so that remains to be seen, whether that will drive more testing this quarter but overall, they are all in the midst of a transformation to try to provide more service, and that is going to take time. >> all right bertha coombs, appreciate it the nasdaq turning positive. that's going to do it for "squawk on the street. "techcheck" starts right now ♪ good thursday morning. welcome to "techcheck. i'm carl quintanilla with deirdre bosa and jon fortt paypal, netflix, meta, some of the top laggards today we're going to discuss a few opportunities. the s.e.c. has warnings.

new rules targeting spacs. and bidding falling. >> carl, we begin with a key day for the small growing unionization, one at an alabama warehouse and another. workers at the alabama location voting for a second time this is a do-over at they found that amazon interfered that was rejected. the return this time, it's lower. 39% versus 55% last week voting at staten island is finished counting will begin this afternoon. there's a third place. so what began as one small movement has now gained traction and we've seen iunionization

they have to mobilize thousands of workers at each warehouse jon, the main take away we've been talking about for over a year are growing eventually that could threaten that ruthless efficiency that amazon has built up over the last few decades. >> we're going to see if they're growing. i don't know if they're growing. the turnout last time in bessemer was strong, but the unions got trounced. so, yeah, the unions are trying. they could get trounced. it's just not working and they're trying to bark up the wrong tree here.

this isn't about whether the conditions at amazon and the warehouses need to improve ai amazon itself is working on that they're looking at whether they trust them do that themselves based on the wages they've been paying, or do they want to pay a third party to challenge amazon and change the working condition s perhaps that way we're going to see. >> we'll see how much is about wages per se and work rules as depoints out if the unionization points out, if it isn't evidently strong in the labor market, it's hard to imagine a better period for the union to make a move. >> remember, amazon is coming out of the pandemic where there was more work and tougher working conditions jon, you make a really good point. amazon pays higher than the average employer there were a lot of benefits

they were given $3,000 signing bonuses, but the key here is trust among the workers. is amazon going to improve conditions or do they need a kick in the butt from unions we have to know last time in alabama the vote overwhelmingly went to nonunionized but remember the famous mailbox? works said it was to grow amazon. >> really? you lose a union vote, you know, 70% in alabama i don't know you're going to blame a mailbox? i don't buy that that doesn't hold any water with me but they soldier on, and labor deserves its voice to be heard we'll see what they decide speaking of zbik tech and its influence, a trade association says it supports small business. apparently it's actually backed

by two of the biggest tech companies on the planet. eamon javers has that. eamon. >> good morning, jon, that's right. the connected commerce council or ccc describes its as a corporation that advocates on behalf of small businesses on issues until recently t they had a group of its businesses on its website. when cnbc, more than 20 said they were not actually members or never heard of the group. some members we talked to said they are active participant os the group. critics say it's an astro turf lobbying group that's washington slang where it a claims to be there for grass roots entity thees but is there forbid industry. it's financed by google and amazon and advocates against anti-trust legislation on capitol hill and facebook

campaigning. amazon and google are listed as partners on the ccc website. until morning they represent a third company, the payment processing square known as block. when we called them to ask why they're partners with the council, they said, they're not members of the council afterour interview, block called and asks them to remove. they said all their members sign up on events through online or through a connection small businesses have legitimate concerns he denied it's an astroturf organization to be sure, it has small groups and say they're happy with the council and agree on advocacy of antitrust issues in a statement google said, we encourage concerned businesses and the org thanks that represent them to ask congress to consider the unintended

consequences of these bills for small businesses across the country. an amazon official confirmed the company is a partner of the council. neerkter company would say how much they contributed to the group. back to you, jon. >> is this a new turn? we talked about facebook and meta, that it was working to point out what it sees as problems with tiktok's arrival, and now this, or is this coming to light and it's pretty standard washington fair that we perhaps hand been hearing about it before? >> this group in question has been going back a couple of years but has been active for quite a while. what you're looking at are standard washington techniques being adapted by the technology industry the question is why. the answer to that is there's a lot at stake on capitol hill overs in the industry have done similar things in the past

mom and pop shops are good on capitol hill everybody wants to meet with them they have charming stories we talked to a blacksmith who's a member of the group. he makes grilling tools. he also has a spice and sauce called bite my butt. it's a fun business and people want to be associated with it. it's got a lot of color and flavor, although, i haven't tried the bite my butt sauce yet. politicians know that. they know by advocating alongside those folks, they get a lot of warm and fuzzies up on capitol hill that's an old standard technique. the reason it's deployed here, there's a lot at stake on capitol hill, particularly with those who might break up these companies. >> we'll need a whole new segment on that. what is it a hot sauce?

bite my butt. >> yes. >> is there precedent or is this era somehow didn't >> i think it does work. i think it's pretty effective especially on facebook you see a lot of what's going on here is not necessarily lobbying directly up to capitol hill. it's advocacy with groups out there in the public. so what you're trying to do is drive a message. and on facebook you can do that, and it's fascinating to watch it happen in real-time. you can look at facebook's ad tracker and track the ads of this group and others like it. you can see the marketing campaign they're engaging in, telling small businesses if some of these are passed, that could hurt their small business. they're saying, why don't you sign with us, fill out this form, send a letter to your congressman, that sort of thing. that can be effective. that said, you know, people on capitol hill are pretty savvy, and they've seen all of this stuff before

still, when you get a lot of letters telling me about the layoff of a particular bill, when you're a congressman, you're going to want to pay attention to that. >> that's a first but good perspective. thanks >> sticking with some tech name this morning, what went up has come down. paypal, netflix, meta, all fall 30g% for the year so far our next guest believes we're finally leveling out from covid. joining us now, good morning. >> good morning. it's hard to follow the bite my butt segment. >> we'll try you make the point, you've been articulate about it, there's a level at which long duration names get long enough that people stop making fun of them. >> as you guys know, i'm a homer for long duration. for us that's cloud names that have a very good opportunity they've gone after giant

markets. you've seen some of the blue c.h.i.p. companies like snowflake that bounced up, crowdstrike, up 30% from its bottom i'm not a market timer i can't tell you what the rest of the year looks like we can have the rest of the session. but it certainly feels like they've seen a floor and these names and you have smart folks buying other companies, over 13 times forward rev nigh i think that was a strong season to the market where there is a floor and folks will come in and buy these companies if it gets too cheap. >> do you think, for example, i'm thinking of a call on the soft side about dell and pq. they worry about i.t. budgets over the long term because of what you mention how do you process those it's not an irrelevant concern, right? >> no. i would be worried as well the world is moving to software, moving to cloud.

you had david on yesterday talking about what they're trying to do you think about the movement of the cloud that fortune 1000 companies are making, these are rare moves and they're transforming their businesses around the world censure, price watewapricewatere dee deloitte, they're hard to detect. >> good morning. it's deirdre i wanted to you about the latest proposed stock regulations from the s.e.c. which would force stocks to meet standards of traditional ipos do you think this is good or bad for the retail investor? we know investors have fallen short, but it's also a way for

companies to get into what you have at a much earlier stage. >> i've been pretty clear on twitter in general not a huge fan of the stock movement i think it brought a lot of companies public that weren't quite ready. having said that, the top 10, 15% of stocks have done well i think the forecasting issue is one that you've highlighted many times and is an important one. when they go through it, they can't give a forward-looking forecast they work with nalls to set expectation as little bit, for the most part, they're not able to do the forecast that the companies were able to do. so there's a little bit of a gray area or loophole and we hope the s.e.c. will close that. we're all for more companies being public we think it's a trend. you saw fewer companies go public we'd love to see that trend

continue going forward and 2021 were record years. we think there are phenomenal buying opportunities in the classes of '20/'21, particularly for folks who want to do their work and have a buyout. >> clear something for me. i hear this argument we've largely bottomed on the smaller names. and yet we're talking about this revalue yags it doesn't seem like it's done yet. it seems more like a canary in the coal mine than the dust settling isn't it that it ripples through other tech stoxx before we can say we really bottomed. >> 100%. we usually see three to six months' lag for a private company. it takes a while for them to

digest what's coming in the public market. it was very smart. i said, i wish companies would follow their lead. >> if your public count is down, it's irrational to think it hasn't come down a little bit whether it's 10, 15, or 20%. it doesn't make sense to say public companies can go up or down and private can go up it's an irrational way of thinking particularly rebounders and those who have the confidence to say, you can say, hey, look, the market's shifted you get new stock. i agree with you. >> that's interesting. to that point, jeff, q1 ipos, we did under 100. we haven't been that low since q2 2020. what does that say about the expectation of when the window

opens up once again? >> i think you'll see -- we always like to say strong companies can go public in any department the big affect terrific there is at what price. what you tend to see is it takes companies time to digest they're working with their bankers to kind of gauge interest level for long duration companies, the ipo is another fund raising event. what you'll see in q2, q3, you'll see stronger companies that have really strong business models, good cash flow margins, and really high growth rates test the waters. it may be valuations that the last round of investors might not find as tradeable. it's not a death knell for companies to go public it's healthy in many casesful it's a fund raising event and a

long journey for those who are going to be around for a very long time and take advantage of the massive opportunities like cloud, fintech, and some of the other categories >> that's great insight. q2 as well thanks, jeff see you soon. >> thank you. carl, as we're talking about valuations in reratings in the quick commerce space is planning hundreds of layoffs. we're expecting to get the internal memo which we'll share. again, another example of the markets share. still to come on tech check, apple's giant opportunity and payments, a downgrade for amd "techcheck" is just getting started.

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sees growth lagging as demand settles back down to normal levels they note they have yet to reflect the recent acquisition of california's semi-conductor masterer that will hep a md diversify over the long term they cut their target from 148 to 115 it's a few dollars below that right now, dee. we're getting news on president biden's plan to tap some u.s. oil reserves let's get to kayla tausche for more. >> the u.s. alone will be releasing 1 million barrels of oil a day from emergency reserves, a release that will last as long as six months, according to an announcement that happened today. they'll be restocking when prices are lower and there will be a meeting of the international energy agency tomorrow for them to discuss taking similar moves and their

policy processes are not finished but that there will be more than 1 billion barrels coming onto the global matter once those announcements are completed. additionally president biden is going to be calling on congress to levy a fee on oil and gas companies not producing on lands or leases they've already obtained, senior officials saying there should be consequences for those not undergoing activities already approved president biden has announced he'll use the production act to compel companies to produce critical minerals here as the country seeks to expedite the move toward clean energy alternatives that's the speech happening at 1:00, jon, and we'll be covering that. >> we'll continue to be looking at the continued ripples of russia's invasion of ukraine

cybersecurity also top of mind the military is now target of russia hacker grooms they say there are critical results in azure that relies on those products here to discuss, cofounder and ceo,tomier weingarten. good to see you. how has microsoft done at responding to it >> thanks for having me. it's protecting the critical assets we know about it's a remote code execution which means the attacker would

know the access to the network it's rated 10, incredibly severe, and you can imagine that when we talk about, you know, this cyber chaos that's happening right now, critical infrastructure, electric grids, all of these assets that are essential to our way of life, they're at stake, especially when you see these responsibilities coming from a vendor trusted by the u.s. government like microsoft, it raises questions. >> we're talking about it now, which often means a remuneration has been done. what's the status for the vulnerability, one, and what does it tell us that the additional safeguards and measures and checks might be needed to do more? >> it would be important to describe kind of the grand view of what the vulnerabilities are and how they're being depressed.

this one took six months to patch. it's patched right now but these devices that are running these types of software, they have to be updated. that takes further time. that leaves that to try to explore these vulnerabilities. i think we're seeing about a thousand new vulnerabilities patched by microsoft alone every year and if you can kind of think about it microsoft run as good chunk of the world's infrastructure, so seeing these vulnerabilities time and time again, it just begs the question, should microsoft be focused on product security versus security products. >> tomer, it's deirdre in terms of a broader more concerted or expected attack from russia amid the war, earlier this week it was said one of the biggest surprises in the last few weeks is we haven't actually seen one. do you think this is the quiet before the storm or did we perhaps overestimate their cyber

hacking capabilities. >> it's a good question and it's hard to tell i think that, you know, all in all, i think both governments understand that sider weapons today are a last resort. it's almost like a cold war dynamic that we're seeing in my view that said, i think even through today's morning, when you look at some of the attacks that russians have waved, you leave out ukraine. you expect more and more naval countries. is that deliberate probably not, but is it happening? probably, and it's concerning. >> there's been something mentioned specifically about microsoft and ukraine as they're trying to protect against potential attacks. but in any case, they're able to offer fresh cold within a few hours. is that a way to look at our vulnerability to hold back the flood? >> i think what microsoft can do

today instead of the status quo five years ago is employed signatures and attacks but if you look at something, some of the hacks we've seen including the has that has a far longer effect, it can have an added directory which houses all the privileges for your organization and that has nothing to do with malware or security software. it has to do with the user identity structure, that forest that holds ought of oured in information. that is something incredibly vulnerable, something we're trying to address. >> all right appreciate the perspective tomer weingarten thank you. after the break, apple's

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welcome back to "techcheck." i'm carl quintanilla along with jon fortt and deirdre bosa we'll break down dell and apple's future financial services and we'll watch the fang fall 1% first up, a huge update with morgan brennan. >> here's what's happening at this hour. president biden has ordered the release of a million barrels of oil per day from america's strategic reserves it will last six months. this is in an effort to help curb soaring gas prices. west texas intermediate is now down about 4%. the inflation gauge that's closely watched by the federal reserve has hit a fresh 40-year

high the pce index jumped 6.4% over the last year. spending edged up just 0.2% as food and gas prices continue to surge. jobless claims edged up in the week they're still near 52-year lows though continuing claims continuing their fall now the lowest level since december of 1969. and walgreens boots alliance sinking. paying attention to strong quarterly profits, instead focusing on full year guidance the cautious forecast is due to investments in its walgreens health unit. jo jon, back to you. >> morgan, thanks. you might use apple pay and apple card, but could payments soon be joining apple's fintech

portfolio? a bloomberg report is looking to cut out the middle man and they're going to offer a buy now, pay later, imitating a rivalry. carl, it seems like reducing friction in commerce -- and apple is known bought in physical retail and in the app store for having a loi customer that spends more and spends often, perhaps they can capture more share of wallet by digitizing that process, at least that's what some are hoping. >> yeah. kind of remarkable, dee, to watch them you kind of bundle it all together, the very slow but steady evolution of apple that's becoming more self-reliant on chips, more self-reliant on content and perhaps the payment of fintech too. >> it's not just apple you have amazon pushing into this space

you can argue the big tech is best positioned to take away some of the friction the question, guys, has always been, do they want to do that, sort of pop their heads up and get into the banking regulators' crosshairs not if they can, but if they want to, carl. >> we'll watch it. the win streak didn't quite make it to 12, but we'll continue to watch for the $3 trillion market cap. still to come, the crypto changes in vegetables. why our next base says it's kind of like schwab the nasdaq is back after this. this is the new world of work. each day looks different than the last. but whatever work becomes, the servicenow platform will make it just, flow.

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it's not all on crypto prices or bitcoin or anything like that. as competition increases amongst the exchangesing you're going to see feed compression and as it is, coinbase will probably not be profitable this year with a $40 million market capital. >> that was jim chanos unveiling a new plan, calling it a bubble stock that is being sold on a

story. guys, we're going to talk to someone about this next, but we chatted about this ourselves last week. it's not cryptos we've seen more institutional investors saying it's going to be a major trend or asset class. what he takes issue with there are companies that perhaps may be washed out. john, if we are in this sort of '90s moment, so many companies and funds pouring money into crypto, but consolidation down the road. >> you know, i can't help but keep using the musical chairs metaphor because markets eventually seem to feel that way, right the music stops. there's a chair gone everybody rushes to sit down somebody ends up with their butt on the floor, carl, and you wonder at some point whether it's temporary or longer term that's going to happen in these crypto markets so how does that affect it like the volatility that we've seen up to this point, dee, if

it's helping the coinbase and the likes of them to make money, fine but then if it goes away, does it suffer? >> yeah. many proponents of the space would argue that is like the internet in the '90s let's get another take on. this joining us electric capital co-founder and managing partner which recently raised a new million dollar fund to invest in crypto charles, great to have you it's not just fees like cheanos is talking about there isn't yet a lot of trance sparnltdcy or efficiency in the market do you allow that that could narrow over time and eat into the profitability of a coinbase? >> i think it could over time. i think it will take a long time for that to happen we've been talking about

decompression since 2016, 2017 i think when people are buying an asset, they think it might go up 1000% they're not thinking whether it's trading at 1% or 2% it's motivations here. >> do you think there are more people buying crypto or bitcoin or altcoins? >> i think when you look at the revenue, it's a percentage of revenue that's gone down over time and moved into other assets it makes sense i think the other thing that will change the dynamic here a little bit is as o's have the opportunities to come online through the exchanges, it

creates some yield it creates a mid shift and people might move away from it they'll look at how it changes for users. >> it's funny. over the years, there's been outright deflation in financial services we've watched it happen in equity trading as commissions went to zero why would fee structure get bigger over time when it came to crypto >> i think there are two things at play. one is they look at volatility differently and i think, took when you look at the structure of these businesses, it's different from traditional finance. when people pattern back to traditional finance, there are regulatory reasons in crypto, you don't have those constraints, so you still have to think about coinbase or kraken as a business that's

schwab plus like melon and goldman sachs and some of these businesses have their own junk capital and big gains. that consortium and collection of businesses together has potentially and more significant pricing power. so the crypto businesses, you have to look at very differently. >> you do have to look at it very differently so what do you thinkt that the public most misunderstands about crypto >> so many things. there's this bundling thing. bundling and unbundling. in a lot of the crypto businesses you have bundling and it's going to create new sorts of modes you know, if you want to talk more generally about

misunderstanding, we're still very, very early in understanding this stuff, and so -- which is another reason i think when you look at the markets and businesses, you know -- >> you probably need a -- yeah, we probably need a longer interview for that lastly, avichal, i want to ask you about the $15 million hack this looked like a classical phishing attack, and that's a traditional security issue that shouldn't exist on a decentralized platform so what does it say about axi and some of the promising web companies and the challenges of actual decentralization? >> that's a really good point. most of these systems when you start looking into them, most haven't decentralized yet. people are sort of advocating for decentralization what we saw with russia and ukraine is one of these things, it doesn't matter until it does.

it shows how risky these seattles are and why people should do their research before committing and it explains why we as investors, our whole team is engineers so a lot of us when spending our time, we look at it. there are technical risks involved yeah, i think we see that it doesn't matter until it does, and then it really does. >> yeah. sometimes it may be too late avichal, great hope to have you back soon. be sure to check out "crypto tell world." for all things crypto head to cnbc.com/cryptoworld. after the break, julia boorstin is going to bring us instagram news we'll have that in a moment. but first check out the shares on uipath, up 21%.

could lead to a slowdown in growth don't go away. we'rba itwmitee ckn o nus. cnbc cryptoworld is sponsored by crypto.com, the world's fastest growing platform crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league!

. some news from inside instagram. julia has the scoop. hi, julia. >> well, carl, meta is

announcing new features to help instagram shore up its defenses against tiktok instagram can attach 30 seconds of a song with a direct message, amazon and apple music another feature will allow people to quickly reshare posts to their closest four friends. there's also the ability to see who's online to chat and to quickly create polls now, these features are designed to prompt more messaging with close friends. it's a move to rival snap. instagram aims to keep people on the app so they don't swipe over to rival tiktok. these new features come as two analysts weigh in this morning on meta's ad process

er reese noting it jefferies also warning about headwinds from supply chain disruptions and a rise in inflation. they say the worst of the apple's ios impacts are behind meta meanwhile alphabet is back at prepandemic levels but they're having the highest perceived return on investment for small- and medium-sized business so when it comes to market share, particularly if there's a shrinking high, there's more pressure for meta to drive usage, and that's what today's instagram message is all about guys >> key word, julia, chasing. it seems like everything that meta is doing is playing catch-up, at least when it comes

to if the media side, thank ou. morgan stanley downgrading to more on equal rate. retechk"ft ts to cnbc.com mo "chec aerhi break. could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

this is xfinity rewards. our way of showing our appreciation.. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. welcome back we have been following the growth in electric vehicles. how about the growth of ev financing, a company backed by

reid hoffman has a new model phil lebeau has that story phil >> hi, jon it's an interesting model. spring free ev is a start-up targeting gig economy workers and those involved with making last-mile deliveries, looking for more economical option what they're doing is they're offering three-year ev leases and depending on the ev that you choose to lease and say you sign up for 15,000 miles, you will pay by the mile and approximately 35 cents a mile and a penny or two depending on the model that you ultimately are leasing and they're targeting last-mile delivery drivers. a perfect example of the type of vehicle that someone could lease and pay 31 cents a mile is the nissan leaf, the type of low-cost ev that they believe will be in demand for this business setup and they'll be

leasing up to 2,000 ev and the ceo believes with gas prices at this level there will be strong demand >> high gas prices are -- they may not stay so insanely high like they are right now, but we're never going back to really cheap gas and that's kind of from a pure economic standpoint, that world has changed forever. >> it certainly changed for the near-term and take a look at gas prices and the expectation is that we will see high gas prices at least for the next several months and let's see what happens later on this year and this is an interesting concept saying to gig workers, look, if you are a ride hail operator and you want a more economical approach to your business, we can lease you an ev and you're only paying 31 cents per mile

and you will be able to spend less you may have to spend it on fuel and it, in the end, will be more economical for you why are they targeting ride hail drivers? is it because you need to be driving a certain number of miles per day, per week in order for the math to work out there are some drivers who don't do it that often >> right. >> so who, within that cohort, is the target? >> well, it depends. look, the more you drive the more economical it will be and when we talked to paul, he basically said at these prices if you are a last-mile delivery driver and say you're doing instacart or whatever you're working for, you're gettin hammered with the fuel costs and he believes there are enough people who want to continue doing what they're doing and they're looking for a more economical approach and they want to do an ev and that's why they believe that there will be demand here. >> and i bet the gig economy

companies will welcome this, as well because they're giving these fuel surcharges in the case of uber in some cases coming out of their own pockets. thank you so much. don't forget to follow and subscribe any time anywhere wherever you download podcasts "tech check" is back in just a moment groom's parents? they just found out they can redeem rewards for a second honeymoon. romance is in the air. like these two. he's realizing he's in love. and that his dating app just went up. must be fate. and phil. he forgot a gift, so he's sending the happy couple some money. digital tools so impressive, you just can't stop banking. what would you like the power to do? your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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a story in the journal just crossing now four senators have written a letter urging the ftc to review that microsoft-proposed deal to buy activision with senator sanders, warren, bookers pointing to the accusations of sexual abuse within the company and whether it would allow activision to escape accountability as part of a much larger company the senators said any exit package that ceo kotick would receive should be looked at. when we got the initial bid, announcement and the timeline, maybe it was to take into account potential complications like this. >> yeah, and if i'm understanding correctly and i'll have to look more closely at this, their concern from the senate seems to be most be about bobby kotick and the pay day he

would walk away with and the fact that he would stick around as we wait to see if this deal goes through so very much about that one man, carl >> he's not sticking around. >> well, to what degree we'll see. >> guys, on top of all of the news this week and quarter end, jobs number tomorrow let's get to the judge and the half thanks, carl welcome to "the halftime report." i'm scott wapner will the bounceback in march become the giveback as a busy april looms? we discuss and debate that with the investment committee joining me for the hour today, jenny harrington, degas wright, jim lebenthal and josh brown let's go to the market at 12:00 noon in the east on overtime, stocks will be down on wednesday and thursday. he's right nonetheless, the major averages are on track to have the most positive month of the year and the question is dega