you can see the s&p is down .8 of 1%. the nasdaq is down 1.6%. the dow is down fractionally retail earnings, a big piece of the puzzle with advance auto parts leading the declines for the s&p. we're going to be speaking to advance auto parts on "power lunch. that's going to do it for "squawk on the street. tech check starts now. >> good wednesday morning, welcome to tech check. we're live from rbc's global technology conference. nasdaq erasing the gains as they continue to grow into make or break holiday season more on the key tech names at risk this hour plus, a look at the street's top ecommerce names amid the volatility why it's no longer anyone wins and do not miss with ar

arynd krishna. we're going to kick off today's feed with the latest consumer warning target down double digits. seeing the worst day since may after profits fell 50% in q3 as the company reports a, quote, precipitous decline that only got worse in recent weeks. while the company is planning $3 billion in cost cuts they're not the only ones tightening the belt. consumers cut back on their discretionary spending john, a lot of inventory coming in sooner than they had been expecting. that's leading shipping rates and more bloated goods and layoffs. >> yeah, carl, exactly their overall inventory levels have been coming down quarter over quarter then consumer demand also

slowing down so this goes to what we've been talking about here for several weeks and i think it also goes to -- it's important, there's a difference between what's happening with the higher end upper middle class, middle class, upper middle class and the main street walmart and target shopper that accounts for the difference in tone and color between lowe's and target they're talking about different groups of people walmart being the biggest grocery retailer in the country, people need food they're paying more for it that leaves less money for them to spend on other things at walmart or, hey, target. >> grocery is such a big part of this, john take a look at the market share among sort of the three names we talked about a lot this week walmart versus target versus amazon walmart has a 21% share of the grocery market target, less than 3% amazon between ecommerce and

whole foods. that fits into the story there's the discretionary spend, carl, but you're going into walmart to get your groceries, you may look around and pick up other things, whereas, if you are going into a target or amazon, you are usually there to pie something that is more likely to be discretionary what you're seeing is walmart taking a page from amazon's book in terms of executing or trying to execute that flywheel it wasn't lost on me and many others there's a big bump up in advertising, something that amazon has tried to do to get that profit margin up. it's a high margin business. >> yeah. between all those things, john, people buying more sale items, trading down private label growing 2 x. product shortages and theft which we've talked about a couple of times today costing 400 million in the quarter you analyze annualize that you much shrinkage is continuing for

retailers. >> questions about ecommerce in there, too the consumer trading down to private label probably isn't paying extra for delivery at the same time. that's not a good use of money let's stay with the macro, guys. i am here at rbc's technology conference in manhattan got a lot of ground to cover with ibm ceo armyn krishna what do you see as the macro for the software spending and consumer fatigue in q4 when you least want to see it >> john, first, it's a pleasure to be here with you again. as we look through what's happening in the macro, we have inflation, we have interest rates, we have currency rates changing dramatically, supply chain issues, demographic issues

as in a shortage of skilled labor. when you put all of this together it creates volatility it creates a little bit of uncertainty. all that said, we find enterprise tech is really strong i'll give you a couple of caveats on that. north america, latin america, asia, japan we find india, middle east is really, really strong i have a slight level of concerns on western europe mostly because of energy prices and what that does to consumer weight, liquidity and consumer impacts, but outside of that i think it's really strong why? because when we have labor shortages, when we have higher interest rates and inflation, it's a deflationary answer in the face of all of those people want to use technology to

improve the supply chains, take care of labor, technology, i think there's a lot of opportunity and we can see that. in the third quarter we produced 15% cost of currency and that was pretty even across the globe. yes, currency certainly had an impact on that 16% higher in europe would get knocked down because of currency rates -- >> yeah. >> -- however, local currency is important because it gives you a better sense of consumer demand. >> you took us around the world. i want to spin the globe and stop on china. the u.s./china commission put out a report with recommendations based on -- and some commentary on what businesses are doing covid lockdowns continue and causing pressure on businesses, businesses easing up on china exposure because of that, and then ip theft still a big issue.

leaning into china or are you leaning back >> right in the middle ibm has been in china for over 25 years china has been good for ibm's business we stay away from these issues around ip. so unlike many others, we have not transferred our ip into local companies. where and when we have it's done with open eyes and we're creating ventures and value for both sides i kind of come back to david ricardo's perspective. nation's compete on comparative advantage. i think it is better for the u.s. economically. that's why i'm happy president xi andbiden sat down and talke in the hopes of diffusing some of these tensions. should we have a level playing field where both sides get equal

advantages, absolutely we are a strong believer in ip we don't think it should be taken away >> all those patents and people are taking the ip. >> that said, i think we would like to have china as a market we have people there we have a consulting business there. we have a systems business there. we have a technology business there. certainly my hope is that remains the case. >> let me ask about blockchain you've been one of the most vocal proponents of blockchain for doing things like tracking things through supply chain, even for esg uses. is the conversation around blockchain and the interest in it shifting because of what's happening in the crypto markets which had been such a big part of the overall blockchain use case and justification and new driver of interest is the conversation changing is it coming to you or are people perhaps backing off >> we are very clear we are strong believers in blockchain but we do not do anything with

crypto not putting any value in it good or bad that's a separate conversation we are not the experts on that >> right >> however, the users of blockchain in technology, whether it's tracking goods across the ocean, the provenance of goods, who's doing what downstream and upstream it allows you to share it without revealing it to everyone there are very few technologies that do that i remain a strong believer in the supply chain use cases. >> is the crypto stuff negatively impacting the brand around blockchain or no? >> not really. i haven't seen that. >> let me ask you about the consulting workforce, which is a huge one at ibm. last time we sat down and talked you said this is actually an advantage for ibm. people need tech talent. we have that talent. the key is to get that deployed

in the right places. since that conversation we've increasingly seen them do layoffs and how much they're able to deploy the workforce are you going to stick with the level of headcount you have because you see it purely as an advantage or do you cut some are you able to get it more efficient? >> number one, am i still a believer that those with tech talent will be advantaged going forward? yes, i still actually believe that why? because many of our clients are wanting to use technology for deflation and as they want to use technology for deflation, they're inside so they come to people like us we tend to get a global talent pool we get them from many countries and we can deploy them as appropriate leveraging all of the technologies we learned so well so that's sort of the macro answer getting down to it, when we look at our demand right now, we see very strong demand for our

consulting teams globally. that tells us we should be able to keep our current head count as opposed to cut on it. now that all is based on our predictions when we look at a mild recession if it's something deep it will change that occasion but i don't see that to be honest. i would tell you right now we have no intentions of reducing or cutting down the head count. >> it sounds like some hinges on q4, right? does the consumer show up as much as expected does the customer need to cut back and therefore there are downstream effects >> there are predictions of what will happen in all of 2023 >> right >> i'm not going to react to one quarter. s most of our book of business for q4 is spoken for in consulting it will be what do we see coming into the second half of '23. >> finally, i wonder about demand from particularly government where ibm has long

been strong and industrial versus other areas i've been hearing that particularly for companies that have a legacy of government business that's tending to be steadier during a period like this than some others. >> either you prare impressive you do a lot of homework i was across saudi arabia, india, u.e., germany, u.k., we have all strong relationships with government. as they want to bring more online citizen services, i think that's a great opportunity for ibm. you are going to see us invest even more there. industry is where i said, okay, you've got some insight because that's exactly the kind of conversation we've been having inside i believe there will be a bit of capital. we had industrial companies that are going to move around for the countries. as that moves around -- i don't

think globalization goes away. maybe it begins to change a little bit as that happens, that's a great opportunity on bringing automation, artificial intelligence and hybrid cloud technologies into that cloud. >> i'll take some credit on the homework side. thanks for sitting down with me on tech check. >> always a pleasure, john let's turn now to chips and let's start with micron. stock is falling this morning after lowering 2023 supply and cap excuts and then there is apple. the company currently sources all of its semis from taiwan tim cook is reportedly telling staff he will be buying some chips from a staff in arizona. tsmc set to open their own plant in 2024. suspense builds, carl.

a big notch, a big win for intel but we don't know yet. apple has been embarking on a policy of diversification as you spoke to arvind about the china risks. >> yeah. i mean, that would be a big win for intel, as you mentioned intel building there and ohio. this is pat delsinger's argument when it comes to advance node, right? which they're saying they can build toward and execute, there will be demand there regardless. now we've still got a year plus before we see whether the technical minds at intel are able to deliver on that vision, but at least the context, carl, the setup is directionally correct, right if you've got tim cook who's interested in getting domestic chips, hey, apple needs a lot of chips so there's a lot of money there to be had even if intel isn't designing the chips for apple, making them if you have a foundry business isn't bad

either. >> yeah. definitely baby steps both on assembly, production and sourcing another crypto lender pausing withdrawals due to ftx after saying less than a week ago there would be no impact and possible regulation heating up on the hill. we'll get to that as tech check is just getting started.

what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪

these days, as you plan, protect and retire. our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app today.

genesis is pausing this time the company tweeting the business was not seeing an impact despite $175 million worth of funds locked at ftx this morning halting withdrawals and loan originations themselves after facing, quote, abnormal withdrawal requests. all of this as congress grows increasingly skeptical of crypto ylan mui has the latest from washington hi, ylan. >> reporter: hi, carl. congress is planning a new crackdown on crypto. they announced it plans to hold a hearing in december to investigate the collapse of ftx.

lawmakers said they want to hear from the players involved including sam bankman freed . >> there is no sugar coating it. the it's been a dumpster fire. they've been left out to dry and the digital ecosystem is in limbo. >> reporter: we have reached out to the senate to see if it plans to follow suit yesterday i talked to the top democrat on the senate banking committee sherod brown and asked if he needs to hear from him directly >> we're aggressively seeking answers. we'll see if bringing him before congress is the right thing. there's a public trust violated here and we need to understand it. >> reporter: still, the crypto industry is not just on the defense in d.c., it's including a fix for the irs reporting requirements and a big government omnibus spending bill guys, i'm at the blockchain

association's policy summit here in d.c. and there is an acknowledgment that the reputation has been damageds and a lot of the conversation is how to fix it. >> ylan, thank you for bringing us the latest. genesis is just the latest and blockfi has said they may be heading towards bankruptcy joining us is coin share's ceo, jean marie magneti thanks for being with us this morning. you have about a $31 million exposure to ftx, 1 billion in ether, $26 million in dollars in u.s.dc stable coins. where do you hold the rest of your reserves? how can you assure customers those are safe given the fallout

and contagion? >> thanks for having me. it's a great question. we have a requirement to have asset on this spot and we've built this and we have a joint venture with coinshare and we are securing our note holder. >> how much of your reserves are in self-custody. >> we can't communicate the numbers but more than what we owe our clients. >> more than what you owe your clients. i was looking at your balance sheet as well. at the end of q3 lists 1.9 against 1.6 in liabilities $1.1 billion are in something called digital assets. what makes that up >> it is properly legal assets.

>> those are crypto tokens, is that right >> correct absolutely, yes. >> how do you mark them? how often do you adjust the marks and what is in there do you make that clear and it's a one-to-one mark. the liquidity is adjusted daily. >> how often -- >> the pricing is in real time we work with an american company which is an online and real time basis. the interesting part is keep building on coinshare biggest attribute which is time and transparency. >> we're hearing they argue they didn't have sole oversight and there are no deficiencies in

their regulatory framework that would have prevented it. do you think regulators will be anxious to take control of any remedy or is this a hot potato? >> this question in two parts. first of all, it is true in the case the regulator wasn't the sole regulator in the picture. the question is a different question nobody will be the headquarter when it comes to who's going to handle the mess at the end of the day, the regulator is worried. i think about how they are under consumer protection and the refusal to regulate and create regulation from self-regulator to less good regulator there is no secret for many,

many decades whether it's new york, paris, frankfurt, now you see good-bye and all of the jurisdiction coming out. the reality is like are they as good as the traditional regulators probably not as good, it's do they have the same expertise in house and the same experience over the you ers >> jean-marie i want to go back to our previous conversation you won't disclose how much of your reserves are in cold storage versus on exchanges. do you think that's important in the current environment? >> so first of all, $30 million in coin share financial is not the end of the world coinshare has very strong financials second of all, our clients are from our capital train activity. there is no contagion between

the two. finally, i would say that, you know, we are a listed company. as a listed company i have to communicate to the market as a whole and not just cnbc. if we want to do this i will do it to the entire kmarkt. >> bye-bye. ecommerce is not an everyone wins market right now. why he says to by etsy and amazon here. that's after the break stay with us

at humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with original medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get all that coverage plus part d prescription drug benefits. with no copays or deductibles on tier 1 prescriptions. you get all this coverage for as low as a zero-dollar monthly plan premium in many areas.

humana has a large network of doctors and hospitals. so call or go online today and get your free decision guide. discover how an all-in-one humana medicare advantage plan could save you money. humana, a more human way to healthcare. welcome back to "techchec."

pretty tight range dow is up only 15 points hovering around 3980 yields have been moved around by eco data and the fed speak from daily at the top of our 10 a.m let's get a news update with bertha combs hey, bertha. >> reporter: hey, carl home builder sentiment fell to the lowest level in a decade the nahb chairperson said it has significantly weakened demand. builders who were already faced with higher costs for labor and materials are offering deals and incentives to find buyers from a shrinking pool even as demand for new homes has dropped, demand for home improvement remains high retailer lowe's reporting positive earnings today and beat wall street's expectations the company said they are not seeing the negative impacts of inflation and consumers are spending on projects to update their house.

home depot reported the same. jetblue announcing plans for trans atlantic expansion flights from j.f.k. to paris or london will happen next summer and boston to paris. jetblue began flights from london to new york in the summer of 2021 as they try to compete with legacy airlines along those routes strong dollars enticing folks to head abroad. >> those who can afford it, bertha, thanks bertha combs. amazon confirming it is laying off we continue to face an unusual and uncertain macro economic environment. after a deep set of reviews, we recently decided to consolidate some teams and programs. one of the consequences of these decisions is that some roles will no longer be needed

our next guest says ecommerce is no longer everyone wins preferring market share gainers like, yes, amazon. the analyst joins us great to see you thank you for the time today. >> thank you, carl thank you for having me on we've been -- sorry, go ahead. >> your overall framework is you're not a believer in peak ecommerce, right >> yes we expect to see continued penetration as we saw historically going forward we do acknowledge the fact that the consumer is working off a little bit of a hangover where they spent more of their budget on goods than services and we're seeing a competitive environment as the pandemic forced legacy brick and mortar to get serious in

ecommerce and be legacy and they invested heavily. >> there's been quite a bit of work done on amazon by yourself and others about the impact of the layoffs, how much cost it might take out of every package, how much automation is going to add to that. how would you suggest viewers might think of that and how it might impact earnings in the quarters to come >> we would like to acknowledge that the layoffs are troubling these are individual people affected by these decisions, but when you look at the company holistically from the end of 2019 to today, they've doubled head count, more than doubled their fulfillment and doubled revenue. the company makes plans several years in advance and the consumer didn't necessarily show up with the ecommerce rate

in our initiation and note this morning, we expect them to start seeing improved margins and start to get leverage in the fulfillment network they have invested in. we expect by the end of 2024 you can see just on the fulfillment alone 9 billion in operating. >> michael, i've long argued that shopify is a competitor to amazon from a philosophical perspective trying to put more agency in the hands of small and medium business, give them a menu of options versus, you know, them needing to drive into the arms of amazon as third party sellers, but what happens in this environment? aren't the third party sellers more inclined to go with an amazon in are part of the

revenue drivers, customer acquisition drivers and shopify also spending on a logistics buildout that amazon's already done >> yes this is the challenging issue facing the space, right? the term they're the army of the rebels they're helping merchants have a place outside of that. the privacy and it's more challenging to find their end user we've seen it in some of the numbers. for amazon that has the greatest traffic, has the user at the bottom of the funnel looking to make a purchase, it makes it more attractive former chance to sell on that platform. again, they have to buy advertising when they're on the

a.m. ma zoern platform. >> a.m. ma stop has the flywheel effect, michael. walmart is creating as well with their membership program, groceries, different offerings, even advertising are these the ecommerce retailers that are set to win here do you see anyone else out there in terms of the space that could maybe get that going and reach that potential >> yeah. we expect the walmart and amazon of the world to continue to consolidate the ecommerce space. it's hard for other platforms that don't have other offerings to compete in this world tackling them is a tough business and you have companies like wayfair and chewy were first movers they educated the consumers how

to buy a couch online. or automatically ship your dog food to your house, but brick and size is might and we continue to see consolidation by the large players. >> at an interesting moment now. michael, appreciate it great to see you thanks for the help. >> thanks so much for having me. chinese tech names continue to have a great value. up do you believe digits since the first of the month and it's gained a whopping 45% amid reports u. sumpt if you zoom out, they have been a major underperformer "techcheck" is back in two

another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

welcome back tiktok facing fresh criticism after the head of the fbi said he's, quote, extremely concerned. julia boorstin joins us now with that story julia? >> john, at a health hearing fbi officer chris wray said he shared their concerns about tiktok being used to compromise

personal devices take a listen. >> we do have national security concerns, at lei from the at that possible to control the recommendation algorithm which could be used for information operations if they so chose. >> this comes as the treasury's committee on foreign a tiktok spoerns western being there. tiktok shows the two weighing in on this at a bloomberg conference saying, quote, i'm very confident that through the detailed discussions we're going to have we will come up with a solution that will reasonably address the national security concerns chu saying the company is working with its partner oracle

so only u.s. staff would have access to sensitive data it is extremely difficult to build a solution the company is also reportedly looking to double the staff, interesting, as the other companies cut back on the employee base. bernstein is saying, quote, i think it's real will he know they are vulnerable and shares of both meta and snap are down today. both would benefit if tiktok were severely can you tailed >> are we anymore likely to see any action in the wake of the actions because they're coming from the fbi why do you think it's taking so long when so many of our apps are banned in china?

>> this is up to cifius. the fbi input is being considered he thinks tiktok should be banned the fbi director does participate or contribute to it. he's more willing to watch it be curtailed. it will be interesting to see whether tiktok has to manage all of the u.s.-based data here in the u.s. it seems like that's what they're working on and what they're really hoping to get out of their partnership with oracle >> yeah, flashbacks to a few years ago. meta laying off 13% of its staff. about 11,000 people as concerns continue to rise around the

com company's executive. steve joining us with more. >> reporter: meta layouts impacted several parts of the company to rein in costs the spending is still going to continue in reality labs that's the melt at that verse business of the company that lost $10 billion last year and is on pace to lose even more all of that spending frustrated spenders last month. he urged faith and patience for payoff there's astronomical meta verse levels here's what we were told about last week's layoffs and what they mean for the company's meta verse plans. >> the cover business, it

doesn't change our minds where tows all of that money go? in short he said, yeah, it is. in his view and meta's view, they're building a brand-new computing platform from the ground up and that ksts -- that does all the things that meta's promising. for now javari pointing to the new meta verse pro set expensive, clunky and will be moore ubiquitous. >> you've called that. thank you. speaking of meta, shares are now down more than 30% since august. amazon's not far behind. more on both of those names after the break. don't go away.

at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect.

nasdaq down a little more than 1%. check out the biggest laggards

lucid, lam, atlassian, docusign. we're back in two minutes.

layoffs are rippling across big tech activist investor pci fund calling on alphabet to cut

yesterday and meta slashing 11,000 jobs last week. thanks for having me here. so these cuts, are they enough to get these operating models on the right path >> you know at this point i think it's a start, right? we've certainly seen a slow down in the advertising business over the last six to nine months, so this is clearly a response to that to try and preserve those margin pressures i think over time i think the top line and the overall macro around ad spending in these two businesses in particular remains the big question mark. what we're hearing from this conference even yesterday and today there's a lot of concern not so much about q4 but what happens ad budget if we start out early next year, right so, fine, you can cut 10, 13,

15% of employees certainly helps stop the bleeding for now if there's another leg down you see the same thing in further cuts >> in a lot of these cases these cuts take companies back to the levels of employment where they were seven, eight months ago who did they hire? were these high quality engineers? was this sgna? who did they hire and therefore how much can they take off jeopardizing the real builders >> i think it's a mix. whenever you listen to these conference calls, you listen to google or meta, talk about these things they talk primarily around adding technical talent so i think that hasn't really changed. to your point i think we covered some smaller companies which also very much participated in

the boom of covid being digital centric businesses, and in many cases not only was there an increased need we call it for infrastructure expansion and those sorts of things but you needed support for operating kaus and i think as business normalizes you can start to cut some of that out >> given what's happened in amazon and meta, it seems they do have at least some cover to be an outlier in terms -- >> sorry, i didn't quite follow the question >> i was going to say some of their largest peers are doing the same thing it seems like it would clear the runway for shareholders to digest that kind of move >> yeah, no, absolutely. i think i mean the best data point of course was amazon last quarter as they realized they

were over capacity they lost almost 100,000 employees quarter over quarter i think they lost 90,000 employees. yeah, you're absolutely seeing companies take this moment to trim i think our view is it could be iterative this could be the end. if you're a management team you definitely want to make one cut and not have that linger over from an employee morale perspective and all that like we said as we esee this caution into early next year it remains to be seen whether there's further to go. >> that's a great way to book end the conversation at the beginning of the show and looking at the consumer and e-commerce and social and marketing. brad, thank you. >> you're welcome. good to be here. >> still to come on the show, elon musk making a new ultimatum for twitter employees. get hard core or leave that story next. stay with us at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan

across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan,

hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to

find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. markets had plenty to process this morning as we sort of circulate around 3980, 3975 or so. busy day for eco, of course. retail sales did come ahead of

expectations ex-auto is almost double the expectations at 1.3. got to blend in the results from target and from lowes talking about a peak terminal fed funds, which by the way goldman just upped their forecast by a little bit looking at 5.25 as well. this issue of inflation maybe easing a bit but being stickier over the long-term >> busy day for the markets. also another busy day for elon musk writing in a new e-mail they must commit to long hours over high intensity or receive three months severance and they do not want to be part of his vision for the new twitter. he's also taking the stand today in his trial over his 2018 compensation package at tesla worth upwards of $50 billion however, the testimony musk said he doesn't want to be the ceo of tesla or in fact any company we kind of heard that before,

john hasn't stopped him from collecting companies >> it hasn't, and granted he is the owner of twitter as well as the ceo. but that's kind of -- that's a difficult message to stomach on a day where he's asking his employees to be hard core and commit to the long hours i don't even really want to be the ceo of twitter, this is temporary, but these are times when things are shifting, i suppose. >> also in that cross, john, he did repeat what he has said before about the ftc consent decree and it was agreed to under duress and in his view because of that was invalid which would be news not just to leana khan and ed marcky >> guys, he's putting his own

guest room up on airbnb. he's going to talk about that process and this travel sector has been holding up very well versus some other parts of the economy. >> yeah, united today says the thanksgiving holiday will be the busiest travel day since covid began, so that's going to be key to watch especially on the lodging front. the judge has a great show let's get to the half. all right, carl, thanks very much i'm scott wapner front and center this hour the nvidia question ahead of its latest and arguably most critical earnings report the stock is down 50% from its highs but up an astounding 40% in the past month alone. so what is at stake for both tech and the chips, we debate that with the investment committee. joining me for the hour today liz young, joe tarenova and jim

la