running so far above trend i feel that's an undertow we're going to have to deal with because it's going to be coming in and hasbro might be seeing part of that. >> mike, thank you for rounding out the hour with all major averages higher. that's does it for us on "squawk on the street. "techcheck" starts now. good tuesday morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa and a deal and exclusive, jon in l.a. for that. later a bull/bear debate ahead of netflix tonight big stocks used toing untouchable including amazon showing a couple cracks. de >> carl, another rally up 10% in just two days. salesforce meanwhile, take a look popping on news activist

starboard taken a new stake in the company. no word on the value, this chart says it all. shares here have underperformed the broader market tech sector and its peers over the last few years, which starboard uses due a "sub-par mix of growth and profitability. the firm pointing out the company hasn't generated meaningful reserve vance blue line on the bottom you're looking at saying the tarngts that salesforce laid out, guys, good but not good enough. target growth plus margin of 42% versus pure average 50%. compares it to likes of service now, adobe and others. they say they have the opportunity to expand margins greater. has better scale than its peers. actually a great company number one or two in many of its businesses, but it's less ambitious than it should be, jon. an interesting case of seems

friendly at the moment not acrimonious. on agreement, management, with starboard but can they deliver slides lay out the case. hard to argue with that under performance? >> seib o s . >> sign of the times calling him less ambitious an interesting landscape leaders who brought in the cloud era think about salesforce, software as a service perhaps pointing to amazon on infrastructure adobe on sas and being questioned and hadn't before key question for investors now is, is this just sort of a market kind of phase that people are going through? impatient investors who don't understand what's going on or have some of these companies actually missed a step in a crucial way? you know, when there are these downturns people get, you know,

short-term memory. so maybe there is an issue with salesforce, interesting to see how they respond to this did a big acquisition with slack, and collaboration is a big deal adobe getting similar pushback on that acquisition saying they overpaid, but is it visionary? we'll see. >> when you talk about that amb ambition, jon. no one's calling betting off less ambitious than peers. where is it placed extremely inquisitive. mentioned slack. a number of big acquisitions dilutive to shareholders and tells us, too, in this moment shareholders are looking for focus on margins and cash flow, carl, versus just the growth versus the big purchases i know we're going to talk to shantanu in a moment jon says, market hasn't responded well to this when a

focus on profitability >> yep started a few months talking about longer leads microsoft confirms layoffs situation in adobe,on will get into crm, only two dow names underperformed it greater this year, nike and intel. >> and had flown so high right before it entered the dow. so some of us wondered if that might be the story as you mentioned, carl, i am live yes, well, and being a high flier, from adobe max in los angeles. this is the first time we're live here in three years it's a creative conference the ceo of adobe joining me. shantanu, talking an your friend marc benioff and getting in there. emblematic of the questions investors have and seeing reaction in the stock postfigma.

what needs to be answered that people need to understand about this deal and the broader creative landscape as you're getting ready to kick off not just adobe max but also an investor day >> jon, first, thanks so much for being here and taking time to be with us. the energy is palpable when you look at max and the fact as you said, after three years we're back in l.a. and just the energy of talking to people and how creative continuing to make a difference is great. to your question on investors i think, we use the financial analyst meeting to really talk about our strategy, and why digital continues to be a massive tailwind for us, when you think about what's happening in terms of how it's transforming, whether it's work, whether it's education whether it's entertainment i think the macro economic environment that exists today. everybody's trying to think about whether there's some short-term opportunity i think from our perspective we're just continuing to say how

do we invest in building this company for the long run i think specifically as relates to figma, figma is one of those rare companies that has created an incredible new platform, whether about advancing product design, whether it's brainstorming an ideation. we just believe the opportunity to partner with them and create that sort of next generation of creativity and productability is a game-changing opportunity. we're excited about it and let the analysts talk how our core business continues to be strong. one of the questions people have, which is as defensible as this, you know, sort of looking around the corner move, and we essential think it's a looking around the corner. >> not defensive >> not defensive at all. >> i'll get back to that, but first talk about a theme you'll hit on hard with adobe max new product announcement

collaboration. photoshop, illustrator, pasht of the case for the figma acquisition itself a collaboration kind of productivity push happening now in enterprise software from corners you might not have the expected a few years ago salesforce part of that, and what's the most important thing to get right as you pursue that story line >> well, adobe is actually, it's been about collaboration think pdf and the role it plays. pdf has always been, how do you kmub kate your ideas communicate them in an asynchronous way what's happened with the pandemic and postpandemic in this hybrid work environment when people are not in the same place at the same time, the question is innovation you've done on asynchronous collaboration, how do you do it synchronously? the brainstorming, ideation? how do you incorporate feedback to accelerate, because people are trying to personalize

content more trying to create these it campaigns and distribute the campaigns. we'll talk about whether wa we're doing with photoshop, illustrator in terms of share for review, incorporating it, acquisition a frame io dramatically accelerates what you can do with video. workfront, how it relates to marketing campaigns. it's a theme one of those incredible opportunities for us to get a number of creators and stakeholders whether individuals or whether teams working in really accelerated fashion >> ceo of goldman sachs on "squawk box" talking how vulnerable the economy environment is adobe put out its own holiday projections. looks like -- ah -- flat in some ways if looking at revenue throughout the season. down in some ways, perhaps in units. looking back the past several

years how choppy, how uncertain is this economic environment from your perspective? >> two ways to look at it, jon first macro economic environment and consumer kchds and ceo confidence, probably saw the report pessimistic relating to the next environment whether what's happening with inflation or what's happening with the energy situation in europe. so i think most people today if they were polled would feel like the situation is not going to be as good for the last four, five years in the next 12 months. having said that you have to unpack that and look what's happening with digital as relates to digital, even if the growth is not the kind of growth that you experience, that shift of moving from physical to digital is not going to change so it may be, you know, a deceleration of growth relative to what's happened but still growth and still a movement that's going to happen i think you have to unpack

what's happening on the overall macro economic situation, perhaps a little more pessimism, versus what's happening in digital, where that relentless move is only going to continue. >> what do you do with workforce, hiring pace how aggressively do you lean into that digital opportunity, versus be wary of macro? >> adobe has always been really great focusing on the top tlin as well as the bottom line when you talk about whether it's the rule of 40 or rule of 50 and think about adobe. the combination of our revenue growth and profitability put us in rarified atmosphere i think two things we do at a time like this is really, reprioritizing even more ruthless on the key price for the company? you mentioned collaboration. artificial intelligence. what we are doing to bring the power of computing to enable people to do things in a more expedited fashion. adobe express. >> talk about adobe express. >> yeah.

creativity for all enabling billions of people to tell their story. first thing we do is ruthless prioritization of everything we're doing and that helps, but we're always focused on making sure that we're investing for the long run,and i think we're very diligent and disciplined about our expenses and will continue to be month waste to the company. >> got canva, microsoft designer coming for your lunch kind of here at that entry level right? especially when it comes to, type in text, creates an image for you. what's adobe's response to that? you've already been doing express for a while, but how much simplifying or -- or coming sort of entry-level consumer first are you going to do? >> i think two things are happening there. first is, there is this confluence of productivity and creativity, and so if you're a company like microsoft that's focused on productivity you have to add creative features to what

you're doing much like adobe has always been focused on productivity as relates to acrobat big picture, zoom out, a clear alignment of creativity and productivity, but the core focus what microsoft is doing with designer is really adding small creative elements, whereas focus of adobe, making sure that everybody can tell that story with any creative freedom and artistic freedom they want i believe they are different we are the largest company on the planet in terms of, you know, consumers or communicators using creative products. i think if you think about our brand and think about what adobe express is intended to do it's really about translating that intern base or task-based searching that happen on the web, and very quickly in a friction-free way making them have the ability to do that on the web. so perhaps on the web we were a little bit behind, but if you look what we did with pdf and

ensuring that pdf access on the web is the best possible experience, and we've rapidly made sure we're leader in that category i think even on the web as relates to creative and translating search-based desire to a complete content-based output, it's a space that's in our wheelhouse and we're going to do great. >> biggest in the world when it comes to creativity. meaning tell regulators figma is about creativity >> think about what they're doing. product design and really extending that between the designers and developers you've cover adobe a long time adjacent category that existed second, how do you bring a multiplayer realtime coed itting platform to our products that's where, again, they have a technology platform that allows us, but you're right big picture, really is about

creativity and productivity, and there's so many massive companies in that space. this is a trillion dollar software market. but it's one that we think we have a particularly unique insight on to deliver value to customers. >> all right most of the last 23 years covered you. thanks for being here. >> thanks for being here, too. >> thanks. dow lost opening gains up 260, short end is coming up a little bit two year 244 still to come, citi's bullish on am somme. it "techcheck" is just getting started. go. go green. go wind turbines.

go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. - 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.

welcome back citi says it's all about the landing. no matter what amazon will land on its feet. a soft landing citi thinks amazon's wallet share gains can boost consumer staple sales as the company keeps prices low in the event of an economic hard landing where unemployment could reach more than 6%, citi thinks amazon will hold on to those

wallet gains and grow its aws and ad businesses besides amazon, search remains in must buy in good times and bad. carl >> jon, get to netflix tonight q3 earnings after the close. next guest says buckle up bracing from impact from the dollar and argues unsustain about ads driven by hits like "stranger things." and matt schindler through cold water on this project yesterday. why argue that the reaction, the stock lately has been just about the company putting pen to paper in your words? >> well, this is a company that's basically chained from a high-growth business to a low-growth media business, and that change is very difficult. two, it's not necessarily as profitable as i think people are thinking it's profitable in the u.s almost no way they don't make

more money on ad-supported tier in the u.s. than they do on their current subscription model. outside of the u.s. it's much harder cpms are ad pricing in germany and france only about 40% of the u.s. level. in brazil it's 5%. extraordinarily difficult to make up subscription revenue lost from ads here and switch to a lower-priced ad to your product. >> do you see any attrition from this or password sharing >> password sharing is still being very tested, a product that is difficult to do and is kind of voluntary at this point. i won't write that as a major driver anytime soon and the company is holding off saying if anything effects 2024 later. the ad product will have an impact in the u.s. it really targeted, depends how

many people down shift from their current $15.50 subscription the norm's standard here, to this new low priced $6.99 subscription price that's, really hard to know, this is a very different product. it's not ad supported, it's also not hd. >> saying netflix, a high-growth business a low-growth media business now what is the gradation in that case come in line with legacy media players you know steep premium already nearly 220 times price to adjusted free cash flow how much lower does it have to come down? i think a lot if that's the business model >> yeah. i mean, there is ways to get, they could get free cash flow high around maybe it does come up higher than what i think or the street thinks, but has to come a long way before it starts looking like media companies.

and if you're looking at subgrowth. the subgrowth for this quarter is only expected to be a million. with the street thinking about 4 million for next quarter whole year almost plaqued. without real -- once this ad product takes off you're looking at basically in line with macro growth-tied business like other media companies so it needs to be multiples much closer than that they're apt to cut expenses dramatically as well as see their stock price fall, in my view >> here's the potential catch 22 that i'm trying to figure out when it comes to netflix and ad-supported version don't they need a certain amount of scale on that product for it to work and, therefore, they need people to downgrade but that's actually kind of bad at the same time then if they want to grow that ad business to be able to target it better for the benefit of

certain brands, don't they need it to continue to grow over time >> yeah. this is where it goes into what's the real lasttivety to netflix? no one knows that. even netflix, because they've never had really much variation in price so -- never able to do real price testing. they moved their prices in the entire markets all at the same time so if you look at how they could possibly do this, they need to know not only will they get a downgrade from a normal price subscription to a lower price subscription and a lot of ads on top of that, which is possible in the u.s.'sthat can work, and be profitable. it is for hulu they make more money onnard supported tier than subscription tier in other countries that's hard what they need is not just to make up some of that money on ads but also get a whole lot of new customers in places like

germany and france. that's what is the big question mark. >> yeah. that's going to be one of the key things to watch for tonight, whether or not this can lead to subs over time interesting take on this yesterday. appreciate the time today. joining us from bofa >> thank you. what about the rest of the tech the next shoe to drop, overweight in apple, alphabet and microsoft. big tech names managing partner joins us, natasha lamb the next shoe to drop and so far this earning season looks like the last one not a disaster maybe better than expected we're starting to get ready for guidance maybe the shoe drops early next year instead for a q4, what we're going into? >> yeah. absolutely i mean, a lot of the market action we've seen this year has been due to falling pe ratios as the fed's raising interest rates and investors have been pricing in the likelihood of earnings

downgrades tech's been hardest hit. tech sector multiples this year have fallen 33% on average on the more dramatic side, seen meta's pe multiple cut in half since beginning of the year. it was trading at 22 times now trading at 11 times, although, of course, meta's problem extend beyond macro factors. on the other end of the spectrum, google and apple have shown more resilience and maintained lower than average multiples at times apple's managed to outperform the s&p, but, yeah it's true. the next shoe to drop in earnings themselves and we're starting to see downward revisions and forward estimates so far in the communications sector and semiconductor industry, but we expect they'll be a broader tech sector impact soon, and indeed, economic activity does look to have slowed in the third quarter. we'll get the first print on

that at end of october and then, you know, keeping a close eye on q3 earnings next week management outlooks and analyst revisions to confirm that those higher interest rates are indeed working their ways -- >> and maybe demand pullback from likes of fed wex and microns happening quickly, but let's talk about the opportunity here quote jeff smith from starboard this morning opportunities to buy these companies at these valuations, dreaming of that for years certainly seeing more activity from not just activist investors but pe shops where would you be looking i mean, there's so many and we talk about the perils of that as well a lot of these companies may not reach peak valuations ever again? >> i think that's true you need to be selective when you're positioning this environment. we're overweight more resilient in maims like apple, google, microsoft. all of those companies are

expected to grow revenues somewhere between 9% and 12% positive earnings growth and we're seeing strength in search and cloud. on the other side of the coin, and here's a good example of a company that may not see its peak valuation again maintaining underwait in meta a lot of esg risks flagging governance in particular are now coming home to roost and exposing the material impact of poor governance at the company so far that's translated into $700 billion in lost value, that's a 60% drop in the stock and we expect negative revenue growth this year that's a far cry from the 37% growth we saw last year, and we expect 20% drop in earnings, due in large part to expensive and uncertain investments in the metaverse. also seeing issues like

cambridge analytica. that scandal violations of children's privacy translates into fines and settlements, but, of course, meta's also facing the ios privacy changes, tiktok competition, and significant slowdown in ad revenue, which goes for the whole tech industry. >> a long list of challenges for mark zuckerberg and meta you laid out thanks very much, natasha lamb. intel slashing perspective valuation for mobile eye, but could that be a smart thing? we will discuss, next. we will discuss, next. don't go away.e 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. advantage plans that can provide broad coverage and still may save you money on

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your cnbc update goldman sachs leading the s&p 500. traders reacting positively to strong quarterly results and major rear structuring plan. ceo telling investors to be more wary of risktaking. >> it is timely cautious, if you look at, if you look at what most economists are prisedictin slow to know growth in the u.s negative growth across other developed economies in europe. that environment heading into 2023 is one you have to be cautious and prepare for. >> lockheed martin serving after topping estimate adding $14 billion to its stock buyback program. and home builder sentiment fell sharply this month thanks to higher mortgage rates and continuing supply chain constraints. with the extension of a short-lished drop beginning of the pandemic, the nhab index is at its lowest level in over ten years. and federal prosecutors charged a french multi-national company with sponsoring the

terrorist group isis lafarge cement pleaded guilty to paying isis about $17 million to help keep a plant in syria running. lafarge denies payments were made to support terrorist attacks made by isis. back to you, carl, sorry jon. >> i will take it. bertha, thanks. some ipo-related news this morning. intel cutting valuation for self-driving car unit mobile eye ahead of what's expected to be one of the biggest tech listings of the year, which there aren't a lot of tech listing this year. new valuation around $16 billion less than a third of what was initially expected that's not the first cut we've seen companies across public and private markets taking a hit another anticipated pross connect, instacart lowered numbers three times this year. 76% of the more than 400, $100 million plus ipos between 2019

and 2021 are under water that company, the companies selling fewer shares than expected an option that could preserve extra gains for the company in intel's case for insiders in instacart's case, if a rebound happens, carl, but that's the question right? do you hold on to more expecting that now is an unusually low market or if things head lower, ouch. >> yeah. pretty interesting setup here regarding some of these listings we talked a while about about harley and live wire% bw and porsche de, it's clearly not 50 and still almost maybe 1/7 of the total market cap >> not 30. reports could go for $30 billion, that is doing worse than broader ipo market, autonomous driving spacs. p embark technology do you 76%.

au aurora, 77%. perhaps not surprising that this company mobile eye has had to market down again. like you said, jon, kind of the share structure will keep intel in control for perhaps a later date if the market rebounds. adding conductor semis to its list find out why that's coming up next. "thcckisacinwo eche" bk t. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan

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let's get to taiwan semishares down about 3% needham adding a name to conviction list expecting double-digit growth in 2023. the company rebounding, price share $110 per share. here to describe that call, charles from he'needham. wipe were you bullish on this name, a weak time for cyclicals on chips and political tensions rising >> basically a stock call, but also a call on the company fundamentals let me get to the number two first. you already mentioned that, well, i'm expecting taiwan semi to grow roughly 10% on top line next year, despite that we are entering semiconductor downturn, linked to 2023. i would say when we look at

downturn, we must look at unit growth rate, and taiwan semi, i do expect that the unit shipment is going to go down by roughly 10% next year. that is going to -- we're going to see a flip in q1 of '23, but at the same time i would say the pricing growth coming from taiwan semi is going to more than offset the unit growth declines into next year. when i say pricing growth, i'm not talking about they raise price across the board well, that's part of the equation, but the greater part of that is, there's a mix of taiwan semi product shift to supply meter and the three note into next year probably heard all of those companies amd and nvidia, qualcomm, are cutting back, but not slowing down their migration into the more advanced note. apple will move to three meter note next year all of those migrations to the better technology does not slow

down, a downturn, and those technology provides better value taiwan semi charges higher price. our estimators in pricing five is 50% higher than 7 and three is probably higher than 5. so that is the structural pricing increase there, and it's probably, i would say, it's valued at providing greater next year >> okay. so you're saying that it's still going to be capturing that secular shift especially high-performance chips charles, speak to that political risk and what's happening as well as manufacturing comes online here in the u.s.? if you believe that really is going to happen. does that premium come down for taiwan semi? >> i think the reshoring will take a few years and not happen overnight. just going to flip a switch and everything is going to kind of build up in the u.s.

typically it take two years for every company to build up capacity in any new geography. i would say taiwan semi, the structure drive sir really where they have, the position they have in the industry at five or three nam-meter because reshoring happening and repositioning in those advanced, processed technology is not going to change overnight. probably take a few years down the road for that to change. maybe i didn't quite get to that when i answered your first question this is also a stock call. i think one thing -- i think investors, including myself, i'm always amazed that stocks typically bottom ahead of fundamentals we know taiwan semi can have a cliff in terms of revenue in y 1 but stock to bottom well ahead of that. >> okay. >> thank you. >> so -- so when you look at the economic potential impacts of

both a global recession and the geopolitical risks, right, that taiwan potentially faces, are you factoring all of that into this or does that kind of provide more fuel for a bear case? >> the thing -- let me address the geopolitics risk first i'm not really a macro analyst or geopolitical analyst but i want to say from a stock perspective, the best geopolitical risk of headlines will do is probably going to depress -- i mean dampen the maultiple expansion of taiwan semi trading almost all-time low in terms of pe multiple right now geopolitical headlines may dampen the multiple expansion, when we get to the upcycle, but the company is going to grow 15% to 20% over the next few years that's after effecting that the next year open low that long-term. i want to say upside through eps

growth is probably good enough. maybe let me get to the other one. oh sorry. go ahead. >> i was going to say quickly on their capex guidance some were unnerved by just the a ax they took to it your view remove allocated capex from the past year, correct? >> yes the concern is when people hear about taiwan semi-cut '22 capex is they're going to have slower supply growth into next year remember i said typically it takes about two years. where you spent this year, it's going to continue, revenue growth potentially could be next year, but i think if they actually did not really cut back whatever they are actually allocated for this year. the expansion, three nam-meter expansion, those are the things the process technology will drive revenue rowth.

pricing growth, and in short taiwan semi-to have close to 10% growth next year i don't think that's ever changed, despite the cuts. >> charles, thanks for your insights taiwan semi-down more than 3%, carl, as the nasdaq is close to losing all gains just on the flat line. >> yeah. up almost 3% at the session high dow up 650 now up 121 speaking of chips, morgan stanley out of with a warning on a couple names today, which we'll talk about after the break. there they are logitech and micron looking for conviction downside ahead of earnings, watching slowdown from pcs. we'll get you the latest from logitech reports on monday. "techcheck" is back in a "techcheck" is back in a minute. 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. d

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. - 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. welcome back apple unveiling new products and joining us, steve, entry left for ipad -- >> biggest change here, jon, all of these new ipads entry level ipad the biggest change we're seeing's new design, new colors no more home button like some of the other more advanced ipad model models, but switches to usb for charging, like others. ahead of the eu decision forcing apple and other gadgetmakers to use usbc and more expensive than

the last one previous model $329, $423 for this one and the if you feature, m2 chip, same for max that came out in the summer, and finally a new apple tv this is just a slight bump from the model that launched last year and usbc for the remote a new theme, charging transition ahead of those new eu rules. the question, when does it come to the iphone and also a little messy for this transition, because you freed a $9 doingal to use the apple pencil with that ipad. still to come expecting next month rumored macbook pros with a faster version of the m2 chip coming next month and earnings out next thursday. more color how demand is holding up for all of these product lines. guys, back to you. >> yeah. steve, go back to the ipad

i need a harvard case study what apple was able to do here because amazon, google, all came out with tablets lower priy priced and apple managed to raise prices an put them out same time. remarkable. >> right seen them raise prices for iphone just last month and seeing it here now in the u.s. for this new ipad model. they would argue, apple would, to you saying, well, it's a brand new design a lot of technology. faster processor and so forth to justify that, but, again, this weird messy transition apple is going through with new chargers. get ready to buy a lot more dongles on top of your mu ipad, jon. >> why they never caught on. steve, thank you. and gut check. morgan stanley out with a new note

surpassing $13 billion in years ahead driven by youtube, amazon and ad tiers talking about from netflix and disney+. with those names eating up market share, who stands to lose listing names like snap, pinterest and paramount, adding, it's too soon to tell how hard it's going to hit the likes of roku maybe it won't hit them. rating the stock underweight, lowering estimates cutting target to $50. more "techcheck," after more "techcheck," after this. no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

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a big trend in crypto has been wall street adoption as investors look for more accessible and secure ways to trade. that said for an asset where decentralization is a key selling point are things getting safer? a look at the story of the crocodiles of wall street, one of crypto's biggest alleged laundering schemes so far. >> it's great to be here it might seem like a huge win to hear that a hacker walked away with billions of stolen bitcoin with a few strokes of the keyboard the problem is converting that crypto into cash without getting caught, that's nearly impossible the nearly 120,000 bitcoin taken in the hack way back in 2016 were worth billions, but according to the criminal complaint most of it was never spent. i asked top block chain investigators to explain why >> it's difficult to launder

large amounts of crypto currency in short periods of time because it draws attention if you try to just move that all to an exchange and cash out, then that's going to setoff alarm bells. >> investigators say about 80% of the stolen bitcoin never moves from the digital wallet the hacker transfers them to, but according to the criminal complaint the couple did try to cash out some of the crypto. it used some of the currency to purchase gold from the metal dealer using his home address for the shipment none of the gold was found in the couple's apartment funds connected to the hack were also used to buy a $500 walmart gift card. heather redeems in her name and new york city address. the couple's e-mail addresses are also used for gift cards purchased for uber, hotels.com and play station >> when you have that interface between the crypto world and the real world you in some way disclose your identity if you're buying a gift card

with crypto, you generally need to give your address to whichever retailer the gift card is from. >> the prosecutors charged them here with money laundering but didn't charge emthem with the initial hack, so raises the possibility there's a mystery hacker out there somewhere who's maybe not being charged. >> who do you think that person is >> it's a great question >> and of course what happens to the billions of dollars worth of recovered bitcoin? >> i can tell you right now $3.6 billion people are going to spend hundreds of millions of dollars to get their hands on that pot of gold >> i do think it's going to be a fight. >> i can imagine in the future there will be movies about it. >> now, the department of justice is holding onto all that recovered bitcoin. the big question now is who gets to keep it as you just heard people we spoke to who lost money in the hack say want their bitcoin back, and there are lots of questions now what happens

next but there seems to be a multibillion dollar battle brewing here now, you can check out the full crocodile of wall street documentary right now over at youtube.com/cnbc and, carl, we're going to talk to the deputy attorney general this afternoon on this set and ask wher what's going to happen to those billions of dollars >> john? >> yeah, i would just repeat that and one thing that doesn't seem to be in question that one person in that story who had that title crypto currency attorney, that's in demand that is tonight 10:00 p.m. you can watch the whole thing, american greed, the accused crypto couple right here on crypto couple right here on cnbc because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions

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- oh, the stock market is doing that fun thing again. news from the future: you're ongoing to live through thats 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. we mentioned this down side reversal we got. dow was up 650 at the highs, but we've lost quite a bit of ground nasdaq has lost about 30%. >> we also had another

unionization vote at amazon facility this is one in albany, new york. the preliminary tally is in, and it appears that unionization effort has failed. 406 votes against, 206 votes for. so not even close here and this is according to the national labor relations board which counts those votes on camera you can watch it yourself and count along, which many journalists do do. this was a setback certainly, but remember there was that historic win earlier this year at the staten island warehouse which has more than 8,000 workers. at this particular warehouse there's 800. they're struggling to keep that momentum but as we know things can take a lot of time and this is likely to be contested and appealed as the other ones have been >> i don't know and comes just a couple days after apple stores in oklahoma voted to unionize a second apple store to go so it makes you wonder as the labor market perhaps loosens up,

the economy turns down, do labor union feel they have les leverage how do the workers go? >> yeah, although that part of new york state you may argue it was a high bar to get that one done we'll see. a big night for netflix. and we'll look for proctor and abbott and traveller in the morning as this earnings season heats up welcome to the half time report front and center this hour the two day rally for stocks whether you should believe in it or fade it the investment committee joining me for the day nice to see everybody in the house. let's check the markets as we always do. well, we're holding on for the gain maybe one of the