we have two months left, this is year-to-date but consider this, we're down 80% compared to a normal year for i.p.o.s. >> it's been nothing short of horrible companies -- >> we keep waiting for 2023 to clear up, and nobody is waiting and getting in line for 2023 hopeful if they find some bottom in the market next few months that's going to change quickly. >> thank you that does it for us on "squawk on the street. let's get over to "techcheck." >> good wednesday morning welcome to "techcheck" i'm carl quintanilla with deirdre bosa and ojon fortt. today big tech takes a big hit all lower after posting results. we'll break down the quarters. intel's self-driving unit mobile eye returns to markets this morning, pricing below the 50 billion valuation intel had been hoping for we'll bring you a live interview

when the stock begins trading. a lot to get to. >> starting with the two bi biggies, microsoft and alphabet down alphabet's third straight revenue miss, something it hasn't done since 2015 eps 15% below expectations the biggest earnings miss in a decade we've also been focussing on pace of hiring across tech the company saying it will cut head count growth by half in q4 that still means nearly 6000 jobs as for microsoft, guidance weighing on the stock there, down 6%. revenue and implied margin coming in soft the ceo adding weaker pc demand continues from september revenue grew 75% in the quarter. guys, here's my takeaway from this you have search advertising through google, cloud computing

through microsoft. these have been the relatively safe areas of tech this year less vulnerable to an economic slow down. last night, cold water thrown on both of those businesses the market taking it very much in stride. the nasdaq is only down .6%. the cloud etf is up .3%. it's not a disaster for the markets. but maybe it's what we've been anticipating we've been talking about this so much we are going to see a deceleration, that's what we saw. cost is what the markets seem focused on, especially when it comes to alphabet rising at a quick clip. >> we've been talking about the rising costs for alphabet, google we were talking about the fact the youtube has been struggling, which was a real sore point for alphabet in the quarter. going back to microsoft and what's happening in enterprise cloud, there is going to be a macro impact across even these

innovative areas partly because the retail struggles that we're seeing from weakened consumer demand are going to flow through. and partly just because -- and this is going to take a while throughout 2023 there's jockeying for advantage here, both the traditional platform versus best of breed do the snowflakes triumph or get squeezed out and whether it gets replaced by better technology whether best of breed player or one of those forms. that's going to happen in '23. you and i heard that was starting to happen at the goldman conference last month. this i think is more data in the earnings indicating that the conditions are ripe for those fight, carl, to continue. >> pretty interesting.

google avoided taking proactive steps to address the elevated opex spend does 18% op ex feel right? the focus is on cost but some of the companies are maybe still looking at the longer term opportunity down the road. >> 18% op ex and 13,000 new employees in the quarter this is the number the street has latched onto nearly all the questions on the call about the costs, and when the hiring is going to slow down, how quickly it is. let's get to our guests we have rishi and mark mark, let me start with you. we've been talking about the costs at alphabet. feels like all we've been talking about the last few months is the drive to be 20% more efficient but that didn't track with the results last night. what happened?

>> i think you set it up right the little bit of surprise here is google, among all companies, should have probably seen the slow down in the economy yet the cap x growth for this year, a record year, added 31,000 employees through the september quarter. maybe a quarter or two ago they should have had that statement we're going to slow down hiring expenses i think the stock is off today on wall street's reaction of why didn't you cut expenses and head counts earlier the other issue, i know you mentioned youtube, but search has slowed down. this is the first time they called out a slow down on search it's a broader tell for all of advertisers. which is if search is slowing down, pretty much everything is slowing down we're just beginning. >> you said something that caught my attention. which is that google should have seen it ahead of anyone. they have the data, i sat down

with the ceo last week and he said we see complications in the macro coming why haven't they cut quicker do you think this is them playing offense, setting up in areas like artificial intelligence and cloud when others are cutting back? >> yeah, i think that's right, d deirdre. >> sorry that was to rishi. >> thanks for having me. the worry that you have when you're a megacap company like microsoft is, you know, even if you start to see signs of weakness, you can't be overly conservative in your judgment and guidance because you risk creating a self-fulfilling prophesy everyone listens to what set ya and amy have to say on the microsoft call and probably the same on google as well so they have to talk about what's happening in real time and not risk that issue. the same thing that mark said for google you say for

microsoft. seeing weakness here where people were hiding out saying this is the safe place to be, the most resilient company in software, it bodes really poorly for the rest of software. >> mark, it's jon fortt. the weakness in search, i was wondering yesterday whether we were going to see it it's one thing to see weakness in youtube overall, but search seems like an indicator -- mayb it was the day before yesterday -- an indicator of consumer demand overall. are you looking for things, whether those are products to deliver or services, but it seems more product tilted. what does that tell us about q4? what does that tell us about the set up for meta, facebook, this afternoon if even you're not talking about targeting issues, if demand is weaker, how does that bode for their results in

the current quarter and how they're going to look forward. >> i should have listened to you yesterday or the day before. but google did call out advertising searches were weak the third is search is not big brand advertisers. this isn't unilever, proctor and gamble this is small and medium size businesses and it's getting more cautious finally, the read through to meta, of course it's negative. meta is about small, medium size businesses whe the question is whether it breaks the range, i think it was 29 billion, the street is at 27.5 billion i think meta can still park it in the 27 billion. but that's the open question the read through is clearly

negative the street numbers were more conservative for meta and the advantage that meta has is they were cutting back on expenses before google talked about it. so at least you have down side protection on earnings and free cash flow for meta and i think that's the one advantage you have on it i like meta but yes, i'm not more nervous on it given the google results. >> spending a lot on the metaverse, though. i want to go back to microsoft for a moment because it was an interesting print from them in that some of these areas whether you're looking at azure, office 365, linked in, et cetera, are now what more than 50% of the business what does that signify for how the macro effects or doesn't effect microsoft from here they have not only diversification into cloud but it seems diversification into cloud software as a service. your recruiting ads, marketing

ads, et cetera >> yeah, we've used a line many times that microsoft is almost a tech etf so to a certain extent you have exposure to gaming as you said with linked in you have exposure to maybe a little bit more on the commercialside that's separate from typical enterprise even within cloud you have office 365, which is your typical subscription model and azure which is consumption which should show the slow down more than subsubscription so the results in a vacuum aren't that bad but because azure is the most important part of the business. that's what we're seeing we'll see the benefits of the diversified model over the coming quarters. >> are you surprised to see the broader market resilience? does it tell you anything in terms of the state of tech,

where we might be in terms of of a bottom >> i don't think it does if the numbers hold up, they trade up but the material has been so taken out of tech, if the numbers hold, the stock straight up with alphabet the numbers didn't hold up, they went down, the stock goes down. same for meta. if the numbers hold, the stock goes up dramatically that's my read through on what we learned. >> the bar is lower there. thank you, gentlemen, for being with us this morning. >> thank you >> thanks. let's turn now to mobile eye, intel's self-driving tech unit set to go public today. one of the worst years for i.p.o.s of all time with a $17 billion valuation after selling 41 million shares at 21 bucks a piece. also setting a 5% stake in the company, only selling that much,

floating that much compared to the usual 10 or 20% for most i.p.o.s. we'll look with the company's ceo later this hour given the stock opens up for trading, that's always the waiting game, carl, even though it's been a while since we've had the opportunity to wait for this thing. it's sort of small float versus bad market and a well regarded company what wins out? >> relative scarcity compared to the past they talk about it not being a capital raise but a situation you're better off being public than not. >> i had to check if the nasdaq gives you a range or indicated opening, that's how long it's been since we've had a tech i.p.o. p i think it was last january we saw any major tech i.p.o it'll be interesting to watch for the reasons just outlined. i don't know if you can take

this as a larger indication of the i.p.o. window. we know that instacart pulled its own i.p.o., so that's on ice. because it is such a small float, i don't know if it's going to intice anyone else to go. still to come, spotify and texan's results. "techcheck" is just getting started.

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spotify's lower after reporting a larger than expected loss although they did talk about price increases maybe next year julia boorstin has more on the quarter. >> that's right. subscriber growth is strong, the company added better than expected 23 million monthly

active users in the quarter but a loss was larger than anticipated as advertising growth slowed. i spoke to the cfo, told me while they saw some ad weakness they're well positioned because ads are 13% of the business. j.p. morgan lowered the price target on spotify but maintained the overweight rating writing though the backdrop pressures advertising growth we believe the underlying fundamentals of spot's advertising growth remain solid. and the ceo said they'd like to increase prices for their premium subscription telling me we've done more than 46 price increases in markets around the world and many of those have had way more inflation and economic issues than the u.s. is currently experiencing and despite that our subscriber numbers have held up better than

expected he also took a swing at apple saying apple unfairly rejected spotify's app for selling audio books but they're continuing the fight against apple in the uk. >> when it comes to streaming we've seen a lot of players adopt an ad-based model for lower prices is music moving the opposite direction they have so much pricing power they can afford to get more to pay for premium? >> it's interesting because if you look at what the numbers were that were better than ex expected the companies added more users than expected in the ad-supported version but even the paid added a million more subscribers. the thing about streaming is figuring out where the exclusive content is and maybe people are going to sign up for a service and drop it when they're done with a show.

but spotify they think of it as a utility, locked into the system, listen in their cars, at home and spotify is working to differentiate through the podcasts and now with their audio book offering. but i think people may think about music different than streaming as we get through the economic downturn. >> julia, thank you. and now, let's check on the state of ecommerce, maybe consumer demand overall which we've been talking about as we head into the holidays, inflation rising, ad spending down, google missed the estimates this quarter youtube ads seeing the first quarterly declines since the company started disclosing numbers in 2019. the next guest is here to shed light, his platform works with major retailers, joining us eddie kaphil i'll curious what you're seeing

your customers doing adjusting to this demand environment that's shifted so quickly. we're seeing the impact of that in some of these results your own results, you beat on the bottom line, i suppose but investors not necessarily taking that in stride. >> well, you know, a couple of body blows this morning, maybe jon. for us, six straight quarters of record revenue and beat on the bottom line as well. up 17% year over year. so we feel pretty good about that we're here for the long term we are intrinsic innovators in innovation, that's the service that we provide to our customers. you know, the -- from an inventory and a perspective, you know, we've seen that global mile focus, in other words getting inventory from the offshore manufacturers through the ports, into the country. we started to see that ease, the costs start to normalize and so

forth. so retailers, manufacturers, branded companies, spending much more time focused on loyalty of their customers, making sure that they can deliver on the promise that they've made for this particular holiday season and that's what we're here to help with. >> that's kind of what i'm wondering about, is the amount of discounting that's going to be necessary to get enough consumer demand going to work down that inventory, right, so that they'll be a reordering process through q4. >> sure. >> and how that's working at a time adobe projected we're not going to see the same kind of demand spike around black friday, cyber monday that we traditionally do are you seeing that kind of evening out of demand, playing out in a supply chain that's already got, as you mentioned, all that inventory to digest >> plenty of inventory to

digest i think we are going to see sales, promotions start early. we're going to see a smoothing this particular season i don't think we're going to see quite the peak and spikes we would normally see on black friday and cyber monday. it'll start sooner, and last longer and you'll see those prices get more aggressive as the season goes on to make sure the inventory can be drained out but at the same time, we have to make sure we maintain loyalty and resilience for our customers in making sure that we meet those customer promises is going to be super, super important >> do you have insight, eddie, into whether your customers are doing the same things that they normally do to sort of stimulate that demand when it comes to discounting -- that's when you see, you know, potentially the likes of google through search, meta, facebook, through those ads benefit at least for a

while, right, because you have a -- you've got to generate some consumer interest to move that inventory. but i guess the concern is, if there's not that demand spike, do advertisers continue to lean into doing that? is your sense that your customers are trying to generate that demand in the same way they usually do >> i think we're going to see longer advertising periods i think the ads are going to start sooner and last longer in order to be able to drain down the inventory we now have on hand that was in such scarce supply last year, you're going to see that ad demand be more consistent over a longer period of time. >> i guess we'll see if it's consistent at the levels that alphabet showed, which might be a concern for some eddie, thank you for those insights, ceo of manhattan associates >> my pleasure, on. why your iphone may soon

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welcome back to "techcheck" i'm carl quintanilla with jon fortt, deirdre bosa and julia boorstin back to 5880, for the first time in days. first a news update with bertha coombs >> here's what's happening at this hour. norfolk southern stock is up more than 3% after the railroad operator posted record quarterly profits. the company citing higher prices and fuel charges that also helped revenues beat estimates

wing stop is 15% on a big profit beat and sales growth. margins helped by a sharp drop in the cost of bone in chicken wings. traders are liking bed, bath and beyond decisions with the new ceo. shares fell as much as 10% after the move was announced, but the stock is up 5% gove served as interim ceo since june new home sales fell 11% last month. the declines were concentrated in the south where sales sank more than 20%. the median price for a new home is now just over $470,000. that's up 14% over the last year but with 7% mortgages tough to buy a home right now, carl. >> bertha, thank you for that. turning to snap. evan spiegel joined our next

guest at the tech live conference and covered a lot of ground, criticizing the metaverse, praising augmented reality. let's bring in joanna stern for a closer look. some of the things hinted at code not too long ago but talk about how he expanded upon them? >> we got to see a good side of evan spiegel he was optimistic, obviously looking back at the last couple of weeks and saying it's been a tough road both with the layoffs at the company but also obviously the stock price. i think some of the most interesting comments he made were around augmented reality, he remains really excited about this for the future of the company. i tried to press him specifically on how to can you expand that beyond fun filters he said we don't under estimate fun, we think that's the way to get people in. but how do you get more people as i was asking him to buy things through the app through augmented reality you

can hold the phone to your feet and look at shoes. so how do you convert that into people buying. he had some interesting answers there about how he can build towards that by getting people in through the fun filters, the fun in the app >> the comments about the metaverse, it's hard not to think about what palmer lucky said, i don't think it's a good product, it's not good, it's not fun. most people on the team agree it's not a good product. is that the consensus view among those who know >> that's the consensus here at the tech live conference i interviewed two apple executives after him last night, and one of -- one of my favorite quotes i asked them each to

finish the sentence, the metaverse is, and one said a word i would never use i asked evan spiegel to finish that as well and he said, living inside a computer. so a lot of feeling that this metaverse that we're all going to live inside the virtual world is not the answer. augmented reality overlaying tech in our real world and evan really did light up when talking about the applications. >> he wasn't shy about the metaverse and headset. but when it comes to apple he's more careful is he realistic about the impacts apple privacy has had on his business and is he doing enough to sort of move past it? >> yeah, this was the biggest challenge going into the interview and even on stage. he doesn't like to talk badly about apple, about this move

i'll read the quote he said on stage. i think it was one of the places we heard him talk the most about the impact he said -- he's optimistic, he said apple does continue to it rate, what they're doing with giving ad tools so it's been disruptive but i see commitment from apple to continue to improve so their developers can be successful on their platform. and he mentioned the sdks and tools they're giving him he is saying this is disruptive on the business, not as open and strong as meta has been on the fact and others, but he is saying this has been disruptive and clearly for snap there have been a lot of other things at play, too. i did bring up tiktok, asked him how much he does hate tiktok on the other hand he said he admires tiktok and learned about algo rhythmic feeds and how much it can help inside the app

he's not saying he hates apple here. >> i have to go back to the metaverse thing, i haven't been bashful about being pretty clear that i'm a metaverse skeptic i think there's been some definition creep that's happening. people seem to think that anything that involves virtual or augmented really or gaming all fits into this bucket. but it seems like, you know, there's a difference between, you know, these horizon worlds where you have the eggplant looking avatars walking around and then the augmented reality layering that you see apple talking about and tim cook saying this has to be a sort of product where people know what it is, what it's for p it's not that they're throwing out the idea of virtual experiences altogether it's just more where the real world is centered, right >> absolutely. i think there's been discussion

of that here at the conference i think that was exactly evan's point, he doesn't want to live in a computer. it's the difference between virtual and augmented reality. what we see with the other companies, snap and apple rumored to be building are the augmented reality experiences where you don't escape the world. i agree with you, jon, we are seeing this definition, this creep of what is the definition here i think we blame meta here, they host the events where they talk about the metaverse at large and say in the future we'll have these augmented reality products we'll have the glasses you can see the real world so i think that's muddling the definition and meaning of the metaverse. >> finally, by the way, snap is less than a buck from recovering the price it was at before earnings and that huge miss and that 30% draw down we saw the following day. one thing coming up consistently, whether it's

alphabet last night, clearly with tiktok, with snap, meta, is the influence of tiktok and the ability to steal eyeballs. to what degree do you think competitors and maybe the government still has their eyes on that? >> i was trying to get at that with spiegel last night. engagement is the big issue. we know it as users of tiktok. the time is going to tiktok, it's a captivating feed. we are spending less time on instagram, in snap or these other products we only have so much time, as ray hastings used to say, the biggest competitor to netflix was sleep. so we have to think about what are they going to build into products, start to think about products to compete. i probably should have asked should tiktok be banned, i don't think i would have gotten a great answer out of evan on that i know they asked it at code as

well. >> a good set up, going into another big print as well. congratulations on a great week. joanna stern. >> thank you for having me. we continue to watch mobileye live shot you see it here. the company awaiting the opening trade. the ceo will join us later this hour don't go away. wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads look the same because the insurance companies all see us the same. humana is different. they get to know you and listen to what you need. they have all-in-one humana medicare advantage plans with medical and prescription drug coverage. most plans include vision, hearing and dental for as low as a $0 monthly plan premium in many areas. humana has a large network, and they offer ppo options for even more flexibility. members saved an average of $9600 a year on

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. welcome back i sat down with labor secretary marty walsh and education secretary miguel cardona yesterday in washington d.c. at the national summer learning association's national conference i asked labor secretary walsh how covid has disrupted the traditional contract and expectations between workers and employers across industries. >> it has. you're seeing more and more authorizations for strike. i'm involved in something every day it seems like in the department of labor trying to resolve a dispute, strike, ports, rails, manufacturers, schools. last week alone i was involved a little bit in something in massachusetts. with this. so people are -- you know, the pandemic really has put a spotlight on workers in america and the short falls that workers have

>> i also asked education secretary cardona about the covid period's historic drop in math and reading scores, which was reflected in the nation's report card the department of education put out earlier this week >> isn't this the starkest challenge that the education department has seen in its 42 years then with these drops that we've seen on the nation's report card? what do you have to do >> it is it is the starkest challenge but also the greatest opportunity we have it was disrupted for us. we don't have to build it back the way it was before. [ cheers and applause >> you know, it was disrupted for us and, you know, four or five years ago we would never have thought about saying we're going to go totally online we would never said one to one, we everyone would have said we're going to have broadband

for everyone we need to take that same level of disruption and make sure that our k-12 institutions are talking to our two-year institutions, our four-year institutions, our partners in the community, our leaders in this room to say how do we create that pathway from middle school so in high school we have students that have career and college pathway options. options. >> looking to technology as part of the answer there, carl, though technology has been controversial in education lately >> good stuff there, john, as you've been playing the piece of tape we have mobileye open, opening trade $26.71 above the price of 21 last night of course, that was above the range of 18 to 20. we'll talk about that a lot more after the break and talk to the company now that it's up we're back in a moment

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texas instruments falling after posting results, keeping the nasdaq comp just in negative territory, though, closer to the flat line. christina has the numbers. >> chip makers joining the pity party, texas instruments makes chips for everything and they warn weakness is broadening. texas instruments was considered

more resilient, given 62% of the revenues come from auto. and auto may be the only vertical to grow next quarter. the auto market is taking longer than industrials but the rest of the chip market is feeling the pain. sk, the world's second largest maker showed profits plunged 60% while warning of deter ration of conditions and micro, said they see industry declines in 2023, which could have implications for u.s. foundries. we know demand for chip makers has turned lower in recent months, driven by weakness in pc and handheld demand. the bottom may have yet to settle in.

>> we're watching mobileye mbly, open with a 32% gain, a reminder of how things used to be yeste reye yester-year. the ceo joins us after the break. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

welcome back mobileye is open for trading trading above 27 bucks a share roughly 30% above the offering price. let's get to phil lebeau who joins us with the ceo.

phil >> thank you very much, jon. let's bring in amnon shashua, who is the founder and ceo of mobileye then they were bought by intel in 2017. now you're public again. what is being independent once again free up in terms of opportunities that you may not have had an opportunity to pursue in terms of businesses as part of intel? >> first, phil, i'm excited to be here, excited to be back to public markets what we get from being public again is amplified attention in the past five years, have been working on building a great product portfolio, now being back to the public eye we'll be able to communicate the entire rainbow of solutions that we have and this attention amplification is very, very important for our business. >> a lot of people talk about you guys and say it's autonomous drive technology you and i both know we're nowhere close to fully

autonomous drive vehicles being on the roads in mass quantities. it's more advanced driver assist systems, the steps needed before we get there where's the greatest opportunity within that, whether it's lane departure system, advanced cruise control where do you see the greatest opportunity let's say over the next several days. >> i would say there's a rainbow of product up to robo taxis. roby taxi is one point at the extreme end that you start with a system and complete computer vision 360 training and add in more active sensors and the more you add you're starting to get more eyes of the capabilities. say, for example, you add the front facing to a 360 degree

camera build you can do eyes off on the highway you can replace them with imaging raiders you can support lane changes and adjust for traffic. so it's kind of a rainbow of solutions. imagine the kind of spectrum there are many points along the way that creates eyes off and eyes on product, and this is what's going to kind of lead the next -- >> strong forward. good to see you again. some people might have forgotten that you're a professor. you've gone deep into research and computer vision not just for autos specifically, so my question has to do with the scope of mobileye. how much might it expand from what people think of driver as assist and autonomous today from the areas you might invest, the

areas outside of cars still an urban set. how much of that is still in mobileye's plan? >> the plan and we're already for it, we have have a vertical integrated hand-off from everything to the self-driving system we have the chip, the mapping. we have high definition maps at scale. we started building imaging raiders, lidars. we also have mobility as a service unit so we are prepared for scale of the vertical integration of the entire system. i think this is very exciting because we have here ai in the real world most of the ai we know about where the digital world. having ai in the real world is very rare, and through cars this was the first implementation of deep art financial intelligence. >> speaking of deep art financial intelligence you have a number of long-term

partnerships with chinese auto makers what's the risk those come under scrutiny from the biden administration that's already looking at the export of chips which are a key part of that deep interfinancial intelligence and given, of course, your intel ownership? >> no, the iq chip which is the product we sell, it's not a super computer, not programmable, comes only with mobileye software. its use case is very specific, only in cars i believe taking all of this into account we're not at the forefront of export controls you if ban a sale you're basically banning any car production because what's the difference so i believe we are not there in terms of being at risk >> i hate to say this on a day when your stock is trading 30%

higher than where it first came to market, but the market right now in terms of investors looking at autonomous drive technology stocks, they have basically voted no we don't see this happening anytime soon all of the stocks are close to 52-week if not multi-year lows how do you map a different course than what investors have said when it comes to other autonomous drive technology and stocks >> i think the other autonomous driving stocks are not comparable to mobileye in terms of the breadth of our solutions. the ability to provide ride hailing to the public as a service, we are much more than that we are driving assist. we manufacture sensors, software, we build maps. we are cash positive for many, many years, just last year operating cash flow was $600 million. so it's not comparable even to

the existing actors in the space. >> and you are once again public thank you very much, founder and ceo of mobileye on a day, guys, they're now trading and up about 30% compared to when they came into the market. let's see what happens over time here but he out lined it there why he thinks they're different than other autonomous stocks. >> bill, thanks very much for bringing that to us. a quick programming note as we head to break dotes do not miss the season finale of jay leno's garage he joins to discuss the future oflictric cars and more. tech check will be back in a moment 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

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meta, the next big tech name to report after the market closes this afternoon, following q2 results back in july shares rose more than 6% the following session. julia is back with us and has more on what to expect in that case the bar was low it continues to be low >> well, that's right. after youtube's ad revenue growth came in lighter than

consensus, google's ad growth continue said to slow and snap warned of a grim outlook for the ad market. things aren't looking too good for meta you see shares down more than 2% today. analysts are expecting earnings per share to fall 40.1%. and now on the heels of altimeter's grad gersner to cut costs and investments in the metaverse there are three key factors to focus on. can it grow market share at the overall price rates, second how much progress is mark zuckerberg making cutting costs and in light of that call what is zuckerberg's plan for those long-term meta verse investments and what is the chance of making

money from that reality labs division in the near-term? we're also looking for any update how tiktok is eating into engagement and also ad market share. carl >> it's going to be a big one, quite a morning as the yield curve fully inverts. you've got the dollar at session lows and vix 27 let's get to frank holland and the half >> re welcome to the half time report megacap tech missing the mark. what does this all mean for the tech trade and meta? and rates versus reports what's actually more important for stocks and the year end rally, is that even still possible we'll debate that and much, much more with our investment committee today. joining me right here on s