this despite the fact that we got a revenue warning from nvidia one of the larger more important technology companies in the country and yet that has not been enough to stop the momentum not even a jobs report that was big and expectation the fed's got to keep going on inflation but, hey, subjects for another day. that's going to do it. courtney, thanks for being here. >> join us for "squawk on the street." "techcheck" starts now. >> welcome carl is off. preannouncing results for the second quarter we are going to dive into those numbers and the chip sector more broadly. see it there down 7% a 26% jump in revenue not enough

to impress investors and for palantir pa palantir down 12%. allovir is going for a deal valued at $8 billion what that means for the rest of the space and start with breaking news. steve liesman has that. >> new york fed out with its consumer expectation survey and finds inflation expectations registered their biggest drop on record this series goes back to 2013 inflation expectations for gasoline, for food and for home prices, here are the numbers down 0.6% on the one-year at 6.2% the one year ahead of inflation expectations, that's still too high but it's come down. three-year, 3.2% down 0.4% and five here year down by 0.5%. the one the fed focuses most on and will be heartened to see it move toward its 2% target and

household income expectations up but declined for spending. jon, this is something the market wants to see the fed give a breather and shows how tied these expectations are to gasoline jon. >> for sure. lots of different data to consider to start a new week, steve, thank you let's turn now to chips, nvidia sharply lower this morning as i mentioned after releasing preliminary q2 results posing a big top line miss laying the blame on macro head winds hitting the gaming business. our next guest calls thestock one of his top picks predicting they'll see a more balanced revenue mix in the years ahead joining us now new street advisers group founder and ceo delano sapporo welcome. this early release out of nvidia reflects some of the same headwinds we saw certainly from intel but from amd but overall nvidia still doing

better certainly than others in this space >> hey, jon, thanks for having me on. i would agree. it was a rough go on the quarter if you're looking at the short ball and drop in revenue which is like primarily their biggest organization of the revenue mix but as you mentioned long-term investors still an opportunity when you look at how they can diversify revenue. a more favorable mix going forward and increase and push more to the higher margin and if you look at 2% of the company's top line is only attributed to automotive, you know, last year so i think that is opportunity for them to increase that revenue mix and not be so reliant on the gaming portion. >> so do you know cuss more on the consumer end and potential rebound eventually do you know cuss more on data center and their position in the cloud? >> i think, you know, the focus could be data center in the position of the cloud. the consumer is going to have a rough go at it for a little longer

we're seeing, you know -- i've seen the points and data to point to potentially coming down but i don't believe we're there yet so rate hikes will continue to go so i think, you know, you're focused on that side of the business and b2b side and corporations and companies slowing down still cash on balance sheets and build out and contract so i think there's opportunity on that side. >> delano, i think you're focused on the potential to diversify revenue streams further, but right now, the reliance or the focus on the garamendiing space has clearly had such an impact on the stock right now see it down trading down 7%. tell us what you make of that blaming of these -- this outlook on the gaming sector and how you can extrapolate from there >> yeah, i think it has a lot to do with cycle and what's going on right now obviously on the consumer side what's going on. i think it's fair to make that point that they made, right, but, you know, investors are not going to care about that much

going forward when you have to look at the fact they have secular growth trends and have expanding margins so i think we will see a rebound at some point, you know, from the consumer but it's just not there right now. >> yeah, and what is your longer term outlook here for how nvidia is going to be positioned in the broader ecosystem here i mean, you said earlier they are still doing better than most but how do you see the differential playing out >> i think they're still holding on to the share, the graphics and gaming side but, you know, i think over time, that mix will be, you know, more favorable and diversified. something they pointed to, as well you have expanding margins there in a solid situation where they could put cash to work in the future and obviously still continuing the buyback program and hasn't gone away, so i think long term, you know, investors will be fine there will be volatility but long term investors can hold on. >> now, we want to check in on another name moving lower this

morning. palantir beating on the top line but reporting a deeper loss per share than the street expected and guidance for q3 and year ahead also coming in under the consensus. that stock now down over 11% let's bring back in delano saporu i'm wondering how for this company, for palantir, the fact that government contracts are, you know, responsible for so much of this company's revenue, is that going to be problematic going forward? >> yeah, obviously the wins of those contracts and timing of those, obviously prewarned investors it may be coming and here it is timing differentiation that hurt revenue and obviously that unexpected, you know, loss was something that investors were not expecting so risk and more turbulence here when you have more concentration going forward, they'll have more concentration and do have the commercial side, which is

interesting because we've seen different companies, big tech freeze and do different things, palantir feeted their biggest competitor is i.t. departments that want to build out f infrastructures. that's yet to be seen. i think there's been turbulence in the stock for awhile, and i think there's more to come. >> yeah, interesting looking at the revenue growth of palantir, what would it take for you to be bullish on that stock considering the macro factors, enterprise spending pausing and reliance on big government contracts? >> i think, you know, one thing to point to for upside is to have 2 billion in cash and very little debt. so the flexibility in this environment with interest rates going up, there's more flexibility for the company, so they're able to use that to do some things their resources and expand a little on the commercial side. the government contracts will come back, obviously we've been spending, maybe not in certain

areas and the timing is different but that will come back but the flexibility that they have with their balance sheet is something that, you know, investors can point to >> also they were at 30, now at 10 i feel like a hypocrite, i hate looking back at what the price used to be there's often especially in this market no guarantee that that price mattered at all but, you know, they're doing, what, like nearly a half a billion dollars in revenue on now a $20 billion market cap and that half a billion in revenue is for the quarter. so, i mean they're not exactly expensive and there aren't a lot of public companies in this space for, you know, data that governments need >> 100%, yeah. you know, they've been rerated and in this environment, to have prior insider selling and different things, i think they've been rerated so investors looking for long term and looking at a company that

has a very strong tie into a recurring revenue that is very, very solid from the government this could potentially be an opportunity for people to buy because that's something you won't see all over the public market, so i think that with this hard environment, investors should be looking at those opportunities but they have to know it comes with a longer investment horizon. >> speaking of opportunities to buy, let's turn to the recent buy-out frenzy, vista equity partners announcing it will take avalar private valuing at more than $8 billion including debt vista's latest move comes with reports that the firm raised more than $10 billion for its eighth buy-out fund as of july i spoke with avalara and how the current macro environment makes the b2b fintech firms valuable >> inflation probably doesn't affect what we're doing as much

because, you know, transactional taxes is a pass-through tax. as they're upgrading all of their -- as they're upgrading all of their pricing, you know, being age to do taxes automatically, i mean, is a big advantage for them it just makes life simpler they don't have to research what the tax rate is and change it every time they're doing it. >> julia, part of what he's talking about there is tax and compliance software automating that doing it in a low code way and making it available to other types of financial software. that's what avalara is about and no matter what happens with inflation, people need to buy stuff. people need to transact. we're seeing similar stuff out of visa so interesting to me that private equity would be moving on this right now because it's something that people are going to need long term. >> yeah, what do they say? this is death and taxes, two things you can't escape.

you've been focused on not just this but this space for awhile smaller enterprise software companies and i have to ask whether you think there's going to be a rash of more deals like this one as the likes of vista try to find these long-term opportunities. >> yes i do i think it's not just private equity, we've got vcs trying to put more money into these companies, often some of them they finance early on and now trading at a discount where they went public and i think these companies are going to be either being bought out by existing public companies or rolling together, you know, in a scaled way because that's important and delano, it's dangerous to, i think, try to predict who is going to get bought out next but if you look at what happened with annalann and ping identity, this one, these are focused names that have a best of breed

type approach to a niche that people really do tend to need. i mean, you can make some guesses, can't you >> you can make some guesses just circle back to vista, i like this deal you're looking at a company as you guys mentioned, tax tr transactions and becoming more top of mind domestically with different tax code changes, so i really like that deal and reported future earnings it had, year over year revenue jump of 23% but could make guesses about companies that could potentially be snapped up by different private equity firms or venture firms during the time and i think i can't speculate on the names but i think there's valuations that look pretty appetizing to people that had a lot of capital and willing to spend when they see opportunities in markets that have long-term growth trends so i think there's a lot to go forward in that area and i think we'll have to watch for that. >> i also have to wonder, though, obviously certain things like tax software, if you're best in breed, there's clear value there but have to wonder

if there's ones of enterprise names that will suffer as we see companies trying to pull back on spending looking where they could cut costs if they are facing pressures from all these macro economic issues, as well as inflation >> yeah, i think we look at different sectors in b2b that will suffer and companies that don't have something that is as needed as tax software, something not going away if they don't have a diversified revenue mix plenty of companies have valuations that have suffered and points to the opportunities that larger equity firms can take when looking at valuations, vista, the premium for the transaction was -- right now it's trading around that time they got in at i think a good deal, was a month ago they made that, but guot it at a good pric and a lot of others are looking at this and scoping out and looking at their opportunities there. >> delano, the type of company i

got my eye on, ap loving, up more than 10%. $15 billion market cap roughly it's down about 57% year to date and you might not think of this as a fintech play but in a way it is because these app ecosystems and smaller businesses and developers balance between advertising and, you know, discovery appearing in app stores, those are financial issues and perhaps investors can think more broadly about the types of companies that are available out there. also worth noting iron source is looking to be taken out by unity with some help from what was it, it's slipping my mind but private equity is helping out there too. >> yeah, 100%. you know, you just mentioned that ecosystem, there's still opportunity for growth in those areas, i think, you know, roughly speaking the volatility is fine especially for me and some of the other young investors but those are

opportunities and they have to look at all the scope of opportunities for them right now. >> all right delano sapuro, thank you from new street. >> thank you, jon and julia. after the break, downgrade of western digital plus, wall street likes growth stocks again we've got top picks. "techcheck" just getting started.

gut check on crypto. off to a fast start bitcoin and ether up more than 5% and lifting some of the smaller cryptocurrencies and crypto exposed stocks with it don't look now but coinbase, microstrategy, riot blockchain and others up more than 50% in just the last month with bitcoin back above 4,000, ether flirting with 1800. crypto is making a comeback. jpmorgan jpmorgan saying they've found a floor. if so, that was a quick cold snap. >> indeed, indeed. look at ether down 44% i'm sorry, up 44 up 44 there. as stock prices and valuations crater some wall street firms calling the bottom on growth

stocks, dom chiu is with us. hi >> valuations are at the heart of this discussion as to whether or not they make a comeback which tend to preguess the multiples or valuations of some of these analysts at goldman sachs are starting to look at them and say maybe they can make a comeback, but certain kinds. they say, consistent with history we expect investors will reward higher quality growth stocks but continue to avoid unprofitable growth stocks that would be required to tap into the financial markets at a time when the cost of capital is on the rise now, with that in mind, if you look at those growth stocks that have profitability right now or at some point in the very near future, goldman's team put together a list of some of those names. now, go to cnbc.com/pro and subscribers will get a look at the full story around it

among some of the names that are on goldman's screen for profitable or close to profitable companies that are growth oriented and could make a comeback they have lift in that mix which is already down 52% this year. ring central and then car gurus, all have seen outsized losses but could be well positioned from a profitability standpoint or near profitability standpoint to outperform. now, the team at wells fargo has taken a similar approach looking at some of the names they like in growth oriented spaces. they looked at some other different types of names, namely meta platforms known as facebook formerly and holding some megacapish type ones they favor and jpmorgan securities is looking at their own screens and like zoom video, snap, the parent company of snap inc. and match group as well. if you look at the growth story it is about whether or not that growth story can be intact but not growth everywhere but with

profitable intable and some names are -- at least some of those that wall street likes are interesting because they've found so much over the course of the last 12 months. >> not all growth stocks are created equal, dom, thanks so much and now let's take a closer look at your storage western digital still slipping following friday's disappointing fiscal fourth quarter results. the hard drivemaker reported big misses for its guidance and our next guest downgrades it to hold expecting macro head winds to slow down, and joining us is benchmark's mark miller. let's talk about your perspective here why hold -- it seems like you're pretty concerned about the outlook. why not just sell? what are you watching? >> well, there were some positives, julia, in the report. we do sells win this segment bu there were positives we think the extent of the

drilldown will be more than one quarter and concerns about cash flow, talking about spending $3.2 billion on capex cash flow last quarter from operations was only 295 and had a substantial increase in their corporate tax rate up 12%. so it was all these factors, again, it's more -- we just think this won't be more than a one-quarter event. now, there are three areas where there's been an inventory issue. first was in the retail flash and hard drive business, in fact, they're expecting the biggest decrease in revenues next quarter expected to be around 18% the biggest coming in flash, this could be down, flash sales could be down 20%, 30% but also an issue in china on basically the cloud, there's some inventory issues there and a company feels that will be cleared up in a quarter. and also in terms of the

inventory reset, in terms of mobile space, they had one mobile client reduce their forecast by $115 million so net/net now the company feels that will be over within a quarter but net/net we think this is going to be, you know, a head wind for more than just one quarter plus we're concerned about cash flow. >> yeah, i mean especially as you look at the macro economic factors hurting demand and industry factors that are hurting supply, how do you see western digital as being able to outperform or perform relative to its peers >> well, i mean, they have some new products like i said, they've done last quarter in the enterprise ssp. but still the magnitude you're talking long-term $1.78 to 58 cents midpoint is a deep hole to climb out of they do have some good things

going on in terms of new products coming to market. >> mark, what if this really does get targeted by an activist and, you know, are there good ways that this company could, not saying that it should, but could get broken up? it's rolled up quite a few things with exposure to consumer, exposure to enterprise, different technologies >> we've been beating that drum for some time. elliott, they're in discussion with elliott management, if you just look separately, i mean, western digital's enterprise value is below that of seagate only 15% higher sales than western digital and did analysis previously, we're indicating that individually, the hard drive business and the flash business could be worth 35% to 40% more one of the things we base that on is intel sold their flash

business to highnex for 9 billion. western digital running around 9 billion so could be a substantial improvement if the right strategy is taken. >> yeah. as we look at this question that elliott is pushing of whether the pieces are worth more than the sum of the parts, when management was asked about this in the earnings call they said the strategic review was ongoing and evaluating a range of alternatives what do you think is going to happen here and what do you think the chances are they do split up the company >> well, there might be more pressure on that now given the outlook over the next six months they could spin out the hard drive division look at the valuation seagate is getting. i don't know if they could sell the hard drive division. i'm not sure somebody would be willing to buy it, but certainly a spinout, an ipo of the hard drive division would make some sense to me. >> well, mark, thank you so much for joining us to talk about

these. interesting earnings and concerning outlook and coming up after the break, a look at the stocks wall street likes best to weather an advertising recession. those names are on the other side we're back in two.

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welcome back to "techcheck." we continue to watch nvidia. more on that name in a minute down 8% but first let's get a news update with seema mody. >> good morning. as he left delaware this morning to see flooding damage in eastern kentucky, president biden told reporters he's not worried about taiwan and while he doesn't think china will expand on its military moves in the area, he is concerned they are doing as much as they can.

on ukraine's black sea coast, two more ships loaded with grain are on their way to turkey for inspection after a third port opened. the grain is flowing under an international agreement to guarantee the shipment's safe passage in hopes of easing a growing global food shortage. and cuban and government television showing video of a fuel tank exploding at the country's main oil storage facility it had been burning since lightning struck on friday a fire at another tank has been brought under control. the country had already been suffering through a fuel shortage that is responsible for daily electricity blackouts. jewel yashgs i'll send it back to you. >> terrifying video there. >> yeah. meanwhile, nasdaq is rallying to start the week up more than 1% let's get to our christina for a look at what's moving including shares of nvidia >> well, we've got strong economic data and earnings reports driving that strength pushing growth names higher. the nasdaq is up over 7% in just

the past two weeks alone the nasdaq's biggest winners to date are ev maker lucid driven by the ev tax credits and pushing the entire electric vehicle sector higher including nikola, rivian, nio and tesla and zscaler and docusign up over 5% today and that's despite the preannouncement, talking about the nasdaq as a whole is up -- despite that from chipmaker nvidia in second quarter revenue would come out to 6.7 billion and fall short of the $8 billion outlook. why? weaker gaming revenue according to the company, data center sales are weaker than expected point. the company previously expected to be a little higher and that's because of supply chain issues early announcement could be nvidia's way to derisk its graphics business and shift investors' focus away toward more data centered businesses

like automotive and data centers and part of a growing trend we're seeing among chimpmakers move away from the weaker, slower demand in pc and handsets and gaming included there and towards higher growth segments like a.i., artificial intelligence or the cloud and qualcomm and intel suggested that and moving forward just looking, weaker outlooks, qualcomm, micron, amd and western digital across the board for a lot of chipmakers driving some of the chipmakers today lower. those with exposure to gaming like amd is turning lower and marvel, some of the weakest players on the nasdaq today, jon. >> christina, thank you. now let's get to cnbc's commentator mike santoli joining us mike, the growth stocks, some tech stocks, nasdaq continuing to perform pretty well i mean you look at what's happened in the past month or three months, i mean, does this seem to have legs? >> honestly, jon, probably had

more legs than most expected which i think tells you why it continues to have legs because there was a lot of folks positioned against this type of move and, you know, this reaction so far taking this nvidia warning in stride really does seem consistent with how the market's behavior. the micron downward guidance for revenue was june 30th. the nasdaq 100 is up a lot like 14% from there in the very short term it seems like we've tagged a couple of targets, the nasdaq 100 up 20% from its lows, a little more than that, the s&p 500 just this morning kind of peaked above a level everyone watching, the early geun-hyes which maybe will tell you if we're breaking to a new up trend or petering out at this point i think it's definitely impressive, the market has been able to tri to sequester some of the worst actors or the ones that have the most fundamental erosion in the short term like an nvidia or a micron but holdup in general, inflation expectations coming down i think it's much more of a

macro move people feeling as if maybe there's the opportunity for the fed not to actually overtighten and the fed to not necessarily doom the economy to a recession. all that remains to be seen, of course. >> yeah, mike. looking at the s&p, june, all of the horrific action that was june has pretty much been erased, june and july, so what's the case to be made still that this is just an amazing bear market bounce? >> well, the case is essentially that we're still kind of in a downtrend longer term and the fundamental case is simply that you've gotten a reprieve but not a pardon from earnings eroding more you know, it's lard to say if that will be the case, definitely we've seen downward revisions to third and fourth quarter earnings estimates a lot of folks are looking at the basic mechanics of the lagged impact of all the fed

tightening that's happened, the fact you've had manufacturing gauges really turn south and that seems to perhaps lead earnings and markets, that's really the case for the fundamental continuation of the downtrend. i do think, though, we're at a point where that case becomes a little bit harder to make or maybe it's going to fall on more deaf ears if the stock market can continue to ignore this and essentially say we've already priced in a relatively tough scenario with that 24% drop in the s&p from peak to trough. >> yeah, it's interesting, thinking about the commentary we got from steve liesman earlier in the hour about the outlook on inflation and we heard from the ceo of whirlpool everyone saying today at least it seems like we're through the worst of it with inflation, wondering how you see that impacting this question of what kind of a bear market rally we're really looking at here >> yeah, julia, i mean it really does come down to whether you do have people believing that just of its own kind of, you know,

rolling over effect, inflation is going to all of a sudden become a tailwind and not a head wind and seems a lot of elements pointing in that direction the big question is, you know, fed officials are saying what you would expect them to say which is the job isn't done. we have to see the data come through, a lot of focus on wednesday's cpi, even though the cpi index is not really what's being targeted gasoline prices are down so much in such a short period of time and just a couple of months ago the fed effectively anchored its policy outlook to gasoline prices because it was focused on the kind of consumer sentiment inflation expectations that are almost just a proxy for gasoline prices i think that's why the market has been able to get up to this point, you do need to see the confirmation in the data, though, another piece of it is it's such a strange cycle. it's very compressed rare inflation got to was unexpected by most people and how fast it can come down is absolutely an open question and really to what level it's going

to come down to. >> all right mike santoli with that helpful perspective. thank you. still to come, the tumble in the high growth tech earlier this year leading to one of the biggest losses ever for softbank's vision. softbank's vision. the takeaway fory right now. "techcheck."

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let's turn to softbank

reporting a $21 million loss on visionfund that fund invests in high growth tech hammered by a drop in valuations interestingly, warren buffett's berkshire hathaway earnings came out and hit by losses in its stock portfolio. masa son saying softbank needs to go into defense mode. layoffs could be ahead to raise cash the fund sold uber and open door. here is a quote from masa son. when we were turning out big profits i became somewhat delirious. looking back at myself i'm quite embarrassed and remorseful julia, before we had cathie wood there was masa son who believed in these high growth names betting on innovation and that bet, at least up through june, july, july, june through june through june was not a great one. >> yeah, i mean it's just so interesting, jon, thinking about how softbank and masa son's approach to start-ups and investing in some of these

companies' growth at any cost flooding the market with cash really impacted so many different pieces of the ecosystem and now as you see him sell his shares at a discount last week, we'll start to see more of the pieces of the puzzle sort of fall apart here. but i really think that he played this crucial role in pumping up parts of the tech sector that maybe shouldn't have been. >> and private equity on the other side of this bet right now, this is the interesting book end, important book end to what we're talking about at the beginning of the show, avalara getting taken private by vista and certainly not the first in that number. you know, equity investors, public market investors also have to make these shifts and care about valuation and decide, are you more on one side or on the other based on the way the market is turning. >> yeah, the air of growth at any cost is over and so interesting to hear him express

remorse, not something we've heard a lot of from people in his position certainly, but fascinating times there. end offen aaa -- after the break what to do witneeded a way to whsupplement 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.h visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. carvana stay with us

let's get a gut check on carvana. jpmorgan cut it to underweight saying it's trading at an

expensive level in comparison to peers with murky growth prospects ahead. but the firm is still upping its price target to 35 this morning and that's on the heels of a 40% surge friday for carvana after the company said it would aggressively cut costs post earnings that's about a 25% slide from today's price. coming up next, the ad slowdown and what to expect from disney stay with us

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welcome back for a moment take a look at the s&p, well off the highs of the session, down right near break even and it's not alone. the nasdaq down near break even as well, the dow only up by about 67 points. >> and let's turn now to media and the ad market slowdown warner brothers ended nearly 17% for discovery and disney, that's coming up this week on wednesday. cnbc is out highlighting which are best positioned as an advertising recession looms. the criteria to focus on, companies that can directly measure consumer intent such as with search and those that aren't as constrained in me measurement anding itting by apple's privacy policies alphabet and amazon, two names expected to remain resilient and analysts recommend doubleverify holdings and trade desk.

jon, awe and a were talking about this earlier in the show dom said not all growth stocks are created equal and now we're seeing sort of a big diverse and sort of dispersion of where the value is in these ad supported names. >> but is it temporary, i'm wondering. you're seeing attention to these companies where you can get either because of what people are searching for or because in amazon's case, people are in the context of buying already and then seeing an ad that's directing them just to the aisle, right, when you want to direct them. so there's that sort of quick solution, but this isn't necessarily to say that ad targeting is dead, right, or that -- >> no. >> so at what point do the stocks that rely on that model get cheap enough that people should think about the fact that because this model isn't dead, there's value there? >> well, there's that question of valuation but also this question of what's going on in the economy, because, you know,

we heard from snap and a number of other players including meta, because it's so easy to turn on advertising to say, okay, we'll start spending on snap as you just literally flip a switch, if you could turn it on easily you could flip it off easily how much these names are going to be easily i wonder how much these programmatics are going to be more at the whim of the economy. >> that's so backwards looking it feels like. av aveelara is above 0i9d if you could have gotten it down where it was in the 70s not totoo long ago, that would have been nice i wonder about the e givquivaley there as others look for smarter ads, some of these companies probably are being discounted too much. >> yeah, and netflix is moving to the ad space as is disney don't forget they're going to be launching an ad-supported

version as well. let's bring in ncnbc contributor alex, what's your perspective on all of these ad questions? is it the haves and have nots in the ad space what is quality in advertising right now? >> right, i don't think it necessarily is the haves or have nots, we've had a long discussion about how the platforms are the ones that control this business. you look at the stock of companies like snap down 77% year-to-date you compare that to the trade desk still down 38%. trade desk is helping independent internet monetize. you would much rather be in the trade desk rather than snap. i think we're dealing with the reset, customers trying to come and investors trying to come to terms with the fact we had an explosion in digital advertising during the pandemic, and now we're having this moment, we're having a pullback in the entire economy. not only is it, you know, harder to make the growth numbers that

you had before, but there's an actual pullback going on, you know, side by side, and they're getting hit by that on both ends, and so it's going to be a tough moment for all these companies in the meantime. i don't think one necessarily gets hurt more than the other, but across the board you're seeing issues. >> yeah, those trade desk shares up 5%. i want to ask you, though, about this question of intent. this is why search ads are so valuable, and it's why elliott is so interested in pinterest because pinterest can tap into that as well how much do you think we'll see all of these companies try to lean into that and frankly see more advertisers, especially the ones that are not brand advertisers but are really trying to do direct response are going to be leaning into those platforms. >> yeah, look, i think intent has been part of the promised visual advertising from the very beginning. it's not just google serarch if you visit an automakers or a car sales website, you're

classified rightly so, those pinterest has always been a strange company to me. it always seems to get more buzz than use, and i think the company's struggles recently, you know, really pushed that home but look, i think that entire digital world has tried to sell its intent to advertisers. i think it's actually going to become more important, you know, it's been out there, but it's going to become more important because right now advertisers are looking strictly at roi. they want to make sure that that money that they're spending is leading to sales now more than ever because across the economy, they're being asked to show results. marketers need to show results to the top of the company because when spending is less free flowing than it's been in the past, you have to show that you're changing the bottom line in a positive way in order to be able to continue spending that money. >> yes, alex, but people who are putting money into the market now probably shouldn't be putting it in based on what's

happening right now but what's going to happen or what's most likely to happen a year from now, right i wonder, i'm thinking about this three-pronged test in a way for these companies in advertising. one is your user base growing. two, how well do you know your user, and three, is your user willing, do they want to tell you more about themselves? some companies, their user base sbt g isn't growing. they don't know their user base that well. people are like you know enough about me already i'm thinking about the likes of twitter there. there are some others that seem to be headed in the other direction. >> yeah, and look, not only that, they're going to have to convince their advertisers it's time to spend money. i think that advertisers right now are standing on two sides of the fence. on one hand they're saying we shouldn't spend money. we should tighten up on the other hand they see opportunity in the market, and they know if they spend, they can capture that opportunity while all their competitors are sitting there doing nothing. it's the platforms and the companies and the publications

that tell the most compelling stories to advertisers to help them see that vision, that that money spent is going to help, you know, help them capture the market as opposed to sit outside of it and lose to their competitors. you know, they're going to -- there's been this moment of uncertainty, and the second that uncertainty goes away, like you were talking about right before i came on, it's going to be gang busters in advertising the platforms that tell the best story about that are going to be the ones that pull out of this the best. >> it will be interesting to see what we hear from disney in terms of their outlook for spending we know that we had record upfront ad spending but the scatter market does seem to be weaker alex, thank you so much for joining us to talk about this today. >> thank you listen, people, no, seriously, listen. we've got a podcast. follow and subscribe you can listen anytime, anywhere wherever y dnlouowoad podcasts "tech check" is back in a

moment

let's check in on nvidia and palantir, two movers this hour nvidia still town quite a bit, more than 9% palantir off the lows even though it's still down more than

about 11%. it had been down below 10 bucks a share, now above that level, julia. >> and one more thing, jon, that's elon musk challenging twitter's ceo to a debate on bots the tesla ceo taking to twitter and writing, quote, i hereby challenge paraga to a public debate about the twitter bot percentage let him prove to the public that twitter has less than 5% fake or spam daily use e musk writing of twitter provides their method of sampling 100 accounts and they're confirmed to be real twitter said they sampled thousands of accounts. with all of this going on, we really have to stress here that the deals should proceed on original terms depending on what happens with the lawsuit it's one thing to challenge someone to a debate or a dual that seems more like challenging someone to a dual, but there is actually a trial that's scheduled for october here. >> that's what the lawsuit is for it seems like. it's kind of like a public

debate with actual consequences with a judge deciding, a judge who is not a bot, by the way if you have a public debate on twitter if you're ylanelon, you should be careful. >> so much in here twitter shares up 1.5% today >> indeed. ask with that, let's get to frank holland and the half thanks a lot, jon, welcome to "the halftime report," i am frank holland in for scott wapner stocks coming off a third straight week of gains are we in a new bull market, or is it just too early to call the bottom we're going to debate that with the historic inflation reduction bill passed in the senate will mean for buybacks and shareholders we are joined by our investment committee today, steve weiss, kevin o'leary, joe terranova and right here with me on set liz young. but first, let's get a check on the markets. the major averages edging higher again. the nasdaq on its longest winning streak since april, getting pu