technology experiment and until it gets to the same level of you know at that bitcoin has succeeded, we'll only stand back and provide positive services to those companies. >> alan, appreciate the time, thank you very much. all right. that will do it for "squawk in the street" in morning tech check starts right now. >> good tuesday morning, for today, snow keeps accumulating an avalanche may upgrade snowflake. valuations continue to plummet, who are the next m afternoon a targets? we will break down the online retail space on sale is robinhood stock up 14 yesterday?

we will start with that. >> sources i have been talking to are skeptical of an outright deal there is strategic rational or put into scene a model the cost of acquiring customers tripled from $60 in 20 to $250 commerce revenue per user meanwhile stays the same robinhood has 22 million buying robinhood. this preview is on a deal spree. the company reported on the ambitions there. he gave two emergency rungs, block buy and voyager. they cut it in half and they've seen them fall off sharply

that is causing the question, whether they can afford the deal the last funding was 500 million in january analyst jr&p -- j&p say they could be preliminary and while they could progress, we believe a pire sa fire sale price is off the table. they were told they were not approached or gaemp heads-up about bankman-fried stake. no hostile takeover is out of the question this is something robinhood founders have to say yes to. >> kate, it's a great setup for an interesting topic one is whether it should be owned by legacy financials or somebody new if other is how the whole industry relies on sam to rescue

everybody. >> i don't know what robinhood is any more. it started off with cheap trade and building up this base of younger, newer retail investors. i'm not sure how committed that base of investors is to continue to trade i will leverage how much money is left? how much was funded? and is that group getting more conservative talk about it being for sale if you aren't established, i wonder, what are you getting are you getting a younger user base that is worth much? or if you wait a few years for them to get better jobs, do they stay with you anyway >> that is the premise of the deal, 23 active accounts robinhood has not done a good job in transitioning them in a way that maybe sofi has done a better job the legacy player, i heard your conversation earlier, can they do that?

maybe they did that with marcus, it's very unproven whether they can become all in one thin tech stock. it does beg the question, it goes back a few years, robinhood had so much questions, it needs a brand refresh. if they freed the right people to do that you know, crypto company is based in the bahamas can they do that refresh that robinhood needs? >> or maybe you should buy draftkings, you have that young user base. if you want the gamblers who are eventually going to buy stocks, draftkings is only what 5.5 billion? >> maybe draftkings should buy robinhood. you got the gambling >> spiderman name right there. >> yeah, there you go. let's take a closer look at robinhood with any early investor in the platform, the

general partner. sam, what do you make of the conversation we have as an early investor, do you think that robinhood should be selling well has it proven and had its chance to prove itself and fallen short? >> look, it's an entertaining conversation, i'll give you that, look, what happened through the pandemic, tech is extremely important in on-tech narratives but if early pandemic and the last few years has been the story of taking off and doing great things and growing quickly. a lot of the late pandemic has been legacy players, saying, it's streaming the last two years the growth is streaming with disney. you look at retail the growth got to a point, it was more of a legacy player like walmart. you see legacy brand step up their tech games tech comes in brand-new tech companies takes over everything and changes. that begs the question, when you

think of robinhood, let's not forget, it was massively innovative, reaped the benefits of that from a growth perspective. what their next play is. is it merging with crypto as the lines between those two blur maybe it's a reasonable step is it a diversifying financial product and quote/unquote growing up as you guys are framing it no question it has to be a second act from going from a $10 billion to a $30 billion company? >> but the question is, can they do that second act is he the right person to execute on that or your point is so interesting, sam, is it a legacy bank that can come in or player and korea it that second act better than the founders could? >> yeah, i am a believer in founders founding companies from zero, we watch over and over is really hard it's far harder than being in place and offering a major

company. those are the guys, especially with the incentives, you can knock people out of consolidated plans, but inkrein ittives, they want a second act as much as anyone else. i am a guy that always steps on founders you have to make big moves and also be kind of reasonable and rational about where the world is and kind of how to move forward. what i found those guys to do something discontonto once, impactful, move the ball forward? absolutely no question from starting a company to running super fast, it requires you to learn quickly and the game changes fast. >> sam, in all seriousness, we are having fun there there is a serious question i think fundamentally at the center of it, which is what is the next playing field for innovation in the space where robinhood is do they have existing differentiation to excel there,

or if not, what needs to be built to coexcel? up to this point they were good at getting retail to take on additional risk for better and for worse. they made that eisht efficient, fun. they had a great interface for it it doesn't seem it gets you to the next level. >> i think it's unfear, it's educating a whole new group of people >> i don't think a lot of people have gotten much smarter using robinhood that sounded fundamentally smarter to me than investors using fidelity >> i think it's hard to say from a sample of your personal conversations. the reality is robinhood, for sure - >> i didn't see anything that suggested to me that robinhood investors got smarter than other

investors? >> i think with reddit, you can knock it all you want, but the retail world understanding of what derivatives are, different strategies or how marks move and how to help people, how you can work dramatically stands because of robinhood, that doesn't mean they can't offer those as well i think they categorize it as simi robinhood did well, they didn't know, is quite my op-ed i'm with you there has to be a second act there has to be extension from there. and i do think legacy players are getting smart fast that's the difference between ten years ago and the legacy companies move much faster and respond to new challenges way better than it used to if you come up with new things, you can't have one act you can't come one a user acquisition strategy and call it a day. you need to continuously push the envelope we are not johnny come away.

we got space i do believe the reason there is so much excite account about the ftx kind of world, if you ask me, that is where the next important innovation comes from. if you take commerce like robinhood, absolutely in that direction, versus doing traditional boring old products. that's been the pattern to figure out and for the company to figure out for sure >> sam, your point ab scaling and being obviously the historic challenge and attempts, when it comes to financials, you have to manage order flow and clearing times and regulators i wonder if you this i the next, when the next boom comes, if the operators are going to approach that scaling with a little more caution? >> well, i think a few things, one you can look at the world how tech evolves from a platform perspective. so much of the internet exists,

you have services come along and platforms made it way easier for other people to scale pieces of that and experience it way better faster. crypto provides many of those rails. so look for those kind of underlying infrastructure pieces in crypto to come online and we'll unlock a ton of new innovation one of the frustrations that young people have with the financial markets and candidly healthcare and technology is that it is so laden with regulation and incumbents that it is very difficult i think that's why robinhood was such an exciting unit, such an sighting player, they managed to do something innovative in a place that is so legacy dominated. you have such a huge uphill battle if you want to see a huge innovation there has to be loss it's a challenge that's the point >> sam, i don't disagree with you. i am one of those people that wanted to see things more

efficient. the promise so far has fallen short. we'll see if that happens. thank you very much, we'll talk to you again soon. >> thank you >> all right thet stick with thin tech. should we expect to see more consolidation? partner and thin tech m&a specialist michael cashman let's continue the conversation that we had with sam what itself the secret sauce what are the differentiators in the then tech space? >> i think one thing we've seen in the market the last couple years has been an enormous transition from a growth mindset and growth at all costt and focus on user accounts and revenues to profitability. i think what we're going to see in the near term is a big and sudden shift from that growth to mindset to a profit mindset. that will be really hard for some businesses to do. and given the amount of investor uncertainty out there, i think

we will see companies burning a lot of cash need to turn to a cash-rich partner and potentially make a deal. so i think we will see a different deal market than in the most recent couple years >> i understand why some of the smaller players need the bigger players' cash to make a deal why do the bigger players need the smaller players or which ones do they need? i have questions i still think one of the biggest you know distinction of this era for retail was this technology that made it easier to take risks and maybe to understand what options trading was factually, maybe not understand the risks of it. are there certain platforms that you think really did educate users and, therefore, have this sophisticated early user base that will be valuable throughout your players >> so i think there is a lot of destruction that's happened here the biggest thing the bigger players need to get. they need to get consumers

engaged with them earlier in the life cycles. if you looked at where younger americans are signing up, or engaging with financial services it's much more likely to be with a robinhood or cash app than your community bank or legacy warehouse. i think what we haven't seen bridge yet is getting that older generation that has most of the capital still to trade off with an app-generated financial services drive we haven't seen a lot of activity moving from a point solution that's really generated around winning a lot of customers quickly to more of a suite. this will start to generate sustainable revenue. >> we go back to fromt premise of robinhood, the promise of a young, active user base. why do you think that hasn't come up to fruition or lived up to expectation why aren't users buying into

other financial product on the robinhood platform is that an indication that the robinhood team hasn't executed that maybe someone else could? >> i can't speak to what robinhood team has or hasn't done what i can say is you look at the average dissolution, it's likely to be a robinhood or a cash app they don't have the same amount of assets or lending into evidence the older generation has. they have a mismatch between who is using app-based financial services and, frankly, who has all the money? it's difficult to get 65-year-olds that might have a million or 2 million in their account, and decide i need to migrate those dollars over you can't take mid-20s, users of app-based training accounts and rapidly transition them into savings. they sort of look like the average america.

>> so a lot of the thin texts that have gone public, they all want to be the one-stop shop, they can cross all these until services product why haven't we seen more consolidation? do you think we will >> yeah. i think we have a lot more to go i think it's going to be interesting, because we haven't seen a lot of great examples in the past, legacy financial institutions successfully acquiring and then integrating a new tech forward gender. so i think we need to see a couple proof points there. i think really it's come down to this lack of ability to transition commerce, because they don't engage, they don't have a mortgage, an auto loan. but they might have two or three or $4,000 that they wanted to trade. >> all right you got the perfect name for this segment michael cashman, thank you >> thank you still to come, an upgrade

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welcome back one name getting an upgrade in the recent software sell-off, jefferies calls snowflake execution near flawless and expects the company to grow faster than its peers. the ceo frank slootman joined us yesterday. >> it doesn't mean other people aren't seeing it we can only react to our experience and the types of things that we do are still highly prioritizing. by the way you see the ceo surveys conducted by j.p. morgan and other people, the spending intentions are still incredibly high so we're not blacking off of the public with everything at this point in time we see no

reason to. >> joining us, on that grown-up grade, jeffrey's, best in class fundamentals, you say? they certainly do have a lot of loyal customers who have a lot of money to spend? >> yeah. i think snowflake has a chance to become a bill lar in the front office or the back office amazon infrastructure if data cloud is a huge opportunity. we're swimming in all this information trying to make sense of what the data is and for companies that may end up going into economic duress, they're going to want to act quicker when they see that information and so we think snowflake has a phenomenal opportunity this has been run by as you highlighted frank slootman, mike scarpellly, who are proven co-pilots, running service now this is half that market cap is service now. so we think the opportunity is

equal if not bigger than service now. so for long-term investors, a great opportunity. i'm not trying to call the bottom here. i think ultimately we have duress in softer valuations and fundamentals and we don't really know exactly what the recession is going to look like. so we're highlighting the downside of 100. over time, i think there is parallels to say this should be a market cap that could look like service now and that's twice what snowflake's market cap is today >> they're 100 bucks a share s. that what you are saying >> i think when you think of real high quality software strikes, john, you can get eight-to-ten times forward revenue in outlook pe close to $100 on the stocks the downside is 100 we saw the stock go a lot lower, so i have been clear to clients, we're not trying to bottom take. we're trying to say we'd never

recommend the stock. the stock was disciplined at 400 hits now sub150. so we think ultimately for larger institutional investors to stay, start to take a look, this is name highly shorted by our hedge fund clients and ultimately, i'm not suggesting it's not going to continue to work in the short term, that there is some downside here. again for long-term investors in a three-to-five-year horizon, we think the stocks higher all the time >> brent, the notice is fascinating. you say fundamentals remain rock solid. to what degree has that taken into account any hesitation among clients to buy more or even renew their business? >> yes, carl, there is going some concern there was a consumer interface about to slow their consumption. they are a consumption modem the more times you hit enter,

they get paid doing queries into their system companies can theoretically slow that consumption it's not sailsforce.com. we know it's a 3 billion billion every year the next three years. if it comes in hard, and we have a bitter headwind in the economy, that's certainly can hurt the consumption models on a short term that's a primary concern we're not trying to fly under the radar on it. we're addressing it head on that it can be a good turn. i think as we come out of this in the position of the company, they remain in a phenomenal spot as it relates to one of the key pillars that we think is going to be long-term attention from large enterprise this, as frank highlighted, this is a large energy play >> someone else might argue

stock-base clouds fundamentals it was equal to half of snowflake sales and clouds the profitability picture. how do you feel about the portion that its gives out in stock-based compensation >> a year ago, we had no stock-based comep questions. in the last month, we've had 50 questions on this. i think it's a issue for software, no doubt and ultimately companies have to get their hands around it. it's an issue for everyone >> it's an issue for snowflake than some other company, the proportion >> yeah. and i think that's again a key overhang that people have to contends with. look, if you actually worried about that, you know, in the last cycle, you missed a lot of performance. so, i think i'm not trying to deflect the question, but i think this is an issue for broader tech than it is an issue just for snowflake they've talked about trying to manage the dissolution over time it's a huge overend for our

industry maybe that's why many of our stocks are down 30-to-60% year-to-date it's embedded in the stock now >> how much can snowflake, maybe you can speak to a broader core, how much can the growth rate afford to come down and still have the sort of potential that you see the some of these companies that are executing flawless leaders close to it >> yeah, it's been a $10 billion goal with a 20% growth roughly so ultimately for them to get to these goals are not a stretch. again, this is the same team that built the service into a $100 billion market gap. they executed. could they become a platform and they proved that they could do it. and it took time so this is not a call on the next quarter, the next month

this is a call in the next three-to-five years. we have the commission we watched frank and mike do a a management team, with the organization did you listen to the system and the customers and they believe in us and they believe that this is an important pillar and even, well amazon and google are trying to compete with them, my friends at amazon say, we hope they do well, the more data they consume, the better it is for amazon and understand. so while there is some tension in competitively with amazon, amazon is hoping in many ways that this works, because they want more data to come to help on the back end and so i think if this is inevitable, you look at some of the best companies, like data bricks do are in a great spot as well there is room for multiple vendors to survive and do very well not just snowflake

>> all right thanks, for the calm and the caution. thank you. >> thank you. well, companies across all industries are scaling back. businesses are focused on competition as a part of the cnbc council gathering last week reed hoffman says they should find ways to stay on the offense in this changing environment have a listen. >> too launch what happens in the general we're shifting from 40% growth to 20% growth oh my god, we're shrinking that's not true. it's different growth rates. and you are still if you want to be growing and extending your market share you are showing what an amazing company you are. people think intelligencetally, okay, ultimately, i can play this offense how do i pla i this offense? how do i get to having the competitive differentiation in

this new environment >> for hoffman, that approach extends beyond business strategy and into politics as well, saying he hopes to elect more moderate democrats but by beating certain far left democrats in the mid-term election for more on our excludsive conversation, head over to cnbc.com carl >> that's fascinating. we work on more politics as the year goes on micron had cyber security and semis. nasdaq and the dow which was up 400 plus this morning now down 11

welcome back to tech checkmg to look at disney, shares are up 2% we'll get more on that in a moment first, though, a news update >> good morning, everyone, russian gold won't be allowed into the united states under a new round of sanctions gold is the second after real estate inflation worries, especially gasoline and food are making consumers more pessimistic about the economy's future than in a decade, just in the past decade. the conference board expectation index fell sharply in june since the lowest levels in 2013. this should suggest weaker growth for the rest of the year and increased risk of recession.

but, excuse me, housing selling is cooling by 24% in april compared to the same month last year, slightly less than march's 26% stock. a little cough in there, back over to you. >> that's, okay. thank you. meanwhile, disney shares higher, still under $100 bucks a share. hi, julia. >> well, john, a busy day, it would reopen shanghai disneyland on thursday. it was growing faster than the rest of the world. but crockett warns he does not have confidence the park will remain opened. they convene in florida to review the businesses and chapek's future. this contract expires in

february sources of the company tell me they do expect a vote to extend chapek's contract, either at this meeting or one in the fall, after the board's share issued a statement following the firing of senior executive peter wright chapek has drawn sharp criticism for mishandling a don't say gay bill sources say management's response to row. v. wade reverse amounts was well received friday morning all disney employees received an e-mail reiterating the commitment to provide reproductive care no matter where employees live. a business challenge that's now in focus, sources tell me, is the fact that disney's recent lightyear movie had the 18th lowest box office debut of any pixar movie. this comes after the last two pixar movies were released exclusively on disney plus it raises questions whether they

are cannibalizing the studio's box office now the pressure is for chapek to see ongoing streaming growth. i am told that could be the most important factor carl >> it is never a dull moment with disney, that is for sure, appreciate that. meanwhile, don't miss selipsky te cckchhe is back in the te cckchhe is back in the meantime, after a quick break. visit indeed.com/hire 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.

time now for a gut check on ecom ecommerce. setting low expectations pointing to the continuing lower targets and they are lower across the board, remember they downgraded yesterday, arguing its discretionary model is most at risk. in general, this is a theme we talked about, smaller ecommerce st stock. they're all down more than 80% over the past 12 months. carl, we seen a similar

rerating in thin tech, we spoke to michael cashman and said there is probably more evaluation. 80% off their highss is enough >> i'm thinking about the ebay call, the ubs cuts to neutral, from 60 to 48. they are down 17 for the year, street is down 15/16, something like that. >> it's an interesting opportunity. we talk about ecommerce companies. a lot have different models. some are stores. you look at shopify between 300 and 400 for the fast few months. it is different, creating the small business medium marketplace versus an etsy there are questions about their fees that get paid here. how the stores themselves get squeezed, what is investors make

moves on here remember wal-mart with bonnobo, they may be right for the picking, carl. >> that goes back a few years. we go to break, get a check on qualcomm bofa represents the best buy-rated ideas. stongs down 30% for the year this morning [music - cover of blondie's “dreaming”] [music playing] ♪ dreaming. ♪ ♪ dreaming is free. ♪

after a very calm day yesterday, markets moving this morning rather quickly s&p now down 1%. nasdaq down 1 and three-quarters percent. carl, we'll see where this goes the rest of the day. not this kind of velocity yesterday. >> that's when they sold into that morning rally, that's for sure turning to the mark, the big question remains, are we headed for a recession or in one? consumer confidence came in weak today. take a look at cathie wood this morning on "squawk". >> i have been listening to your program. i talk about going into a recession, we can claim a recession. we think a big problem is

inventories, the increase of which i've never seen this large in my career i have been around for 45 years. >> our next guest, though, thinks much of the damage has been done and it's not the time to stay bearish on tech. joining us this morning, web bush trading, i know you are paying attention to the rollover, add prices, shipping rates, apparel and looking at that and what it might mean for the tech >> yeah, thank you, thanks for having me on so we think now is not to time to remain too bearish. valuations have come down since late last year yields have been flattening over the last couple weeks. furthermore, we see signs of disinflationary courses in some of the soft commodities. we have been talking about this.

we look at this dba etf. it looks at soy bean, coffee, sugar, et cetera, waffling around or above it but certainly there has been some disinflationary forces at play between now and the next fomc meeting, which is july 27th, we'll only get $2 inflationary prints. i'm not sure if that will be enough to sway the fed either way. but this will certainly garner more mind share with investors between now and then >> i know microsoft and palo alto are of some interest to you in terms of tech plays to which degree do we need to know about what q2 earnings may bring us >> so i think it's still extremely important to make sure, you know, whilst paying

attention to the announcements that are coming about, but you know, when we're talking about stocks like microsoft and palo alto, we're trying to go after and pick stocks that our industry leaders, large cap with strong underlies fundamentals that are now getting caught up in some of the crowded selling, if you will. i think microsoft certainly a megacap that has had a great move has come down quite a bit now. but again, their underlying fundamentals, strong, trading at 25 times earnings with one of the best management teams out there. we just think that you know it's probably a little overdone, if not, it's certainly one that ones should be looking at as to where to put mo into work. as much of the long duration-type names or high flying no profit tech, however you want to categorize these,

they have been almost left for dead, many of the art-type funds that we were talking about on the show earlier this morning. >> the optimistic over the last week seems to be taking a turn the nasdaq down 1.8% at the moment the ten-year yield above 2.2%. what do you think is happening in the current session do you think this is a turn? markets are remembering, hey, there is a trajectory we have to look at and the economy, how do you look at it if not already there? >> good question right. so we have been doing okay in tech the last few days or the last week or so, and i am on this morning and tech is certainly a taped laggard. what is going on commodity prices are tending to move higher. it's moving up a little bit. the good news/bad news with this stuff is this will now push inflationary and monetary

heightened expectation higher. so that ratchets up. with that ratcheting up, you get this upward pressure on yields, which is what we have seen this morning. so i talked about yields coming down, or a flattening of the curve. yesterday and today we have been seeing the opposite of that. as we get this upward pressure on yields, it certainly hurts or negatively affects these high multiple equities like the tech complex. >> so you say it's not the time to stay bearish in tech. but what is it the time for? this feels -- especially yesterday, like that scene in a cartoon on lulu or somebody falls off the edge and they are kind of able to grab a little finger hold, oh, are they going to climb back up or more likely going to keep falling? are we waiting for some further signal from here on what happens next and what are the most likely

data points to determine that? >> you gave me a good visual, john, thank you. so i think what's really important here is the fed. the fed is right now in control of the markets and fundamentals have taken somewhat of a of a back seat as it is all about the fed, will continue to be about the fed going into the rest of the year in this environment, right, i started off by saying now is not the time to remain too bearish i think in this environment slowing growth which is undeniable, fed tightening, rising yield curve, one has to be more selective what they're picking in their portfolio of stocks and i think some of the names that we are throwing out like palo alto, microsoft, maybe one that's more speculative, micron in the semiconductor complex, you know, affords a grace period not getting it exactly right but

at least coming into strong fundamental stories that have given back some gains, aren't as expensive as they were what we want to avoid is long duration stocks, high fliers from the pandemic era. much of the work from home names, which were great, viewed as great services but now just proving to be very tough businesses these are zoom, ring central, smart sheet, docusign, all these stocks that have crazy moves in the pandemic now have come in very long way. these are ones we want to avoid, but in the same breath, want to go after more fundamentally sound companies like the three we mentioned >> great point by the time it is obvious, it is too late great stuff. see you next time. thank you. >> thanks again. we are keeping our eye on the tape

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tech companies have been some of the most outspoken when it comes to politics over the last several days, many weighed in on the decision to overturn roe v. wade many pushing back against

anti-lbgtq legislation steve kovac has more >> companies, notable like ibm, apple, are offering support for the communities and allies 300 signing onto a letter from human rights campaign in may saying laws, quote, seek to put the authority of state government behind discrimination and promote mistreatment of a targeted lbgtq population. so these companies are giving employees a place to go when targeted by this legislation or broadly in the culture, and there are lots of examples of that lyft allowing drivers to easily change names in the app without legal proof and provide financial assistancefor driver that might be transitioning. and dell sent a lawyer to testify against a transgender sports bill. and ibm pressuringlawmakers to pass laws benefitting lbgtq people the company testifying in favor of the equality act in 2019 which would ban discrimination

based on gender or sexual orientation. ibmvp of leadership telling me how it works take a listen. >> we do do what we call fly ins that we do face to face in states or we will actually do those of course in d.c and we actually meet with on both sides of the aisle senators and congressional representatives to really review the dni agenda. >> the question i am asking, why is this good for business. it boils down to what's good for employees feeling safe is good for business overall here is what intuit's officer told me about that >> we believe ultimately that having a diverse environment, having a place where people's voices can be heard, perspectives are valued, we will build more, better, more innovative, more relevant products for our customers

>> back to you >> thanks. markets continue to sell off. the dow down more than 200 points tech check back after this

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up 447, but lost that as people sold into the morning rally. >> got to see how this ends. tell you what, i'll be back at 3:00 for closing bell. you at 4 >> i'll be 4 dee, you're next let's get to melissa lee and the half welcome to the halftime report melissa lee in for scott wapner. inflation rates, recession fears, how much is priced into the market as we head to final stretch of the month and quarter. is a second half restart in store? let's get a check of the markets. we are sitting near session lows s&p 500, 3854. 1.2% declines, nasdaq with a 2% decline. holding steady on rates. 3.2% on th