bring you anything, of course, as it occurs of importance moving closer to that trial date twitter shares about 1% overall market that is up 1.17% anded nasdaq about 1.7%. that's does it for us right here on "squawk on the street." "techcheck" starts now. good tuesday morning and atlantic to "techcheck." i'm deirdre bosa with carl quintanilla and jon fortt today. new lows on the year for the s&p and dow. nasdaq, outperforming for a change top gainers helping the index higher beaten down names like lucid, docusign, nvidia that said, still summer sessions warnings on the street and cathie wood talking outlook earlier this morning on "squawk box." >> we believe we are in a recession. the durable goods orders we just saw really seeing strength there, because of activity being

aconttracted to the u.s. flight to safety why the dollar is going up as well nonetheless, we think we are in a recession. >> though she, guys, has conviction to pick up more of those beaten down names in the ark fund like roku and others. for a number of reasons. she thinks inflation will or has already peaked employment lagging she said this as well, guys. the street is so bearish can't argue with that. vix this morning, jon, above 30. some say, though, you need to see the vix above 30 at least a few consecutive days if you want to use it as an indicator to get back in. >> and friend of the show from the "wall street journal" in a piece a couple days ago buying the dip and how it hasn't worked for retail investors cathie wood, queen of buying the dip. always buying more, carl, what she's already got. that's the move. that's just -- that's just the

move hasn't worked for retail so far. maybe that turns around. you know maybe. >> maybe definitely as you say buying more of nvidia more dna and clearly convinced, guys, we're going to get series of at least monthly declines in cpi, which if we keep getting a steady series of them maybe you do wind up, back to year on year cpi back to four or five middle of next year. >> saying for months now, guys, perhaps deflationary forces. interested to see what it looks like putting money to work in private market, guys of course it is a lagging indicator. those valuations we have been talking about so much really have come down have they come down far enough where is they going to put that money? more software names? perhaps newer industries interesting. we're talking about that later on in the show as well, carl. >> all right more on these markets and potential recession, cambria

investments joins us today talking oversold conditions. certainly the ten-day a.d. line. do you think we're ripe for a balance? how long-lasting might that be >> you know, i would love to come on the show one day, one day in the future and say i'm a romping, stomping bull unfortunately that day is not yet today. if you look at our models. the ones that can be tactical in the u.s. stock market, there's as bearish as they can be. the two main pillars we look at, value on one side, stocks are still expensive. you know not as crazy as in january, but they're still on the expensive side particularly if inflation sticks around we can come back to that also on the trend side u.s. markets, almost every market in the world, honestly in a downtrend now. put those two together you get a lot of volatility when the market is in a down trend. so the vast majority of up and

down days occur when the market is already in an established down trend and if you miss both of those, published research on this years ago you actually end up in a much better play avoiding the ten best and worst days. they tend to cluster together. volatility gremlins. usually better to sit out and wait for a better time. >> if multiple is crushed because the market came to jesus on rates, do you think they're going to come to jesus on earnings once q3 starts to print? >> the thing about when you mention the rates, and its close cousin inflation we did a tweet beginning of the year that is very unpopular. talked about, said, look, historically speaking when inflation is this high, these long-term pe ratios are down about half from where we were beginning of the year. excuse me. about half from where we are today. and much further from the beginning of the year. so, yes. we have fallen 20%

a top three worst year ever for 60/40 if we close today in the last 100 years other two great depression doesn't feel like a warm, fuzzy place. right? average allocation portfolio probably down 20%. the thing is, it can get worst the 60/40 global valuation investors understand it can get a lot worse the problem is, if inflation sticks around, even goes back down to 6, 5, 4, average multiple is low teens. if we're in the mid to high 20s right now, you can see how there's a long way to go. >> back to what you said about stock being expensive. stocks are expensive assuming what about 2023 revenue and earnings and beyond? >> market cap weighted right. when you say stocks doesn't mean everything i can say a romping stomping bull on value stocks quants, nerds like me say, look,

historic spread between cheap stuff and expensive. at levels not just in the u.s. but around the world, close to what we've never seen before great. usually a good time. doesn't mean can't get worse but usually a good time. inflation sticks around some of the best investments in 1970s, 1940s places to hide out were value stocks look abroad, by the way. some of these foreign developed emerging market countries have about 7% dividend yield plus on some of these. looking extremely attractive. >> what is the effect in all of this are you looking at theeffects of housing costs i mean both surging rents and higher mortgage rates on how wealthy the consumer feels and then how much money there is to spend when it comes to just discretionary spending that fuels the economy in a lot of these revenues >> this is a little close to home, because we're getting

ready to sign a new office lease. close to the beach i was told we can't sign it until mercury's at a retrograde. for more days. i live in l.a. kind of normal, but -- that was my argument. i said, you know, we're entering recession. this should be cheaper than it looks but still expensive. look, i don't know i think housing obviously has had a magnificent run. similar to a lot of things the u.s. dollar has been an absolute wrecking ball feels like it's moving things off the rails around the world by the way, that's historically, the u.s. dollar about 20% overrated versus much of the world including europe, particularly japan historically a big tailwind for foreign stock investing for the u.s. standpoint the next three, five, ten years. it's been a headwind in past, tailwind going forward but a lot of these things simply moved up so long often it takes time to digest i hope housing comes down.

it's expensive here for me in california >> yes me, too. san francisco. i like that one. mercury in retrograde. okay let me just present the other side of this if you do come on one day, and you are a stomping bull and in your worth, an indication too late exactly cathie wood's point. others are feelful, you should get in seems like a peak moment how much lower could we go don't you think a good opportunity willing to hold for at least a few years >> i think that's fair i think for the vast majority of longtime investors actually saying this on twitter for a while and have been wrong, depending who you ask. i say i love it if my retirement accounts, dollar count into emerging stocks. cannot be happier keep going down and for the long-term investors, 10, 15, 20-plus years. awesome. dollar cost average away keep investing

problem with most people, that time horizon only exists in theory when it comes to how behavior will be come end of the year, come next year, i think it's really hard. so i think there's two camps go ahead, put it in. dollar cost averaging. the other, wait for the trend to turn most of the trends know similar returns buy and hold if not better never pick tops and bottoms, though and often wrong at turning points usually get the meat of the move right, which is really all that matters in long term. >> you do like value stocks. i wonder what you consider a value stock in tech? traditionally thought of ibms, hps. seen valuations kim down meta, adobe, paypal, looking value-ish. what do you like here? >> look back at the long history of sectors try to be agnostic. i don't try to get excited about utilities, tech, whatever it may be and tech one period.

got to almost a third of the s&p 500. other periods it's low same for energy. on and on. over the past few years tech was the darling. interesting's three shareholders etfs, value-style funds. the u.s. has very low tech weighting. emerging markets high tech weighting. surprising to me and areas of values, energy, industrials, materials but emerging markets beaten down, and tech is, you know, a big part of the portfolio. within the u.s. it's not there yet, but we continue this move down i would be really surprised if we didn't start adding to this in the coming months. >> definitely know when we're having you back. when mercury assets progress, i guess. >> all right, guys, thanks october 2 end >> put it on the calendar. check out communications

services dom chu joins us with a breakdown of key names to keep an eye on. following the discussion what's the value >> absolutely, deirdre to his point, a lot of times many investors look for factors and combination of factors that maybe kind of yell, hey, this is a value-type situation yesterday we looked at technology sector stocks trading below the industry or sector multiple when it comes to price of forward earnings. earnings expectations over the next year. today we're going to look at comp services. look at the comp services sector versus the invesco qqq trust and spdr s&p 500, many technology names the reason why watch that then look at some of the valuations in the sector overall. communications services sector has been beaten up so much that it now trades at lowest price to earnings ratio on a forward basis than it has since the depths of the pandemic back in

2020 so it currently trades, right around 14 times next year's expected or anticipated earnings that puts you right at the same levels at during the depths of the pandemic within that in mind, 14 is the multiple for the overall sector. which names trade at a discount to that 14 times forward earnings 11 names in the sector according to facts that fit that particular bill. the 11 names you're familiar with meta platforms about a 12.5, 13 times forward earnings paramount. global, 10.7 times verizon, 7.5 and at&t trade tiding roughly six times forward earnings as traders and investors look towards where to find value this is one of the factors they look at maybe initial screen, maybe in combination with others. keep an eye on those names jon, comes down to it, look at value names in the communications services sector many are established ones out

there. interested in which the other 11 names are, check out my twitter feed at the domino posted five here and the rest on twitter. >> speaking of q tech. 2022 weighing heavily on ipos of the past and if there were any present, 91 companies went public last year currently trading below offer prices according to data from theologic. when is it safe for private tech names to hit the market? bring in zillow co-founder, former ceo for a closer look a lot to talk about with you spencer. start with real estate just called out zillow involved with offer pad coming to public markets. i'm curious about the impact of this quickly slowing housing market rising rates on consumer behavior when it comes to retail investors, and when it comes to some of these companies.

what are you seeing? >> well, unfortunately i think the housing market's a little worse than most people realize look at data like case shiller, a paled amount homes sold in the period say last month and then looks back when the last time those homes sold three, five, ten years ago and calculates the delta look at median value of all homes in the geography, actually declining in many parts of country. housing is very weak that should be expected. the fed wants this raising rates, when mortgage rates went from 3% up to 6s and mid-7s. it is absolutely happening housing is slowing rapidly however homes are still selling pretty quickly a mind bender i think. people have a hard time wrapping their mind around. because of limited inventory because of mortgage rate lock-in. bought your home two, four, ten years ago probably 2%, 3%, 4%

mortgage difficult to list your home and buy at a 6%, 7% interest declining in lots of parts of countriants state of real estate listings talk about stock listings. limited inventory of those, too, but of new ones, but for different reasons. when do you expect that to shift, and what are you doing when it comes to your own investments and spacs? you dabbled in that. >> yeah. ipo window closed for 238 days haven't had a tech ipo greater than 50 million in 238 days. i would have one tech ipo this year, versus 124 this year window slammed shut. i think it's going to stay closed until at least q1 probably q2, maybe q3. a bearish point of view, but when you hear the fed indicating they're probably going to be raising another 50 to 100-plus basis points, that's going to

slow the economic significantly. you have to remember, like, we talk about the ipo window and ipo backlog as if it's a discreet thing really the ipo market is just a little microcosm of the broader equity market. so look at the comps, jon. online retail down 70% last 12 months online advertising down 55% last 12 months. digital marketing down 40% got public comps that have come way down, public market investors looking at new inshoenses and ipos expense discount to the public comps because of taking a risk buying new issuance a company hasn't been public previously when public comps are down that much the ipo window is slammed shut, because companies don't want to sell into that buzzsaw so fourntly look for it to stay closed until at least next year, to that point, spencer, seeing private companies take down their internal valuations like instacart, purportedly getting set to ipo later this year

what does it take to open back up someone's got to go first, a big name isgoing to be instacart? >> i hope public this year i'm skeptical they'll get out this year. a normal market, look for, what does it take to be an ipo candidate? a company with a forecast generally high growth, generally revenue scale at least 100 million of revenue if this market you need profitability, nearly profitable especially unit level profitability and ideally real profitability and a bigger market cap $2 billion plus market cap and marquee must-own name with retail interest. instacart checks a lot of those boxes but very little happens, equity, even in a good market, happens between this and end of the year a short window, just a couple weeks to get out before thanksgiving i'm skeptical. what will reopen the market, i believe, sometime next year, companies that meet these descriptions that i've given forecast of high growth.

most importantly, profitable that's new certainly haven't seen that in the ipo market a couple of years. >> yeah. talking about what a dramatic change in narrative that would be back to housing. economists and jpmorgan using zillow data suggesting shelter cpi will start to moderate and decline. do you believe that? or is the dynamic of high mortgage rates going to force people to rent and keep rents relatively robust? >> i believe it on the for sale side i believe home values, as i said, are declining in lots of parts of the country that's going to reduce value of homes, but affordability is going up, or getting worse, because higher mortgage rates. i think you're exactly right, carl just to say home values are worth 5% less in los angeles doesn't mean housing costs gone down by 5% on the contrary. housing costs probably went up because mortgage rates are higher than they were before

so it's -- you know, the impact of housing on cpi is really a lagging indicator because of mortgage rates lagging against you as those tick up even reducing price of homes at the same time. >> spencer, one more spoke to keith about the i-buying model derailed i'm interested what happens in a down turn. does the team offer stress for 6.5 plus mortgage rate, what happens to that long-term debt if interest rates are going to rise even further? walk me through what happens with this kind of model? >> we got derailed that was a good euphemism. doing a great job in that interview, by the way. >> thank you >> look, offerpad a frustrating situation. i'm a shale holder tew a spac. it's exceeded projections but digital real estate thrown by the wayside by public markets

and that's frustrating what happens to these times of companies, openpad, door and others, through downturn, manage their back well, advantage to the seller is increased. they provide certainty to a home seller in a down or flat market like we're in some markets now more valuable toll a seller these companies should be able to do well through downturn if well managed and manage their book well. i think that having been said, a couple quarters in the penalty box while housing is thrown aside and they have to buckle down, keep performing. over time if they're patient stocks will recover. >> all right spencer, lots of good intelligence there appreciate it. >> thank you for having me. and if you're looking for guidance of the volatility do not miss cnbc's delivering of a fa conference just 24 hours away leslie picker joins us with a preview. leslie finally almost here all excited.

>> it's finally almost here. it's going to be a very busy day. it's hard to think of a better time to convene top investing minds from all strategies and asset classes to help us make sense of the recent market volatility in the tech space in particular, joined by two top-tier growth investors familiar to the "techcheck" audience. blackstone president john gray and whitney, ceo of bumble speaking about their partnership and fireside scheduled with citadel and pimco, up to the minute perspective on the market environment. of course, with the midterm elections actually six weeks away today, we'll get a sense of the political and regulatory landscape with deputy treasury secretary wally and virginia governor and former carlisle

ceo. jon fortt closing out the day with a micro panel of rock creek and jillian salisbury runs goldman sachs asset management less than 24 hours away but i believe still tickets available if you'd like to attend or get more information about the event. please, visit the website or there should be a qr screen. all information you need send it back to you. >> i'm sure another chance to put the qr code up on the screen. >> love a good qr code. >> yes leslie picker. still ahead, a check on chips and some warn nvidia is stuck in valley. domestic manufacturers ask, where are the workers? big show ahead "techcheck" is just getting started.

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let's get a gut check on nvidia stock up more than 2% this morning. the chipmaker facing historic downturn a dip like this back in 2018 actually what it looks like zooming out to today the valley is steep. trading at lows not seen since march 2021 overambition and bad luck developing the most advanced gaming chips on market means making them larger and more difficult to afford. building data centered growth. 60% over last yaur but eats away at cash pile plus selling to ethereum miners after the merge have become worthless since a switch of proof to stake the question, a library digital

model, a/k/a nvidias modelverse building up the chipmaker? guys, comes from a great piece from ben hopson's newsletter the whole idea here is that nvidia has built itself into an industry leader, jon, and they are gambling taking big chances and putting a lot of capital behind it for things that maybe gamers don't want now they don't know they want it yet. so if you think that nvidia can kind of come out of this valley again it could be a really good time to pick up shares of those companies. >> well, nvidia's got to be so much more than gaming. so much more than graphics right? even more than data center at this point to reach that next level. dawn great job leading this company from being an intel-dominated also ram into being a giant in the industry. once that arm acquisition got scuttled, i think there are continuing questions how it becomes more of a platform

driven not just by the chip cycle but by software as well, and so that narrative has to emerge in this environment as well. >> yeah. a great point. people tried to argue earlier in the year, look, maybe if they flush out the gaming channel, they could reset like in 2018. workloads changed so much, jon, it's not just about having the best chips you've got to have buildouts beyond that. clearly what he's working on. >> speaking of chips and buildouts, domestic manufacturers seeing a big windfall from the chips act, but where are the workers? live from intel's headquarters, at least one of its facilities, in chandler, arizona, i should say. joining us with more kri kristina >> one part of the workers hispanics make up the second ethnic group in the united states but are severely underrepresented in science, technology, engineering and math jobs like 8% actually

8% of s.t.e.m. jobs like these technicians jobs, i'm in a white suit to be clean before you go into the fab finding that is so difficult especially companies from global foundries to tmc are spending billions on at least 13 fabs in the united states, which could potentially create anywhere between 40,000 and 50,000 new jobs in niche fields in the next three years. finding technicians and engineers, finding experts is not easy that is why we came to intel who paired up with community colleges to find that underrepresented talent and fast. ten days of training four hours a day and they'll be able to develop into being an entry level technician >> we spoke with one latina student who was a stastay-at-hoe mom of three and now offered a job here after the program her words on switching and entering this field.

>> just the word semiconductor sometimes is intimidating but it's not it's actually basic stuff. not super hard training or something that's out of this world. it's just tools. right? >> tools that are used to make the chips that power all of the electronics we use, and it's not just intel you've got semifoundation, global foundries, micron, all collaborating with schools to find the talent they so desperately need jon? >> actually i'll take it such an important question because it's a national security issue. yet also a labor issue as well fascinating. thanks for that, kristina. if you think we're years a bottom, strap in according to our next guest, why things could fall lower and how you might trade it after the break. stay with us.

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welcome back to "techcheck." i'm carl quintanilla with deirdre bosa jon on asicsignment rest of the hour bulls made a run, half past the hour here. 3 7 00 on the s&p or awfully close. yields turned upwards once again. a news update with bertha coombs. >> how are you, carl what's happening at this hour. surge in home prices, going down s&p/case-shiller inshowed more than 2% less than the previous month and the biggest one, month drop, in the index's history consumer confidence up second month in a row thanks to part to falling gas prices recent gains followed three

straight months of decline as inflation surged walmart teaming up with a fertility start-up to offer family-building benefits to its employees. services include fertility, surrogacy and adoption support. for the first time, elon musk tops the richest americans list and the first person in the annual ranking's history to hit a quarter trillion dollars in personal wealth. mark zuckerberg, meantime, lost more than half of his fortune over $75 billion fell from third most rich american to overall 11 forbes says the 400 richest americans lost a half trillion dollars over last year the first drop for the super rich since the great recession a lot of small violins playing. >> took the words out of my mouth, bertha. meanwhile, stocks a five-day

losing streak and investors search for a bottom and tech could fall further. managing director joining us now, matt, thanks for being with us first guest, down beat saying more room to go on the down side when we hit that bottom what are you looking for as an indication of that, and, then, secondly, what are you picking up? >> yeah. i think we are going to need another quarter or two before we hit that bottom, and the biggest reason is because sort of operational tightening and full implications of the recession haven't been felt yet in these stocks yes, stocks all down and in many cases below the five-year average. thinking mostly tech stocks, but not at bottoms yet in my view. a lot of uncertainty going into

q4 whether or not you'll have the annual budget flush. i'd like to see the two quarters play out before we look into any kind of buying >> right in terms of the names you're looking for. reading your note. crousestrike, zoom, in-fa. great companies at good prices but going to be great companies at great prices. timing a quarter or two does that assume the fed is done hiking and pausing >> yeah. i would say these are companies great prices at rich prices. they're great companies at rich prices a year ago. great prices and good prices today. all executed very well but are going to be, my opinion, great companies at better prices in the future a couple of dynamics going on. you reference the interest rates, but also look at, are they able to out-perform the expectations i mean, all of these companies have been basically beating and raising consistently and trying to now guide more cautiously

into the next couple of quarters i think those quarters are going to be tougher. i mean, the indications i'm seeing, that q3 will be quite a tough quarter and the challenges you might be able to meet your revenue numbers, but it's your bookings or billings that are going to be the pressure got tension between wanting to invest in the future hire the sales capacity to keep selling but need to get more sales productivity out of your current sales organization and i think we'll lose out on the side being low are on productivity and not nearly enough in terms of results on the top line over the next quarter or two. >> if that's true, then why some argue was pre-announced season limited to certain sectors like chemicals and stindustrials? >> on the tech side betting on growth so i think people in the tech world started cutting back in q2 and hard to know how much their customer, their buyers, outside

of the tech world and other verticals were going to cut back i think they're seeing that now in q3 as everybody tightens up i mean, the word on the street here in seattle is that microsoft's cutting back expense budget 75% as they went into their new fiscal year. take a data point like that and hear a lot of other similar data points, and whether you're a tech company or a non-tech company, i think people are spending less. apply that to software now and i'm hearing that sales cycles are stretching out there's more pressure on re renewal. people are trying to consolidate number of seats or rate at which growing and expanding's that's the near-term problem. optimistic in medium-term though, business processes digitized and automated will help companies, whether companies on the security side, like crowdstrike, automates security or a bigger company like a service now could be choppy waters for them

and i think it will be for the next quarter or two, but come to the early to mid part of next year i think a lot of these companies will see they've been able to get the longer sales cycles absorbed and execute well again and growing into 2023. >> yeah. most definitely service now one of the first to warn us that's the environment we were headed into >> right. >> also watching the spread between public valuations and late privates? >> bet egg to buy public companies. they've adjusted back to below the five-year multiple the multiple average 8 months plus revenue we're down at 6 x level. down 15 a year ago to show the contrast there in the private companies i mean, the companies that raised money on so-called unicorns, $1 billion to $4 billion, newer unicorns, on average those companies have less than $20 million in

revenue. think about the 25 to 50 x revenues many later stage companies are sitting on we still see a lot of adjustment in later-stage private valuations and on top of that a lot of the players setting the price in later stage private valuations the last couple years now moved away from that market. i think it's going to be a tough time, unless you execute extremely well as a late-stage private company for valuations in that sector last, not ipos anytime in the near future. >> also execute well if you're an investor. cathie wood announcing ordinary investors in private companies what do you make of that what does it mean for traditional venture capital where you operate and maybe of that management fee? 2% to 4% >> everybody's got to negotiate their own manager fees

i won't comment on that. what i will say, though, is that there is incredible innovation happening in venture, and if you have access to the people and the insights and innovations that are out there, you can get in early, you know, at lowest valuations and help build these companies. think about some of the next gen machine learning companies talking about nvidia earlier i think they didn't talk enough about potential of nvidia as a major player in learning and a long, long way to go both at the enabling layers, companies -- and as well as application space where you get companies lish pa like parity, high spot, doing amazing intelligent machine-learning applications. >> giving good names matt, thanks for being with us thank you. >> thanks, deidre. still to come this morning, take a look at america's wealthiest consumers as they

lose trillions amid the broad sell-off the latest, in ex- going to break, throughout hispanic heritage month celebrating our cnbc teammates and contributors here's cnbc associate producer telling her story. >> i am a first generation mexican-american and i am so proud of that. the reason i am where i am today is because of the sacrifices my parents made to move to this country, provide a better future for my sister and me it's those sacrifices that give you the drive to skexcel in my career and make theirs worth it. my advice is echale, give it all you got and don't wait on others put yourself out there and take a chance on yourself first. or more she can sell all or part of it to coventry for cash. even a term policy. even

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a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. if you have felt some pain as stocks sold off, you're not alone. stock market losses this year cut american wealth by nearly $10 trillion robert frank has more on that for us this morning. hey, robert. >> good morning, carl. well from 401(k)s to family offices shareholders lost trillions in dollars of wealth this year from those market declines knew data from the federal reserve showing value of american holdings of corporate equities and mutual fund shares falling by $9.2 trillion as of july 1st add in declines since that time, probably brings it close to the

$10 trillion mark. now, the top, they lost the most since they own the most stocks top 10% of americans saw their stock wealth drop by over $8 trillion this year top 1% losing $5 trillion in stock wealth about a 20% drop in keeping with the market rising home prices have helped a bit, but not nearly enough to offset stock wealth declines real estate holdings up $3 trillion this year less than a third value of the stock losses the big question is, when this negative wealth from stocks starts to affect the consumer spending of the wealthy? the total wealth top 10% still up $9 trillion since 2019, before the pandemic. so that financial cushion is still large, de, but shrinking fast. >> yeah. a lot of large numbers there thank you so much. still to come, a check on crypto lending at eight states crack down on a key player in the space, and bitcoin showing

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highs, that is a long way to recovery as the dow's gains have been narrowed down to less than 50 tech check's back in two

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take the xfinity mobile savings challenge and see how much you can save. switch to xfinity mobile today. our internet isn't ideal... my dad made the brilliant move to get us t-mobile home internet. oh... but everybody's online during the day so we lose speeds. we've become... ...nocturnal. well... i'm up. c'mon kids. this. sucks. well if you just switch maybe you don't have to be vampires. whoa... okay, yikes. oh sorry, i wasn't thinking. we don't really use the v word. that's kind of insensitive. we prefer day-adjacent. i'll go man-pire. a lot of news in the embattled crypto space as voyager digital inks a deal, eight states announced cease and desist orders for another name

in the space on top of all the headlines. i didn't even mention half of them >> there's so much going on this morning. let's start with ftx it's won the battle to buy voyager. the deal is valued at $1.4 billion. most of that is for voyager's assets and marks sam bankman-fried's second attempt calling it a low balled bid dressed up as a rescue bankman-fried told me in an interview he was surprised by that because there were no cons consulting fees involved another one of those companies, celsius, this morning announcing its ceo is stepping down amid its own bankruptcy hear gsz. in a statement saying he's, quote, very sorry about the

difficult financial circumstances members of our community are facing regulators are paying very close attention to this space. late yesterday we also reported eight states are bringing actions against the platform nexo for offering unregistered interest bearing accounts. those offered 36% interest in some cases nexo said it's working with regulators and really trying to separate itself from other lenders that didn't offer uncollateralized loans or freeze exposure. nexo, that same company announcing it was acquiring a state in a chartered u.s. bank, summit national bank, nexo to link bank accounts directly to clients. we'll see how lenders feel about that president of ftx stepping down and he'll be transferring his

responsibilities moving more into an advisory role. >> and in the past it's hard to keep these u.s. leaders of the exchanges. thank you. carl >> that is a lot, guys meantime dow's gone negative nasdaq still in the green but well-off the highs of the morning with gains about half a percent. we're back in a moment ♪ ♪ ♪ ♪ ♪ ♪

one more thing tesla one of the top gainers on the nasdaq this morning, up about 2.5%, and still one of kathie wood's top picks. >> we're pretty excited about the next five years. i think this year there'll be almost 8 million evs sold around the world. we think that goes to 60 million in five years, and we think tesla's in the drivers seat. >> if you take a look at tesla's performance over the last 12

months it's up 12.5% all the other megacaps save apple are significantly lower in that time frame. >> we paid a lot of attention on this headline saying their asking workers for help. so we're going to watch tesla. huge day for evs, all kinds of news even though we opened up only in red on the s&p and the dow is back 12. let's get to the half. welcome to the half time report front and center the debate in the market right now is the fed going too far too fast, and will it cause stocks to crash and the economy to tank? t the investment committee here with me. let's check the markets as we always do. carl just said we've given it all back we had a pretty decent morning going. we're red now. dow is down about 50, 29, 211. and you're loo