driven by the fed right now, the last time, remember, no bids in the market the market tends to drop as the buying interest tends to dry up. it was a tough time in the last few days and we'll keep an eye on it. the important thing now, of course, "techcheck" is coming up right now. and that will do it for "squawk on the street. good monday morning, welcome to "techcheck," i'm carl quintanilla with jon fortt and deirdre bosa this doesn't happen too often, appearing together at cnbc headquarters. >> you wouldn't believe what dee and i had to do -- >> you've had the card. >> yeah, today the bears are out and they're coming for tech, why one analyst says we are still set up for a rally amazon and the ceo plug power on that acquisition and health care a ambitions, later on apple files a trade mark, netflix considering a pricing change. we begin today with tech stocks getting crushed, nasdaq down more than 1%.

we are right around session lows, only six points off of it for the nasdaq and, you know, on friday, carl the markets rallied a brief moment after that hawkish speech and there was this thought that markets had come into more alignment with the fed speech, right after, but there's room to go and the question is, how much more does it have to do? we've got a big week of earnings, too, that will give us some direction and the jobs report on friday. >> maybe some of this is just catching up. fed officials were trying for a long time, it seemed, to top the markets down and it wasn't working at all remember, mary daly even talked to me about it and you know at that point, right, like when that -- just talking to the economics reporters, talking to the tech anchors as well, trying to get a message out there but seriously we're going to get some more data this week that i think will be interesting for some growth oriented names, crowd strike, we saw how palo alto networks did, here's another big grower in security,

and also page duty, software names in that devops space they could still be seeing healthy demand even though the overall picture isn't great. you need that good news. >> best buy, lulu. pisani was mentioning the conferences kicking off after labor day. wait until conference season, then you're going to get a lot of the -- some argue, worrisome color you didn't get after earnings. >> this is the confessional quarter, you saw that from some, crm, salesforce, saying contracts are being pulled out a little bit that conference season we're going to be together again at a few of them. it will be critical, that's when we hear from ceos post earnings season when a lot has actually changed or hasn't, how much has changed. >> i think, though, there's only a limited amount of information, you're even going to get from

these conferences because in q4 there's a big question, and we're going to hear it, you were mentioning retail, carl, the inventories, we saw from macy's they've got to figure out how much to bring in for holiday, even as segments of the consumer market are showing a loss in stamina, how they navigate that in q4 is going to have a lot to say for where we end up. >> tricky. >> yeah. well, for more now, let's get to dom chu on this market action this morning which has been something, dom >> so, to your point, john, carl, deirdre, some of the themes that traders are talking about right now have to do with the overall kind of macro or bigger picture, especially for these technology oriented indices, like the nasdaq composite. if you look at the 12,000 level we're at now, hovering just above the lows of the session, the level a lot of traders are watching is just below there, 11,970 is the reason why is

because that represents that 50-day moving average or 50-day price on a rolling basis on average. that's something to watch if we can hold that, maybe some shorter term support if we break through there, who knows, but from the record highs we saw in the fall, we are down roughly 26% from the levels. but still up about 14% from the lows that we saw over the last couple of months so we're not towards those lows significantly yet, but the fear of a retest is what's driving a lot of the action today. if you take a look at the industry groups within technology that are on a relative basis, making some moves here, semiconductors off 1.5%, the real relative lagger on the trade so far today, meanwhile, cybersecurity down about 1%, cloud computing down about 1%, same thing for financial technology, but it's the internet names down 1% as well that are catching some attention right now, just given some of those moves we were seeing in communications services within that trade, mega cap technology, always a big factor,

big weightings there, apple, microsoft, alphabet, amazon and tesla, down roughly 1 to 2% on the trades so far. but for apple, this is an important thing to watch here, down 2%. we saw more of that slide towards session lows as apple started to break below its 200-day average price. let's show you a one-year chart of apple right now, as we move lower here, keep an eye on that $160 level thereabouts there is the 200-day moving average if we kind of hold there it might be a good sign for the bulls. but carl, as you know, for many traders as goes apple, as goes the rest of the market, both for the dow and the nasdaq and the s&p 500, all three of them, a big part of that. >> man, it has been a general. thanks dom chu. let's stay on this market volatility, the russell 1,000 growth etf, down nearly 4% on friday, that broke a two-day win streak, nudged its worst daily performance since june, what does that mean for the growth trade, and joining us today

delano of new street, how are you feeling after friday, and is there a sense that if there is going to be some selling it could be -- it could be long lasting? >> carl, thanks for having me and great to see you guys all back together, you know, friday was interesting, obviously we had the comments from fed chair powell and obviously the comments were direct and short in the sense we have more to go with raising rates i think the market wasn't expecting some of that that's why we saw such a drastic drop you look at it, we still have projections, suggested that rates were going to rise just below that 4% through the end of '23. historically, loosening policy early has never been a good thing. i think this is the right move and i think the market was surprised by that. i think for the folks that are in these growth names we've always talked about the volatility that's going to remain in the short term the reaction on the other side would be to abandon these names. that's the wrong thing to do, especially in this time where you're seeing valuations rerate, different things going on in the

market that volatility is going to remain for the near term and that's something that growth investors have to inspect. >> if prices retrench, what's at the top of the shopping list >> you know, for us, and for me, we were talking about apple, how apple goes, the market goes, i still like mega cap tech, and part of the reason why, one, you have the insulation, companies are actually earning, companies in some cases are providing dividend yield, and so companies that are cannibalizing another industries, if we're looking how tech is playing in cloud and different things that obviously apple with their services, you know growing, that's an area that i want to be involved in, and still hold so look at the big names on the chart, those are areas for investors to look at if those reevaluated or retrench go to further levels where they can actually buy the cash they're holding and have not bid yet these are some areas that, for me, i feel safer to look at, in this sort of environment.

>> controversial question for you. do you actually buy dips in growth at this point i'm looking at, you know, three months, mongodb is up more than 30% in three months, snowflake's up 40, bill.com is up 30, in three months, and we've had this private equity sort of put in growth for a lot of these names. you know, so if these names dip, as investors get freaked out about rates going forward is there value to be had here if you're a long-term investor? >> yes, john, i think 100%, there is value to be had here. you know, a lot of names we mentioned, there's more volatility attached to them. the valuations will fluctuate a lot more but it wouldn't be a great time to try too hard to time these areas. for a lot of younger investors and longer term investors, some of them are trying to time the market and hit bottom, obviously a very hard thing to do for a lot of investors, but i do think

as you mentioned there is value to be gained here for the longer-term investors looking out further. the valuations for tech and for growth are lower, if you're looking further, understanding what you want to do with your cash, these opportunities for in those names. >> delano, your point of view seems to be more in line with the retail investors versus the institutional investor which has become bearish on the qqq, rose to 14% of the free flow of that index over the past 30 days, what is the so-called smart muncieing that maybe retail investors are not? >> you know, i think some of the smart money is looking at the environment and looking at the commentary, you know obviously say don't fight the fed. they're not just trading on the fed commentary but a lot of them are seeing the risk off is the play, the only last option is a couple of days we had a bounce since mid-june and that was, you know, a sizable bounce and a fast one, which obviously, you know, could scare some institutional investors. it was a little bit too fast in the way we're moving since

mid-june they're looking at what's to come earnings are falling a little bit if you look how earnings, p ratio for 2022 has risen if you look where earnings are going, re-rating the earnings lawyer for 2022, and dropping a bit for 2023 i think some of that has to come into play for evaluations. for retail investors they are looking out further, and that's an opportunity for retail investors to maybe find stocks that will bottom at some point if you're looking at the next six to eight months. >> delano, moving into fall, it's a time for some product introductions, we're keeping our eye on apple headlines today about the ar, vr headset, is the market in a move to receive new product and get excited about it, or is the fed an overwhelming force? >> i think, you know, the market is -- i don't think they're on a move to receive that just yet. those are longer shots, the areas of technology that are longer bets for a lot of these companies with so much cash to

see the commercialization of it, how the adoption will take a longer time. it's not a market mover or anything to move the needle. obviously be flashy and good to see for consumers. but as far as moving the market needle, that's notgoing to get it done right now. >> yeah, well certainly the fed gets a lot more oxygen, for sure delano, thanks for helping us this morning, good to see you again. >> thank you, carl. quickprogramming note aswe head to break, "techcheck" will be coming to you live from the code conference next week. hear more how the ceos of apple, google, amazon, disney and more are handling the volatility, and where you should be putting your money to work. that's all happening here on "techcheck" starting monday. more on today's biggest movers, the nasdaq falls breaking the 12,000 level. "techcheck" is just getting started.

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saying marketplaces are well positioned in the macro situation. names like paypal, and alibaba will benefit too we'll see. >> some -- they're calling those names value stocks, even like paypal, fallen so far. >> big holiday between now and then, we'll see. >> amazon, could health care be a part of your membership. our next sees the potential for the company to bundle pharmacy business and virtual care. joining us is lance wilkes, what are amazon's ambitions here, remember, haven, the jv between amazon, berkshire, but now amazon seems to be on a shopping spree. what are the major ambitions >> thanks for having me, i think haven and some of the amazon care internally this year, it's really them getting their feet wet and learning more about the

business what you're seeing now is an effort to really get a position in the market, probably related to reinventing care delivery, an integrated approach where you're taking convenient locations, digital and virtual care, and probably home care, bundling those together with online pharmacy that could allow them to go further in the market. as a stand alone disruption i think that would be substantial as well. >> it's a long way from here to that stand alone disruption. this is a really tough space, i also noticed your note didn't make mention of alphabet, which has a whole life sinces unit do you think there's opportunity for them to get interested in some m&a >> yeah, you know, in my most recent note i tried to lay out a few different approaches that companies could take to disrupting, a traditional approach, that united health care is taking, converting to value based care, adding features, cvs, might be taking an alternative

focused on taking risk in the space, leveraging the retail locations, getting into digital and home care, amazon as i mentioned, more a consumer centric approach big tech players could focus on what i'd call digital enablement that might be focusing on connectivity in the space, artificial intelligence, maybe ultimately automation of care delivery, and weaving that together with data sources like remote monitoring, i would see that as very supplemental, and foundational to some of the other initiatives in the field as opposed to being in direct conflict with what cvs or amazon might be doing >> it seems like if amazon wanted to take the telemedicine only route they wouldn't have shut down the unit they just did. they're buying into one medical. if their approach is that you need to have both brick and mortar, and, you know, physical doctor presence along with telemedicine, thatst a big infrastructure investment, that investors are going to have to brace for, isn't it? >> yeah, i think this is, you

know, a big investment that you'd be making. i think some of them can be platform oriented. the thought -- obviously they're in talks or reported to be looking at home-based assets like signify home health now, they would likely look at acquiring further digital assets, maybe more care automation, or assets that would allow for not just telemedicine, but automated care, to supplement what they're doing with the clinics, the rollout of the clinics is a big thing, that's something that's hit on oak street health and other names as far as the pressure as you build clinic after clinic. you have all the staff but you don't have any patients, day one. it definitely is an earnings drag. >> i wonder, to the degree they're trying to turn this into a fly wheel, making public health part of the amazon experience, is that something that you think fits better with one geographic region, is it more of an american habit, or is this going to apply in europe and asia, anywhere else?

>> you know, i think the -- i think the approach that amazon could be taking here, could apply to other markets, and i think this -- this really gets into reinventing care delivery from what has been physician practices, where you go to a physician office, for years and years, to something that is different and presumably better. and the reason it would ideally be better is because a lot of the dropoff in health care in the u.s. and elsewhere is because patients on the compliant, because it is difficult to get in there, difficult to continue on so that's the real opportunity that an amazon or cvs really has here that is a universal sort of issue. some of the things in value-based care and risk taking, that might be more u.s. centric. the amazon approach could be international approach. >> finally, lance, i'm wondering, where do you stand on telemedicine as an acquisition target or otherwise, where does that leave the teladocs of the world, has it become too

commoditized >> it isn't that attractive. i think the capabilities within some of those, and the ability to transition that from telemedicine to digital first care, where your doctor is actually on there, and that is a practice, is an opportunity for a teladoc that certainly would be an opportunity for somebody like an amazon i certainly expect that you will see more acquisition activity from amazon, and other players in the space in the digital and telehealth space but it won't be for traditional telemedicine, it will be for something that is either an ongoing practice relationship, or digital. >> right, well big tech has the cash to do so. lance, thanks for being with us today, lance wilkes. >> no pain, no gain, who he says the market is set up for a bull run as the nasdaq loses all of its gains for august that's coming up after the break. don't go away. zero-commission trades for online u.s. stocks and etfs.

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i'm carl quintanilla with jon fortt and deirdre bosa on the east coast, checking in on things half past the hour, more on software in a moment. but the dow swirling around, a mostly negative range, session low down about 300, currently down 187 investors are trying to find a bottom for tech having a hard time as the nasdaq continues to fall after jackson hole on friday mack santoli has been watching, we were told look out for withering liquidity next few weeks. >> that's part of the story, carl, both last week and this week and the general sense out there that if the fed chair does not want investors to get too comfortable about the outlook, then they're going to listen eventually, i do think there's a legitimate debate that's happening last few days about how much was new, in what powell told the markets, the bond market looked at it and said we more or less have that priced right. yes, the dollar is strong today but it's not necessarily talking about it being a real jolt, it's more just an expectation that

we're going to have to get to a certain point in rates, and leave them there now, i think the good part of it may be a little bit of a fallback is the idea that it won't take much to get this market back in that mode of being excessively pessimistic, and maybe even getting oversold in a hurry we got down there pretty deep in june i'm not sure we need to get to the same levels to generate those -- that same kind of contrarian negativity. now, can tech ultimately at some point assert itself as a more defensive group? and kind of fall back on the idea that you have more earnings predictability and all the rest? but i'd be looking at something like alphabet which is -- you know, hasn't been this inexpensive relative to the s&p 500 in six or eight years, but the numbers are coming down. i'd love it if 49 out of 50 analysts didn't have ratings but i think that's the kind of stock that ultimately you might be able to say is going to show that it has an earnings resiliency, and therefore it be

a recipient of a flow of rotational funds into it it's not happening yet though. aside from apple it's really being seen as the big stuff in the index that good too expensive. >> it's what i was going to ask you about, mike. nasdaq has come down a lot apple wasn't long ago we were talking about it being close to all-time highs, it has been a place for investors to hide out. today it's one of the top laggers on the nasdaq 100. dom was saying to watch out for the 160 level. and as apple goes into the markets largely. >> yes, certainly in terms of the index influence that is what happens. but apple also tends to go on these streaks about performance it then has to give back some of it was really acting like nothing so much as the consumer staple stock for the first several months of this year and into the recent highs. that's why it has it its own character, to me being illustrative of what's happening more broadly in technology.

>> mike, what's getting sold, say on friday and when investors are selling, has the character of it changed? i mean, we saw the big washout in growth tech, in particular. over the past few months, but it feels like some of those stocks have come back and shown some strength in some other stuff might be selling off. >> yeah, the hypergrowth stuff that really peaked, that isn't, to me, the tip of the spear in terms of new selling on friday it was cyclical stocks, first of all it was overwhelmingly negative, so you have 14 to 1 negative to positive breath. so pretty much everything was getting sold in terms of what was most pronounced it was the stuff tied to the economy i think basically if the fed chair is suggesting that a recession is the tool and not just, perhaps, the unfortunate result of what they're doing toward inflation, then that's what's going to hurt. >> yeah, it reminds me of the minutes that we got, not last month, maybe the month prior, mike, where they talked about

the possibility of gas prices reversing to the upside, and this morning at 96 and change, that would be the highest for tech since july 29th. >> right, exactly, they're going to take nothing for granted that they're going to get more help on the commodity side. i do think you can also, though, look at that as a potential postive, which is to say that powell would sound exactly the same as he did on friday, if he really believed that inflation was going to trend in their direction lower, he just couldn't anticipate that, and couldn't get the markets comfortable with that idea before you actually see the evidence so i don't think that -- he didn't have any special information friday he's hoping to get lucky on inflation, just like the rest of us, but he's just not going to promise that. >> mike santoli, thank you and now let's get to a news update, contessa brewer has that for us contessa. >> hi, everybody, the justice department has found what it calls a limited set of materials that potentially contain

attorney/client privileged information, among the items it found at mar-a-lago. in a court filing this morning the doj says it's following a procedure it set up to resolve any disputes with donald trump's lawyers over what is privileged and what isn't, trump's side wants the judge to appoint someone outside the government to make those determinations georgia governor brian kemp will have to testify before a grand jury looking into efforts by trump and his allies to reverse president biden's 2020 election win in his state. but that won't happen until after election day this morning a judge accepted kemp's argument that appearing now would have political implications and beto o'rourke is off the campaign trail in texas. his challenge to republican governor greg abbott's on hold after the democrat was hospitalized over the weekend for a bacterial infection, o'rourke says he'll be back on the road as soon as he can guys, back to you. next guest argues earlier this month software was the buy of the year going into aurg.

given friday's selloff the serkt has dropped even further, the etf down 2.5%. leaving some wondering have we reached a bottom yet evercore's rich ross, walk us through charts, great to have you. let's start with software, if you're looking at the igv, what is it telling you right now? >> yeah, thank you so much for having me, carl, well, it's telling me what much of tech and markets more broadly are telling us, that after a very promising rally in lows we've fallen back into that pattern, certainly exacerbated by the jackson hole comments but what we see now is an etf, if you will, and a sector etf that's struggling to hold onto support here, around that 50 day moving average but our contention is, carl, that software will find its footing and that breakout you saw in july, that surge was really sort of a preview into the future of what we will expect this fall, and i don't view the recent weakness post jackson hole and going into the event as sort of a prelude to a bigger retest of the lows.

>> do you think, is that view getting ratified by the socks or the cues or ark, or crypto, or anything else? >> you could keep going, carl and just keep naming stocks and sectors. we see a lot of technical symmetry out there unfortunately for the bulls, again, it's that classic setup where we know we've had that bear market decline 30 to 70%, depending on where we look but then again, june, july, you get that big surge, that textbook reversal off of long-term support from deeply oversold conditions, our view is that this is a retest of that surge, and that we have made the turn, the bottoms are in, but as always the bottom is a function of time, price, and in this case volatility, carl. >> rich, we're about to get a lot of information, aren't we, because the holiday season doesn't start with black friday anymore, it starts sometime in october, and there are all kinds of questions, yes, about inventory, also about consumer demand, about how much, you

know, of this is going to come from e-commerce, data, including adobes, and others about what they expect for this season. won't that have a big impact on how software fares >> yeah, no question about it. what we're starting to see in the charts is that price tends to discount the fundamentals that are to come i think across the board, i don't want to say every stock, but in many cases the stocks that matter, you're starting to see the constructive signs in the technicals that would suggest that the fundamentals coming down the road will arc in the right direction. i think you can see that by virtue of breaks in well defined down trends, very constructive bases in stocks like intuit. a huge consumer stock, amazon, the hugest consumer stock in amazon, it had done something it only did one other time, going back to the depths of the financial crisis, but yet it's not the financial crisis, which tells you you want to be a buyer

of amazon. >> the etf, one of the ones up today, they're surging, maybe this thought that perhaps it had bottomed out what are the charts telling you. >> i like where you're going with that one. china is a market that beats to its own drum and in this case it had led us lower, like much of the longer duration, more speculative assets, picking on january and february of last year, as mike santoli alluded to, but challenging the 32 level on the pgj, the golden tray gone internet etf led by stocks like ali baba, trying to challenge that, better days are ahead for china internet, and china more broadly which should have positive read through for risk appetite for broadly. >> going back to the early part of august, finally, when you were looking at charts, and signs were pointing to the mid-4600s, has that been washed

out by powell's framework now? >> carl, it certainly hasn't been supported by that framework, but i don't think it's been invalidated either i think, look, bottoms are designed to throw us off the scent. the market doesn't say come on out to the tour bus. we're about to rally what it does is what it did on friday, says rich after what it did on friday, my point here, carl, the setup is still intact. pick a stock like a hub spot on the longer duration side, look at that surge above that well defined downturn, but back to a 50 day moving average, i see technical symmetry across technology and markets more broadly where we are set up, if you can, to buy this retest. i know it takes some moxie to buy it down 4% is still down 4% i like what i see here to answer your question more succinctly. >> that is fascinating it's amazing how sometimes that

conflicts with sentiment. >> an moxee, i love that word. the laggards on the s&p this tecte.g, bristol myers, take-two inraiv "techcheck" is back in two at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies

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you just saw there netflix, the only so-called big tech name in the green today, market cap of more than $100 billion today may have something to do with reports up this morning on the company's new ad supported tier. let's get to julia boorstin on that. netflix is considering pricing its jum coming ad supported tier between $7 and $9 a month. it's according to a new report out from bloomberg the company's reportedly on track to launch this service, which would be about half the cost of netflix's most popular ad-free plan in the final quarter of the year in a handful of markets with a full rollout next year. now, netflix won't comment on the report, but tellsus, quote we are still in the early days of deciding how to launch a lower priced ad-supported tier,

and no decisions have been made, this is all speculation at this point. gugenheim partner michael morris, this is above what they -- estimating netflix would get $3.72 in monthly ad revenue per domestic member in 2023, which could grow to about $10 in 2026 that would give a boost to the bottom line above the current most popular tier, whose retail price is $15.49 per month. the question, though, is how many new subscribers netflix could draw at this lower cost price with those ads sold by microsoft, and how many current s subscribers could downgrade. they will be comparing netflix's new offering to hbo max's ad-supported version, costing $10 a month, plus disney plus, its version is launching at $8 a month in december. peacock has a free version, plus a $5 option with limited ads, paramount plus and discovery

plus, their options are $5 a month. the ad experience for consumers, netflix is reportedly looking at about four minutes of ads per hour, in line with disney plus, discovery plus and peacock, they promise to show not more than five minutes per hour. guys, it's interesting to watch and i just have to flag, today is the 25th anniversary of the founding of netflix. >> oh, wow, okay quarter century, it's impressive how much does this really matter, though, julia, because for a long time netflix was pointing to international as being the real growth engine, and even if you grow a bit domestically by offering a cheaper service that's ad-supported, is there really growth there when you're already selling the international version for less, and ads don't yield you as much in a lot of those markets? >> well, i wouldn't underestimate how important this domestic service is, jon, remember netflix is facing more

competition domestically and in the more crowded markets, such as europe, canada, some of these other more crowded markets, they're facing more competition than ever. it's not just about growing the number of subscribers, it's about holding onto subscribers when people are trying to cut back on the number of services they pay for as deirdre just mentioned, if people want to spend less, you want to make sure they don't ditch netflix and go over to disney plus you want to make sure they have another lower cost option. a lot of this, i think, is really about maintaining those subscribers, and perhaps generating more revenue from subscribers who are actually paying less. >> that's interesting. you know, we've got the emmys coming up, julia, and we always say, the awards, do they really make a difference? you could argue that now, when churn is more of a challenge, and revenue per user is a challenge, that some of these free marketing things like awards shows are going to count more. >> yeah, the emmys matter, and i would say all of these awards shows matter for these streamers and for the media companies

because it helps them draw and retain top talent. it's not about the free advertising, they want to show content creators, if you work with us, we're not just going to get you an audience, we're going to get you critical acclaim, and content creators love to win those big awards having a lot of that attention would be a win for netflix, not just in terms of getting their shows in front of the people who are watching the awards shows, but reminding content creators they want to come work for them. there are more options there now than ever. if you're a content creator, you have plenty of choices where you're going to go. >> the vmas were last night, were you watching, speaking of awards. >> did you stay up late? >> i want to point out they were in new jersey, newark, this is a big way, vmas in jersey, carl in jersey, deirdre. >> and a big night for taylor swift in jersey. check out piuoo,nddu rare market jump, find out more after

the break.

gut check, shares of pinduoduo, recovering consumer confidence through the latter part of q2, delivering on those numbers on the heels of the worst quarter of growth on record for chinese tech. revenue growth for the first time ever, carl, we're going to get bidu tonight, and talk about that on the exchange they got me working while i'm

out here in new jersey. >> might as well, right, it's worth it make it count. meantime, the nasdaq is off its lows but still down more than 1%. more market action after the break. n'goway. (vo) hi. we're visible. a different kind of wireless company... ...running on a big impressive wireless network. how are we different? we exist only on your phone. so you get unlimited data for just $30/mo, taxes and fees included. plus we have a new plan with 5g ultra wideband. switch today at visible dot com. at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.

we talked about amazon's health care ambitions, what

about its energy plans, the company's striking a green hid hydrogen deal with plug power, taking a step closer to a 20 # 40 net zero carbon commitment, plug shares jumped on the news, and joining us to today discuss the deal, andrew marsh welcome. what does this -- i mean, you guys have been public for a long time people might think this is a newfangled power focus, but you guys are older than the millennium what does this do for your model, if you're able to do these kinds of deals with larger customers? >> well, first, we've been doing deals with amazon for much longer than this deal, kevin, robert, we've been doing deals since 2017 with amazon they already have 15,000 of our fuel cells and today, and this is really the reason, one of the reasons they did the deal. plug is building the first green hydrogen network across the united states with the ability

to generate over 500 tons of green hydrogen per day, which is like 200,000 tons every -- over a year period. that's why amazon did the deal with plug. because we have been the leaders. i mean, we've grown, just to give you because we had been the leaders. revenue's grown four, five times over the last three, four years. >> there's a big expectation that your revenue is going to really ramp in the second half of this year how is that shake up, especially given the economic turbulence? how is that affecting things like hydrogen supply and your ability to deliver. >> first, let me be clear, robert you know, we are electrolow deserter business, which is well supported by the inflation reduction act, as well as our deal in europe which provides an

al ten alternative to oil couple that with continual growth in our traditional businesses, so you know, the idea of the demand side is there for plug products. obviously we work every day to ensure ourselves that we have the components to meatet our customers' needs, but i think during covid we proved we were one of the few companies that met our revenue numbers that we projected earlier in the year. >> hey, andrew, it's deirdre there's also validation in a partner like amazon, but some investors may be wondering at what cost. you said this isn't your first deal you had one in 2017, but because of the accompanying warrants, it actually ended up costing you, and you guys are expected to burn about a billion dollars of cash this year so what are you giving up? how are you viewing prob

profitability? >> let me take a step back, the partnership with amazon and the warrants before, our stock is up 25 times since that time frame so if it does as well this time, i'll be quite happy. from a profitability point of view, we can really clear that the inflation reduction act actually moved up our profitability six months into early 2024, and we feel that with business customers like amazon, we're on target for $3 billion in 2025 at healthy gross margins. >> all right, andrew, it's been jon fortt, and deirdre bosa having to talk to you, an dpru plug power, thank you. >> thank you, have a great day. meantime, bitcoin falling alongside markets well off the lows this morning but hitting levels we've not really seen since july overnight briefly down to 19-5 we'll talk a bit about that and get some more on apple as well

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markets have been red for most of the morning currently somewhere in between the highs and lows of the session, we were down 300 plus on the dow, but that's a decline

of about a third of a percent. coming off of the rout on friday the bears had been making the case that you're going to wrap up august. you're going to move into some dangerous seasonals in september, liquidity might be an issue, qt might be an issue. certainly the bears are going to continue to latch onto some of those narratives that the sledding will get tougher. >> we'll have a new earnings season coming up this was supposed to be that confessional quarter we'll see what still is left to drop, that other shoe that is. one more thing before we go. apple filing trademarks related to its upcoming vr headset, including reality 1, reality pro, reality processor apple is aiming to release the headset sometime next year competition is steep in this space. mark zuckerberg revealing last week that the company is planning to release their next gen headset in october first up on the horizon for apple is the latest product

event next wednesday that will be big jon, are you upset you haven't heard about the metaverse here and apple >> everybody's talking about it. >> well, i mean, i know kevin's excited about it i don't know, i'm not as excited as kevin or robert, pbut i will say we don't know if apple's actually coming out with the vr headset at all, let alone next year though the signs are pointing in that direction it could be the latest apple television, right? the thing that was supposed to happen but they didn't quite pull the trigger on. carl, it's going to be an interesting announcement next week, though people tend to say, oh, you know, iphone who cares. it's incremental they've been saying that for eight or nine years. it's still like the most popular high margin, high dollar consumer product like in the world. >> yeah, i think it's wedbush today. it says the launch of the 14 is going to be pivotal given the weakening economy, and of course next week as well, cook, powell jobs on stage talking about -- we can assume jobs legacy at

code >> yep, he's got a busy week he's going to be in code and l.a. and then he's going to fly back up to cupertino, jon, to release that new iphone and whatever else we might get. >> he's very good at time management, though i think he can do it one last thing, elon musk taking aim at the twitter whistle-blower, musk's lawyers issue a subpoena for a court filing today not in a bad way i think he's looking to get simpatico. he could use his accusations of false statements and security shortcomings at twitter as part of his attempt to break off his $44 billion bid for the social media giant. the story lines don't completely add up what mudge is alleging and what elon musk has been trying to say, but you know, he has ways of trying to connect dots. >> i mean, any dots that can be connected will be connected, right? we know that whether the judge

is going to buy into that is a totally different story. as we head into the fall, guys, this is going to be another story line, a very juicy one for us to follow and markets to follow >> yeah, it's stunning, jon, to think about the range of issues he has to consider he just gave this talk in norway at this energy conference w basically talking about oil and gas exploration how it has to be maintained otherwise civilization in his words could crumble, and yet narrowing down to these extremely narrow legal machinations as he's in this box. you've got to give him credit for handling the big and the small. >> also good at time management. >> and he's managing to repopulate the earth at the same time, which he also sees as a threat to our continuing viability as a planet. so if it's not the energy stuff, it's not enough people he's working, carling, on all of it once. >> as we wrap up the show, it's been nice to be together at the

same desk for a brief moment ism thursday, jobs friday is going to be key as we get the cpi next week. we'll get end of month calendar issues, and then of course pretty good sampling of earnings throughout the week, broadcom, hp, lulu, crowd strike, best buy, ok ta as we continue to watch the market and what yields do in the wick of jackson hole let's get over to the judge and "the half". >> welcome everybody, to the halftime report, i'm scott walker, front and center, the post powell playbook are we going back now to the june lows? isn't that the question everybody's wondering. joining me for the hour, jim lebenthal, and with me here on set stephanie link and joe terranova, 12:00 noon in the east, we're red across the board, dow down a little more than 100 a lot of focus on nasdaq approaching a 1% decline that's 104, 311. the yield on the ten-year note joe, do talk about thi