fed vice chair, lael brainard. it's hard to see justification for a cause. that is where the question mark is for the market. we know they're going to hike 50 basis points in june and july. odds went up 50 in september they don't see the economy weakening as a problem or as a reason to do anything different other than squash inflation. >> markets are back in the green. ever so slightly over to tech check now good thursday morning. welcome to tech check. carl has the morning off what an hour we have for you in the next 60 minutes, you are going to hear from five ceos qualcomm, service now, chegg, c3 ai those last two are getting crushed. both missing on guidance that's the theme you're going to hear more about this hour. plus, silicon valley names,

sandburg is out of meta. we've fgot to start with microsoft after seeing unfavorable foreign exchange rates will negatively impact revenue. a message we heard last week from the salesforce ceo. shouldn't be surprising since microsoft slighted earlier, but we're seeing this come through in the guidance that you've got to wonder what companies are next tech has huge exposure to foreign exchange vulnerabilities. >> seems like what's more important. this bit of news from microsoft, it's more important to the market and tech writ large than it is to microsoft we see the stock's only down two and a third percent, so given they took numbers down, it's about what you would expect. maybe people were hoping they wouldn't, yeah, 2%, hoping they wouldn't take numbers down at all. but i think it adds to this idea

that there's more uncertainty out there in macro environment there are numbers that are going to have to be tweaked and so don't get too comfortable with the optimism that we saw in the market last week and even in the early part of this week. and that, to me, is a takeaway >> great point and microsoft is probably in a position to deal with some of these headwinds better than some of the other companies investors are pretty forgiving to salesforce because if you strip out those headwinds, demand is still there. also want to bring in steve. >> yeah, that's right. it's not just microsoft making these warnings to jon's point. they're going month by month here first of all, microsoft said this is just through the end of may. they might have to change it again in june. apple, similar comments on their call the cfo was saying 300 basis

points hit on their earnings this quarter because of the quarter change headwinds and again, that might change, too. alphabet, very similar comments from the cfo like you said, benioff this is becoming a big issue this is going to change the way we look at these companies >> now, steve, is it a big issue or is it a pileup of potential little issues? we're about to talk to antonio from hp enterprise and there it seemed like it was a covid lockdown and supply stuff. here, microsoft's talking about macro stuff. c3 ai, the bookings were light is ai during a difficult period, a need to have for multiple businesses or more of a nice to have for growth opportunity? i think we're trying to figure that out but there's a lot of issues for investors to have to sift through. >> right

and it's different , jon, compay by company in microsoft's case, they're not saying anything new about china lockdowns affecting their business inflation. the war in ukraine this is specific to fx now we know that's totally different in apple's case. we're going to be interested to seethe earnings about what the impact actually was of these shutdowns because they are a hardware company whereas microsoft, mostly software some of their partners could get hit, like hp, but again, more exposure in china because of the shutdowns for apple. >> right maybe we don't even have to wait until the next earnings report we could see companies ahead of that, change their guidance. thanks so much our next guest says that microsoft may be just the beginning. tech is someone of the highest foreign exchange exposed sectors in the market and has more names that might be at risk. here to discuss, paul hickey

who's most at risk >> within the technology space among groups, software is one of the lower internationalrevenue exposures versus some of the other groups like semiconductors and tech hardware. admittedly, microsoft gets half i its revenues outside the u.s within the sector, tech has one of the most exposed sectors as far as international revenues are concerned. you know, so semis, again, have very high exposure we think software, there's other stocks that will be outliers you have inittuit and paycom. you've got to take it on a company by company basis here. and again, you know, what you were saying about microsoft and

this isn't necessarily all new news we've been talking about it in conference calls we've heard this commentary go through in call after call it has accelerated to a degree but investors should be aware of this and ling the dollar as it happens. as the dollar goes up, it may hurt them, but as it goes down, that's something to look forward to on the other end. >> right there's always a flip side and the market seems to be somewhat taking this in stride, but some of those other names that are more exposed like oracle, auto desk, some semi names, what is their ability to deal with these, like microsoft. they're very large companies they have leeway here, but what about these? >> these are all large cap companies. a if you have exposure all over the world, you can have an attempt to hedge these risks in your business.

what we saw in the first half of this year in the move in the dollar is really extreme some haven't been able to completely hedge these moves you heard marc talk about salesforce and what's been going on with the japanese yen unlike anything he's seen. there's only so much you can do to prepare for these things and even the biggest companies, it impacts them it's just something you have to take with, you know, as it comes and, what we were just talking with jon, fx is just one thing going on with these companies in this market now. it's not this, it's not. if it's not that, it's this. so every day, we seem to be looking at and faced with a new problem to get the headlines and stuff. >> to what extent should investors digest this microsoft tweet on fx and consider more

things looking at the other big tech stocks now, apple's about flat in the morning's trade microsoft is now down less than 2% everything else is green right? just about everything. else is green. i got to go down to, yeah. cisco's about flat, but aside from that, larger tech is having a pretty good morning so far >> right if you were coming into today holding microsoft, unless it was like hanging by a thread in your portfolio and you were trying to decide whether or not to buy or sell it, this news shouldn't be what the type of news that's going to cause you to completely change your outlook on the company. so again, we've seen the dollar really surge over the last several months here so if you know, if you're, if you're looking at this news from microsoft today and suddenly, you have a revelation that the strong dollar is going to hurt these tech companies, probably you know should be having someone else doing the investments for you.

>> all right and so given what we just heard from hp enterprise as well, and you know, c3 ai right now so far on the morning is down more than 12%. what's the message on enterprise supply, which seems to be we're hearing more from hp and enterprise demand on newer ai solutions, where it's not clear about whether what to have or need to have >> yeah, so i think that would, that might be a little bit of out of range here. but i think for the overall tech sector in general, we're looking at all these different aspects and problems facing the sector here you have the fed you have the slowing economy sector's down a lot this year. lost about a third of the value. question we're asked is is this enough so what you want to turn to is

valuations here. when you look at the valuations of this sector and the individual groups within the sector, the majority are still trading at premium multiples to their ten-year average and that's unlike what we saw in march 2020, december 2018 then back in february of 2016 which were three of the largest pullbacks in the market in technology over the last, you know, ten years. so if that kind of environment, those periods, the sector and the groups reached below average multiples. now we're still not at those below average multiples and the only group within the sector really trading in line with its historical average after this pullback is semiconductors so within the tech sector, semiconductors are probably the sector that we're most interested in here and it's also been acting relatively well versus the broader market and the tech sector in general >> paul hickey, thanks for your

insights talk to you soon >> good talking to you see you later. >> talking about macro volatility and changes also want to talk about changes within companies, now specifically meta. meta's coo announcing she's going to leave the company in the fall stay on the board though julia boorstin has more on what that means julia. >> that's right, jon sheryl sandberg says she will step down from her coo role in the fall to focus on philanthropy and helping people in particular, and sandburg will continue to serve on meta's board of directors during her 14 years at meta formerly known as facebook, the company's revenue grew from 153 million in 2007 to nearly 118 billion last year. so i asked her why leave now was it because of facebook's declining ad growth or the meta

verse or regulatory challenges she said, quote, it's a job i love, but it's a 24/7 job. it's not a job you can do and also do other things sandburg was also a public face of the company through several scandals including the leaking of files that showed facebook was the cause of potential harm caused, misinformation and privacy concerns cambridge analytica scandal. here's what she told me in a 2019 interview in the wake of cambridge analytica. >> oh, excuse me, so, yes, what she said is that her job has adapted and shifted and increasingly about working to protect the safety of the platform so now she told me that the timing of her departure is more than anything due to her confidence in the company's executive bench, including incoming coo, javier olivan.

he will not oversee policy, legal, or hr, butin a shift, all parts of meta's ad business will report to him analysts have been weighing in jmp writing quote, while we acknowledge miss sandberg's role, it's worth noting the stock first dipped yesterday on the news of her departure, but now the stock is up 3% seems like analysts and investors are seeing the stability in the company's management as it does the streamlining and restructuring >> confidence is certainly seen in the stock price and the bench of people they have, but at the same time, and i covered this from a different angle i report on instacart, which has taken a lot of top talent from facebook or meta over the last year, two years. like carolyn everson and pg.

people and women at facebook that have been lost over the year does that make their loss even more poignant with sandberg departing? >> it's worth noting, diedra, that sheryl sandberg was not only the second most powerful person at facebook and as a woman, very rare in that role, but also one of the, or has been, one of the most powerful women in technology. one of the most powerful women in silicon valley. so now as of this reorganization that's going to go into effect in the fall, when she steps down, mark zuckerberg will not have any direct reports in his most senior tech roles who are women. so the head of human resources is a woman mario is a very senior woman who rose and grew under sheryl sandberg she's going to be reporting to olivan so there has been a number of departures not that there aren't any senior women there, but most will be now held by men.

>> we're going to speak more about this with dan rosensquire later on, but now let's turn to hp enterprise. the company slashing earnings guidance with revenue and earni earnings per share coming in under the street's expectations. what that does mean for spend ng this environment joining us now for a first on cnbc interview, antonio neri good morning the things that have the street concerned seem to be mostly about supply it seems to me versus demand. there are some issues around china lockdowns and russia as well, but is that the way you would frame it >> yeah, quarter and demand continue to be strong and persistent you know, we reported for the fourth consecutive quarter, 20% year-over-year growth in demand for services in particular, was strength

around the hp platform that you can consume as a service, which doubled, again, for the third consecutive quarter. so we see very strong demand for services that has not changed what continues to be the challenge across the industry is supply availability. and this quarter, we announced we are exiting russia and belarus so we felt it was prudent to revise our guidance, which is not different than the guidance we provided at security analyst meeting in october in many ways, i can see remarkable that we maintains the original guidance we provided last october for the full year including the revenue growth of 32% and eps and catch flow to $2 billion. so we are very pleased with the momentum, but obviously we have to navigate the supply chain challenges that we all experience >> this is one of those markets

where you can say the same thing you said before, but it just hits different, right, because the context of other things is different. let's talk about that july guide. you expect revenue to be up in the low single digits sequentially i believe that's a little bit below normal seasonality how much of that is the china covid lockdown how much of it is perhaps overall squeamishness with customer demand at any particular geography >> let me start with demand. we have more demand than we need to achieve the full year i can tell you our backlog has not peaked it has high quality. meaning it's firm. meaning the order book is firm and has been priced to preserve the gross margins that we reported, which actually were very, very strong. so from that perspective, no worry at all i think for us is to get that continuing line in sight with

component of availability and obviously the china lockdown, which in our q2 results was reflected in the commentary we made yesterday which was close to $250,000,006 pennies. so we expect as we move through the june month and as we have better line sight, of course we'll continue to work aggressively to translate that amazing backlog and continue to turn it into revenue and profit for growth >> okay, now into the company itself, operationally, what's your posture on costs? how aggressive are you being there? what are you doing with hiring with raises? which have been an issue for a number of tech names >> yeah. well as you recall, when the pandemic hit, we were actually the first company to take deliberate actions to position ourself into the future by reallocating resources into the areas of growth that now are

paying up. whether it's hp graeen lake, which now we have more $6 billion on the balance sheet or the edge, which again, reported a 45% growth for four consecutive quarters and so we feel we have this well under control. but obviously we're going to be judicious about hiring and what i call expenses to make sure that we don't get too far ahead as we continue to assess what the demand is as we enter 2023, but we believe, jon, we are very well positioned with the actions we took in the last call it six quarters >> what are you seeing in customer demand for artificial intelligence solutions that can be on the software side or it can be the hardware necessary for doing pieces of that to what degree in this economy is that seen as being mission critical versus aspirational for

better times >> i would say, jon, what customers are telling me and i spend 50% of my time talking to customers, that everything about data has now a top priority. they understand that we live in a digital economy that data is the most precious asset. i believe at some point in the future, we should not be surprised if that data gets reported on balance sheets the reason why is there's so much value not different than a building or some other intangible asset. what they're looking for is how to extract every bit of information from this data for revenue opportunities, to protect themselves better on the cyber side in ai, deep learning technologies are here to continue to aid those positions. listen, we are the market leader when it comes to ai at scale with high performance computing. this week, we announced we deployed the first super computer that can process

billion, billion square transactions per second. that will solve some of the biggest challenges both on the business and societal side so ai will continue to be a driving force for us and i think for the industry >> all right we'll be interested in hearing then c3's explanation. thank you. >> i knew that's what you were getting at, jon. that's a great question for him later on this hour and that is still to come as well as downgrades for snap and pinterest. we will get a get check on the digital ads place. plus, c3 ai plunging after results. we'll speak with the ceo tech check is just getting started. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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i have more reporting on tiger global david faber is reporting this morning. i'm told by a source close to the hedge fund that any -- will be met with just over 75% in cash the rest in privates in a liquidating account. this is i'm told a preemptive move likely to instill confidence as performance has been terrible. my source also says the hedge

fund has seen five times more inflows. the letter to investors says quote, our recent public fund performance is deeply frustrating. our business is set up with duration to weather storms when they arise down more than 50% this year and 14% alone in may, jon. >> wow got to wonder how they pulled that off coming up, why dan's holiday party change it had course of facebook forever at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

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this hour. private u.s. businesses added just 128,000 new jobs in may

payroll company adp says it was the slowest job growth of the recovery from the pandemic with small businesses struggling to hire the government's jobs report will be out tomorrow ford is adding over 6,000 jobs in its midwest factories as it boosts electric vehicle product. another 3,000 temporary workers will immediately become full-time union employees. the moves will support the production of the electric ford f-150. opec is expected to have a larger amount in august. opec plus implemented during the height of the pandemic the decision comes as the world grapples with energy prices. and 59% of american workers say they want more unionization at their own jobs democrats were about twice as likely as republicans to have a positive view on unions with 46% of republicans in favor of increased unionization at their job. back to you. >> frank, thank you. we're going to turn back to

meta's exchange. sheryl sandberg anounnounced ina facebook post that she is stepping down, highlighting when she first met mark zuckerberg she could -- when they were introduced and began talking about his vision for facebook. here now to discuss, the man that brought these two tech titans together. go back to that night 14 years ago. could you have predicted she would go on to do as much as she has at facebook? >> it's a fair question. it was also a great party and just to clarify, it was linda's holiday party. so i was an attendee yeah, look i thought they were a great match to begin with. i obviously had met mark and spent a lot of time with him sheryl and i had been friends since 2001

we were all close in different ways when yahoo! was looking to buy facebook, mark and i got close we had a lot of conversations about what we needed what he described about the kind of person he wanted just made sense to me that it was sheryl i said just do me a favor. meet him spend five minutes with him. i think you're going to enjoy him. he's really a brilliant person who has a vision bigger than anything i ever had and i think it would be perfect after you meet him an hour and a half later, they never left the door and they hit it off right away. it was destined for great things when you look at what they've done, it's unparalleled in business history >> absolutely. it's amazing you were there for the first moment was that your kids christmas party? >> no. my wife's. >> oh, your wife's christmas party. well, i'm curious. what did he say at the time he was looking for? what kind of qualities

and do you think that would have changed almost 15 years later in what he now needs to run the business, which looks very different today? >> well, look. i think any business would tell you what you need continues to evolve i think all of us knew facebook would be big none of us knew it would be this big. so the company has grown from that time from what 100 million in revenue to 153 billion in revenue. grew from nearly 80,000 employees from a company thousand employees i don't think anybody could have envisioned that, but what he needed was somebody who was incredibly smart, organized, had a great ability to communicate, story tell build an organization. build a structure. you have to remember, sheryl built the ad business at google. so no one had ever scaled an ad business that big and quickly until donny and sheryl sandberg. what he needed was somebody to build the business side of the house.

he had the product vision, but really didn't have an organizational structure at all. and so when we thought about sheryl, it was somebody who knew how to build a business, an organization knew how to scale. knew how to run an ad business so everything he needed happened to be in somebody nobody had really heard of at this time i knew she could do something like this and i just thought personality wise, they were so different they could work together so well but look, nobody could have expected this, but if you know sheryl, you know there's nothing she can't do >> dan, i also spoke to her last night. been in touch with the people at facebook a couple of things i wanted to say. one, i hear you just informed mark zuckerberg about this decision over the weekend. also, i asked folks there about the bobby kodak related investigation. they said that that is closed and that her departure doesn't have to do with that

but it seems to me that facebook meta isn't replacing sheryl sandberg as you mentioned, she had a hand, a leading hand, in the creation of both of the leading advertising models that are dominating the space right now and she's also kind of this diplomat who seems like she could be in the state department at a time when meta is being cast more as a state level power. so give me a sense of, it's kind of early to do this, but the legacy of sheryl sandberg. it's complicated she also gets blamed for not understanding, seeing the future, how these platforms and connecting people would get taken advantage of and undermined how do you piece all that together to figure out her impact >> it's a fair question. i, of course, am biased as a huge fan of hers and so i don't think their legacy is complicated at all which is this is a half a

trillion dollar company that she and mark took from next to nothing to accompany with this level of influence that many many people are connected to, but also, she changed the way women are perceived in business. you have to remember that her book sold over 4 million copies. the policies she put into facebook that are now everywhere where the government is catching up to put those same policies into place her legacy is one of growth, of opportunity, of changing the opportunities for women, for minorities there's no such thing as perfection in the world and anybody that could have guessed all of the things that facebook would have been involved in and all of the implications of what bad actors can do. look, they're pundits. they get a chance to sit there and opine on what others can do rather than to have to be in the arena and do it. so nobody is perfect i'm sure her decisions aren't perfect -- >> you don't allow there were

any missteps >> of course, i do >> okay. >> there are missteps in every business, every company, every family there are missteps at cnbc like, of course you allow that there are missteps, but you ask me what the legacy is, look where that company was and look where it is today. look at the impact it has. look at the people whose lives have been changed by it for the better look at the way women are perceived in business. look at the policies about family leave b bereavement. nobody's perfect of course they made mistakes some i absolutely disagree with and sheryl and i have had those conversations. but if you're asking me what the legacy is, you try to find a business that has had this kind of impact on two companies i still don't know many people who have that aren't founders. >> i'm sure the legacy will be debated and discussed for weeks and probably years to come you still owe her that drink by the way which she mentioned in the post >> yeah, we did text last night

that i do owe her that drink although she didn't have a drink, we did dance the rest of the night. whatever she and mark said that night really got her accepted. again, nothing is perfect, but i really, when you look back on how much was accomplished in 14 years, nobody could have imagined >> impact is hard to argue with thank you so much. >> thank you, guys meanwhile, shares of c3 ai down big this morning, but off the lows now down less than 10% arr thgoing to break down the qutewi the ceo, tom siebel don't go away.

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knew guidance for the coming year stock's down about 46% joining us now, the ceo, tom siebel tom, rough take. tell me about demand here. because my fundamental question sort of is are customers seeing the value of ai in a difficult economic environment or is it more of an ambitious growth want to have versus a need to have? >> well, our revenue grew 38%, this is roughly a quarter of a billion dollar business. we grew it 38% last year that's a growth rate increase from 17% the year prior so that

would be a tough debt pile enterprise software companies. our customers like shell, dell and others reported receiving a one, two, 3, $4 billion a year in economic benefit from our products so i think the value is there. again, we have a quarter billion dollar business growing at roughly a 40% compound rate. sorry, quarter of a billion dollar business. billion dollars cash in the bank i think this is a company that is positioned to be a leader in enterprise ai. >> so what explains the deferred revenue? seems like a slowdown versus expectations and versus where you had been in the past how has this economic environment or competition or whatever it is affecting your demand >> let's look at revenue growth.

again, up 38% year-over-year i think it was 38 or 39% in the quarter which is very rapid. in terms of deferred revenue, i mean, we have a relatively small number of relatively large transactions so our billings can be lumpy quarter to quarter. and that will work itself out over time as we rescale, but that's still there i remember q2 of this year, you know, billings were low. at the same time, we grew revenue by i think 38% and you know, billings were a little bit down, but they tend to bounce around at the scale we're operating, they tend to bounce around a little bit from quarter to quarter. >> hey, tom. on your earnings call last night, you talked about a changing market environment and how investors are looking for more profitability you said that you have a robust executable plan to achieve positive free cash flow in the next two to three years. can you outline that plan for us what do you need to do

can you do more than just cut marketing? are you going to cut head count? >> we're absolutely not going to cut head count we're hiring all over the world. we have basically 80% gross margin we will reduce, we spend, we've been spending 26% on marketing programs we'll rationalize that down to about 11 we spend about 23% on sales. we continue to do that we spend 46% on our rnd, which is a lot there's a massive investment in technology, but that would reach economies of scale so when you're running a 80% gross margin business, it's not that difficult to run a cash profitable business so we will do that. that being said, we have a billion dollars cash in the bank i think our negative cash flow last quarter was roughly $15 million. so at that rate, we'll run out of cash in i think 65 quarters

so we have a little bit of runway to do this. with 80% gross margin business, it's not that difficult to be profitable >> still, i'm not sure that's the kind of thinvestors want to hear, that there's a number of quarters where you could run out of cash. you said it's going to take you two to three years is there a way to speed that up? what about the buybacks? are plans still in place to buy back $100 million worth of shares >> current rate, take 67 quarters to run out of cash. not sure i'll be alive in 67 quarters that's quite a lot we did participate in some buybacks last quarter as you know we announced a program where we will participate from time to time in purchasing stock we have been doing that. and you can expect us to keep an eye on that opportunity. >> you're a pretty tough nut, tom, so i wouldn't bet against, you know, that 60 plus quarter

number on you in particular, but tell me about your partnership strategy with e go to market as you're looking to draw down marketing? we talked several quarters ago with thomas currian of google cloud and some work you have together we talked on the call about some ways your technology works potentially with partners. is that a strategy shift that you're looking at in terms of emphasis as you look for efficiency >> this is a plan that we laid out three years ago. i think we've been executing well we formed very meaningful, strategic partnerships with google cloud, satya at microsoft, baker hughes, ratheon. it's been hugely successful. in particular, microsoft and google cloud are leading in a big way. 64% of our bookings last year was generated with our partner

so this ecosystem is hugely important to the success story at c3 ai >> all right continued emphasis on growth opportunity in a market that is not kind to growth stocks. you're soldiers on tom siebel, thanks for being with us. >> thank you after the break, downgrade of snap and pinterest. those stocks rebounding off this morning's lows more on what it means for the names in the digital ad space. stay with us - look, this isn't my first rodeo.

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strong two-year stretch, digital ad spend looks to be normalizing. they're looking at names like snap and pinterest julia has more >> snap and pinterest shares are both trading higher this morning. both up by a couple percent despite piper sandler downgrading both to neutral. snap shares are down about 77% in the past year piper downgrading snap to neutral and lowering its revenue estimates on the company, writing quote, we are concerned about snap in a worsening market last week's pre announcement was indicative of deteriorating conditions slowing spend in snap's median entertainment and apparel. piper also notes that itssurve showed that tiktok is the favorite app among teens for pinterest, who's stock is

down about 70%, it was downgraded to neutral and lowered expectations citing concerns about challenged growth writing quote, engagement concerns may persist as pinterest platforms. slowing spend in apparel and consumer products goods verticals could also be a headwind piper says it is bullish of all companies on google and google may be taking market share as for meta, piper says it is optimistic about that company's ability to leverage its scale and also about progress it made with work arounds to apple's operating system changes piper is overweight on google and neutral on both meta and twitter. >> thanks. as we head to break, take a moment to remind you jim cramer's monthly investing meeting in about ten minutes scan the code on the seecrn.

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people >> downturn is when we -- to put in perspective, hire in excess of 5,000 in six months, have 4,000 open, not in a hiring freeze reality that are guiding growth are secular trends yes, you're going to have ups and downs in the market but the reality long term story is in tech. >> if you need tech to grow, you need it to shrink, argument being service now ceo says customers are buying but tech companies have to hustle harder. >> you have to remember the only free stimulusleft is optimism. you have to keep your mind focused on that. i would say it is a crisis of opportunity because there is so much opportunity companies have so much

opportunity to rethink the way they do business >> for the full conversation with those two, check out my twitter account, tech check soon or follow me on linked in and twitter for all of that content. there's a lot of it. a lot of content. >> why are you warning, it is great content. we love it great to hear from the two of them, these are two guys that have been through crises before, can see the opportunity. after the break, buy now, pay later stocks are falling again. we discuss why tech check is back in a moment

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- retire better. [ roaring ] ♪ ♪ you coming or what? time for gut check on affirm the buy now pay later company feeling heat from late payments and borrowing costs, according to the journal, a mix of public and private names under pressure from rising delinquencies, slowing originations klarna looking to layoff 10% is the current environment exposing critical flaws in that business model we will find out more when we sit down with the firm ceo on monday he is a good person to hear

from from the beginning, i interviewed him years ago when it was still a private company, he says it is all about the technology, algorithm that determines credit worthiness the question is can all the companies doing buy now pay later have that technology that will protect them in a downturn, including affirm you have to wonder about some of the other ones. >> he said their model is different, they have different depth of data and understanding from having dealt with big players like peloton, down now to smaller transactions. one wonders whether the algorithm is better trained, whether he has been careful enough, the fact they charge interest in given cases, it is not across the board one approach to every consumer he said this will be a bit of a clearing out of competition, we'll see. >> he used that analogy, when the tide goes out, you'll see

who has been swimming in their underwear or naked can't remember which it was. tonight, okta, crowd strike, and these are companies with april ending quarters. interesting what they say about the macro picture. >> i think it is naked all right. that will do it for check neck get to wapner. >> on that note, welcome to the halftime report. thank you, jon scott wapner the state of stocks after microsoft cuts guidance, jay powell's did you havish co-pilot sounds more hawkish than ever. shannon, josh brown, pete najarian, co-founder of market rebellion with me here onset, steve weiss. glad you're here go to the wall the picture looks different than a short time