in so we're not clear when we're going to get there. >> eamon javers, thank you just getting a quick take on the markets before we wrap up the show here. the s&p actually just turning positive although barely. just above the flat line, 44.65 is the level there dow continues be under pressure and nasdaq and small cap russell 2,000. that will do it for "squawk on the street." "techcheck" starts now ♪ ♪ good monday morning. welcome to "techcheck" i'm carl quintanilla with deirdre bosa and jon fortt. today did last week's rally signal a bottom? one of wall street's top strategists says the selling is not over what about a new plan? we get a new buyout this morning. does that signal a buy >> and chainos, revealing new

short position why he says coin isn't in coin base's future. we're going to start with the rally, though, we have seen for the nasdaq gaining more than 8% last week, best week since november 2020. should investors be buying that dip? was that it? buying anaplan for nearly $11 billion. no shortage of bear ish arguments. arguing the fed is now too big a risk key questions for investors, is it safe to buy beaten down tech and was last week's bounce real, jon? fascinating dynamic especially as some of the software names are getting a second look. >> true, carl. i still think it looks to me like it's risky to look for the next anaplan here is why. willing to pay around 11 times revenue for anaplan a high quality asset here they think they can put it together with other things and

show real growth down the line private equity up until this point tended to pay around 8 times revenue, right so this is an unusual situation where p.e. was willing to pay more it's also ralther expensive what about all the other expensive stuff out there may not be as high quality and p.e. might not be willing to pay 11 times revenue for, dee i think that's what you sort of have to consider as you look through how -- what are the chances that these things have bottomed because of p.e. i don't think that's why i think you got to be prepared to hold on to something for a long time and really believe that it's high quality even if you're buying here. >> if you have that long time horizon. but we know that private equit is so flush with cash. they raised so much in a low interest rate environment that perhaps we're seeing another chapter here, guys they're looking for these beaten down enterprise software names everything you said, jon, is fair warning but it's a different proposition. look at starboard and box.

starboard tried to move aaron levy they couldn't. when you're getting into these software companies, you're dealing with a different kind of company. sometimes where the founder is still in place and has built a lot of goodwill with investors so, it will be interesting to see if more of this happens and we actually have the perfect guest to talk about this so we're going to dive into it joining us now for more on software valuations, glen solomon. ggv has been making the argument there's already a valuation floor in software, arguing valuations fall too low there would be buy outs like what we're seeing with anaplan. glen, great to have you this morning. >> thanks for having me. >> the question is if we see more, will private equity firms be success nfl is this an issue of companies, you know, less not being well run and more, you know, markets valuing them on a more normal historical basis is there room for them to create value? >> first off, a lot of these companies are doing spepgsally well

anaplan no exception the company is growing 30% plus year on year very strong margins. so, an attractive asset. now you have bravo coming in and paying, yes, 11 times forward for the asset, more like 14 times next 12 months, which is actually a huge premium to where the current cloud index is trading, more like 7 or 8 times. so nearly double what you're seeing the average sas multiple these days i think this is a harbinger of things to come in fact, i chatted with some of my friends in the m & a space who tell me that this is the first of many deals that are coming there's a lot of others that are being discussed at the moment. and you have both private equity and strategics looking at these assets and licking their chops. >> so if investors want to look for the next say anaplan, another potential target, what should they be looking for as

jon sort of laid out there's a lot of different views towards valuations and where they should ultimately settle. >> you know, i think first off you look for growth. and you're going to see growth across many, many different areas of software right now. whether it be security, cloud infrastructure, smb tech there's growth almost everywhere you look that's the first thing second thing i would say is margin structure and a lot of these companies traded very high margins that attracts pe and the third thing and public investors have caught on to this, looking at retention rates. so, gross retention and net dollar retention are huge and important with respect to life time value of software and a lot of these companies are showing very high margin and also excellent retention rates with net dollar retention rates in the 115, 120 even 130 range

that just means that dollars gained today are going to be worth more in the future and i think that's why private equity and strategics are excited about this asset class. >> glenn, i onder, is any part of their calculus the idea that there can be better cost control, better cost discipline? if so, how are they going to do that in ways that the company couldn't do on its own >> yeah. i think for the bravos and vista equity partners of the world, there is part of the story is cost containment and also consolidation. oftentimes they'll buy assets and then as john mentioned earlier they'll continue to add other assets and grow a bigger company that way but really the name of the game these days is not so much about cutting costs, it's about not investing as aggressively in the next leg of growth so i don't think you're going to

see massive layoffs at these businesses in fact, in software, one of the challenges is right now there's just labor shortage. and, no matter where you go around the world, these companies are all sourcing labor outside the u.s., it's just every market is getting more and more expensive to hire people and retain them. and with stock prices down, equity, as a component of people's compensation is going lower. so i actually think you're going to see expenses continue to stay steady or even rise at the average software company because of that. but it doesn't really change the fundamental picture in my mind margins are super high retention rates are high and growth is high that ultimately leads to great long-term value. >> yeah. glenn, i want to go back to the buyer be ware portion of this because you mentioned i think the cloud index is trading around 7 or 8 times. that's about what pe, you know,

on average has been paying so, there's no room for a premium there right now unless some of those fall further and the higher quality ones that pe is going to want to buy out arguably are not going to fall as quickly so, isn't there some danger that things do need to go lower before that valuation floor, that private equity would put in really kicks in across the board? >> well, you know, now you have a data point in anaplan that flies in the face of that argument while anaplan is a terrific company, there are many more like it, jon so, yes, i would agree that historically pe firms have been anchored in that range that you mentioned and maybe that's about where median -- the median software stock is trading today. but that means that -- half are above and there's a lot more quality out there in the form of higher growth, great margins,

great retention. and so, and many of these companies have really, really big markets they're going after as well. and i think the pe firms and importantly the strategics recognize that and so, you know, while pe firms just buying for price are going to stick, i'm sure, to lower multiples, as i said, what i'm hearing from friends in the m & a space, there's more deals coming and i'm sure those deals are not below the median price so i think we'll see more above median, the current median, suggesting that people see long-term value. the buyers see long-term value both in pe and in the strategic category. >> yeah. glenn, if we continue to see, it will make for a fascinating next few months to see who does get bought up. glenn solomon, thank you so much we'll talk to you again soon. >> thank you for having me. let's turn now to coin base, short seller jim chanos unveiling new bet against the crypto exchange calling the platform a bubble stock sold on a story interview on closing

bell overtime on friday. take a listen. >> we think that as competition increases in kcrypto, this is no a call on crypto or bitcoin prices or anything like that, as competition increases amongst the exchanges you'll see fee compression. as it is coin base will probably not be profitable this year with $40 billion market cap >> chanos also saying coinbase is overearning compared to its competition. shares down 30% for the year and on the heels of those comments, bank of america initiating coverage on crypto bank silver gate capital this morning with a buy rating $200 target calling the stock an alternative way to get exposure to digital assets saying it's well positioned for the expanded use of stable kocoins. so, of course; all that crypto stuff, dee, i'll turn to you first. chanos makes a decent argument

that 40 billion is quite a market cap for this story, but if you believe that coinbase is more than just a transaction play that it's kind of the google of crypto and digital commerce in the future, he could get burned. >> that's right. if you believe they can build an nft platform, if you believe they'll have success with dow tools, maybe but i think what chanos pointed to is super important here and goes back to i recall an interview with cz who talked about the transaction fees yes, they're going to come down. he also talked about what he called a hidden fee. that's the spread that many of these platforms make when they're buying and selling bitcoin. you buy a fraction of a bitcoin. you don't really know exactly what price you're getting it at or selling it at it's up to the platform. that is going to narrow, carl, as the market becomes more efficient. i think that's what chanos was talking about is that the crypto market, as it's maturing, is actually becoming more efficient and there's less room for the

coinbases of the world to make that kind of spread. >> yeah. you got better price discovery on one hand and obviously the platforms will argue fee diversification on the other hand we'll watch that closely but fascinating comments from chanos on friday. moments ago the s.e.c. released some new proposed rules on climate risk disclosures. diana has that. >> hi, carl. they're meeting as we speak getting ready for a vote but in a statement s.e.c. chairman gary against ler said this would provide investors with consistent, comparable and decision-useful information for making their investment decisions. and would provide consistent and clear reporting obligations for issuers. now companies would have to disclose their climate-related risks and how those risks would impact the business strategy and outlook. that includes weather events and governments, climate related risks and risk mlgt processes. they would have to disclose own direct and indirect greenhouse gas emissions, those are known as scopes 1 and 2. some companies would have to disclose scope 3, which are

emissions from supply chain and c clients only part of a broader goal like being net 0 by 2050. they would also have disclose internal carbon price if they use one and information act how that price is set. also information about climate-related targets and goals and transition plans, if any. now, there would be phase-in periods starting in fiscal year 2024 as of now, just 43% of the nation's largest public companies disclose scope 1 and 2 emissions data this would be a pretty big deal. back to you, guys. >> thank you so much for bringing that to us. later this hour, verizon ceo is with us "techcheck" is just getting started.

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for the foster kids who need it most— at helpfosterchildren.com disney employees planning a walk-out tomorrow over the company's response to florida's so-called don't say gay bill disney meeting with staff today as pressure builds on ceo bob chapek our julia boorstin has all the latest hi, julia. >> hi, carl. well, ahead of that walk-out scheduled for tomorrow, today at 1:30 p.m. eastern, 10:30 a.m.

pacific the company is hosting a virtual event to address that don't say gay bill and how disney has handled its now this is part of disney's regular re-imagine event series tomorrow that addresses issues of inclusion and representation. now, this invite, which we obtained from a source at disney saying that the conversation will address how does the don't say gay bill and other pending legislation impact lgbtq plus kids and families and what will it take to rebuild trust with our employees and lgbtq plus the event was moved from tomorrow this comes as ceo bob chapek faced criticism and concern from senior leaders around its handling of the bill and a range of those company's leaders have hosted town halls and meetings to hear their employees frustration. there was also a group of disney

imagine nears that asked the company to reverse plans to move their team to florida. now, amid that conflict, my colleague alex sherman reports on cnbc.com about the serious rift between chapek and his predecessor bob iger we'll learn from disney scheduled to start in just a couple hours guys >> julia, thanks we got to recommend of course that alex sherman piece. i wanted to ask you this controversy over chapek's handling of that florida bill up against how he handled scarlett johansson and, you know, that blowup that certainly didn't make disney look too good. it's like he's got some issues both on the high profile actor front and now on the rank and file front when is the last time we saw disney ceo facing this level of employee or worker criticism

>> well, look, i have never seen this amount of employee criticism just in terms of the amount of incoming phone calls and texts i've been getting from people at the company that are expressing their concern to me as sources at the company. but what i would say is this scarlett johansson issue was very unusual scarlett johansson issue really spoke to the transition that the company was making from being about a theatrical release company to one that was really prioritizing disney plus and the other streaming platforms. at issue, of course, was how it handled that and whether it would have done more to address the concerns and the payment that was going to go to its biggest stars. we did see a somewhat similar issue when hbo max was getting the first release movies from warner brothers. now, what was interesting there is there was a blowup. warner brothers and warner media ended up paying out the stars of those movies that were going to be going straight to hbo max at

the same time they were in theaters that did not escalate to a lawsuit. so this is different what happened with scarlett johansson is different that it escalated to a lawsuit i think that the conflict especially when it came to the scarlett johansson issue is similar to what ore studios faced but the fact that it went that far and did become a legal issue speaks to the fact that chapek does not necessarily have the same types of relationships with talent as maybe bob iger did. that issue may have been resolved with scarlett johansson. but what's happening right now is very different and a cultural issue and one many employees of company seem to be very concerned about. >> indeed. sometimes leaders can emphasize the strategic goals but perhaps not see the people-driven consequences of doing that julia, thank you now let's turn to inflation. our next guest says this and supply shortages might be weighing on the sector now but he expects a rebound in the second half of the year. sector being semiconductors. we have nvidia's annual meeting

tomorrow where we'll get more details from them. joining us now, bayerd senior analyst tristan. good to have you, tristan. so you have a buy rating on nvidia but also on intel huh? and an outperform i should say and also i believe a hold on amd. that's kind of unusual explain. >> yeah, well, first, we're constructed on the cycle, you know, you've mentioned our views about the second half and we do expect a reacceleration in trends but even so far this year we're seeing, you know, the very good order trends ahead of typical seasonality. intel, you know, the outperform rating is really based on the belief of a longer-term turn around story it's a big company, so it's not going to happen overnight. we think the gap in performance between their chips and that of the competition is narrowing

they have actually more or less closed the gap in pcs. still a lot of work to do to catch up with amd in data center but it's also a value name and given the highly volatile environment we think that this is a name that is going to hold better than average on a relative basis and we think they have finally the right management team in place with obviously an exceptional ceo. >> well, how should investors balance some of the criticism that intel has faced over its foundry strategy against the demand that we're seeing for not only semiconductors in general but regional locations of fabs given geopolitical tensions. does that kind of affirm intel's strategy and how much doubt do you have about their ability to execute >> well, you hit on a very good point, which i think is that synergy nut in intel's valuation right now.

and what is this view about the geopolitics and i think, you know, being 100% relianton taiwan and the tsnt supply chain five years ago was a live concern in the back of the mind of people. i think now given the geopolitical event it's becoming much more of an urgency to have at least a plan to diversify manufacturing. and intel really is going to be the only foundry based in the u.s. that's going to be able to provide leading technology to companies. and i think the big difference relative to intel's initial push a few years ago is that now they have a whole team in place they have actually acquired a smaller foundry company that's going to give them a lot of know how. and also they are developing a product with customers as opposed to just going to companies and say, hey, we can build a product for you.

so i think it's this joint effort that's going to make really a big difference in terms of the company succeeding in that strategy. >> yeah. tristan, he laid out very bold ambitions but they still have to execute on that. you sound more optimistic, but why not look at say global foundries that already is in the foundry business and could maybe expand it? >> yeah. well, we have an outperform on global foundries and i think the past few days stock action really reflect the contrasting that investors are looking at how geopolitical matter and how u.s.-based production is really going to be an asset so, global foundries is really focussing on the 12 millimeter and above, which by the way is about two third of the entire production of semiconductor. so intel is really complimentary

targeting leading notes for companies that need, you know, 10, 7, 5 millimeter of time. again, it's not going to be an overnight turn around, but we do believe in intel's capabilities. i think it's also a matter of survival for intel because i think that the model of just setting their own chips for their own market isn't going to be enough to subsidize is very heavy manufacturing investments that are required as we continue to move. it's this diversification in terms of customers that's going to benefit intel over time in our view >> tristan, thank you. that's a great setup for the challenges for the industry in general ahead. tristan gerra. after the break, head winds for the ride sharing industry. uber and lyft falling this morning. stay with us

welcome back to "techcheck" i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin nasdaq is turning positive this morning. was on pace for its first down day after four gains see if it can go for five here in just a moment, verizon's hans vestberg is with us. first a news update with rahel solomon. >> good morning. here is what's happening at this hour southern china hundreds of rescuers have been responding to the crash of a china eastern airlines flight. the plane was a boeing 737-800 132 people were aboard including 9 crew members no word on fatalities or injuries the jet went into a deep dive and quickly crashed into a mountain nasa satellite shows a massive fire at the crash scene. warren buffett since 2016. they agreed to pay for allegheny, new york insurance company. they will operate independently

after the deal closes. berkshire has several insurance subsidiaries. kohl's says today it has received multiple acquisition offers but the department store chain says preliminary proposals are nonbinding and don't have committed financing. hudson's bay, the canadian retailer is one of the potential bidders. carl, i'll send it back to you. >> thank you so much rahel solomon. as we mentioned nasdaq has gone positive, up big last week but can investors trust this bounce we'll turn to mike santoli as we see close to 44.75 here. >> yeah. so, building a little bit, carl, last week's rally when it comes to the nasdaq 100, pretty dramatic i would say interruption of the down trend without fully reversing it i think that's why we are at a decision point here. you know, it's not as in good a shape in the s&p in the sense of how much of the correction losses have been regained. it's more like 35, 40% has been recaptured also, you can't see it here, but

the 200-day average, literally goes right there we closed on it basically on friday so that's a natural point to pause. it's another test for the upside as we did see, of course, downside leadership from the big megacap tech groups. take a look at some of the more speculative areas of the market. the ones that peaked a year ago if not more in some cases. they have also had very violent bounces. a lot of talk about how last week was really dramatic in terms of the most depressed areas coming back. well that puts it in context last week's rally, got a lot of these stocks up 20, 30%. and ipos, cloud, online retail, all this stuff but you see it's really a challenge to try and reverse that so i do think arguably if you're bullish on this move and feel as if the market told you it's put a low for now, this is an area that could go up a fair bit without getting out of technically a bear market. so, i think that's where a lot of the work is being done as people debate the fate

>> mike, looking in the rear-view mirror just to last week, what happens so the concerns last week about how yield? does that just dissipate with better equity action >> well, it actually firmed up so i think that it sort of came off of the front burner in terms of things to be super concerned about. it's not necessarily recooped all those losses and high yield. but it definitely did, i think, sort of improve enough that you saw in loosening of financial conditions in general, with stocks up, spreads tightening, vix down so this could be a respite it could just be the market kind of catching its breath here. but it seems as if we didn't get anything disorderly to the downside i think that's somewhat encouraging. even though you did have a couple of high yield offerings pulled because they didn't like market conditions affirm and others so whether that's sort of a tell that the market was showing some discipline or it means it will be less generous from here on out, we don't know. >> mike, last week when we saw

this massive rally, it was a lot of that unprofitable tech and the mean stock names some say that's hardly the foundation for solid market, but i think i heard you speaking earlier today about seeing some of the higher quality names come back today >> right so, you know, dee, i agree that you don't only want to see the lower quality, really depressed stocks be the only thing that's showing some relief. arguably there's room to have things like the apples and the big software, the big profitable software names adobe was one that was mentioned that maybe they just had enough of a valuation adjustment and that's all you needed for them. you didn't really need them to prove their business model you had to decide how much the market was willing to pay for that stream of earnings. >> mike santoli, thank you. up next, verizon ceo hans vestberg is with us breaking some news. "techcheck" is back in just a moment

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genesys, we're behind every customer smile. welcome back let's get over to julia boorstin with some news this morning. julia, over to you. >> thanks, deirdre that's right we're going to be joined now by verizon ceo hans vestberg and live nation ceo michael rapinoe as they announce a 5g technology

partnership and included in the partnership, which is pretty wide ranging, verizon will be outfitting venues across the u.s. with 5g ultra wide band so concert goers can stream, share photos and videos an download content in much faster speeds than 4g and there's a new first access program that will make millions of tickets to live nation tours available to verizon customers via the my verizon app also giving access to select streaming concerts joining us now to discuss that and more are michael rapinoe, ceo of live nation and hans vestberg, ceo of verizon thank you both so much for joining us this morning and breaking this news on "techcheck." michael, let's start with you. what is this partnership really mean for live nation's bottom line >> well, first of all, thanks for joining, hans, and appreciate us having us on hans and i have been talking for over a year now about the ways we can use his great new technology 5g to finally power

all of our venues and shows. as you know when you go to a concert, it's 50/50 whether you can find a reception, whether you can post a picture or phone your friend. so, the idea now that all of our venues will be lit up with this very efficient 5g the just going to make it so much better for the fan whether they want to post a picture, tiktok or we can now start figuring out ways we can engage with that customer on site from upgrades to special merchandise to special access. >> very interesting. now, hans, give us your perspective, in addition to just having this be part of the broader rollout of 5g, what does this mean in terms of your relationship with verizon customers? why is it important to give them early access to either ticket sales or streaming and do you think that will help pullover customers from rival mobile carriers >> first of all, thank you, julia, for hosting us here michael and i talked for a long

time this is an extension of our partnership. clearly what we see inthese type of venues the importance of connectivity in order to be part of the immersive experiences our strategy all the time is to be in those places with iconic sort of music or live sports and life nation is, of course, the iconic brand mere that we're working with in all the concerts and theaters they have across the country. you see that they have a really good technology as a platform. and from that platform, we will then start together to innovate new fan experiences, new ways to actually consume these fantastic music or whatever is in this concert places so, that's one piece of it the other piece, of course, the trend that we see happening in the market that's of course going direct to the consumer either us to the first access where we will offer millions of tickets to the more than 100 million consumers we have as a first access, which is a great opportunity where we have

already seen that because we launched the first batch of it and enormous demand from our customers. then finally, of course, working with michael and his team when it comes to their direct to consumer their streaming service, which, you know, we have worked with many others like this. using our platforms and innovate with a partner like live nation. it's a great way to see that fans, our customers and the people experience getting an even better experience. >> michael, great to have you. good morning it's jon so i've got mixed feelings about smart phones at concerts yes, they're great and everything, but have you quantified the financial value of streaming video and digital images on social media as marketing for live events? and how does 5g perhaps change the calculus if you have does it make live events easier to market even if people in the

moment are paying less attention to what's in front of their face >> yeah. it's a great question. you know, we kind of look at our fan as the promoter. the great part about the concert business is it's a kodak moment. everyone has to post that moment when they're there it's a special moment in their history. so you are right if you're on the first harry styles concert in new york and 20,000 people are posting and reposting and i've still got 70, 80 shows to sell throughout the world, that momentum every night instagram, social, tiktok, all the way those fans are help spreading the word is incredible, valuable marketing us to. we have been talking about this for years on how the customer really takes the show to the consumer for us. they are our best word of mouth advertising. and that is provided us billions of impressionsaround our shows and our experiences, our festivals. this just highlights it and unlocks it to a full level now >> hey, michael, it's deirdre.

in that vain i wonder, though, who owns the customer? earlier this year you said that live streaming is a compliment and promotion to the core concert. i think that's what you're saying now but i wonder is big tech looking at it the other way around and could that potentially be a threat to your business? on a virtual platform, artists are able to reach millions of more viewers, able to interact in a different way so how urgent is it for you to sort of build up these tech and virtual tools to own the customer >> yeah. i want to define, though, the physical event is the magic, right? the two hours that you go live down to msg to watch that show, that's the non-duplicatable part that's the part we have seen through covid and now roaring back, that's the part you can't get online or through your tiktok video you have to be live to make it happen so that's our magic sauce the two hours. now, any ways that we can take that two hours and help market it, enhance it, compliment it,

we think that's great for our business and our fans and for the artist so we think these extensions, marketing, adding value to the show are great extensions. the two hours, though, still is the money shot that has to happen live to get the goose bumps. >> now, when you talk about extensions, i think it's notable that in this press release that just went out you also talk about augmented reality features and also nfts. nfts, hans, that you are going to give the opportunity for verizon customers to acquire tell us how this is going to work or how this could fit into a broader strategy with nfts. >> no. the broader strategy is clear. first of all, i just want to echo what michael is saying. remember that the uplink on 5g, when you send up data and send to tiktok, et cetera the limitation is basically on any technology except 5g that's why we saw at the super bowl that people can send up everything if they're on 5g. and that's what we're going to

do in the venues as well we need to understand that this youth, this fan base, they want to do different things at the same time. using their phones, using, looking at the visuals but nothing will replace a real convert or a real live sports event. that is really the cream of the premium when it comes to being live but you can replicate and use ambassadors for it that's what we create. on top of that we can create immersive experiences. during the halftime show at super bowl where you basically have 8k cameras behind the whole event and the halftime at super bowl and you can access that. you can be wherever around these players or these rappers and that's what you can do then you can create ntfs on that and do a lot of things so this platform that we are putting in, that is really where we start doing innovation for the fans, experience and there are multiple things you can do that's also when ntfs comes in for the whole picture for us

even though we didn't know metaverse was existing when we started with the network >> yeah. certainly an advantage to have that kind of broadband i want to look at what's going on more broadly in the economy right now. obviously there's inflation, there's economic uncertainty, certainly which has a bigger impact in terms of live nation and what's going on in europe, with the russian invasion of ukraine. and i'm wondering if both of you -- and i'm going to start with you, michael, can give us a sense of what these difference factors are doing to your business outlook michael, i know when in february you gave a very bullish outlook for 2022 it was before the invasion of ukraine and also before some of these inflation indicators spiked what are you seeing right now? are you any less optimistic than you were a months ago? >> first of all, thank you and obviously what's happening in russia and ukraine is horrible and we're doing everything we can to support and see how this plays out.

we are unfortunately we don't have a lot of shows in that area so that hasn't really affected our business europe seems to be business as usual right now for the summer so we haven't seen any disruption in our core business around the world in terms of touring. we don't see the inflation affecting us yet you know, i think we've talked about in february we had such a 24-month shutdown that the pent-up demand is so big right now for the customers this summer we're still tracking 30% plus up year over year we're seeing consumers buying tickets on sale this weekend we had soldout festivals this weekend. so i do believe that the pent-up demand over the last two years is going to power through any short-term inflation issues. tickets seem to be flying out of the door both from the front seat to the back so, we're looking still for a record '22 across the globe. >> and hans, i would pose a similar question to you.

what's your sense of the impact of inflation on consumer spending and the kind of activity you're seeing among your verizon customers >> first of all, i agree with michael. it's horrible what we're seeing right now in ukraine and all of that and we decided to wave any calls or texts to ukraine for all our customers in order to see that they can communicate and of course we have a consumer base only in the u.s. and if you look at that, there's so far no impact from what's happening in europe on that consumer base of course we have inflation, but one thing that has happened the last two years is that the mobility and cloud service is essential infrastructure, essential service for each and everyone in this country so, of course, when we now, for example, launched our fixed wireless access as broadband solution, we have seen a great demand for that. our mobility service continues to be very strong. so i think that this is

essential to operate business in this hybrid world because that's where we're going to live where people want to work from home sometimes or being on the road and seeing that technology work. so actually we see a good demand for our business of course all the new offerings and recently this morning i have to say that we also launched that we're pulling in more spectrum earlier we are clearing the spectrum one year ahead more spectrum so that we're going to launch some 30 more markets this year, which is already very vast on our 5g ultra wide band network. we're going to follow what will happen >> well, thank you so much for the business updates from you both and also for breaking the news of your partnership here on "techcheck." hans vestberg, michael rapinoe, thank you both so much for joining us and, jon, back over to you >> julia, thanks now, as we head to break, check out tesla.

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time now for a check on uber and lyft

drivers have less ned for both companies. they are maintaining their outperform rating with the price target falling from 65 to 50 that's just a few bucks above the rpi price. it is a shallower cut, the ipo concerns other rising driver incentive costs. sharing are down sharply to start the morning. we'll be right back.

amazon is notching another legal victory. they won a dismissal from a attorney general the suit said that sellers were made to offer their lowest prices on amazon they are considering an appeal and this comes on the hands of the mgm acquisition being app approved by default that deal closed last week europe's digital markets is expected to be finalized as soon as this week giving them broad and punitive powers big tech firms including amazon preparing for the worst including the creation of a new compliance unit. >> we're going to go to a break, but don't forget to follow and subscribe to our podcast

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that is our one more thing today. telegram has been banned in brazil the supreme court is blocking court corders. the ceo says the supreme court has been sending orders to the wrong corporate e-mail address and that included president zelensky we're not perfect, the efficiency on the rule of law -- >> looks like the ban was lifted after that e-mail misunderstanding got cleared up. we talk about all of these things like finance and friction messages >> i need to see the evidence that is sent to the e-mail

address. >> that's difficult to verify. a lot of stuff that's online interesting week we have been moved to 12:30 and we'll have our eyes peeled for comments and whether or not he will add additional comments nike tonight as they continue to trickle along for the time being. let's get to the judge >> carl, thank you so much welcome to "the halftime" report a bear market bounce or a rally to rely on we debate that and joining me from the hour is steve weiss let's look at the markets. the dow is down and that has to do with boeing the s&p is higher and there is the yield on the ten-year note oil is up, a lot of things today