bill we will see whether there is much sympathy on the far left for these very wealthy endowments >> yeah, it's an interesting political dynamic there considering this was changed in 2017 so keep us posted. i know you will follow it. that will do it for "squawk on the street. "techcheck" starts right now >> good monday morning, welcome to tech neck i'm carl quintanilla with jon fortt and deirdre bosa today a make or break week ahead for he can nolg as key names like microsoft, apple, google, meta and amazon all report results. we will talk about the key risks to watch out for and that's on top of results from nearly a third of the s&p as bofa warns stay out of the in networking names we will discuss that finally don't miss an exclusive with the ceo of klarna this hour the company's valuation plunged 85% or almost $39 billion. >> carl, back just in time for

our super bowl, that is big tech earnings, that kicks off this week every mega cap name you can think of along with smaller but not small names, nxpi, shopify, nearly a third of the s&p, 40% of the dow will be reporting results. dom chu joins us with thebreak down i'm rested and ready, it's going to be a big one. >> it's going to be the super bowl like you said this is going to be what constitutes the biggest influence on where we could see markets going with regard to the fundamental side of that equation, charts aside, macro economic conditions aside. for the s&p 500 the make or break is not at all -- at all dramatic i mean, this is true because if you look at the s&p as we stand right now since the highs earlier this year we are down roughly 18% during that time span since those record highs but that bounce that we've seen in just the last few weeks or so has added back roughly 9% of the overall market so are we setting up for

possibly a decent-sized bounce given more fundamental catalysts in the form of earnings reports? if you look at the reason why it's so important it's because for market cap weighted indices and this is in huge here, for these mega market cap companies with apple at $2.5 trillion, microsoft at $1.9 trillion, alphabet at a market cap of 1.4, amazon 1.3 and meta $460 billion we are talking about 21% of the s&p 500's weighting that will report earnings at some point in week as go these stocks and the way that they trade, maybe the markets go along with them i should point out for the large cap nasdaq 100 this is a 40% weighting for just these five stocks that's the reason why it's so important for traders and uninvestors. the way we are setting up going into these earnings for those big five, it's apple and amazon that have seen the biggest gains since the lows for apple since the lows we're talking about a 19% gain off os

those lows and for amazon it's been roughly 21% off those lows. is the setup already starting to see something with regard to the fundamental picture in these two stocks for the other three, microsoft and meta platforms and alphabet, the parent company of google the gains off the lows have been a little bit more modest here, call it 6% to 8% here is what i want to call your attention to, this is going to be a particular focus. meta platforms which has shed the most market value is forecast to be among the more volatile stock moves on the heels of earnings. right now the options market is pricing in what could be a 10 to 11% jump or fall in the stock on the heels of that earnings report all the other ones are roughly that 4 to 8% range yes, that's big, but still watch those meta platforms' earnings because it could lead to at least, guys, a lot of volatility in that particular stock i will send things back over to you. >> dom, makes a lot of sense given the abrupt demand slowdown

that snap saw. questions about how much of that will trickle across to the bigger names, namely meta and alphabet once known as facebook and google carl, these big names are important but as investors set up for the trends that are going to affect them, they're actually going to get some pretty interesting data points between now and our next show tomorrow f 5, right, is doing this transition between hardware and software, they've been demand constraints, supply constrained, i should say, so we're going to get some sense of enterprise supply then we've also got pfizer, the payment flow through them that's globaler and then logitech, consumer hardware, but also a pc slowdown, how much is that affecting the things that connect to pcs many of which they make. christina was mentioning nxp

you talk about the auto area and industrial iot which has been strong but is demand cooling off? those things read through to the qualcomms, intels, apples and more. >> that's why we kau it christina in july. we're going to learn so much over the next few days although i will add at an index level bofa today says the busiest week of earnings, meaning this comparable week, generally not that strong for the dow, down 8 of the last 10, nasdaq down 7 of the last 10, but that doesn't mean there's going to be a lot of things to find out. >> put another way, carl, nasdaq up 7.3% so far in july, guys, i was a little surprised last week to see netflix and tesla hold up amid disappointing earnings, better than expected, those stocks have sold off a lot netflix was up 17% last week, tesla 13%, jon perhaps wall treat will take disappointing earnings in

stride this week the stakes are bigger than ever. the weighting of these mega caps and the broader indices, so this could be a make or break week certainly. >> and don't forget about the fed. >> exactly. >> expecting a rate hike, we will see what color and commentary around that gets into the mix while we are looking at earnings as well joining us now with his expectations for this blockbuster week, perhaps where to find value, spencer radcov, co-founder of zillow and pi picasso. it seems like we are in this weird space of a shifting tension between supply and demand so many places have been supply constrained and now perhaps as supply is starting to loosen up we're wondering if demand is getting soft what are you watching in that balance? >> well, i mean, as it relates to ad tech demand has been destroyed. we saw snap and twitter with

terrible results last week, snap's stock price tanked, twitter held up thanks to the deal in place. to give you a sense of how much advertising demand fell off a cliff at snap they saw 13% year over year revenue growth which was a deceleration for 38% the prior quarter and worse still they announced the first couple weeks this have quarter they're seeing revenue down 30% year over year. talk about demand falling off a cliff, that's a huge problem what's happening in ad tech on the demand side is this macro melt down of the last few months, shult the ipo and late stated growth window, that's impacting advertising spending spending on hardware and all sorts of -- and sass revenue, other things that are reporting this week. just in my personal portfolio, for example, of about 100 metro funded companies i've seen one reduced ad spend from $300 million to $75 million, one from $80 million to 40 melisillion

that is gone and companies are cutting back. >> so, spencer, who is right and between the companies in your portfolio and the consumer, right, because we were just hearing from a bunch of banks, you know, maybe the consumer should feel like they are in rough shape or the sentiment has tailed off a bit but they are still spending, spending down their savings, putting some stuff on credit cards. the businesses aren't doing that they're cutting their marketing budgets, their ad spend. it seems like if they expected the consumer to keep spending, they would be spending advertising dollars to chase those dollars. so are businesses seeing something that consumers don't or are businesses being overly cautious >> well, what you have to remember in that loop is burn. so a lot of these companies, even some of the big tech companies, they burn cash or they don't have that much cash

flow so they are reliant on the funding cycle to continue funding head count growth, marketing spend growth, other expense growth so you look at twitter, for example, 47% year over year growth in r&d expense, basically head count expense and revenue was crushed. that's unsustainable if you are twitter you are absolutely going to have to cut back more on expense, whether it's your own advertising or your own head count because there is no capital available to you. on the private side it's even worse because the late stage growth market is shut, the ipo window has been closed and will be closed for 6 to 12 months without capital to fund the investments they have to choice but to cut back unlike consumers who can keep spending for a while on credit. >> spencer, on housing i know we've talked a lot about the reset that's taken place across the sector, up and down the chain. although the street it appears is pretty confident that one way or another the fed is going to get inflation back under

control, do you think enough damage has been done or are we just getting started >> well, i mean, there is optimism in the market that maybe the fed -- i think another 75, maybe 100 this week that we're already starting to see the impact of the fed rate increases. you are seeing housing coming down, you are seeing price of oil come down and generally there's optimism that in 2023 the fed rate increases can finally stop as it relates to housing, this supply/demand imbalance is rapidly coming into order because demand in housing has fallen off a cliff as mortgage rates have gone up that's why you're seeing homes start to sit for a while on the market and you're starting to see home values start to flatten and in some markets actually decrease supply and demand is starting to come into balance but housing has this huge problem which is really unique to the housing sector of the economy which is just a lack of supply. that home builders haven't built enough houses coming out of the 2008 financial crisis and so even though -- even though

demand has declined we still don't have enough homes for people so housing affordability is terrible, mortgage rates have gone up but we need more houses, we need builders to build more. >> what does that mean for the housing stocks as a sector they have all seen this rerating, obviously you were on zillow for a long time how do you rate the red fins, zillows, compasses in that space? >> there's so much negativity i think a lot have found their bottom i owned a lot of them to be clear. one thing i think the market isn't well enough focused on they've thrown the baby out with the bath water on housing overall. a lot of these companies do well counter counter cyclic cleely. it's when things are going great that they need zillow less like the travel agencies that tend to be do better during recessions

so a lot of these stocks have been thrown by the wayside as housing sentiment has turned and i think some of them will do very well through a recession. >> spencer rascoff, thank you. >> thank you bofa warning more pain ahead nor the networking stocks, a double downgrade for two names in that space. we will discuss with the analyst behind that call in a moment as "techcheck" is just getting started. (vo) at viking, we are proud to have been named the world's number one for both rivers and oceans by travel and leisure, as well as condé nast traveler.

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check out shares of snap wall street continues to feel a hangover from the brutal results on friday, a rare double downgrade from morgan stanley on this name from a buy to sell this morning on top of a downgrade from buy to neutral from wolf research ms warns the company's ad business is too underdeveloped to handle a weakened macro environment. that is the 15th firm on wall street to downgrade the name since results. the stock today trading at $10 a share after starting the year right around 47 bucks. we will get a lot more clues

into the digital ad market this week, carl, with alphabet and facebook, meta >> yeah, going to be huge, huge conference calls for sure. this big warning for enterprise names, our next guest says deterioration is coming for those in networking, double down grading jup ner and arista to sell joining us is the analyst behind that call. talley yanni you're talking about slowing spending concerns and project ruchouts even in areas deemed safe can you talk about that? >> yes, we need to consider a few things, number one the declines we've seen with stocks were more macro related not company specific we haven't seen the decline in spending there is a forthcoming decline in orders, estimates need to be revised down yet we haven't seen all this stuff

that's the framework from our call from last week. >> it's not really execution here you do see cloud spending slowing even in the 23 >> it's not execution at all there are areas where if i say to investors that spending a coming down, there will be wide confirmation or wide agreement with me, such as networking. for example, cisco already lowered the guidance for next quarter and for the year however, there are areas like in cybersecurity where we distinguish between one cybersecurity area to another cybersecurity area let's talk about a few things. number one, spending needs to come down. in 2008 google reduced the spending or capex from $2.3 billion to $800 million. cloud companies are responding to the enterprise to the spending environment and are reducing spending. we haven't seen it yet number two, carrier. carrier spending will come down, 2022 is a peak year for spending number three even within enterprise, campus environment,

there was investment in campuses because of return to the office, it's cyclical i've been covering this space for over 20 years after a big year you're going to have decline in spending so the first thing to consider is that spending is coming down, the second thing to consider is that 2021 and 2020 were great years for ordering because of supply chain constraints we've seen juniper reporting on 50% growth on orders almost in the last four quarters cisco 30, 30, 30 and then 8. so four quarters of very strong order growth this is the first quarter, 2 q of 2022 is the first quarter we are comparing a normal environment to a huge growth in orders you are going to see declines. you will see declines in everything related to hardware kind of orders because of supply constraints. now, there are areas where, again, investors are not going to argue with me such as juniper, suchas cisco, however when i tell investors that we're also going to see cybersecurity

because they sell appliances, hardware related areas such as some parts of palo alto, that's where the disagreement is and what i'm saying to investors is that basically the street or street expectations are not fully reflecting the decline in orders in certain areas. the associated trends will be a decline in the numbers, decline in expectations. >> so, tal, are you saying that cybersecurity stocks are vulnerable to the slowdown in spending >> absolutely. cybersecurity stocks but not all cybersecurity is created equal you have to distinguish between cybersecurity stocks selling cloud services where there was no increase in orders associated with supply constraints such as cloud strike and sentinel 1 and z scaler they are relatively safe when it comes to the spending environment. and then you have the cybersecurity companies who are selling more traditional fire walls and the claim i made in

the -- in our note was that these areas that are mostly -- we see demand for appliances, hardware, these areas had seen massive increase in orders look at the product revenue line of palo alto in the last four quarters, it went up dramatically from the five quarters before that these are the areas where we could see declines. >> do you then think -- extend this to maybe the mega cap companies, we are going to get microsoft, google nchs, we know google has been spending a lot of money on cybersecurity, also large cloud businesses are those vulnerable this quarter? >> first of all, cybersecurity spending or cybersecurity investment of google doesn't really move these stocks they are not trading on cybersecurity. my concern is more with the smaller companies, my concern is more with the companies where expectations are not aligned with the fourth coming declines. so when you -- take, for example, arista which is networking, the consensus view is positive. most of the calls i got on wednesday and thursday when we

downgraded the space were on arista specifically. that's where my concern is, that the street expectations are not aligned with the forthcoming decline in spending and it cuts across networking and the areas of cybersecurity related to networking not all areas of cybersecurity in addition -- and that's an important thing we said. we spoke with the big retailers, there was an industry conference recently, we spoke with the big reta retailers, they are talking about pushouts of person project in cybersecurity from beginning of '23 to the end of '23 and maybe 2024 these kind of push outs, again, are not expected by the street. >> tal, i'm wondering about the impact of companies that have been gaining share or have models that seem to leave them open to continued growth in this environment. i'm thinking specifically about enterprise demand, right juniper has been gaining some share, so there's that argument there, and then if you are talking about cybersecurity crowd strike i was just talking

to george curt's a few weeks ago, he feels like their ability to upsell the customer through their kind of efficient platform of allowing customers to try before they buy in certain features continues to work even in this economy. are there certain companies that are better set up to see continued demand because of their innovation >> yes, absolutely i distinguish between cybersecurity companies or selling in the cloud model where it's an op ex i had em not a capex item if there is decline in spending they sell on a recurring and subscription basis and it's part of the operating expenses of their customers. also the market is migrating their way because it's cheaper to do it in the cloud business model rather than buy equipment, put it in your basement and serve only five people that are in a small branch. as a result i don't believe that there is much risk with companies who are selling on a

cloud model, for example, the prisma product of palo alto, cloud strike, sentinel one, z scaler these companies have defensible business models, i don't expect much of an impact there. i'm more worried about companies who sell appliances. >> and so i wonder if one affects the other. i was asking about this last week i have this idea of revenue volatility, right, because you've got a market now versus the last serious tech downturn we saw where there's so much that's on subscription or that's on a recurring basis will customers look to the things that are one off purchases, that are appliances, perhaps the hardware segments of your f 5s, of your june percent, et cetera, and pull back even more on those than usual >> in my view, yes so we downgraded f 5, downgraded juniper, downgraded arista because i do believe we are coming off a strong cycle of

employment with the customers likely reducing spending across the board. in the other areas where it's subscription i believe that companies in a worst-case scenario is that the growth rate will slow down rather than increase frankly i've been covering this space for so many years, there is no absolute safe area if spending is coming down it's going to cut across the board and you will see some companies with growth rates moderating and some companies with growth rates getting to negative territories or orders getting to negative territories. what's going to skew the number and i'm looking through this, what's going to skew the numbers is the fact that companies have a giant backlog because they couldn't deliver in the last four quarters. you're going to see a decline in orders arista doesn't report the orders you will see a decline in revenue, in bookings, you will see the decline somehow. it may not be in revenues but you will see it in different areas. innest havers will respond to the declining orders or revenues

rather than decline in revenues. >> that's a key. key differentiation. we will see how the street responds to some of these prints as they come tal. great report appreciate you expanding on t thanks so much >> thank you. huge week ahead for the mega caps, apple, microsoft, amazon, google, facebook, meta reporting results. what red bush says to buy her. that's next. this is doubling production without doubling headcount. this is connecting all your team with a shared point of view. this is the system you built moving from concept to customer. this is how. airtable.

here is what's happening at this hour. this is your cnbc news update. biden's symptoms are continuing to improve significantly following his covid-19 diagnosis

thursday according to the president's physician. biden's predominant symptom now is a sore throat and all of his other symptoms are almost resolved his doctor says biden's pulse, blood pressure, respiratory rate and temperature remain normal. the average price of gasoline in the u.s. has fallen over the past week, it fell 32 cents to $4.54 per gallon. experts say the decline comes as crude oil prices fall. the price at the pump $1.32 higher than it was this time a year ago. and weber shares tumbling 20% this morning after the grill maker said ceo chris she are zinger is departing amid waning demands for products in to and online they named a chief ceo effective permanently. they say it was hurt by slower retail traffic as rising

inflation and other pressures are weighing on consumers. i will send it back to you. >> thanks very much. big week of tech earnings is finally here and it will tell us a lot about how the economy is doing from the demand, supply side, namely the impact of disruptions across europe and asia alphabet, microsoft, meta, apple and amazon all report so what is the setup for those names? joining us this morning sahock is with us straight to see you. people have been assembling data points going into these prints where do you think that set of data points is the cleanest ahead of earnings? >> thank you, carl so, you know, two names that we liked here going into a very, very big week of q2 earnings here, microsoft and palo alto, like you had mentioned microsoft just a very strong cloud business, they've shown some really robust numbers in a very tough take, stock trading around 27 times earnings and we think the better -- the better

value in the mega cap tech complex and one of the best management teams out there with a decent technical backdrop here palo alto, i mean, strong billings growth, a shift to cloud has been a tailwind for them the company will benefit from cybersecurity growth outlook and a real bright spot we think in the tech complex which has been plagued this year by macro concerns, inflationary are pressure, et cetera. another one that we're really hold up on going into q2 earnings and coming out. >> sahak, 24 times earnings from microsoft. for a nearly $2 trillion market cap stock, seems kind of expensive to me, especially given the possibility of heading into recession, the fact that you've got more personal computing, aren't they exposed to pc, you know, consumer

slowdown and advertising slowdown >> jon, that's fair. 27 times, it's not necessarily cheap, but the way we're looking at and thinking about the group here is we want to be in the most -- the most fundamental stories here tech sector up 8% this month versus the s&p at about 4.5% outside of today growth stocks have certainly been outperforming microsoft one of the names that we think will better shed any of the head storms coming for the more volatile names within the complex and i think for something that gives you value in the management team and growth prospects, to your point in what is possibly a looming recession, stagflation, slowing growth, et cetera, i mean, i think microsoft still offers a

lot of value and we feel good about the stock trading at 27 times and still buying it at these levels considering the growth in their cloud division as well. >> sahak, perhaps an advantage in the fact that it's able to bundle sahak, jon brought up the idea of perhaps vulnerability in linkedin advertising amazon has also built a pretty big advertising service pretty quietly. could that be a vulnerable point? are investors taking that in enough as they look towards that set of earnings? >> it certainly can be we will wait and see what happens with what they say digital advertising has been very, very messy, we saw snap was a disaster on friday again, we want to focus on the higher quality names here, you know, that remain in the tech complex coming into and really coming out of q2 earnings and going into the end of the year, but certainly this is an area of

concern and, again, we want to wait and see what they say as to any of their advertising dollars. >> sahak, we're going to get service now this week as well and there was quite a reaction to bill mcdermott on "mad money" saying some things about the macro environment and the impact even coming through for software names that have been growing quickly. how do you expect based on what the market has been doing over the past few days since then, how do you expect the reaction to be to the earnings, is it more of a bookings thing, is it more of a guidance thing >> that's a great question so i think it's all about guidance and i think it's about forward guidance and just the sector rotation that we've seen out of defensives and into the more risk on assets specifically tech and communication services, i think like that's the story here for q2 earnings and to come out of q2 earnings it's bifurcated within the tech

complex. i think that we will see more rotation into tech as tech is actually one of the improving s&p sectors and i think this has legs and i think that the defensive sectors have been weakening. those namely pockets of health care, utilities, consumer staples which were the first half leaders that playbook is changing and the playbook is moving back into some of these areas of tech where margin compression has come down so much, folks are able to take another look, reset and look into the second half of this year and i think q2 earnings within, you know, this week and the next couple weeks here will play an important role as to where we go in the tech complex. but i think what is clear is that tech will garner more and more mine share, especially as we've seen dis inflationary

forces, the yield curve flattening for the better part of four weeks now and with the fed on wednesday, this fomc decision for 75 basis points, probably that's what we think. if we do get that we're more than halfway to what our fed target is and having said that, you know, much of the tough grind, i think, for the tech complex that we saw in the first half, that is now behind us and looking into the second half of the year and into q3 immediately out of these q2 trends, i think that people can get more and more sanguine about prospects of tech near term and into 2023. >> yeah, it's going to be fascinating to see just how far out the market wants to discount a changing fed picture if in fact that's what we're going to get in the coming months sahak, that was great, we worked our way through good names see you again soon. >> thank you again. and up next, buy now pay

later company klarna taking a down road as fintech companies have seen valuations crumble, we will be talking to the ceo about that, the business model, competition and what's next. that comes after the break

a check on the state of fintech, buy now pay later firm has fallen by three quarters, paypal and block have lost nearly half of their value

this multiple depression not just siloed to markets, stripe and klarna both slashing their internal valuations earlier this month by 28 and 85% respectively joining us now to explain why co-founder and ceo sebastian siemiatkowski. thanks for being with us today i know much has been made of this haircut, so i want to look forward. what cuts klarna back to a 10, 20, $30 billion or more valuation? how do we know the buy now pay later and fintech at large wasn't in a bubble >> i think that's a great question look, in my head it's kind of straightforward in a sense we have had a time period now for a few years where growth has really been heavily premiered by investors and now they want to see profitability. the ben if i have we have klarna, it was profitable for its first 14 years in skpis ens, it's three or four years ago where we posted 14% ebitda we have a billion dollar growth

profit business in europe and have used the last few years to establish a massive business in the u.s. with 30 million users, tons of transactions so now it's all about just turning it back to profitability which is somethingful we know how to do. >> sebastian, as you have noted klarna has been profitable for 14 years, that's all of the company's existence, but can you break out the u.s. business where you're expanding aggressively and there's a lot of competition, are you profitable here? >> no, we're not, but it's also something that's very natural. so whenever we lunching in a new market we always have twolevel of growth, so one is new customer acquisition, another one is returning customers using the service more often what we know by history is that new customer evolution is costly, costs a bit more money and we see higher losses because it's harder to write new customers. it's very normal for us, we have seen the same trend in every market we launched, launched ten markets that have become

profitable, uk be the previous one where he takes a little time to go through that curve and then we turn it around it is a very natural development and we feel confident we will see the same development in the u.s. >> sebastian, good to see you again. i want to ask about two particular things and whether your model is shifting one when it comes to risk, you're talking about those new customers. are you having to recalculate in a shifting economic environment, what kinds of a risk those people pose and then when we were talking at the beginning of year you were talk being your relationship with retailers, your ability to drive dee ma nd to them, the fact that you are letting them integrate your tech into their apps. how much more demand do you expect to see for that with your retail partners, especially if consumer demand just in aggregate isn't there as much and they have to try to drive it themselves >> sure. look, i think on the first question what's interesting to see is our business is so different than your typical

credit card business a credit card business has $3,000 outstanding, they give you a big limit, try to make you borrow as much money as possible, as high as possible interest rate. our business is different. your average outstanding balance is $70, only outstanding for less than two months and you pay it off in installments so there is no way you can delay it and roll it over for a long period of time. what we've seen over and over again as you may remember we got through the financial crisis of 2007 i saw that this model is so much better in a tougher economical environment than the traditional credit card model and that's also why we post generally speaking much lower credit losses than credit cards do on average. it's low tickets, it's a lot of customers and you borrow for a short period of time we turn around our balance sheet 12 times a year. if we change our underwriting model it takes us two months or 50% of our balance sheet to be underwritten by the new model. it's very unique in that sense on the other side what you are talking about, demand, it's

incredible how fast that part of our business is growing. i think there's something unique that banks have not explored which is the tremendous amount of data that us as customers have decided to entrust them with which basically tells you about what they are purchasing, where they are purchasing, what their brand preferences are. if you build services that allows those consumers to benefit from that data and present brands and offers to them that are interesting to them it's a tremendous opportunity. we're growing right now in began gnaw 200% per week we have 50 of the u.s. retailers using us for marketing services. we are excited about that. as people see more stock and want to see more demand they will utilize more of these services rather than less. >> do you have to drive loyalty differently in that lower risk consumer in this environment, you know, kind of either similar to the way credit cards have done it. i mean, some consumers are already going to be tapped out on credit so how do you kind of optimize for the ones that

aren't >> again, 40% of our transactions are actually debit so i think a lot of our services as a third-party network similar to amex or paypal we are actually larmer than american express in users globally. what sets us apart is the uniqueness of our data we have sku level data op what people are buying not only the amount but the actual item level. that allows us the unique opportunity touse that data to benefit our consumers to match them with new brands and offers. from a loyalty perspective this industry as much as -- if you ask credit card people they will say people only care about cash back that is such a simplification. there's so much innovation to be had with fintech even though we are seeing a downturn in fintech i think it's temporarily. i think it's what e-commerce went through in 2007 and rebounded back and today we will see amazon as a massive player, i think we will see a couple of amazons in fintech as well. >> you guys raised so much money

in such a short amount of time and of your biggest backers was softbank which is known to push the envelope on valuation. they invested in that round nearly $46 billion for klarna. how much encouragement did they give you and in retrospect was it too much too quickly? >> well, look, i think they have been fantastic backers and supporters i think the market was shifted here, right? there was a different environment 6 to 12 months ago and now we see a different perspective and people are looking for different things i think every investor out there right now is kind of change that go perspective to me, however, i have a very long-term view of what we're doing. i want -- i've been doing this for 17 years, you have to remember that. fortunately i was 23, i'm only 40 so far, i hope to continue for a couple more decades. the point is it's a couple of more decades these things are noise, they will turn up or turn down. amazon was $80 billion, 50, back

at 5 after dot-com >> for every amazon there was a bunch of ciscos who never made it back or a bunch of companies that went bankrupt i like to hear you talk about decades more thank you so much for coming on to talk to us. we will talk to you again soon sebastian siemiatkowski. >> thank you. keep your eye on square's space today, in the red but well off the lows after four year revenue guidance came in short another victim of the strong dollar something goldman says we should be watching for especially this week more market action after the break. stay with us finding the perfect developer isn't easy. but, at upwork, we found her. she's in prague between the ideal cup of coffee and a truly impressive synthesizer collection. and you can find her right now (lepsi?) on upwork.com (lepsi.) when the world is your workforce, finding the perfect project manager,

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. gut check on activision bli rdupti touerrmtpfo this morning and keeping their $95 price target saying the microsoft deal announced six months ago will be approved, and with the stock trading below 80 bucks a share, there's an easy 20% to be made buying it here. easy and waiting for the $95 per share that microsoft is offering, calling it, quote an uncorrelated opportunity more tech check after this break. costs. so if you're on medicare, or soon to be, consider this.

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we think it's very important to have a relationship directly with the consumer. we think we have a lot of content and a lot of ability to be able to do that the consumers want it, and so we're very excited about what the nfl plus is going to be, but it's really in an early stage. i think over the years you'll see that continue to grow, and it will be an important opportunity for us to be able to speak to our fans directly, and so that's an important strategy for us going forward >> nfl commissioner roger goodell there a few weeks ago on the league's coming d to c product. today we got the first version of that with the launch of nfl plus, which right now will include preseason games, local and prime time games, and only audio for every out of market game those live games only available to stream on tablets and phones, not your tv, all for 4.99 a

month. you have to think the sample will look different in its next iterations, and its broadcast deals with cbs, fox, and espn eventually expire. not to mention the results of the nfl's sunday ticket package, which amazon, app and will disney have all reportedly bid on, and the times argues apple being considered widely the top contender. >> yeah, that's -- it's going to be an exciting one to get. i know that our executive producer mark gilbert very excited about this, john i wonder if there's a lot of people who for 499 this is an easy choice, but certainly in the longer run for nfl, it gives them a little more leverage when they're negotiating these contracts. if they have their own platform they can do this right, get their subscribers on board. >> does it though? i wonder people are still paying a lot of money for live sports, and i mean, the consumer five years ago the nfl let's just say was in a way different position.

how much exposure to the consumer do they want, how much are they willing to invest in a consumer platform for long-term growth and sacrifice the millions or billions of dollars that some of these partners would be willing to hand them. we'll see when these other provisions kick in, just how much they invest in this i don't know, carl >> i would argue the league is dealing from a position of strength and it's going to be interesting to see how they tries to maximize that strength for sure. >> we'll see everybody was down on movie theaters until "top gun: maverick" came out looking for more content on the go there's the nfl, but there's also the tech check podcast. you can listen anytime, anywhere wherever you download podcasts tech check on tv, back in a moment to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it.

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one more thing before we go, actually, a few more things in the musk universe. first tesla's crypto impact. the company is out with a new s.e.c. filing reporting $170 million of impairment losses for the first half of the year that said, though, tesla also saw some gains from sales of crypto, approximately $64 million from that period other headlines, a billion dollars increase in the company's capital spending guidance, and news that a second subpoena has been issued related to musk's go private tweets back

in 2018. tesla down slightly after a pretty good week last week he is a busy man, john. >> yes, and his -- the performance of his good decisions so far running ahead of his bad decisions, carl, and that -- and speaking of arbitrage, you know when you're talking about atvi, so much of dealing in tesla and some of these other ventures is how much faster are elon's good decisions running ahead of his bad ones? >> well, certainly the capex, relatively encouraging they were looking at 5 to 7 billion this year in the next couple of years moving that up to 6 to 8 and then, dee, we don't talk about spacex a lot in its prepublic life, but 32 launches is going to break the record for a calendar year so there are successes to be counted. >> there are there's a lot of distractions out there, but as john said, i think you put it quite well, john, that his successes are outrunning a lot of the distractions i don't even know what to call

them >> yeah, well, you can call them something a little bit different every week, twitter certainly had some things to call them last week when it had earnings, and we will look forward to seeing how the rest of the digital ad market call performs this time. >> yeah, interesting to get the comments of michael nathanson and some others this morning let's get this busy week underway the halftime begins right now. >> carl, thanks very much. welcome everybody to the halftime report. i'm scott wapner, front and center this hour, from mega cap tech erarnings to the critical fed meeting. your money hanging in the balance. we will debate how to position ahead of that. joining me for the hour, josh brown, joe terranova, jenny harrington who are on set with me today it's 12:00 noon in the east, see what we're doing on this first day of what is a very big and important week the dow is good right now for about 90 31,000, we're just below 32 on the dow. s&p belo