chairman kathie warden ahead of the unveiling of the b-21 bomber as well happening right here on "squawk on the street" come friday in the meantime a mixed picture for stocks but near the flat line for the major averages. that's going to do it for us here on "squawk on the street. "techcheck" starts now welcome to "techcheck. i am jon fortt with carl quintanilla and deirdre bosa live from the wndrco summit in california's half moon bay today, elon musk looking for attention taking aim at a new target, apple. more on that story in a moment plus, the status quo is gone for media at least according to disney's ceo bob iger. we will discuss that and more with wndrco founding partners sujay jaswa and jeffrey katzenberg that's not all, another star-studded day here as "techcheck" cloud week continues. don't miss my interview with amazon as adam selipsky and how he's handling the economic vol

tilts later this hour. big show ahead. >> yeah. a very large show ahead. we have to start with tech's growing battle of the behome most's as elon musk takes aim at apple and a battle for the, quote, future of civilization. steve joins us with more on what is at stake. there are a lot of issues and tweets to unpack as per usual when it comes to musk. >> i'm going to focus on one of the tweets elon musk claimed in one of the tweets yesterday that apple, quote, threatened to remove twitter from the app store but that's not how apple operates when reviewing apps. i have a been speaking to developers about the review process. apple doesn't threaten removal but they do ask for changes for overall for the first time it seems to be going on here, major app companies talk to twitter. it's likely apple gave twitter feedback in one of the reviews

but the app in the store and apple's approved updates since musk took over another way to look at it. twitter rival parlor was removed around january 2021 not because of the bad content, plenty of the same content was on twitter that same day. it's because parlor, by design, said it didn't have moderation and it was kicked off and allowed to return after adding moderation tools into the app. twitter was allowed to stay because it was moderating the tweets and was required by -- which was required by the app store rules for all social apps. how this all started, musk complaining yesterday that apple cut its ad spend on twitter and that devolved into complaints about the 30% app store fees and claim that apple made a threat to kick twitter off the app store. musk would have to purposely violate the app store rules for apple to take action against them it's like what epic games did a couple years ago with fortnite

musk could do that, taking away moderation tools like the ability for users to block trolls would be a violation of apple's rules but hasn't done that yet he's saying twitter will be moderated ass an appeal to advertisers and that's all apple needs to see based on its rules. we have no response from apple and i wouldn't expect to hear from them unless they decide musk breaks the rules,000 makes a move to do that on purpose twitter gets booted out of the app store to make a point similar to fortnite. carl, i'll send it back to you. >> nobody nose the range of outcomes is wide it's a great setup. >> sure thing. >> a closer look at what is next for apple and bring in tony sag knack ki joining us with a neutral rating great to have you back good morning. >> good morning, carl. >> we can talk about app store scrutiny in a moment but the bottom line, you are below consensus on eps and a big

debate is whether or not this lost supply gets made up or not, right? >> yeah. i think there are actually two key questions. one is, how much loss supply is there and how much of that actually gets made up or actually is perishable then the second one is, just fundamental demand, is this a reasonable iphone cycle. apple has enjoyed two very good easy for iphone in 2021 and 2022 and we believe that a higher than historical percentage of its install base is upgraded and there's a question about okay, well, look, you have pretty high upgrade rates in the last couple years, what is true demand ultimately for the iphone 14 as well. >> are you saying much like we talked about pcs weakness, bloated inventory, you don't need to renew your pc or laptop every couple years, that same

dynamic is extending to phones >> well, i think we've seen a relatively flat smartphone market for the last several years, and so apple's growth in iphone really is predicated on its ability not to necessarily find first-time users, because there aren't that many first-time users buying $1,000 smartphone, it's getting their install base to upgrade. when there's something really compelling they may upgrade more quickly and apple sells more units. we think over the last couple years with offerings, upgrades did improve relative to '19 and '20 and if you did have relatively high levels of upgraders over the last couple years, you may have a tick down in that upgrade rate, which would ultimately translate into lower unit sales for apple this year i think that's a question, in addition to the production issues that apple is facing in china. >> let's talk about elon musk. clearly he wants attention, but there have been lots of entities

and people who try to poke holes in apple's app store business model over the years, epic, amazon, google, at times is this time any different is this just an attempt to get some leverage? >> look, i think there have been many voices, jon, as you suggested, spotify among them as well, and there is a legal process ongoing in the u.s. and in other countries where apple is being challenged legally about its position as the guardian of the app store. i think ultimately this will play out in the courts and musk is adding to others' frustration with the rates being charged by the app store. i think this really is largely a question about what is the fair rate in app developers' minds because clearly apple is providing a service.

they're providing access to, you know, 1.5 billion devices in their install base and enabling someone to reach out and to sell effectively to those customers they clearly deserve something, much like amazon deserves something for vendors who place product on amazon's site the question is, is 30% the right rate it's actually 30% per subscription in the first year and 15% thereafter that's ultimately i think at the core of the dispute. if the rate was 15, i think everyone would be happy and clearly musk is suggesting that as well. i think he once tweeted that the rate is ten times too high i think that's probably hyperbole. nevertheless, that's really the debate is, apple is charging 30%, 15% thereafter, for subscriptions, and that's a relatively high level. that's, in essence, what's being charged and what musk is

potentially frustrated with. >> right finally, tony, on tesla, there's been an ongoing discussion about musk's willingness to make himself a lightening rod and whether or not that's feeding negative momentum sentiment on the stock and maybe on the fundamentals of selling autos down the road. what do you think? >> i think, look, there is clearly some risk that musk's guardian of twitter and free speech and some of his statements have been polarizing to potential tesla buyers and so i think there is a potentially modest negative impact to thatg. again, it's a dynamic situation what musk might be doing with twitter, so we'll see how that plays out. i do think the bigger issue for the stock and the stock is down about 40% since october 1, is really fundamental questions about underlying demand. >> yeah.

>> and lead times for cars we're seeing that particularly in china and that really is the core issue twitter is a contributing factor, but not the principle factor. >> right that makes sense a lot of factors feeding into that demand. tone tony, we'll dive into that more next time. thank you so much. >> thank you and as carl mentioned at the top we are here in half moon bay, 30 miles from palo alto, for the wndrco summit, the vc founded by jeffrey katzenberg and sujay jaswa which birthed the now shuttered quibi button invested in robinhood, and they're hosting their summit where they will talk to a number of their portfolio companies and founders it has been a challenging veer for the venture capital xas. the ipo market remained shut, valuations are falling and exits have been hard to come by. the latest from ftx calling into question due diligence and

founder worship. we will discuss all of that and also getkatzenberg's take on the latest at disney as iger returns. sitting across from me, jeffrey, certainly no stranger to leadership transitions at disney or the streaming space >> yeah. really interested in what he has to say this seems like a point in sort of a typip cycle in silicon valley, people get caught up in the compensation, in the hype around certain types of applications and services, vcs can kind of mob the soccer ball, right, trying to all get into the same kinds of apps and then there's a downturn and people say, oh, my goodness, that was so crazy that was so foolish, as if they hadn't done it and fueled it in the first place. there are always some that are a bit more conservative the whole way through, and perhaps during times like these, those people

end up looking smart >> yeah. we end up -- who was it -- was it -- i'm trying to remember if it was gurley or another vc who said that space always overreacts to whatever trend is about to unfold. remember that, dee >> yeah. i can't remember who it was either but on the way up and on the way down as well importantly, how are they thinking about 2023? a it's been a long time since we had the interest rate environment. a lot of startups who we talked to today have never lived through higher rates it's been an era of easy money we'll be interested to get their thoughts on how they're looking at 2023 and where they're investing. guys, all of that is still to come on the show more on the state of media, private markets. we have the founders, the wndrco founders, sujay jaswa and jeffrey katzenberg sitting across from me they're up nx. don't go away. "techcheck" is just starting

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welcome back let's get a gut check on disney on the heels of a headline filled town hall from returning

ceo bob igger. julia boorstin joins us with that. >> returning ceo bob iger looking to boost morale at disney as he fielded employee questions. sources filling us in on the conversation iger saying that they need to get the restructuring that he announced just last week done quickly but don't yet have a specific tloin when it comes to disney's streaming business, iger saying they need to shift focus to achieving profitability, not simply to adding subscribers at any cost iger endorsed his predecessor bob chapek's plan for a hiring freeze, saying, quote, we have to take a very hard look at our cost structure across our businesses he dismissed speculation about m&a saying he's comfortable with the assets that disney has and there's no urgency or even interest in acquiring anything more and that the reports that disney could sell to apple are, quote, pure speculation. guggenheim responding to iger's commentary with a note outlining

three steps towards bolstering disney's bottom line, recommending first that the company right size disney plus, focus on achieving the studio's peak margins and better match content investment with content engagement they recommend making espn's linear channel available direct to outside the bundle suggesting $30 a month and recommend separating the general entertainment business out from the rest of disney acknowledging that that move is a long shot, but saying that investing in content outside the core disney brands isn't the best use of disney's resources the shangly disney land just shut down four days after reopening due to chinese covid requirements, so it's a lot more complex of a landscape than it was when he left the ceo role back in february 2020. deirdre, over to you. >> julia, thanks very much for the rundown. for more on bob iger's return, the shifting media landscape and the state of venture capital i'm joined by

wndrco co-founding partners jeffrey katzenberg and sujay jaswa. jeffrey was former chairman of the walt disney studios and dreamworks animation sujay, was dropbox's first executive. good morning, and thanks for having us. >> great to be with you. >> so let me start with you, you have lived through leadership transition at disney and streaming challenges disney and bob iger have to confront both of those now at the same time. can iger be successful can he satisfy both the creatives and wall street? >> i think recently the population of planet earth is now at 8 billion here's the thing i'm certain of. of 8 billion people, they got the person who has the greatest chance, greatest capability, to actually go solve these problems bob is, you know, as everybody knows, just an extraordinary executive, great leader, a

culture stuff he'll have back in a snap here, but he's a brilliant strategist the world has changed and the landscape is different today than it was 15 months ago. but i am very confident that he will calibrate his way through what are headwinds in the business today. >> so you're saying he's the perfect person, but isn't that kind of the problem as well? he can't find another person within the 8 billion people in the world to take over for him how is he going to find a successor in two years when he's been unable to for the last few years? >> you live and learn. bob is a quick study and i think whatever the things are that the judgments that he made in passing the baton last time, they will only inform him and make him smarter as he looks through the next transition. his immediate job today is to get this ship back on course, right, and that is what i am super confident that's what he will focus on and that's what first 12 months should be.

it's about putting disney back on this winning path that he had it on for 15 years and that's what i'm confident he will do first and foremost then he has to turn hattention o his succession. >> can he do that all within two years? or do you think he will have to be there longer? >> no. >> what gives you that confidence >> knowing him for my entire year, we've grown up together in the business, he has always been best the class and the force is with him. >> the force is with him okay let's hope i think investors on wall street hopes that force is with someone else as well because iger has been there a long time and that's been one of the challenges sujay, yourself, you've brought dropbox public and invest in a number of founders how difficult is it to find someone to lead the world-class company or some of the challenges in the streaming space disney is facing >> overall, people are the most important thing in any

fast-growing thing if you can get the right people, miracles can happen, and if you have the best idea with the wrong people, it's a disaster. i think the biggest advantage disney has is the greatest content library in the world and they have, as jeffrey sod, the greatest media executive in the last 20 years. >> talk about streaming as a business a lot of these traditional media companies chase netflix like valuations and then felt like when the markets turned, people were saying maybe this isn't such a good business it's hard to get to profitability. >> here's what i think is happening is, is that, you know, this is a moment of transition in terms of the consumer, and our business today and wndrco is all driven by, you know, trying to anticipate the consumer, the ultimate person who is, you know, your customer here in this case streaming what happened accelerated during covid, has today, sort of found

this a place that is in transition, if not transformation in it, and so i think people are having a hard time how many subscription services should i be on which ones are best suited to the couldn'tntent and things i o see. are we going to go back to movie theaters how important is that windowing of content all of those things today, we don't know, actually what our customer wants it's revealing itself more and more, but until that's clear, i think you're going to continue to see this sort of, you know, trying to gauge like what's the best path forward here it's a nuanced thing it's not an everything or nothing. >> yeah. well speaking of forecasting and trying to look ahead, here at the wndrco summit you have a number of your founders and portfolio ceos here, as you look to 2023, obviously, this year has been challenging the ipo window has been shut exits are difficult.

what are you anticipating, sujay, for next year >> so, overall, we're nervous for 2023 the -- you know, for the first time since the unsepgs of cloud software, forward guidance from software companies has been below street consensus that's a pretty good sign that people are seeing headwinds in terms of what customers are doing and rate they're adopting software the flip side is the best entrepreneurs and companies are born in tough times. so our view is, betting early this is going to be a great window in terms of ipo, it's probably going to be a challenge, at least until the second half. >> until the second half of next year how are you thinking about access i know you were an early investor in figma acquired by adobe, what many thought was an e eye-popping valuation given the macro backdrop have the valuations come down because there were so many enterprise technology companies that went public over the last few years and how does that

affect your strategy going into '23 >> i wish we were an early investor in fig dmma. >> before the acquisition. >> before the acquisition. the thing i thought was brilliant for adobe, figma became the de facto platform for the most on the cutting edge designers. it was sort of the design platform of the future so adobe took this window, which i don't -- again, i don't know what was in dylan's head, a year earlier if the market was booming he might have made a different decision, but if you're a large company with a ton of cash it's an, citing moment to potentially acquire a partner with some of these cutting-edge technologies that might be seeing headwinds. >> the latest chill over the venture capital space is the impact of ftx and the fallout. many traditional investors had dipped into crypto you were in dapper labs. how do you think about the crypto space now in the fallout

that's still playing out >> yeah. i mean, we were -- we've never been a sort of deep investor in it i think that for us, it's not -- we've dabbled in it. i mean literally $100,000 checks here and there, longing to keep our fingers on the pulse of what's going on, but cj has a way of how you look for value in something and we've yet to see that in sdplooicrypto. >> everything is from the customer standpoint. if a product is better, faster, easier or cheaper, amazing honestly in crypto we haven't seen a lot of that and so until that happens, the real economic value is hard to understand where that's going to come from. >> that's a good way of looking at it. many would agree with you. gentlemen, thank you for being with us. looking forward to the rest of the day. >> thanks for being with us. >> thank you. >> thank you. >> guys, back over to you.

all right. dee, thanks. great stuff. cnbc's cloud week continues after the break with amazon's adam selipsky. that's not all, it's cnbc pro week and do not miss a special hour-long entire with tom lee today at 3:00 p.m. eastern time where he'll answer your questions directly at cnbc.com/protalks. you can use the qr code on your screen for more as we've hit an air pocket here. dow down 150 the s&p south of 3950. what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes.

i'm seema moody and this is your news update home prices falling for the third straight month in september according to the latest s&p case-shiller report prices still 10.6% above year

ago levels but that's far less than the 12.9% increase registered in the month of august. the ceos of kroger and albertson's have a date with congress, they will testify before a senate subcommittee as they try to defend kroeg's proposed $20 billion takeover of its rival. lawmakers concerned the deal will stifel competition. the ceo will be with us on thursday the final numbers for cyber monday are in with consumers spending $11.3 billion, that makes yesterday the buggest u.s. online shopping day in history acco according to adobe toys and electronics were popular. >> miami-dade coin suing to have the ftx name removed from their arena where the heat play. the county wants to end a 19-year naming rights agreement to find a new sponsor. officials say the crypto currency exchange which filed

for bankrupt ran afoul of laws governing financial exchanges. that's the latest. back to you. >> thank you and hey, it's cloud look and ahead of his keynote starting around now in las vegas i spoke with aws ceo adam selipsky about the impact of the slowing economy on cloud consumption, the inflation driven hit aws profit margins have taken recently, and the hiring freeze he told me is now in place >> we do see some customers who are doing belt tightening but a lot of other customers are realizing in times of economic uncertainty that's when you want to lean into the cloud and capture the cost savings and the time you want flexibility to both burst as well as shrink your infrastructure capacityan the time you want to figure out how to still innovate with fewer resources. >> i'm wondering about profit pressures in the business. operating margin went to 26.3%

from 29 i think in the last quarter. wage and energy inflation is a big part of that as it is for so many others. any relief in sight there? >> well, i think that aws is scale at which we operate is a huge help to our customers you mentioned the energy prices and, of course, we're not immune to energy prices, but we're able to forecast and absorb a lot of different variations and different prices for different types of energy around the world. we've got long-term supply contracts locked up. we have large teams who deal with nothing besides, you know, procuring energy and other parts of our global infrastructure i think part of the value proposition we offer customers is, being able to help buffer them, if you will, from these different ups and downs, and different elements of their cost structure they would have to deal with on their own. >> is one way to look at it then, that because of your scale

and ability to deal with these things, you're willing to take the short-term margin hit to smooth that out for customers who see that as part of the value propositionwith aws? >> we have a long history of lowering prices, not raising them we've lowered prices over 116 times in our history the way we do that is to innovate and lower our own costs and we have a philosophy with we generally pass those savings on to customers in the form of lower prices i think our behavior has been highly consistent and sometimes things happen which really help our cost structure of course there are going to be things that happen that are at least in the short term a little detrimental to the cost structure but over time in our history we've really just absorbed all of those and given customers a certainty and couldn't new whichty which most have been unable to achieve on their own. >> how are you approaching your own staffing certainly salaries, there's still pressure on those to go higher, but certain areas where

you've frozen hiring, other areas where you continue to hire how is that trending as we look into 2023? >> well, jon, as you mentioned at the outset, it is a time of significant economic uncertainty along quite a number of different dimension, and aws has hired a tremendous number of people worldwide for a number of years, and i'm talking all business functions from engineering, to marketing, to sales to customer support to finance to hr and legal. so we feel very well resourced at the moment. we are, along with the rest of the company, taking a short pause in hiring and going to keep our head count levels where they are for now i think we can still deliver, you know, great technical solutions and great customer service to our customers given the substantial team we have in place. we feel good about that. >> you said a short pause. we're in q4 and i think there's questions about how well that

goes and how we start 2023 what is short and what are the most important signals you're watching in that >> we don't have a specific timetable announced. i think as you implied, we'll kind of get through this quarter and into the next quarter and take a look at what's happening. as always, amazon takes the long view, builds with a very long-term mindset, far longer than most companies, so we will at the end of the day be focused on what is it our customers need us to build and the best path for us to help get them there. we will invest in many, many different projects, in aws and the broader company, and we will be, you know, unafraid to double down in areas where we think are really going to add value for customers. so i think the real signals are going to be where we see customers either, you know, using services or coming in asking us about things they need from us, in order to accomplish what they're trying to accomplish. >> i also spoke to selipsk poter

revenue growth he said there's a lot more growth ahead and pointed to amazon's custom chip development as a driver of that growth >> i respectfully beg to duffer. we talked to some of the biggest enterprises in the world, although they have moved a lot of workloads and a lot of dollars of i.t., for them it's still a fraction of what they intend to move very recently i was talking with one large global financial services leader, and they came to us and said hey, we've been a big and growing customer, but we want to lean in deeply now and move thousands of more applications to the cloud. we're seeing that all the time across many countries, across many different industries. we honestly do think it's very early. >> what is going to be the not lowest hanging fruit, but the highest fruit that aws is uniquely positioned to pick? we were talking earlier about the teams that you're deploying

to help customers get the most value out of aws and the platform is that where a lot of the potential is in that deeper, more customer targeted or industry targeted solution >> well, i think there are a few areas that are going to be important fruit for us to help our customers pick i think, by the way, it does start all the way down at chips, at silicon aws, for a decade, has invested in our own chip design program and we're now into our third generation of our grav viton chips. we have competitors who have announced other chip projects, but they've yet really to deliver anything compared to what aws you delivering today. having those really efficient, really powerful chips is incredibly important for things like very compute intensive machine learning workloads, which are happening a lot today, and have, you know, enormous, enormous amounts of data and

enormous computational requirements it's not just about the higher level applications, really having those deep, deep capabilities still remains really important. >> isn't it also important for efficiency and cost savings if you can design chips that are specifically for certain types of workloads and then move customers to those and run those workloads efficiently? you don't have to charge as much. >> that's exactly right. that's why it's so important that we really continue to design and put into customers' hands the very specialized compute capabilities, which are based on our own chip development. so take machine learning so you've got two basic buckets of machine learning. you've got training the models and then, you know, running inferences on the models, getting results from the models. those are two very different workloads. so for the training, we have our chip focused on our trn one

instance and then for running inferences, running the models and generating results, we have our chip inside of a bunch of different compute instances. those look different from each other and it's important for the speed as well as the price performance and the cost effectiveness of being able to run those workloads that our customers have those options nobody else gives anybody the number of options that we do just in compute, we have over 600 different compute instance types which is more than anyone else >> there is a lot more of that conversation we'll post the full conversation on tech check's linkedin this afternoon after selipsky's denote is done we talked about a little news there that we can't run quite yet. don't miss my working segment on "power lunch" with some of that as well. dee, the strategic importance of custom semiconductor development, important here. i also talked about intel specifically, who is a partner

potentially in that, particularly access to domestic chip supply giving all that's happening in asia. selipsky had something to say about that as well. >> it was a great conversation, wide ranging i liked his comments on scale. sometimes we forget because it was so many years ago, but amazon was really first in the cloud space. they had a huge lead and they are incredibly profitability. compare that to a google cloud which is a distant number three but investing billions into the space. the fact that amazon is able to sort of eat some of the costs in terms of energy for its customers trying to make it more affordable to their cloud customers that's going to be tough for google because they're trying to gain market share here and their business is still unprofitable, though the profitability is getting better. i'm not saying, of course, that the team is going to pull back on those investments but it will make it harder for them as they're still on the path to

profitability. >> yeah. and carl, just about everybody has gotten unprofitable business they're subsidizing. for amount it's retail, right, and shipping at this point. >> good point. >> and the cloud profits are helping with that as well as the cloud profits helping to subsidize customers inflationary pressures. google, of course, has the profitable ads business subsidizing the cloud as they try to stand that up maybe everything is profitable at apple maybe that's - >> interesting bernstein has a good note looking at head count reduction across tech and google and meta are the most productive on a revenue per employee basis, but that amazon is definitely turning the corner as they took action as you know to reduce head count that was great, jon. still to come, arc invest cathie wood forecasting a market slowdown ahead, but in her words, that may not be a bad thing. we'll discuss that next. stay with us [newscast audio] hello, world. or is it goodbye?

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during our cnbc pro talks yesterday, arc invest ceo cathie wood spoke out in defense of her strategy, despite losing two-thirds of the value amid this year's downturn take a listen. >> if we are correct, truly disruptive innovation today you priced in the global equity markets at roughly $7 trillion that $7 trillion, if we're

right, is going to go to $210 trillion by 2030 so, that is a 30-fold increase people say impossible. but that's what happened to tesla from our early days with it in, you know, less than or fewer years than seven >> of course, jon, people say impossible, in part because her near term returns have not been good she's sort of on her back foot here. >> times like these, carl, i reflect on past performance is no guarantee of future results looking back at the sort of fed fueled low interest rate craziness as an indication of what's possible, i'm not sure that is possible going forward and dee, i look forward to seeing if her strategy has become more informed by reality. >> yeah. remember, too, she recently had the call on bitcoin to reach a million dollars by 2030, saying

it will benefit from the ftx fallout. people still pay attention to what she says despite the performance. quick programming note as we head to break, do not miss another day of talks from pro week today's guest is tom lee tune in for a special hour long interview. head to cnbc.com/pro talks for more "techcheck" is back in two hi, my name is tony cooper. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plan you choose, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these plans include a healthy options allowance. depending on the plans available in your area, you could get up to $1800 a year to help pay for essentials like eligible groceries, utilities, rent, pet care and over-the-counter items. like vitamins, pain relievers, first-aid supplies and more. other benefits on

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protests continue to erupt across the country over these covid controls, authorities are reportedly attempting to track activities on messaging apps and censor any conflict online i'm curious to know how you think that new development of monitoring which apps you have, monitoring which posts you like is moving the needle on their policies >> so this has always been a strategy in china. i wouldn't say this is going to be a decisive action, though, because the thing to understand about internet activism in china is the real red line is not so much what you say but what you do using any of these chinese social media platforms to organize real protests, that's where the sensitivity is

the real danger is if somebody were to use these platforms and say, okay, there's a protest in this area at this time, come join me here what the red line for china tends to be more collective action, more freed of assembly versus freedom of speech and i think that's why these protests are so significant. it's not like protests don't happen in china but the nature of these protests which are protests in various cities unite for a common cause that's the part i think is really dangerous to the chinese government because it's like these protesters are all -- it's a collective type of resistance, and i think that's very, very unusual in china >> right, that's true. and certainly the video over the weekend certainly much more easier to obtain given social media. there's those who remark leadership has already course

corrected and they're looking for tways to give them an off-ramp, an explanation as to why they'll start to reopen. you think that's too glib? >> anger has been simmering now for a really long time if you go back to the shanghai lock down i think april and look to what people said in wechat, it was an expleosion of rage. for the post part it had been online and now it's gone into the streets. the problem is the chinese government has participated themselves into a corner you could see a surge in infections and deaths and that's what they've been trying to prevent this whole time, and i think sort of the tension here is that you have, the leadership in china so powerful and takes responsibility basically the everything, but the dark side of that is when things go wrong, people will also blame them, right? so if they suddenly reverse course on covid amid the surge of deaths they'll be blamed for that and i think that's part of

the calculation here so it's kind of hard for them to know how to move forward most likely we'll see some sort of incremental changes but i think the key thing to remember is the anger is not just going to disappear. >> does this make the aggression toward taiwan in the medium term more or less likely? less likely because they've got things closer to deal with at home or it could be a unifying action to bring people back under the communist party banner >> it's a very interesting question i would say it's too early to say any correlation right now because there's so much happening with this specific thing. i wouldn't want to speculate on the correlation there. >> emily, appreciate that. obviously a fast moving story. look forward to chatting with you about it in the future, emily parker >> meanwhile take a look at the broader markets. the nasdaq is wndo almost 1% we'll be back in just a moment

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getting some headlines out of d.c. on a potential resolution to the rail dispute >> house speaker nancy pelosi has said her chamber will vote

tomorrow on a bill that would force rail workers to accept a contract agreement and avert a potentially catastrophic strike. now, pelosi and other congressional leaders met with president biden at the white house this morning she said that the agreement doesn't include everything that she would like to see that weighing the equities we must avoid a strike or else jobs would be lost. this bill has to clear the set the two top senate democrats have both said they want to see a bill to avert a rail strike passed quickly, so we'll see if that happens but again house speaker nancy pelosi saying her chamber will at least vote tomorrow to avert that rail strike >> as you're talking there's mccarthy talking about nick fuentes and saying the party -- there's no room for that kind of anti-semitism in the republican party. talk to me also about the

possibility of government funding. obviously the meeting covered a bunch of different issues. >> absolutely. there seems to be a consensus among congressional leadership at least they'd like to see a full spending bill approved before the end of the year rather than a stop gap funding bill remember the government runs out of money december 16th so the government has to reach some sort of agreement there may be a short-term bill but seems like the consensus from this meeting they want to do a full-year omnibus spending bill >> thank you in washington finally, john, we've been waiting the last cup of days to get into the earnings we're going to get and get started

tonight with intuit and workday and more >> particularly important because i think of the health and small business customer for enterprise grid software >> let's get to the half welcome to the half time report front and center this hour does the market have an apple problem? an influential analyst just said iphone shipments could be much worse than expected. we'll debate that with the investment committee, discuss what it means for the markets and your money joining me for the hour today. also with us on set today cnbc technology correspondent steve covack let's check the markets. dow only down abou