g also adding as far as the top line for both of these names, and they are competitive in a couple product

categories, that's the driver. >> also against the supply side. how much do you think that apple event next week will mean to a player like broadcom who gets money from apple >> i don't think this apple deal is a huge deal for broadcom. we are expecting for an update in se which is not the highest profit dollar item not the leading edge component but carrying some of the chips through from the flagship devices, carl. but that event will be interesting to see what apple does with pricing in an inflationary environment they can afford to be --

constrained. >> i will be looking to see. apple said it will return to a deadline for employees google earlier in the week saw that either. >> i think we will see that speed up, especially in san francisco. meanwhile disrupting the playbook with its playbook sequoia, the proceeds go back to the main fund and it's a continuous loop. they announced the first three sub funds, a 500 to 600 million crypto fund focusing on liquid good to see you in person. >> the last time we saw each

other in person was two years ago. >> that was nearly two years ago to the date you issued that black swan memo warning founders at the start of the pandemic of new economic real yits two years later are we at another disruptive moment? what are you telling your ceos and founders >> the fund structure enables us to think long-term the advice is they have to see through the short-term situations, geo political stability, threats of war, what will happen with diesel uncertainties, but they cut through that and focus on the long-term. we have a question for you >> good to have you back i wonder what's happening with the texture of deals right now

a lot of startups that have gone public recently are trading at lower valuations, worthless than t -- worth less than the private capital they raised. are we at the term sheet level yet, or no >> the public market will have an impact on private evaluations. i think valuations in the private market are a little slow to adjust. but people sometimes look at the alternative of investing there is a select number of founders to build long-term businesses >> this new structure is allowing you to look through things like geo political crises and inflation. are you doing anything

differently? are you looking at different companies? >> if you think about our history, we have always partnered with companies at the very early stages and want to be with them throughout the company building journey the old structure was based on a ten-year closing term structure. the funned enables us to partne with these companies for a longer period. >> where is the technological value that issequoia sees in vau right now. we have seen heat off stocks, like robin hood for one, coin base for another a lot of times people pay attention to bitcoin or theory and not so much the underlying

technologies that will be important. where is the strategic val ue yu see. >> bitcoin is value, enabling commerce to be more seamless in its nature and the other is the change of technology that can drive in enormous efficiency. when you look the bitcoin, they enable to pay for storage as you provide it rather than collecting payments after the fact i liken it to the transformational possibility that mobile commuting was and cap commuting was and we are in the early earnings of this >> it took longer than your peers to see the opportunity and announce the big fund.

what was your aha moment where you and perhaps any of the other partners, realized that you had to go big in this phase? >> we have been investing in crypto for five years. last year 20% of our investment was in crypto. what we heard from the community was that we needed to engage more and be able to engage in the governments of some of these crypto technologies, so we decided to launch a dedicated crypto fund to do so >> some are calling this a geo political test how do you think crypto and bitcoin are faring >> any new technology can be used for good and bad. it requires regulation to help us harness the base of those

i am optimistic we will see it have a big impact. >> i wanted to ask you about shifting sandy in the space. ken griffeth walked back his sk sceptacism and citadel would become involved. >> it's imperative for them to be involved in this phase and they can't ignore it >> i wonder what your approach is, if any, to the challenge that we see in semiconductors right now. geopolitically, that's part of it in the u.s. and europe there is a renewed interest in investing in production and a lot of

hardware and capital involved, but also a lot of software when it comes towards the drive towards customization and what's demanded as far as semiconductor design what is sequoia pursuing there given what we are seeing various countries want and need? >> we have a long history of investing in semis it is a renewed focus. given our structure, we would probably not be involved in building fab but i think we will see more fabs in the future >> i want to get back to the funne fund and how you have restructured a lot of high growth names, some of which you guys were involved

in earlier, do you see yourselves taking new positions? >> we have historically made purchases from time to time. but what we normally do is get with our partners at the earliest stages. our purpose is to be long-term shareholders the short-term positions don't bother us. >> but there are opportunities >> we have made some, but only in companies we know when we have been involved in companies we know from the early stages, we know it, and he would will go in and make a public purchase >> do you have personal investment in -- >> i don't

we want to be sure we serve our partners and not ourselves >> even in bitcoin >> i just do what's best for our limited partners >> fair enough hope to see you again soon apple holding its annual meeting and shareholders will vote on tim cook's pay package the dow still remains down about 500. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday.

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let's get a check on apple annual meeting being held today virtually where tim cook's pay package is under scrutiny. and tuesday a new ipad and iphone is expected our new apple reporter is looking at tim cook's comp and we have a peek behind the curtain on tuesday's event what is the issue? >> they are urging apple shareholders to vote down tim

cook's equity reports. about half, $38 million, he gets it no matter what. they are saying he needs performance for those equity rewards. they say look at the ratio that tim cook makes versus the median apple employee, 1400 times what the median employee makes. even though tim cook's pay may look high to the pe rcers, it's dragged down by that and these guys own a ton of stock and their salaries are lower. >> steve, welcome. great to have you. it's interesting when you are talking about comparable ceos to tim cook,

what are the comparables this is a company that touched $3 trillion in market cap just weeks ago, has grown tremendously under his leadership talk about a tough act to follow he followed steve jobs and still managed to build up for the phone that followed. is this iss doing what iss does or is this do you think unusual? >> it is not unusual you have to look at the performance. the numbers do not lie apple shares under tim cook's tenure up more than 1100%. went from just a few hundred billion company up to three trillion company, that's all tim cook not likely to happen but it is interesting there is a

push saying we shouldn't be giving tim cook these free stock awards >> free. let's go to our apple analyst strategist we have this event coming up soon, expecting the ipad but the chips that apple designs for devices across the entire product line, increasingly important, what is the most important thing you hope to get out of this event that will be investable >> thanks for having me on the show clearly as we look at next week, the iphone is a big thing people are looking for. i think the increase may be feeding across the shares, be it mac or the iphone because the performance is creating

confusion. no doubt that's part of the conversation driving these devices. but we will be looking for the iphone se. i know you mentioned earlier it is not a bit volume. i agree. but there are three reasons it's important. price point is important, most affordable device. in the iphone you look at the smartphone market. while there isn't a phone to sell, there are a lot on samsung devices looking to switch. the iphone revenue is about finding opportunities for growth you really find apple to be in the premium place for the

market watch out for the iphone se, but the conversation really comes from the other division which started a few years back >> what do you expect apple to do on pricing? in this inflationary environment, they could raise the price 50 bucks do they do that? add another tier or storage tier in the past to try to justify higher dollar amounts for devices, or do they hold the line and let margins suffer a bit in this environment? >> good question i think what we are thinking is -- there is the price point the se2 gets an even lower price point. keep in mind these will be

coming in bsabout, a 399 device comes in about 299 so these are very affordable phones if you look at what happens, cross margins have done on the product side, apple has done really well on gross margins for what investors expected, even over the pandemic, and that gives them flexibility to expand by looking at a price point more towards the consumer you can provide some offset if you have success with the product if you have success so keep that in mind. but we think it is aggressive

rather than going to inflation because the market that allows it to happen to. >> samik, we love comparing phone cycles are there good analogs in an environment where you have seen rapid inflation, and global supply that are artificially cut off? >> good question i don't think there is analog, when you look at the supply chain constraints. there have been examples of product in the past. but i think with the iphone you don't have a similar backdrop in terms of supply chain. i think inflation has been there in the past and pricing on the phone has been competing independently much you have to go a few cycles expecting apple

to raise the price to pass through the increase, even the 5g phones. there was a sizable increase in the materials. but they man and to find efficiencies even with them. i think the focus will be the incremental address of the market but i think at this point it is the market of iphone se3 >> good morning. i know that most of the focus is on the lower cost iphone as well as the ipad. but some of the materials included an augmented effect do you think we will get service increase, even incremental next week >> we are not expecting anything major in terms of service or i would be surprised on that

this is not typically the event where you get a lot of services. i think you could see an announcement that the device is being produced -- or shipped rather, in the second half you could get an announcement of what the device looks like but you might get more announcement towards that. >> thank you coming up after the break. the impact that cyber attacks are having on the global supply change as the fighting continues between russia and ukraine the markets now, still within a few points of 4300

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welcome back to techcheck. in a minute we will break down disney with a new add looking to support support subscribers. >> russia takes over a nuclear power plant in ukraine and west texas intermedia is up about 4% and the u.s. economy created more jobs than expected in the month of february. nearly 700,000 new jobs were created but hour average earnings barely rose they said a strong picture of

the economy is painted despite some of those challenges >> there is geo politica concern of the invasion of ukraine by russia. but the inflation is what has everybody's attention and today's labor report it's good news doesn't really change anything that chair powell was prepositioning the fed for the other day. >> jobs report, no real change to fed plans back to you. new cyber attacks weighing on an already struggling supply chain. frank holland looking at the impact >> cyber attack temporarily shut down ex-expeditors

there are near record rates and rapidly rising fuel costs. and this stopped operations for a week and cost more than $200 million. an attack could create an unprecedented backup >> we were offline for about a week it was difficult to respond to at that time there was excess capacity out there so the market was able to absorb and pick up some of that slack today the supply chain is so tight. >> key commodities are affected for things like aluminum we will watch for any supply chain on disruption. companies watching for any other

cyber threats. >> thanks for that joining us this morning is flexport, a freight forwarding company that reached an $8 billion valuation last month and was a disrupter in 2021. thanks for the time. >> thanks for having me on >> you have been good about keeping the market calm when they get too excited back logs are coming down. prior to the geo political situation, was it getting better >> slightly. the number of ships offshore has come way down, but the port complex in los angeles changed the rules for the ships to rely out at sea so they don't affect

the pollution in the city. it is taking about two or three times longer now than it was before the pandemic. >> what have the last ten days done to that dynamic >> it has come down a little bit so we have reached 115 days door to door transit time which is terrible when you think it only takes about 15 days to cross the ocean. it's back down to 100 days it is getting better, but we are knoll celebrating that >> tell us about the humanitarian relief efforts. you have a lot of corporations, investors to give money. how much have you been able to supply and how are you overcoming some of these lodge i lo logistical challenges. >> we partner with unicef and other organizations. what is needed on the ground at

these refugee sites with poland and other sites, about what is available. we go back to aid organizations to get those things. and to manage the delivery the crypto exchange made a generous donation. we are trying to raise as much money as we can to pay for flights over there and help these people in need >> i know recently on twitter you were asked if you were holding crypto you said it wasn't zero. can you tell us why you are leaning into it for humanitarian assets >> it is a good as set we have over one billion on our asset. we believe in the principle of having a balance sheet to ride

out geo political markets. we see it as diversification >> are you willing to share the amount >> i can't answer that >> we paid close attention to some of the view of maersk they have said they are going to be halting shipments to and from russia where do you think that supply goes >> it's not a huge amount of container shipping russia's exports are bulk commodity, liquid fuel, natural gas, pipelines or tankers. i don't think it's material in terms of volumes i think it will have a huge impact on the russian consumer i am not going to say it's not without impact, but i wouldn't expect that alone leads to

meaningful difference in container ship supply. russia and ukraine are major players. those planes being taken out of capacity will have an effect and i think you will see elevated prices >> you see companies taking stands in russia, suspending their services there, like google, air bnb and others what are you doing and what do you think about the ethical stance >> we didn't have to make a big statement on that. we shut down our trans siberian service where we were moving freight from china into europe we felt it was unreliable and we would lose our customers' cargo.

we try to be apolitical as much as possible. even in our humanitarian crisis, we are making it clear we are not shipping anything military the minute you take sides your workers and nonprofits can be targets. that's nothing to play around. >> ryan, thank you so much for being with us today. more corporationings continue to shut down operations in russia. google will no longer sell online adds following similar moves by twitter and snap. that after they said they were working around the world to provide housing with up to 100 refugees we will be back in a moment.

one of the big stories of the morning, disney plus

announcing a cheaper ad-supported tier. disney said this is viewed as a building block in achieved its long-term target of 230 to 260 million by 2024. disney currently charges $8 for its ad free service. how much lower will they go? paramount and peacock, each of those are $5 hbo max ad-free versus is $10. they can yield higher ad revenue. peacock brought in an average of $10,which is more than the average $7 for disney plus they are the last streamer

without an ad-supported option it is under pressure to keep adding content to justify the cost but one reason netflix may not want to move into this is because it doesn't have ad-supported infrastructure. they said this could make sense for disney and could force netflix into doing their own ad-supported he says -- now he says the longer netflix waits to get into ads, the better its rivals will get at selling ads and netflix could find behind in that.

>> jaululia, how do you think t will shift the balance of power in digital premium advertising because you have the rich disney catalog that caters to kids and young people that i imagine advertisers would be eager to place their merchandise against. how much does that play into that >> disney said one reason they are doing this is because advertisers have been clamoring for more ad against these premium brands streaming ads are extremely valuable and most valuable as an alternative to tv advertising because they can be targeted google and facebook -- excuse me, meta -- those are the two

companies that control the digital inventory. anyone can do an ad on those platforms, lower price point, but this opens the conversation about how much disney can use this to their advantage to sell ads across their properties. we have seen nbc universal and use peacock to their advantage to target consumers across all of those nbc platforms i think there is great news. there is demand for ad inventory. the more tv declines, the more valuable this is >> two things struck me. one was the woman who has been begging disney to do this for a long time. and it's easier than broadening

the spectrum of their content. they are still disney and have a brand framework to work within >> that's 100% true. net netflix charging $15.50 per month, they have to invest in content, because it's three times as much as peacock or others with ad content disney can try to raise the amount of content and get near netflix prices or use ad-support and then disney can maintain its premium content, which is what it's going for with marvel and star wars. >> it's fascinating how that could change the impact.

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♪ ♪ welcome back let's get a gut check on splunk taking a 7.5% stake in the softwaremaker for $1.8 million according to "the wall street journal. it's become the largest active shareholder. it beat the street in q4 earnings and announced the appointment of a new ceo on wednesday and shares higher this morning by better than 4% on that report, carl? >> yeah. meantime, i want to check on amazon, as well. this report in the journal today saying the ftc has until mid-march to file a legal challenge for the purchase of mgm, otherwise amazon will be free to close the deal the stock is down 2% and the dow is down 4.18 stay with us "tech check" is back after this. for the lowest price ever. plus choose from the latest 5g smartphones.

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and ask how to add securityedge™. or, ask how to get up to a $650 prepaid card. as the fighting continues in ukraine the impact to the global economy is being felt in the supply chain and chipmakers in particular, christina partsinevelos has the latest. >> the chip sector is expected to have minimal impact so far, 1 to 2% that's because russia contributes to semiconductor sales. of course, there are concerns about the supply of neon, for

example. 90% of u.s.-grade neon which is critical for lasers used for chips comes from ukraine and palladium used to make electronic chips 20% comes from russian mines and palladium continues to keep climbing up over what? year to date, 52% right now, but major players from global foundaries, intel and micron all made statements assuring investors they could handle the risk after learning the hard way in 2014 after russia's takeover of crimea. consensus is stockpiles should last within six to eight weeks and it reenforces the commitment to regionalize supply chains amid geopolitical uncertainty to benefit american chipmakers. jon? >> christina, great insight. thank you. >> as we head to break you want to get a check on microsoft down with the rest of the market, a bit more than the rest of the market, though, but today officially closing its acquisition of nuance valued at

nearly $20 billion "tech check" is back after one more break ♪ ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

one more thing today, and

that is a look at a choppy trading for the nasdaq just this week, losses totaling more than 3% a bunch of chinese names and names like peloton among the big decliners. for the last month stay at home have been sinking, fastly down after the big results. the delivery sector feeling the pain, as well. uber, takeaway, grab and dash all in the red, jon. it's interesting just on a day when we're getting a lot of mandates here in new york stow schools will drop masks on monday and a lot of these trades and even transatlantic travel will be a boon for airlines and people are worried about that. >> while you see domestically things opening up, on the international front you've still got that uncertainty just coming from a different place now and we'll see as this season unfurls what that means. >> yeah. >> and of those high-growth names certainly taking ark with

it and one in the high risk is tesla and bitcoin, as well, carl, positive on the week. >> yeah. as for next week, it's going to continue to be busy. we will watch for talks and a new round earlier in the week. ecb meeting and the cpi will have huge implications for inflation and the apple event and analyst meetings like ebay and ge try to enjoy the weekend let's get to the judge and the half carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, the very simple question is it time to get more bullish or cautious on stocks? the answer not so easy we ask as some on wall street are asking is the time to look at the market and buy? bond market? which is it. we take it to the investment committee, bryn talkington, snipe,