attempt. >> does three days matter in a row? does it make some difference. >> i don't know that we necessarily need the three days. any further strength is probably better than not, but no problem with giving back part of the gains as long as we don't go below yesterday's low. >> which was. >> 42.50. >> that's going to do it for us on "squawk on the street." "techcheck" starts right now happy thursday welcome to "techcheck. carl's got the day off investors are fed up with poor returns. why nasdaq is not the place to be, at least not long term plus pagerduty having its best year in more than a year

the ceo joins us later this hour netflix doing everyone a favor, helping you break things off with your ex for good. >> we're going to start with tech stoxx and the impact of the fed decision it has been a mixed session. the larger story is it's a rally we have seen over the last few days the nasdaq closed up yesterday snowflake closed up 16%. bumble and roku bumped up. if you go back to november of 2018, the last time the fed hiked rates, the nasdaq reported four straight down days, after that shedding. not this time around jon, we have seen a huge drawdown it was at the bottom even in parts of the market that have been hit the hardest unfortunately we have seen the nasdaq fall deeper into negative

territory. i know we're going to talk to the ceo of pager duty, but you have to look at how much it's down from the peak if this is the bottom, if we're going to see the bottom, where, then, do de valle yags settle? do we ever reach the peak. >> it's back at the levels where it was a week and a half ago. yes, we talk about the bounce but we're still below the levels where we started, right about the levels where we were to end march a year ago is that really enough to call the bottom here or is it a signal to the market that the gogo days of buy everything are over and now you have to be selective? you look at what we're seeing with pagerduty i think about what we're seeing with mongo there is a sense that there is some fundamental value in these bill stocks.

we were hearing from some hedge fund managers a few days ago, don't buy any growth stocks. i don't know that you can do that in this market, but you certainly can be selective. >> i bring it up often another company like pagerduty with a fantastic set of results still down over the last month or so. some are just down worse than others, so there's this whole value rating we asked yesterday, jon, which is an amazon, which is a cisco you're going to have some companies surpass the level since the pandemic, but there may be a lot of them that still exist here so very important, good companies, but may never reach those levels. >> right if you were buying cisco at those crazy levels in 2000, what should you expect? >> they're still down. >> yeah. let's stick with valuations for today's feed bond kick jeffrey gunlach warned steer clear have a listen.

>> i think that the nasdaq is not the place to be. for the short term, yes, because it's oversold. if you're truly an investor -- i'm not talking between april and may, i'm talking about looking forward to 223 and beyond, i think you want to avoid these greatly overvalued momentum stocks. i also think invests should potentially think about investing in an emerging market equity gradualisticly. i think ultimately it's going to be a strong performer for a multi-year horizon, and it's cheap. joining us now former twitter investor dick kozlov good morning growth tech, the place to be or not? >> i mean i agree and disagree

with jeffrey i agree it's generally not a good idea. growth in tech in the u.s. and elsewhere continues to transform entire industries and it will continue do that we're seeing early stage tech companies that will be public companies in four or five years that will be some of the greatest companies of the next 20, 30 years so we just disagree that you can -- you know, you should ignore or stay away from the nasdaq generally in the long term because there might be inflation that needs to be taken care of in the next couple of years. >> so i'm a big fan on "techcheck" when we try to get into exactly what themes, what technology ideas are going to

yield the most important what are the meaningful needle movers when it comes to innovation in enterprise tech, maybe even in consume over the next three to five years >> we could talk about this for a while, but i'll try to keep it simple and just do a couple. payments automation in what's referred to as the fintech space just continues to explode, and there are numerous opportunities there. there are the consumer-facing platforms and point of saving platforms like toast and spot on, and there are a number of those, and then there are a number of companies automating the entire accounts payable systems. as we saw with companies that are now public like the one in

europe, they can expand almost infinitely i think there will be a lot of fintech companies that will make money. >> it's deirdre. i want to question you here because we've seen so many fintech companies become public. they all want to do the same thing, be a one-stop shop for the younger consumer can they all do that it feels like invests are becoming increasingly skeptical of that. you're going to have to choose some winners, right? >> i would distinguish between the buy now/pay later platforms. we'll see how successful they are over time and what their margins look like. i do think in the payment space specifically, ought matting platforms, there are loads of opportunities, and we've got

companies like bill.com. you've got tell palty. you have plenty of opportunities for all of these platforms. >> i was listening to jeffrey gundlach and listening to what kathy woods might say. what's so interesting, he says, don't buy the nasdaq buy emerging markets do you think maybe he's reading that as emerging markets like china chipping away at u.s. tech dominance. >> i don't -- it's hard to say what he's -- i think he was -- first of all i think he was mostly talking about over the course of the previous year, the overvalued momentum plays where things are trading at, you know, 50 times next 12 revenue, which is silly i think cathie wood's response is the same.

some of these very early stage companies are doing amazing things they're going to be the next great american companies >> yeah. but you could do very well shorting american innovation during hype cycles the names that people get excited about that maybe don't have the full business model behind them, that's why i like this idea of getting beyond the easy themes and some of the things you were talking about. fintech isn't buy now, pay later. it's your bill.com, your ave laras, et cetera how much work is to be done in small/medium business in both payments and even back office, that enterprise stuff that make's people's eyes glaze over. as soon as the hype cycle dies down, they make a lot of money. >> the back office that makes

platforms for payments and developer tools, project management tools, like you say, they may the people's eyes glaze over the product is better than the existing offerings out there there's an incredible amount of innovation happening in that space. these companies will become public companies in the next five years and they're going to be worth a lot of money. >> we're also seeing dollars dry out in the private markets and huge selloffs in some of the biggest public names you're seeing a lot more dollars in the private space go into crypto what do you make or it >> it's a lot. i don't know what to make of it. what i will say about late-stage

growth and early-stage, the time to be concerned was last year when valuations was 100 times the forward looking revenue. i find it sort of odd that people are saying -- who are buying high who say don't come in when the pries have dropped valuations are now as low as 4 x revenue because people are looking at the public and saying these are four, five times the revelations now. i'm still a big fan of the buy low venturing. it's surprising to see people pushing a lot of money into growth last year leaving now. >> dick, i was talking to somebody last night, very smart, who said, we're going to have to soo some startups come public at valuations that are less than their last rounds, kind of taking ta pain to get probably a revaluing in the private markets which have still remained hotter

than the public market has might that also be healthy for the public market when that happens? >> 100%. what i would add to the challenge for leaders of companies that are going to be taking new financings, probably some public, some private, at valuations lower than they raised 12 months ago, you've got employees whose options are completely under water they look at their equity and maybe they thought of it as being of a certain value and now it's less than zero. so there are a number of challenges that companies who raise money at enormous valuations last year are going to have to find themselves dealing with over the course of the next 18 months >> they'll just revalue that equity, right? >> they'll reprice it and take charge of it. >> right but it's being treated oftentimes like free money dick, thank you. >> players won't like thachlt. >> employees will love it if

they get repriced, absolutely. the ceos of unity software and pager duty are coming up "techcheck" is just getting started. ♪♪ >> announcer: "techcheck" sponsored by comcast business. powering pockets ♪♪ ♪♪

challenges ahead for apple in china. the tech giant is reaping benefits from huawei but bernstein's concerned apple could grow this is following upcycles in 2016 and 2019. bernstein says if history repeats itself, apple may get a hit. they say that also poses a threat on the other hand -- >> here we go. do you have the graphic ready? >> have we seen those mac numbers? could we be experiencing the beginning of a mac super cycle and the dollars and margin dollars behind that significant?

i don't know you've got the mac and the ipad with the m chips inside. those are powerful those are selling well it's not like you end a super cycle with a down cycle necessarily, a slow cycle. it might be a regular slow cycle of iphones, and that's not bad. >> you have always been a believer of the m chip you got me over to your side that sort of opens up the possibilities and the idea of vertical integration has so much movement around apple. interesting things that aren't being looked at right now. >> apple is so many things steve jobs dreamed about a couple of decades ago and couldn't pull off at this time the extrovert cal integration, you look at the software, the hardware, and the service, that's playing out for apple, and that has implications for mac across the whole product line do we see the headset and power savings and stuff to do with low

power? >> that may require a longer lens a little bit more patience we'll see. meantime ready set play showing know signs of stopping unity software major platform is out with its new report. over 230,000 developers who make and operate over 750,000 games joining us now, ceo john r riccitiello. they grew some 93% in 2021 i guess the question the investors are trying to figure out, is that sustainable where do we go from here >> sustainability is always hard to measure if you look at say precovid, a lot of companies get tarred with the notion there was a covid bubble the market's actually grown a lot in terms of players and

usering. in gaming, 2019 through 2021, you receive a 62% increase in people playing games on pc console. i get to see daily reports or weekly reports that appears to be sustaining. with entertainment, a lot of times people form new habits and keep them. people come into gaming -- it's the only one i'm air roy of with nearly 4 billion people participating. it seems to be holding up and continuing to grow. >> let me ask you a broad question we've seen things in the gaming sector is that a good thing forree creigh yaters? >> for 20 years i've been asked about consolidation of the gaming industry. it keeps happening it's like a roll forward/never stopping story on the other hand there were companies that didn't exist a

decade ago and are master companies. it's a market where innovation drives so much in the way of growth and so, yeah, big companies buy more big companies and then, you know, the grass roots of this where unity has actually gotten a lot of strength, we support these new startup developers we love the creators a lot of them end up at the top of the charts. it's one of the reasons by way of example we've seen 31% new creators on the unity platform people coming into the space, bringing their innovation, bringing their ideas. >> john, i get queasy whenever there's too much talk about going beyond gaming because there seems to be so much good business in just making good games, making deep games people love to play i'm thinking back 20 years ago people were talking about consoles that were going to run

the whole living room. that didn't exactly happen they're about playing games for the most part. where do you see the opportunities in gaming itself i think some of this metaverse talk, although, i know you're enabling a lot of other things as well, it's going to be great for games certainly. where do you see some of the conversation go beyond that and where do you see the most developmental opportunities with the tools you're providing >> first off,'ve been in the gaming industry for three decades. i love the space and the creator, and it's growing really rapidly. i see really no end in sight for growth in this space and opportunities for new and established companies in this space. having said that, there is something to this metaverse thing, and so i think industries, architecture,

engineering, construction, the auto industry, et cetera, they want a piece of what's going on, the increased engagement from real-time or 3-d applications. last year alone, 1,052 companies came to unity to build applications, again, architecture, engineering, art, auto, wanting to engage their users more fully, and they are so other industries are learning and following in gaming isn't a big surprise it's enabled by great companies like nvidia, microsoft, i guess, meta lots of companies are supporting that i do think it's part of the future for unity, our heart and soul is in gaming. like you, i think some people get ahead of their skis with some of the commentary having said that, think of us as central around gaming and pushing companies to help them succeed in the operation and creation of their games

they don't push back they're looking to pushback an do something better. >> when you see these new companies coming in, you say barriers to entry are lower for innovation in gaming, what are the areas that they're pushing on are they able to create deep worlds more quickly than in the past and do that with fewer people are they able to work remotely and engage temporary teams to get things done that wasn't done in the past? what are the neweren trants doing even in the structure of how they work? >> look. some of it is pretty simple, john it's as simple as getting a rotating luxury. if you go to retail and look at the high end, so much of what they make isn't in the store you need to buy it online or source it online what they're finding is when a consumer or future buyer can see

or almost touch it by looking at it in 3-d, those tools are actually the same tools as the gaming industry has been using with unity for a better part of the decade so what they're really finding is they can take pieces of what the game industry has been doing ever so well, apply it to their business, whether it's retail or luxury goods look in years past if you were proposed to a sports owner a stadium, and you could show them pictures and blueprints, what you can do when you bring that into unity, real-time 3-d, they can show the stadium with a team on the floor the stadium filled with an audience, light coming through the window as it is the playoffs, and it's exactly like that that time of day, that time of year. you can see where the crowds are around the concessions frankly that is correct's the future people see that and they want to buy that more than a flat blueprint. so people are using these

technologies to enable their business to succeed more personally i find some of the metaverse talk silly there are important things next time i get to remodeling your kitchen, let me show you what it would look like in unity. >> that's a nuanced take i see jon smiling. a lot of american companies are struggling what to do with their business amid the russia/ukraine conflict. >> first off, my heart bleeds for what's going on in ukraine you know, it's something that is felt like everyone at unity. the first thing we did, we did a huge program around our ukrainian developers i've never seen this before. half the people at unity, myself

included, you know, donated to support ukraine in a huge number of ways. of course, we followed all the sanctions, cut off anything that had to do with the government, et cetera. there are some students and young people that we looked at that and said, you know, step by step, we don't want to be sort of a judge, jury, and executioner. a couple of them we turned off by way of example, we found they left the country we have to be a little bit careful. we're steadfast in our support of the sanctions, the fact that, you know, what's happening is wrong and we want to support ukraine in every way we can. >> john riccitiello, thanks so much >> thanks for having me. after the break, pagerduty surging on results of about 16.5%. at the moment, duly invested we'll discuss with ceo jennifer tejada that's after the break

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i'm deirdre bosa along with jon fortt and julia boorstin first let's get a news update with rahel solomon rahel. >> here's what's happening at this hour. crude prices jumping 7% and breaking back to $100 per barrel three million barrels per day, russian oil production could be cut off starting next month. it's far more than the 1 million barrel-a-day demand drop. alpha start jumped meanwhile zillo reports the value of the typical u.s. home rose 20%

speaking of workers, jobless claims dropped to 214 thousand that's the lowest sin the beginning of the year, but more have fall on the their lowest level in 52 years. and shares of dollar general are up about 3% after surging 6% at the quarterly bell. they gave strong guidance and raised its dividend by 31% jon, i'll send it back to you. we've discussed the massive piles of cash companies have been stockpiling how do they plan to hike rates steve kovach is with us to discuss. steve, i mean, inflation, but a lot of stocks are cheaper. >> apple has $200billion and the other stocks we talk about the thing is, a lot of companies if this continues and this

environment, we see these growthier stocks fall, the cash piles are not only going to grow because of the degree cash flow they have but because the interest rates keep going up. >> we see them making acquisitions outside of their core so that could perhaps provide some you've got mothers i wonder if that's going to be a way around it. >> you've got to look at what's hot right now. man deyanlt could be the beginning of the cybersecurity we're starting to see especially with what's going on with ukraine and russia and the concerns around that that makes the big acquisition targets. again, if you believe a recession is coming right now, these are not the stocks to get into they're scary.

you want to see topline growth. >> steve, there's another way they use big tech cash sometimes particularly over the past decade or so i find fascinating, using cash to their advantage strategically, that's helping smaller companies stand up production, right, in special types of materials or technology so like apple working with corning on stronger glass, you know experimenting with sapphire, you know, crystal. i wonder if there are going to be opportunities there that investors might not see on the surface. it might not be flat out m & a, but it's companies with capital at a time when it's getting more expensive to borrow and you say, hey, i'm going to get the first. >> exactly and especially as we keep seeing companies like intel trying to diversify. that makes the opportunity to put that investment in the united states and europe and outside asia where it typically

is, absolutely. >> and google with its clubhouse wars don't forget that too. >> absolutely. it's a favorite use always steve, thank you. turning to the cloud, pagerduty seeing a big boost after reporting better than expected guidance for the upcoming quarter and full year the stocks are still struggling along with the rest of software, down double digits today joining us now on the future of the company, pager duty ceo jen tejada jen, good to see you the growth you saw in the whole fiscal year in the last quarter continues to be pretty strong. how would you characterize the way customer demand has changed over these last few months of the pandemic >> well, john, thank you again for having me. it's great to see you all. look, we posted a really strong quarter and full year 3rks 2% growth across the board, we saw

strength with our enterprise customers, our customers spenting over 100k and spending over a million dollars and it grew 65% frankly, over the past weeks or months, we haven't seen a change in what i would call a strong buying signal. our business is growing on the back of long-term tailwinds that i don't think are going away cloud adoption, digital transformation, and we see it as a tail winld the appetite for automation, which is a big part of our platform is increasing >> you've done some acquisition there. looking at your guidance, you guided in the first quarter of fiscal 2023, 28 to 31% growth which gesh than oftentimes companies are conservative right along the lines of what you've been doing that indicates your confidence, but i also wonder, how much are you keeping your

options open for m & a in this environment. they might want to buddy up to somebody -- >> look. sure we just made an acquisition of cata catalytic, which is a company in chicago which makes smart work flows, no code work flows for workers across the enterprise. we saw catalytic as a strategic product fit where we're starting to see new use cases for our customers in areas like finance or marketing or sales. these are not technical users. they're looking for more intuitive flexing. all of us as human beings and employees are seeing more unstructured, critical work coming our way and traditional ticketing solutions and solutions in the past don't help us deal with this type of work, so catalytic is, i think, a great opportunity for both us and them to come together to

really leverage the access to those new use cases and continue to address more of our serviceable market as a midwesterner, i'm thrilled to welcome robby and shaun from chicago to pagerduty. >> great to see youful i know you're tight with other ceos in the enterprise space, especially in san francisco their stocks are there along with yourself. do you talk about employee morale and how to handal work force that has seen, you know, a substantial part of their pay equity decline in value over the last few months? >> the way we all think about this, we play it long game no one is in it quarter to quarter. pagerduty is very culture-first, and i think culture becomes a competitive advantage for us at a time like this what we do is mission-critical for our customers, even in inflationary times or when the

labor market is tighter. our employees are driven by their purpose. they come to work to be surrounded by brilliant people who actually care about customer outcomes, and i think that trumps, you know, a lots of these other issues at the same time, pagerduty continues to look for ways to be an attractive employer and long-term employer and a lot of the other benefits we talked about in the past. >> i wonder. your employees are doing so well how does that affect your return-to-work plans and some of the perks you have traditionally or not traditionally offered to your employees >> we've had a design sort of focus from a work perspective. we try to focus our benefits and perks around people balancing their lives and work effectively, whether that's been supporting parents or supporting people taking care of their aging parents.

as we come back together for work and our office has been open for quite some time, we focus on teams coming back together to build those relationships, those human connections again. i for one have been getting out and traveling. i think what you find is you re-establish those connections the cultural fabric becomes stronger i feel good about the balance we're striking. >> jennifer, wanl to ask about the catalytic acquisition you mentioned a couple of weeks ago. try to figure out how you fit that and things like that into your portfolio in your sales mo motion is that what you're offering or are you looking for a new customer >> it's about accelerating our roadmap. bringing more flexibility to our work flows

bringing no code into the auto automation, new use cases within our customer base and to help us continue to grow the business, but it really is more about the product innovations rather than tacking on new business. >> got it. jennifer tejada of pagerduty. >> thank you pleasure to be here. coming up, will a netflix price hike help boost the stock? that is coming up. stay with us ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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netflix is looking at something aimed at media sharing. julia, i was jeff saying to jon i'm for this move if it gets my brothers off of my netflix account, all of mial go rhythm. >> either you're going to be paying for him or he's going to be paying for himself pretty soon and that's because netflix is craiking down on password sharing. it will promote those who are not in the same household to pay a fee to add an extra viewer or transfer to a new account. they're starting in chile, costa

rica, and peru earlier they said account sharing is fine, it's not a problem, but it comes with netflix verifying account verification last year it comes a couple of weeks after netflix's latest price hike. this like the price hike is designed to help fund new content. account sharing between households is, kwoerkts impacting our ability to invest in great new tv and films for our members. morgan stanley writing this morning, quote, this movie feeds into bear concerns that netflix is facing saturation issues probably inably following three subscriber misses in a row, entering into the video game space, slight tone change on advertising openness, and rising competition with disney, hbo, et cetera this comes as rival streamer amazon prime closes its deal to buy mgm for $8.5 billion to do

the same thing it gives it access to 4,000 films and also more than 17,000 hours of television content. now, this comes as the ftc did not file a legal challenge be before its mid-march deadline. back to you. >> i wonder if this means we can discover a massive rocky series in new zealand or something. really, on the password-sharing, i think this is a very interesting development. are they going to attack i-- track ip addresses how do they tell if somebody's off on vacation or spending part of the summer at a summer home versus somebody else using the account? >> i think they're going to be doing all of the above i think what's so interesting,

jon, is they can't do another price hike they just rolled out a price hike what they're going to be doing is making sure everyone is paying for what they're watching if they have multiple people in the same house, people who are renting an airbnb and log into netflix, they do not want to frustrate those people by making it too challenging for them, but i do think there are various tools. the fact they were working on account verification last year means they've been building this up. >> we'll equally await how netflix does this. julia, thanks. as we head to break, i want to highlight a story ceo moderna sold $400 million worth of stock during the pandemic as shares boomed on the back of a successful vaccine to read more about that, go to cnbc.com. up next, here on "techcheck," a look at china stocks the hang seng up another 7%. we're back in two. welcome to ameriprise. i'm sam morrison, my brother max recommended you.

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let's get a gut check on china. tech stocks have been incredibly volatile but they bounced back again after china signaled support and intentions to cooperate with u.s. regulators hong kong's hang seng was up another 7% overnight alibaba closing up 37% yesterday, down this morning 7%. recent reports claim the chinese tech giant is gearing up for massive layoffs along with

tencent holdings as both brace for a regulatory crackdown jon, it's hart to call a bottom on american growth companies with china, you've got a whole other set of factors. >> that's been difficult indeed. still to come, how hr departments are dealing falling stock prices that story when "tech check" returns. leaving you lost. 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

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stocks down 70%, 80% since last year, names like zoom and docusign and now it's hurting the company's ability to retain talent kate rooney has more on this we just spoke about this with jennifer tejada. they're putting the emphasis on culture and that's more important than ever, but it comes down to many employees what they're being paid, the money. >> absolutely. yeah it could be distracting and equity packages aren't what they used to be and people who joined the high growth tech names are under water in a lot of cases when it comes to the stock and options. that's hurting morale and like you mentioned they really need to switch the focus and recruiters and people i'm talking to say it's distracting, it's demote straighting and leading to attrition compensation in silicon valley tends to be really equity heavy. people often trade a higher salary for more exposure through a company's stock and restricted stock units. that may have worked out well in recent years and tech is getting slammed in the face of rising

rates. the nasdaq and qqq down double digits for the year and tech companies with even deeper losses are looking at equity grants or cash perks to keep employees. robinhood, which is down about 70% in the last six months is issuing new stock. you have chewy giving one-time rsu grants roku is down 50% this year and that company giving employees new grants and cash-based raises snap and uber are also adjusting comp to match new hire offers. employees who got options at the higher end don't really see a path to profitability and many are looking to move, if they can and get new equity packages at a new company when the stock is lower. so a little bit of a dip mentality there and there's been a flight to earlier stage companies and there's a longer runway before needing to go public and health tech is one big bright spot and despite a slump in crypto prices, bloc

chain are paying some of the highest salaries for engineers and executives right now guys >> i'm interested, kate in whether these companies are uniformly just repricing the options. why not? if they've gotten the offer from someone else whose stock is also cheaper, right but the current stock price is what the compensation is based on are some of these companies saying well, we'll just reprice you. they've had to do that to compete and you've seen in the private markets where they've compared to the publicly traded peers and we're bound to see a price in valuations there and you're seeing some trickle effect into prices there and even amazon, you see companies that need to meet employees and do new, innovative things and in some case e stock splits >> that's where we get these non-gap results.

kate, thank you. now i know you would hate to miss any of "tech check" folks, but just in case you did, you can listen to it follow and subscribe to our podcast, plus check out shares of box higher after the company raised guidance announced $150 million buyback at its analyst day. the stock is now positive on the year and up 2.5% just about on the session so far "th ec bk aomt.ecchk"acin men

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one more thing, yuga labs is backing a new cryptocurrency called itcoin that will be distributed by an independent dow. for now the coin will be used as an in-game currency. the dow council members include reddit co-founder alexis ohanian and amy wu from ftx. they're not as bullish concerning that it is the real possibility of losing all of their invested money if they buy these assets no kidding that's like many, many things. ape coin may be particularly relevant this morning. >> why has chuck e. cheese not minted a crypto token yet.

mouse coin, chuck coin they already have the coins, right? >> why not >> the retro aspect that meme investors would love that's a good question >> use it in game. in chuck e. cheese. >> it's been a pleasure to be here in person with you, jon i'll be back in san francisco. i'll see you from there. for now now "the halftime report." let's get to the judge >> i'm scott wapner. front and center the stocks. the question is whether some of the new momentum is about to be built on or will soon break down again. we'll debate that with the investment committee and joining me for the hour kari firestone, michael farr, jim lebenthal and josh brown, and pete najarian co-founder of marketrebellion.com. dow at 102, a gain of 38, 39 points and the nasdaq is negative by a fraction and could go positive before i even finish th