travel and international is roaring back transatlantic is strong. we are seeing asia little weak but that is likely to change in the next year or two >> phil, thank you. you look at the performance of a number of those shares. overall, we got more or less flat mark with the s&p up 0.03%. that's a wrap on "squawk on the street." time to send it over to "techcheck." >> good morning. welcome to "techcheck." >> i'm carl quintanilla. today thousands of layoffs at intel ahead of what most expect will be a brutal end of the year for technology we will talk about the market reaction next. then another public company taken private. vista equity acquires nobi 4 pc sales not enough to deter this optimism at microsoft their head of devices joins us at the bottom of the hour. >> we did get new inflation data

this morning numbers hotter than expected across the board the nasdaq off five straight days of losses it's a little lower than flat now as megacap names continue to see weakness microsoft, meta, amazon down th week intel plans to lay off thousands this month cutting costs as the ceo pursues a turnaround with pc sales weakening and tough competition. earnings are october 27th. for more context, carl, microsoftannounced surface pro nine line today. it's got on chips as an equal option and apple's gaining share in the pc markets with chips that are outperforming intel in mac. so squeezed from the sort of macro perspective and on share in pcs perhaps. >> we will start talking more and more potentially in the weeks ahead on some of these markets where the end market itself is weak and how much

literally how we can start quantifying their ability to rein in costs. >> the fact that microsoft is still using intel chips may be bullish. guys too, questions about intel's finances do they need to pursue that dividend cut gelsinger says no. perhaps plans to sell mobile ipo could provide some support there. meanwhile, guys, another day, another buyout yesterday was tomo bravo announced $2 billion all cash take private deal for a software company forge rock today vista equity a $5 billion deal for cybersecurity company know be 4. prices below their highs of the year as private equity continues to try to take advantage of these weak stock prices. weak funding environment what was interesting, guys, is that this was an lbo, a linked buyout

they have been doing all-cash deals. we know that the lbos are harder to do in this tight credit market so some of the players that are doing them are increasingly turning to private credit providers. if you look at across the pe landscape, lbos have accounted for $175 billion of private equity deals 262 in 2021. this kind of private equity deal is a little bit more muted, but those all-cash deals making up for it. >> what was interesting to me about this one, vista for know be 4, know be 4 wasn't doing that bad it became public april of last year yeah, the stock pies is down but everybody's stock price is down cyber has been strong, carl. so the fact that they are going this route, that private equity, private investors are still spending money on the right sorts of things, just last week

i talked to nick schneider of arctic, unfortunately, mentioned that $400 million raise in debt, he talked about consolidation happening in security. so there is strength there is demand. but those that are operationally stronger that have an eye towards being platforms are looking to grow and perhaps those that are more point solutions are looking for other combination options. this being one >> pretty fascinating. we will dig into that later on meantime, what does the rest of the year hold for equities our next guest is anticipating an earnings dip as-much as 22% joining us morgan stanley's chief investment officer mike wilson great to have you back thanks for the time. >> thank you, good to see you. >> you know, the market has been hypnotized by this notion of a fed pivot. you have been busy trying to look through a and argue even if one comes it could lead to

rallies but will lead the market to think about longer term issues that the fed can't do anything about is that >> that's right. we are focused now on the path of earnings. this is the second part of the scenario and while it's critically important to asset markets, we don't think there is an imminent of it coming any time soon in terms of like our true private where they mont only pause but start cutting rates. we think that will come when it becomes apparent that we are in a recession or there is some sort of stress in the financial markets that the fed has to react to so in the meantime we will focus on what we do best, which is forecasting earnings a year out. on that score, unfortunately, our models are pessimistic, right, that the forward earnings estimates by the street are probably about 20% too high relative to what our models are saying we don't get everything right, of course, but directionally that's a big gam so that's how we are going to

focus on earnings season, where are the opportunities in the long and short side because there is still -- probably a bunch of companies that lowered the bar enough and those are the better candidates to be buying don't be looking to buy companies that haven't lowered the bar. this is not a situation where the average company avoids this downturn in earnings this is going to be broad, the way we see it. >> we began the hour talking about this report on intell's layoffs. you had a note sunday arguing companies have to take more significant action on labor, layoffs. you looked at jolts and claims and some of the time lags there. can you talk about what you think might be coming? >> yeah, this is really interesting economic cycle everything has happened in a compressed manner. we call this a hotter but shorter cycle and that's happening. another interesting aspect is that companies have had a hard time finding employees because of the pandemic, the structural shortages in labor and head count. and so what could happen is we

may get a soft landing in jobs let's say we have a recession. we don't know the answer to that let's say we get one next year we think it will be mild from an unemployment standpoint, meaning unemployment only goes up a couple hundred basis points which is modest in economic terms. from an earnings standpoint that's a bad outcome one of the things about the u.s. equity market the reason why it's done so well the last 30 years is because companies are good at cutting costs they need to and efficient with that i am not so sure they will be able to reduce head count as aggressively as in the past given the structural shortage. but as far as our note goes, we think the process has started, meaning job openings have come down you were just talking about layoffs and specific companies, we're seeing that, too eventually it will overwhelm we will see negative payroll data at some point we don't know when but we are going that direction. and the question now is how deep will that be >> yeah. so, mike, back to what you were saying about expecting an

adjustment in 2023 earnings forecasts, when is that coming is that coming, do you think, this month in earnings reports or is it going to wait until some of these companies see how the holiday goes should we expect that reality check to come in january or february >> exactly the right question, john we don't know the answer, unfortunately. wish we had a crystal ball we don't what we can say is that some companies will likely clear the decks starting this quarter. seasonally, that's when they do it they say let's clear the decks here and try to save 2023. many other companies, as you point out rightly, will wait and see. we don't know. let's see how things go the next two, three months, a lot is happening, the election is coming up, the fed could do things let's wait to january, february when we report our numbers and look forward so i think it will be a mixed bag. that's what makes it challenging, right

this bear market, it's been going on a wllong time. you can't just be full bearish all the time you have to respect that we don't athink the bear market is over yet. >> for earnings season ahead of us, warnings from the likes of fedex, micron, amd amd was interesting. seen as an industry leader taking market share. what are some companies out there or sectors that you think will disappoint but haven't yet warned the market? what is their effect going to be >> probably more of the same i think the market is on to it now. consumer discretionary and technology are down the most because those are the areas that we identified overearning the most in the paparazzi, in the lockdowns. so that's where the downside is the greatest for the operating leverage is most severe. the good news is the markets on to it, priced a lot of that, but we think there is more to go i think what we are trying to do

is we are trying to find individual companies or sectors where they can defend earnings or trying to find companies where they have already cut the numbers three or four times and that's real, that's a reality check and they have the numbers down there on the positive side, what we like, we'd say it's been health care, it's been companies that have high operational fishsy and that has been working well this year of course, they are expensive. it's just becoming more challenging. it's hard to kind of find places to hide out in and get these last couple of innings of the bear market over. >> yeah, i'm sure a lot of investors go along with that view appreciate it. mike wilson, morgan stanley. >> the counter to that argument, a positive for maybe not as bad as feared earning season for tech mark mahaney says most of big tech is trading at an attractive valuation now. mark, first, tell me how you reached that conclusion, how you are thinking that valuations are looking good right now

>> well, multiples across at least the internet space have been cut in half overrated in 2021, so they deserve in hindsight a d rating this year but forward multiples something like 24, 25 times ebitda to 11 to 12 times ebitda. the pre-covid average was 15 times. at least you have taken the multiple risk out. now we are focusedn the estimates risks. and the one thing that changed here you have seen a lot of cost measures taking by companies we have been talking about hiring freezes, the cuts, managing down of the expenses from companies we heard this from amazon, from google, facebook, some of the big names, netflix, et cetera, lyft, names like that. so at the margin that means that i think we still have negative -- we are likely to are more negative than positive of this quarter

h i just don't think the sku will be as negative because the companies starting three months ago started taking cost measures. >> at the same time, fairly recently, the last few weeks we have been hearing from economic bellwethers, fedex, samsung, overseas, the demand caught them off guard, weakened materially does that make you nervous why wouldn't that play out for the other big tech names you have the startup space that could weigh on cloud computing revenue. >> yeah, i think all of those bellwether data points are cautious for tech. most of tech not all of it. there are some places. enterprise will be much better insulated than consumer. so the consumer oriented names like a facebook, like a netflix, like an amazon, they are all going to bface those economic tailwinds. we are looking for interesting opportunities. what i like about mazon, it already took its cost medicine

the beginning of the year. it had unusually sharp cost spikes and it's been worked against those. i think you will start seeing improving margins. you see improving margins in amazon in the back half the year, the stock can re-rate, and revenue growth is accelerating because you are beyond the tough comps for amazon facebook is trading ten, 11 times gaap earnings. and data points we saw last night we put in our report this morning, rising engagement the market is beared up on facebook that's a dramatic positive and netflix, we like it, it's our third pick because it has the biggest catalyst in the internet space and that's the launch of an ad-supported offer. >> meta would have to trim that metaverse, spending a little bit to get there they have quite a bit to trim from and still spend billions. i wonder how much you are factoring in what's happening right now with inventory and how that might end up affecting the digital ad market.

right now you have got a lot of big box names clearing out inventory, which i imagine, you know, they are spending on some digital ads to target that but then you've also got this v to c reaction to the ios and targeting changes where maybe they are backing away from certain types of spend if all of that is happening as the economy is slowing down, does that eventually mean an overall sort of spending recession in digital ads the likes of which we may not have seen in quite a while? >> i think you're setting it up right, john. you made me point amazon prime days, it's really amazon inventory days i think amazon went to the market a couple of months ago and said you have excess inventory, sell them on prime day, october 10 and 11 it's a smart move the excess inventory is now available during prime days. going forward, yeah, there is an

issue here with advertising. we are seeing more and more signs of advertising softening so i think that's -- and it's going to continue to soften the next year. the question is have the numbers come down enough we have had material cuts at facebook to their credit they have been very specific about bringing down estimates they have done it aggressively whether they are down enough, i don't know but we are close, i think, to the bottom, unless investigate a sharp, severe recession next year i think a lot of the -- i know the multiple on facebook meta has been de-risked i think the estimates have largely been de-risked and the market is focusing on the cost side and the company is acting on that. that's why i like the stock. yes, i love to see them take that 10 billion and bring it down to 5. i hope that's what they will talk about in a few weeks. >> that would be a big cut but you are talking about those value aspects that the street increasingly likes about meta. thanks so much for being us with john, i like that. amazon inventory day

i think i will use it. >> there you go. >> more accurate. >> clear it out. next, the under the radar announcement you might have missed from meta's product event yesterday. pluses more on why crypto bulls are bracing for regulation "techcheck" is just getting started. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade

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crypto investors as the space continues to sell off with the broader markets. kate runooney is live with that. >> good morning, regulation is by far the biggest theme i am hearing about from investors and executives in crypto right now they argue it's key for prices ensuring the wall street players keep entering the space, avoid high-profile blow-ups like we have seen this year and makes sure entrepreneurs are still going it build here in the u.s there is some tension though here in washington over who should regulate crypto the industry wants the cftc over the s.e.c. and as you see gary gensler has been less open to adapt existing laws for crypto the chairman at fintech week yesterday saying the opposite.

>> we are going to have to adapt. there is no doubt about it. >> this is not a very, like, in the box moment where everything is clear and perfect this technology is very different. it's very new and all agencies are going to have to adapt the current structure we have because in not built decades ago, we are, you know, moving in an evolutionary time >> time is running out for a crypto bill to pass with the midterms coming up the blockchain association, a lobbying group in d.c., says the digital commodity consumer protection act has the best shot right now of getting a vote. another avenue we might see for clarity is the u.s. court system this morning grayscale filed an opening brief in its lawsuit against the s.e.c. you see multiple lawsuits against the s.e.c. there these legal decisions could set new statutes and, therefore, set some guardrails the industry is looking for. sheila warren tells me there is a risk that the court system front runs any of that law making we talked about

meantime, companies may see this space as too risky to operate in back to you. >> kate, in a broader sense i wonder what do you think happened to the discussion around regulation and where lawmakers stand over the crypto winter has there been more willingness as crypto prices and some of the riskiest stuff is flushed out of the system or is that impetus to sort of crack down on crypto >> that's a great point. that's one of the topics this week at that conference i mentioned, d.c. fintech week the question over has this helped the discussion over regulation or has it hurt. a lot of these companies went bankrupt the argument from the industry is you would rather as a regulator have some of these companies, henning dge funds in case, operate in the regulatory structure and have more oversight than operate, potential regulatory gaps or arj triage that has been a boom for the industry in saying look what happened here. that may have been prevented had

we had guard rails and regulations. that seems like a big talking point for the industry although it was a big black eye on the industry at the same time. billions of dollars wiped out of the market >> yeah, certainly two sides of it did it self-regulate i don't know i guess we don't know for years to come. thanks very much. let's hit on something you might have missed from meta's event yesterday. there is a partnership that meta announced with microsoft bringing teams meetings to meta's quest headsets. an interesting window into the future of vision for work. that's not the only cross platform teams push. microsoft a partnership with cisco to bring teams to meeting devices, cameras, board rooms. guys, ben thompson this morning talks about teams as sort of the de facto operating system that microsoft is pushing across the internet with these partnerships and in terms of that meta partnership here microsoft, john, essentially gets to

piggyback off of, you know, what i guess at the moment is one of the leading vr headsets and line-up likely it's paying for that, but able to have it because it has go market product already in teams. >> yeah, always love the take. i don't know i think the cisco one is more relevant in the near term, right, because cisco has that penetration of devices that people areu actually using to gt work done. when it comes to the metaverse for work, this reminds me of telepresence i don't think anybody is saying i love zoom meetings, teams meetings i want to see fewer facial he can pregss, less of a sense of the real person. i want to see torsos no legs. torsos and feel like i am in a low-resolution conference room that would make my workday better. >> they added the facial expressions, john. i don't know >> it's not like.

>> this like i can't make this kind semi disgusted with the metaverse face in the meat verse. >> metaverse. >> i can see your facial expressions. we know them well. >> some of the reviews yesterday were rough i am sure you saw "washington post," it was more like the meh-teverse. because you have the headsets it locks you out of people in a room with you. i have to hand it to laura martin today we admire zuckerberg's commitment to a vision in the face of overwhelming odds willing to make big bets that may change the world for 2 billion consumers or create an epic fail. >> we don't know if they are making a mistake the classic mistake, we have this a wonderful technology. why don't you want it? you should want this we'll see. we have got even more after the break with microsoft's device chief talking demand, pricing, a

whole lot more ahead of a big surface event. that's happening now happening today. "techcheck" is back after this 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

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and he's more dangerous. he isn't dead. we finish this now. let's go. . welcome back to techcrunch wholesale prices rose more than expected in september as food and fuel costs remained high year over year wholesale inflation fell for the third month but remains high at 8.5%. pepsi shares are up more than 4% and are on track for their biggest one-day gain in over two years pepsi beat estimates and raised

profit guidance thanks to strong demand in the face of higher product prices the cfo says they are well positioned for whatever the economy brings if a recession came we are generally going to be a better place than most and right now we don't see any signs of that. >> and moderna is surging after it said that it will develop its cancer vaccine with merck. this vaccine would be tailored to each individual patient truly personalized medication to help boost their immune response to specific tumors. they have been expanding the vaccine portfolio as the demand for covid shot is expected to dough klein. wouldn't it be excited if get a vaccine that protects you from cancer >> yes. turning to microsoft the company announcing new surface products today updates to windows 11, all in a challenging time for the overall

pc market, shipments down 15% in the third quarter according to ibc. how is microsoft going to navigate the current market? joining us microsoft corporate vice president of modern life. search in there, devices, lots of stuff stuff that people use. let's get into surface particularly the surface pro 9 interesting you got all intel across the line in a time when amd is surging we will talk about that later. but arm when it comes to 5g. what's the progress on arm, especially as we see apple with the m 1 and m2 gaining a lot of share in pc? >> yeah, john, thanks for being here opportunity to talk to you about it with the new surface devices we are excited of continuing the plan we have been on, to offer different chase with silicon and push in different areas. intel has given us a powerful

platform the surface pro 9 are 50% more powerful than the predecessors also on pro 9 we are offering the s q3 chip. that lets us put npu chips on there that use the power in the cloud do advanced a.i. things. if you are doing a video call, you can keep eye contact as you move around, the camera follows you and you get better voice isolation. so some really great things we can do with the innovation of silicon. >> in the past you have had some amd options in the surface line. why not this time? did you get a good price from intel? is this the most attractive configuration given the times? >> yeah, that's exactly right. every time we are releasing a new product we look at all of the options in the marketplace, what chips work for what different use cases and needs and we felt being able to get the 5g performance, tap into the cloud and a.i. would be a great opportunity for pro 9.

one of the things one of those capabilities uses the power of a.i. for creation. so we have a whole new app called designer. that lets people create social media posts and invitations, et cetera, and automatically have images created on the fly using your words if you want and you can create those images and that uses that power of that npu we talked about. >> you said i wonder why you aren't embracing that microsoft arm chip like apple has successfully done with the m series why give your customers two options and why would someone want that intel chip over the s q3 >> great question. as you know, we have over 1.4 billion monthly active devices with windows it's a huge base we have a lot of corporate accounts that have standardized on platforms they use intel computers and want to keep that standardization. we are absolutely pioneering and

pushing forward as we are doing with the s q3 chip this time so given the size of our base relative to other platforms we are going to continue to offer choices and use the best technology where it's needed. >> it sounds like the reason you are keeping the intel chips is because of sort of legacy networks, what a lot of enterprises you eventually you towards the arm-based ones >> there are a lot of reasons you do different things. for example, the intel chip, the compatibility, the apps that it runs today, run smoothly, that's a benefit for corporate customers. with the new chips you are able to do advanced things you can do today. that requires additional work to get the apps to run. we are going to go where the customers want if customers want a particular chip, we will support them that's the beauty of the windows platform, is the openness and ability work to with different apps, different services, again one of the things we talked

about today is the fact that we are bringing our software to other devices and then today one of the new things in windows 11 icloud, iphone from iphone to the windows photos app. >> yeah. that certainly is interesting. f last question for you. take a step back surface first launched it was controversial. oems were concerned you were going to cannibalize them and you said your goal and purpose was to lead at the premium end of the market. i think it's pretty well established that has worked out for you. people are comfortable now as the economy slows down and you have things like the surface studio 2 plus at 4,300 bucks for that high-end user still, what is success for microsoft with surface when, you know, maybe there is not as much premium appetite in the market >> yeah. you know, good question, john. always good to friend ourselves, there will be 200 million pcs sold this year there is demand for people who

want the best in computing, who need that performance. surface studios, we are selling those as fast as we can mthem with the pro 9, there is still a market for that. you are right. in the tough economic time there is more of the need for value and we are doing a lot of work on that as well lowering our opening price points, making it easier o there is a lot of demand for people today coming in to buy laptops 13 to 15 inches in size. >> all right surface and partnerships and more thanks for being with us. >> thank you watching markets today nasdaq kind you have swirl around the flat line currently up six points. very small increase. dow up 108 and south of 300,6 on the s&p. "techcheck" is back in just a moment family is here.

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very volatility week for tech as a slew of big names hit notable and all-time lows. dom chu is watching some of the key names today. >> let's take you through that story because with the qqq nasdaq 100, we did yesterday close at the lowest level since july of 2020 if you look at the mix of stokes hitting notable lows on a multiyear basis, microsoft, by

the way, the lowest level since january of 2021. so a little over a year. but intel lowest level since march of 2014 and at&t lowest level since march of 2003. so that playing out. octa since november of 2018. block the company formerly known as square april 2020 and nvidia since august tuskegee. a 2020 and post-lows, spotify 52% blow the opening trade, doordash 77% and lyft 88% below the ipo first day trade. back to you. >> rough performance speaking of underperformers, credit suisse, rocket lab underperforming as they turn bearish on the broader launch inside-outside of spacex, shares 57% off the highs. more market action after the break. stay with us

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. a check on shares of meta. the new vr product, the stock is lower after let's call it a tough reception from reviewers but needham's martin out with a note still underperforming but she says she is bullish on mark zuckerberg's vision for the metaverse, calling this

america's cto. she is not the only bull a deeper dive into new use case vr after the break stay with us 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. - 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.

meta unveiling the quest pro headset last night there is mark zuckerberg he continues to talk up the investment in the metaverse but resetting expectations for a longer term payoff saying,

quote, i think this is just another big vector for developing the next computing platform this is a step towards all 200 million of those people who get new pcs every year starting instead to do some of the work in vr. that's vr for the enterprise here to discuss tom rogers who has another maybe unexpected reason to be bullish on vr tom, lay it out for us >> well, thanks for having me. first, let me say i have been very fortunate to be associated with river spring health and the hebrew home in riverdale for 25 years under the leadership of dan reingold, ceo and dave pomerantz, coo many awards for helping elderly improve their lifestyle. recently turned to technology as a way do that more with a grount from the hauser foundation and vr and ar have been a real emphasis in terms of how technology can improve the life of seniors

fascinating finding. first, i should say i have been a real skeptic of near-term adoption of the metaverse. figure meta will figure it out over time. but near term adoption, i have been skeptical but, but, but, on the other hand, as john would say, what we have seen here at the hebrew home is participation by seniors with headsets on bringing the outside world to them, taking trips to paris, to the wall of china, to be able to go beyond the confines of living in an old-age facility, being able to visit an old neighborhood that they used to live in, beginning to furnish gopro cameras for families, weddings and graduations and little league games can be brought in and they can virtually experience being actually there it steams ease agitation, increases out attention spans,

they become more engaged these are 80 and 90-year-olds. and the comfort level of the headset seems to be fine i should point out all of this coverage of meta that you are talking about, this is not a meta headset this is made by pico with an experience developed by a boston-based company that provides vr to the health care industry and they happen to be owned by -- which as you know owns tiktok. >> so interesting. it's not a meta headset. you know, it's unexpected, i say, because even my mom, who is not that old, has trouble working her smartphone and pc still. so a little surprising to look at sort of an older demographic that is becoming comfortable with these devices do you think had that this can really pick up on a large scale, they will be comfortable with the operating system when a lot of folks are still trying to get used to the current ones >> i think so. i mean, obviously, it has to be

done in the right way with people who understand the needs of seniors and with a headset that makes them comfortable. but we have over close to 300 participating. it isn't a forced activity this is something people are looking for to do more of. they use it on average three times a week the hebrew home is having to double the number of headsets that it makes available given the demand and it seems to be quite successful now, this is largely i call it more of an ar experience in that it's an experience of theworld virtually. with the comfort level and the interest in doing it, you can easily see how this population would be interested in an avatar that presents a look that they might be more comfortable with socializing with others and be in a safe virtual environment where they can get out of a more isolated setting and into greater socialization which

could open up their world in other ways so i see this being a pathway to more virtual reality that really does serve the needs of seniors. we all have parents and grandparents who are somewhat isolated as they get older, and this could really interesting way to change their whole day to day experience. >> yeah, one potential use case. tom rogers, thanks so much for being with us. we'll talk to you again soon >> thanks for having me. >> hate to call you out. your mom not that old, ouch. still to come cross cuts and inflation across the board, venture capital doubling dn owon business travel. we will discuss next don't go away. we're back

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because advice worth listening to is advice worth talking about. ameriprise financial. welcome back is it time to double down on business travel? trip actions announcing a $300 million funding round bringing its valuation north of $9 billion. here to discuss trip action's co-founder and ceo good to see you. i want to get into how the business is doing, but first got a question about the financing because debt is becoming an important component of how later stage companies are raising

arctic wolf last week $400 million debt a big piece of that how much of that is to keep the valuation high how much of it is because investors want more guarantee they're going to get their money back >> first of all, i'm happy to be here we've been talking the last three or four years and you follow our story through covid and now as we are coming out of this regarding your specific question i think companies right now are finding a little different ways. we actually combined that and equity, so it was important for us to set valuation for the company and we did an up round in a down market, which tells you a lot about the strength right now. >> got you now tell me about the business travel market at this time

it seems like face-to-face for certain things is coming back, but companies are also trying to lean into not doing that, so how much of what your platform is doing is cost management how much of is driven by the macro environment with how much business travel is happening >> i actually think we're in the perfect place because on one side companies are realizing it's extremely important to meet face-to-face so just to give you an idea, we have a product, these are teams for off sites, on sites meeting together and month over month so that is an indication but we also see the old use cases such as sales teams going to close a big deal. i feel there's a lot of pressure on companies to meet the big numbers and we know to meet the

numbers you have to meet with your clients this is one side on the other side companies who need to say money this is what we're really good at we're providing realtime global visibility whether it's travel, entertainment, procurement so companies really need those capabilities right now >> i wonder if there are limits, though, to the business trip at large. in other words do you think there's a situation in which a trip to asia, japan, certainly hong kong are just going to be a bridge too far for some? >> i don't know. you know, people ask me the same question even in this studio, you know, in june 2020 and people were saying people will never travel again, and i was always saying the same thing nothing replaces the in-person connections. -s

it is so important to meet face-to-face you can do videoconferencing i'm doing videoconferencing with you right now, but nothing replace the face-to-face connection and i think that will stay we see more and more trips we see the numbers getting almost back to the same place where they were pre-covid, and in fact prices right now on flights went down to levels. >> whenever you see an up round these days in the current market amid all the volatility, it does raise some eyebrows. did you use public comps here? can you give us some color how you arrived at this? you guys have seen valuation double over the past few years how did you get there? >> first of all business in terms of new customers and activity is a little more and on

the bookings and post-travel we're going 5x and expenses at 7x, so nobody in this industry right now are outpace and we're actually changing the industry we're taking a share on our competitors that are basically running something extremely antiquated, right. you need to call an agent, submit an expense. by making it all online, by making it the best offer that is out there, we are going so fast this valuation is actually a fill valuation >> all right, ceo and co-founder of trip actions with also an eye when you what's happening with business travel, thank you >> thank you so much let's get a check on things as we head into the half the markets have been rallying over the last hour the nasdaq up.

they're trying to break that five session losing streak, carl the end of the session still some ways away anything happens these days. >> yeah, very chock-full of data, of course. ppi this morning, cpi tomorrow, pepsi this morning, and delta tomorrow speaking to business travel maybe we'll get a sense as to whether or not some of this capacity they're adding at least to the atlantic side is going to get filled >> yeah, and i think as you said with cpi that is a big deal. cawing out a few stocks right now. lyft is up more than 6%, 6.5% today. remember it had that big dive along with uber and others yesterday. uber up 3.5, doordash up 4 as people were responding to what the labor department has brewing. roblox also up 6%. who says the metaverse is dead, right?

they're battling back, carl. >> we're going to see, john. i'm sure as some of those reviews came in yesterday you were probably sitting back nodding uhapprovingly. don't forget the fed minutes coming up at 2:00 p.m. eastern time welcome to the half. the state of stocks is another read on inflation remains red hot. what it might mean for tomorrow's cpi, the fed, and of course your money. the very latest on a big options bet on the ten-year yield. we'll ask the committee about all of that. joining me for the hour today right here on set with us today. let's check the markets five and negative days in a row for the s&p. we're doing an okay job of that. go