spectrum and comcast, they are becoming serious competitors to a certain extent to the other wireless carriers. and overall on adjusted measures for ebitda and other revenue numbers, a rare good day there overall for the markets slightly up on the s&p. that will do it for us on "squawk on the street," "tech check" starts now. good thursday morning, i'm carl quintanilla with julia boorstin today, another volatile week for nasdaq and microsoft, google and meta plunging after results this morning. mark zuckerberg bets billions. investors won't if it will continue with amazon and apple julia, talking a bit about the operating expense guide and the silver line something argue with that is that engagement

continues to be somewhat robust. >> yeah. i mean, first the good news before we get to the bad and ugly, yes, engagement is robust. mark zuckerberg said he thinks they're making gains with tiktok a big surprise to many and for reels, he says they're making progress there. but the battle recently is not only are they losing a lot of money on the metaverse division but expect to lose more on the reality labs next year they're not backing off. it's time to focus on the fundamentals which is the ad business and spend much less on the metaverse division but mark zuckerberg is sticking to his commitment to invest in metaverse company, talking about making it less reliable on apple. john, i guess you must feel

vindicated to see that the metaverse bets are not being received well by wall street >> well, julia, it's not so much that i'm trying to say whether the metaverse is going to ultimately succeed or not. although, i've said, i don't think it's going to be a thing in the next five years what i'm saying is, that this is an unprecedented amount of spending in a technology and potential market there is no market for the metaverse yet that is completely unproven >> yeah. >> i mean, this is tens of billions of dollars that meta is pouring into this. tesla's entire market cap i think at the end of 2016 was somewhere in the third $30 billion range. mark zuckerberg is not only spending what it took to create the iphone and ipad and itunes and the app store. he's spending more than what it took to create tesla on this market that we're not sure is going to work. >> yes >> so it's starting to remind me of what xerox and ibm and to

some extent hp did with their research labs at the height of their power where is they poured monies into technologies and kind of, it wasn't clear whether they were able to transfer that research into something that was going to be market relevant. and that's might be where we are right now with meta. >> john, comparing to an ibm, spending all that money on ai with watton. maybe not seeing the fruits of that again, with meta telling us to expect another quarterly decline, that would make it three. this is the economy moving in another direction. i do want to push back on. core business, optimism, engagement looking better. julia, i understand where 33 see that, but most is blamed on the metaverse pivot. when you look at the margins and the pivot, contracting steadily. in europe, new york american, not to write home about, and reels versus tiktok, 18 hours a

day for reels versus 200 million for tiktok is that right? that seems like a huge gap >> well, yes, what they're saying they're making progress i think the key thing is generating revenue from reels. that was the real thing that they have to figure out. they've been pulling users over into this reels format and it's been increasingly engaging the popularity of reels was hurting meta's profitability what they're saying, within the next year, they'll start to see reels going from a headwind to being a tailwind so, i think that's a key thing to watch here. but it's so fascinating just to see this disconnect because the reality is analysts expected meta to see a 5.5% decline in revenue, instead, 4% and actually would have been up by 2% but none of that really matters right now, if the company is sinking so much money into the long-term bet of the

metaverse, analysts and investors are saying, wait a second, shouldn't you be doubling down and focus on the core, and not worrying about spending so much money that might be years in the future >> and dee, i've not even talking about watson i'm going back to the early '80s talking about xerox park where the graphic interface was sort of invented but not commercialized companies at the height of their powers in tech, historically, have to be careful about being just a little bit right, or mostly right, but getting the timing wrong and pouring huge amounts of resources in at the wrong time john warnock and chuck geoffsky left to start with the money being spent and the innovation wasn't happening so zuckerberg is saying in essence exactly right about the metaverse.

steve jobs wasn't thinking about the apple store, he envisioned third parties using web apps the best leaders recently in tech have been pretty measured in how they time their investment and how they use constraints to fuel innovation and i'm not saying whether, you know zuckerberg is going to be right orb wrong about the metaverse. he's made billions of dollars being right at the right times, clearly. and i haven't. but looking at history, he's playing a game where the odds are stacked. in an extraordinary way. based on the amount of money he's spending, dee >> i'm glad you called that, i think that watson idea comparison may have been a little unfair because there still is a business there. we just don't know a ton about it julia, everyone, stick around. we're going to take a closer look bring in platformer news founder casey newton casey, thank you for being with us i assume you just heard the

discussion let me bring up a tweet by bill gurley, a subtweet, let's call it because he didn't testify who he's talking to, but he posted the definition of sunk-cost facility what do you think here is this what zuckerberg caught, that he's spent so much money on this thing and couldn't get out of it now? >> i think, it's clear that this is a true bet company moment for mark zuckerberg. whether you think this is or not, the fact is he's been bothered around this app business and he's determined not to the tim cook control his future so in his mind he has to make the metaverse work for meta to have any future at all. so, i understand why investors are so spooked by what they're seeing but i think in zuckerberg's mind, he doesn't have a choice, he either building the next best platform

or after ever-shrinking market >> right, julia, if he has that and with performance and intelligence there, later on if he's too early to the metaverse and doesn't turn out the way he expects it, he can pivot all of the elements of research they've done to make the core business better >> well, i think these are two very different things here, right. if you think about the way they're investing in ai for the ad business, meta has to invest in ai to make adds more targetable and measurable. due to apple's operating change. one of the big investments is that type of ai. it's a different type of ai to create avatars with legs which is something that is the next generation of verizon. which is bringing in a more full version of avatar. i think we're talking two different things here. it's one thing to have meta on ad targeting, measuring different formats and another to

think about what the visuals are that are going to be compelling for this futuristic world that we may or may not be living in, in a couple of years but i thought it was interesting to see the chip companies going up on the news that meta was going to be doubling down on this metaverse investments because it's a whole new world to talk about headsets and the graphics that you need for that. i think this idea of mark zuckerberg trying to divorce himself from reliance on apple, how far he's willing to go for that, and how long will it take to get all of us in a place where we're spending more time in the metaverse >> it's an extraordinary bet, to say the least, that mark zuckerberg is making and i wonder if you can kind of compare this with facebook's halting efforts at making a smartphone which they eventually pulled away from and i just thought about another potential metaphor for what could be happening here, right you could be right about the importance of flight in human

transportation, but invest until airships and not airplanes, right? based on your timing and maybe some nuances around the technology we don't know if zuckerberg is investing in airships or airplanes right now. and if this is timing is right i'll leave the hindenburg operator just hanging out there, casey. >> look, one thing that everyone is saying, we're just going to know a lot more in a year, right? because we know that apple, too, is trying to figure out airship or airplane. we know google is working on something similar like this. there are a lot of companies out there. the different between meta and the vest, meta's business is struggling right now a year from now, we're going to be able to make direct appearances and we're going to know is meta ahead of the pack here did all of this r & d pay off or did apple spend more money and get a higher roi >> and casey, last question for,

on that tweet from elon, what do you call that? reaching out to advertisers after a lot of the smack talking he's been doing overly the last few months bottom line, casey, he's got $13 billion in debt to service how do advertisers know if this is genuine or not? >> well, they're going to know if it's genuine if they get roi on theirs. i heard elon say that twitter is not going to become a free-for-all that is good news for advertisers, but the company has a lot to do on the product front. and sort of the relationship front to actually turn it into a meaningful business. elon is going to have to put his money in his product team and where his mouth is there >> and j.b., last comment to you. >> look, i think it's so interesting. musk is making it clear, he understands that twitter is an

ad-supported platform and will be for a long time and make it a safe space just like the advertising for meta, it is essentially for twitter to elon musk to not only protect that but to make it better >> thank you both. for the numbers in-depth and upon twitter, john >> yes, indeed apple and amazon falling today, ahead of results from both names later thisafternoon and evening. investors wondering will the big tech weakness continue we're going to discuss, next, "tech check" just getting started. ♪ ♪ ♪

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apple shares falling more than a percent this morning ahead of big results tonight our steve kovac joins us >> hi there, carl, iphone in focus. it's going to represent the first days of the iphone sales and we're going to be looking for any commentary from tim cook about the sales, is it mostly the iphone 14 pros, the more

expensive ones that can offset any plat demand for the iphone on the revenue side. and services also in focus, carl, there are a lot of signal including from the cfo, saying that services growth will decelerate in this quarter, and a lot of it from data we've been hearing from morgan and others that app stores are down and combat the headwinds by raising prices on apple music and apple tv plus this week. and putting more ads in the app store this week. there's been a little problem with that, in fact, they had to take away the gambling apps throughout and there is enough way to make up on that services revenue. and then looking forward, it's the supply chain stuff, carl, remember, last quarter, they were having trouble meeting mac and ipad demands so sales were down there and whether or not that's kind of smoothed out as the covid

checkdowns in china have eased up although we're hearing, carl there could be renewed shutdowns in the area where is the iphone is produced. jon, over to you >> steve, thank you. from more to what to expect from apple's quarter, the buy rating 200 price target on the game chris, when i'm thinking what about i'm curious out, out of this quarter, i'm thinking about discipline when it comes to what apple is building at inventory levels combined, frankly, with china. and some of the demand dynamic outside of the u.s what do you think is going to be most important >> sure, jon, thanks for having me you know, to be honest, i think the iphone numbers in september held up pretty well, relative to three months ago i think it's more seeing into the march quarter. i think individuals are going to

be fine. i think some countries, number one the sales from europe, the u.s. dollar rate is strong with the energy crisis, so i think fx is going to be a big headwind the question that imvests need to ask, for the stock, if the head line knew that stock is moving faster. but i do think looking into the similar iphone matters, services matter but, you know, the real question to me is what happens to iphone in calendar '23. unfortunately, it's going beyond one quarter. >> isn't fx just another way of talking about demand elasticity, though the iphone is going to be more expensive for a lot of consumers outside of the u.s., outside of north america, certainly, right as demand in some of those areas is questionable. so you could end up with a situation where, yeah, there's

demand for apple's higher end phones, so that's good, relatively speaking, for margins but the top line just really doesn't come in where some people might hope? >> no, i think it's a completely valid argument and actually turned the iphone numbers into the december quarter. it's still, i would say, a relatively healthy so far, but you're absolutely right. we have the sales from europe, the u.s. dollar is strong. and consumer prices and it's definitely something to worry about. but all i'm saying is, you know, i think the challenge is more into next year but i do think that you're going to see moderation in iphone sales, in fact for the next year, calendar '23, we actually have iphone units down year over year basis, six points competitive for this year, and you're going to see moderation iphone command to your point, the consumer has

left income to spend >> krish, just a question on positioning. a big part of the discussion this morning is there's a rotation away from mega tech, and microsoft and meta into cyclicals and industrials that are ex-tech. does that make the bar higher for apple? or do you think people rotate within tech to a name like apple? >> that's a good question, apple on a relative basis has held up pretty well. and apple looking at it on a relative basis, underweight in terms of their portfolio wasn't actually rated because they have a very strong generation so expectations are actually with the stock that have to do well since then, large capp tech, mega tech, the growth expectations are, you know, right from the beginning of the

year, that it was going to be mid to single digits but then there was like double digits so i think on that basis, the potential supply is relatively low. but i do believe the stock gone so far it's been relatively okay expectations are that they're going to come out with a decent number, although there could be some problem for the stock >> relatively okay, resilient with tech broadly this year. what would investors need to see to get it to the $200 price target especially in a recession that you think will see moderation in iphone demand next year? so what's up there >> well, i think people think of recession as economic definition of two quarters of negative gdp. i think this is looking at it for more like the session, stocks going higher, tech companies start laying off employees. the high-income generating

customers of apple to me, if you start seeing more white collar unemployment and the numbers going with the stock in trouble, i would definitely argue we're not going see that yet into the december quarter. maybe moderation in iphone, because the demand isn't strong. but really it's calendar '23, and so far, it's moving up but i think it's going to get into like january/february, but then you've got to see what the estimates are. but i would probably say, the stock is huge cash flow generating machine and it's held up compared to most of its mega cap tech, all in the foreign market. >> all right thank you. >> yes we've also got amazon earnings on deck tonight the company expected to return

to profitability after two consecutive quarters of losses this year. part of that is the less volatility, up 5 or 6% and we talked about it, shutting warehouse spaces, freezing hiring in the corporate retail division, even in some units of aws, and halting experimental project which is amazon has a lot. and its advertising business and from the woes and ils changes that are hammering others like we talked about. guys it did take its medicine, but is it enough the haul say season expected to be weaker. there are worries about aws, microsoft. and did that deepen in the cloud, jon, yes, we're expecting that, how much is key? so, we'll see. it feels like amazon is pretty well positioned given all the costs that they eked earlier

this year. we've been surprised, this earning season, especially with big tech >> on a day like today, we have to point out andy gaskey's playbook is different than mark zuckerberg's playbook. he's not leaning into high-tech feweristic right now it's not to say that aws aren't expanding on the future. aws continues to hire in divisions while slowing and pausing on others but they're not pouring billions of dollars, sapping products it's like you got zuckerberg here, and tim cook over here i guess if you're bullish meta, you'd argue that gaskey isn't spending enough? >> i disagree. i actually think amazon is spending more in capex then meta 50 millions.

the difference here, jon, which i'm sure you'll appreciate, they're spending in the real world. warehouses. >> yeah, amazon capex, way different from facebook capex, right? it's still capex, with a whole different structure when it comes to margins and revenues than you're getting the meta >> not to mention the higher prime fees, higher ad margins. seasonal sur charges i think it was bernstein back in september eid that even market leverage should come balk in spades we're going to find out tonight. more on meta and why analysts say it's still a buy and elon musk just 24 hours or less away from owning twitter. more on what comes for that company in a moment. ♪ 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

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i'm frank holland with a

cnbc news update the u.s. update. the chain-weighted price index a key cost of living measure, 4.1%, that's less than 9% last quarter. cater piller is leading the dow with a 10% jump today. the company posting strong results saying it's seeing strong demand from the energy and gas sector and the euro is trading below the u.s. dollar. the european bank raises interest points by 75 basis points as expected but slower pace of hikes. and credit swouisse, after results, down 18%. the swiss bank will focus on its wealth management business and spin-off of its investment bank. that's the very latest jon, over to you >> frank holland, thank you. met tall shares plunging as mark zuckerberg doubles down on the metaverse and his spending

there. but in case the investor reaction wasn't enough, check out what a few tech leaders at the "wall street journal's" tech live conference had to say about the concept of the metaverse this week. >> so i'm going to ask you to finish this sentence -- the metaverse is >> living inside a computer. >> you don't want to do that >> the last thing i want to do when i get home from work at the end of a long day is live inside of a computer. >> metaverse is, in your definition >> today, i'd say, i'm going to get in trouble when i say this, it's a poorly built video game building a metaverse that looks like a meeting room. i just find it's not where i want to spend most of my time. >> you have to finish this sentence, both of you -- the metaverse is -- >> a word i'll never use >> fred, the metaverse is? >> yeah, i'm good with that.

>> well, right now -- >> the word you're looking for is brutal. >> sinking meta stock. it's sinking meta stock today. but who knows what the future holds, carl. >> yeah, jon, it's really got to the point there, we talked to joanna stern about that. yesterday and didn't mention palmer lucky, jon, and his own view of it, coming from the role of a former insider. >> yeah, it's not good but you know what, guys, i mean, jon, i feel like it's a great time right now maybe to be contrarian, right? maybe -- and that's to go back to the beginning of the show, that's when some of the best technologies are made. at least what you can say about mark zuckerberg, he's thinking originally and he's putting his mouth where his money is, maybe we'll all be kicking ourselves a decade from now. i'm trying >> it's not just putting his money where his mouth is, it's

so much money, there's no mouth big enough, right, to handle all of this? and so it's not about the technology, you know, there are companies investing in vr, palmer lucky believe the man to say this bet in ar, apple's certainly doing that but not embracing the idea of a metaverse where the use case is unclear at this point. we just haven't seen in modern technology history this amount of investment in both the technology and businesses model that it's not just unproven, it just hasn't even materialized at all. it's not to say whether it's going to work or not it's just to set up for investors out there that's the bet you're making if you're long meta right now is that they're either going to succeed on a path that's structurally never taken before. or eventually, zuckerberg is going to call uncle and cut the amount of investment he's

putting into this right now. >> yeah, that's actually a great point to bring up with the next guest. lowering the price target for the stock down to 135, was at 195. keeping it outperformed after calling the stock a top pick bernstein joins us this morning. whose been on fire with your commentary, mark calling the guy, crazy, almost too high to be believed. talking about investor betrayal, as you point out, super voting rights bring situations like this >> but, they do, and you know, i won't lie, having it a top pick beforehand it disappointed, it shocked. perhaps the most surprising, we looked at the stock and said there's three things we've got to do, get engagement right and revenue and cost in check. they actually did the hard stuff. engagement surprised everybody it's back on track revenues outperformed google from a trend perspective and nobody has any doubts on the

long-term viability of advertising on google. but the control, we're certainly going to get leverage here and control and cost just wasn't in the exact direction. so we had to go back and entirely rethink our cases >> to jon's point a moment ago, you said you're pretty sure they will eventually take the opex guide down what do you mean by that >> they're certainly aware of the stock. they guide with some buffer in there. they've been vocal of where the costs are coming, tied to capex, i think it's good spend. it's spend to basically re-emphasize core. get dak to the basic lost to tiktok get back to the efficacy of apple. that's good spend. the discretionary spend is tied to head count and all of those head count expenses, many of which were hired historically, we've seen that

number come down by several billion. i wouldn't be surprised to see it come down a lot more, given the investors at this point in time >> mark, i read your note, you quoted your old swim coach who said the bad news is you suck, and the good news you can only get better if you have a tiger mom like i did, she might say do it or get off the pot. what do you know the strategy here that zuckerberg has done this so publicly, it's not like he's trying to do this while focusing on the core business, or at least looking that way to investors, he's bet the entire farm on it >> yeah, no love clost with my old swim coach, i'll tell you that we have to ask ourselves, if they were a private company is this the right place to put money to work. investing on a computing platform, forget that metaverse, we don't like that term either we believe it's the right investment

really is. the scaling that is, and all of the commits on cost and effectively trying to prove everybody wrong is significant at this point. you know, we're not saying "x" it we're saying rein it in and effectively spin over that market, rather than overspending to try to create that market quicker. >> mark, i feel for you that you don't love the term metaverse, because they renamed the company meta but, boy, isn't it the case that at this point, the only constituency that can move mark zuckerberg, not the board, not, you know, investors, it's employees. what he's got right now is a facebook stock that's back at, what, 2016 levels for a workforce that's mainly compensated in equity. and even though they might be working on a core business, their fortunes are tied to the metaverse, right

i mean, if they go for the exit, then he's going to have to change direction, right? >> yeah, look, i feel for them you know, there's certainly been a lot of hate selling in this stock. this is actually a better quality company even with all of the spending i know we're all talking about crazy expenditures but expense is up 14% year over year for company garnering revenues over 20 that isn't all that bad, i mentioned that, especially if it's tied to the efficacy and quality of their core business but certainly, i imagine this holds true for both folks in ourle industry as well compensation is important, when you're compensated in stock base comp, you either believe in the long-term vision or you don't. mark's been on record in the past saying if you don't believe in that vision, we might not want you here. i think that's okay. back in a work around round of way, if you think about that

expense guidance there might be a lot of voluntary attrition that helps bring the numbers down >> mark, really good caller, helps frame the discussion this morning. appreciate your hard work on it. thanks for coming on >> thank you we'll check out the biggest laggards on the nasdaq this morning. no surprise if you've been watching that meta is the huge top laggard. we'll get moren rk omaet action after the break. don't go away. the best price on, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

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kriecryptoprices have plung. high market investors, kate rooney joins us. >> that's right, crypto is looking like a buying opportunity for invefrlt and wealthier investors. from fidelity, 58% of institutional investors bought cryptoin the first half of this year, even as bitcoin fell 60% that total was up six points from the same time last your about 74% say they plan to invest in crypto in the future high network buyers drove half of those, surveyed say he now own crypto, pension and continue to be the most risk diverse. the top reason for buying, more than 40% see crypto as an high

asset, or tech claim despite the nasdaq and qqq, a quarter of institutional investors are still betting on crypto as something they call uncorrelated to other assets. i asked the head of research for fidelity digital assets, he says some of those clients tend to be the long-term investors who are willing to wait for the use cases to play out. >> the people who come along in this journey who really put in the work to understand this value proposition, to understand how it works, they're the ones that are thinking about it, more tactically and using it as an opportunity to perhaps take position or add to position. so they're not the ones that are looking to trade on news or sentiment or price action. but to really build that core position and, of course, now it's a lot more appealing than a few months ago. >> the biggest barrier to entry, half of respondents saylack to follow security.

and what's interesting, though, a lot of them said they still see it as a store value. is is that just what bitcoin is now? we've always talked about where you can use that, if you're actually able to one day it doesn't feel like that's coming into the equation even now. >> it's really interesting, i heard the best analogy, it's like looking through a prism, where you can look through the exact same thing and see a different color every time this is just high-tech play, you some on the sil philosophical libertarian play who say that this could be used as payments but there's really no consensus so far what it should actually be used for. that's one of the reasons as institutions get in, it's been treated more as tech they treat it that way in the portfolio. one of the biggest cohorts and long-term holders are using it that use case. >> it can be everything to

everyone, or nothing to none >> that's true >> what i'm hearing, which has always been the case >> yeah. >> a lot of these investors have potentially 18 ten-year or multidecade horizon. >> thank you, kate rooney. jon. >> here's my understatement of the morning. investors not happy with meta's spending spree but some chip names sure are find out why, after the break. "tech check" back in two

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while google and microsoft have been cutting back, meta has been spending pick christina part nerve lows joins us >> hi, carl, google says it doesn't plan to cut costs and spend even more in capex in 2023 roughly 12% more on data servers and infrastructure somewhat offsetting microsoft and the tempered tone on spending so that's why wells farg gee pointed to arista networks saying meta could account for 10% of its date ka core businesses, microsoft the arista customer and raymond dean, the street is weighing in on this. they like pure storage, given they're storage products and

meta recently became a customer in 2021. keep in mind, this company has a small market cap then you've got nvidia, amd, both companies specializing in artificial chips you can see it still trending higher today, at least the case for in vidia and jpmorgan saying they believe it could become broadcalm's next customer for the years gimp the broadcom high straight commuting. and lastly, since martel makes the systems on a chip order trends from meta could actually increase for a while so meta's build the metaverse or die approach really comes at a cost that could go well for the much beaten down chippies. d diedra >> thank you, kristina >> holding up the nasdaq with the impact another company holding up the

nasdaq, comcast, the parent company. despite a slight revenue decline and continued softness in broadband customer growth. the company added 14,000 customers for the quarter. you can see there, shares for the year, though, down 34% ecchk"s ckn a moment this is connecting all your team with a shared point of view. this is the system you built moving from concept to customer. this is how. airtable.

welcome back time now for a gut check take a look at servicenow.

shares a surging after earnings per share came in higher than expected for q3, posting a miss on the top line, cutting subscription revenue guidon for the full year. the ceo taking a deep dive into the quarter with squawk on the street earlier this morning saying he's still focused on growth despite the broader volatility carl, you were part of that conversation does enterprise software sort of recalibration continue >> indeed. bill talked about the macro remaining tough especially in europe it said that servicenow is built for all weather conditions we had the upgrade on monday, and of course last night it was moffitt arguing not only have they refined their product but now going to benefit from those looking for a new home in tech >> mcdermott leading a master class this year in how to communicate with us straight remember it was the first to talk about those elongating sales cycle, john.

but updating the street when it needed to, and now that up side surprise sort of reaping the benefits of that, 12% today. >> yeah, and still got ambitious long-term targets that are actually being used to sort of hold mark benios' feet to the fire i guess what activists are trying to do we'll see through this down cycle how those continue to pan out. >> that's a great point to take an activist position and servicenow is an example of a company able to grow share while focusing on that margin expansion. meantime shares of shopify reported they're higher this morning. revenue beat expectations. stock is up nearly 15% the company, though, still has a long road to recovery. shares are down more than 75% for the year shopify president harly finklestein joined squawk on the

street earlier this morning, providing a unique opportunity for merchants to diversify their retail channels with social media integration. have a listen. >> i think the key is going to be in the same way gnat merchants during the pandemic had to reset how they did business and where they sold, same thing goes now. if one particular channel is not doing well, shift to a different channel. the reason you see us talking about audiences but integrations with instagram, tiktok and spotify and snap, we want to make it easy for merchants to find more customers regardless of the climate, and by providing more versatility it means we future proof their business. i think we'll see a good holiday season it remains to be seen how strong it'll be but our merchants, millions of them, are getting ready to sell. >> this is a company that's been spending money in the real world on its logistics capacity. we'll see how that sets it up for the big holiday season

ahead. the fourth quarter which is so critical for these e-commerce companies. do you think there's any read through for amazon here? >> read through for amazon that's tough shopify is a competitor of amazon's and i know people disagree with me on that, but they're competing for the primary loyalty of that third party retailer that could just go all in on amazon and, you know, the majority of amazon sales coming through third party retailers or they could sell some on amazon, shift through marketing through facebook, through google, et cetera carl, it means that perhaps the tanking we've seen in that, it is not as severe as some might have feared, that there's still, you know, an exciting e-commerce ecosystem there to be bet on

>> yeah, we'll find out. i know b of a is looking for holiday spend up 1.3 last year it was up 6.5. we'll get more on meta tech check's back in a minute.

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guys, one more thing before we go, a return to meta, shares still down about 23% year to date just been a brutal picture, guys it's interesting we're about halfway through the biggest of big tech earnings. we've got apple and amazon tonight and feels like investors are looking for efficiency, but they're not really getting that yet at least when it comes to meta and alphabet in particular they want costs reigned in will apple and amazon give that to them a little bit more? i think that's going to be a key question tonight and for what that means for markets going forward. >> i don't expect we're going to see tim cook spending money in a way that will shock investors. i think the theme of the day is

billionaire geniuses making billions of dollars disappear whether that's musk getting his hands on twitter, which he kind of didn't want, or zuckerberg spending on the metaverse. >> yep, going to cost him $11 billion today, john, and that brings his total wealth loss according to bloomberg $100 billion in just 13 months. let's get to the half. carl, thanks so much welcome coo to the half time report i'm scott wapner front and center the melt down claims yet another victim. we'll get you to those critical earnings reports and one of our committee members makes what we think is a pretty stunning trade. joining us amy raskin, josh brown. let's check the markets as we always do. just past 12:00 in the east. dow is green, everything else is red except for the ten-year -- ten-year is higher, 393 is where we are there but the dow is