selling at rosh hashanah and yom kippur which is tomorrow and we'll see how that theory plays out, but many folks saying we're due for a technical bounce here, and it seems to have some legs at least to start the month. that will do it for "squawk on the street." "tech check" starts now. >> good tuesday morning. welcome to "tech check." i'm carl quintanilla the dow making it two days in a row. how should investors think about this bounce and the dean of valuation will join us plus, what can amazon tell us about q4 and the overall market and we'll tell you what they're seeing in terms of cloud, contracts, enterprise for retail and more finally, you won't want to miss our exclusive with ark invest cathie wood buying that tesla after that 8.5% drop yesterday, jon? >> we're talking about this rally that we're seeing this

morning. semiconductors outperforming and cloud computing etf on best had its best days since early august meanwhile, faang, amazon, the largest mega-cap winner, but dee, this is a rally of the fisty. affirm and peloton up 12 and affirm and shopify and bitcoin above 20k, up 3% no question that what's leading this is the stuff that investors, over the past couple of months, several weeks have gotten very queasy about >> yeah. those macro themes is what you're pointing to the riskier rally, the unprofitable and the rally of the growth and whatever you want to call it and it's beaten down names and the macro backdrop and you have the ten-year yield 3.6 and the two-year getting close to 3.4 and carl, the fed isn't

quite focused on inflation as much as it is the job market for the next moves some positive signs and remember they weren't as bad as some were expecting and there was a relief rally and she continues on the dip so we'll see what she has to say about it >> bank of australia hiking not as much. big, dovish surprise around the world and jolt one of the biggest drops for jolt on record and it's exactly what the fed was looking for so in some ways it's not like what we were seeing earlier in the summer as we have the s&p up 105 points and with the rally ongoing is it time for investors to come up the sidelines and start employing some capital and let's bring in nyu professor we talkeded about some of the reasons for the bounce in the

last couple of days. how do you think valuations are pricing all that in? >> i valued the s&p and the nasdaq at the end of september and i felt they both looked close to fairly valued and in a sense, i think, markets, i think are worried about catastrophic thinks with the interest rates and exchange rates, systems get put under stress any highly leveraged companies you worry about what is this going to do? we had a bit of a selling driving the markets to levels that were way too low. so i think some of this adjustment is a correction to the overreaction so from a value perspective and i think the nasdaq was in a pretty good place at the start of this quarter. so i think for looking at the overall index, i feel that this correction was overdue >> do you -- do you think that we have more wood to chop either

on valuation and on multiples and on earnings estimates for next year, anything that could drag us below the 35.50 that we saw in the depths of this recent drop >> as i said, the biggest worry i have is the kinds of moves we've seen in the market this year the macro variables and the interest rates and exchange rates. i worry about some companies not being able to take that. you saw that with the worries about pension funds and the rumors about credit suisse over the weekend and that's part of what happens when macro variables move that much my qualified answer is with that worry in mind i want to steer away from companies which are close to the edge. as an investor, i'm clearly in and fully invested, but i want to stay away from companies that are too highly levered and have too fix cost because my worry is that that kicks in and those are the companies that are most

likely to hear the impact. i want to hear more about those qualifications and i think you said the end of september and the s&p is fairly valued and is that baseded on the projections for the rest of the year that the companies have been making on revenue and earnings being stable if demand does deteriorate during q4 if holiday isn't so rosy. does that then affect where you see things >> i actually knocked down estimates by 15% because i think analysts are either in denial or they're slow and adjusting earnings to what's going on in the economy. and the s&p 500earnings over the course of this year. nothing has happened owe over the last nine months not withstanding all of the developments that weave had. i think in a sense we'll see earnings come in in the last quarter which will reflect more warnings and we'll see negative

surprises because analysts have not adjusted fully so i think we have to be rocky on earnings because expectation aringe chaing way too slowly on earnings >> aswath, what goes into the notion that the s&p and nasdaq were fairly valued because you just seemed to mention that you didn't take into account those earnings cuts and you mentioned some of the recent market squares like credit suisse and the uk pension funds and what's the risk that something breaks here and we go another leg much lower >> i think in a sense it reflects the separation and what analysts think about earnings and what investors think about the arket, and it is incorporating earnings it's not that the market is being in denial. i think in a sense what you will see is analysts catching up with the market rather than the other way around, and i think, as i said, the worries about those

catastrophic shots is one reason why i steer away from companies where, you know, you worry about that shock tipping the company over there are lots that look incredibly cheap rateight now, l buy a bank etf there is a real risk that some of these banks could face -- >> yeah. what you're saying reminds me of what b of a said this morning. they said if the bank of england put and they say they're not out of the woods yet, were to fail they're akin to the bear stearns moment and the bank facing a similar crisis would be a moment in their view, any risk valley is a good time to enter hedges and it sounds like that's exactly your playbook. >> it's a prudent way to go. the analogy i would offer is like having a house inspection of a house in the florida coast. there's a hurricane coming your first inspection is to make sure your house will withstand

the hurricane before you ask how is the air-conditioning. that worry has to be brought into your valuation. you can't just look at something and say i'm going to put my money in there because that catastrophic risk has to b factored in. >> aswath, stay with us. we will take a look at the ipo market and come right back to you. it has been a tough few years for companies that have chosen to go public poshmark had a valuation of $3 billion. shares began trading at $97.50 when the stock opened. that's right, almost a hundred bucks and today they're right under 18 as the internet giant announces it will acquire poshmark for $1.2 billion. it's essentially shuttered the ipo market with from seeds down 92% in q3 from a year ago. what needs to change for the ipo market to open >> leslie picker has a look at that, it does seem at least in the last few weeks, things can argue a little bit and maybe

it's a tiny sound of thawing. >> i mean, if we want to look for the good news we can find it there is some good news and bad news about the ipo market in the third quarter. we'll start with the third, though the ipo drought is order and that's thanks to corporate financial and aig's life insurance unit the company raised 1.7 billion breaking a 125-day drought which was the longest of the 21st century that included ipos of $25 million. there's another ipo in the horizon and acquired by intel over five years ago filed to go public once again and reports that it, too, could raise buildings and surpass the offering size, but the bad news is despite these two green chutes, the ipo market is still very much in the gutter and

$2.3 billion were generate in the third quarter compared to 30 billion over the last year and ipos were higher with the risk on sentiment and the overall market 5.7% and they've seen their prices cut in half as exemplified by their etf year to date so to answer your question, d.b., what needs to change for the ipo market to reopen well, market stability and investor shift are two important characteristics and they perform well when investors are willing to make a risky bet and start-ups and sponsors want to maximize the amount of capital they raise and see strong after-market performance which boosts employee morale we're not seeinging that in then viern the quite yet. bill ford said at last week's delivering alpha conference that he thinks, quote, it could take several years to have a constructive ipo market again, guys >> that's a long time.

leslie, thank you. leslie picker with a great setup on the ipo market. let's bring in aswath one more time several years, professor are you going that far >> no. the big story for 2022 has been the retreat of risk capital across the board from high yield markets and young companies. you see not just in the ipo market, but in vcs and you also see it in the original issue with high-yield bonds. i think it will come back, but i don't think it will come back to what it was in the last decade let's face it, we had an excessive risk capital in the last decade and things were done that shouldn't have been done because you high capital too easily it will come back over the next few months, maybe, but you're not going to see the kinds of booms that you saw leading into covid or right after, even when you had hundreds of companies going public and young money being able to raise as much money as they wanted without any

trouble. so i think it's a comeback, but it's not going to be a full comeback to that i think is the healthiest outcome aswath, how do you read the recent volatility. we team so have whafrs a bir market bounce over the summer and just a few days ago or earlier this week and last week we had this bond yield reaction which is volatile and now we have this risk rally today which is also volatile what is that telling us about the setup as we head into q4 and how far off that stability is that we have been talking about for ipos >> i think the market can't get its arms around a story that explains everything that's going on because in many ways, you saw the collapse and stocks over the second half of the summer, but at the same time rates were up and it wasn't a panic environment where rates were

driven down. until markets come to a relative consensus on a story that binds that together, you will have these back and forth moments days like yesterday and today combined with weeks like last week, we are still struggling to figure out what exactly is the story that binds all of these numbers together and they're pulling in different directions. >> aswath, how are you feeling about unprofitable tech at large and the post children of the risk capital pandemic boom we do have cathie wood on shortly and how would you ask her to valuate these names in the long term? >> there's nothing inherently wrong about holding money-losing companies and the more dependent these companies are and having to raise more capital out there the more i'd stay away from them because if risk capital will stay out of the game at least to the degree that it has this

year, those companies are going to be exposed as they go out and try to seek capital. so you're looking at young, money-losing companies that are looking to break even on cash flows and that might be a screening variable if you want to enter this space is make sure you're not running companies that will not run out of cash and want raise the capital to keep going >> that's a good gut check especially on a day when the rally gets the outsized attention, professor always good to see you >> we mentioned that ark invest cathie wood is joining us in an exclusive interview. attas jt o nuere. th srtinustwmites.

millions have made the switch from the big three 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.

take a look at shares of tesla. they're up more than 5% yesterday after yesterday's sell-off, cathie wood roughly $32 million shares worth of innovation and both funds are up 60% year to date joining us now in a cnbc exclusive. ark invest ceo and chief investment officer cathie wood good to see you and thanks for coming up with us. october is certainly off to a strong start and it feels like the bulls are hoping that the fed may not be as aggressive going forward and something you repeatedly called for.

that sentiment did underpin the summer bear market rally, but ultimately led to new lows what is your read of the moment of market sentiment. >> well, interestingly our strategy did not hit new lows our flagship strategy, and that is quite normal toward the end of a bear market and we did see the broader averages hit new lows last year and yet we maintained our low which was actually back in mid-may innovation tends to be the new leadership as we move out of a bear market and if we're right and the fed's close to pivoting whether in rhetoric or otherwise and they have a lot of reasons to pivot even more now even after the ldi crisis in europe, we may have something similar going on here in the united states, and we also have big deflation in the pipeline, just one commodity price after

another has been capitulating and that's at the beginning of the pipeline and then at the end of the pipeline we have inventories overwhelming companies and we have a consumer that is not playing ball as much as he or she was before. so we think this holiday season will be quite tough and it is going to include a lot of discounting. we believe that the fed will be quite surprised at the deflationary pressures that start hitting the inflation numbers during the next three to ik six months >> cathie, are you anticipating a pave on the or a pause after a rough holiday season, even though the fed has said that they remain determined, do they need to see more of this do you think that that is possible >> i think the fed is looking at not just the economy now which is pretty weak, and if you -- if you combine that with the notion that our major trading partners

are in recession, i'm sure they're on guard, but there are also signs that there's distress out there in the financial services sector. we've been watching the credit default swaps of money center banks doubling and tripling and you know, in europe they're at all-time highs so there are stresses and strains in the financial system that i believe have begun to show themselves. first with the ldi crisis in the uk and the reason this is happening we are experiencing a major financial shock. if you look at volcker is a -- chairman powell is invoking volcker's name, and his keeping at it book title because i think chairman powell thinks we have an inflation like we have in the '70s and '80s.

chairman volcker increased interest rates from 10% to 20% in an inflationary environment that's twofold chairman powell and team have increased interest rates 13fold f and when the interest rates are written economists will say wow! what a shock to the system so i believe credit default swaps are going up in a reason and we will find out what those reasons are over time. >> a different base there, though cathie, let me ask you about your individual investments and you continue to buy roku, teledoc, and zoom. digital transformation will increase their value some argue, though that some of these businesses are more like features, video calling and telehealth have become commoditized by bigger and better capitalized players like amazon and microsoft what do you say to that? how does the valuation sort of account for that changing landscape? >> sure. before i do that, deirdre, i'd

like go back to what you said, very low base. that's the whole point we were starting from a high base before so the shock to the system especially after ten to 12 years of very low rates is quite significant and so that's what i would say there >> okay. in terms of the other stocks zoom zoom and microsoft are going to be the biggest beneficiaries of the first rip and replace cycle in the enterprise communication space, a $1.5 trillion space in revenue per year because we are moving from on, and hardware centric which defines cisco and all of the companies that build out the internet backbone -- excuseme and that started -- that was -- that cycle was in the early '90s

and now microsoft and zoom, i would argue, are ibringing enterprise communications into the cloud, software centric and a much better model. we think this is a very bigged where athose who dismissed it a stay at home will be surprised at the acceleration and this is an enterprise communications play same with teledoc. many people say consumer, stay at home. done no teledoc is building the information backbone which is going to unite hospitals, doctors, insurance companies and patients over time, and it is going to activate the data that it's getting with artificial intelligence so that we can move much more towards preventing disease or -- or discerning it much earlier

diagnosing it much earlier. >> it seems like zoom's case might be even stronger if they been allowed to buy fivenine as they were trying to shore up their enterprise position, but help me understand what you've been learning and where you were wrong up to this point and correct me if i'm wrong anywhere here it seems like you bought the dip in docusign between '20 and '21. shopify last q4 through last half of this year and you've exited peloton, and maybe shopify. what's with those shifts given the enduring trends that you've been talking about >> well, you're talking about some of our more specialized portfolios here. in terms of the flagship strategy we didn't own peloton. we didn't own adobe. we did own docusign. we did not understand how -- how

competition was bearing down on docusign, and once we did we moved out of it. now let me help you understand what we do and how we do it. when our confidence in a company and a stock starts to diminish and it's baseded on a scoring t includes barriers to entry when our confidence diminishes in a risk off situation is we concentrate our positions toward our highest conviction names we've gone from 58 names to 33 names in the flagship strategy and so we're selling the names, taking losses there, but moving into stocks in which we have higher conviction like the teslas, like the zooms, rokus, teledocs i think you're cherry picking a little bit here in terms of names that really have done quite badly. peloton was not a big holding of ark's at all

we held some in the next generation internet fund, but we have exited it and believe me -- >> forgive me for -- >> sorry, jon. sorry, jon we have plenty of opportunity to diversify into names where we have higher conviction, where our scoring system is much higher. >> and that's what i'm going for. forgive me for the cherry picking, but these are some popular stocks that retail investors have followed popular investor names into. do you need to redefine what important innovation is depending on the macro environment? for example, cybersecurity, you know, crowd strike i don't know how big your holding is there that you continue to hold it perhaps to a smaller degree and you exited zscaler. do you start to shift more toward those enterprise names and essentials during a time like this?

>> well, in this case we are consolidating toward the higher conviction name in the cybersecurity space so, yes, that's correct in terms of how we came to find an innovation platform, we are very clear and an innovation platform has to meet three criteria one, it has to be technologically enabled and following a learning curve which means as costs and prices go down, this technology will scale. most of them towards mass markets -- mass market category. two, the -- the innovation platform has to cut across economic sectors for the reason i just said and three, it has to be a platform upon or a launching pad for more innovation so in the case of dna sequencing and crisper gene editing we couldn't have crisper gene

editing so we can identify mutations. so we are very clear in how we define innovation and we center our research around right slough which is a relative of moore's law in order to understand the learning curves and the cost curve declines and we've never seen more innovation evolving as we have today. five innovation platforms, 14 different technologies and all of them following exponential growth trajectories thanks to falling costs. >> cathie, a general question on valuation and how does that play into into one of the names that you hold are you valuing them on the basis that we'll be back to those peaks? highway weigh we we work with

valuation, that high valuations that our companies have today, our stocks have today that those will diminish to market-like multiples within five years. in essence, we have a 20% of compound weight associated with valuation compression. why are we attracted to companies that seem to have high multiples today? because they're investing aggressively now and they're minimizing and as the professor said in the segment before this, after a near-death experience during covid, most of our companies did secondary offerings and so we are set for the next few years and we are very disciplined on our valuations and i would suggest that we, based on this five-year investment time horizon -- we are managing a deep value

strategy it has been the most maligned for the last 18 months as inflation fears and separates have moved up and we think that's going to unwind now and what's so interesting is there's a triple short on our strategies if you look at our flagship, there's a 20% short on it. there is a fund create just to short the flagship people are so convinced that innovation is not going to work and it's the underline stocks and that's a triple short for us. >> i don't know that they're betting against everything when you talk about the valuations, is it possible that all of the names that you hold reach those peak valuations once again and are they all going to be industry leaders or based on the idea that you only need one or two >> we are not a venture fund although we just launched a venture fund in conjunction with titan who is distributing it so we -- we believe that our

multiples will actually come down as i just mentioned and as our companies grow into their valuations and grow exponentially and the innovation is here to stay and about to take off especially as the fed pivots that we've launched the venture fund with titan and the crossover fund, giving access to all investors whether accredited or non-arc credited and access to private companies for the first time we don't change carried interest, and you can get in for $500 minimum and not millions and millions of dollars and then we've launched this week with our partner eagle brook, the ark cryptocurrency fund and the ark crypto asset fund providing for the first time for advisors a really elegant and highly

researched way to access three of the most important revolutions associated with this new asset class. the money revolution, the financial services ref volution and the next generation, internet revolution which involves very importantly digital property rights which i think are going to be one of the biggest surprises that this new digital world and this new asset class will deliver >> thanks for bringing up crypto that's where i wanted to go next with you making these actively managed crypto strategies available to more investors. how are you separating the innovation from, frankly, the fraud. orlando bravo had a bit to say about this over recent days saying the standards in the crypto community were not as strong as he was useded to in

private equity as you make access to crypto more available, how are you working with your partners to determine what's safe and what's not? >> well, we have three analysts dedicated to crypto research and i would invied anyone to go on our site and take a look at the excellent research that yassin and his team, we've been doing since 2015 we were the first public asset manager to gain exposure to bitcoin when it was $250 today it's $20,000 we have been doing this research for a long time because we identified, we believe correctly, this crypto as a new asset class which institutionses and individuals would be able to

access so that they could diversify their portfolios and get less correlated returns. so we've been doing the research for a long time. we're putting out a publication now "the bitcoin monthly." i think it will come out today or tomorrow and you will see how we use on-chain analysis and all of these networks in the crypto space that we're focused on are transparent so we can look into the networks and see what's going on and we had a really important test in this last meltdown with celsius going bankrupt effectively what we saw then was the margin calls that took place on the public networks. they were met, and it was the hedge funds who were left holding the bag. the more opaque ones so i think the crypto asset world is first of all, extremely

excited and highly transparent so you can bring the data and help our clients understand what they're investing in and why they're investing in >> cathie, you built up stakes of 9%, and the teledoc and roku and one of the biggest shareholders and how often are you talking about the management team and especially how you talked about how innovative your research is? >> we are not activist investors. if you don't like what a company is doing we sell the stock in terms of wearing in continual contact, of course, certainly around the quarterly reports, many people think just because we're long term in our focus, five years, that we don't knuckle down and do the day to day work we most certainly do, top down, bottom up and then a scoring system on top of it.

so -- but what is good and interesting, we are now publishing our models on get hub. we have tesla, and zoom now and when management see a five-year forecast like that it's very gratifying to hear that they have sent our reports to everyone in their team, to -- to help understand at least from one point of view a company whose research is focused only on innovation and what we think and how we think they're going to evolve and it's great to talk to business development departments and just compare notes, you know, over a five-year time horizon there's no insider information here it's just trying to figure out how the world is going to work and it's great to compare notes and try and feel our way toward this exciting future >> cathie, we appreciate you coming on with us today.

cathie wood. >> thank you >> news update time. bertha coombs has that for us. hi, jon. here's what's happening at this hour the number of job openings across the u.s. fell by more than amillion in august. it was the biggest drop in nearly two and a half years. however, the labor market remain tight with 10.1 million jobs unfilled ford sales fell nearly 9% in september. that was more than expected, but ford shares are jumping about 7% thecarmaker saying new vehicle demand remains strong and ev sales nearly tripled during the month. ford shares are still down 40% year to date and an american is among the three scientists who won this year's nobel prize in physics. clauser and two others won for when quantum entanglement.

sounds like a great bond title, right? quantum entanglement. meta being looking to add to its strategy as it looks to combat the privacy changes what it means to the stock and the s&p. a stone owe throw from 3800. hi, my name is tony cooper, and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often

have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many

areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare.

a major rally on our hands docusign, airbnb docusign up 5% and airbnb, and twilio major indices up 2.5% and the nasdaq up more than three. on a specialized level, up 6% and the semiconductors and the sox etf is up about 4.5. they were top performers

yesterday and online etf ticker ibuy just over 6.5%, carl. >> pretty outsized moves today, jon. meta, meantime was hit hard by these ios privacy changes by apple which hurt the company's ability to effectively target ads with the stock down 60% for the year and that is now intusin introducing new tools for advertisers. hi, julia. >> meta has unveiled a series of new tools and ad formats to turn areas where customers are having more time and to address those targeting challenges and as the company looks to turn around revenue growth which declined 1% in q2 we should be looking at ads in new places and to tap into the pop lair the of reels which saw a 30% increase in engagement, meta is launching new types of ads for reels on facebook and for tools to make

it on ads for the format it is also introducing a new place for ads on instagram in the explore tab. the company is rolling out new ama-driven products to improve targeting introducing a new targeting tool and automation product to reach new and existing customers and improve brands campaign performance and you bring ai, and to interact with brands on messenger now on instagram the company's launching a test of augmented reality ads both in the feed and stories brands will be able to use these to get people to see the likes of furniture in their home and meta saying this is all part of a drive to introduce consumers to the virtual interactions that will eventually become the metaverse as it makes a big educational push for the metaverse and it's partnering with coursera to launch a course for businesses and creators.

jon, as we look back at meta's results last quarter we saw the warnings about q3 and clieng revenue in q1 and it all adds up to try to find new places to generate revenue >> it's been a rough go. >> julia, thank you. chip names and now morgan stanley giving us the top picks in that space and we'll ll yteou what they are next stay with us good luck.

td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? cl please ignore that. td ameritrade. award-winning customer service that has your back.

i want to get a check on taiwan semi saying they anticipate a semiconductor cycle recovery in the second half of 23 and now's the time to go bargain hunting, they say. elsewhere, micron you may have heard pledged up to $100 billion for a new chip factory in upstate new york it will be the largest single private investment in the history of new york state. shares up 5% on a pretty good take today the dow's up 7.40. "tech check" is back in a moment

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

>> let's check in on amazon. that stock is up, let's see, 5.5% on the rally and it's analysts' top pick for 2022 as it is every year2022 as it is er lately amazon entering its q4 for commerce sales, also when sales contracts are signed ron, welcome so $185 price target, that's about the highs of the stock in 2021 so what are you factoring in macro-wise and logistics wise with the adjustments they've ha to make in order to get you to that price target? >> a few things going on in amazon i think the first thing we have to remember or at least think about is we hear negative

headlines pretty much every single day around the consumer, macro, interest rates, et cetera we heard management come out a few months ago saying prime member engagement is up, and we're seeing prime video becoming in our view an acquisition target for new prime members versus just retention. we put all that together and think about where amazon is on a demand perspective from what users are using it more and more, we think later wallet share, so that's on the retail side you then go to the aws side and our view is aws continues to hold up extremely well we should continue to see 30% growth rates and we think it's becoming more efficient. that's more specific on valuation, but the trends underlying the business seem to be in pretty good shape from our perspective. >> i wonder how you factor in

things like logistics costs, which amazon often will ramp up investment in, you know -- inflation has been a stubborn issue, continues to stick around and if you've got declining consumer demand, overall even if amazon is doing particularly well they've still got some fixed costs to take care of and salaries they've just hiked. how are investors do you think are going to overlook that to get to that price target if that continues to unfold in '23 >> clearly a right has to go over all we heard last week they're actually raising their minimum wage or wages that would add about a billion dollars or or so i think the number one thing we get back to when it comes to efficiency is you have to remember back in 1q or 4q they

were talking about 6 billion in costs. and of the 6 2 billion of that was due to head count and inflation, there's a lot of concern they could even get back down to a manageable amount particularly on the warehouse side, and frankly they're continuing to do that. >> now check out the biggest winners this week. dexcom and asml and lucid in there. more on this market rally when we're right back

millions have made the switch from the big three 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. markets hanging on the gains here dows up 725 or so. still trying to knock on the door of 3800 paris and frankfurt going to close up 4% today. we'll be right back. hi, my name is tony cooper, and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a

medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes

two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare.

zoom and microsoft are going to be the biggest beneficiaries of the first rip and replace cycle in the intercommunications space. this is a big idea and those who dismissed it as nothing but stay at home we think they're going to be surprised at the reacceleration of revenue growth in the years ahead >> making the case for zoom and microsoft. john, the expected price

estimate for 2026 for zoom $1500, so currently just s sub $80. >> not so much it's a matter of bad stocks >> fascinating day, guys glad we had that chat with cathy. let's ged to frank holland and the half >> reporter: welcome to the half time report. i'm frank holland in for scott wapner the question today should you buy into this rally and what bargains should you be buying right now? we'll debate that and much much more with our investment committee today. and joining us is stephanie link and right here on set is liz brown and josh young stocks building on yesterday's huge rally the dow back about 30,000, the s&p on track for its best day since mid-july the nasdaq showing some lead