the biggest risk to any banks is deposit outglow as a result of lower crypto prices and contagion risk is extremely limited at this stage. do you agree with that >> i guess 2 trillion is a lot of money but it's not a lot come papered to banking system. >> it is and the banking system is regulated and much of the crypto system isn't. >> for now, ins lulated thanks tech check begins right now. good wednesday morning welcome to "tech check." today put a pin in it. a leadership change at pinterest. investors applauding that decision at first but shares are off to highs is now the time to buy or is there a greater issue with the business model. could tik tok be banned from u.s. app stores?

one member of the sec asking google and apple to do just that a big call on the internet sector jpmorgan slashing targets for 26 names. we'll tell you which ones they think still have the most up side this is the industry n, next industry to fall although the cloud is growing. the cloud is their enemy not their business they're referring to the cloud companies and not the brick and mortar legacy centers. the customers, the cloud giant, amazon, alphabet, microsoft which call three of the most vicious competitors in the world.

we already seen as much from alphabet earlier this year it announced it would invest 10 billion in office space. he alludesed to the idea he wanted to do it himself. he wanted green building design. it's a very interesting short because it's not all secular growth of the cloud. it will be winners and losers here, john s. >> it's a dangerous call it's more to the cloud than just the public cloud there's hybrid as well the existing data center providers that are do a good job at adapting to that using bridges, vm wear technologies, et cetera to bridge into the public cloud might just be absolutely fine. there really is demand for these digital resources in general and, yes, there's some traditional players that will be caught flat footed but others that will be in demand as customers need more than public cloud services

if you've been on the wrong ones to short, you could be left short. >> will have to be nimble. he does point out this short is one of a menu of shorts that in his words are going to be feasting on for a number of years. kind of like they dpid in the post-dot com bust years. >> it wasattack on the short tellers and short squeezes he says it's the short sellers market what change from just over a year ago our next guest agrees it's a fertile market and even his firm has some skin in the game having invested in 21 by net. microsoft exclusive data center partner in china joining us now. jeff, it's great to have you

back two very interesting topics. where should we start? let's start on the data center side do you agree with that short that these data center reits could be in trouble? >> i would tend to agree more with what jon said i think it's a dangerous short you're betting against a long term trend we're long term investors. we are making bets on companies for five to ten year windows i think the thing that folks who are short, perhaps miss is how complex this technology architectures are that are run by the companies these companies that have billion dollar plus i.t. budgets are running, in some case, 000 sans -- thousands of applications to build out their infrastructure

they're not just going to wholesale moove away from data centers to run everything in the cloud. you'll see a lot of redundancy for the next decade. >> those are fair points this is a few years ago. drop box building its own cloud infrastructure to sort of give themselves better margins. at the time we thought maybe more companies would be doing that but we haven't seen that taken off. what's the reason behind that and do you think as said, the three players are so big and he called them vicious competitors that they could be taking up a will the of the air in the room? >> it's great question a will the of folks did think that may be a trend. we haven't seen that two reasons, in drop box you had company with a technical strong founding team and the rest of the organization that was very well capitalized and could afford to make that bet. building your own cloud

infrastructure is expensive. it looks cheaper in the short run and in the long run it could be expensive very few companies can afford to do that. these companies grow up. they grow up in the cloud. they grow up running in public cloud. what we have seen over time is amazon and microsoft and google do a very good job of bundling in some of the core basic tools and technology that you otherwise have to purchase from other vendors. i don't see a scenario where folks move wholeheartedly away from the public cloud but i don't see a large organization who can't afford any down time running an e-commerce site, running any type of business whether it's your supply chain, et cetera in the cloud, you can't afford five minutes of down time. you truly need 100% up time. you can't do that with one bet on public cloud and one bet on private cloud either >> i'm glad we got you talking about this it comes down to this love/hate

relationship i have with the term cloud it sort of doesn't mean anything anymore. we use it to talk about enterprise software and then we use it to talk about distributed infrastructure dell's infrastructure business has not eevaporated. hp's has not evaporated. understanding which of those are building the bridges to the public clouds that will allow them to be most successful that's what inverss need to know, isn't it >> spotten, jon. >> any time we make an investment we spend some time talking to cios, cpos trying to understand the tech stack of

what some of our larger portfolios kpcompanies. there's excellent tools on the web. it's mind boggling thousands of software applications and tools, redundant infrastructure folks all oafver to world to service different customers. it's an extremely complex universe it's not getting less complex particular cyber security becomes more and more important. that's a bet that i know vesters have made a lot of money with. there's a number of great private companies coming up like orca and others. i don't see the level of complexity going down. to your point, it's a very gray area look at the folks that build a lot of these infrastructure platforms for large fortune 1000 enterprises. their businesses haven't suffered at all. their businesses are moving.

he may be right in the short term he's a short seller. you are betting get a tidal wave >> great discussion. i think we could have gone longer with this we'll talk to you soon let's turn to tik tok this morning. calling on apple and google to remove the platform from their app stores tweeting the video apps harvest swaths of sensitive data that are being accessed in beijing. fcc commissioner joins us this morning. it's great to have you thanks for the time. >> good to be with you, thank yous -- thanks >> you talk about searching historying, browsing history, meta data.

what do you suspect that information is being used for? >> most people look at tik tok and say what's the big deal. it's another viral video sharing app. that's just the sheep clothing as you walk through, it's a foe as sew fiophisticated tool for harvesting this data they are running one of the most widespread data gathering operations out there tik tok has said don't worry your data is stored in the u.s we have come to find out some of this reporting and leaked document that everything is seen in china while i think it's a national security issue, it's also an issue when it comes to applying the plain terms of the google and apple app stores that says you have to be clear about who is accessing the data, why it has to be only used to improve the service. it strikes me a plain application of that in light of this pattern of misrepresentation about data

should result in booting them from the app stores. >> you asked for response by july 8th have you heard anything from either company yet what about the rest of the fcc what are the commissioners saying >> it's been really good and bipartisan when it comes to addressing threats i haven't heard from apple or google on this they still have time i saw tik tok said some data goes back to employees in beijing. it's on a quote, need to know basis. i think the type of need to know determination that an entity in beijing reaches is vastly different than the one we would reach here in the u.s. in such it's no limit at all particularly when you understand how some of the prc national intelligence laws operate. once it's accessed, the idea there's a claw back or way to control the access just doesn't make sense >> commissioner, you're going after tik tok.

the this is the chinese company operating in america is there a double standard here? apple agreed to move its chinese customers data to china and onto computers own and run by chinese state own companies. isn't that a concern should this be broader ranging should lawmakers be luooking at this >> absolutely. these are companies that stand up and say we back human rights. we back privacy and in their dealings with china, we see a lot of double standards in terms of continuing to invest, continuing to put u.s. users data at risk i think it should be part and parcel a broader look at securing u.s. data >> in terms of enforcement just like companies, american companies that operate in china, chinese consume ers can get aron that through vpn if tik tok is taken off the app

store, couldn't they just use vpn to download it >> conceivaconceivably. we have to start taking some steps. the biden add mministration is undergoing a review after all app, including tik tok it's bipartisan interest in this previously senator schumer and senator cotton had been on a letter every one from adam shift to cruz and black burn. >> parts of this making me pretty uncomfortable i never used tik tok i have a problem to china. i'm always queasy that regular la

-- regular larts are pressuring companies to shuts down access to a particular app or the operation of a particular company base d on what we think is going on. it didn't seem even handed if we were taking the steps probably necessary to protect consumers. this seems like the wrong sort of process to me >> i think there's some unique reporting here with particular to the u.s. user data of tik tok. everything is seen in china. i think it's a jury challenge. do you disagree this is a violation of your policy they are the experts in applying their own policy i'm happy to hear from them if i've got that wrong. they don't think it rises to the

level of booting them off the platform i'm happy to hear them out >> would you expect any retribution if they agreed with you, from the chinese? >> perhaps look, when we look at the national security threat that tik tok poses, we saw the same dynamic at play with china mobile people said if you kick huwei out there will be retribution on u.s. telecon based actors. there's a cost coming to have a national exposure security threat we have to be willing to step up and address them >> i was going to ask maybe you would walk our audience what the threat is? what could the chinese government do with this data that are collecting? >> all the data they are getting which is face prints to voiceprints. some of that could be fed into facial recognition there's yuniversal understandin

of the concern here we have more personal, more sensitive data that is going back into the ccp operation. >> mr. commissioner, appreciate that it's worth the letter -- the letter is worth reading. we'll see you century. >> thanks. still to come, why jpmorgan argues there's more pain ahead for the internet sector. a very happy birthday to the ip iphone machin if you have this... and you get this... you could end up with this...

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. some internet stocks feeling the pressure of that slowing macro environment. jpmorgan cutting price targets on 26 companies. it includes google, metta, snap

and twitter. justice o jp is bracing for a higher likelihood of recession saying they are at risk of slower consumer spending. they still see it the best value of amazon, booking.com >> turning to e-commerce some shipping companies playing a key role in those businesses frank holland spent time with the ceo of fedex and has more. frank. >> good morning to you, john fedex shares moving lower after the company released new financial targets through fiscal year 2025 to increase holder value. that includes increasing the company dividend pay out we spoke to ceo earlier today about the current e-commerce market he doesn't believe amazon is direct competitor and says the investment have set up the company to compete with ups for large retail and small and medium size business customers >> we are the critical infrastructure for e-commerce. we have a much more diversified

portfolio than our direct competition. i think we're well positioned from a physical point of view and a digital infrastructure for this marketplace >> another major focus for fedex going forward is the electrify indication of its delivery fleet. ford expressed delivery. that would only be a fraction of the fleet but part of the company's commitment to be carbon neutral by 2040 they are planning to work with several different partners for evs as they fill out their fleet. the company is keeping an eye on drone delivery and tall delivery for their operations but say the real focus here, the issue with that is both scale and profitability. also telling me he wants to lean in on fedex logistic tech capabilities they have partnerships with microsoft, salesforce and adobe. >> fascinating work on an

important day for the stock. thank you. after the break, a leadership of pinterest. we'll talk to the company's former led of strategy about what it means for the stock that is down 75 in the last year as tech check koicontinues after ts

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good day, everybody. federal reserve chairman, jerome powell, says the clock is running on the central bank's effort to control inflation. powell acknowledged there's a risk the fed effort's will go too far putting the economy into recession. he says he thinks failing to restore price stability poses an even bigger risk bed bath and beyond shares have

lost a fifth of their value after the retailers quarterly revenue and earnings came in well below wall street expectations the company is replacing the ceo with an independent director stepping into the job temporarily. tomorrow is the last day of the supreme court's term we're expecting to get an important decision from the court on whether the epa can regulate greenhouse gas em emissions on power plants. pinterest founder and ceo stepping down immediately. the stock is down 75% over the last year. it was trading hire this morning on the announcement. lower now by 1%. v investors trying to figure out what changes are on the horizon. last october there was a report that papal was looking to buy pint pinterest. what do payments and social media have in common it will be bill ready.

he's boast known for running venmo and brain tree over there. the question is pins jumping deeper into commerce now let's bring in greg hoff they had corporate development and strategy from what you know of bill ready, is he the right person to take on this job >> absolutely. i back bill when he was at braintree and braintree ended up buying venmo he's a terrific operator very well respected. has a nose for deals he was the architect that helped us sell the brain tree venmo business to paypal i think he's got a great nose for business deals he's going to be revenue minded and experienced operator now having run google's commerce business for the past couple of

years. i think he's a great fit for the business at pinterest. >> cameron, one of the first thing you said is he as a great nose for deals does pinterest need to do a deal do you think his strategy will include either doing deals or selling pinterest? >> i'm not sure about selling pinterest but they just bought a company. they have been quiet on the mma front. now they have cash and stocks to use for deals. valuations have come down. it may be in place where they cok be more aggressive on that front because they haven't been. i think bill will try to drive the e-commerce part of the business just take the business away from search and discovery to actually executing shopping i think that's his focus from paypal and google.

sdpl >> here is my question pinterest isn't growing. revenue has slowed way daown. the entire social media thesis is broken whether you're looking at meta or snap or pinterest they are all trading about where they were when pinterest went public in early 2019 now there's a problem, a challenge with first party data being particularly important with attribution being important. how can pinterest grow and solve those problems in a new way? isn't that the fundamental issue? >> the company did grow during covid because a will the of users came on the platform to try it i think those users have faded away they are growing revenue a bit i think the company is quite

profitable. pinterest is not there for messaging. not there to look at photos and friends and family it's really much more about search and discovery it's much more akin to what you might do on a google and amazon. it's a bit of a different animal the stocks and tech sector are down a bit the question will be can pinterest grow the top line or the bottom line without growing users. user growth has flat lined at 430 million or so. >> we talk about revenues. it was up 18% year over year in q1 yeah, users dropped, i believe monthly active users dropped around 9%. there's a particular challenge,

i think, around the basiactive s in more developed markets that have higher average revenue per user there's a health user with pinterest user base and what pinterest is for don't they have to work on that as well? >> more than 75% of the audience is outside the u.s the company has opinion strategic in putting them in high margin countries. they are in western europe, japan, brazil. these markets that are pretty developed. the company is only really lit up advertising in most of those markets in the last year, 18 months japan came out in the last few months i expect to see revenue from their international advertising business grow quite a bit because that's very nasive they have over 300 million use outside the u.s. the real opportunity and the reason bill is there is to find opportunities for them within

commerce and shopping and how they will maconetize. >> to what degree can they pivot if the consume says i'm done buying stuff for my house? >> it's been the two massive ad categories all yearlong. they are the cbs primetime audience, if you will. that sort of audience that is coming to pinterest. they are atratracting advertises

in those other spaces. i think you saw and tehe earning announced in april, it's under pressure in terms of supply chain, inflation and the rest. they will have inflation for sure we have other categories that are growing. >> it's great to have your insights thanks for joining us. >> thank you >> be sure to tune in tonight. mad money tonight at 6:00 eastern. carl another leadership change taking place today outside of tech mark trenton out as ceo of bed bath and beyond. shares close to session low after a multi-year push to revive the brand and online sales. stocks down more than 40% below it's 2014 all time high. we'll be right back.

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welcome back i spoke with nasdaq ceo here at nasdaq technology of the future conference about the way markets have functioned during recent turbulence >> certainly the markets are volatile investors are maybe confused, to say the least but in a risk off mode and it's very high because of fact you have this confluence of opinion

in the market where there isn't a clear direction. you have a will the of different opinions coming in creating a will the of volume, a lot of toll volatile we had to deal with levels of volatility and volumes that certainly unprecedented levels but that is year three of saying that, by the way we definitely have learned from the past >> functioning pretty well nasdaq is investing in technology to enhance the role of data and analytics as a competitive advantage. >> technology that i think that are really so critical and foundational are cloud, which is why we spent so much time on it. it's a data first way to operate an exchange. it unlock loks a massive amount of data and intelligence that allow investors to have a better experience of the markets. >> then back to the earlier discussion we were having about

chenos short nasdaq making move in the cloud but not in the public cloud. a lot of these companies that are making these moves are doing it in a hybrid way even where they are using public cloud technologies those configurations the azures to figure it out but not keeping them in public cloud, putting them in their own facilities >> he tweeted, lol, we're not shorting the cloud we're shorting the legacy, brick and mortar boxes with declining cash flows and insane val valuations >> i still think that jon and jeff richards, .6. you're shorting the legacy infrastructure players but the argument is there's a will the of other companies that are public and private >> those legacy infrastructure players are saying that they are

working hard to transform what they've got in the old brick and mortar facile itfacilities part of what they will have is the technologies that allow hybrid cloud strategies to work. jim and others following that short strategy will have to be careful to understand what's beneath the roof in those old facile iti facilities make sure they don't get caught on the wrong side of the future. >> it's important to watch with the volume on too. the banner there's more to it >> maybe he was just reading that >> there's more layoffs coming in tech as well. cutting positions for nearly 200 auto pilot workers elon musk said he had a super bad feeling about the economy. that stock is down 40% this year we'll be right back.

this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable. the crypto contagion latest victim, it may no be banks >> you guys have covered this so well the recent collapse in crypto currency is having broad implications across the crypto eco system they have reportedly explored bankruptcy options in recent weeks but what about the potential systemic risk to the

broader financial system for now, this is the good news analysts and fed officials believe the crypto challenges are contained. in a call with reporters last week tied to stress test, fed officials said the banking system had limited exposure to crypto currency and a process universe of large and small publicly traded regulated bank stocks analysts have quote found no concerning exposures that would result in anything beyond some lost deposits over time. this stands in contrast to public market investors. they have been a bit more jittery. signature bank have declined 60% and more than 40% over their ties to the crypto space noting those that the biggest risk to any banks is deposit out flow as a result of lower crypto prices and contangion risk is extremely limited. not as concerned as holding

crypto on the plbalance sheetst. >> it's been more than two weeks since celsius said it was freezing customer withdrawals leaving millions of customer without access to their money. some key defifference. >> we spoke to half a dozen celsius customers in that situation you mentioned. some some invested all of area savings that they thought would be retirement money. the company pblamed extreme market conditions. no comment since june. they trusted the company he gave weekly youtube talks

describ describing celsius and the anti-bank. he said banks are not your friend take a listen to one of the customers. >> it seemed to me like out of all the companies paying yield, this one seemed the safest one the most transparent one given the ceo, himself, and a lot of high level employees were on youtube talking to the community saying your funds will be safe >> fine print says celsius is not bank customer deposits are not insured and money was put into other crypto projects. legal experts tell me the company is likely facing

bankruptcy as unsecured creditor, inverss will be collecting pennies on the dollar >> maybe if bit coin shoots back up, maybe there's happy story there. if we stay with prices around 20, i can't imagine there's any way that celsius can repay every one in full. >> five state regulators are investigating celsius. >> wow so much fall out in a short period of time as we go do break, take a look at disney shares today. yesterday we mentioned the park reopening in shanghai. gave a small boost to the stock. the company announcing they extended contract ceo for three years which was set to expire in february the stock is down about 27%. he took the job around levels it

was at when they closed the parks for covid and it is the worst performing dow stock of the year tech check is back after this. machin you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today about an aarp medicare supplement plan.

. time now for a gut check on amd. down more than 4% this morning jpmorgan trading desk out with a new note they are hearing more question

about weakness in the stock. they see more interest in shorting that stock alongside nvidia the names investors have been willing to defend. we'll be back after this machin you can sell your policy n a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

we are calling it iphone >> june 29, 2007, the iphone was born so was noah schmidt. over 15 years, the iphone grew and developed, so did noah and his dependence on it >> everything you ever need in the palm of your hands, why would you ever be off it >> that's a clip from "the wall street journal" documentary marking the 15th anniversary of the iphone piece of technology has come a long way since 2007, countless camera developments, additions of app store, facetime, apple pay. it is a key growth driver to the stock to say the least taking a hit down 20%. lighter hit than everything else joining us, creator of the

documentary, joanna stern, emmy winning. and steve kovak. the thing of the iphone is that it is arguably the dominant mainstream computingplatform o the planet, not necessarily from raw unit number but influence and business perspective very few people if any saw that coming 15 years ago. >> i love the part about very few people saw that coming for the documentary, i went back, started to talk to former and current apple executives to ask them about those points. did they know this would come, especially around the app store. you introduce the app store. do you have any idea of the types of apps that come with that largely the answer was no. a lot of unintended, unexpected consequences when the iphone was introduced back in 2007 and in 2008 when the app store came also you talked about shaking up

everything, not only society but the economy and industries from it i have often said on the show i am guilty, smart phones are boring you take the 15 year view, we should probably never say that again. >> steve, there's been a parade of people the last decade talking how apple needs to nix iphone apple didn't need any of that, still the most valuable technology company what do you think that says about the value of the ecosystem and the platforms apple built. >> that's exactly right, john. ten years ago everyone was questioning if apple was doomed because of samsung putting out big screen phones. turns out apple was fine a lot of that is credited to tim cook he he took that iphone business when he took over in 2011 and

expanded it gazillion fold he expanded how many carriers are available, not just in the u.s., getting huge carriers in china, china mobile which had at the time 700 million subscribers, opening it up to massive markets. and then when sales started to go down, found the next level of growth, services all of the services we talk about tied to iphone that keeps you locked in that ecosystem then what do you do then if services slow down, you make iphone more expensive, start charging a thousand bucks or more for the best iphone and that increases revenue even though they might not be selling as many individual units per quarter or year, they're making more on every one sold. if you want to look forward, there's a report they'll turn it into a subscription service, you get a new phone every year that could spur another level of growth >> i will jump in. >> go ahead. >> i was going to add another

thing to the list. what else do you do, make everything connect to the iphone you have air pods, watch business, all of that spanning from the iphone. >> and potentially payments, which they're pushing deeper into i will never forget, you talk about speaking to people that maybe underestimated what the iphone could do. rim and blackberry, a great canadian company underestimating, what do you think folks might be underestimating as the next evolution of technology or devices. some point to the ar or vr headset. >> in terms of looking back at rim and the actual device and design of the device, we can't underestimate apple's design people thought no hardware keyboard, no way it will work. that's what every phone looks like can't underestimate apple with an eye on design they lost big key executives in

the design area, we'll see how it carries forward into the ar, mixed reality space, whatever the next big thing is. as you look to the next big thing, it is likely or will not replace iphone that's one of the things they told me in one of the interviews in the documentary, the iphone isn't going anywhere, but when we introduce the next big thing, he he said certainly the iphone maybe will be another thing in the tool kit like mac is now >> that's interesting. steve, i don't know if you read trip nickel's book, with loss of steve jobs and johnny ief, the likelihood of a new historic product like iphone is lessened since then i wonder if you think that's overlyharsh? >> i don't think you can tie

that to steve jobs passing away. i think tie that to the limits of the technology. just the technology doesn't exist to replace iphone. everyone is talking about glasses that may look like this one day that puts everything in front of your face, but i am telling you, iphone is a once in a lifetime gang buster product i would be shocked if we saw something that transformative on that level in my lifetime again. we're talking about the headset, that's more like an accessory, like apple watch or air pod. successful, profitable products, but replace the iphone absolutely not people are looking to apple to disrupt itself did it with the ipod, iphone, the ipad was supposed to take over the mac that expectation is gone it is all about the iphone everything apple does goes back to the iphone today. >> a lot of success for a 15-year-old. steve, joanna, thank you

>> thanks. >> carl? >> pretty interesting session, even though chopping around on stocks, oil has come in, despite inventory drop opec plus, maybe a change of mind-set see how much capacity they've got. ten year, 310, very important level on the long term see if it can hold let's get to melissa lee and the half welcome to the halftime report, i am melissa lee two trading days until the midway mark. fed chair powell says the economy is strong enough to handle tighter policy but are we already in recession, if we are, how do you position the portfolio for it we debate. let's check the markets now. we are fairly stable, considering the big selloff in yesterday's session. dow in the green up a quarte