at this point. they're still a far ways off from needing to fire anybody this is a hiring slow down i mentioned robinhood, we are speaking to the ceo here at the permission list conference in palm beach >> that will be great, kate, looking forward to it. thank you very much. correcting maybe the hotness in the labor market a little bit. >> no doubt about it it's going to take some of the pressure off. >> that does it for us here on squawk on the street "tech check" starts right now. good tuesday morning, welcome to "tech check," i'm deirdre bosa with jon fortt, carl is off. we're going to start with the debate for tech experts. big losses for tiger global. fund managers like david tepper adding to positions in both alphabet and amazon, so who is on the right track here? those two stocks and meta his top picks in the second half

john wolf did lower its price target for amazon and had this in that note, which i think is interesting. expects, quote, many companies to revisit their investment plan so we could see some more action, some more downside, at least in terms of that opex and capex. >> yeah, absolutely. and life coming at us fast as we track the markets these days got to keep in mind these 13fs are from q1, which feels like a lifetime ago the right move in tech in q1 is to buy nothing, really alphabet, amazon, both cheaper today than they were at any point in q1. if you caught the very lows in meta, though, which i think were around, what, 186, then you're better off there apple peaked at 3 trillion at the very beginning of the year the $3 trillion market cap level, it's well below that at about 2.4. that doesn't mean you want to short it here, dee it's good for the highlights, but not so much for placing

bets, but you know, leslie always does a good job framing that for us, leslie picker >> it kind of tells you, too, how much the market has come down because those numbers were so different at the end of the first quarter. as you said, john, many said maybe you just wanted to hold cash, and that would have been a good bet we've been talking about it, growth stocks have been grinding lower all year so some of those major funds did cut their exposure in q1 leslie picker has more on those moves. >> deirdre and john, don't worry. i've got my dvrs all set so we can go through these filings simultaneously they were due last night painting a picture of how fund managers had been trading the tech volatility of 2022. as you can imagine, there was quite a bit of selling across the board there. that was especially true in more of the growth focus funds that have seen dramatic declines in performance this year. tiger global was down 44% in fact first quarter of the year based on the firm's 13f filing, it appears they sold down quite

a bit of their tech portfolio, tiger exited affirm, airbnb, bumble, drop box, marquette ta, netflix and paypal, a few names we chose to highlight. well-known managers had mixed trade with regards to big tech pairing back google parent company alphabet and facebook parent meta, but tepper added to amazon and microsoft the big short investor had a bet against apple during the first quarter owning about 2060 put contracts with a value of $36 million at the end of march. berkshire hathaway added to apple during the quarter, buying another 3.8 million shares adding to his very, very large holding there, adding to berkshire's very large holding there. a reminder, though, guys, that these positions are as of the end of march they may have changed in the six weeks since then they also don't disclose short positions, but just long equities and certain options exposure if you're looking through these filings, looking for more buys,

your tiger did add to its position in block as well as crowd strike and of course berkshire's investment in paramount, the new viacom cvs company that has that stock up about 12.5% this morning on that revelation so yes, back dated but as you can see there from paramount, at least, still market moving, guys. >> that's particularly interesting that paramount move, leslie, to me. that puts the pop today right around the levels where it was trading at least at the beginning of the year. i don't suppose we know exactly what level berkshire got in at, but it suggests that he and berkshire writ large are seeing some value perhaps in media library here when media has been selling off so much in this market >> yeah, media has been selling off sk off, and we didsee more bearis indications from the filings you saw, for example, maybe not bearish by nelson peltz did exit

comcast during the quarter that was about a billion dollar bet as of the end of last year a lot of managers exited or paired back their stakes in disney there were a lot of media related plays that were pretty sizable that we saw pop up in these filings. >> leslie, thank you very much meanwhile as well, we're taking a look at chinese equities they have been popping this morning. jd.com was higher, reversing the earlier gains. now it is lower again, i believe, yes, by almost one percentage point the rest of the chinese internet sector, though, last we looked was rallying we'll see if that's volatility jd.com reporting a revenue jump of 18% year-over-year. of course the sector has been hit hard by the chinese government's crackdown on private enterprise, and some incremental headlines from regulators signaling that the worst of the chinese crackdown may actually be over yesterday jpmorgan, we brought you this upgrading several names in the space jd not one of them they like netease, pinduoduo,

this idea i thought was very interesting. he is now buying chinese names that have been absolutely slaughtered over the last year, but when we asked him would you buy american names that have sold off as much, he said no because what beijing taketh away it can giveth. if you look at stocks here, they're more directed by the fed, and the fed right now is taking away. the calculus very different, if you actually think that beijing and the chinese regulators are going to make life easier for the tech giants. >> still hard to find a narrative in all of this a cold shower the markets took since the open the nasdaq has lost about half of its opening pop already, home depot, you know, was a strong dow performer off the top, and it seems to have lost its gain, you know, walmart seemed to disappoint whereas home depot had stronger earnings, both of them when i last looked were in the red, though blink in this

market and something will change >> one thing is guaranteed in the market these days, and that is volatility. certainly playing out once again today. so in terms of ideas, should you be turning global, our next guest thinks that value is still number one, saying his strategies are as bearingish on u.s. stocks as possible. joining us now cambrie investment manager, mev faber good morning to you. what does that mean as bearish as possible, are you looking international? are you looking resources? >> that sounds so sad and depressing, you guys are going to stop having me on with such an intro like that -- >> you tweet it had. >> our largest fund is a stock fund i'm not just talking my book here, but to all the strategies we have, there's two pillars there's the value side, and then there's the trend in momentum side the bad news is across the board, they're saying red flashing lights, u.s. stocks, okay and on top of that red flashing lights detect stocks too

the funds that we have that can be 100% hedged are the funds that we have that can be momentum and trend are not investing in u.s. stocks with the exception of energy and materials, right it's a lot of commodities. the value strategies are avoiding tech stocks i think there's only like five that we own or something, and it looks like names from like 1999, it's like hp and xerox, none of the kind of high fliers. so -- but this makes sense, you know, to me in this environment we're in we're in an environment where stocks are expensive still, even though they're down some long-term view ratios around 30. that's for a normal inflationary environment where you have an average long-term p/e ratio of around 20. and the inflation environment we have now where inflation's up 8%, the normal multiple you have is ten we're at 30, and normal average is 10. you make the reasons why that shouldn't be so, but historically, that's been the case, and so this setup is saying, look, if this is going to stick around, there's potential a lot further to go,

and the thing we've been saying for the last couple of years is say, look, wait until the trend turns negative these high fliers last year, the year before, they can always go higher when the trend turns negative, it's time to get cautious. that's been the case this year. >> yeah, a lot of our guests have said that caution means holding onto cash in this inflationary environment is that sort of where you're heading as well? >> no. >> i wonder your thesis, does this assume a recession? >> i'm probably the only person -- there's two people who have this line of thought that i've ever met. we have very different conclusions. we did a post called the state rich portfolio that examines cash as a safe investment. everyone assumes cash is the safest investment. if you look at cash on an after inflation basis so going back for the past 100 years, cash has lost -- and cash meaning t bills, so not just putting things under the mattress, after inflation at one point you lose half, okay and so we did a post that said

you have to invest it could be a global portfolio, it could be stocks, bonds, and the third missing piece that almost no one has unless you're australian, canadian is real assets like commodities, okay? that portfolio historically has been safer, less volatile and a lower drawdown than cash has been over time you can mix it with cash say i'm going to invest half in cash, half in this global market portfolio. has been a much safer, i do it in my personal money, the only other person is michael saylor he comes to a different conclusion he says cash is trash, i'm going to put it in crypto. this line of thinking is changing in a world of 8% inflation. >> i don't know about as you said cash as an investment, but you know, as someplace to park instead of doing something dumb, cash tends to work pretty well, right? because it's not going to go down 50% in a few months, at

least not historically we hope not. it tends not to do that like so many growth stocks and cryptos have so i wonder when is it time to start getting -- i mean, to use market parlance, greedy again. you look at some of these growth names that have pretty strong underlying fundamentals, you know, in technology land, they have some pretty strong technology overall, and they're way, way down. sometimes more than 66%, 70, 75% down i mean, certainly at some point when the business is sound, the motes are real, there's an advantage there? >> for a long time -- and this goes back to my very first book, we did studistudies, when you bn asset class, a sector or industry when it's down 60, 70, 80, 90%, historically, you close your eyes, hold your nose, it sounds insane, but you buy it for three to five years, it usually works out. for the past five six years, it

was coal stocks, uranium stocks that had been decimated and here we are in 2022 talking about energy having amazing returns when two years ago it was negative there is a point when that will probably happen. on the tech side we're finding a lot more opportunity, going to your last guest in emerging mar markets, right we have a huge overweight in tech in emerging versusthe u.s the value opportunity there, but a lot of those markets have been really beaten down, too. >> yeah, and the tech plays over there not doing particularly well, but maybe an opportunity, meb faber, thank you for being with us. two of america's biggest retailers reporting this morning. we've got a snapshot into how consumers are shopping online. courtney reagan has more on both walmart and home depot, what thatsignals for the market courtney >> hi. so walmart and home depot have spent billions of dollars building out their digital capabilities the while both are still seeing e-commerce growth it has definitely slowed from the pandemic-fueled surges of

the last couple of years stores remain key fulfillment hubs of both walmart's quarter, u.s. net e-commerce grew, just 1% like last quarter, they were up on a two-year basis during the quarter, walmart lost its last indianapolis fulfillment center from a fire, and e-commerce was part of the gross margin drag. now, like amazon, walmart sells items online itself is and through huge marketplace those marketplace items cannot be bought in stores but can be returned there, and walmart said that more shoppers are returning to stores. but more than half of walmart sales are food, remember, and it's online grocery program for pickup or delivery has been a large growth driver across the business food sales were strong in the first quarter. home depot's digital sales grew 3.7% after growing 6% in the fourth quarter, 9% for all of last year. around half of home depot's online orders are fuill fulfilly

its stores that's key for the pro customers or the do it yourself shoppers who need materials to complete a project asap back over to you guys. >> i'm wondering about strategic advantages that these companies, walmart and home depot might reap from their technology and e-commerce experience over the last couple of years in walmart's case, even as they're getting pinched by inflation with food, they've got a lot of demand out of that business as consumers are cash strapped so are they going to be able to get them into a repeat cadence that benefits them digitally, and same i guess for home depot. >> yeah, that's a really good question, jon, and i think part of walmart's plan to do exactly that is that walmart plus program, that membership program that offers shoppers a bunch of different benefits including free and fast delivery as well as a number of other things, and walmart really didn't get into that so much this time on the call because there were so many other external factors really

pressuring profitability that the investment community was more interested in but walmart has really been investing in the general merchandise categories the long tale of the online area, so apparel and home goods, things that have a higher margin to help bring up the margins because walmart is such a big seller of food and so i think we just have to remember that these last two years were just so, so strong for walmart because all of us were trapped at home, we had to turn more toers e-commerce, a t of these shoppers are going back to the store, so what does that mean for e-commerce going forward? i think shoppers are using both together. >> we'll see if this margin hit in tough times translates into loyalty. thank you. also this morning, julia boorstin unveiled cnbc's tenth annual disrupter 50 list her ranking of the fastest growing private companies challenging public incumbents and set to be perhaps the next generation of big ipos when we're doing that again julia back on set again, great

to have you. what's on the list >> well, jon, we selected 50 companies from over 1,400 nominees, and the number one company on the list is flexport, a logistics company that's battling the global supply chain crisis and transforming a trillion dollar industry by tracking and streamlining the movement of cargo across ships, planes, trucks, and rail for more than 10,000 clients and suppliers. it's followed number two by br brex, another logistics company is in the third spot, lineage, a proprietary freezing process to improve food supply chains it works with hundreds of facilities across north america, europe, and asia the number four is graphic design platform canva, number five is guild education. it works with companies to offer their workers debt free college education. logistics is the top category on the list with ten companies total, including convoy and

flock freight. they work to minimize empty space on trucks, and zip line and air space, their focus is on time critical logistics for the likes of medicine and even transporting organs. now, fintech is in the second spot with nine companies on the list include k eight-time disrupters stripe and rival checkout.com, and web three is well rested among the newcomers, blockchain.com, moonpay, dapper labs, along with canva, and digital health care startup roe. coming up later in the show, we'll have the ceo of the number one company on the list, flexport, and you can find the whole list and a whole lot more about the underlying tech trends on cnbc.com/disrupters >> forgive me if i'm wrong here, but two female founders, ceos in the top five, canva and guild education, that happen before? >> not in the top five, but we have had a number of female ceos

this year we have eight companies that are led by female ceos and that's better representation than the percentage of females ceos that draw venture capital funding, so some positive trends there on the list, and really remarkable companies. these are game changing companies, and i would point out that a number of the companies on this list have a focus on a social or environmental purpose in addition to making money, and more the female led companies have that focus. >> julia, the makeup of the list broadly is so fascinating. the fact that you have more logistics and supply chain focus startups in this moment, i remember a few years ago when you had all of the sort of consumer disruptive companies like uber and lyft and didi. it kind of feels like the companies this year are positioned well for this moment when we are seeing money more scarce than it has been over the last few years in the private markets. i know we're going to be talking toryan pettersen later what do they think in terms of their ipo plans. the window is so shut, but we have instacart filing

confidentially what's it going to take to get that open? >> it certainly feels like the window is not particularly open when it comes to ipos. you are right, we saw those consumer facing ipos, even if you look at the fintech space, companies like robinhood have already gone public. even in the fintech space they're more focused on the infrastructure, and even companies like flock freight and these other -- these other infrastructure companies to deal with the logistics of infrastructure those are also tend to be more b 2 b oriented we have the likes of go puff using logistics to deliver things more quickly to consumers. their valuations as proivate companies are much higher than comparable companies in the public market. we're likely to hear them say they'll hold off we certainly should ask about this later. >> go puff at 27, that's one that's got to watch out. >> this is a company that's innovated by using so much data that it has about what consumers want to make products themselves

and improve their margins. >> they got to be careful not to go poof, though. we're going to have you back talking to flex port real soon, a different kind of logistics. looking forward to that. as we head to break, a check on the nasdaq losing some steam in the early trade after a pop at the beginning of the session, and rising yesterday, and then still to come, does elon musk have buyers remorse? twitter seems to be moving forward with the deal. so should you buy the stock? we'll discuss. "tech check" just gettg stte ard.in

we have some breaking news on a doj settlement, our leslie picker is back with that story leslie, what's going on? >> hey, deirdre, german insurer al yans plans to plead guilty to fraud and allianz will pay $6 billion, with the trading strategy that blew up during the march 2020 market turmoil. a billion dollars worth of those fines will go to the s.e.c. and the rest is restitution to victims. according to the s.e.c., the trading strategy was marketed and sold to pension funds for teachers, clergy, bus drivers, engineers and other individuals. the s.e.c.'s complaint was filed in the federal district court of manhattan today and centers on

greg who led the strategy known as structured alpha. he along with a few other portfolio managers manipulated numerous financial reports and other information provided to investors to conceal the magnitude of structured alpha's true risk and the fund's actual performance. because of its guilty plea, allianz is disqualified from providing advisory services to u.s. registered investment funds for the next decade. allianz said in a statement that these settlements, quote, fully resolve the u.s. governmental investigations of the structured alpha matter for allianz we reached out for comment and are expecting a statement soon >> we know you'll bring that to us, thank you so much. and checking in on the latest with elon musk's twitter drama. the tesla ceo tweeting that unless twitter can prove that less than 5% of its accounts are bots, the deal cannot move forward. musk believes the number could be four times higher based on an

independent analysis he said yesterday at the all in summit that the real number is, quote, as unknowable as the human soul regardless, twitter is sticking to its guns. the ceo defending the 5% number in a tweet thread yesterday. this morning the company put out a statement recommitting to the deal, so what is motivating musculoskeletal's about-face that's what we all want to know. platformers casey newton had an idea this morning. >> the analysts are saying that even if musk were right, even if 40% of the accounts on twitter were bots, it would not invalidate the deal for all the reasons that we've already discussed. it would not be seen as a material event under the terms of the contract. the whole thing seems to be a side show to distract us from the fact that elon has buyers rem remorse. >> i have a feeling you would agree with that. you did make a similar point yesterday. this is the $1 billion breakup e there's more to it there's legal action the board

could take. >> it sounds like elon is trying to get out of the paying the breakup fee. he's saying oh, they didn't represent things correctly but this is ridiculous, right? because in elon's niinitial approach he talked about bots and the need to contain bots it's not like he just discovered bots in due diligence after inking this deal, and then look at the projections he has on how much he's going to increase usage of twitter, how he's going to, you know, boost subscribers and boost ad revenue are we supposed to believe that that was somehow based on the bot number being lower than what he now imagines it to be i mean, this reminds me, i love that movie swingers from back in the '90s where they would leave the bar and club and say this place is dead anyway right? >> i need to go back and watch that one, i will admit i appreciate ben thompson actually did some analysis this morning in his news letter, he looked at, you know, if we are going to entertain meniscus and

can what he's saying, how much of the community can be bots he said there's a rule, 90% lurk, 9% comment, 1% post. an interesting ratio there if you're going tlo look at that figure take two shares are higher this morning, despite a miss on bookings in q4 analysts are anticipating a more upbeat outlook once its pending acquisition closes steve coe vk o', vak has more. >> despite missing those expectations last night and providing the light guidance, revenues came in at $846 million missing estimates of $882 million and guidance for the fiscal year, which began this quarter as much as $3.85 billion. following the same path we saw from roblox, shares are rising despite these misses the gaming companies have lapped

themselves and comes from the hyper growth during the pandemic start to look more normal. all three of these gaming stocks have been hammered this year take two is down nearly 40% before last night's report online gaming revenue was down 6% take two blaming that on competition from offline games, but it's that recurring online gaming revenue you want to watch moving forward as the company shifts to mobile gaming, and that's what zynga comes in, sharehol shareholders will vote, which is where the biggest growth in gaming is happening. guys, back to you. >> diversifying that portfolio steve, thanks. as we head to break, let's get a check on amd, upgraded to buy by piper sandler this morning, more on that call, that stock up a little better than 7% in just a minute, "tech check" will be right back

welcome back to qua"tech check. the nasdaq trying to make up earlier gains. it's up about 1.75 points at the moment in just a moment, we will speak with flex port's ryan petersen first, let's get a news update with frank holland. >> hey there, deirdre. good morning, children age 5 through 11 should soon be able to get a covid booster this morning the fda is authorizing a pfizer shot at least five months after the second dose. the centers for disease control will weigh in lay they are week. the expansion comes as cases increase with new york city going to what it calls a high covid alert level urging residents to double down on protecting themselves. retail sales increased 0.9%

in april, slightly less than what the street expected the gain indicates strong demand from consumers despite rising prices, but retail sales are measured in dollars, so those price increases are also partially responsible for that april gain. and the homebuilders are not happy about the prices they have to pay for building materials. they also don't like to pay higher interest rates. an industry sentiment index fell sharply in may hit agoing a two-year low. as i mentioned stocks are broadly higher sentiment has been negative for the last few weeks as we have largely moved lower. the latest bank of america fund manager survey shows that some of the highest cash levels since 2001, some of the biggest tech shorts since 2006, our mike santoli is here with his own look at sentiment. mike, what are you seeing? >> yeah, i have a prosthetic see for a certain kind of tech sentiment, i'm going to keep highlighting this relationship for as long as it keeps working,

which is tesla versus nvidia late last year they started really moving in sync, and here you see it over a one-year bass. the total gain is still pretty strong actually relative to the overall market you see them both 40% off their highs. they're both considered, obviously, kind of paradigm shift proxies, charismatic leaders. kind of crypto adjacent, category killers and creators in their own industries it's going to be a long way back obviously a lot of stocks have done worse than these two, but it does show you that, you know, these kind of have these halting efforts at bottoms along the way. we've made lower lows. i think it's a net positive in general when you start to see active fund managers as in that b of a survey start to give up, feel as if it's not going to be helpful for their performance going ahead. a lot of work has been done on taking some of the valuation risk out of the nasdaq, john. >> those are like synchronized swimmers, mike thanks for pointing that out

mike santoli after the break, this year's number one cnbc disrupter 50 company flexport, the ceo ryan n'gowaen is with us. dot ay. is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

the wrapgs came off the cnbc disrupter list >> i'm joined by ryan petersen,

the ceo of flexport. thanks so much for being with us today. congratulations for being number one on the disrupter 50 list. >> thank you all for the honor >> so ryan, before we get into your business, i want to get your perspective as someone who's seen so much data about all the goods being moved around the world right now. we got some mixed results today from home depot and walmart that give us sort of a mixed picture of where the consumer is what's your sense of what consumer demand is right now based on how many things are moving around and how they're moving >> yeah, we're definitely seeing some slowdowns in consumer demand demand disruption. we're seeing warehouses are starting to fill up, and actually, a lot of our cargo coming out of the ports, the warehouses don't have anyplace to put it. it's a pretty ugly situation out there, especially for direct to consumer brands that are newer and hotter and don't have a really long track record by which to forecast demand it's difficult for everybody coming out of the pandemic to make these predictions, but

you've had such supply chain disruptions that getting the quantities right is really hard. you have these effects where all of a sudden there's too much inventory in stock it's an ugly picture for a lot of companies. >> what is the specific impact you're seeing from the shanghai lockdowns? is that having a specific ripple effect >> yeah, you're seeing a little bit less production, factories are not operating at 100%. the ports actually running smoothly in shanghai factories are slowing down a little bit the early signs are that it's starting to open back up, and companies are ramping back towards production it's a little too early to say exactly what that bubble will look like, how many goods -- the bubble in the sense of all these orders that have been placed as those move through the system to come down, we'll know in a few more weeks. >> this is jon fortt, good to see you again. we talked about a year ago and you were talking about, you know, high prices, which in a way are good for you, but also having to disappoint customers with the lack of capacity.

where do things stand now, now that -- i mean, we've got supply chain issues, but they're different supply chain issues than we had a year ago >> they are, so last year flexport had a waiting list, and we actually couldn't take more customers. we couldn't even serve all the customers we had, so, you know, it feels a little odd to win this award as the number one disruptive company, when we don't feel like we're doing a good enough on behalf of our customers. the situation has definitely changed. prices have come down, perhaps more importantly you can get space now. there is capacity. flexport's open for business, finally no longer having to put everybody on the wait list and can serve customers. we hope to see improvement in transit time as well as the lower costs coming down. >> hey, ryan, it's dee, even mon amazon is having trouble getting the quantity s they operate in your space as well what are you seeing, how are you looking at them as a player? are they getting it right or

more right in the freight forwarding space >> i think amazon's the best logistics company in the world, and i say that very humbly because i'd like flexport to be the best logistics port in the world. we try to learn as much as we can from how they operate. there's still so much hustle in that company, but i'm too far away to comment specifically on like what they're doing well and not well i did read their report where they said they had too much capacity and that's definitely a first for amazon that's going to be pretty interesting. >> what's the size of their footprint in the space where you operate? >> i don't know the exact statistics in terms of how many containers they move i don't know >> ryan, in terms of your own business, though, you know, you've given us a good sense of the landscape. i understand you doubled your revenue last year. what's your outlook for your own growth this year and it's still a very, very fragmented market you just have a couple % of

market share how much market share do you think you can gain >> yeah, so in 2019, flexport did $650 million in revenue. last year we did $3.3 billion, and this year we're on track, our kmcurrent estimate is 5 billion for the year, and yet we're still a tiny sliver. we think we're less than 1 or 2% of global containershipping, and that doesn't count all of our other businesses, air freight, customs, cargo insurance. we have a trade finance group that does inventory financing, so you know, we could just be one of the biggest companies in the world if we live up to our potential. it's a lot to do, though >> so earlier this year, ryan, you raised overnight $100 million, at an $8 billion valuation. i understand you're not under any pressure to go public, but i'm curious as you look at the volatility in the public markets, particularly in the past couple of weeks, what your plan is in terms of how you think about approaching an ipo >> so at the end of last year, we looked at the markets and i thought that the market was kind

of overheated, both the freight market, the prices are so high, all the problems that we've described over the last year, and the capital markets and so -- there was some pressure internally for us to go public there's always that kind of people who would love to see that, want to celebrate that we decided better to stay private and yet, we should put some money on the balance sheet given the craziness of the market, and so we're very, very happy that we did. we raised $935 million that closed in february. our timing was pretty good sometimes it's better to be lucky than smart, but we feel like we were kind of smart even though it was a lot of luck as well. >> ryan, final question to you i am going to ask you to make some predictions for the rest of the year you mentioned how hard it is to predict anything with so many different macroeconomic factors in play, but what do you anticipate for this whole logistics markets the rest of the year do you think we'll see some of the same bottlenecks that p plagued the system last fall, or do you think that people have learned from their mistakes last

year >> i think the one thing we could be sure of is the future will be weird and surprise us. there's a couple of unknowns out there. like july 1st the contract is up for renegotiation for the longshoreman, the west coast union that runs our ports, so that's the big wild card we're not really sure that's being negotiated as we speak that could lead to a strike, it has in years' past when the contract ended that's probably the biggest wild card, and then what happens with covid shutdowns all over the world, china especially, we're obviously watching that closely. anywhere in the world that can happen consumer demand impossible to predict. many, many variables the one thing that's out there, the world's ocean carriers and owners of the ships have ordered 25% more ships to capacity for coming online in the next three years, so where we've not had enough capacity and prices have been sky high, there's going to be more capacity in years to come, and you may find that the opposite problem is out there that the price is so cheap that no one who owns the ship can make more money. all thins are possible, and it's very hard to make predictions.

>> we'll be watching all that and more, and ryan, i hope you will come back and talk to us more about these issues that have such wide effects ryan petersen, thanks so much for talking to us today. >> thank you for having me. >> and julia, of course great to have you as well d50 coverage keeps on trucking all afternoon don't miss the ceo of flock freight on "the exchange." bill guest hosting that at 1:00 p.m. eastern. we'll be right back. >> announcer: cnbc disrupter 50 is sponsored by ram trucks, built to serve

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...is someone who can make the connection. at ice, we connect people to opportunity. welcome back, time now for a gut check on amd piper sandler sees value upgrading from neutral to overweight with $140 target. that's about 40% upside. piper's bullish on the chip maker's pc business, traction and hyper scalers and acquisition of pxilinx shares are higher this morning on that call, up almost 8%, and this one was at 160 back in november, and certainly a contrast to how intel's doing. you know, investors over there, shareholders saying we don't like the way that you're trying to pay executives there. >> well, also considering the

performance of the stock price, i was looking, though, in terms of how farther off from their 52-week lows, especially since this is sort of a value call amd is up about 40% from its 52-week low, nvidia another name up about 35% intel is supposed to be a value name, too, jon it's only up about 5% from that low. it's interesting to see sort of more brokerages jump on a name that is relatively expensive. >> yes, indeed but hey, they've got a battle from here, right amd included, and so in this tight market, we'll see who's able to innovate it's still a long game. >> it has taken market share, too. >> after the break, crypto's influence in washington, the impact on policy do not go away that's a good story.

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money and thanks for having me it is a ton of money when you look at how the crypto space has evolved into a lobbying juggernaut the last few years. it really has been since the election, talking about the presidential election, 2020 election, and through the 2022 midterms where the donations have skyrocketed, so has the lobbying effort by the crypto space. gain of foot hold in washington, a lot of details on the story on cnbc.com, but the bottom line here is the money that we have seen go into political action committees and toward campaigns themselves has really led to a really boom in lobbying by crypto leaders, executives and their representatives who have flooded capitol hill, flooded halls of congress with their priorities as really lawmakers are trying to figure out how to regulate the crypto industry >> brian, i wondered, though, with crypto tanking the way it

has been the last few weeks and months, there are a lot of voters who have been burned here it is going to be interesting to see which wins out, politicians who want to make constituents feel better about not taking that kind of risk versus those that may end up getting hit, perhaps in attack ads with the suggestion that they've turned a blind eye to an issue that some lobbyists wanted them to ignore. >> that's true, but there's another side of that coin as well here, right that's where it comes down to the question of do lawmakers on the hill really understand crypto this has been the ongoing discussion on capitol hill for a long time. i was speaking to somebody on house financial services committee, he gave me a good statistic from his view, in his mind, based on conversations with people on the committee, powerful committee, 54 members, his estimate is only half of the

peek on that committee fully understand crypto. that is an amazing statistic you know, when you look at how a key powerful committee in the house, the people that are supposed to be putting bills together, working on things, if they understand the business at all. >> that's an amazing stat. he thinks there should be a regulatory body to understand crypto in terms of the issue being partisan or not, brian, i know politicians on both sides of the aisle that sort of believe in it or don't at all and say it is riddled with scams any indication where the money is going in terms of party lines? >> well, depends who you speak to and who you look at a lot of money of the chief executive at ftx, a lot goes to a super pac generally helping democrats. but there are other executives

at his company trying to help republicans. really depends where you look. anthony scaramucci, big supporter of crypto, also involved with donations in the midterms, so it just depends on where their priorities land and what party they want to support. >> prbrian, fascinating piece that is up on cnbc.com watch crypto world weekdays by going to cnbc.com/crypto world jon? after the break, another big interview, robin hood ceovlad tenev. a conversation you don't want to te cckacinss chhe bk a moment. vlad tenev a conversation you don't want to miss tech check back in a moment. joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear.

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one more thing tech companies are facing very different challenges when it comes to payroll, telling shareholders voting on the compensation badge and coinbase saying they'll slow hiring in the down cycle as a number of companies are doing so that stock lower by nearly 75%

flip side, microsoft talking a raft of increases as inflation rises and labor market tightens. pays to have cash in this environment. >> i don't think that's on the flip side yet. what's underlying this, if you want to retain the employees that you have, if you're coinbase, can't hire more, if microsoft, can't pay more. welcome to the halftime report front and center this hour, the great evaporating rally. why stock can't seem to get anything going, whether it is a sign the bounce won't materialize after all. decent move today, not as great as it was. we discuss with the investment committee. jim lebenthal, josh brown. stephanie link i begin with you are we getting a rally or not? >> today we are. >> this is a rally good as it gets?