1999 it's very, very bad in terms of its upinternals. as the nasdaq pushed to new highs, the percentage of companies in the nasdaq that were above their 200-day moving average fell precipitously this was the warning sign that the market was running on steam the fourth quarter of last year. >> we're running out of time but i want to get your call on the dollar you made a bold call on the dollar your higcall, the dollar would going down briefly why. >> the budget deficit, which eclipsed all records, and the trade defificit which went up because of the trading of foreign goods, it is consistent with the deficits being out of control, the dollar going down the short-term, flattening curve supports the dollar. i'm long the dollar. my highest conviction is short the dollar, but not this week. i'm talking about looking forward over an investment horizon of, say, four, five

years. >> for the next few months, do we keep shorting cyclical stocks, like we're in a late stage and own consumer staples, or is that trade played out? it seemed like we're acting we're in a late stage cycle. >> yes >> yes what? >> you asked for a short answer. >> continue to short cyclicals and stay long? >> yes. >> defensive names like consumer staple stocks. >> yes. >> you're advising that the next three, six months? >> for 2022. >> the whole of 2022, right. the dollar, when is it going to start going down. >> the next recession, which might not be until 2023. >> jeff gundlach, always a pleasure thank you for watching ""tech check"" tech cstarts rigw ♪

good tuesday morning welcome to "tech check." i'm deidra with jon and carl microsoft bulls beware bear calls on msft, netflix, and sysco. we'll discuss all three of those. later, tim cook's fighting words. the latest in the elon musk twitter saga and adding context to warren buffett's bet on pcs. the upgrade of the tech sector is where we're going to start this morning bullish on i.t. and software spending in the second half of the year after a brutal period of valuations for tech stocks that led to pe firms taking advantage. new bank of america data shows investors are already following suit, pivoting back into the tech trade so is this the time to get back in, carl this note from ubs, interesting in that it really focuses on software quite a bit, saying

software underperformed the s&p 500 index by 10% over the last six months you know, ubs believes software can outperform going forward because of sales growth, more than anything else. >> yeah. they're looking at a lot of things we've talked about over the last year. labor issues, d., supporting productively, related i.t. spending also, assuming that rates consolidate in line with their baseline, that is going to be the bigger if, maybe. >> you have to be selective, too. we heard from jeffrey gundlach, repeating the call the nasdaq is going to underperform. the amount of volatility this year $1 trillion from the nasdaq disappears frompeak to trough every month this year. certainly, earnings is going to be key that revs up this week with the tech companies coming over the next few weeks. >> yeah. let's talk about this with our friend, founding partner at

kindred ventures thank you for starting off the hour so many cross-currents you have rates and the trajectory of rates. what's going to happen there there seems to be missed tech at the consumer end others argue it'll be made up for by stronger i.t. spending in the enterprise how do you process all this? >> first of all, good to see you. happy one-year anniversary on "tech check. congratulations on a great year. most important thing to start with is inflation. the cpi print seems the market reacted well i think it was a quick 5% expectation, only predicted 3% these are huge numbers we're looking at inflation at the level of 8.2%. this is across multiple categories we are really moving into an unprecedented era. all these rate hikes you were talking about in the previous segment are really going to have a big impact on investors' comfort in being tied up in stocks like illiquids and privates, in particular. that said, i want to put things into context

q1, the funding slowdown was huge themega round was down 30% q1 was down 19% from the previous quarter, just in tech since the top of the market, probably november, prices have dropped hugely but growth is still there. the margins are still there. if you look at the nasdaq emerging cloud, growth rates since november are north of 40%. margins are north of 70% there still is an opportunity for growth, which you have to be hyper selective, as you note, about which sectors you're going to be allocating into we have a strong view of software, but also high-quality software, which mixes growth and profitability, which mixes margin and certain sectors where there is particular interest for us. >> where does that leave your interest on hardware, given potential consumer softness and, obviously, production issues in asia >> hardware is interesting again, it's one of those things you have to look one level deeper we have an investment in the number of hardware companies where we think the services side

of the hardware businesses are really interesting and important. supply chains are going to be challenging. when we're thinking about where there's going to be some pressure, the supply chains are continually going to be pressured. see what happens in shanghai, see what's happening in china with the lockdowns from covid, and that's going to have an impact that's downstream from us still, we haven't yet priced that in. that's where there will be challenges the positive side, fintech, vertical, you see an opportunity for trade multiples that will be healthy on the basis of the growth which, again, has been really high compared to the s&p and even compared to the greater nasdaq. >> okay. if you're looking at collaboration tools, if you're looking at fintech, maybe if you're looking at multi-cloud management within software, particularly enterprise, where are you most excited >> i'm most excited about a couple of areas. fintech has been amazing. in the last quarter, it was actually a record m&a year

quarter for fintech. it continues to be a huge amount of real interest and innovation. the neobank rise has been totally amazing. the intersection with crypto the intersection has proven to be a really important story for this year. cybersecurity is another one that is interesting. obviously, layering in what's happening in europe. there's going to be increased scrutiny of companies that don't have strong cybersecurity. then, you know, in terms of verticals, we're in a 20-year bull cycle of integrating software into the enterprise that continues to be a great thing. you have to be very selective to optimize for companies who have different margin structure. >> hey, great to have you back with us. you point out the margins are still there. revenue growth is still there, but the fear is that the rest of this year is going to be a lot tougher, especially if we enter a recessionary environment what do you make of what jeff gundlach said, that the nasdaq is volatile and had the same run into september of last year as

it had into the latter part of 1999 are you seeing parallels >> gosh, 1999 was unique for a number of reasons. i don't see parallels to 1999. mostly based on the fact there is revenues and they're high, high, high revenues in the midst of growth. for emerging cloud, for example, you're continuing to see revenue growth, again, at the 30% range. that's something that, if i'm -- that said, you're going to see price reresetresets continue. it's not my view at the late stage, we hit the floor and we'll bounce back. i think we'll continue to see heightening there, as evidenced by the fact there's still supply chain issues being priced in also, last year was just really extraordinary. the most important thing to note, i think, i2020 is high compared to the last 25 year it was a historic high last year, so it'll continue to happen.

>> what is the right level nasdaq returned nearly 40% annually over the last three years, versus 26% for the s&p. what do you think then, does it continue to outperform what about the argument that it may not be the best place to be any longer for the longer term >> for the longer er term, i continue to believe it'll be the best place the pricing discernment is increasingly becoming the most important decision what you're seeing is so many of these funds, particularly those that used leverage to allocate into tech, are going to have higher requests for discernment. you'd seen 20x across the whole sector it is likely going to settle closer to 10, maybe 10 3.5 we're moving toward the reset. i don't think we've fully hit it yet. >> finally, we spent the better part of a week or so talking about elon musk and twitter, trying to get behind his motivation

trying to see when the stock will trade on fundament als again. what'd you think of the episode. >> twitter someone of the fascinating companies that is the public square. it's also a public company what happens when great leaders are talking about what's really interesting in the world, they're doing it on twitter. one of the interesting things about twitter to me is, elon musk is a user and a very vocal user, active user. he is an influential user because of the combination of his follower account and balance sheet. what twitter has to and a half g -- navigate is how to have influence and impact on the world while also being a company with things you have to adhere to i believe they reacted well, by inviting him onto the board. again, he is an influential voice but it'd invite liability, fiduciary responsibility, and generally serve to perhaps rein in some of the spirited behavior he tends to employ him not being on the board is probably the best of both cases for both of them

now, he has the opportunity to be an active user, influence in a free-flowing manner, which is his style, and twitter can continue to have shareholder control and board control from those people who, i think, are managing it in a way that is looking long term. >> they think it is for the best we will see. thank you so much. good to see you. as mentioned, today is the one-year anniversary of tech they can more ahead, as always. stay with us ♪ "tech check" has been on air one year. >> happy birthday. >> describe your experience in one word >> oh, god. >> let me think. >> oh. >> go on one word >> still to come this morning --

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let's get a gut check on sysco. citi downgrading the stock from neutral to sell. supply chain restraints obviously hit cisco sharing this year the russian invasion also hit the equipment market with global defense spending skyrocketing. more money on first responder technology at home citi expects juniper and arista to eat some of the share upgrading cisco to neutral motorola is at a buy, expected to benefit from the increased demand >> tough take. not everybody is sharing that view, carl you know, the sell is pretty rare a lot of analysts seem to have, you know, 45% have it rated as a buy at this point. >> indeed. if you look through some of the morgan stanley notes this

morning, their cio survey, it does show some concerns about areas in networking, jon, where morgan stanley argues has been considered, at least by some, the safe place to hide within tech a while now. >> 45% have it rated as a buy. more than half do not. despite the pullback for big tech this year, our next guest is bullish on software for the long term. naming microsoft a top pick thanks to azure's strength and potential growth in gaming and business applications. kirk joins us now. good morning. >> good morning. >> business applications we just got that scare yesterday on office 365. somebody is scared why not you? >> i think if you look at what we're anticipating over the last couple quarters, the idea that office would decelerate a little bit, it doesn't come as a huge surprise when you think about the durability of microsoft's business longer term, azure, the ability to keep upselling

clients, you know, from e-3 to e-5, even in the office suite. we continue to believe this is a durable grower in terms of software in general, you know, what you think about with software is some of the secular trends powering the space, they're going to exist regardless of where rates go the next 6 to 12 months. the digitalization of the enterprise, clouded option microsoft plays into a lot of these themes we continue to think it's a stock that will perform relatively well in tough markets as well as more growthy times for software. >> i wonder how you think microsoft is doing in its vertical approach to some of these cloud and transformation technologies the nuance acquisition closed not too long ago they and google cloud both seem to be trying to attack specific industry problems. in the past, that has led to better margins in enterprise, when software players are able to successfully do that. is that working yet, or how are we going to be able to tell?

>> i think it'll play over a longer period of time. the strategy makes a lot of sense. it's gone from sort of lifting and shifting workloads from on-prem to the cloud it's really about solving business problems, being able to speak the language of industry being able to help ceos make business decisions that are based on cloud technologies, where the world is going i think all the big cloud providers are shifting their go-to-market to more of a vertical context you know, i think that does pay off. i think you have seen microsoft have strength in areas like retail and other places where it has a bit of an dvantage, perhaps, versus some of the competitors. i think you'll continue to see all of them pushing in that direction, to try to find ways to speak really to the line of business leaders, not just the i.t. leaders. >> kirk, of course, google is still a distant third in cloud, but, somehow, it's suggested because of office 365's dominance, that google might stop trying to compete in that area and double down on cloud. do you think microsoft has to worry about increased

competition? >> i think on the office productivity side, microsoft's lead is going to be tough to overcome for anybody. >> on the cloud side. >> but on the cloud side, look, there's going to be a lot of competition. i think what we've all learned over the last three to five years on the cloud side is that the pie is growing at a rate to support a number of winners. you've seen that while microsoft gained market share on a percentage basis, aws maintained dollar share. with google, oracle coming into the market, the good news for all of them is the pie is growing. this is a secular trend that still has legs i don't see competition as necessarily a risk any time soon for azure. >> kirk, back to microsoft really quick i mean, if we're in an environment where people are starting to write about a slowdown in office, where does it leave sort of the m&a mindset and the ability to dive into new verticals, activision? i just wonder whether or not you

think this is an area they can continue to bolt on and add ancillary businesses. >> my guess is that they will sort of focus on activision in the near term. it's obviously a very large deal i think what's interesting about software, if you look at what's happened over the last sort of three months, has been that the dichotomy between the short-term focus of the market and the long-term focus of, say, private equity investors who have come in and found arbitrages that have emerged, you know, due to the volatility and valuations. i think all the big, strategic companies will keep an eye on the market and look for opportunities. but i'd imagine seeing a ton of strategic m&a is not exactly what we're expecting we think it'll be more fin financial, sponsor driven, at least in the near term microsoft has a lot ofaloptionas underappreciated in the long term. >> how important is activision to microsoft, that the deal get done and it get done, you

know -- i don't want to say quickly because it is not going to happen quickly -- but it doesn't drag out for years and years and years? >> i think it is important because it opens up a new narrative for microsoft in the consumer space if you think about what's powered microsoft stock the last five years, it's really been about the growth of azure, the nature of the enterprise business i think the consumer side of microsoft, while xbox has done well, has been lacking this gives them a new way to discuss opportunities within the consumer franchise and whether it is advertising based, bringing gaming in you know, mobile comes in through activision i think it adds a new narrative. if it gets delayed, i don't think it really changes the story over the longer term but i do think it is a positive step forward for microsoft from an investor perspective on the consumer side of the business. >> all right see if they can get it in the net. kirk, thank you. >> thank you

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welcome back to "tech check. i'm carl quintanilla with jon fortt and dierdre bosa julia will be up in a moment first, christina, good morning. >> here's what's happening at this hour. inflation driving prices up 8.5% over the last year that's the fastest pace in 40 year roughly in line with forecast. increases in march were driven by surges in the cost of gas and food consumer prices for goods other than good and energy rose just 0.3% in march. that's far less than kpt expect carmax results could be a bad sign for others in the industry they were below estimates despite soaring car prices sales volumes fell, and expenses, including bad debt

provisions, were up. supermarket chain albertsons is falling 5%. traders are looking past strong quarterly results and looking at guidance on the light side shares are still up 9% on the year. more than one in five americans started a new job in the last year, and that's according to a survey from grant thornton many may not stick around. the survey also found 40% of those new employees are already looking for another job, indicating the great resignation is still going strong. back to you, dierdre. >> thank you. where have all the retail investors gone estimates show they made up only 14% of stock trading activity in q1, hitting a low since pre-pandemic our next guest saying she can't recall a time investors have been this puzzled around the market "wall street journal" reporter and cnbc contributor joins us now. good morning it is great to have you. so where have they gone, and how do you square that with the increased activity we've seen in

recent months, especially in meme stocks and some of the more speculative areas of the market? >> that's right. i mean, it's been a fascinating trend, seeing retail investing as a percentage of stock trading activity falls to the lowest levels since the pandemic. analysts said there seemed to be a comeback in the last few weeks of the third quarter that helps explain some of those huge moves we saw in the arc innovation fund, the mean stocks, a basket of retail favorites surged around 20% within one or two weeks late in the quarter. on top of that, a measure of out of the money call options activity on stocks like the mean stocks, tesla, nvidia, twitter, hit the highest level since early 2021 so we did see some of that activity come back into the market late in the third quarter. sorry, late in the first quarter. it's a sign some of that speculation was returning to the market in recent weeks. >> right gunjan, at the same time, we've seen so much volatility all year

in the nasdaq. i mentioned a stat at the beginning of the show. the nasdaq 100 has seen more than $1 trillion disappear from peak to trough each month. what is driving that volatility? >> that's such a good point. i think that goes back to the mixed signals we're seeing across the market. on the one hand, you have the bond market recently flashing a sign that a recession might be coming you have transportation stocks, which are typically a bellwether for the economy, saying, hey, maybe there's a global slowdown ahead. then as i mentioned, you have that intense speculation in pockets of the market. so i think that's a sign there's volatility in everything from tech stocks to transports going on >> gunjan, how far are we off of normal now in -- kind of in retail investor activity you say the lowest levels since 2019 it's been a crazy few years, right? particularly in retail so is this returning to more of

a normal share of trading activity, or is it below that? >> i think that is the big question there was a big shift for much of the first quarter yes, we saw those pockets of speculation come back late in the first quarter, but i think institutional investors, too, are keenly, you know, watching, will these investors come back will they keep buying these dips i thought one stat was particularly interesting for the ark innovation fund, the retail buys for that fund in march hit the second highest level on record. we're well above 2021 averages so, you know, i think people are still tracking retail investor activity for clues on the market's next direction. it'll be really interesting to see in the second quarter, you know, do they come back into the market during this rebound that we've seen since march, or do they kind of stay on the sidelines? >> yeah. you know, it is interesting. you know you're in a directionalist market et when

people are arguing central banks around the world are behind the curve on inflation at the same time, others are arguing they should support support measures in case growth really slows down. i noticed the bofa fund manager said around 36, 37. >> it goes back to the mixed signals we're seeing i will says i've been speaking to said, of course, the probability of a recession does seem to have gone up everyone is talking about stagflation, the prospect of a recession on the horizon 8 out of 11 of the past fed rate hiking cycles have led to a recession. but i think when you zoom out, it is incredibly difficult to time that, right is that one year away, later this year, is it two years away, three years away investors i've been speaking to say, look, maybe that is a possibility, but it might be too early to take our chips off the table and try to time that how do you time that and

actually position your portfolio for that it could actually cost you money in the long run. >> gunjan, we've talked about this in terms of the macro, but in terms of the micro, you know, we've tracked, obviously, platforms like robin hood and coinbase, and, you know, less trading from retail investors isn't good for them, but they've become so much more involved in options and derivatives trading. what do you think that'll mean for their results this earning season >> yeah, that's a really good point. i mean, we have seen a shift from kind of that ultra bullish single stock options activity that we saw for a lot of last year toward kind of those index options. so i think, you know, analysts following those companies are going to be closely tracking, you know, do retail investors come back to the market, or are they playing the small lot options on tech stocks are institutional investors favoring the index options >> gunjan, always great to get your insights. thank you. >> thank you some other news on this

tuesday. starting today, thousands of etsy sellers are planning to go on strike, protesting the company's decision to raise commission fees from 5% to 6.5%. this mirrors the fee hauck yea -- hike years ago they're hoping to get etsy's attention, that they're fed up protesters are also dealing with the -- etsy said, the new fee structure will enable us to increase our investments in areas outlined in the petition, including marketing, customer support, and removing listings that don't meet our polpolicies it is not analogous to starbucks unionization, but you have human capital at work. you're seeing a revolt on that front. it is interesting, it is part of the same basket. >> etsy is subject to the pressures of all public companies. they have to keep growing. at their core, you know, what sellers and merchants, many of

them like about the platform, is it allows them to put their ma and pa shops up. how do you scale i think, jon, that's the tough thing. trying to make this transition from an online marketplace to a bigger player. the merchants said if they wanted that, they'd go to amazon how do they stay true to the core while growing and becoming bigger and having more tools and more exposure and advertising, as well. >> tale as old as time 14 years ago, this was ebay. sellers were striking over the fee hikes at ebay. now, you don't hear as many complaints about ebay. it's the apple's app store, google's app store, how amazon treats party resellers these are all retail scores where the company that owns the relationship with the customer and that has the scale gets to set the price. i don't think anybody is going to be doing anti-trust action against etsy in this case. too small. but, you know, this is why the

direct-to-consumer movement is what it has been we'll see what stripe adds, perhaps eventually, when it comes public, as well. it's been growing quickly. moving on. goldman upgrading crowdstrike this morning the russia-ukraine war is driving ever greater levels of demand that's up to a buy with a price target of $2.85. we're backn i2.

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welcome back apple ceo tim cook speaking this morning in washington, d.c our steve kovac is there what did he have to say? >> hey, jon. it is the international association of professionals that's where tim cook spoke this morning. he was really making his case for the privacy issues around these different regulations we're seeing in the eu and everywhere else, and saying that, look, the real danger here is if we allow other software onto the iphone, it is going to be bad for everyone. let's take a listen to what he said. >> here in washington and elsewhere, policymakers are taking steps in the name of competition that would force apple to let apps onto iphone that circumstvent the app store through a process called side loading. that means data-hungry companies would be able to avoid our privacy rules and, once again,

track our users against their will >> reporter: so, look, jon, this is really him doing the big sub-tweet, if you will, about the eu digital markets act that is going through the process over in the eu, which is going to allow alternative app stores and internet down loads of apps onto the iphone. he is really making this kind of scary case for why that's a bad thing, why it is bad for this surveillance economy, he calls it, and so forth this is him making the case, like, it's dangerous this is dangerous that the regulators are considering we're not against regulation, but they are for thought for regulation. >> he seems to have a point to me, steve. the way this is being set up, it's competition versus privacy. he seems to be arguing if you force apple to let other companies set up their own software kingdoms on our

platform, we cannot guarantee the privacy and the treatment of data within those kingdoms that's part of his argument, right? >> reporter: yeah, that's exactly what it is but if you want to take the other side, we're going to hear from microsoft's brad smith tomorrow we know microsoft now has the completely opposite view of that, jon. they think, hey, let's let it open let's have as many app store on as many platforms as we want lets you install the software you want it is going to be fine it is going to be really interesting to see how these two executives of these two companies are, like, you know, just have these total opposite views of all this regulation coming down the pike. >> there is also google, right, if you want to take the other side they do have a more open app store. is there actual evidence that the protections aren't as good >> reporter: yeah, tons of evidence you know, apple and cook himself have talked about this all the time the data is kind of already floating around out there. google play store, where most

people download android apps, even with their review process, malware can sneak in it happens when people download apps from the internet to android devices. it's already -- >> what would microsoft change >> reporter: that's the thing. >> -- be open? >> reporter: honestly, i think it is them taking the opposite view of apple and having this more openness to them in attracting more developers to the platform we know the window's app store has not taken off in the same way android and the ios app stores have. this is a really good way for them to, frankly, court developers. >> fascinating, steve. a lot of big issues being telegraphed in real time at this conference appreciate it. steve kovac. morgan stanley getting cautious on networking names today. they downgrade hpe, netapp, and others, predicting underperformance in the second half based on comments from some cios read why on cnbc.com/pro

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try it for free at ziprecruiter.com another semiconductor ipo come up. cloud chip designer ampere filing paperwork with the s.e.c. oracle is an investor with a stake of 20% to 50% of the company. that company, ampere, is founded and led by former intel president, james, who is also on

oracle's board ampere is competing with a.mmd d others who have chips inside the cloud market for semiconductors. ampere's customers include microsoft and, of course, oracle no word yet on valuation for the ipo, but, of course, we'll continue to watch it, carl meantime, jon, three bearish notes today on netflix on the street, though the stock is holding some gains julia boar rston has more. >> ahead of netflix's earnings after the bell a week from today, some analysts are examining the impact of netflix suspending operations in russia, where it was thought to have 1 million subscribers. cowen trimming the net add forecast to 1 million less than netflix guided to. the company slightly lowering the first quarter avenue revenue per user estimates truist slashing its price target

for the stock to $409 from $470. the firm estimating that netflix had as many as 1.5 million subscribers in russia. saying on the upside, the second quarter slate looks solid. they do warn about rival disney plus launching in 43 countries by the end of june meanwhile, laura martin out with a note this morning, predicting youtube wins the add-supported streaming wars they need to add sports and news content to lower acquisition costs, buys a deep film and tv library, and enhances bundling opportunities to lower churn, in regard to netflix. they also need a cheaper ad-driven tier price at $5 to $7 a month to remain competitive. we'll be listening closely for commentary and advertising in the earnings. >> interesting julia, what do you know about

epic games raising funds from, what is it, sony and lego? >> that's right. sony and the company that owns lego both putting a billion dollars into epic. this shows these traditional entertainment companies doubling down on the metaverse. it is a big win for epic this will help them better compete with the likes of road blocks and build out other metaverses, in addition to fort knight, which is popular imagine a lego net verse, kid-friendly metaverse, in addition to using the sony ip. >> julia, thank you so much. one more downgrade, and that is keybank thinks a downgrade is coming ecchk"uc "th ec is back in 2 minutes.

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you choose the largest, fastest reliable network. you choose advanced security. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. make your business future ready with the network from the most innovative company. get internet and voice for $49.99 a month with a 2-year price guarantee. and ask how to get up to a $650 prepaid card with a qualifying bundle. it's the largest ever acquisition in the cryptocurrency space fintech checkout company volt is purchasing infrastructure provider wire for $1.5 billion designed to bring crypto and nfts to bolt users the bolt ceo joins us now. good to have you building a payments platform, it is all about signing up large customers, building out your network. how does the wire acquisition help you do that

>> thank you, dierdre. bolt is helping merchants with one of their biggest problems. that is checkout 70% of shoppers drop off right at checkout for merchants today. that is 85% on mobile. that is almost mobile. that is a nearly trillion dollar problem in the u.s. in one year. that is tens of millions of shoppers on our network today. it is helping merchants to convert their visitors to actual customers. crypto is the future of payments and with bold and pwyre we're bringing access to customers >> how did you do the deal is it all equity bolt was valued at $11 billion when the private markets are hotter then you have seen competitors

go out of business are you taking vak of that price tag you received before the cool off? >> yeah, we're excited we're able to cause some large merchants like recently it was fan fanatics, and they are using bolt to power all of their check outs, and we have seen a lot signing up with bolt and we brought bit commerce online and we're seeing hundreds of merchants taking advantage of bolt's one click now with wyre done with a mix of cash and i will quiddity, seeing traction from the market now with fast, they approve the problem, the same that bolt is going after.

we approved it in a dernt way. it seems like our decent approach, and the merchant friendly approach hat a lot of excitement >> it seems on the surface of it assort of a field trip most people are probably not trying to pay with crypto why is this important? >> it is the future of payments. >> but really, i am not going to pay for anything with crypto in the next five years. >> let's look at numbers here. what we're finding is only 4% of users are using crypto but for merchants that turn on crypto, they're seeing 40% net new customers on their site. and even interesting, they pay more than shoppers paying with

credit card. so getting access to the new segment of shoppers that spend more money than anyone else, the reason they're not going after that today is because it is a high friction process. with bolt and wyre to come together, it is like all of the credit cards and all of the merc merchants, just as a configuration. once they make it viable with one click, shoppers, tens of millions of shoppers on our network, and they can all buy from any of our merchants with one click. >> i'm not sure if you heard my previous question, but it was how did you acquire wyre using your equity price at an evaluation of $11 billion.

we have seen a number of companies readjust internally. how are you doing in terms of, especially how it relates to retaining and finding new talent >> yeah, so we are actually very lucky in seeming the opposite from the market. with the traction we are able to get on the enterprise market, and all of the partnerships we recently signed, and with wyri acqui acquisition, and customers as se early as last week, being the biggest weapon in crypto, our investors are showing a lot of inbound interest so we bought wire with a mix of cash an cash and i willliquidity.

>> thank you for being with us reminder to get more contacts like this online by watching our now digital show crypto world. carl, rare company in the private space seeing evaluation increase in this environment >> very interesting. meantime, amazon's pledge to be the safest place to work on earth, serious injuries rose by 15%. we're back in a moment alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is 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!

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you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com we have been talking about buyouts in tech. today it is baracuda. as you know they have been active on the selling side, kkr calls it highly attractive and the price tag will attest to that, john >> yeah, private equity selling. private equity buying. one more thing that is pc

sales and warren buffett's investment in hpq. frank holland has some data. >> we have jumped more than 10% since warren buffett took a huge stake in the pc market it is just days after the company announced a deal for poly they also out with strong guidance on pc margins with revenue. however, new data from gardner showing a 7% decline year over year in pc shipments the biggest decline of any rejons they are coming off of their best in decades. dell and apple both gaining and there is fewer shipments of chrome books they really surged in popularity last year.

they remain the leader here with dell >> pretty interesting, frank, thank you. the dow is up 230. the ten-year yield has fallen, and of course tomorrow they are getting us started on earnings season to take us through this next few weeks, let's get to the judge. >> peak inflation, that's what some influential market watchers are saying, is that the right call we debate that, joining me today, stephanie, john and jerry, 12:00 noon in the east. let's check where we stand in the marks. it's an up day, less than feared there is the dow good for 226. getting a little