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tv   Tech Check  CNBC  September 30, 2022 11:00am-12:00pm EDT

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declines, so it's a better deal in london. >> such a nice city. >> that will do it for us on "squawk on the street. the s&p 500 making a comeback and the nasdaq as well have a great weekend, everybody. "tech check" starts now. good friday morning. welcome to "tech check." i'm carl quintanilla with deirdre bosa and jon fortt the nasdaq is back to levels we saw in june. meta freezing hiring zuckerberg telling employees that the company is cutting budgets across most teams which will lead to layoffs and google planning to shut down gaming service stadia. and micron planning to cut
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investments by 30% this was earlier this morning on "squawk on the street. >> we are taking actions cutting capex and supply growth for the year >> we talked about this yesterday. i'm not sure we expected the commentary to be so negative across all of the end markets. >> yeah. i'm not entirely surprised and i said yesterday i would be paying close attention to nike. while the numbers for the quarter were not bad, the intentories were bad this is the scenario we've been talking about for weeks. it started with target and walmart. you had inventories of consumer goods sort of at the low end that were sitting there, being inflation impacted the question was would this go through to the middle class consumer, even to the enterprise we're starting to see exactly that what nike tells us, what carmax
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told us this week and what we get a hint of from micron, when it comes to laptops, cars, some pretty expensive clothing, consumers not -- the demand is not there but the supply is. the question is what happens now as we're entering q4 after today? if consumer demand continues to weaken across all of these things if enterprise demand keeps staying iffy with deals getting pushed out, what sort of position does that put us in come january and february? this is uncomfortable but it could get worse. >> it could get worse. that's what everybody is trying to figure out. big tech lost $260 billion in the last 24 hours, that's between apple, alphabet, amazon, tesla, microsoft, meta these big names. in the case of micron, it's key that this is a stock up 3% today on what was not a good quarter, not a good outlook, but perhaps
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investors thinking this is maybe the trough so it's time to go in here 2.9% carl, it was interesting that it was said that things would be getting better in 2023 i know you guys pressed him on what led him to believe that he said maybe the opening up in china. but a ceo willing to come out there in this environment that is so uncertain and say he sees things going up, that's something we have not heard in a while. >> you have to give him credit a bit more on meta this morning. joining us today is morris mark. morris, great to have you. happy friday happy end of q3. when you look at meta and google trying to get more efficient and the hunker down memos we read, is this an environment where you
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start shopping >> we're disciplined we're trying to protect our ability to invest. we were cautious all year. we raised cash we have not on a net basis employed the cash. we have added to certain investments. we think there's a lot of attractive value among the high-quality businesses. our strategy is to own great businesses over the longer term. we've been invested in apple since 2006 we have been invested in amazon since 2014 really since 2008. we've been invested in google since 2010 -- excuse me, alphabet so, i think that gives you some idea of how we look at things. >> and the notion that these companies got used to the pull forward in demand, scaled up, and now there's slack in that rope, that doesn't concern you >> i like the idea of businesses running their businesses our attitude is we want our own people to be productive and
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people not productive won't be here we like our people i think that's what they're doing. i think that's -- a lot of them overexpanded in certain areas. i think the core businesses are sound. one thing we remember from the financial crisis of 2008 is that owning the companies that can come through that with strong financial positions and great business models, ultimately proved to be very rewarding. >> you said on a net basis you have not deployed all the cash you raised what are you waiting for >> i'm waiting for a better framework. i think the framework is clouded. i don't think you worry so much -- i worry about the human cost of recession. that's a horrible thing. you don't want anybody to lose their job. you don't want anybody to suffer i think from an investment point of view, what you want to see is a perspective where good companies can grow their
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business and where the opportunities are there. we have a world that's far more clouded today than it ever has been for the last, i would say, 25 years >> when does that clarity come does it come during q4 or as a result of q4 then what are the themes that you think are going to be most important coming out of this period as you start to deploy that cash? just because something won over the last couple of years doesn't mean it will when when we emerge from this period >> absolutely. i think you want smart management, you want great business models, you want great long-term opportunity. and you want people who can take advantage of it. i think that's what we're looking for. on a net basis we added recently to our investments, we added to amazon i really like the new ceo. i like his attitude, which is very pragmatic i think they're going to maximize the use of their
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assets i think the idea of using prime services as a generator of business to other businesses, i think amazon's de-emphasizing its own private product sales and trying to do more for other companies. i like that. i think they built amazon web services you may have a cyclical slowdown there, but that's a great business with a great long-term opportunity. and we added to our disney position we think disney is truly a cheap stock. you cannot reproduce what they have at anything close to the current price of the stock >> i was looking at that i saw b of a trimmed their targets to 127 today, but bob iger spoke about the cable and cable satellite business being terminally ill he said the theme parks are hugely profitable, but how much of that life jacket will still float? >> i think a lot of it will float.
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you do have to worry about cyclical risk. the better the balance sheet, the better the business model, the less you worry about things like that, the more you can think about long-term opportunity. i think the emergence of the disney streaming channels is takie ing advantage of technolo for a new way to entertain people i think the eventual introduction of advertising driven services to reduce the cash cost to the customer, if that's what they want, just will add additional growth opportunities. i think the parks are an integral part of disney. disney is in the entertainment business then one of the few companies that can monetize the product through means that most people wouldn't think of. you go to a park because you want to see the "star wars" attraction you go to the park because there will be marvel attractions marvel is an unbelievable
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franchise. nothing like it. you go to the park to see the princesses you go to the parks to play golf there's an espn thing at disney world, too i think that's going to fit. i just think the opportunities there long-term are enormous it has a financial capacity. it's going to be making money. the long-term earnings potential is enormous. >> we could spend the whole segment just on disney those are a bunch of actionable and smart ideas. thanks so much great to see you have a great weekend >> thanks. be well. >> the dow is up just over 100 points at the moment the s&p is up a fraction of a percent. the nasdaq doing best of all, up 1.25%. we'll see if that holds. our next guest says it is judgment day for cash bleeders turning his eye towards mobility names like uber, lift and doordash as well as fintech
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firms like coinbase and robinhood. coinbase is up 9% as is asana, but the mobility names have lost a third to three quarters of their market value joining us now is ranjan roy is it a matter of bleeding or whose model is working and whose isn't. some of these on an operating basis are doing pretty well. doordash is a grower operationally. >> yeah. these companies have been growing, but we are at that moment that these companies that have bled cash over their entire lifetimes, the one that exemplify that cash growth bleeding model, if you look at q2 to today, things are flat, kind of up a bit mid-july to mid-september,
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everything looked okay we were getting positive surprises on the earnings side then the september 13th cpi print hit. then all hell broke loose. i think for these companies, to me the most important business statement that was made was in may when it was said expenses and costs would be gone after. the fundamentals look okay but since then, you have seen every ceo talking about lowering your burn rate, generating more cash you're hearing about the pivot to profitability more than pickleball right now everybody is talking about it. now the only thing is who will deliver. i think investors have been giving a lifeline and a leash to these companies for a decade powell and the fed said we're okay targeting market pain who will be able to show cash flow and positivity? there's going to be a much more focus on that in the coming
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quarter. >> agreed. agreed there's lots of different ways of measuring profitability i think maybe investors, particularly retail investors maybe have not been as disciplined about that in the past as they could be now. just because something is not profitable by some measures, if it's growing quickly, if cash flows are good, that's different than something else, there's a difference between uber and lyft and lyft and doordash. >> yeah. i think the next quarter we'll pick the winners and losers. uber's fundamentals looked good. gross bookings up 33%. revenue up 30% they have more drivers on the platform than even pre-pandemic, but this is a company still forecasted to lose $7 billion this year. they lost $31 billion in their lifetime i think investors are going to focus on who actually has a
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sustainable business model one quarter of positive cash flow does not make for a sustainable business model they showed they can cut expenses pretty rapidly, but that does not mean this is going to work on an ongoing basis. >> ranjan, could you argue that judgment day already came and went for the likes of uber and lyft it was their ipos. uber went at $25 a share, lyft at $75 they're not even valued as growth companies are they looking at profitability when actually they should be looking at innovation? a company like uber has sold off some of the most interesting innovative parts of the company like self-driving, maybe scooters and micro mobility. what do you think? >> that topic of innovation is almost very personal as a new yorker because nowadays i'm going and hailing taxis once
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again. we're 12 years into this revolution and we're back to where we started i think that's very important that everything will be evaluated on unit, economic improvements how do they show true profitability, not adjusted ebita but positive ebita going forward. i think that story of innovation is gone. you're correct on that these companies have shown this is the business actually delivering rides with this fleet of drivers to people who book it on their phone that's the entire business make it work i think investors are definitely demanding that the multiples have come down enough to show they are recognizing that, but there's a lot of room on the down side if they can't show they can make money. >> stay with us for a moment we want toget the latest on elon musk and twitter, some of these text exchanges between musk and others that have been made public and show how the deal came together and production headlines on tesla.
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julia boorstin has that. >> well, text exchanges unveiled in court documents show the drama behind the deal. there are hundreds of text exchanges between musk and other parties that were around the deal but here's some of the texts that we found most interesting before musk offered to buy twitter, former ceo jack dorsey wanted musk on twitter's board, but the board members didn't dorsey texted musk on march 26th saying the board is super risk adverse and saw adding you as more risk. also on that day, dorsey texted twitter started as a protocol, it should have never been a company. that was the original sin. the musk responded, i'd like to help if i'm able to. a little over a week later, musk announced plans to join twitter's board and then he pivoted to buy the company after musk tweeted publicly asking if twitter was dying, it
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was texted it's my responsibility to tell you that it's not helping me make twitter better in the current context. next time we speak i would like to provide perspective on the level of internal distraction right now. musk said he would not join the board texting this is a waste of time and he intended to take twitter private. another key text on april 9th, purging fake users will make numbers look terrible, so restructuring should be done as a private company now, by april 14th, musk made his offer for $54.20 per share to take twitter private. so we're going to have to watch and see how all of these texts influence the trial that is set to start on october 17th >> julia, thank you.
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stick around ranjan, you're still with us as well what these tweets tell me is that as much as what was happening on twitter about this deal as a dumpster fire, it was just as much a dumpster fire in the texts. they seem to reflect the sort of deterioration of the market also over that period of time i don't see myself as a boss, people raising their hands to be ceo, volunteering to connect elon to desantis then it gets serious as the market comes down at 54.20, ha, not so funny anymore >> first thing, i realize there's a golden rule any time i'm scheduled to be on "tech check," elon musk will break news the day before. this has been universal. these texts are incredible i think every journalist, everyone who works in tech, every investor needs to read them honestly, it's almost cathartic to realize these masters of the universe making these deals are positively human go through and read them
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from an actual pragmatic standpoint, i agree with julia, the most important text is the text to brett taylor, the chairman of the twitter board, recognizing that they want to purge fake accounts. even more important he says the company needs to be taken private because if they purge all the fake accounts, it will crash user numbers that's correct that's absolutely correct. but it's completely recognizing he's not being misled about fake accounts and never was i think all the gossip, juicy tidbits aside, this is an important development in the entire legal case and really hurts musk's legal standing around this. >> i have to imagine you think the price action we're looking at now, up 2%, directionally today, but also say over the last month, this points to that idea >> yeah. the price action, i think you're seeing it. again, we're still well under
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$54, but people are starting to realize twitter has leverage here again, this entire idea -- there's so much public knowledge around this. musk himself has tweeted publicly about fake accounts for years. i think people are coming to the realization and it's all there in those amazing text messages and the emoji reactions that are written out that are written out. that musk knew this the entire time it does not give him the legal standing to kill the deal and only get away with a billion dollar breakup fee >> amazing is an understatement. you had to break out the popcorn. it was so interesting to see the power dynamics between musk and some other people that we know well in silicon valley some good exchanges. i want to ask you, what does it say about twitter and jack dorsey it was so fascinating to see inside of jack dorsey's mind he's hinted at this publicly, that there's more to this story. and we found this out.
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he said twitter was never meant to be a company, and this is proof that it's jack versus the board. >> it's so interesting the moment jack wasn't on the board anymore, he took back all these decisions. he not only found twitter, but he built it into a big business. seemed like he had regrets or was recent of the way the board pushed him out. to sajy jack dorsey was throwing twitter under the bus may be an understatement the idea that he was egging elon musk on and encouraging him to take the company private it's fascinating to read these texts. >> yeah. that's where -- the most interesting part is jack dorsey appointed somebody to be the ceo, yet instantly changed back we need to -- it was never meant
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to be a company. it should be a protocol, it can only be run a certain way. i do fully agree it was completely inconsistent but also let's remember jack dorsey made this protocol comment for years. it's a reminder that the inner workings of these deals can be random they're just so abundantly human in the way all of these things are approached that i think everyone has to recognize that these multibillion dollar deals are not run in the most intellectually rigorous or quantitative way >> raise your hand if you want to pay $40 billion for a protocol not a great idea thank you. >> ouch. after the break, nike is down big this morning. we'll have more on their direct to consumer strategy next. "tech check" is just getting started.
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checking on nike this morning. shares fell despite posting a beat on the top and bottom line. that surplus of inventory weighed on the stock the company shifting strategy in an effort to clear that backlog, especially in north america, including by boosting its d to c business the company reported more than 5 billion in direct sales on the quarter. that's up 8 year-on-year and sales for digital up 16. sales for nike's wholesale business increased by 1% we've beenover the action. and 4x, that's a $4 billion hit to revenue for the fiscal year >> i believe what this signals about the middle class consumer in north america is the most important thing. we were talking about target and walmart which is on the lower end kind of consumer spending capability now this is hitting the sweet spot as q4 is starting and a big part of the question is what about that upper middle class?
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what about that luxury consumer? will that consumer continue to spend? because if we get demand shakiness across the entire consumer landscape with inventories burgeoning as they are, ouch. >> i'm not sure how much we got from nike's quarter on those demand issues. it doesn't feel like that was the issue. it was inventory, of course. those numbers were interesting direct sales grew by 8% versus the 1% for wholesale it tells you about the strength of the brand if you are a long-term bull you know, it makes me think of peloton on the flip side of this which started d to c the brand wasn't strong enough post-pandemic, now they are going the wholesale route. we talked about this before. it's a luxury if you can do so and own the user, own all the data >> yeah. i think i would say with carmax and other signals we have gotten on the middle class consumer, we already see some shakiness there at a time when inventories are high across the board. that's my concern. we'll see. after the break, the ceo of
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wisdomtree is with us. its cloud computing etf losing nearly half this year. we'll dive into the state of the cloud and talk a new fund hitting the market stay with us
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welcome back to "tech check. we continue to watch the intraday tape on the nasdaq on this final day of september and the quarter, putting together some gains of better than 1% in just a moment, we'll talk with the ceo of wisdomtree as they debut a new fund. first a news update with frank holland. >> ukraine is seeking to join nate to. president zelenskyy said he submitted an accelerated
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application after russia started the process of illegally annexing ukraine the u.s. is sanctioning more than 1,000 people and businesses connected to the russian invasion president biden said russia is showing contempt for peaceful nations everywhere with its phony claim of annexing ukrainian territory. in moscow, putin signed a ceremony to sign the annexation treaties he said he would use all available means to protect the annexed parts of ukraine. in florida, state officials say there are at least reports of 21 deaths in areas hit by hurricane ian. they say only one of the deaths has been confirmed rescue crews continue to search damaged areas for survivors. power has been restored in some areas, about 2 million customers are still in the dark. that's the latest. deirdre, back over to you. >> thank you very much wisdom tree unveiling a new
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etf. that coming amid a brutal year for ether and other funds that we track at "tech check" including the wcld and the wcbr. let's bring inwisdomtree jonathan steinberg for a closer look good morning to you. let's talk about the blockchain-enabled etf it provides a secondary record of shares on ethereum blockchain explain to the audience what that means and why investors would need this. >> it's not an etf it shows you how early we are on digital assets that no exchange actually has the license or approvals for tokenized securities yet so this can only be bought in wisdomtree's wallet, wisdomtree prime, which we're in beta test now, rolling it out nationally in the first quarter just little bit of housecleaning on that. it's very exciting to create blockchain-enabled financial services and our wisdomtree
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treasury fund is one of the building blocks that will be a part of the ecosystem as it emerges. >> okay. so my second question, why is it exciting why would investors need it? what about the current record isn't working? >> so, you know what's interesting when you think about tokenization, most people are trying to tokenize things like private assets that are -- things that don't really have a great experience for investors, we're trying to tokenized -- our standards are etf. the best of the old rails. nothing is better, more investor-friendly than an etf. with tokenization we think we can make it better so you will add lower fees, faster settlement, peer to peer exchange of value in a safe, secure manner. wisdomtree prime is being built for saving, investing and payments really, a new relationship with
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your money is what will emerge >> jonathan, explain how this potentially shifts wisdomtree's business model wtsy you say has no management fees or ongoing expenses how do you make money and how does blockchain help you do things more efficiently? >> it's great. one is though we run commercials on cnbc, we have a direct to consumer the wallet will be more so a direct to consumer channel a bidistribution channel explicitly we're trying to diversify our revenue streams. we'll make money on transaction revenue, net interest income, and what's very interesting, you brought it up, beta on the blockchain i'm not sure if there will be expense ratios certainly we're pushing a business model where there won't be that's going to be extraordinary
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disruptive to the historical asset managers in the years to come >> you point out this is not about cryptocurrencies themselves >> right >> are there any secondary effects that you see on the cryptocurrency market here people oftentimes have a hard time separating blockchain technologies from cryptocurrencies themselves. some people might see this and think, wisdomtree is getting in on crypto, which is not what you're doing but are there any effects you see on ethereum itself >> first, we do have crypto etps in europe. we offer future-based bitcoin in the u.s. in some of our broad-based commodity funds. mostly we're doing crypto, the asset class, in the united states through sma's because of regulatory constraints one interesting thing with wisdomtree prime, one of the use
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cases where bitcoin, ethereum can sit seamlessly with your equities and bonds and commodities, so that's really an innovation that we think will be very constructive. we're trying to mainstream crypto the asset class, that's one of the purposes at wisdomtree >> that's always been the promise of blockchain technology i guess i'm fully not understanding, if that promise has not been fulfilled yet and we have not -- i guess i'm asking, do you think there's been a use case where blockchain technology has made things better why launch this now? how far away do you think that is >> we're in beta test now on wisdomtree prime, which will be our consumer finance mobile app. we'll look at that nationally in q1 the infrastructure is blockchain native we will have functionality that
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some of the other mobile apps, i'm not sure what category you want to put this in, but they're on the old rails yeah i do believe it's early days so bitcoin or cryptocurrencies are a use case on the blockchain one of the things that's been difficult is the regulatory uncertainty. we began this journey four years ago knowing that we had a strength in getting transparent exposures through the regulators today where this fund's approval was a significant milestone for the company. >> jonathan, i want to talk more broadly about funds. amid the market turbulence this year, hedge funds, money managers have been sitting on more cash. they increased their cash positions. do you think investors are starting to wonder why pay for that are you seeing any shift in that style of money management? does the argument for etfs
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become more compelling with this environment? >> for sure. when investors become less complacent, when a strong market selloff, etfs always take market share. this year is the same. doing very well as an industry relative to mutual funds and hedge funds. wisdomtree, we have best in class organic flows year to date i think we're about 6.6 billion net of inflows we're doing very well in domestic fixed income, short duration and floating rate treasuries as well as value or the shift to value in u.s. equities yeah this is a very strong moment in time for etfs. >> jonathan, i want to go back to the last question i asked i don't think i asked it clearly. i wasn't asking about wisdomtree's crypto-related funds. i was asking about this wtsy and -- though it's ethereum
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redated, do you see impacts from this fund itself on crypto assets should people read that through at all i think some people will >> i think it's a positive i think it's showing more use cases on different blockchains so, you know, we're going to be on the stellar chain and the ethereum chain i believe this is a positive for both of them it shows what is to come so we call it responsible defi, which requires compliance, regulation if you want to see crypto mainstream, you're going to need certain things like compliance to really get this to pass the early adopters into the mainstream i do think -- i'm not sure if -- if we're very successful with wisdomtree prime, it could have an impact on ethereum over time. >> i want your take on something
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that kathy wood just announced, that's her venture fund. what do you think investors need to be aware of someone who does market etfs, going into the private market space. what do investors need to know here >> she's a very strong and passionate investor around disruptive themes. much of that is possible in private market, so her fund that she's launching will allow her to invest in private and public securities i think her style is out of favor at the moment, but, you know, she's worthy of a shot certainly she's a strong business person. so, we wish her well >> yeah. i guess both you and her in common are experimenting with new technologies, new ways of investing. jonathan, thank you very much. jonathan steinberg, wisdomtree ceo. after the break, retail capitulation how some retail traders are
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thinking about tesla and apple as those stocks re-approach the june lows. stayitus wh i traded my taxicab for a food truck and a dream. i'm larry villalobos, owner of cachapas y mas, bringing venezuelan flavors to new york. people love our yoyos and cachapas. we've become a foodie destination. larry doesn't just create mouthwatering dishes; he creates opportunities. small businesses like larry's open doors for neighborhoods to thrive. support your community. support small business.
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apple and tesla making up a large percentage of retail traders portfolios as the names fall along with the broader markets, how are the losses impacting retail sentiment. apple one of the few names in the red this morning kate is looking at that. >> good morning.
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good to see you. these are now wildly held names and apple and tesla could add to a tough year for mainstream investors. according to vander research, apple accounts for 20% of retail investors holdings it's by far the most wildly held stock followed by tesla at 13% they call the stocks the last bastion of hope for retail this group has been relatively resilient and buying the dip lately retail buying has been steady since june but started to drop off on monday. that slowdown is a sign of deteriorating confidence in the market's ability to rebound. this is an important group to watch. some analysts say retail investors have been the ones cushioning the markets in recent weeks. this chart shows a spark in retail buying along some of the recent recoveries in the s&p
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if this group does decide to sit on the sidelines or sell t could mean less support for the markets. one potential silver lining, retail capitulation, as they call it, is often the sign of a bottom there's another signal that mom and pop investors may be losing interest in the market changes in google searches data from data trek points this out. terms related to either apple, tesla, the dow as well, tend to be reliable proxies for retail investor interest. all of those peaked back in march of 2020. they're back at pre-pandemic levels after being relatively stable throughout the last year or so. head over to cnbc.com if you want to read more about that trend. >> all paths lead back to apple and the retail investor because institutional interest in apple has been declining this year it's so interesting, as we talk about this at the beginning of 2021 when we saw that huge retail boom at the start of the pandemic, that we thought maybe there was meme stocks and then
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the mega caps. are you seeing evidence that some of these retail investors are not necessarily picking individual names but moving into etfs, bonds? >> and money market funds as well as rates go up, retail investors have gotten more defensive and tactical and moved into the more traditional investments that we don't think of absolutely not meme stocks, but safer investments that are not the most exciting stock picks but they're getting more defensive and moving money to higher yielding products, still in equities. not necessarily in cash yet. the cash levels are steady if anything, they seem to be holding out and not buying the dips because they have gotten burned at this point there's so many new retail investors. roughly 25 million new retail accounts in two years over the pandemic this group is increasing for the broader market >> another divergence between the retail investor and institution. institution holding more cash. >> yeah.
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>> carl? >> speaking of mega caps, look at microsoft today ray jay targeting a $300 target. wee ckn cole'rba ia up
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a couple of tech initiation calls. truist morning saying expectations underestimated both the strength and durability of their revenue growth potential price target there $300. elsewhere initiates cyberark with a buy and view the stock as a long-term winner in the security software market cyberark on the performing the nasdaq this year, although it is still down 13% in 2022 up next tesla hosting its ai day this evening more on what to expect when tech check returns in just a moment
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to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today. tesla hosting its ai day for the second straight year the company's looking to attract talent as well as show-off some new technology phil lebeau has more on what we might expect hey, phil. >> hey, carl a number of technical updates are likely to come out tonight in the course of the discussion between elon musk, some of his staff members, as well as those who may be there participating
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in ai day. specifically what's the status with the d1 chip, also the dojo super computer and then there's the optimus robot. is there a time frame we might see the first iteration of the optimus robot. people might be parsing through anything he might say when it comes to the full software the expectation he'll probably talk about the expansion there by the way, he tweeted out yesterday this event is meant for recruiting ai and robotics engineers and highly technical
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this weekend we're expecting tesla to report its q3 delivery numbers and usually comes on the subsequent day of the quarter so expect that probably on sunday, though they have until monday, but i would expect it probably comes out on sunday. carl >> thanks. if you missed part of the show, well, don't forget to follow and subscribe to our podcast listen anytime, anywhere, wherever you download podcasts tech check is back in a moment this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable.
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one more thing before we go that is an official leadership change at meta it is cheryl sandberg's last day after she announced the move in june julie bornstin back with us and has more >> it marks the end of an era for meta here's some video the company gave us from tuesday that was her last day in the office at the company's menlo park headquarters, and her departure comes at a time when meta faces its biggest challenges yet, and the stock has lost a quarter of its value
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sense sandberg announced her departure. the company now trading at its lowest levels since 2019 and having lost two thirds of their value since peaking last september. even before the economic downturn meta was facing marriage challenges. difficulty in targeting and measuring ads, declining user and ad growth rates in the face of growing competition from tiktok plus anti-trust and regulatory risks. and now as the company works to pivot to a focus on the metaverse, it's also facing an overall contraction in ad spending plus forb exchange head winds. saying the company is in the midst of a significant investment cycle with increased spend on new growth pillars, mainly reels, its short form video, and the metaverse saying we believe this provides a cap
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to ebitda. >> wig story this week next week's going to get busy. a couple of isms and obviously payrolls let's get to the judge and the half all right, carl, thanks very much and welcome, everybody, to the half time report this friday edition, front and center this hour after another quarter to forget for stocks is any relief in sight for your money in the months ahead? we'll debate that with the investment committee we have a super sized group because it's all an hands on deck kind of market. nasdaq a touch higher. russell's higher by near 1.5%. 375 is the yield on the ten-year note but, joe, we're wrapping u

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