of course, we did get numbers from exxon and chevron last week they were close to if not exceeding previously high records that the companies had set. of course, given very strong overall prices "tech check" starts now. good monday morning. today the nasdaq is on mace to break a two-month losing streak despite pretty ugly results from the likes of amazon, met and others can stocks continue to rally into year-end? we'll discuss. right now the naz sdaq a quarter lows we'll look ahead to amd and qualcomm later this week finally, the street going opposite directions on roku and paramount today. julia will break down some of the sell calls we got earlier this morning, jon. >> carl, let's start with the

market set upfor the week ahead. a lot of semiconductor names headlines this week's earnings, as you mentioned let's bring in mike santoli who has more on how we're trading. hey, mike. >> hey, jon. well, in the past week or so we're trading without much mercy for any companies that disappoint, as we have seen pretty starkly with net microsoft, amazon, some of those you mentioned. but it's really been a story of discernment, too, between these companies that are disappointing and still do have two expensive valuations for not being reliable and the rest of them here you have apple trading on year to date basis right in line with what's this it's not part of the nasdaq. it's the low volatility etf, the stocks that have demonstrated the lowest volatility of all the index members. really the stability premium that's been driving apple. it's not because growth has been fast it's been reliable and financially they are obviously very sound now, you have the nasdaq 100, which has one of the weaker

profiles here. here is the june low you see it did make a lower low there. not all -- not the overall market has not it's not really regained much of it this one here is small cap tech. so, within the small cap 600 index, that's the technology sector that's actually been a little resilient here and shows you they took their pain before we got into this period so again, it's one of separation of those companies where people maybe were complacent about how reliable the results are going to be against those that maybe have taken their medicine already. >> mike, really quick, on meta now below 95 today, a multi-year low. a year ago 320 and change. to what degree is the final day of the month putting some or pushing some to get the books cleaner? >> arguably you've seen some of that not just because maybe you don't want to show holding so much of it, but there has been a tax law selling dynamic in october a lot of mutual funds van october fiscal year end. a lot of that should be done already, but there's still a

sense out there there's no hurry perhaps to buy it right now. a lot of these companies are being targeted for are there expense -- is there expense discipline believable? do we think they have a commitment in that direction >> mike, santoli, thank you very much. staying on the market with tech facing countless head winds including more rate hikes on the horizon, our next guest has concerns about big tech growth story and small and medium tech names in today's market. joining us now namdi thank you for being with us. >> happy halloween. >> you believe that big tech has largely lost its financial discipline, but these are still some of the strongest balance sheets in tech so what should investors do here >> yeah. i think you have to think about a couple things. the first thing is long-term capital expenditure. one reason that meta, amazon and other companies gone down is because of large cap x investments and making very long-term investments.

they spent 36 billion over the past four years on the metaverse and the revenue for the metaverse went down for them those investments are causing investors to question the feasibility of those long-term projects i think investors are really looking toward capital efficiency and profitability for those companies. that's one of the reasons why those stocks have dropped. to your point, there definitely are a lot of strengths in the balance sheet. matter of long-term growth and profitability versus capital strength. >> let's leave meta aside. the market collectively decided this is too much in capital expenditures on the metaverse. could you argue that some of the others like alphabet, like even amazon that spends a lot in cap x, they earned the right to experiment they have to play offense now or they risk being disrupted by smaller players. >> so i think it's partly nature of where we are in the market. right? so i think in good times when the market is growing, when companies are growing, i think investors look for that

investment the future potential and they kind of give ceos deference in terms of making those decisions. in these types of times when markets are depressed, investors look towards capital efficiency and profitability. that's what's happening now. yes, there should be some deaf rans to those ceos and near term roi. investors should see are those investments paying off i think to your point alphabet made large investments and grown their head count over 30% over the last year. they put a lot into sales and marketing, a lot into rnd and investors are looking for more evidence that those investments are a good long-term investments. >> nnamdi, i contrast this with amazon and apple amazon built out aws 20 years ago it wasn't like they were taking massive charges against the bottom line. saying it's too build the cloud, which people didn't understand apple explored building a tv and

exploring making a car but not spending billions upon billions of dollars on it how do you gauge whether a company is spending too much on things that are unproven and frankly if they aren't spending enough because if these companies don't invest the right amount in the future, then they will end up getting left behind? >> yeah. it's a very, very good question. i think it's what ceos struggle with and wrestle with. i think there's a couple elements to think about in that con context. the first is what's the size of the investment percentage of revenue and assets how big is that investment case of meta they made a very substantial investment where their operating profit has gone down substantially in the last quarter. investors question that. i think the first thing is the size the second thing is are there quick wins in the case of aws, for example, that business from the get-go really generating revenue, very profitable, very high gross margin if there's early evidence of growth, i think that's also a plus in the case of meta, their

metaverse business went down in terms of revenue that's not the right drex. that's a long-term investment. that might be a ten-year type window you have to think of what are the quick winds and size of the investment and what period are you in if you're in a period where the market is doing great, investors give more deference. this time, growth is not rewarded as much if you're make large investments reducing profitability, investors question that and that's what happened last week. >> then you also get these cases, i'm thinking of intel here, where companies need to make a dramatic change and they need to do it quickly. right? or at least that's the argument that management makes. that means throwing excess cargo overboard. means the painful process of laying off employees, perhaps. but i think maybe investors haven't thought meta is in that position to have to make drastic changes. or risk the business model collapsing should we interpret this level of investment as meaning that

mark zuckerberg thinks they're in that position >> yeah. that's a really good question. you brought up a couple elements i think the first thing is the stock perceived to be a growth stock? right? historically intel was until ten years ago. now it's a value play. i don't perceive intel as rapid grower, old school business, very profitable underlying business but not perceived to be a growth company meta is different. it declined in revenue in the past quarter it's not growing i think mark zuckerberg said, hey, what's a new business i can get growth from? because i already have 3 billion users and really tapped out user growth and so they are trying to in a sense pivot the business hard to do for a company of that size but that's a little bit of what they're doing. and that's very different than how investors have perceived that company historically. so that shift in terms of investor sentiment, perception of what that stock is, i think is really important. that's what's happening now.

>> all right difficult shift, too nnamdi, investors are looking for something outside of big tech, look to smaller to medium companies. give us your names and why you like them. >> there's a couple i like the first is costar. costar is a large real estate information business they provide a set of products loop net is a very large marketplace for commercial real estate i think that business is well situated given that large corporations are looking to sell their real estate or downsize. so that marketplace in my perspective is poised for growth they also have apartments.com in this environment when less people are buying homes and looking to rent. i think that business is well positioned that company is quite profitable that's an interesting stock for somebody looking at a small kind of tech stock. paylocity is growing provider of payroll software and hr software their penetration of the market is low over a million businesses fit in

their target market. they have 30 to 40,000 customers. that is poised for growth. that stock has done really well this year. and last is very old school company, a company called jack henry been around for a long time they are a provider of software to banks i think they're well positioned in terms of their product portfolio and their stock has done well. one theme is looking at small and medium kind of cap tech stocks i think those are well positioned in this environment especially ones that are profitable and growing >> nnamdi, appreciate your picks. thank you for being with us. >> thank you i want to address something that cnbc addressed friday a team of data engineers were laid off at twitter after speaking to two people outside of headquarters who claimed that they were. they were not real employees and i didn't do enough to confirm who they were. they got me. and that is on me. we, i regret the mistake now there continues to be many moving parts for the story and for the latest let's bring in

julia boorstin. >> there's growing concern about misinformation and hate speech on twitter since elon musk took over after reports of a spike in racist posts on the platform on sunday, musk himself spread misinformation he tweeted out a link to an anti-lgbtq conspiracy theory about the attack on nancy pelosi's husband he deleted the post which fact checkers called fake and defamatory after it had drawn 86,000 likes and 24,000 retweets on the platform. gm of major advertiser said it's suspending advertising as it evaluates twitter's new direction. so the question now is whether musk's looser content moderation policies alienate advertisers, users and potentially draw crackdown from the eu which has stricter laws about offensive content than we have here in the u.s. and then there's the question of employee retention elon musk addressed a report that he could start firing employees before november 1st.

that's when employees are set to get stock grants that vest that day. that's tomorrow. he tweeted in response to an article about this saying this is false now, of course, we are waiting to see what changes elon musk makes to twitter's platform. musk tweeted out, quote, whole verification process is being revamped right now he's reportedly looking to make user subscribe to twitter blue for as much as $20 per month in order for them to be verified. twitter blue currently costs $5 per month and verification currently costs nothing. carl >> julia, while we got you, i want to get you on roku today. web bush trims to 75 but citi on the stock ahead of earnings on wednesday say roku could bring in top line beat 20% ahead of estimates. >> carl, i have to point out wells fargo warned there's another risky print ahead. so the question is if roku is really indicative of the health of the streaming market and the health of how much these streaming platforms want to pay

for advertising, as well as its own streaming ad business, that might be good indicator of how they're going to perform but also just take a look at roku shares. the stock is up so dramatically. i think investors are trying to figure out whether this is a bottom or whether it has more room to fall but sort of mixed messages today from wells fargo along with that citi note. >> yeah. more than 75% year to date julia, thank you very much julia boorstin. the ceo of on semi, after the break. "techcheck" is just getting started.

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take a look at some winners on the ndx pinduo duo we'll keep our eye on that, jon. >> and for now, carl, let's turn to on semi reported record revenue and earnings per share in q3, but look at the stock, mixed guide for the quarter ahead. weighing on shares this morning is down 7% ceo joins us now for a closer

look at a cnbc exclusive hassan, welcome. the automotive and industrial areas did particularly well for you as did your reduction in fixed costs leading up to this point. but, what kind of a slowdown is the company positioned for, just a short term or couple quarters or rough 2023 overall if that should materialize >> yeah, look. i wish i could tell you how long this is going to be. what we're doing is everything we can control, we're tightening all the skrus on it. you have seen us be very, very proactive on managing inventory down that obviously led to reducing starts in our nonstrategic market, the worst thing you want to do is try to navigate a downturn while having a very large inventory whether it's internal or inventory at our distribution partner so we have been very proactive, like you said, reducing our forward potential costs that will drag our gross margin

that came at the impact of underutilization we feel in the short-term this is the right thing to do as we grow into the auto and industrial driven by ev and renewable energy will keep fueling our growth including in the fourth quarter with the backdrop of demand, whatever that's going to do. >> so how do you feel -- i know how you feel in the long-term about automotive and industrial. you have seen those areas continue to be strong for a number of semiconductor players, but in the medium term, and i'm talking over the next 12 to 18 months, what are the potential recession effects you see on that market? i know it's mott the overall market you're more leaning into the driver assisted, electrification parts of that but is that going to continue to grow at a level that fuels your growth even if the overall economy continues to weaken >> yeah. so that's very important becausn the short term as well as our

long-term view of the electrification both for the vehicle and electrification of the infrastructure with energy storage and energy distribution and renewable energy, you know, with auto and industrial, part of our sustainable ecosystem the short term, look, the sar or total number of vehicles may reduce because of demand, but one thing remains very, very certain and that's common to every single oem and every geography is the number of evs they will create or they will generate or manufacture in 2023 is going to be above the number of evs they launched in 2022 that number is what's fueling our growth in the short term and that's going to continue to fuel our growth in the long term. >> goldman has a great note this morning out today talking about supply chain resilience and basically the price you pay for more security and supply chain restoring production, they do say it appears limited to the

semiconductor industry so far. and they say the cost is marginal because the end price of a product is not largely due to the price of the semiconductor. but i wonder if you think overall net/net what we're doing in resuring is going to end up being productive long term >> look, i think stability of supply and supply assurance whether on shoring or through a broader network of manufacturing is important it is something that our customers value. part of our ltsas or long-term supply agreement has really been focussing on supply assurance and supply resilience. very different things, but they need lead to the same thing a customer gets what they want when they want it. that supply assurance and supply resilience, we have manufacturing in north america we've been divesting fabs overseas and moving to our north

america fabs, but we also have manufacturing facilities throughout the world and we're able to have that supply resiliency by having some technologies in multiple fabs, so we can mitigate any risk and any shortages or any localized disruptions through our fab network. so, both of them by coming back to some of the technologies here in north america but also across qualifying technologies and other fabs we have around the world are something that our customers find very valuable and is shown by the large number of long-term supply agreements that we disclose today on the call >> hassane outperformed many of your chip peers this year. how are you thinking about mna >> we have a very solid strategy our strategy of intelligent power, intelligent sensing paid dividend and created a lot of value for shareholder. we see mna as another tool to

create shareholder value our cash position is very comfortable. our debt position is very comfortable. our focus and obviously is investing in our own business with our capital in order to grow the capacity and the supply that we need for our customers but mna is always on the table but we can be very disciplined we don't need to do mna in order to execute our strategy that we've been talking about we will use mna to accelerate and to gain yet more competitive advantage with larger technology play. >> hassane, organically, what are you doing with head count first in rnd and then also in more of the sg & a areas >> yeah. what we said on the call is we're going to be very disciplined with discretionary spend. from the hiring perspective, we have slowed down hire and we have not stopped any hiring. we're actually doubling down on a lot of our strategic areas

like rnd and we're going to continue to do that. we're not going to take our foot off the gas as far as the short-term uncertainty we're going to manage discretionary spend, but we're not going to sacrifice our long-term product road map that is driving and fueling our growth given the short-term uncertainty. so you can look at us managing op-x very, very tightly but increasing op-x in areas of rnd and other strategic hires. >> that's an important signal. hassane, thank you coming up after the break this morning, it's been a rough month for big tech earnings as you know meta down more than 25% in october alone. apple one of the bright spots. how should you think about the rest of earnings season? we'll discuss it when "techcheck" is back in two minutes.

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welcome back to "techcheck." i'm iowa caucuses with jon fortt, deirdre bosa and julia boorstin final trading day of october nasdaq on pace to break a two-month losing streak. if the dow can stage a turn around and finish up more than three points today, that does make it the best month since june of 1938 in a minute we'll get a check on paramount as well. getting a downgrade over at wells. first news update with bertha coombs >> here's what's happening at this hour. new signs today that the fed may be having some success in slowing the economy as it seeks to fight inflation chicago pmi barometer of midwest manufacturing activity fell to 45.2 for october less than expected and below the 50 mark separates expansion from contraction. fed policymakers meet tomorrow

and wednesday and another large interest rate hike is expected. one of today's wall street winners is wnyy resort it was stock is up more than 9% following news that investor taken more than 6% stake in the resort operator. and two entertainment superstars doing big business. taylor swift's new album "midnight" sold 1.58 million copies across various formats in its first week that's the best sales week for any record since adele's 25 back in 2015. and dwayne johnson's "black adam" topped the weekend movie box office for the second-straight weekend. taking in another $27.7 million in domestic ticket sales it's now sold $111 million in tickets domestically and 250 million worldwide. i guess it's treats for the rock and taylor swift

back to you. >> he'll like that one thank you. bertha coombs. coming off a busy week of tech earnings as you know and heading into the next one, uber, door dash and airbnb the names on deck. question is what did we learn from snap and amazon and meta last week? let's bring in citi ron to talk about that today those three names i wonder is mobility and travel thematically the best thing we have going right now? >> you know, carl, it's a really good question because what we saw was -- we saw this coming out of q2 earnings as well, a mixed shift from goods to services and uber has been out there sort of talking about and improving overall trend in mobility i think travel has come up better as well, at least through labor day. so this will hopefully be a little bit of a different earnings and results from what we saw the last week and a half with uber and dash and others coming out this week so, we're hoping so. at the very least, we're always focussed on top line, but we'll look for more details on cost as

well and curtailing overall expenses and preserving that margin. >> right speaking of expenses, what do you think the lessons were in retrospect on meta and what would it take to shake you off of your buy? >> yeah. you know, meta is really interesting. it's frankly we heard engagement was better we heard that -- a lot of that was better because of their investments in a.i. and content discovery. we heard that short form video monetization is growing quite rapidly. we think it can do on reels 5 plus billion dollars my point is regardless of what these call it better engagement trends and results on the top line, they can control the costs and what we were looking for was basically some sort of better indication of where that control is coming from what we learned overall was that, look, meta is going to continue to invest and if these top line better engagement, better revenue can continue, then we think that will help to drive better margin

as costs even go up a little bit. right? so i guess what we learned here was, you know, costs are going up meta is investing. that's not going to end any time soon we were hoping for a little more of a different outcome there, but if these newer ad products and engagement rates can continue, i think that can solve a lot of what we're talking about on meta. >> ron, looking at the week ahead, we're going to get results from a number of unprofitable tech names that like to go by different metrics like adjusted ebitda what do investors need to be aware of as they sort through them should they look at free cash flow, how to take into account things like stock base comp? >> yeah. that's the biggest take away from the first wave of earning, if you will. just as the top line becomes more and more unknown, right, especially as we go into '23, the question is what can these companies control? you can control your expenses. free cash se merging as the number one metric overall that we're looking at

but then also we do look at adjusted ebitda. not every company is as profitable as searches and google and alphabet and meta uber is a great example of that. we're looking for continued improvements in profitability across the mobility and delivery business but then for that to flow through to cash flow at the end of the day when the top line becomes that sort of unclear, free cash flow will help to stabilize the business and keep the business going until we get some certainty on top line that's really where most of the market is focussed on going forward here, at least in the short-term >> ron, question about the social media market right now and perhaps who can take advantage of the situation twitter is no longer public and it's going through its own reorganization issues. facebook elsewhere on the metaverse. google gave up on social outside of youtube

so, of the remaining players, i guess there's snap, pinterest, who else is there? is there anyone who is positioned to pick up share, attention, momentum from the chaos? >> well, i mean, what's interesting is there's always newer entrants coming in we see this with -- i wouldn't say tiktok is a new entrant, we seeing this with others out there that's causing the incumbents to always sort of reinvent and think about their business model picking up the pieces, look at the end of the day, most users are on social network. what's fascinating here, jon, is looking at meta specifically and what they're doing on this content discovery side with a.i. focus is driving more usage based on ideas and trends and themes that you -- we as consumers might like that are very targeted. and so, i don't think social media is going anywhere. i don't think social networks are going anywhere there's always going to be competitors coming up here, but

as newer formats and forms take hold, it's interesting to see how users change what we do online that said, what meta did and talked about last week with engagement being all-time highs even here in the u.s., i think that speaks volumes to just how much they have changed their business and can continue to sort of reinvest that said, it's really hard for newer guys to come in here or newer entrants to come in and compete when you have incumbents with 3 plus billion monthly active users here that can continue so it's all about scale i guess at the end of the day is how we look at scale and users and scale in advertisers one last thing to your comment, one thing that facebook and meta sid resilience in the small business side. that's the long tail i think that actually is a good longer term trend. >> that's interesting. i think it was ben smith of siva 4 in the wake of earns requested

rhetorically on twitter has any social platform every truly reversed a decline i'm not arguing that facebook is in that position, but a frame of view like that would explain his willingness to bet so big on something that is still so far out, wouldn't you say? >> yeah. no, carl it's really fascinating on the metaverse, so far out, unclear we'll see what happens here. nice to see some i guess improving metrics overall, but we know that they're investing quite significantly into next year and maybe those investments temper '24 that's a long way to move forward. we look at the here and now and think about engagement rates and what keeps us going on meta is engagement reach that all-time high or continue to grow in the u.s. that is so key and most importantly it's how that engagement is growing. and it's growing increase lig via the short-term video but most importantly short form video plus feed plus stories plus messenger and you think about overall interactions across social and it's changing.

and we're seeing this change across facebook and instagram and incorporating messenger and whatsapp that's what's interesting and what we find is a big opportunity for meta going forward is incorporating all those core brands and really surface areas on your devices. >> yeah. everybody wants the everything app, ron we'll see if anybody can ever do it ron josey of citi. >> thanks, guys. more earnings on deck. quick programming note do not miss uber ceo tomorrow morning on "squawk box." that interview takes place 7:30 a.m. eastern we're back in two. (vo) this is more than just a building. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space.

reports this morning saying iphone production at a major chinese fox con plant could fall 30% as the company deals with covid restrictions we had shocking video out showing employees trying to depart the factory our eunice yoon is in beijing with the latest. those videos are shocking that are circulating social media. >> reporter: oh, absolutely. they're circulating on social media. apple supplier fox con is definitely in full-on damage control mode it's been denying reports that 20,000 of its workers got sick with covid and also have been trying to reassure everyone that production has not been affected either the company had granted

interview in local media today where it vowed that it would improve the lives of the workers under the covid curbs. the company said that the canteen services were going to resume all by november 1st they also said that anybody who was suspected of infection or infected would get better medical treatment and also would be transported to quarantine facilities and also the company said that those who decide to stay at the factory could potentially get up to $14 a day in bonus, which would be tantamount to having an extra half month's salary all in all. so, the company really trying to make sure that these workers feel much more comfortable after those videos emerged which showed a lot of workers who were streaming through fields, marching, they said, back home because they wanted to escape some of those covid curbs. they said they had been complaining online saying that

the conditions at the factory have deteriorated. that they're low on food as well as medical supplies because they live and work there and then also a lot of people have been quarantined there. now the company says that they are coordinating their efforts with other facilities to ensure the production but at the same time, guys, it's a time when there is a very strong demand for workers as we head into this holiday season in the united states as well as other places. >> eunice, these videos are circulating on social media here in america, but i'm guessing it's probably more limited where you are on the ground in china but this coupled with what's happening at shanghai disney, what's the sentiment on the ground is there a fear that these lockdowns could widen out and hit the general public >> reporter: oh, yeah. no the covid restrictions and the lockdowns have tightened up even more after the big leadership

change or not really a change but reshuffle with president xi coming out with even more power. there had been a hope among some people that maybe we would see a little bit of an easing, but that really hasn't turned out to be the case at all in fact, it just seems like local officials are even more dedicated to the idea of at least appearing as though they're in line with the leadership under president xi jinping. >> eunice, thank you for that. eunice yoon, huge story in china. as we go to break, take a look at some of the biggest winners on the nasdaq 100 for the month to date. dex come and isrg will lead you but names like moderna, gilead and netflix further on down. "techcheck" is back in a moment. this is doubling production without doubling headcount. this is connecting all your team with a shared point of view. this is the system you built moving from concept to customer.

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powering possibilities. ♪ welcome back time for a gut check wells fargo downgrading paramount. julia boorstin is back with us and has more on that call. julia in. well, jon, wells fargo low ring downgrading the stock to underweight weeks after downgrading the company to equal weight. the company is facing direct to consumer uncertainty on top of the uncertainty around linear subscribers. writing, quote, paramount either

needs to shift its strategy or accept valuations closer to warner brother's discovery and fox. paramount content is valuable but self distributing via direct to consumer may not scale devalues its since it doesn't monetize as effectively. now it's worth noting paramount shares are down about 5% today and down about 40% year to date. this all comes ahead of earnings which are on wednesday morning and analysts are pretty split 34% has sales, 31% holds and 31% of analysts have a buy rating on the stock. carl >> julia, appreciate that. obviously we'll be watching that and a few other media earnings dpurg the week. coming up after the break, apollo is getting into crypto. bitcoin trading roughly in line with the nasdaq for october. stay with us

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♪ apollo is diving deeper into crypto partnering with anchorage digital to store alternative assets for its clients apollo participating in defunding round valuing the platform after more than $3 billion. joining us now president diego thank you for being on with us this morning which crypto assets are being held how is it decided? can you give us some color on the process through which you decide which ones?

>> yeah. so anchorage digital is going to be acting as the qualified custodian for apollo-managed funds. that means that apollo gets to choose which ever assets they want to add to their portfolios and offer to their clients as far as anchorage, we support access is we support access to hundreds of crypto assets that apollo has access to as part of our platform and gets to choose from. >> is it hundreds, then, they are offering to their customers? which ones are being held? >> right now they are still in the process of defining it i would say it's their decision on what they want to do and it's unlikely to be one fund or a couple of facets, and time will tell how the funds will perform, and thus, time will tell how well they increase >> you guys are valued atabout $3 billion, and at the end of last year, obviously a different

market what are you thinking in terms of spending and marketing plans? what do you do in this moment? >> anchorage is still growing in the market that is effectively a bear market, and we are adding clients and crypto assets and launching lots of partnerships such as this announcement with apollo the history of crypto, what we are seeing is this insesive drum beat what we are doing now is seeing a massive flight to safety one way to describe it, anchorage is a crypto bank, and we are winning more of the smaller part of the pie during this market, and it's clear the horizon is a long-term horizon

>> in terms of the market, i know five of the worst etf first term markets, is this something to get in for the first time >> the pitch is these large asset managers are not coming in at the top of the market, clearly, and they are coming in with fantastic brands and fantastic partners, so it looks more like traditional funds than crypto really looked three plus years ago. in terms of timing, that's up to the investors to make an investment and to manage which follow funds, which assets will be held. >> it's been more volatile this year, and at the same time, let's take bitcoin, what is

bitcoin's proposition? will it always be the store in value, or will it transform financial markets and eventually be a mode of transition? >> yeah, i think there's a lot of narratives overlaid in crypto in general and bitcoin, specifically it's clear the correlation of the coin for the rest of tech stocks and the market in general speaks to this being an asset that benefited heavily from lots of ae liquidity. it will be correlated with the tech stocks on the way down if it dried up, however there are many other narratives overlapping crypto, actually we're hoping to see finally a little bit of a decorlation from the traditional financial

markets and really this narrative of store value of resistance -- sovereign resistance, and all of the narratives are overlaid over that right now and the decoupling will eventually happen >> it still lost a fair amount of volume at 55% thank you for being with us today. another quick programming note do you want to learn how to maximize your finances and learn to invest in a brighter future sure you do. join us virtually tomorrow, november 1st, and hear from top financial experts, register at cnbcevents.com/yourmoney we're back in a moment

one more they know we have gotten a lot of color from the chip spaces these last few days and talking about the state of

the datacenter market. take a listen. >> we view it in enterprise, what happens in china and hyperscalers, and those are the three things we look at. as you suggest, they are softening in enterprise, and some not as much in the cloud space, and see some stepping back for the first time in a while for the big cloud guys >> we also heard the take on u.s. chip restrictions against china. here's global foundry ceo, thomas caulfield >> this is what happens when things are inconvenient, which one is worse nothing comes without pain or inconvenience, and you have to go between that risk and reward. >> and then after cutting their revenue expectations earlier in

the month. >> on amd, i think the watch is have things deteriorated since that early october warning that caught so many by surprise that was mainly about client pcs, and they said datacenter, gaming embedded were living up to that expectation, and that color and trajectory will be important. >> and it caught the market off guard a little bit, so what does that mean for some of the other players, guys? certainly one to watch a reminder, tomorrow uber reporting in the morning, and electronic arts later in the afternoon. the uber ceo will join "squawk box" in a first on cnbc. uber has faired better than some of the economy names, and the idea they are getting closer to profitability, that adjusted

that e-cash flow that's what investors will look at >> we will see what they say tomorrow morning meantime, indexes have been all over the map, and the dow is now down some 80 points ahead of a busy week, as you know let's get to frank holland today and the half >> welcome to the "halftime report." i am in for the judge. the last trading day of a wild month, happy halloween the big question, should you trust this rally as we head into a fed rate decision this week. to debate that and much more, we have our investment committee. the last two here on set with me, and great to have you here let's get a check at the markets at this hour stocks are down bucking the october rally we saw, and the dow is o