military plays but the relationship between military and commercial space as well as we look to see more assets and more securing of those assets in space, david >> your two yareas of expertise not that you don't have others that will do it for us tech check starts now. good wednesday morning welcome to "tech check." today locked out of the walled garden apple introduces friday night baseball more on what's next for the company and the stock. the u.s. investigates insider

trade on microsoft trade this executive order on crypto has prices higher. the president and bitcoin, coming up next we'll start with tech. what a rebound it is on the nasdaq it's up more than 400 points we have more on what has been a and continues to be a volatile week for tech. >> we continue to talk about this idea and use the word bar republican market because we're in close proximity >> it has been a story of maybe not just in medium term. you can see the down trend if we can talk about it being more of a one step forward, two steps back but the volatility has been so severe it's been like two steps forward and four steps back. that's how volatile it's been for the nasdaq overall

pulling back today it's at 32 remember we got to a high of around 37 during the russia invasion and just kind of keep in context here, the level 20 is more like the long term average we're seeing here for the volatility index it's still very elevated to where it has been over the last 2040 200 or so days you have to take a look at some of the more tech and tech adjacent ones. the nasdaq cyber security etf is down about 8% on a year to date basis. it's been a bit of a bounce here those are some of the -- cyber security you think given the e focus on russia, ukraine would

be higher but it's in the more volatile parts chinese internet and semiconductors are some of the more volatile trades at play here you can see over the course of this period, some of the bigger gainers are jumping. we arestill seeing weakness fo apple, microsoft and alphabet. they are down about 2 to 4 to 5% watch those particular trades.

>> joining us now to discuss the product launch and the investor implications fireball blogger john gruber. good to see you. the price is higher because they think people will pay for performance and then ipad air, the max. expensive stuff but pretty unique in the performance capabilities, right? >> yeah. i definitely think in some ways what they announce is what's ready and is there really a narrative thread between the iphone sc to this max studio which is for serious professionals? if there is, it's the silicon story and they are flexing and

so you've got a $500ish that has good performance of any phone on the market, whatever brand. >> they don't expect that to be high volume. in an environment where you have supply chain issue, they can make the margin dollars with these products without having to ship a whole bunch of them i think we might be in a period where for apple investors, there's a shift from the services thesis that they were trying to get us to focus on remember when they stopped reporting the iphone unit numbers to now more of a silicon

thesis. >> it's the same footprint as the mac mini it's a tremendous amount of performance in a foot print like that and no other computer company is making a desk top computer that fits in a tiny little factor like that. it would have left people thinking is this the new mac pro. did they just rename it an put it in smaller footprint?

they called that out >> that's hilarious. even products that are supposed to many marquee end up looking marquee. >> i think the other side is the operations where with the supply chain issues that have been plaguing the entire industry for years now, apple is putting their top chip, the best phone chip they have into their consumer priced iphone that's a total operations flex in terms of something that is going to be high volume.

>> it's a video calling feature that uses machine learning to keep people in frame the implication of that are very interesting. not just in terms of work from home but i thought it was interesting how they sort of put it out there in this typical tik tok dance with the two people you recognize from that ecosystem. where do you think it goes from here what is the importance of it >> well, i just think that it's a way of making people look as good as they possibly can while they are, like me, talking to you on tv. i'm sitting here and i'm not going to move around because this computer doesn't have it. it's adapting technology to the way people actually work if you're in meetings all day long, you don't just sit ridge

i id in the center of the frame. they show people doing it in kitchens and other non-standard office environments. i think it's important that it comes to the mac and the ipad because most people only have one machine that is their work machine. >> we have got wwdc coming up. we expect that to probably be the next big apple event focused on software it tends to be for investors, what big either changes or initiatives do you think we should expect apple said they are almost done with this silicon transition what does that mean for the overall software ecosystem that they are hoping to bring along with even more performance and enhancement to their platform? >> i think the big tell will be how much of the content for developers at wwdc, which almost will be in june. they haven't announced it but

how much will be focused on ar and vr even before without announcing any kind of headset but talking about doing ar, vr on mac and ipad and on phones. it's the message to developers to me if there's a big push towards getting developers to start thinking even more about building ar and vr features for their apps, that's a real tell that the headset is imminent perhaps later this year. >> thank you let's turn to barry diller aunder investigation

dave, good to see you. >> thanks for having me. >> before we get do the back story and the out sized amount of attention, walk me through the trade in question. what did happen? >> this was a trade barry diller stepson, alex and david geffen all acquired options purchased through jpmorgan they bought the right to buy about four million shares and all of this happened just a few days before microsoft and activision announced their intent to tie up >> you did talk to diller. he did say simply a lucky bet. we acted on no information of any kind from anyone it's one of those coincidences what is the general sense about

how important this feels to the regulators and whether or not it's important relative to the other issues they have going on right now. when they are made aware of trades that at least on paper look suspicious or they have questions about, they're always going to investigate. >> i assume the three gentlemen have a money manager who are making trades on their behalf. any indication of whether

there's any anything there have you looked into that route? is it possible they used the same one >> we don't have all the information yet. that's a question the doj would ask. we don't know how actively this trade was placed >> everybody knew there was action around activision, bli blizzard the stock could have been expected to move if he stepped down.

>> stock price had been down we reported the individuals there, the explanation is they thought the stock was undervalued so they got in on this trade it's one of the facts that the sec and doj investigate.

>> we'll follow the developments going forward and we'll follow your coverage as well. dave, thanks so much good to see you. >> thanks. still to come, an executive order on crypto plus an upgrade for netflix the tech check is just getting started don't go awhe.nyer

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investors took some time to figure out where their money will work. looks like they found a connection that might last today's move the stock still 43% below its february 2021 ipo price of $43 >> it's coming back a lot. out of transition from the single ladies. president biden signing an executive order focused on addressing the risk, benefits and regulations of digital

assets. how do you square that with the ethos of crypto and web three which is open and democratic >> reminds me of the early days of the internet. i was very excited to see the language today said all the right things which is protect consumers while fostering a very open and yell thi eco system for innovation. >> do you think the u.s. risks moving too slowly on regulation

and things like a central bank, digital currency which is in this order especially when a time when some in the crypto community are predicting the erosion of the u.s. dollar given geopolitical events? >> the rate of learning in d.c. oaf t over the last 12 months even be pretty staggering. been impressed to see the large portion of the house and senate get up to speed quickly. it's hard to say what time frame the follow up to this deal will be but i think the u.s. has a strong opportunity to be a leader in global crypto. >> i guess people are trying to read tea leave based on what we know the u.s. might take a light touch. do you think that's fair

some of the earlier legislation, i think the language really reminds me of that my senses are trying to be inspired by public communications act i think that bodes well for the crypto community there shouldn't be -- it's going thrive with some regulation. it's going to be helpful to have regu regulation it needs to be done in intelligent way. >> part of this move, for example, in bit ccoin and other cryptos is the worst case scenarios are off the table. the administration isn't going to propose or do something to harm the crypto eco system

does this provide a green light for companies of the sort that you might be investing in to push forward now more aggressively laying the ground work for services built on crypto sgr i >> i would be nervous to tell crypto companies to go back to wild wet days and they should operate assuming regulation will be very light. i think it's unclear where the boundaries are going to go what i took from this is that the white house is planting a flag that they think crypto is important. they want to keep innovation very strong in the eco system. it's hard to say where the fault lines will be drawn in the future my interpretation is things like

end game assets, skin for a character or something like that, it seems unlikely that will get regulated to security based on language that i'm seeing i could be wrong it moves the boundary a bit. >> thank you >> thank you for having me >> be sure to check out crypto world by leddin heading to cnbc.com/cryptoworld our next guest says don't buy stocks yet despite a rubble of crater evaluations. stay with us

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welcome back let's get down to washington once again >> i'm here in washington, d.c joining me now is general jay raymond. he is chief of space operations for the space force. thank you for being with us. in thank you it's real honor. >> i want to start a bit with the news in the day. now we have this russia crew yan conflict playing out we have some experts warning this could extend to space is this now become case study for why we saw this service created? >> i think it show how complex the strategic environment is space has a significant role in

that complex environment space fuels all instruments of national power whether it's diplomacy, economic, military or information. their foundational to what we do as a joint coalition force >> what is space force role in the situation as we see it play out? it provide capabilities to our forces and allies and partners. we know it's up in space and we integrate with the events around the globe. from indo-pacific, we're all up,

always running >> i wonder how you see this conflict in terms of space and the fact we have so many sates they are so crucial to not only daily living for billions of people but things like intelligence and political tear capabilities how great are threats that you are securing the assets from and how are you assessing reactions to those threats >> it's very clear that space has become a war fighting domain like air, land and sea what has been a benign demand is no longer the case we used to have the luxury of taking space for granted that satellite survived infant mortality. it made it op to orbit and worked

to be able to protect and defend those and make sure that all of our forces and our partners around the globe have that information that's so vital to everything we do >> russia just said the hacking of satellite would constitute an act of war when we talk about a conflict in space, how does the u.s. see it? >> i'm not going to comment on what the russian official said i think -- i'm not going to speculate on what might be or what might not be an act of conflict i will just tell you there's the domain is contested and there's range of threats from reversible jamming to kinetic destruction we're prepared to handle those >> this speaks to modernization priorities and how you're thinking about future funding and technological development for the space force.

they were built for a domain that didn't have a threat. now there is this, it's become a contested domain there is a threat. we're looking to leverage what's going on don't put all your stocks in one stock. it crash and yo go broke you diversify that portfolio that's what we're trying to do is diversify our architecture to be more resilient to any specific threat.

space has changed dramatically what are some of those partnerships or ways you're leveraging relationships with commercial companies playing out. >> what has been commercially viable in space are big large communication satellites that we love and commercial launch technology has allowed much smaller satellites to be more relevant and because of the commercialization has gone down. >> one of the amazing things you mentioned is the fact that there

is a lot of interests in term of talent looking to come and work with a space force as well general jay raymond, we do appreciate your time and insights today thank you for joining us the space force chief of space operations >> thank you >> john, back over to you. >> thanks. timely indeed. time now for news update sdplp it is. here is what's happening at this hour job openings in the u.s. remain at record levels inch down only slightly. hiring remaps steady while the number of workers quitting their jobs did edge lower. oil and gasoline futures have given up the gains precious metals are falling. gold is down more than 2% and is back below $2,000 an ounce campbell's soup rising 3% even though quarterly results were in line with estimates.

thor industries popping 8% on strong results. reduce sales discount, boosted mor gins and driver earnings more than 50% above estimates. despite the gain, the shares are still down about 30% over the last year. a correction now from the last hour the pig heart transplant was done at the university of maryland medical center. back to you. still ahead, what do expect from disney's annual shareholder meeting this afternoon ♪ i see trees of green ♪ ♪ red roses too ♪ ♪ i see them bloom ♪ ♪ for me and you ♪ ♪ and i think to myself ♪

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munger db stock up double digits digits on average, cloud names lost more than a quarter of their value since january 1st. which names are winning? joining us now former vm ware chief operating officer. good to see you. lots of news let's start with mongodb and

google cloud what is being said in where we are in evaluating the companies if you have a hyper scaler buying what they see as value and mongodb. >> good morning. coming to your first question. i think google did not have a very big brand in security google cloud car has a strong represent ation for data center. i think this is a good plmove this gives them a lot more relevance. they are like sherlock holmes of

the cyber security breaches. they discovered solar winds. i think it gives google a tremendous amount of credibility in security discussions. it adds a consulting arm now they will be probably on mna, not to extent a big one like microsoft and activision. they are not a big player in cyber security we'll see how doj looks at this. i'm very positive of it. the general trend data so i think be patient i'm a long term investor you have to look at the best

categories even though snow flake corrected, i think these are category winners >> let's take a step back. you spent quite a while at s.a.p. which is the big european software company i'm kiercurious how this might trickle across the economy and technology, in particular. a lot of software companies don't break out their geographic revenues in a very granular way. what is your expectation for how a european slowdown and how energy price spikes from energy hunger data centers might affect this market in. >> let's take them one at a time many companies have followed the companies like starbucks to

close down. i don't expect them to have a tremendous exposure to russia situation. europe is about 30, 40% of revenue for many of the software companies. those are the big three countries and s&p being the biggest software company and the first single of is there a european slowdown in spending. they have got a much higher proportion of european revenue than any of the other companies. so far, in its very early days, i'm not seeing anything that is signaling a slow down in tech

spending >> i wonder if you think that russian sanctions and limiting american technology will accelerate is there opportunity for chinese software in cloud companies? >> i think take them one at a time as it relates to some of the cloud companies like alibaba have been aggressive about pursuing many of the place where is the u.s. is not strong. they are a very small player and

samsung are much bigger players. they are under 5%. i don't expect ha to happen. if you're a smaller company probably increase to the cloud which is better to handle the energy prices than the public clouds >> you suggesting now not the time to plow money back into the software names why not? >> i'm a long term investor

i'm looking at the long term trends and i think if you catch a trend that's five or ten years in these areas like cloud, move to applications and the trends i follow, there's great companies. the tech industry is still a flower bed of a number of great companies that will be formed with the technologies and the software area, i think these overall trends of category, i think the move to big companies like apple, amazon, google, microsoft, the cloud was open with the last two or three months i think in the application space there's been major correction with companies like salesforce is working i'm not a prognosticator but i think they are in place now

where i can go positive on them. when i talk to customer, i talk to a number of customers and the ceos of big tech company, i see them investing in category winners where technology is disruptive i think that will contain it through the course of 2022 >> all right that sounds pretty positive. thank you. still to come, investors think they can dress themselves. stitch fix is down double digits as the dow is up almost 700. 3% gains on the nasdaq

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dow is up almost 700 points here on the cusp of taking out yesterday's intraday high. you have oil down 6% the uae will encourage fellow opec members to boost production they will be the first opec member to call for an increase in production since russia invaded ukraine. you have some relief in commodities here this morning, j jon and equities are following to the up side disney's annual shareholder meeting kicks off in just about an hour. the stock has lost about a third of its value since its highs almost a year ago. julia has more on the pressure

facing cpo >> well, he's coming under attack for both employees and shareholders for the company's lack of a critical response to florida's don't say gay bill many of those employees and shareholders taking to twitter to express their outrage and the company does have around 80,000 employees in florida and just last month former disney ceo and executive chair tweeted against the bill saying it will put vulnerable young lgbtq people in danger a lack of statement should not be mistaken for a lack of support writing, i believe the best way for our company to bring about lasting change is through the inspiring content we produce. the welcoming culture we create and the diverse community organizations we support the company will reassess its

add advocacy strategy. shareholder recommends that shareholders vote in favor of a proposal for pay equity. more d including one around lobbying. chapek and the rest of the board are expected to be reelected and their compensation is expected to be approved, but some on twitter and reddit say they'll vote against chapek because of high prices at the parks the company has rolled out some price increases in recent months and people are really passionate about those parks. >> yeah although when the wait time on some of these rides are three hours they clearly have the runway to do it. we've been trying to add mentions to the add-supported tier at disney+ and the ceo would say never say never.

that would be a huge shift if they were to go that way that would be a huge shift for netflix. the never say never comes after disney announces that it will have that ad-supported tier. the disney shareholder meeting is different than other shareholder meetings back when they used to have it in person you'd have kids show up, grandparents and their families talking about different questions about the park and different movies and things. so i think it would put some attention on disney + and the idea that they'll be able to reach a broader audience and the lore the prices go for everyone else especially when they have the ads the more pressure there is on netflix to think about how to have a lower-priced option. >> we may be seeing to see it. julia, thank you after the break, hell has frozen over one analyst is upgrading netflix. we'll discuss that next. don't go away.

>> time for a gut check. stitch fix going out of style. the stock plunging to a new all-time low as the company issues an outlook for the third quarter and cuts its full-iary forecast the main concerns struggling to ramp up its customer base and its best on the new direct to buy option freestyle is not attracting as many new customers as first thought free style was rolled out under elizabeth spalding who took the reins in 2021. the stock down 80% and hit with

price target cuts and now hanging on to just two buy ratings on the street, jon, cl is very strange because mastercard is out and apparel in general is doing well as people start to figure out what they're going to wear to work. >> carl, i think the value proposition in stitch fix has gotten very confusing. they started off with this more subscription-tilted model if you get those clothes and if you keep more of them then you get more of a discount this shift to freestyle makes it more like any other online retailer, dee, and at least in the messaging that's unclear and now that the guide is unclear operationally, that's unclear and there's a lack of clarity. >> a lot of questions and as carl said that stock is down 80% since the new ceo elizabeth spalding took over in august of last year and it raises the question that we face often when you get an operator to come in she comes from bane, can they do

when katrina lake did as a founder with vc backing and the network behind her in the early days that stock has been brutal down another 11% today. don't forget to llfoow and subscribe to the pod download wherever you download your podcasts. tech check is back in a moment we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. inner voice (furniture maker): i'm rubbing the arms of my chair... ...admiring the craft and detail i've put into it. that way i try to convince myself that i'm in control of the business side of my business. intuit quickbooks makes it easy for you to get a complete view of your business. so you can sit back and... ...relax.

♪ ♪ one more thing, 2011 was a big year for lasts last time the packers won the super bowl, last mission for the space shuttle discovery, last time web bush's michael pacter changed his rating on netflix until today from the end of 2011 to netflix's all-time high in november of last year. he missed out on nearly 7,000% of share price a prppreciation until the recent nosedive. netflix from underperform to neutral, reiterating a target of 1242 apple tv is putting netflix at a disadvantage and netflix's ceo says advertising isn't in its plans, but never say never, quote, it's not like we have religion against advertising to be clear d, pacter has quite a famous history on this coverage >> missing out on 7,000%

i like that calling out some of the calls that have been extremely late, jon. >> i thought they kind of did have a religion against advertising at least reed hastings did. >> we'll see what happens with that obviously the most important economic data point of the week in cpi let's get to the judge ♪ carl, thanks so much welcome to "the halftime report," i'm scott wapner, the big bounce for stocks whether it provides any clues for where your money is headed next. we'll debate that with the investment committee joining me, brenda vifrjelvingi sarat sethi, jon najarian. nasdaq the big winner, up more than 3% an