like dish. speaking of names, after the bell reporting results you have rivian which is trading lower, speaking of evs as well. that's going to do it for "squawk on the street. "techcheck" starts right now. >> good wednesday morning. i'm carl quintanilla with jon fortt. d dei deirdre, what's coming up. >> this event mostly streamed but we're here we're on the ground in mountainview this is where the place where alphabet makes big product announcements, where the company and trends are heading that reverberates throughout the tech community alphabet has lost a fifth of its value. what the giant says is going to matter more than ever. later on i will sit down with

ceo himself, sundar pichai i can't wait to bring that to our audience. >> that's going to be key, especially on a day when we're watching faang the latest numbers show hotter-than-expected inflation, the nasdaq down about 35 our next guest asks has the tech bubble finally burst he notes despite the come poise it losing more than a quarter of its value, there could be further to fall. joining us is luke ventures managing partner gene munster. great to have you back where does the risk lie right now, particularly within tech and the nas. >> investors have gains they're sitting on when you look at the broader sell-off over the last two months, it's been a bubble bursting typically when bubbles burst,

the pendulum swings further that direction of a krks. the valuation is not at sanity levels i would argue we'll still see further depression i do have a vote of confidence here that while the worst is over, i think that there is still some downside. i do believe, carl, that the worst is over. i would put one final point on my conviction on this is our fund is still 50% in cash -- >> we look forward to trying to resume that conversation because gene is in the recession camp, jon. that might be where his cash position leads him to. a recessionary call. putting together the pattern of earnings blowups we've seen in the last few weeks netflix, coin base, unity, we've been walking into the office in the morning and finding at least one of them down 20%, 30%.

>> stock blowups and narrative blowups. we'll talk more about this but not just coin base, the stock itself, but then bitcoin taking that big dip this morning when the cpi number came back. there goes the narrative about crypto being a hedge against inflation. yes, it came back. but that sort of reaction tells you something i think about the narrative, carl. >> right gene, we got you back. you were mentioning your cash position, and then i added on top of that, your view about going into a recession >> exactly i remember being an analyst 15 years ago, back around 2010, and i was talking to a buy cider, i won't say the name, giving an update in terms of apple's performance and strength in their business the buy cider stood up in the meeting and walked out as i was telling him all these good things i was astonishied

his two lieutenants addressed me and said the reason he walked out is you simply don't get the joke, yes, the businesses are fine today, but give it three and six months and you'll see what's going to happen i'm an optimist, but i do think we're going to see some risk of recession, and i do suspect that at the point when the recession actually starts, that's when i think these tech names really start working again. so if you take the view that these rates will cause some form of a recession, i think that it's prudent to be still deploying through the bottom here into the fall >> when we look at the company side, gene, some can take this moment to be opportunistic, especially ones with large cash balances who do you think can afford to do that? what does it mean for some of the smaller companies that cannot i love the thread you posted a while ago talking about how apple saw the opportunity to kill the golden goose of the

ipod, but birthed more with the iphone who is going the rise to the moment, if you had to look across the tech landscape? >> i think it's apple is still one of the big beneficiaries i mentioned my caution around broader tech i'm optimistic they will continue to power through this, in part because i believe they're going toget into large addressable markets while at the same time having a sustainable business i don't think apple is going to have problems in the next three to six months in anticipation of the recess to answer your question, dee, i think apple is in a great place. i think they want to desperately get into the automotive business i'm stopping short of saying they're going to get into that business, but if they do make good on that opportunity that they're working on, that is a massive unlock in terms of value and i think that that would continue to appreciate shares through the back half of this year another company i'm still optimistic on is tesla despite its high valuation, i think what they're doing is something that is incredible,

well detailed. don't get to go into it beyond traditional auto is in a tight spot i look at what tesla is doing and i think this is not going to turn out well for traditional auto the last piece i would add when we think about this bubble bursting, we're going to see a lot of mna in the middle and back half. a lot of o these darlings down 60, 70, 80%, they're going to get scooped up, even with antitrust. there's an opportunity to troll for opportunities within that bucket. >> isn't there a difference between having confidence in a business and having confidence that this is the right place and the priet moment to buy a stock? even with the confidence that you have in apple's business and it pays a dividend, in a great position cashflowwise, is 152 a share a limited time only, you're going to regret it if you don't buy it here now and you're looking back on this three to six months from now? >> i think apple is going to

continue to perform better than broader tech i would say that if these rates do continue to move higher, jn, i think all tech will be impacted by that i'm not calling a bottom at 150 with this. i'm more looking forward to 2023 i think apple is going to be a beneficiary of easier comps like a lot of tech companies. no, i don't think there's a bottom we can call i think there's still downside to the market. maybe i should reiterate that. i think there's downside to the market f. you are going to want to own something, i think apple is a great place to be otherwise, i would pick away of these companies, wait until the back half of the year. as soon as the recession comes, that's the point where the stocks start moving higher one final thought on the tech trades, the comps have been getting reset now in 2022, that makes it for easier growth in 2023, you're going to see investors anticipating that later this year. so you put it together, you still want to be long tech, but

be it judiciously. >> it's always tough to predict what apple is going to unveil. you've been so funny about past predictions on twitter good to see you. gene munster, thanks. >> thank you, carl. we'll turn now to crypto besides the plunge in coin base this morning, bitcoin did dip below 30,000 kate rooney joining us to break down the moves we're all fascinated by the moves in the algorithmic stable coin we talked about how it could be a black swan for the entire ecosystem. taro had grown to the third lar largest. talk about the contagion effect we could be seeing right now >> definitely having a hit on bitcoin and crypto sentiment this is probably the biggest black eye yet for the industry i was talking to nick carter of castle island, he was one of the few skeptics out there there were a lot of backers of

this ecosystem in general, not just the stable coin itself. you had luna, a lot of different parts of this. there were some high profile big name investors in what you might call the smart money, hedge funds that have a lot of exposure to this one of the impacts here, it shows the industry at least in this case can't sechl-police this project and stable coin is unwinding. step back a second stable coin supposed to be pegged 1-1 with the price of the dollar now down to like 50 cents. completely lost trust there. they're trying to scramble to find ways to bring back some of the trust, to make sure they can stabilize the price. but there's been a total outflow of people leaving that ecosystem, and a lot of retail traders in the u.s. are also exposed here likely going to result in more regulation you look at treasury which was already laser focused on stable coins and some of the risk to financial contagion and the u.s. is issuers, a lot of private

companies have complained that other global stable coins as they call themselves aren't backed, don't have the same requirements when it comes to saying what they're backed by. in this case, also to step back, this project and this stable coin is supposed to be backed by other cryptocurrencies it was a complicated thing that there were not a lot of skeptics or critics out there and there was a lot of people exposed to this project. >> kate, i have trauma, i have trauma from living through the dot-com bust as a young reporter, trauma from living through the housing crisis as a real estate and personal finance editor this reminds mef of the post mortems later, here is what you didn't know about all the money flowing into the startups even though they didn't have revenue. here is what you didn't know about mortgage-backed securities a lot of the narrative about how this is a hedge against inflation and that's why it's not going to go way down coin base is the google of

crypto and fin tech. to me this isn't just necessarily what's happening with tara, it's a question about the whole ecosystem. are the people you're talking to taking a step back crypto may have been optimistic at this point and reconsidering the thesis here? >> that's exactly right, jon one of the things, too, and the other similarities is the jargon around this and how complicated they've made explaining this a lot of people would say -- they might not understand how a algorithm in stable coin works a lot of us doesn't. i think they obfuscate that topic and concept to make it harder to understand and people that want to buy in say i don't quite get it, but there's high-profile people backing this so it must be safe and it's called stable coin a few investors sat this out and had this cassandra-type moment, we've been saying this, calling out the risk but first, first of all, the twitter community around crypto, you don't want to be on the

other side of that they said it's hard to speak out because people dog pile on this. the founder of this that we've interviewed before has been outspoken about the critics. people that don't believe are seen as the naysayers, they'll miss out on the next big movement a lot of people are getting caught up in this and people who didn't take risk off the table, who said they believed in this, they didn't step back and those are right now on the wrong side of a huge, huge trade year >> the nature of the industry, kate, has been so polarized. you say something wrong, you get jumped all over. you say something to the positive, the other side jumps there's going to be hopefully more nuanced there was a warrick on this rhythmic stable coin we'll join in to coin base plunging afterthe crypto exchange reported revenue dropping 27% from a year ago it is down almost 50% just this

week alone joining us dan doloff who has a neutral rating on the stock. maybe we can pick up where we finished the last conversation where is the crypto market right now? where is coinbase? could it still be the google of cryptocurrency looking in the long term. yesterday on the call brian armstrong said, listen, we've been through this before are they the best to deal with all this volatilely and turbulence >> great to be on the show again. i think that is a moment of understanding. i agreed with everything kate said before. the gospel of this being the google or the aws or crypto is not coming to fruition i think that was clear this water because the volatility in crypto is just, you know, made the first quarter look awful the second quarter is looking even worse they might be losing $500 million this year. i don't really see a path from here i know we've been through these

winters before, but i don't think we're ready for a crypto ice age. soy think that's the question now, is it just a crypto winter or crypto ice age. i don't think a crypto ice age is something that they could weather like they weathered the other crypto winters. >> i wonder, dan, what you make of their hiring trajectory they've ramped up hiring as we know they're running the business, going to try to run it on a bake-even basis. is that the kind of operating method that's in favor at the moment >> that's a great point. i think this is like -- it feels a little bit like the final scene from "thelma and louise" where they're headed towards the cliff with full gas. i was listening to the call yesterday. they're hiring as if nothing really happened. they'll be spending $4 billion or something on g and a and marketing. they barely turned profitable

this quarter the language has changed a little more to make sure that, if you compare the two press releases, that $50 million loss is more realistic than it was back in february i don't understand what this hiring is for. in my view, that's a business mistake. they need to maybe kind of step back a little bit and show some profitability. i think that's what the market wants. >> dan, a few days ago i was talking with michael grown injer, the founder and ceo of chain analysis he's not big on any particular cryptocurrency itself. he's excited about blockchain. my understanding is they did a raise around 8 billionish valuation. that in a way concerns me given this environment we've been talking about where certain crypto bulls have been like, well, if you're not completely behind this train, you just don't get it that when we're getting the signals that we're getting, kind of nerve-racking

what do you do with coin base here why are you neutral and not at a sell >> great question. we are the -- i would consider us to be one of the biggest bears on the street on this name i feel like it's hard to be a sell on this one i think the reason we're neutral is because up until now it moved so quickly with the volatility in crypto that it was very hard to basically determine even like the next day, the next month, the next quarter i think it's becoming clearer now that there's some structural issues here. i think -- not i think, the reason we chose to be neutral, and i still think it's the right rating, is because of the volatility that you can have like an up day in crypto and the stock works and you lose a lot of money if you're shorted fundamentally long term on coin base, i think there's more

issues and opportunities i'm quite bearish on the medium to long-term prospects on this one. >> dan dolev, thanks for your insights we'll talk to you again soon >> thank you staying in fin tech, what happens away from crypto, sofi shares are higher this morning by about 1% after plunging when the company accidentally released results early, posting record revenue on adjusted ebitda joining us in a first interview for a closer look at the quarter, sofi ceo anthony noto anthony, welcome first, what's the state of the consumer from your perspective and your ability to sort of predict who is worth issuing credit to? >> the best way to think about our business is we're in a diverse set of businesses because we have a unique strategy we've developed a one-stop shop on digital for all your

financial needs. so we have four different loan types. we also have a new checking account with 1.25% interest when you do direct deposit. also in the invest business, so single stocks, robo, crypto, as well as etfs then we have a technology platform that may not be that well understood. we power a number of the key neo banks as well as b 2b enterprises as well as a core banking technology so three different businesses that all have different growth characteristics. i'd say our member is doing quite well a high massive fluent member average income for our loans right now is over $160,000 and really strong credit at 740-plus fico score that diversification is allowin us to get market share driving record results the $322 million revenue you mentioned was up 477%. third consecutive quarter of

profitable ebitda. and we have a great balance sheet. the diversification of our businesses allowed us to drive consistent results which is why we raised our outlook to $1.5 billion plus and $100 million in ebitda >> as interest rates rise, how does your pitch to your customer and potential customer change that are you planning on offering higher yield savings and that sort of underpins your business? what's the sort of unfair advantage that you plan to exploit during this difficult period >> jon, great question we're very fortunate to get a national banking license in january. we opened the bank in february we launched a brand new checking and savings account that's really unmatched in its value proposition. we give 1.25% interest on your checking account in addition to that we charge no account fees, no minimums and we have the ability to give you many other services such as free

certified financial planner when you use that account in addition to free round-ups and two-day early paycheck if you do direct deposit with us, that's a great account and differentiator a differentiator not just to the consumer but lowers our cost of funding our loans. we have a funding cost that is 2x that before becoming a bank we can use member deposits up to $1.5 billion we have a lower cost of funding loans which means we've got attractive prices. >> i know you talked about the differences in your customer base anthony, you're still talking in terms of profitability in adjusted ebitda. but the market and other ceos acknowledged that investors don't want to hear that anymore. they want to look to positive free cash flow and net income profitability. can you guys get there, especially if we're facing an economic slowdown? should you be changing the way you talk to investors? >> we actually think the best value driver is free cash flow

if you take our ebitda and subtract our capx, that's the best measure gap net income is not a full cash measurement that's why people are talking about free cash flow that's typically designed as operating cash flow less capx. for a financial services company, because you're using cash to fund your loans, we believe ebitda -- our book value is $5.5 billion, and we'll continue to grow that because of that measurement >> and anthony, it feels like all fintechs are being painted with a similar brush these days, especially after what we saw out of up work what separates sofi from them and from others, and not just your customer base and the credit worthiness, but is it there something in the technology, after we've seen fintechs come out using algorithms to judge credit

worthiness is there something about your technology that will help you weather the future better? >> the biggest differences are we're not just in one line of business we have seven different businesses including a technology platform that we call the aws of fin tech. many of these companies are in one category like in cryptocurrency because we build out the amazon of financial service, we have a checking and savings, credit cards, personal mortgages, home loans, school loans. we have platforms that generated $60 million of revenue with a high growth rate and are very profitable our businesses are different we have greater diversification. we're also vertically integrated so we're a low-cost operator we own the technology and two biggest businesses we have are checking and savings account and ultimately our banking core capabilities the lat thing i mention is being a bank is a real advantage

we can use our deposits to fund our loans. other fintechs that are not banks can't use their deposits, but only use their own cash. we can extend loans and hold loans and fund them with our deposits it's a huge advantage. >> tell us about your crypto exposure i believe you've got about 30 cryptocurrencies available to trade through sofi and the crypto wallet thing. i understand you're diversified. help me to understand the degree to which your business is affected by volume in crypto trading and the ways -- the amount of risk that your customers are taking on when they trade it. >> so we provide the ability to buy 30 different crypto coins in our platform we do it through a marketplace so we're really just generating lead generations from that and we charge commissions on it. it's a small component of revenue. averaged between 3 million and 6 million in revenue the diversification of our business in other areas is

offsetting the volatility in cryptocurrency that's one ofthe differentiators we're able to deliver, is that we have all these different businesses while there is disruption in the crypto space, it's a small piece of our revenue, $3 million to $6 million per quarter, and we can overcome it because of things like checking and savings, stocks as well as credit card and the loans i mentioned. i can't emphasize enough, the neo banks and technology of fin tech is running on two of our biggest platforms in gal lay yeah and techno sis. >> anthony noto, thank you before going public, sofi was ta disrupter company. usually a big day for us, jon. when we come back, what to expect when disney reports tonight. plus, is peloton over or

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let's get a gult check on electronic arts, the top gainer on the nasdaq 100 this morning that stock is rallying after the gaming company reported mixed results for the latest quarter, also ending a decades-long partnership with fifa. moffett nathan son taking it to a buy this morning they say it may be a stable place for investors to hide. moffett nathan son says the company is set up well to weather the market volatility. certainly a plus in this market, jon. >> yes indeed. disney reporting tonight, streaming and parks revenue are a key focus. julia bornstein with more on that hey, julia >> well, jon, disney is often seen as a bellwether for the future of the streaming business as well as for the health of the consumer and consumer spending the media giant's earnings per

share expected to grow 50% while revenue is projected to grow 28% driven by a rebound in the parks division the subscription business will be very much in focus after netflix predicted a contraction, raising concerns about cash-strapped consumers pulling back in a saturated veeming market analysts project adding 5 million disney plus subscribers for a total of 135 million and will add about 8.5 for a total of 205 million subs. anything short of those numbers could send the stock lower wells fargo saying the march quarter is expected to be light on disney plus ads due to limited new content and market launches they say they expect subs to ramp in the second half of the year in market launches and fiscal third quarter and new content in the fourth quarter.

the other key area in focus is disney's parks division. revenue more than doubled in that division last quarter now analysts are watching consumer spending trends amid recessionary fears and inflationary pressure. we'll have to see if the ceo comments and why disney world's battle over the repeal of the special tax district but analysts say they don't expect this will have a meaningful financial impact on the company. the other area where disney could feel the impact of all this macroeconomic uncertainty we've been talking about is advertising. investors looking for insight into advertiser demand with the stock down nearly 30% year-to-date, analysts are largely bullish, three-quarters have a buy rating on the stock, the rest have a hold and no cells. the stock is up 1% guys >> julia, on budgets and content budgets, i wonder, is the street

hungry for aggressiveness because they're going after market share and they're going after hits, or are they looking for discipline as they try to get this thing profitable sooner rather than later. >> well, i think that investors were happy to hear about a little bit more discipline from netflix, but i think a lot depends for disney in terms of how big the subscriber numbers are. they're continuing their global rollout so they have a little more room to go than netflix which already has global reach i think it's a question of how successful these films are, how they see disney plus fitting in with the theer at cal release, strategy obviously they're trying to figure out which films are better to put in which platform without cannibalizing their business it depends on whether families want to go back to theaters this summer we'll have to see how disney walks that fine line i think investors want to see how big the service can really be and if they'll continue to

maintain their growth tarts for streaming numbers, carl. >> that's a great point. especially in light of what strange 2 has done in the last few days let's get a news up date we'll turn to frank holland. >> before president biden left the white house this morning for a trip to a union convention in chicago, he issued a statement saying it is heartening to see annual inflation actually moderated in april, but he added inflation remains unacceptably high and said bringing it down is his top economic priority the president was referring to the labor report three hours ago that consumer price inderks was up 8.3% in april, below march's 8.5% increase, but still close to a 40-year high. as interest rates high, the demand for adjustable rate mortgages is soaring, accounting for 19% of the dollars borrowed to buy a home and 11% of mortgage loans that's the highest since march of 2008 just before the financial crisis unlike that period, adjustable

rate loans require a down payment just like fixed rate mortgages. that's the very latest deirdre, back over to you. >> frank holland, thank you very much. as we head to break, let's get a quick check on the markets, the dow up nearly 300 points, s&p 500 up 27. nasdaq down .2%. tomorrow alphabet ceo sundar pichai joins us on "techcheck. we're back in just a moment.

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what's it like having xfinity internet? it's beyond gig-speed fast. and it can connect hundreds of devices at once. that's powerful. unbeatable internet from xfinity. made to do anything so you can do anything. the hotter-than-expected inflation number hit the market. dominic chu has a look at what's moving. >> the volatility, carl, is the theme. we've seen so many of these

moves and wild swings and economic catalysts driving it. today, with regard to the nasdaq trade overall, we are seeing at least a fractional move to the downside, some volatility, and just to keep track of where we are from the record highs to where we are now, down still 27% from those record levels on an intraday basis, if you take a look at the nasdaq 100 and the qqq,from the intraday low to where we are now, we've seen volatility as well. right after the opening bell to where we saw a spike higher, we were up roughly 2.7% from an intraday low to that point as it stands right now, it's closer to 1.5% gains from the intraday low those moves are starting to get more fierce on an intraday basis. within that nasdaq 100 overall, there are eight stocks within the nasdaq 100 that have rallied by at least 5% or more from their intraday lows just in

early trading so far to where we are right now. among them, booking holdings, advances pd micro and fortinet these are all up roughly 6% off their intraday lows. for airbnb it's up 7%. datadog has moved about 8% off an intraday low. the stock in the nasdaq 100, carl, that has rallied the most from the low point in early trading today to where we are right now, you mentioned in your gut check, electronic arts still, on an intraday basis, from the lows to where we were there, it was a nice move higher, about 9% or 10% off the levels we've seen. that's where the volatility has been within that nasdaq 100 overall. we'll keep an eye on those names and see if the volatility continues. >> dom, any sense what the volume might be telling us when we get these moves higher and

lower, how much conviction is behind them? is the volume increasing or decreasing as the volatility drives on? >> a lot of traders have different takes on how the volume plays into it price is price, it just happens the way it does. whether or not there's conviction behind the move so when you've seen some of these massive downside moves, we've seen a lot more average -- a lot more higher-than-average volumes with regard to how things shake out, we haven't seen as much of that on the upside moves if this is a situation where the volumes might be the vote, it's one thing when you can say, a handful of people voting here and there. when there's a lot more participants there, some traders actually believe it kind of tends to signal a little more force in the moves, more in terms of the overall umph behind it i'm not sure whether it signals a change in direction or not that's what a lot of traders are trying to figure out right now,

whether the violent moves and the associated volumes that go along with it, may signal this could be a change in trend the near-term trend has been to the downside, so the bulls are maybe hoping more for that case. >> dom, thanks for that. one more mover to mention is roblox stock has completely reversed the dip, now off double digits, although off the highs of the morning which were in the neighborhood of 28.5 recent nasdaq laggards getting squeezed higher. ceo is on "mad money" tonight and "techcheck" is bk a nuteacin what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view.

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breaking this morning, a tult state crackdown on a ka soon know in the pet that verse with ties to russia. the metaverse is a virtual world where you can shop, attend concerts, gamble among other activities regulators say the casino lured people in with false promises. >> joe rotunda, director of enforcement of the texas state securities board was analyzing sites in the metaverse when he stumbled on this flamingo casino club, promoting itself as a premier virtual casino in the metaverse selling securitized non-functionable tokens for investors to get a piece of the action. today texas, connecticut, new

jersey and alabama tied this 22-page emergency cease and desist order it says flamingo casino club is concealing material information including the address, location and qualifications of its principles according to the order, the virtual casino has no affiliation with the actual flamingo las vegas hotel and casino which it claims regulators say they used ip records, subpoenas and blockchain analysis to trace the group far outside the united states. >> it was operating from russia, right around the time russia moved into the ukraine that's when they started mobilizing >> he says the virtual casino founders said part of the investors from the nft sales would be donated to benefit suffering ukrainians. >> they didn't just talk about how they were going to donate to one people or two people, they publicly proclaimed it. >> is any of that money going to benefit ukrainians. >> i haven't seen any money going to benefit ukrainians. >> regulators say the metaverse casino has 31 days to come into

compliance failing to do so can result in a $10,000 fine and up to ten years in prison. no response from the casino to regulators at this point. >> eamon, it shows how important it is to have the capability to trace these companies. how do you email or even get in touch with a company in the metaverse that is supposed to be decentralized? how do you actually hold them accountable? >> that's right. what the regulators are doing is sending these cease and desist orders today to the web services provider in lithuania, a corporate address associated with this entity in cyprus the hope is entities in jurisdictions friendly with u.s. law enforcement and regulators will comply with this. we'll see whether that happens they also feel getting publicity around this is a good thing as well simply filing this cease and desist order will be an alert to investors in texas and other states you better watch out with this

one. the regulators say this is a total scam they also say these guys are not providing nearly enough information about one of the key claims which was they're going to buy land in the metaverse from snoop dogg the rapper they say that's no information that's happening we've reached out to snoop dogg's people and we'll let you know as soon as he comments. >> regulators always chasing the next innovation, eamon pretty fascinating wake-up call. we want to mention it one more time, alphabet ceo sundar pichai on "techcheck" tomorrow at 11:00 a.m. eastern time stayitus wh to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app.

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welcome back peloton shares looking to claw back yesterday's losses on the heels of those results that's where we'll start today's edition of under valued/overvalued. out with a new note this morning, upgrading the stock to out perform price target 25. about a 90% upside from where the stock is currently trading they like what they see out of the connected fitness experience, the potential for international expansion and distribution through third party retailers. on the other hand, steve foes cut the target to 14, worried about uncertainty surrounding consumer demand. they say they see it will take a

few more quarters to see normalized growth in connected fitness subs pretty interesting, we talked about the third party element yesterday, john, with the one analyst who said, look, get the bikes out there and you can mak. i noticed that jp morgan upplanted fitness, saying the stars are aligning for gyms. there's a push and pull here. >> i suspect bikes are a big part of the problem, not that they need to get rid of bikes, i just don't think so. what's the differentiator. some bikes are rusting out, are they making them as efficient as possible, get costs down so they can move forward when steve jobs came back to apple, he simplified the product line, made sure they were building as efficiently oand built from there i wonder if they're doing that >> and what is the size of the market planet fitness, are they looking

at customers or are they a cult like product where you have a base of smaller group of customers that love it so much and are willing to pay for it. we'll see. barry mccarthy has a plan, talking faas, fitness as a service. see what he does the call yesterday was pretty pragmatic. after the break, more on coinbase and we are celebrating agency american and pacific islander heritage, featuring teammates and contributors >> my best advice for the asian american community is speak up growing up, my parents taught me and my sisters not to be the squeaky wheel. we learned how important it is to find a voice, speaking out against injustices and advocating for yourself at work, whether during a contract negotiation or making sure opinions are heard eaupon future generati spk

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welcome back gut check on unity software. they had a revenue miss for the first quarter. big part of it is product error in audience pinpointer with the way unity handled its data and targeting. the ceo says unity is focused on long term growth which means more spending now to boost their

operate business daiwa downgraded to neutral, cutting price target to $34 a share from 110 they're still believers in the long term potential, they worry algorithms take time to improve, investors could see medium churn pain don't miss the ceo tonight on "mad money." >> it is a stock that has done another one of the roupd trips daiwa said it could take longer than first quarter as we go to break, check out the inter day for the nasdaq volatility, supported somewhat by long yields down again for a third day if you miss part of the show, follow and subscribe to our podcast, listen anytime, anywhere wherever you download

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one more thing what can ex-peckors expect

we may get some hardware, more focused on developers and software expect to hear about how artificial intelligence is guiding the road map he says ai will revolutionize the world in the next quarter century. reminder, i talk to him exclusively. see that interview tomorrow on tech check the stock is down 20% this year. lot of folks are watching what mega caps are doing in the tush length market environment. the ad business can be a barometer for the global economy. >> looking forward to that interview. for google io, they should see how they connect the digital and physical world, not in the metaverse sense but the physical how can complex searches translate into google targeting better and do commerce on its

own platform >> fascinating you can take it so many directions, whether the ad market or return to the office and head count, how they're thinking about the employee base in the new environment we're in. disney tonight, one of the most important prints of the week let's get to the judge. carl, thanks so much welcome to the halftime report scott wapner front and center, bottom hunting, whether the worst of selling is behind us and it is okay to buy again. we debate with the investment committee and what are ton professor injury knee siegel with me, carrie firestone, deeg as wright, pete najarian check the markets. the nasradaq in the red inflation fell from april, still hotter than expected i get a feeling the market is trying to wrap its arms around th