>> right jeremy, appreciate you taking the time, thank you. >> thank you, guys, appreciate being here again. >> you're welcome, jeremy sopko. quick check on the markets, deeper into negative territory on the session with s&p down 1.86%, the nasdaq down more than 20% for the year that will do it for us on "squawk on the street. "techcheck" starts now good monday morning, welcome to "techcheck," i'm carl quintanilla, with deirdre bosa and jon fortt. down 2% today, rough stretch last week as well. got this muddled market message, and sentiment weighing on investors post earnings ahead of jackson hole it's good to be back together. but we have the three-week high and bond selloff, ten-year yield a one month high. >> last six to eight weeks, separate from last week you've seen this rally especially in some of those high growth names and this debate has raged, is

this a bear market rally or the start of a bull market, the nasdaq at session lows, jon, with earnings season out of the way, investors are now focused on the macro, on jackson hole, on some of those risk factors. we saw that winning streak muddled last week. >> i was last here about 12 days ago. major indices. what's changed nothing. things are in the same place i know a lot as changed under the covers there, but yeah, i mean, it seems like macro is a big part of what investors have to sift through here we've been hearing for weeks and weeks, here's what a bear market bounce would look like, and here are the fundamentals to pay attention to and, okay, we've had supply worries, what's going to happen to demand when those interest rate hikes come through the end of the year, and into next year? it's unclear to me exactly how much has changed since then, aside from people's feelings about what might change, what fundamentally has changed, i

think that's what investors, carl, or dee. >> all these little data points, right, jon, i would point to cisco earnings i remember last quarter there was the so-called off market earnings, report a little bit later in the season. and if folks are worried about demand, that being the next shoe to drop, actually a pretty good picture, carl, we heard from chuck robins, the day after earnings, and he said there was surprising strength in europe and no slowdown in demand as far as he could see. but, you know, we'll see, we've got zoom, palo alto, a few other important off market earnings to get through. >> people on friday were taking stock of the best looking quarter prints of the week, last week, jon, and cisco and amat were included among them even though we're in this period with not a lot of corporate commentary, we're going to get into it, nvidia, and crm, and snow and zoom as dee says. maybe that corporate commentary going into september and conference season gets outsize

attention. >> intuit, important read on the health of small and medium business in particular, and really underneath all of this is the consumer, and how tapped out is the consumer going to be, or, you know, does the consumer get a second or third or fourth wind heading into q4? the overall enterprise spending, especially on digital transformation had been okay the question is, how much does all of that hold up as things continue conditions continue to tighten. >> speaking of consumer spending, carl i know you were looking at this earlier too, but the back to school spending per household, larger than previous years, according to bank of america. you guys actually missed all of the meme craziness last week well, it's still going on. maybe you didn't miss it but some of the bears point to that as saying that the rally that we have seen has been, carl, low quality. so perhaps not surprising that it doesn't have legs. >> yeah, it's one thing to say back to school spending is

stronger than the last couple of years but we all know why that's true, jon. >> yeah, everything costs more. >> in nominal terms, things cost more by the way, we did get a lot of retail blowing through here last week when you and i were out but this week, we're going to get to ulta and dollar tree and dick's and burlington coat factory. there will be a little more commentary on the consumer before the week's out. next guest is predicting a double dip recession ahead, saying we could return to positive gdp growth. joining us crowd venture's co-founder, david sachs, where does that leave us, we've been having this discussion, have markets got ahead of themselves, where are you on whether this is a bear market rally or the start of something more? >> well, i think the market evidently did get ahead of itself, it seemed to make a big deal out of the fed chair powell's statements about how

rates were close to neutral. and, you know, the problem with that is just the fed said a lot of things over the last couple years that turned out not to be right. i think ultimately the market will be driven by data, not by -- and then ultimately the fed's actions will be driven by data, not what the fed says today about what it's going to do at some point in the future so i tend to -- you know, obviously i don't know exactly what's going to happen, macro investing is not exactly what i do but yeah, i do tend to be pretty skeptical that all of the turbulence is behind us, and so i wouldn't bet a lot of money on it but i do -- but i would basically expect a double dip as sort of what is probably what i would expect to happen from here. >> but maybe you'll bet a little money on it, and a little money for you is a lot of money for a lot of other people. so talk about what your expectations are, and what sorts of investments you do make during this period

i don't know if it's that much different if you're investing at the early stage in technologies and trends that you expect to persist. but what's your focus right now? >> well, the reason why i said -- this is, i think, last week on our podcast, that i thought we were heading for a double dip first of all, you have to realize that we are in a technical recession now based on the definition of being two quarters of negative gdp growth. that was kaudsed by inflation as we all know. you had a 7 point something percent nominal growth rate, a 9% inflation rate. subtract those two things and you get to a negative real gdp growth rate. i think it's possible that based on inflation coming down a little bit, that you could see us bounce to positive in q3 or q4 but the reason why i think it could be a double dip is because all these interest rate increases at the fed has now done this year, i guess we've had four rate increases, it's

been, you know, including 275 point rate increases being the last two, those haven't worked their way through the economy yet. they've worked their way through the markets but it takes six to nine months for those types of rate increases to really work their way through the real economy. i would expect that by next year you would start to see a real impact on economic activity. you reallysee it now with what the builders are telling us, new home starts, that industry tends to be impacted quickly by rate increases. this is why i, again, wouldn't necessarily put a lot of money on it, but i do think a double dip is probably the case i would bet on. >> it's interesting, though, because markets, separate of the past week, have been thinking that maybe the worst of interest rates are over, maybe getting turned on its head a little bit over the last week but david, while we have you, i want to get to amazon. and this latest report, i guess let's call it, making another push into health care, according to the journal, bidding alongside cvs and home health

services company, signify health, it's surging today on that report, up some 35% you know, it's interesting because amazon tried to push into health care organically remember that jb with berkeshire and jpm, now it's buying its way into the space do you think amazon's going to be successful taking that route? >> i think it's interesting they're trying i guess before this they were trying to acquire one medical. i think it's great to see a company like amazon trying to get into the space i think they'll bring a lot of consumer-led thinking into the health care space which is what's needed there. i'm happy they're pursuing this, you know, it's interesting that they're willing to pursue this, in light of the hostile sort of antitrust regime that we have in washington you're seeing increased scrutiny by the competition authorities on virtually every deal. and i think it's starting to have a chilling effect on m&a,

i'm happy to see that amazon is bucking that trend. >> david, i wonder how you're thinking about employment. we're getting some items crossing the tape right now about ford eliminating some positions in the u.s about a couple thousand salaried personnel, interesting in the auto business. but i wonder through the lens of tech, we've heard about cautionary memos and hunkering down, is that going to be a sharper relief later this year >> you know, we were seeing a pretty rapid slowdown in the economy. i mean, in my corner of the economy, which is startups, we've already reacted really strongly startups tend to be the canary in the coal mine they are sensitive to changes in the larger economy, especially changes in the capital raising environment, startups saw earlier this year that growth valuations took a huge hit it started getting much harder to raise money at the lofty valuations, start-ups go into cash conservation mode

they started slowing their hiring plans, big companies are now doing the same thing this is just more data points around the economy as a whole, slowing down, as a result of these rate increases, like i said, i think this is just starting to wash through the real economy i don't want to sort of overly make it into a catastrophe or something like that. i don't want to -- i don't think we're headed into a severe recession but it does seem these slowdowns are impacting a lot of different corners of the economy. >> what about buying behavior? how is it impacting that yes, a lot of stars were moved into cash conservation mode but we're talking about how business spending on technology hasn't necessarily slowed down that much so do you risk choking off promising startups by not giving them cash if customers are still buying >> well, so we're starting to see a little bit of a slowdown

actually as companies sharpen their pencils and, you know, deal cycles for large deals take longer, more price pressure on those deals, we're actually starting to see a little bit of a change in behavior on the part of buyers, we invest in a lot of software service companies, we're starting to see this slowdown percolate through procurement and buying activity. now, that doesn't mean that software as a service is going away software will become a larger and larger part of the cost structure of businesses. it's only going to be a larger and larger part of the economy we have a huge secular tail wind behind the software, continuing whether we're in a bull market or recession i am starting to see this pencil sharpening behavior on the part of buyers. >> david, we're going to be talking to the cfpb director in a few minutes and he's looking at big tech's access, consumer data and how they use it you talked a little bit about

m&a as a good thing, but i wonder as a startup investor, is big tech able to gain a bigger advantage if m&a continues as is, i suppose, or speeds up? >> well, you know, we're investing in the riskiest companies in the economy when a vc writes a check, most of the time you expect that investment to go to zero and there are just very few good outcomes one set of outcomes is when a company can ipo and go public and the other set of good outcomes is when they can get acquired if you take m&a off the table it gets much harder for a venture fund to deliver goodreturns an that suppresses the amount of risk capital that's available in the economy. so we need these m&a outcomes. the problem i see right now is that the administration, the regime in washington's creating tremendous uncertainty about what kinds of deals can get through. now, i think there are legitimate reasons to be regulating these huge tech monopolies much more closely

than they are. i think that they should be making sure that these powerful monopolies do not preference and privilege their own apps on their own platforms in a way that's advantageous relative to the way they treat startups. there's a role for that. right now it feels to me like the administration is creating a blanket chilling effect on the m&a, that's bad for the ecosystem. >> you're seeing those deals try to get through david, thanks for being with us. talk to you again soon david sacks. >> thank you. >> sounds like he's not worried about facebook getting a metaverse monopoly user data in focus as the consumer finance protection bureau comes after big tech companies. we will discuss with the head regulator there, next. tech neck is just getting started.

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now with the best price on two lines of unlimited. just $30 a line. >> check out shares of docu sign, price target down to $65 vet execution issues employ turnover and the company losing credibility with investors they think it will still take

several quarters for the company to accelerate growth once they hire replacement for former ceo dan springer you might remember he resigned unexpectedly back in june. shares are 80% off of their highs over the year. i would note, they're up 10% this quarter, which we know has largely been good for those former high growth darlings. >> indeed, indeed. meanwhile, the consumer financial protection bureau warning that digital marketing platforms must comply with federal consumer finance protections, that includes big tech names like facebook and google it could be held liable for violations, we've seen a recent growth of celebrity crypto ads might have something to do with it and joining me is -- director, help me understand what you're saying here, is it that if you're in digital marketing and you're targeting marketing messages about financial

products to specific people or groups -- if there's something misleading about them? okay, hold on. let's get the director's audio linked up directly dee, you mentioned there had been a number of celebrities with crypto ads, and there have been a lot of questions lately about whether these crypto companies are representing themselves. >> yeah. >> in the correct way, especially when it comes to things like fdic insurance, they've thrown fdic around a bit, which leads some to believe that these things behave like bank accounts and we've seen they do not. >> ftx, i know we're going to have kay bernie on the show later on how much they have spent in marketing, at a time when consumers were trying to figure out the entire space, what does fdic insured mean for a crypto account. i'm looking forward to hearing from mr. chopra how they're thinking about it.

there's clearly so much misunderstanding about the space, and marketing played into it you still see it out there. >> yeah, and carl, while we're waiting for the director to be ready, i mean, it's not just crypto, of course, we've seen a lot of retail activity in the markets lately, you know, so many different types of financial products that are out there as fintech firms target consumers. you wonder, to what degree he's getting involved in that as well. >> yeah, dee made a great point just about the marketing to the retail consumer, bloomberg had data out last week, guys, spending on crypto investelevisn ads in the month of february, super bowl month, was like $84 million. in july that fell to $36,000, dee. they went through this wave of hypermarketing and we're going to see we're probably still trying to gauge the effects. >> remember the super bowl, ad after crypto ad. >> yes, indeed

and they keep going. well, we are getting the director's audio figured out, let's pay some bills while we do that eche" will be right back on the other side of this break. ♪♪ ♪♪ take the world by cloud. accenture let there be change.

joining us now, consumer financial protection bureau director rohit chopra. rohit, i hope you can hear me at this point, director. >> i can, yes, i can. >> you can, fantastic. now, i want to start off with the statement you recently made, cfpb recently made about digital marketing. can you explain what the significance of this is? is it that if firms, digital marketing firms are targeting messages about financial products, they're responsible if those messages are misleading? >> here's the thing. we have a lot of large tech firms who are increasingly getting into financial services, whether it's payments, whether it's lending

and we want to make it clear that they can't simply hide behindan advertiser exemption. those firms are doing a lot more in many cases than advertising they are designing, in some cases, the products. they are offering those services they are trying to, in some ways, take control of the insights into our digital wallets and they should be following the same set of rules that banks and other financial companies are following. >> practically, what does that mean in what cases might this be a concern? does it have to do with some of these crypto products, where people might not understand the risk to them losing all their money, not being able to get it out, if that's advertised to them, are you saying that the large platforms that deliver that message are somewhat responsible? >> well, it's a little different. it's really when those tech firms are really part of designing those messages, or they're targeting specific types of consumers

we saw this actually at the department of housing and urban development too, where they charged facebook with violating anti discrimination laws because they were -- of how they were allowing exclusion of certain prospective homeowners look, it comes down to this, if the tech firm is really just a passive pipe to allow advertising to flow through, that's different than when they are directly involved in targeting or directly involved in shaping the content that is related to financial services. and, look, this is part of a broader effort of tech getting into finance. >> yeah. >> and that offers a lot of opportunities. but also we just want to make sure that everyone's playing by the same set of rules. >> i think you said in the past director chopra that that could undermine competition. at the same time, though, if the key here is judging credit worthiness in a space like buy now, pay later, wouldn't a big tech company, its access to

great amounts of data, be a safer thing to the consumer to whom it's granting loans because it would have a better view of their riskiness? >> it's actually all sorts of firms that are using more data to underwrite loans with the hope that they can price risk better and of course pricing risk better is better for the system. at the same time we want to make sure that they're also disclosing the reasons why people are being denied, or the reasons why they're getting an adverse decision and they can't hide behind the fact that they don't understand their algorithm. we've also tried to make it clear that you have to follow the same set of rules when it comes to offering credit, just as banks and other firms do. >> and really broad question on the back of this, what do you think is better for consumers, credit cards or a buy now, pay later product, what would you tell your kids, or younger generation, to use >> well, honestly it really depends on the person. there's no question that buy now pay later is fitting a market

need it is exploding in growth. it's not just a gen-z consumer using it people now of all ages are using it here's what we're going to be doing soon next few weeks we're going to be releasing the results of our study. we compelled data from all of the big buy now, pay later companies, and we're going to talk about how are they using data we're going to be talking about how they engage in credit reporting, what happens when consumers return goods right now i think the experience is not the same between a credit card and a buy now, pay later firm, and we want to see all of the benefits of different types of products. but also want to make sure we understand how it's affecting consumers. you know, on top of that, i've got auto lenders, and mortgage lenders, asking, how am i supposed to write a mortgage or an auto loan if i don't know how much buy now, pay later loans someone has? we have to look at the whole thing in its totality. >> yeah, well, good luck with

that it certainly is important to do, rohit chopra, director of the consumer financial protection bureau, thank you. meanwhile, cnbc getting a rare peek under the hood at crypto exchange ftx, revenue growing a thousand percent, yes, you heard that right, 1,000. it remains to be seen how hard they've been hit by the selloff. kate rooney, you broke that story. >> yes, the growth was really eye popping. like you said, this is 2021, audited financials we don't have a sense of q2. but last year really, really was eye popping. the privately held crypto exchange brought in just over a billion dollars in revenue for 2021, up 1,000%. it was also profitable, operating income of $272 million, with 27% margins. like the other exchanges it's all about trading fees and

derivatives, the biggest revenue driver with most of the action happening abroad less than 5% of revenue came from the u.s. subsidiary ftx has made a big push for the u.s. retail audience, through marketing, you mentioned the super bowl ads according to the documents it spent about 15% of revenue on marketing, and ads, and plans to spend almost a billion over the next few years see if that changes. but the documents also give a sense of sam bakeman fareed's glowing global -- ftx has companies in switzerland and australia, may have been to get certain regulatory licenses, unclear how the company is holding up recent downturn, the shares of coinbase, the only public comparison, down 17% but speaking of coinbase, listen to our interview with brian armstrong, ceo of coinbase.

>> 2021 was a big year for so many things crypto it's one thing to look back how much things boomed during that time but given the derivatives, income stream, given that so much of it was outside the u.s., how much of that category of stuff has run into real turbulence in 22 >> if you look at trading volumes, a lot of which are public, it's probably down about 30%. coinbase is seeing the same thing. all of the exchanges are suffering on the retail side institutional trading, things like derivatives, options tend to hold up better in bear markets. those groups tend to be more active so ftx may be more insulated the other thing to watch, which we don't know at this point. have they gained market share. would that offset the weakness they're seeing in trading volume, if they're able to grow the 5% number based on the advertising they've done a huge push, there's a sign out the window where dee and i are,

they've made this enormous push in the u.s we'll see if that pays off. >> there's also one with sam bakeman fareed's face on it. >> all downtown. >> all over. so the argument against coinbase, fees are going to zero ftx has played a part in his, how do they charge for delivertives, does that money stay there >> it's way more lucrative for all the exchanges, even on the retail side for stocks, options derivatives tend to be way more lucrative, versus the retail spot trading ftx charges a lower fee for coinbase it's around 200 basis points ftx is about 2 basis points. as more competition enters, finance is the range that coinbase may have to lower fees, that's the bear case for coinbase, but coinbase has built itself in the u.s., tried to really be the compliant american company and say, guys, we're going public here. they are global, but not nearly

as global as some of these other names. >> doing it in public will be fascinating to hear from armstrong who doesn't talk to mainstream media. >> all right, kate, thank you. news update, get it to be bertha coombs. >> automaker ford cutting 3,000 jobs in the u.s. and canada, the cuts come from the ranks of white collar and contract employees. ford has been trying to slash expenses as it plans out a long-term transition to electric vehicles the company began notifying those workers of the cuts this morning. a new dose of skepticism this morning about the fed's ability to successfully combat inflation, a survey by the national association for business economics, about 75% of respondents doubt that the fed can bring inflation down to 2% without causing a recession. only 13% are either confident or very confident of a soft landing. and wendy's has removed lettuce from sandwiches in three

states as officials try to pinpoint the source of an e. coli outbreak. the move came after customers in pennsylvania, ohio and michigan complained of illness. the cdc is investigating whether romaine lettuce is the source. stay tuned. tech stocks underperforming this morning with the nasdaq down 2%. let's check on what's driving the action christina parks nevalos joins us. >> what's -- what that means for the -- the treasury selloff, causing bonn yields to spike and that's putting pressure on rate sensitive growth stocks driving the nasdaq down 2% the biggest drags on the nasdaq 100, netflix on a downgrade. analysts think netflix will underperform after surging 40% from mid-july lows, software names like atlassian, docusign,

and getting hit by downgrades and chinese emers names, jd.com, they're rallying, cutting interest rates after a consecutive week amc down about 39% right now after it issued new preferred equity called ape, it's similar to a stock split we're seeing ape shares come in around $7.25 if you add ape, plus amc, it's still higher than the value of amc's shares on friday's close, which was about $18. although not on the nasdaq, i'll end with this, sales force earnings are in on wednesday and will be seen as a major bell weather for the sec sector it might give us insight into enterprise spend weakness. carl >> it's a huge key for a lot of those names this week. deeper dive into the state

of venture capital our next guest sees rough waters made for the innovation economy, bracing for higher failure rates, cost cutting, tighter access to liquidity. joining us this morning is silicon valley bank greg walker. great to have you. >> good morning, carl, great to see you. >> we spent part of the last half hour talking about cost saving efforts that smaller firms have been undergoing in the wake of all of this uncertainty. i wonder, are we entering a period where innovation getting funded is going to be a much tougher slog >> yeah, it's a great question i think, you know, to contrast what '22 was like compared to '21, in '21 the kpaeps were in the driver's seat, raising lots of money, confident, hiring at a rapid clip and fast forward to today, that's changed. burr that being said, there's still a lot of money flowing in. so venture capital is down from an all-time high last year, 30% to 40% down.

it's still going to be the second strongest year in history from a venture capital deployment plus, number one, is that venture capitalists are raising a lot of money there's a lot of dry powder. in front of us, there's going to be layoffs, lower spending, all those things but it actually makes sense and hopefully lend up being a much healthier market at the end of the day. >> i was going to say, you see it as a healthy cycle that's going to reimpose some discipline were you seeing signs at the peak of real lack of discipline? where companies spending like sailors. >> so discipline is an interesting question when you raise a lot of money and your investors want you to spend that money, that's the whole point of it, they want you to invest in the business. they want you to hire more people, want you to spend on advertising. so i would actually argue that companies were doing what they were supposed to be doing.

that has changed investors are pulling back, saying slow the spend, slow the hiring, slow the advertising all those things and, again, we shouldn't -- that shouldn't be surprising to us. now, what's important to note is that companies are so much better off than they were during last cycles. so if you look at companies in that 5 to $15 million revenue range, if you look at the last cycle, roughly 30 to 40% more cash on their balance sheet so they can weather a lot more storms than they could historically there's a lot of positive things despite the head winds they have in front of them. >> greg, to your point earlier about dry powder, there's a lot more of it than there were in previous cycles, which would benefit you guys i wonder if you could tell our audience about your credit risk. you guys operate at the heart of silicon valley and as we see startups -- execute layoffs, and cut their spending, you guys are actually relatively underexposed, just 2% of svb's

total loans, early stage. >> i'll start to reenforce what i said a minute ago. companies are better positioned than they ever have been to weather a storm. number one number two, they've already been through recently, right, two years ago in the pandemic started, they were all cut costs, save money, lower your burn, so they've already been through this recently. it's not as if it was a decade ago when that happened that's a positive side now, for us, you're right, northeast of our loans are to mid and later stage companies, venture capital firms, private equity firms, those companies are doing -- doing well, and financially incredibly strong. that early stage side, when they have less money, you know, it is higher risk, but to your point, it's a smaller percentage of our overall portfolio. last quarter we took a higher reserve just to kind of -- as we looked out in the future, we wanted to be prepared if more challenging times were ahead of us we're feeling good about this

situation, the position we're in right now. and our balance sheet, capital ratios, liquidity has never been stronger we're looking at this as an opportunity to partner with our clients, to support them, we've never seen the amount of requests for new data, and so we're feeling good about the growth in lending over the balance of the year for tech and life science companies. >> when you look at those requests for debt, how are you measuring health perhaps differently now than you might have in previous quarters. the health of these companies, you know, top line growth aside, what are the main sort of vital signs you're looking at to determine who's doing better than others? >> yeah, well, obviously it's the revenue, it's the revenue growth it is the how sticky that revenue is we're a couple quarters into this correction, recalibration, and so how much has changed. if companies are still doing well, and many companies are still doing well, that's

obviously a great sign, how much cash, how much liquidity they have, what support they have from those investors is another -- is another category so all those things come into our analysis, to determine which ones we should be leaning into, and which ones we should be kind of i'll call it wait and see to see how they play out over in next few quarters. we've been doing this 30 plus years. we feel really good about our process and understanding how to approach working with companies, especially through difficult times. in some ways it's a better market because last year we were competing with equity. now that's more challenging, and so we're getting a lot more requests, and we're getting a lot more attention, which is a good place to be. >> that's interesting, yeah, well, a huge implication for the kinds of things we cover here, greg, we're very grateful. good to see you, thanks so much. >> absolutely, take care. >> and warner brothers discovery, throwing down the gauntlet with its big bet on house of the dragon. will it pay off?

we'll discuss, stay with us, we're back in a moment

gut check on netflix it's in the red. cutting the price target to $238 per share. this is no longer a growth

stock, shares are down more than 60% since january, down 6% today, jon. >> speaking of streaming, hbo's debut of "house of the dragon" last night attracted enough viewers to crash the site. it's either bad news for their infrastructure or good news for the strategy to win the war. >> the launch of house of the dragon wasn't just the launch of a new series this is a high stakes attempt to extend the streamers' most valuable franchise "game of thrones" with a prequel. it annoyed the devoted fans, reported 15 million to $20 million an episode, the new series comes at a time when hbo max and other streamers are anxious to hold onto consumers who are expected to be cutting back on costs and potentially some of those subscription services with warner brothers discovery shares down about 43% year to

date, and ceo david zazov looking for billions more in cost savings, bench mark analysts say this franchise could be integral to the success of the streaming strategy, and could buffer subscriber erosion. after the media giant added what it says was 1.7 million new streaming subscribers between the first and second quarter, this fall is no doubt a crucial season for it to hold onto those subscribers, and add new ones. and it comes at a time when it's competing with amazon's biggest content bet yet. in just a week and a half, amazon prime is launching the rings of power, that's set a couple thousand years before the hobbit, and lord of the rings, with five seasons expected to cost over $1 billion it's been called the most expensive tv series ever made by far. and along with those thursday night nfl rights, it's part of amazon's strategy to use big brands, to draw and retain its amazon prime subscribers guys, i want to point out here

it says a lot about the state of the media industry that the biggest content faceoff of the year wasn't about blockbuster movies this summer, but it's rather this, about streaming and these big series franchises. i have to point out each of those two series on amazon and hbo max, they're dropping shows once a week. we're seeing a move away from the netflix binge model. guys >> the streamers have learned that lesson the hard way julia. i do wonder if you're sensing any clues into warner's strategy here that might be extrapolated to say comics and d.c., or something like that. >> they want to find the franchises that resonate with fans, we talked about bat girl, they decided not to release that movie. they're testing the content and especially the films and make sure they work but for this one, they want to make sure this series works, then that franchise could have more legs for the streamer. >> we're going to talk about it more as we get into fall pretty fascinating, julia, thank

you. amazon is one of the multiple names, uber, meta, and alphabet read their full call today on cnbc.com/pro don't go away.

dad took photos of his naked toddler for the doctor, google flags him as a criminal. that was the lead of a "new york

times" story over the weekend that has provely experts and parents concerned, a man in san francisco took photos of his son for his doctor with his android phone. days later google suspended his account because of harmful content it had detected. it would not reinstate months later he got a letter that the police had of the phots without his knowledge after google shared them with authorities. in a statement to "the times," google said child sexual abuse material is abhorrent and we're committed to preventing the spread of it on our platforms. a remarkable piece this morning that "the times" puts on page one. >> john and i were talking about this before the show, it's that tradeoff between convenience and giving up your data, and it's a good reminder that you need to check your default settings and figure out what is being uploaded to the cloud, what isn't, and it also raises a lot of questions about the health space as we move online, people use more telemedicine, how secure are these passages to get pictures to the doctor so you don't necessarily have to go in

if you are busy. >> yeah, i guess it's a fascinating story. people should read it and people should check their data practices because my perhaps unpopular opinion here is this is the way it was supposed to happen the problem here wasn't that google flagged this stuff. it was that some of us get used to automatically backing up our private personal information in a public cloud just by default, right? and so it wasn't the fact that these photos were sent that was the issue. it was the fact that they were backed up into google's cloud, which triggered, you know, algorithms that are searching for potentially troubling material which triggered a police investigation police said this isn't a criminal issue but this guy still found himself locked out of his accounts. be careful i think is the message about assuming whether it's a listening device in your home that's fun because alexa tells jokes or whatever. be careful about sharing data

with big companies, right? because they'll do whatever they'll do with it >> yeah. evercore liking dell this morning, the firm adding the name to its outperform list and the results thursday afternoon could beat estimates. and after this break, more on what to expect from two other names, zoom and palo alto network ahead of results tonight. don't go away.

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looking for a read on software demand zoom, palo alto, they're get ing set to report results in just a few hours. frank holland is here with what to keep an eye on. >> they've had a bit of a choppy month since an upgrade raising the price target to 700 a share. that was a 40% upside at the time, but the street still has a generally favorable outlook for this stock every analyst on the street has a buy or overweight rating revenues are forecast 28%, two big metrics to watch next generation security arr this is the growth of decline in money from existing customers for those new products estimates have it growing 50% year-over-year, the second, of course, forward guidance this is the end of the fiscal year for palo alto networks. zoom shares have had a diffq 3, etfs just about 8% rise during the quarter, and of course there remain a lot of questions about

zoom's future. d data shows visits to the zoom.us site continue to fall as return to office and business travel weigh on this favorite they still remain a big issue as the company battles competition from microsoft teams and other platforms. back over to you. frank, thanks for that, frank holland on a busy week ahead on some of the software names. still ahead, the return to work battle heating up at apple. why employees are pushing back in a moment.

a small group of apple employees pushing back against the company's return to office plan as a reminder, tim cook told employees they must return to the office three days a week starting labor day to preserve, quote, in-person collaboration that is essential to our culture. but these employees say they've proven they can perform exceptional work with a flexible schedule they've had for the last two years demanding they'd be allowed to work with their immediate manager to design the best work environment going forward. they got a petition online, just 208 people have signed it, and carl, apple's a big company.

that's not a big percentage of the office going apple population. >> less than i would have thought, actually. >> it's a small sample, john, interesting. we'll watch that by the way, don't miss coinbase ceo brian armstrong, a cnbc exclusive you do not want to miss here tomorrow at 11:00 a.m. eastern time in the meantime, dow continues to be under some pressure down 450, "the half" starts right now. carl, thanks very much, welcome to the halftime report, i'm scott wapner the reality check stocks falling as fed fears return. is the big summer bounce over? we discuss and debate that with the investment committee joining me for the hour, britain talkington, joe terranova, jim lebenthal. every sector is negative today we've come off the worst week since july 1st ten-year is back above 3%. you see it there at 302. we've got a big test the bulls are the big test after we're up 14.5% from the june lo