since november 2020. the stock is up more than 6.7% now. embracing the revenue beat of course the commentary by chuck robbins who came on "squawk on the street" an hour ago, talking about a better supply chain environment and no real sign of weakness in demand. looks like investors are embracing that stock as well nasdaq positive. that's it for us on "squawk on the street." i'll send it in to "techcheck. good thursday morning, welcome to tech neck i'm deirdre bosa, with david faber going on hour three, welcome, david, carl and john are off today. legacy tech makes a comeback better than expected results what the quarter signals for the overall market softbank struggles continue. we will discuss what that means for how investors are thinking about a tech rebond.

bed, bath and be gone. short term stay. ditching the shares as well this morning. is the meme rally over david, kick us off. >> yeah, i don't know. i don't know over for today, at least starting with cisco, that stock as you see, sara just told you, up 6.7%. the company reported fiscal q4 results that were a beat on the top and bottom lines although revenue did decline slightly now, last quarter, cisco stock actually was down sharply. this after the company warned about the impact of the war, of course, between russia and ukraine, and even more importantly, perhaps, at the time, trouble it was something in the supply chain due to lockdowns in china because of covid. the drop took place in the middle of that chart there, in the middle of may. different tone this morning when we spoke with ceo chuck robbins on "squawk on the street," we

talked about a lot of things, including, i asked them, well, what are you seeing from customers, we've talked to soften about the possibility of recession, and his answer was pretty simple, things are looking good, and he made a point of saying not just in the u.s. but even, surprisingly to him, in europe and asia. >> i heard that, that was actually surprising, because a lot of the people that do not like the current rally we are in, say there's another demand shoe to droop that we're going to see what a different a quarter makes, last time he was on, 90 days ago, he said he had fun this morning what's critical about cisco is that they report later on in the season so we're already starting to look ahead so to his point, the demand has not been weakening, and the supply chain issues are sorting out. that could provide a lot of optimism for the next season. >> yeah, it could, i mean, because he's not seeing a shift, as you say, in demand at this point. again, last quarter, deirdre, it wasn't really as much about

demand as being able to actually meet it because of the supply chain issues very unclear at that point when he sat next to us then as to when that would end but obviously they did start to make progress he says they're not completely through in terms of dealing with supply chain issues, but we're able to make progress and get things together, get product out the door to enterprise customers. >> chuck robbins is such a straight shooter when he came on last quarter, he told it like it is, his optimism, all the more encouraging when you heard him about an hour ago on "squawk on the street." get more on cisco, and bring in jp morgan's -- what did you make of the earnings, does that give you more optimism for the rest of tech and enterprise demand? >> particularly with cisco, you have to highlight the impressive execution. david was highlighting the prior quarter as well. impressive with execution.

both on supply as well as auto if you take longer time period, and put that in context for cisco alone, when the supply constrains of industry were well telegraphed over the last 18 # months, and what you see is cisco starting to come in line with their peers in terms of executing on supply management that's what the investors are cheering here, demand has remained resilient what does it mean for overall enterprise tech when you look at the demand picture, overall one, supply first, does -- starting to see the early signs of easing in the supply chain. it's coming at a higher cost, though, just to note, we've seen this across all cisco and xpos as well. everybody's paying a premium to buy. it's not all great on that front, but that says supply is

improving. and revenue through. what does it mean for broader coverage you should expect to see the upsides as we get into the next beat of holding season for us in the next couple of weeks hardware companies reporting that said on the demand side, what we've heard through the -- investors have been a bit surprised, though, that hardware hasn't seen or talked about the same demand moderation, and this is -- some of the cisco's -- hasn't talked about the same demand as you've seen some of the other ecosystem players, the semiconductors, the software companies talk about -- and i think where we stand today, there's obviously a bit of debate where demand goes from here it means demand remains quite resilient. you could probably have an argument that given supply constraints, customers are

probably trying to keep an eye on supply and manage orders at the same time, and maybe hardware sees -- in terms of seeing the macro effect. but again, we don't know the perfect answer to this, but everyone is still debating where demand goes. i don't think every investor out there -- that demand is going to remain resilient next six months. >> i'll stop you there you asked a question on the call about small and medium sized businesses, is that an area you're wondering about as you bring up these questions >> yeah, i think, everyone's sort of gone through the data historically typical to see the commercial segment, starting to see that weakness because the business fundamentals -- pull back a bit more and then enterprise has a longer sale side. by the time you see sort of those impacts come through, it's a bit longer

again, on the rebound you see commercial enterprise through that leader. now, what's puzzling a bit more here when you look at the numbers, and i know cisco pointed that growth was sequentially similar for both but you look at year over year, and commercial is holding up quite a bit better than maybe on the -- if you had -- if you were concerned about demand you would think that commercial would grow a little bit more. so it's clearly sort of a unique situation where you're not seeing the same sort of trends you've seen in the past. we do have checks pretty regularly with the channel, and we've seen mixed signals from them one thing that's stood out is why there are mixed signals is very much in contrast to three month ago where everything was looking optimistic and positive. we're seeing mixed signals come through, obviously an early sign that there is something underlying that could reports

pockets of weakness. at the same time everyone doesn't believe everything is new when it comes to customer -- but there is initial expectation of some moderation. >> samik, we talked about the enterprise, comments from chuck robbins making it look better. what about the consumer? consumer stocks have really been leading this rally and is at odds with the fundamentals what does that look like to you the rest of the year >> good point. impressive, we just had a report out yesterday highlighting it's surprising how consumers led the rebound here and obviously -- with apple, right. if you take apple out, consumer stocks have done really well i think there's one part group of investors that are looking at the earnings and seeing the macro isn't as bad as it was expected to be and hence, even though they're adding data points, consumers

weaker than anticipated, but a lot of that is in china. smart phones and evs, we expect consumer pcs as well coming forward. but even despite those instrumental negative data points, there's still a next season about the consumer markets, you're clearly seeing investors saying that -- it might be sooner than expected. >> we'll continue to debate thi% throughout the show. samik, thanks for being with us this morning. >> my pleasure, thank you. let's check in on the meme trade david. shares of bed bath & beyond, they're getting crushed this morning. in relative terms, up so much in the last week alone. but the recent moves caused by recent filing that uncovered the -- the stock popped more than 30% when cohen first revealed his position in the company back in march. bed bath & beyond is still up 70% on the week thanks to

resurgence in the mean trade david, i've been looking on wall street bets this morning, and it's kind of amazing i mean, they're just not buying it you hear commentary like this form is only meant to give notice, but a proposal to sell doesn't actually mean he is selling. does any of that even matter >> no. in fact, he very well may have already sold, although, again, i've mentioned this a number of times, haven't been able to confirm it, but a number of market participants are under the expectation that, in fact, he has, given the volume yesterday and the time of the filing we don't know. we haven't heard from mr. cohen in any way, and he had that significant options position we've pointed out many times that it was old news, but the market was treating it as though it was a new purchase. in fact, it was february 28th and march 1st when he bought options at various strike prices between 60 and 80. one would expect, given a move

up there as well that he perhaps has benefitted from that it's fascinating to watch this craze yet again play out this these shares we should remember to remind people, remember to remind -- we should remind people, forget the remembering part, just remind people that the fundamentals of this company are horrible right now. they are trying to, you know, affect a turnaround. they fired their ceo they have all sorts of inventory of things that didn't sell they had a terrible experiment with a private label the future is very much unclear. but it's not looking particularly good despite what that be that huge move up in the stock. >> it's a momentum trade investors, the retail, the likes of wall street bets are concerned. wind bush note with a price target of $5 it's trading at nearly 18. but david, it's so interesting, we talked about this yesterday, we're back in this moment with the mean trade is very, very active it raisings questions as to where's the money coming from?

we thought it was from stimulus checks but a lot of folks have lost money in the markets over the last year or so. how long can it keep going is it still a good thing if it's bringing people into the market. you might have thought they would have moved upstream to higher quality names, but here we are talking about bbby again. >> gamestop when it made its move, there were questions about the viability of that company and its franchise. there still are. many analysts had price targets that were single dingts. same with amc, given the tr troubles it had. this works best when you have a company that's being heavily shorted. the prospects for which are really in doubt, and it's working well and nobody plays it better nobody, deirdre, than ryan cohen, right >> exactly what about adam aaron? he's raised a lot of money on their mean stock status. >> yes, great point.

he actually is the maestro when it comes to it. >> he's the master. >> you could argue amc is in a better place as a result of the mean craze, raising so much money to give it the cushion it needed, given how much indebtedness it had to take on during the pandemic when nobody was going to a movie theater it's tomorrow, isn't it, that you're going to get that preferred share? essentially acting as a split of the stock. >> yeah. what is that, a split on steroids, that's what i've heard it been called. >> we'll have to keep an eye on shares. >> we could be talking about this again tomorrow, most likely we will be. >> we very well may be. our next guest thinks the double digit turnaround for the s&p just this last month is not just the bear market rally, but that so-called inflationism could be bursting. joining us now, from strike global -- tom lee. nice to see you. it's been a while since you and

i have spoken. give me your take here as to why you don't think this is a bear market rally plenty of of participants are still looking for weakness yet to come. >> hi, david, yeah, great to see you. i think there's been a cognitive negative bias to markets since the fed began tightening and since inflation rose, and most of our institutional clients think this is a template for a recession in many -- i think this is august '08 so we're only in the early stages of a deep downturn. the reason we're more constructive on markets is, one, over really the past nine months i think investors became convinced that inflation is with us for years and it's very sticky but it looks like inflation is proving to be a lot less sticky, and maybe even more sensitive to gasoline falling because of how gasoline moves through the

services cpi, if that's correct, we are tracking more towards a soft landing that's more like 2018 and that would mean markets have already discounted much of the fed tightening we would want to be buying this rally. and then i think in the past two weeks, the market internals, whether you look at the percentage stock above 50 day. or even moving back towards the 200-day, are actually kind of confirming that this looks more like the start of a new bull market rather than a bear market rally that leads to new lows. >> let's go to the bond markets. i know you've also been talking about that in terms of where the ten-year is right now and what the implied p/e therefore is are you getting confident that, in fact, p/es could be going higher as a result of sort of let's call it, you know, we're in the right range for the ten-year >> david, that's definitely coming back to us.

when we talked about the fear of sticky, we point to the ten-year at 2.8 that's hardly where it was in the 80s. the ten-year should -- it's really a market that thinks inflation gets back towards something like 2% after a couple years and then people talk about the inverted yield curve, they have to keep in mind if inflation is at 4. the two-year yield has to be higher than the ten. you're getting a forced inversion. it doesn't mean the curve on a real basis inverted. yes, i think the bond market is telling us a better story than the equity investors want to believe. >> tom, i want to press you a little bit on your view of fed policy you see it as becoming more dovish we got minutes yesterday and it was easy 20 see the hawkish side of them. more restrictive rates required,

commodity price decline. they say it's not enough and they said there's a danger that inflation becomes entrenched is this market not fighting the fed, which conventional wisdom tells us is a bad idea. >> i think the word dovish and hawkish are used by too many investors as a binary. the fed needs to raise rates they're at the mutual rate now let's say they get to 3.5, or 3.75 or 4, which is further tightening, that may not be a shock to equity markets. and you can look at many periods when the feds have been raising rates, and that second half of a rate cycle, equities start to rally. that even happened in august '82 when the fed hadn't given up the inflation fight and was still trying to shock market, with the stock market bottoming ten weeks before the fed, even positive

shifting this is not necessarily about a fed pivot. it's about the fact that the fed isn't trying to shock markets and deliver essentially a nuclear financial tightening, that's what they were trying to accomplish earlier this year that's not the case anymore. >> what leads you to believe that's not the case? why would they be less aggressive that was sort of my original question leaving hawkishness and dovishness aside, what commentary have you heard from them >> i don't think the fed's going to be any less aggressive. i think if we look at september and through year end, i think there's 100 basis points of further tightening but for financial markets if the ten-year stays at 2.8 #, but the fed is getting towards 4, now there's going to be some panic because that looks like an inverted curve but what i think's going to be key and in retrospect will matter is that the 4% is coming because realized inflation is quite high so the fed does need to keep

rates high short-term. but the ten-year's reflecting sort of durable or sustained inflation. that's staying low so i think the markets can handle the fed getting to 4. that's not dovish. i mean, that's still raising rates. i just don't consider that a shock to markets because that's what's priced into the swaps market today. >> tom, you know, i can remember years ago we used to track active managers underperforming. i have no idea if you gave up even bothering with that if you haven't, where 's not ber active managers and for hedge funds. part of it is everyone's been whipsawed and there was a lot of what i'd consider rage capitulation in june because the fundamental data in june was so

shockingly bad on the inflation, people gave up what we've seen the last two weeks, our team speaks to hundreds of clients every week, the institutional investors still very nervous because they think there's earnings risk. they're cautiously positioned. there's nothing that can give them the confidence to add risk. this is a rally that's been met with skepticism. given the incomi inflation nair pressures in the pmis are decrease i think it's easier for the s&p to make all-time highs than lows. >> tom, we'll leave it there, thank you. >> elliott is having trouble seeing softbank's vision amazon wantsto be more like tiktok those stories ahead.

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time for a gut check verizon has seesawed between periods of emotionality, and financial restraint, optimizing

neither coupled with t-mobile's widening advantage in 5g, customer base is appearing particularly vulnerable. mobile shares have been a outperformer there yet again. >> quite the gap there money is still flowing into fintech. 20% of total globals vc funding. first six months of 2022 while deal activity is up, are investors ready to get back into the public markets as well morgan stanley's james, where it is going -- the private fintech companies we talk about have either had down rounds or marked down valuations internally. >> the money is still flowing largely into consumer payments area, and different parts of the

ecosystem. specifically the part that enables the payment types, integrate with operational software, to your point, you're not seeing quite as much, especially with rising interest rates, and a tightening generally, you're not seeing as much going into things like consumer credit oriented fintech. we're seeing falls in the area of b 2 b or business to business payments, core consumer piece of the ecosystem is attracting massive amounts of capital. >> the big elephant in the room, james, is apple. not sure if you saw it this morning there was a journal article with amazing stats 75% of u.s. phones have apple pay activated, up 50% in 2020, 10% in -- i see it all the time in san francisco, but people are only carrying around their phones, does this sort of lessen

the proposition, considering how much cash apple has, their ambitions in the space, the case for new players, and maybe the case for more consolidation, a lot more than we've seen >> well, i think there's an interesting point, for apple and apple pay, it doesn't really change the dynamics of the traditional payment system you're associating a credit or debit card with that apple pay token, if you will, within the phone, and so that doesn't really change the dynamics, maybe a little bit the exception, you're swiping your card what it does indicate is that there's beyond this massive amount of venture capital, that there is a lot of capital still from companies like apple and others that would like to be in the payment space. so what it does in our opinion, for incumbents, it puts pressure on them to do things like be more aggressive with acquisitions with their own r&d, et cetera. as an example, i know there's

been a lot of enthusiasm around elliott's involvement with paypal, and maybe they would push paypal to return more capital, or improve margins faster but i think the dynamics of apple plus vc, et cetera, mean pie paypal is in a position to continue to invest that's a key example of the impact of all this money flowing around. >> right, and paypal has had a brutal year, as you can see on this chart, down 50% year to date it's interesting, james, you say that the dynamics haven't changed with consumer oriented payment methods like apple pay you'restill using a debit or credit card. and maybe this is too long term, what's preventing them from by passing the rails for example in the longer run, in the way that chinese finteches were able to, and financial was able to? is that ultimately a threat for the visas and master cards of the world? >> i don't think so. the reality is that visa and

mama mastercard's ability to execute a transaction, whether it's apple pay or some other mechanism, you can't do it cheaper or faster or more securely, can't do it with broader acceptance there's literally no facet on performance. other countries around the world, a lot of what you see, you raised the example of china, there's a political driven preference to have a different scheme emerge and win. if there's political interference, that's a different issue. if you're talking about strictly traditional technology disruption and costs, driving disruption, we don't see a clear path that visa and mastercard could be disrupted by things that apple pay and others are doing. >> you said block chains and cryptocurrencies could do that, you don't hear that as often thank you for being with us james faucette, morgan stanley. apple looking to ramp up its

advertising business, especially on the iphone. of course, the stock has been an outperformer to start the week, and really over the last couple of months which this is the rest of big technology, stocks seem of big technology, stocks seem to struggl your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. more on that coming up next. visit indeed.com/hire

welcome back i'm deirdre bosa, breaking down apple's plans to ramp up ad strategy getting an update. >> here's what's happening at this hour. new claims for unemployment benefits edged lower last week, the labor department says initial jobless claims fell by

2,000 to 250,000 economists say the figures show the labor market is still strong, however that the number is still above pre-pandemic levels when initial claims averaged 218 #,000 per week. the housing market shows signs of cooling, the national association of realtors, says sales fell 9.5% in july since november of 2015 tight supplies continue to push prices higher, however, the median price was up 10.8% from a year ago to just under $404,000. do muscle cars and electric vehicles go together auto maker dodge is hoping so. dodge has unveiled an electric successor to the challenger and charger models known for the loud powerful engines, those models will be discontinued at the end of next year they are among the few such cars still available with most auto makers having pulled out of that

category a decade ago. >> do you add the engine sound as a sound effect since they don't have the engines >> i think you're right. iphone services revenue growth slows and that is setting up more tension with, who else, meta, steve kovach is with us and has that story apple as upended the ad landscape. now they're going to slide right in there and increase their own business. >> i want to paint a picture here of what apple is, and is not doing in advertising there's been a lot of discussion about that, this week. so here's what's not going to happen is you're going to open up your iphone and see ads stuffed in all your apps what's going to happen in the near term, apple is really focused on expanding app store ads, when you search for spotify and get an ad for a similar app like sound cloud the next move showing ads to ins install apps on the home page. app install ads are lucrative and offer a great return on investment for the advertiser.

that will justify set slowing growth in apple services due to foreign exchange head winds and customers spending less on the app store. the increase on app install ads, projected to hit about $118 billion this year, this is why apple is putting focus on app ads. what's not happening apple placing ads on every surface right away, but there are more opportunities for them to do so like apple tv plus, which is already showing mlb games for free with ads this season, and, of course, podcasts david, back to you. >> okay. well, don't go anywhere. steve as well. i want to bring in julia boorstin what the potential is, julia. >> well, david, apple expanding advertising in its app store shows it tapping into the most valuable part of the ad business right now, ads that respond directly to consumer intent. not only are ads in the app

store what are called direct response ads, immediate return on investment, but they're also in an environment where consumers are already looking to buy. now, three companies showing the strength and recession resistance in this space, google, google search ads grew faster than expected, nearly 40% from a year ago. amazon's ad revenue grew 18 #% and walmart's nascent ad revenue grow 30% sharp contrast to meta its platforms don't have consumers showing shopping intent and its ad revenue shrunk 1% in the quarter. it's this potential to sell things to people who are already looking for products which is why pinterest. it's down so much over the past year though apple isn't rushing to launch ads in other areas, it does have the potential to introduce ads in some other

valuable ad spays. first, ads in maps snap has talked about the massive opportunity to offer ads from local businesses targeted to consumers where they are. google's maps have also been a valuable spot for local search ads. another key area to watch, audio ads on music, podcasts or audio books. take a look at spotify it grew its ad revenue in podcasts and music, 31% in the quarter and it's working to launch an audio books business as well. and just a sense of how big the podcast ad market is, that ad revenue is on track to double between this year and 2024 it's one of many potential ad opportunities for apple. it's going to be sensitive about not overwhelming users with ads. >> this feels -- apple has kneecaped, we see the effect on

meta, and snap does apple have to be careful here not to get the attention of regulators do you think regulators could be concerned about this, making these moves? coming at a time when it's just upended the entire industry. >> there's a lot of people talking about this, how there's concern that apple kind of like you said kneecaped facebook's ability to target apps with privacy changes last year, and instead favoring their own version of their ad system, and using their own internal walled guarded data you can argue that, you know, facebook would tell you, look, they're stealing all this business from us they made these changes in the name of privacy. but they're trying to steal business from us that's partially true. they do the benefit of this privacy change on ios. apple can take app-install ads, $118 billion in spend. they can take some of that business, but it's also not like apple is doing ads for direct to

consumer products like you see all throughout instagram it's a little bit uneven there it's not a perfect comparison, saying apple did this, just to take advertising from facebook but it did take some. >> julia, any expectations in terms of how much success they may meet in the marketplace at this point or too early? >> i think it's too early. it's also going to really depend on how quickly they roll out in different formats. there's massive demand in app intall ads there's a lot of demand there, but what's going to be constraining their growth is not demand, but rather that caution about not overwhelming the consumer the fact that the apple experience is a stream-lined one, you'll see ads in the app store, but they're not going to be putting too many ads everywhere else. apple did try to do something called i-add this was a failed business trying to get into the ad

business years ago, they're going to be doing it very carefully, slowly and intentionally. >> yeah, as we've learned, guys, data is king, especially first party data, which apple has a lot of, and guys, the e-commerce potential has proved so lucrative. amazon has created this massive ad business very quietly over the last few years, just recently broke it out. steve, where do you think google sits here? it's making a big push in terms of e-commerce, where will apple sit within this space? >> google put a lot of ads in the google play app store, you've got to keep in mind, deirdre, where do must of the customers spend? most valuable customers are on the apple devices, the high end, even though android has massive market share, way more than apple, all the money is spent within the ios ecosystem it's not as valuable of a business within the app store

ads on google. android has the opportunity to collect more data about users and you have to inform your google profile. >> guys, thank you, that was a great deep dive into what apple could potentially do here, appreciate it. coming up, why one firm has gone cold on softbank, dumping almost chlon tts positioinhe tenogy investment group, tenogy investment group, back in just a momentmen plus we have a new plan with 5g ultra wideband. switch today at visible dot com. do you have a life insurance policy you no longer need? now you r policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you

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some investors losing faith

in -- elliott management -- the paper couldn't learn the exact timing of sale, but the source told them it took place earlier this year aztecnology stocks took a tumble. a record $23 billion quarterly loss just this week. elliott has been in softbank, scooping up more than $2.5 billion back in february of 2020 that was, of course, when the $100 billion vision fund was still on the rise, and elliott had been pushing for share buybacks the fund has lost more than 50% of its market value since highs in march of 2021 david, you spent a lot of time covering softbank, with a 300-year vision, these are peaks and troughs for him, it's been a rough year coming on the back of a pretty good one. >> yeah, it was interesting in the last call as well. the video chat that they included as a part of that, talking about how, he said how

he was going to adapt a more defensive tone and obviously a lot of those remarks on existing investments as many private investors have to do, including many large hedge funds we know are active in the private market. we'll have to see if he is rewarded over time for his so-called vision, but this has been a difficult time, you know, as for elliott here, they've obviously sold most of the stake. i think they sold, along the way as well, and have moved on but, you know, i thought the most interesting part of softbank recently was the decision to actually truly part with a good amount of their ali baba stake, they had forward contracts, but they did have the sale -- took stake down from 24 to roughly 15, 14.8%, i believe. >> that was the end of an era.

the way they were able to reinvest in baba and the most legendary investment certain metrics that he looks at, he's going on about this and talking about how softbank as a whole is undervalued this reading has dropped to its lowest since 2017. by the end of march, this is a price of shares relative to the value of its assets. so you wonder, especially with the market rally we've seen in tech over the last six weeks, perhaps this could be looking attractive i think they're going to increase the number of buybacks as well. loan to value ratio, this is why he has to cut down on stakes, selling companies like -- which have rallied in the last six weeks, to keeping below the target of 25%. >> yeah, you know, again, the marks are very interesting in terms of overall, where softbank is going to market it does have stakes in companies that have since gone public. you well know many of the

vintage 2021 ipos have performed terribly in that time. i haven't talked to him in ages, i'd love to sit down with him again. anytime, anywhere, i can remember our last conversation we delved into the roman empire and the future of ai, and the great world we'd all be inhabiting at some point as to his vision. >> he's very philosophical, i have to say, his earnings call is one of the most enjoyable that i like to listen to. >> yeah. indeed let's move on here and before we head to break, check out shares of wolfspeed, the stock is up 29% right now. it's a semiconductor company it beat estimates for the fourth quarter. read more about what happened on

cnbc.com back in a moment

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supplement plan. [zoom call] ...pivot... work bye. vacation hi! book with priceline. 'cause when you save more, you can “no way!” more. no wayyyy. no waaayyy! no way! [phone ringing] hm. no way! no way! priceline. every trip is a big deal. time for another gut check the semiconductor industry seeing a broader slowdown. difficult to justify a higher multiple, heading into the potential down turn. the call comes as the company beat estimates for its latest quarter. it issued a warning that economic uncertainty is beginning to impact bookings.

>> amazon wants to be more like tiktok the company trying a new [music - cover of blondie's “dreaming”] tiktok-like feed tiktok-like feed back in two. ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change.

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it lasted for such a short amount of time. >> it's such a power house, tiktok, and bias tance, that company worth so much money, we don't talk about it enough. >> anyway, thank you for joining us, david, give you another gut check, another day let's go to frank holland. welcome to the "halftime report," i am frank holland, in for the judge, the great rate debate we're getting mixed messages from the fed, hawker, dovish, does the market have it right when it comes to rate hikes ahead, and are the risks more to the downside for this summer rally? watch in the markets today, they recently took a move to the upside, apple less than -- higher highs ahead what does it mean for the rest of tech? we're going to debate that and much much more with our investment committee today thatn