sustain beyond what we have here, not just today but over a couple days. we're up about 100 s&p points. we were down 220 last week you're not quite half back i think 4,000 on the s&p 500 is the minimum for saying whether this is more than a bounce >> all right, we will see. that does it for us right here on "squawk on the street." time to send it over to "tech check. >> well, happy tuesday welcome to "tech check." i'm jon fortt with deirdre bozza. carl has the morning off strong dollar, weak guidance, how macro headwinds are affecting tech ahead of chair powell's testimony tomorrow. >> plus, what's oversold and what's a falling knife we'll consider where investors look for opportunity as the nasdaq bounces 3.3% at this hour, and speaking of stocks that have come way off their highs, the ceo of snap, evan spiegel, joins us in just a few minutes live from cannes what that company is doing to

power through the slowdown, and then bitcoin higher this morning, but in the greater fall, one firm looking to create a way to capitalize on crypto winter proshares launching a short bitcoin etf. it's important to figure out what to pay attention to here. we have been warned by many, the likes of dan niles, about bear market rallies, as mike santoli was just saying to close that last hour, it's going to be hard to distinguish what's what, but we're going to try >> absolutely. something that a lot of folks are look at is valuations, of course you look at some of the most beaten down names, they're rebounding hard this morning look at amd and nvidia, the chip makers as well as paypal and affirm b of a did this screen that i thought was pretty helpful, looking at how far their valuations have come down on a price to earnings ratio. amd has gone from 50 times pe to

17 times even companies like affirm, where they don't have any earnings, this have gone from 27 times sales to 3 times sales so that's what a lot of folks are looking at this morning, though, we have heard a lot of people, maybe minus jim cramer, still pessimistic. he is finding some optimism, but as mike was saying, maybe you need the s&p at 4,000 as a minimum. >> still, 27 times on nvidia that's not exactly cheap i mean, by the standards - >> cheaper exactly. >> cheaper we're in a time of cheaper, for sure bitcoin was really interesting this weekend it couldn't keep my eyes off it. my wife and two boys had a piano recital. during the recital, it was falling through 19k, into 18k. you know, they were doing much better >> you're telling me you were checking the price of bitcoin during your sons' recital? >> not while they were playing but while other people were

playing. my oldest was into it, too you had to watch it. then, elon musk makes a supportive comment on dogecoin, and right around the same time, i don't know much those two things are connected, all the cryptoes bounced we'll see if that holds. >> i have got kate rooney beside me she's going to come on in a little bit we'll ask what some of the other alt coins are doing. it will be good to talk to the founder of the short bitcoin etf, how that works and perhaps if you could do this with other coins if you think bitcoin is going to survive all this. but today, jon, pretty much everything across crypto is rallying >> remember when shorting was a dirty word looks like summertime, time for the shorts to come back out. >> while we were mentioning earlier some stocks that have come way off their highs, snap shares getting a nice bounce this morning last week, testing a paid subscription model to try to boost revenue. julia boorstin is at cannes and joins us with the ceo of snap,

evan spiegel julia. >> thanks so much, jon that's right, i'm joined now by snap ceo evan spiegel here in cannes in front of this amazing augmented reality exhibit you have here, showing off some of your coolest technology. but before we talk about all this, evan, we have to talk about what comments you made, the comments you made that brought snap shares way down in your last public appearance, really and they were comments that were really warning about a continuing decline in growth rate here at cannes, the vibe seems pretty optimistic, but tell us what your outlook is now glitz rr great to be together, especially in the south of france when we issued our earnings guidance, we said we expected our growth rate to decline and to decelerate. but it happened further and faster than we expected. so i was scheduled to appear at an investor conference, and i could probably either pull out at the last minute or if i was going to speak with our investors, i wanted to be direct and open with them because that's really important for

building trust over the long term so we shared that deterioration happened further and faster than we expected, but our business continues to grow, and we're continuing to invest we're excited about the product grow map, and the energy here is infis infe infectious people are happy to be back together >> there is this question about the macro environment and how much inflation is affecting consumers and whether there's a recession. what's your sense of that and how mouch those factors are goin to impact your revenue growth going forward. >> people are concerned about the macro, probably to be expected because between fiscal policy and monetary policy, the government's response to the pandemic, i think, was double what we saw in the financial crisis so i think the government response has been enormous, and inflation, i think, was to be expected so what you're seeing is sort of on the one hand, businesses that are really focused on growing earnings seeing rising input costs. things like labor getting more expensive, and you're seeing growth companies really thinking about building their business

over the long term, the value of that incremental customer a few years out is lower now because interest rates are higher. so those earnings get discounted as a higher rate >> what does all this mean for snap and the snap specific issues you talked about challenges navigating apple's operating changes. you have google and all sorts of different changes, potential headwinds to ad targeting. what does that mean for snap and for your advertisers >> dwlii think in an environmen where input costs are increasing what becomes really important is importance you want to know every dollar you're spending is growing your business at the highest possible rate that's why digital advertising is so important. that ties back to what you're hearing here people are so focused on making sure that as an industry, we can navigate these changes because digital advertising is critical to the way that people are building their businesses. >> so what's your message to investors? we were talking right before our interview about how snap shares are way off their highs, and you detailed very transparently how much the growth rate in revenue

is slowing down, but what do you think investors should know right now with snap way off its highs? >> taking a step back, this is like the third time our stock has been in the teens in the last five years. over that period of time, we have grown our revenue more than 5x we stay focused on the long term, and of course, markets are volatile that's to be expected. i think what's so exciting is we just continue to strengthen our lead in augmented reality which is going to be so important to the growth of our business going forward. we'll navigate these changes we're focused on the long term that's what we have been doing in the ten-plus years we have been a business. >> tell us why augmented reality is going to have such a direct impact on advertising revenue or on other revenue streams >> for example, if you look at young people, about a third of their discretionary spend today goes to fashion, accessory, beauty, and all of those different categories can see amazing results with augmented reality because it allows people to try those products from the comfort of their home and without changing their clothes

so it's really a new way for consumers to shop and be able to see what they look like in different products, and that, of course, lists conversion rates and also reduces returns it's great for the merchant's bottom line, better for the con consumer, better for the environment. ar is playing a transformational role in retail itself. >> those ar tools will enable advertisers or encourage them to spend more do you see an additional revenue cut perhaps from commerce on the platform >> right now, we're focused on onboarding merchants and we have package said up our ar technology into camera kits so people can put it into their own applications if they wants to reach a larger audience, the ican distribute it on snapchat because there are over 250 million people that engage with ar every day on snapchat, so the way we're growing now is by helping people distribute those experiences to our audience and offering them tools to bring ar into their own applications and websites.

>> if ar is all about making the app stickier, making it more valuable for consumers and brands, talk to us about other potential revenue streams. there were reports of a subscription service in the works. >> snapchat plus is a new subscription product that we're experimenting with right now it's still very early, but i think it's a really exciting way to offer exclusive products and features to our most passionate community members. right now when we have a new product coming out, we test it kind of randomly all over the world. with snapchat plus, we'll be able to test products directly with people who are most passionate about snapchat and get their feedback so we can improve the product experience overall for everyone >> that sounds more like a testing system, not really a premium subscription service do you see an opportunity for snapchat plus, like a true premium subscription service, something akin to what twitter has done >> our community is so deeply engaged with our service we have a huge group of people in our community that use our product 90 out of 90 days because they're using it to

communicate with friends and family, to see where their friends are on the map, of course, to watch stories and spotlight, and that community really wants a lot of new and exclusive features that might not make sense for our entire community but that we can experiment with. it's early we'll see what happens we think it's an exciting opportunity. >> speaking of twitter, which is also experimenting with a subscription service, elon musk talked about turning twitter into a super app is twitter under the ownership of elon musk, a threat to snap >> well, it's pretty early to say. we'll see if the deal gets done. i think the products are so fundamentally different. twitter is really a town square, and snapchat is focused on communication between friends and family, and of course, diversified engagement across our entire product suite like our map, our ar platform, memories, spotlight, discover, so people use snapchat in so many different ways. the scale of the audience is also different in the u.s., they have got less

than half the monthly -- the monetizable daily active users the scale of the audience is completely different, and the advertising products are different as well. the products themselves and the businesses are very different. today, who knows how that will change in the future >> what does it mean for snap to be a super app what are the other components you would have to add to have multiple revenue streams akin to the super agent apps so popular in that part of the world? >> really when people talk about super appswhat they're talking about is all the different ways people can use the application and what we started with, when we first built snapchat was communication between friends and family, and then we added stories. we brought on publishers, we built a map so people can see what's happening all over the world and see what their friends are up to. over time, people have used snap for all sorts of different ways that enrich their lives and we started monetizing some of those products like our content product, but also our ar platform, and in the future,

things like the map or snapchat plus >> here, in cannes, there are a lot of conversations about tiktok it's a big presence here they have been investing in things for their creator community and building out their ad product i'm curious how much of a threat you see tiktok to your business and if there's opportunity in the negative headlines about some of the security issues that tiktok's potentially had with some of the data >> the mobile video space is extremely competitive. it's not just tiktok it's instagram, youtube. i think the good thing overall for advertisers is that the ad formats are converging, really around vertical video which is something we pioneered now, you don't have to worry about making all different types of creative formats for different platforms. you can build vertical video and run it where you're seeing video. where snap has focused on deep technical integrations with our partners to make sure advertisers can see great results with our platform and measure them accurately. that's where we're focused right now.

but you're right mobile video is going to continue to be really competitive. that's why we focus so heavily on friends and family rather than on influencers and entertainment, because that's a very crowded space to be >> there are two new big players coming into the ad-supported streaming market disney with disney plus, launching that later this year, and netflix is working to build out its ad-supported streaming business do those new players pose more competition for your ad dollars or how do you think about them becoming players in the space as well >> when you look at snapchat over all and the scale of our business, we reach more than 75% of 13 to 34-year-olds in over 20 countries. there's a ton of head room relative to the size of our audience, and that's what we're focused on we have to continue togrow our opportunity, to continue building our business and investing in the long term, in things like augmented reality. we'll see, of course, how they grow their businesses over time, but i don't know if that changes the overall opportunity for snap, which is enormous. >> certainly a lot of

conversations about different opportunities here and cannes and especially augmented reality with a different exhibit here behind us. evan spiegel, thank you so much for talking to us here today here at the cannes line festival >> thanks so much for bringing that back to us. slightly different share reaction today we're up about 6% for snap shares we're going to turn back to crypto high amounts of borrowed capital and declining prices catching up to investors if you were watching what was happening over the weekend, the general public concerned as well with, quote, bitcoin dead google searches hitting a new all time high kate rooney has more on the crash in prices. even jon fortt was watching the price at his kids' piano recital. >> well, we'll see if he was googling at the same time, bitcoin dead, question mark. but an aggressive amount of leverage and a hunt for double digit yield have been pouring some fuel on those recent price declines in recent weeks we have seen hedge funds like three

arrows failing to meet margin calls and other companies freezing customer funds. investors and analysts blame the sheer number of projects popping up that promise 18 to 20% yield. they have turned to riskier assets you can see the interest bearing crypto products roughly tripling in the past couple years the other issue, complicated and murky collateral chains. hedge funds were dip nothing to other riskier projects to get the higher yield with very little dish closure, making it hard to track on the back end. someone i spoke to on the weekend compared it to the subprime mortgage crisis many are worried about counterparty risk and who is solvent at this price. analysts call this a mini financial crisis speaking of solvency, just this morning, crypto lending company saying it got a line of credit, a $250 million line of credit from another crypto company. their ceo saying that was to

bolster their balance sheet amid all this volatility. one way to assess the total damage, called total value lock, also tvl, which attempts to track deposits in this ecosystem. some call it de-fi glass note estimates that market has lost $124 billion in the past six weeks analysts also point to a flight to some of the u.s. based cryptocurrencies the supply of usdc, a crypto currency pegged to the price of the dollar, has grown by $5 billion since the start of may, while tether, which is based overseas, has seen roughly $13 billion of redemptions >> and the cofounder was on earlier saying the whole space has seen redemption, but we were talking earlier. circle has seen greater inflows in the last few weeks. kate rooney, thank you very much >> if you're looking for a way to bet against bitcoin at this point, pro shares is launching the first bitcoin short etf today, trading under the ticker

biti it brings in the inverse daily performance of the s&p bitcoin futures index. here to this does, simien hymen let me get this right. the expense ratio for this etf is 2%, is that right >> 95 basis points for the etf and in fact, that actually stacks up quite favorably. it's very difficult to short bitcoin, and if you could pull it off in one of the exchanges, the cost to borrow go up to as high as 20%. we're really pleased to offer this solution for offering short exposure to bitcoin, and that's the perfect pair to bito, the long futures based etf that we launched last fall >> so the expense ratio is under 1%, is that what you just said >> 95 basis points, correct. >> great, so why now then? after bitcoin has fallen off so much, it feels like the other one, the long futures etf,

bitcoin etf launched near the peak this one, some might say, is being launched potentially near the bottom >> we really had no intent to time this with the market. we wanted to deliver the solutions to investors and one of the things that we have seen particularly with this, i love the euphemism, volatility, for bitcoin over the last several months, is that it's exposed some challenges in the system you know, it's not just collateral risk and weird things going on in the lending platforms but simply owning bitcoin in a spot account in an exchange as we have learned may be exposed to potential bankruptcy risk. and investing in the futures markets through an etf is a perfect belt and suspenders whether you're on the long or short side because counterparty risk is managed by the futures exchange, and of course, the etf under the securities act of 1940, those aggregate -- those assets are segregated as well. so it wasn't -- it was really

just as quickly as we could put these solutions together not any sense of market timing >> it's such an important product, it seems to me, but so much of the crypto system doesn't look healthy it seems like every other week, we're hearing about, you know, some key player in the system that's locking up customer accounts or their system isn't working the way they said it would. what are customers, what have customers been saying to you about what they need to feel secure in this market that helped lead to this short bitcoin etf coming out now >> i think this just keeps pointing to the advantages of exposure through futures one of the things that we learned with bito on the long side is that those roll costs that people have been talking about, the cost of rolling one futures contract to the next, has come way down, so in fact, if you look at a futures index

compared to spot year to date, that gap has shrunk to almost nothing. and what that indicates potentially is actually the growing health of the futures market so absolutely, the old saying of what happens when the tide goes in, but the tide going in is demonstrating the maturity and the strength of futures based exposure, and again, putting that in the etf wrapper on top that you can buy in your brokage account is certainly a solution that's starting to look even more appealing compared to some of the other approaches out there in the marketplace >> i also think it's important to stress that this is a market, not a church and there are a lot of traders, retail traders in particular, who it seems to me have gotten religion about certain assets and feel personally slighted that anybody would have a different feeling about them and their direction than they do some people are going to see this as you attacking bitcoin, when in fact there's a long etf

that you have also -- that you have also released what's your sense of what's needed in this market right now and why the opportunity to short might be important >> the strength of a market is always made by the fact that there's a market with people of different opinions at anpoint in time. even the s&p 500, you know, perhaps the greatest source of wealth creation of all time, of course, we know, doesn't go straight up all the time, and we at pro shares offer short exposure to the s&p 500, which there would be almost no one suggesting that's going up ultimately over the years and years. no one should take it as a slight, but we absolutely think it was very important to offer the short and the long side. again, we had the long side out since the fall with great success there, and we want people to have the opportunity to also hedge their positions in their portfolio when they think even if it's just a short term

opportunity for bitcoin to go the other way. >> absolutely. well said, and i'm sure some in the crypto space were wishing they had a way to short or hedge that exposure over the last few months thank you for being with us. still to come this hour, dan springer signs off how to play palantir, plus a look at some of the most oversold stocks in the s&p 500 "tech check" still just getting started. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪

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i don't think we're going to look at this in the end that it was a mistake to take that growth the challenge is we didn't execute well enough. i didn't augment with enough people that have experience in higher scale that would be the think i would look back and say was a mistake. i don't think it was a mistake to take the growth right now, the focus is telling folks don't lose what's great about docusign, but also be open to the change we need to make if we're going to continue to grow the business to its potential. >> that was now former docusign dio dan springer on this show a week ago after some disappointing q1 results

shares fell more than 25% that day. he said to be open to changes if the company wants to get back to growth here is one. this morning, springer stepping down the stock has fallen 80% from its 52-week high if you zoom out, shares actually outperforming the s&p since its ipo in april 2018. board chair will serve as interim ceo as the company begins its search for its next executive. dee, this happens, right when somebody makes promises and they have been in leadership and investors are unhappy, sometimes there are changes at the top, and we'll see if they're able to change to somebody who is able to execute as well as dan springer wished he had >> when you look at a docusign, down 80% from its peak, there are a number of other companies, the work from home duraarlings t are down shopify, coinbase, affirm, upstart, roku, down 80% from

their peaks. you have to wonder if their boards are maybe looking at management changes as well i don't really -- you know, dan springer was a good ceo. he got caught up in that high growth of the pandemic now they want someone else to lead them back peloton, of course, is another name that's off about 80% from its peak and they already had a ceo switch >> it helps, peloton aside, if you're a founder ceo to hold on in a time like this. a few of those companies might not see that same kind of pressure at the same time, if you're a ceo who's looking for a new opportunity, when the stock is way down like this, that's sort of a nice time to come in and get your equity priced right >> a good point. >> a lot of people believe, most people, i would say, believe that digital signatures are here to stay. the question is, can a docusign bolt on enough of the digital paper and process flow to really

ignite growth and have an adobe or microsoft moment versus getting crushed by those companies that also have some interest in productivity >> maybe you get a ceo who comes in and says maybe this would be a good feature at another company. all good questions as we head to break, also want to get a gut check on a few chinese tech names they have been rebounding, but jd.com is lower at covid lockdowns slowed spending for its version of prime day plus, netese falling after the release of their video game in china three days ahead of its anticipated launch >> meanwhile, u.s. markets are still rallying, as you can see, the dow is up more than 500 points nasdaq bouncing back big, up more than 3% we will be right back. ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪

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. good morning, and welcome back i'm kristina partsinevelos and here's your cnbc news update at this hour. bayer will have to resolve

thousands of lawsuits that could cost it billions of dollars after the supreme court declined to hear the company's appeal of a jury verdict that found their roundup pesticide caused a california man's cancer. they argue they should not be held responsibility because roundup had been cleared by federal davita shares are down r they said reimbursement rates are so low they violate federal law. >> kellogg's stock is up 3% after they reveal plans to separate into three companies. >> and sales of previously owned homes slow for a fourth straight month in may as the median price jumped almost 15% from a year earlier to a record $407,600 jon, back over to you. >> thank you last week, adobe was the latest company to blame a stronger dollar for slowing international revenues this morning, morgan stanley

downgrades adobe to equal weight frank holland has more on how currency values are impacting growth for cloud and enterprise tech frank. >> yeah, definitely developing story. cloud and enterprise stocks have falls 33% in q2 alone, almost double the s&p due to growing interest rate pressure another growing headwind, the stronger dollar. especially for companies that charge for their products in localal currency. the list of companies expected to see continued negative impact from the rising dollar due to taking local currency include big names like microsoft, which gets 40% of its revenue outside the americas ad adobe, about 44% of revenue. salesforce, a third of the revenue outside the americas we have seen considerably stronger gains for the dollar than we have during the pandemic and even in 2019 right before the disruption, historically, raising interest rates has also led to a stronger dollar on june 2nd and microsoft warned of negative impact from the stronger dollar, since then,

rising another 2.5%. and when you look at the gains against other major currencies, the euro falling 4.5% to the dollar in q2 this is looked at a different way, but the dollar strengthening almost 12% to the yen, and the strengthens of the dollar to the yen, something marc benioff emphasized in the last call, saying it was something he had never seen before so obviously, there are other headwinds the cloud and enterprise names are facing. but those who charge in u.s. dollar across the board don't face that same currency pressure however, all of these names, 47% to 78% from their highs largely do to interest rate pressures. >> one of many things making guidance challenging and some of the biggest names in tech caught up in that guidance challenge. so what should you expect from q4 revenues? our next guest helps companies like shopify, zillow, and linkedin gain sales insights based on customer data

and they're launching a new tool this morning to help their customers paint a better picture of what to expect in volatile times. joining us now, gong cofounder and ceo. good to see you. we first chatted a couple months ago, and we were talking about what you guys do with data to help companies understand how well sales is going, improve their sales process. and i want to get to your news, but before we get to that, i really want to talk about guidance because the investors who are watching cnbc are kind of caught up in trying to see what guidance is going to do. how important is forecasting sales to that process? and why is that harder at a time of high inflation and uncertain demand >> well, this question couldn't be more timely, jon. first, like everybody, all investors are watching earnings reports like a hawk. and everyone is trying to analyze what's going on, even companies themselves

that makes ceos and cfos extremely nervous because they want to set the expectation right. they want to know what they should expect. and forecasting is always hard because traditionally it's relied on some historical trending and what we're seeing and people's opinions, what the sales team, what people in the front are thinking what the numbers are going to be. both are extremely challenging now, in times like these, historical trending is extremely hard i have heard unprecedented you just talked about the currency and marc benioff saying he had never seen anything like this all the historical trending is out the window second, people's opinions, what makes ceos and cfos nervous is words like i believe, or i think, or here's what i think will happen. what gong forecast does is actually like taps into actual customer conversation. if a customer is mentioning on a zoom call that my cfo asked me to push it to next quarter, or

you know, we're not going to be able to afford this. via emails, via voice, or any other means, it pulls it directly into the forecast, bubbles it up into the more senior leadership team, and now companies are in touch with reality in near real time. not just based on opinions or trending it's based on reality here and now. >> so getting now to this product that you're announcing, and the need for it. when we hear ceos on an earnings call say last week or last momont saying what they expect for the back half of the year, in this environment, are they relying on a.i. and kind of modern sales trends to do that, or are they kind of relying on historical data how much can they really know when things are changing so fast and how much can a.i. even tell them

isn't that listening to the conversation, isn't that telling you what's happening this quarter? is it really going to tell you what's going to happen a couple quarters out >> especially in times like these, so companies are using the same thing they have done the last 30 or 40 years. use kind of historical data and opinions that are bubbling bottom up. a.i. is new, and now can really change the game, but monitoring not just what people think but what customers actually say or don't say. if there's a large deal that they're working on and it is expected to close, but a.i. is monitoring the conversation, listens, and says we have not heard anything about pricing or budgeting. that's a big red flag. so now, that deal can be flagged as at risk, and companies can have more confidence around their forecast with a.i. >> good to have you on "tech check. what you're describing gong

does, this sounds like the job of a wall street analyst, and there's this sort of thought right now that the sell side is behind the curve when it comes to cutting estimates and i wonder what do you think wall street and the people whose job it is to look at this, what are they missing >> well, it's very hard for us humans to understand data at scale, so we can hear one conversation and then apply our own interpretation, which is obviously subjective but to hear thousands of conversations, this is beyond the capabilities of a human being. and when you analyze it at scale, you get a whole new level of confidence in the data and insights >> all right from gang with a new a.i.-driven product to help forecast sales and help understand what's happening with customers at the moment by sort of mining through conversations. a lot of people hoping that

works out to get us more intelligence at a time when things economically are foggy. thank you. >> thank you very much coming up, the most oversold stocks in the s&p, as investors search for a market bottom that's on the other side of this break. stay with us ♪ ♪ ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. (mom allen) verizon just gave us all a brand new iphone 13. ♪ i only have eyes for you ♪

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when you need help it's great to be in sync with customer service. a team of reps who can anticipate the next step genesys technology is changing the way customer service teams anticipate what customers need. because happy customers are music to our ears. genesys, we're behind every customer smile. . what goes down must come up, right? cnbc pro is taking a look at some of the most oversold stocks in the s&p that may be due for a

bounce they identified ten names trading farthest from their average price in the last 200 days with a beta greater than one. that means the stock moves in greater increments than the market on a daily basis. the top three stocks, netflix, etsy, and paypal netflix topping the list, trading 60% from its 200-day average. a lot more "tech check" straight ahead. stay with us

bank of america saying data is the new bullets. initiating the stock at buy with a $13 price target that's 57% upside from friday's closing price. shares have fallen 50% this past year analysts foresee palantir being a beneficiary of rapidly growing demand for a.i. platforms in both commercial and government end markets. the stock is up about 7.5% this morning. we'll be right back. this is evolving from gym to global media company. this is connecting your people and content in one place. this is the system you built to transform your business. this is how. airtable. lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less.

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our next guest is an executive producer of a netflix show premiering tonight. the future of, from hotdogs to lap dogs to skyscrapers. everything you can think of. we're going to talk about that we also have to talk about the future of this market and how investors might think about some seriously slowing sectors. crypto, social media, streaming. joining us now is our friend, the editor and chief of the verge. we're in one of those cycles, one of those interesting periods where at least where consumer tech is concerned, it seems like there aren't as many gadgets the m2 chip is a thing to get excited about, and apps like we're not so into apps tiktok is kind of old, but it seems to be the hot thing. am i wrong >> i think on the hardware side we're waiting for the next big turn which feels like ar

a lot of investment dollars. not a lot of products yet. so i think that is definitely a big wait and see but on the software side, i think a lot of younger people are finding apps like bereal and other new kinds of new kinds ofl environments to be interesting than maybe i do. it is a wait and see what that generation does with their phones and identities. they're not quite as public, a little more anonymous, understand the internet in different ways there's a next generation absent in social networks that feel different than what we have now. >> i look at the list of shows, house plants, future of gaming, future of space vacation some haven't been released are we getting a future of money at this particular moment for crypto when so many young people have gone into the space and been burned the last few years >> you know, we made the big

view that felt hopeful and optimistic and took that long view so much of what you think of as science fiction and documentaries of the future feel negative we wanted a vision of future, what if we got it right. we took views of everyday things left money aside for hopefully a second season because we weren't thinking of how do you predict the future of money now. the answer is i think we have to wait and see >> let's talk about optimism and let's talk about that in the context of crypto and retail trading which also had a big technology component for a couple of decades and the last couple years how do you look through disillusionment period toward possibility, that's not

necessarily saying any individual currency is going to the moon or any individual stock but what's the optimistic take on the market? >> i have been talking to a lot of crypto founders, investors. i think opinions are mixed there's people that say it is crypto winter, will take time. then there's folks i am inclined to listen to that say this is when hype is weeded out. now we're going to build use cases. on the web three side of crypto,eth earian side, you have to find use cases for digital goods, owning your data. there's a lot of technology built. now companies are under pressure to deliver consumer value beyond the tokens the bitcoin side of the house, bitcoin potential as actual currency for transactions has been basically underexplored perhaps not explored

hedge against inflation, interesting way to think of it we have to find out if bitcoin can become a currency. that's always the promise, not the storied value. >> three years ago, could not have known elon musk would make a bids for twitter here we are. curious your thoughts of the future and social media. julia boorstin asked what elon musk might mean to him >> is twitter under the ownership of elon musk a threat to snap? >> well, pretty early to say we'll see if the deal gets done. >> what do you think >> we use the framing of the show, near future, mid future and long wild future mid future, you don't know if the deal will close. elon saying he wanted answers on bots near term future if the deal

closes, his vision for twitter that he laid out to employees at the all hands was a super app. we are going to do everything, trans transact in it, paid services, model the apps from asia that's a big vision. it is where snapchat and facebook need to go, because they don't have data for advertising they used to they need to close the loop, transform in the platform to show advertiser success. they can't do it now they have to close that loop it is that midterm competition to build a super app will be fierce, apple will be in the middle with imessage in the long term, fundamentally all the apps struggle with issues, how to regulate those issues bigger rethink how the government may regulate speech, even how we might apply the first amendment to platforms

which there has been noise building a long time that's going to come to a head as we come to consensus how we want platforms to behave and to regulate speech. that will create a pretty big paradigm shift in platforms that we can't see right now >> finally, talk streaming future of that what has that brought? it is not binge everything disney is doing fine not doing that maybe the golden age of spending money on original content, not worrying about profits is over what do you take into the future from this period >> there's only two business, bundling, unbundling we have gone through the great unbundling we have to be back now that dollars are tight, back to the bundling era i think we'll see all of the major players, netflix, disney, peacock, paramount plus will start to try to create bundles with additional value, make them

seem more like things you must have or things you have anyway because you already pay the money instead of competing day -- i think it will revolutionize. >> we can hope that program specifically will revolutionize streaming. thanks so much for joining us. if you missed part of the show, follow and subscribe to pod casts, listen wherever you download tech neck back in a moment meets power? you try crazy things... ...because you're crazy... ...and you like it. you get bigger... ...badder... ...faster. ♪ you can never have too much of a good thing... and power is a very good thing. ♪ your record label is taking off.

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my minions will save me. [ speaking minion ] unless they screw everything up. hello. one more thing it has been a big few days for labor across big tech. elon musk expanding on plans for job cuts at tesla, planning on increasing hourly employees while reducing salary staff by 10%, adding the ev maker will layoff 3.5% of the work force in all. those comments after apple store employees in maryland voted to unionize over the weekend, becoming the first store to do so in the united states. jon, even as economic conditions change, you are seeing this labor movement, especially among big tech, continue. >> you are

and the question is whether it accelerates or whether the overall macro environment puts a damper on it you can bet apple wants it to seem like the other stores, you don't have to unionize, you're going to get good stuff without giving away part of your salary. we'll see. >> markets continue to rally let's get to melissa lee and the half welcome to the halftime report melissa lee in for scott wapner. stocks rally after posting the worst week since march, 2020 stocks looking cheap, are they a buy? we will debate that and more with the investment committee. stephanie link, josh brown, john terranova, and let's check the markets. nice rally dow higher 1.7%. s&p 500 led by energy as well as discretionary. nasdaq showing the most strength in the session, up 2.75% semi