kate, thank you so much for breaking that down for us. currently markets teetering around their highs of the session. that will do it for "squawk on the street." "techcheck" starts right now good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt. deirdre bosa has the day off today paypal surging elliott revealing it has a $2 billion stake. amd and airbnb sliding after their results. a concern for both of those names. another earnings interview, anthony noto, the ceo of sofi will join us in about 30 minutes. investors like the q3 guide. interesting mix of results today, jon >> yeah, carl. we'll start with paypal. shares higher after a beat across the board raising full-year guidance as well

revenue up 9% year over year the company did report a net loss compared to a nearly $2 billion profit in 2021 a big focus on cost cutting, expected to reduce spending by $900 million this year, $1.3 billion in 2023. one area they are sharing, the other big news driving the stock, investment from activist elliott. a day after revealing a pinterest position, they've amassed a $2 billion stake in paypal last fall it was rumored those two companies were exploring a merger which had me scratching my head, carl. i wonder what elliott is going to do now with a piece of each of these you mentioned a few minutes ago the big pop in fin tech overall. but it's interesting what's driving that at this particular moment it's not excitement over crypto or the flows from retail

investors and meme stocks. it seems to be fintechs acting more on the fin side than the tech side. sofi able to flex its bank muscles. paypal being really disciplined about costs and people being excited about possible combinations >> you're right. it's been less about ai judgments and the ability to refine your loaning practices, for example, through technology. you're right about the cost savings, looking at $1.9 billion in cost savings, revenue up ten. truist goes to 108 on pay poll if there's a marriage in the future one day, jon, i would have to say this would be one of the most telegraphed partnerships we've seen. >> obviously, though, it's one of those may-december ones in a way i guess. i get that people are trying to lay off this whole transaction thing for pinterest where you

get a little bit of the mix of the search-led intent and a little more of the programmatic. pinterest isn't growing at a particular rate. i'm not convinced. i know people are trying to sketch out that narrative. for more on paypal let's bring in web bush's melissa cotry. i wonder how you see this paypal quarter, and particularly the cost side. paypal has been in the penalty box for a while. now it's getting a nice little pop. >> i would say better than fair results. number two, the biggest concern has been the fact that e-commerce growth post pandemic has been normalizing to prepandemic levels there's been concern that they'll take numbers down again. they've recent expectations multiple times it seems they saw the commentary from dan schulman during the

call last night. it seems that growth has reached -- the normalization of growth reached truf levels it seems we've had a couple of months with accelerating growth. from our erspective, that's been the biggest issue for the stock. you went from a growth stock to a lackluster growth stock. it seems we've kind of stabilized the cost perspective side of the business, i think a lot of this really depends -- i assume that's what you're asking about, and what elliott's role here, you have to maintain a very delicate balance between cost cutting and the need to invest just to remain competitive and relevant and continue to be on the innovation side of the business, especially as they're trying to monetize both sides of their platforms. >> there's this combination of cutting and investing that's happening across a large number of companies, not just fin tech.

it reminds me what we're seeing out of retailers, except it's an inventory of people. is it a question of cutting back on overall head count growth and then using that to invest in the right strategic areas for these companies? >> it is, absolutely in fact, they spoke about this yesterday, how they have a lot of tech peak, but they haven't really been looking at the more strategic side of the business that's really what they've been doing. so i think, again, it's all about maintaining that balance look, paypal has an incredible set of assets, right 35, 36 million merchants on one side of the platform it's a very sticky platform because people love using the paypal button which facilitates very high conversion rates on the other hand they have north of 150 million consumers, and they're using that mostly for e-commerce where they kind

of dominate that market. all you need to do is pretty much introduce products and services on each ecosystem and sell these into those ecosystems to kind of accelerate monetization at this point it's more about the execution part of the business the new c fncho should focus on expense control. that's a big deal, too there are a lot of things, moving parts on their plate right now. it's all about execution to take us to the next level, if you will. >> that's interesting, moshe i'm thinking back to last summer where valuations were much higher in the space. you heard more from legacy financials about the existential threat from fin tech we're going to have to spend a lot to keep up i wonder, as valuations have been compressed, bus it make it seem in retrospect that the threat to legacy was overstated? >> i think the valuation has

been compressed because it went from 25%-plus growth during the pandemic, just because in paypal's case e-commerce adoption really accelerated to half of that right now so that's number one number two, the threat hasn't really disappeared block formerly known as square, they're both building the super app. these are digital banking products that should be competing with your legacy banking products the threat is here the compression, the valuation compression mostly has to do with the fact that growth went from hyper growth to, you know, minor growth at this point we're going back to prepandemic levels. >> i also wonder, moshe, how much threat was paypal face from, say, apple pay or shop pay or any of these multiple buttons that are also coming out trying

to make one-click payment easier and drive higher conversions some of these buy-now-pay-later companies, aren't just about buy now and pay later. they're also about enabling more fluid, more efficient transactions is that showing up anywhere? is there a risk of it showing up as competition for the likes of paypal >> there's always going to be competition in this market, number one number two, it's all about conversion the paypal button continues to have a significant advantage over every single competitor in terms of being able to convert a transaction into actually a purchase that continues to be pretty significant in terms of the competitive advantage for these guys the buy-now-pay-later companies, i think they're in a different area right now i think the biggest issue is credit exposure and subprime exposure more than anything

else paypal is always going to have a competition out there. that's why you have to focus on innovation and technology innovation which is really what they spoke about yet. >> all right, moshe, thank you let's turn to ambasd this morning. ceo lisa sue talked about it on the earnings call last night >> we have taken a more conservative outlook on the pc business so a quarter ago we would have thought that the pc business would be down, let's call it high single digits our current view of the pc business is it will be down, let's call it mid teens. that's contemplated into our third quarter guidance >> we'll continue to watch the transition from goods to services as we exit the pandemic revenue still up 70 year on year we talked with cramer about the

pc caution and also the run-up of expectations in the wake of intel's miserable quarter. >> yeah. amd clearly did not have anything near an intel sort of quarter. as a matter of fact, they looked pretty darn healthy, and within the context of a pc -- overall pc market that's waning a bit. when it comes to data center, when it comes to overall pc, amd more than pulling its weight that sets up both an interesting q4 and an interesting 2023 when we get back to talking about product competition. how much better is one company's product over the other how much margin can they command and how good is their supply we'll see if we get to having that sort of conversation versus intel. a lot of that depends on whether intel really can correct the big inventory issue that compounded their problems as reflected in this last quarter. >> absolutely. let's continue that conversation

as well. our next guest is an investor in both paypal and amd. joining us is nzs capital co-founder brad. do you think she's being very conservative and cautious in that guidance? >> i think it made sense to be conservative and cautious about the world right now given everything that's going on really amd is a situation where we have to go back several years to explain what's happened the decision to partner with others in the industry was so critical in them really putting it over intel. intel continues to remain fairly closed off highly complex problem that intel is trying to solve they're trying to catch a moving target that is moving away with them from amd. while there may be caution near term in pcs in particular as we have this post pandemic hangover for certain products that were maybe overbought or bought

ahead, i think as you look at the long term, it's a shift towards this hetero genius compute where it's not just -- it's arm, nvidia, the proliferation of compute across the keek system. >> do you see a day where amd no longer is getting farther away what's the point at which intel begins to at least stabilize that gap >> i think it's certainly in the future but i'm not sure that's what you particularly want to bet on. what we've seen over time in the semiconductor industry is the companies that participate in this open ecosystem, that work with partners that try to stay ahead of their customers erode maps, they tend to do better we call this none zero sum which is the name of our company it's creating win-win for your customers, partnering with suppliers. it's hard to beat, hard to compete against. >> brad, what happens

particularly in data center from here if we continue to see, say, on the enterprise side, kind of x hyper scale or some hesitancy to spend on equipment in an inflation environment with a macro backdrop that's uncertain? does that really hurd amd so much because it's a share gainer or no? >> i think historically there's been capital cycles in the data center what's happened over time is there's more and more uses of technology, more and more reasons to deploy technology, and the shift to the cloud, that's only gotten bigger. while we expect there could be -- you can look at reports from google's cloud business, azure, microsoft, aws, amazon there may be a slight deceleration, but no significant change in capx plans all the companies are saying what we know is an inflationary environment you use technology to create deflation in your business

that's always been true since we entered the information age. it's only accelerating now as technology becomes more important. so the software, the semiconductors that underpin it, these are the deflationary mechanisms in the economy and companies are more focused on them now than they've ever been before. >> i wonder if you think it's clear yet how this sort of bifurcated impact on the economy of en nation is going to affect the pc business. you've got to lower income consumers who are being hit harder, who have less to spend higher-income consumers spending on premium products seem to be going just fine. that was reflected in qualcomm's results, also in apple's results. when you look at amd and the pc business, are they they playing more in the mid to high range where over time they'll be less affected are chromebooks and the likes of those still at the low end how might that play out? >> i think they play across the spectrum again, it's a story of share

gain it's not just amd gaining share against intel. it's also apple doing their own processor. that's gaining share against intel. that's part of this move to heterogenous compute it's difficult to say specifically when people will need a new pc. i, myself, got a new one last year probably won't need one for a couple years over time that's a smaller part of the total compute pie 20 years ago all we obsessed about was the taiwan supply chain and what's going on with pcs. it's not as critical when you look at the entire semiconductor market today as it was a long time ago that's because we're seeing more and more use cases for technology across every industry. >> speaking of which, on that, three big names, we got the first time, amd and intel. we are awaiting nvidia >> there's a lot of -- always hesitant to predict the future, especially the near future

cryptocurrencies impact nvidia's business given that gpus are used in the mining industry. we've seen weak numbers out of -- microsoft talked about xbox usage down, nintendo's numbers were not so strong data center remains this bright spot you see nobody is pulling back on this investment in ai, this investment in leading technology to get their businesses across every industry into the information age, into the digital age to fight factors of inflation. we would expect some crosscurrents in their businesses it's always impossible to know how that's going to match up with the market expectations. >> that said, really good insight on a fascinating space. brad, appreciate it very much. see you soon. >> thank you another earnings mover airbnb lower despite posting record bookings in q2. eps and the q3 guide both beat

revenue came in just under consensus. ceo brian chesky joined "mad money" last night saying he's got no plans to slow down with the ongoing volatility take a listen. >> i said in the earnings call we're feeling very, very confident. the other thing, jim, we have not had to change any of our hiring plans we are not pulling on the brakes we're going to continue to step on the gas as far as moving incredibly fast with the team we have. >> chesky also offering his outlook. he seemed to demand recovery for urban b andbs as more people move to new cities >> interesting, carl given that we've seen this shift from goods to services, partly reflected in those weaker pc numbers overall and from amd, a little weakness on the revenue line but still a willingness to continue to invest there from chesky, whereas the fintechs, whether you're talking about

robinhood, paypal, et cetera, they're pulling back a bit >> airbnb, there might have been lofty expectations for guidance for the quarter on revenues, a little light on bookings, which the implied growth is 25%. street was in the 30s. i loved chesky's line last night with jim -- we talked about this earlier this morning -- if you're going on vacation and go to a hotel website, you know what you're after. there is some magic of going on airbnb and not knowing exactly what you want. chesky saying they're in the inspiration business. >> got to be the right type of magic. sometimes you end up with that dark magic, that trickster magic with airbnbs sometimes, especially during tuf times, there's something nye nice about knowing what to expect. sofi is surging today.

anthony noto will be with us the ceo of micro clete championship we're right at 4133. "techcheck" is just getting started.

get a gut check on robinhood. announcing it will cut nearly a quarter of its staff, 23%. they had already laid off 9% in april. miss on the top and the bottom line, decline in maus and the job cuts sent the stock tumbling last night, although rebounding today. hood has lost half of the value since the beginning of the year. big implications for overall sentiment and positioning if you watch stocks >> a different story, carl, here now in chips aside from amd's q2 earnings, we

also learned house speaker nancy pelosi met with founder of tsmc while in taiwan. those tensions resulting between the u.s. and china putting more focus on domestic production and the dependence on fab producers in taiwan that's an interesting backdrop for the semi industry. let's bring in microchip technology, the stock up more than 4% this morning joining us microchip ceo ganesh moorthy. welcome. you're dealing with this interesting supply chain challenge. you're still constrained in some areas, but over all the backlog is big and you're taking on a lot of inventory to deal with this sort of explain how these crosscurrents are playing out in the way you're managing the business. >> thank you, and good morning we had a very, very strong quarter by any metric we have

posted out there an interesting time. all of our internal indicators are extremely strong, even as we see the backdrop of weakness that might be there in the macro. in that process we are unable to meet demand. we don't see that subsiding all the way into 2023 at some point in time at the earliest. so we are building our factory capacity, producing more parts, shipping as fast as we can, trying to help customers be able to bridge the way they need to do their builds. so we're very happy with the state of the business, where it's at. the state of the strength of the economy for our customers and for our demand >> when it comes to regions and industries, where are you seeing particular strength, and is there concern about the durability as we go out the next quarter or two given the uncertainty of global macro? >> that's a great question the weakness, so to speak, in

relative terms, if i look at the last quarter, was in asia. it really was because of the shutdowns that took place. it wasn't so much a demand issue. it was much more about the supply side constraints. europe was strong, the americas were strong. when i look at the end markets, all the end markets that are the predominant markets for us were extremely strong we're dominated by industrial aerospace and defense, automotive, infrastructure for communications, data center infrastructure a very small business of our business is in consumer. mostly in consumer appliances. we don't have any consumer pc exposure, no mobil phone exposure of any consequence. so less than 10% of our business is in a consumer type of space that's where there has been some weaknesses. >> ganesh, i'm interested in your balance sheet strategy. you take pains to point out the degree to which you've brought down debt and how it remains a priority going forward in the next couple quarters

can you talk about it and explain why? >> sure. so four years ago when we had completed the last major acqui acquisition, our leverage ratio was at five. it's at a high level we were very confident in our cash generation capabilities because of concerns on the market in the next four years we've brought that down. we're at 2.05 at this point in time for exiting the month of june it continues to come down steady because of the cash generation capabilities about nine months ago we began to add more components of capital return to our shareholders so that the overall cash generation is balanced between what we're doing to bring debt down, what we're doing to have increased dividends and what we're doing in terms of a programatic share buyback. we've got over a billion dollars of our stock in the last nine months or so >> ganesh, let's talk about supply and fabs in particular. reflect on these two things, if you will, the tensions that are

arising in part because of speaker pelosi's visit to taiwan and perhaps the impact, if any, on the supply chain and then the chips act funding passage, and what that might bring to the industry and u.s. supply overall. >> sure. with respect to the geopolitical tensions between taiwan and china, we are observers from this end we work very closely with both customers and suppliers in both countries. tsmc, umc are very important suppliers to us, located in taiwan we have a great relationship with them. i don't believe any of the short-term sabre rattling back to speaker pelosi is going to impact our business necessarily. now, the passage of the chips and science act of 2022 which happened late last week and hopefully will get signed by the president this week is very good for both the industry, but

actually very good for america that's because it provides critical investments to even the global playing field for u.s. semiconductor companies, and through that process it is strategically important for our economic as well as our national security as well we expect under the provisions of the bill the investment tax credit is a key part that kicks in at the beginning of next year that's an important part and we also have the grants for expanding manufacturing, creating new manufacturing facilities as well as r&d and spending on future innovation. that will all be important parts of how it helps the u.s. regain and, in fact, extend some of our competitiveness. >> all right we'll see if it lives up to the hopes for the economic impact. ganesh moorthy, ceo of microchip, thank you. >> thank you so much check out shares of sofi booming after a sizable beat 25% gain is going to be the highest level, almost back to,

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welcome back to "techcheck." take a look at the nasdaq intraday today just a few points off the high of the session as we said, s&p 500 is working to make this a winningwook today so far -- need to see inflation is turning around and

in a convincing way coming lower, not just a tick lower here or there. >> a rebound for the nation's services sector after three months of declines the ism non-manufacturing purchasing manager's index increased for july congress had been expecting a decline. the u.s. says today's opec plus out put increase is a step forward. washington wants more. it will boost out put next month by 100,000 barrels a day that's much smaller than the increases in july and august back over to you, carl >> bertha, thanks. paypal is not the only fintech feeling good sofi jumping double digits thanks to its shift in personal lending from student loans after grabbing that bank charter earlier this year. joining us is sofi's ceo anthony noto anthony, it's great to have you back good morning. >> good morning, carl. thanks for having me >> you make the point that the

charter could not have come at a better time. can you explain what happened during the quarter >> a couple things this quarter was another record quarter of revenue for us, $356 million, up 50% year over year, our eighth consecutive quarter of positive ebitda we saw strong member growth of 69% year over year as well as product growth of 79%. those of those are our second highest net ads. we have great contribution from the technology platform revenue which is a decision we made back in march of 2020 to build out the ews of fin tech. what you're seeing in our results this quarter and the record quarters we've been reporting for the last four is the culmination of our strategy to build a one-stop shop and own the technology end to end. because we have a one-stop shop for consumers, we have products and services that can do well in different services in this particular market where inflation is high, gdp growth is slowing, there's a great demand

of fixed rate of unsecured personal loans we're seeing a great trend there. also seeing a great trend in sofi money, by getting the bank license we can get consumers an unmatched interest rate of 1.8% on checking with no restrictions on your spending, no minimum balance. you just have to do direct deposit. because we have the bank license, we can use those deposits to fund our loans we're not just giving consumers a great interest rate on checking, we're also funding our loans at a lower cost. we're seeing really great demand in sofi invest we're the only place you can buy single stocks without commissions, fractional sharers, six proprietary -- that differentiates us with the consumer is playing itself out in these numbers despite the carnage you've seen in other places. >> go back to money accounts for a moment and talk about the pace of deposit growth. there's interesting stats in there. i wonder how much of that can be

maintained >> sure. so the big difference in sofi money which is sofi checking and savings externally is we're able to offer an interest rate that we determine, not a bank that's sponsoring us is determining because we're a technology platform we have lower costs we're taking those lower costs and giving the consumer an unmatched value prop in being able to do everything it needs to spend and to save on their phone with a 1.8% interest rate. we can fund that 1.8% interest rate because we're not borrowing from banks to lend to people and we're making more of the spread. that interest rate has helped drive depos itsd to $2.7 billion. it took three years to raise a billion in deposits and three months to add another 1.6 billion. the strategy has multiprongs to it >> anthony, it seems to me like -- first of all, it's fascinating it's part of the promise of neo banks, what you're seeing play out here but when it comes to the

deposits and the amount that you're able to offer and the interest rate, you have to be able to calculate that correctly, and i guess you have to be able to keep your personnel costs, your labor costs to a minimum to maintain efficiency can you talk about your approach to hiring and labor costs and your approach to calculating risk that's going to keep you out of hot water when it comes to those rates that you're offering on deposits >> sure. one thing investors should understand about sofi is we've been in belt-tightening mode since march of 2020 when the pandemic hit the president announced a moratorium on federal student loans, and those with federal student loans did not need to make payments. that has now lasted for 2 1/2 years. that used to be our biggest and most profitable business we did over $2 billion of student loan refinancing originations in q1 of 2020 right before the pandemic. this quarter we only did $400

million. it's down to 25% of where it used to be through that time we worked hard on diversifying, making sure our costs were in line with our revenue outlook and our risk and pricing was also appropriate that's why we've been able to achieve record revenue every quarter since q2, 2021 we want to focus on the long term to make sure we don't short change investing for growth. at the same time we have to be responsible and drop profits to the bottom line. we focused on a 30% ebitda market that means 30% we try to drop to the bottom line to show the world we can be profitablend have a 30% margin. the other 70% we reinvest and it can be durable through the cycle which is what we're proving today and as we have for the last 2 1/2 years >> okay. and so when you look at trends like buy now, pay later and you look at what robinhood is going through right now, how do you feel about some of the trends

that powered interest and consumer fintech over the past couple years do you continue to invest there, or are you focused elsewhere >> we're investing across the entire platform. in different environments, different products do well in a low rate environment, home loans is benefiting quite tremendously in a low rate environment, investing would benefit more we have the ability to offer four different types of loans. we offer the invest account i mentioned, credit card, checking and savings. we also offer insurance through partners we have to invest in all of them as we have for the last 4 1/2 years, so when the consumer has a need, we're there for them we want to build a lifetime relationship with our members which means we have to be there for every one of the financial decisions they make, buying a house, funding school, paying for a wedding and all the days in between, paying for groceries, investing every day to drive compounding returns do we shift the dollars? absolutely that's why we're able to hit record revenue again this quarter despite the student loan business only being 20% of

revenue. allowing us to innovate faster than anyone else with lower costs. we have to be prudent. our job is to allocate capital to the best of our returns you have to be in the iz bes to meet the need of the consumer. if you're not, you can't shift that's what you're seeing with other people overly dependent on crypto or overly dependent on the home loan market or some other trend that's now become a fad. >> finally, anthony, viewers get a lot of headlines thrown at them regarding the consumer at large. the biggest jump in household debt in 20 years, savings rate back to pre-covid levels, wages obviously still negative on a real basis can we make big generations right now about how the consumer is doing >> we cannot make big generatigeneral generalizations about how the consumer is doing.

high in income and high in credit some day we've like to serve the entire market. today we're serving the overachievers not getting a chance to live the american dream based on being so successful professionally and acade academically we're not necessarily seeing the same trends as other companies and i think every one has a different demographic. what we're seeing isn't necessarily the same thing big banks may see or other traditional brokers. >> session highs on the stock above 8 now, anthony maybe next time we can talk a little football. we're getting to that time of the year good to see you. >> i'm excited about the football season starting because sofi stadium drives a lot of awareness and helps make us a household brand name thank you, carl. >> anthony noto, thanks so much. match group plummeting on earnings they're down 17% meanwhile, tinder breaks up with its ceo. more on that quarter is next stay with us

match group caught without a wingman with investors this morning. shares down 17% on the heels of earnings, although off intraday lows julia boorstin is with us with more on the quarter. >> jon, to continue the dating

cliche, i'll say it, we're watching investors break up with match group today after the company missed estimates and issued weak, disappointing guidance of no growth in the second half of the year. this as the company announces major changes at its tinder app. the post pandemic dating boom seems to be over and the company said people's willingness to try new dating products has not returned to prepandemic levels with the stock off about 17% today, it's off over 50% year to date match announcing it's firing tinder ceo after less than a year in the job blaming disappointing execution. also announcing it's pausing the hyper connect division and moving slowly into the met metaverse. jpmorgan saying the biggest problem is tinder coins and virtual goods paused similar to some of the social platforms such as meta, twitter and snap, match is pulling back

on hiring, and in a move that would be bad for those social platforms, it's also pulling back on marketing spend. these results do not bode well for bumble which reports next week but when bumble reports, we'll see how much match's challenges are around execution rather than this broader macroeconomic environment. carl, jon. >> julia, thanks for that. interesting price action today coming up after the break, one name in the cybersecurity atf speaking 60% after reaching a buyout deal. we'll tell you what the stock is all about. we are at session highs still, s&p 4141 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

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president tom barkin speaking in lexington, virginia, a slowdown in housing and overall softening in business investment, expects inflation to bounce around before finally reaching its target and says a recession can be avoided noting that fears of one are inconsistent with strong growth, although admitting that fed tightening has often led to one. that coincides with comments from daily, 15 basis points in september she said would be the reasonable thing to do. >> yeah, a lot of not-so-fast coming out of the fed speak over the last 24 hours or so, carl. meanwhile, a couple of gut checks starting with ping

identity the cybersecurity company announcing it will be acquired by thoma bravo this comes after vista equity partners took it public at the nyse back in 2019. i remember talking to robert smith right there on the floor as well as the ceo this still holds just shy of 10% of ping and is voting those vars for this acquisition this move, meanwhile, sending the cyber sector higher. the bug etf up more than 5% and more than 6% at this point this morning after cyber ark, tenable among those enjoying a boost >> as we go to break, check out solana after becoming the victim of a multimillion there are hack we'll get more details in just a moment

welcome back another crypto hack to get to. this time attacks targeting solana costing users more than 5 million so far hi again, kate >> this is the second crypto hack in just the past few days here and it adds to a long list of exploits so far this year data from eliptic claims $5.2 million in funds were drained from wallets in recent

days this hack is smaller than others we've seen this year, but it is significant. the founder of elliptic, think of a crypto exchange this one was across of thousands of individual wallets. you don't see this every day and this is seen as a safer way to store crypto and not the case in this instance. it initially hit the price of solana and that is associated with the solana block chain down 7% overnight and it did rebound this morning and the network has been billed as a big competitor to ethereum and built nfts, for example, and solana has seen multiple outages and its team tweeting that this year's hack does not appear to be an issue with the network itself, regardless, many investors that i'm talking to have moved their crypt onto cold storage or offline in general just to be safe this is the first major hack we've seen in 2022 nomad was breached just a few days ago losing $200 million and

ronin was the biggest in the crypto ecosystem back to you. >> it's like bank robberies happening in crypto land >> lawmakers meanwhile, trying to increase consumer protections in crypto, as we see the hacks and falling valuations and a new bill might help with regulation and ylan mui is with us and has more >> jon, this bill exclusively gives the cftc the power to regulate bitcoin and not cryptos deemed commodities it's got bipartisan support and the leader pointed to the solana hack as evidence that congress needs to step in and close the patchwork of regulation. >> these firms can't play fast and loose with people's money pep that's the whole point of all of this and the bottom line is protecting consumers and we're creating fraud abuse and

creating a transparent and accountable marketplace. >> the bill sets new standards for transparency and consumer protection the agency would get the power to impose fees on crypto platforms to pay for the enhanced oversight stabenow said she hopes to hold a hearing on this bill in the fall guys and this isn't a messaging document they really want to get this done >> ylan, thanks. we'll see. >> and listen, "tech check" has a podcast. don't forget to follow and subscribe to it. we'll be back. ♪ ♪ ♪ one more thing and that is

softbank continuing to rack up losses a new piece from the journal pointing out softbank bought at the top yet again after throwing $38 billion into 183 companies just last year softbank is expected to report billions in losses from its two

main start-up funds last month after posting 27 billion in losses for the fiscal year ending in march. tomorrow, jon, we'll get to earnings from alibaba, one of their holdings expected to report first-ever revenue decline along with jobless claims this busy week keeps on going along with corvo and the like. let's get to the judge and the half. carl, thank you very much. welcome, everything to "the halftime report. i'm scott wapner front and center this hour the great debate stocks rallying nonetheless which begs the question can they keep surging if the fed keeps hiking we will take that to the investment committee today joining me for the hour, kari firestone, degas wright, mr. wonderful and joe teranova with me on set, let's check the markets. got a good day for the dow up 3% and the s&p better than that, nasdaq outperforming today, 214. there's the yield on t