prevent spread - >> thank you, everyone you've been listening to president biden deliver remarks on averting a rail strike as well as the state of the economy on this jobs friday. good friday morning, by the way. welcome to "techcheck. i'm deirdre bosen in san francisco with jon fortt at headquarters carl has the morning off today stocks sliding after hotter-than-anticipated jobs data, but the nasdaq still positive after the bill rally following fed powell's remarks on wednesday we will look at how lay-offs are impacting tech plus, what are earnings telling us about enterprise demand, zscaler, asa snarks, pagerduty falling. we have two more interviews to close out the week those ceos are coming up this hour, jon. >> let's run through some of the names that you mentioned

start on with cloud earnings, they're missed this morning. a big moving as you mentioned i think asana falling 14% after the work management platform offered weaker-than-expected revenue guidance to fourth quarter. on the other hand of things we have a larger cap than asana that is up on 20% on the results. on the downside, zscaler investors are worried as the company reorganizes the sales time and the cfo told us larger deals taking longer to close i don't know if that sounds familiar we heard something similar from snowflake and others >> certainly does. >> as customers take a longer look at their wallets, at the other end pagerduty is up 5.5% as people have to continue to watch their networks pagerduty with its automation, as you have got fewer tech

workers available, that has been suffering -- that has been doing better, i should say people need that technology. lastly, marvell, that semiconductor stock suffering as missing expectations for third quarter and fourth quarter guide is a little weak ceo matt murphy placing the blame on customers reducing inventory. >> it is a mixed bag it has been a mixed bag all week, jon. what does it tell us this was an important week for enterprise software earnings and, you know, some wall street analysts said if we can get through the week it provides maybe some upside for 2023 we got a note from morgan stanley this morning saying 2023 would be the start of a recovery year of course, they note how much these multiples have come down, but as you and i have been talking about a lot, jon, talking about the lengthening deal cycles since the summer, since maybe a little before then is it going to get worse yet again in this current quarter? how does it set us up for 2023

that's what we're been trying to figure out during cloud week >> i think mcdermott was one of the first to call out the lengthening deal cycles several months ago here is one of my first takeaways from the week which started in las vegas for me talking to the ceo of aws. it seems to be the purpose-built kind of cloud app-type solutions that solve problems companies have right now that are doing a bit better in today's earnings results, names like pager duty and samsara are standouts in that category samsara has technology used for logistics, trumpckers, where th freight, what is happening inside, manufacturing facilities are using sensors and the cloud to deliver the data. strong results from them any time you see a stock up in this print 20-plus percent even

at this hour that's quite the response pagerduty on the other side, companies are cutting back some people but not the folks fixing the network. you need those people to stay on the job. >> yes, you do it raises a lot of questions about are we going to see more head count reduction let's look at the jobs outlook beating expectations in november, though the tech industry is feeling the pain doordash laying off more than 1,200 employees, 6% of the global staff rbc downgrading the stock. limited ebitda downside support. even uber out competing the company the brokerage notes. it was said yesterday they don't have any plans to cut staff. if you remember to the beginning of the pandemic they did some big lay-offs then. joining us down to break down the landscape, cnbc contributor

eli patel. we have been talking a lot about the lay-offs in tech there's an idea bernstein brings up calling it the razor. as innovation suffers, we don't know the answer to that yet. but it will be an interesting case study to see how much twitter can cut and if they can still produce and what it says about other tech companies that hired a ton over the last three years. >> every silicon valley ceo i have talked to is curious to see if elon's moves at twitter result in a functional company and what it means for their business i would note we have no evidence twitter will be a functional company or not it still very much remains to be scene territory. it is more chaotic than ever actually over there. on the other hand when you listen to the reason for the job cuts at doordash and meta and

others, what you hear over and over is they bet on long-term secular shifts around working from home and those did not turn out to be true we are not bouncing back to 2020 but in terms of 2019 in people traveling to the office and spending on those experiences. it sounds a lot like the year before the pandemic. if i will be honest with the audience here, i hear it from the ceos and i think mark zuckerberg saying "we over bet on e-commerce being a long-term secular shift. i don't think you thought everyone was going to work and shop from home and your business was big enough to subsidize whatever meta creation you wanted to do i think you took the opportunity to hire a lot of people because competitors were hiring a lot of people and now you have a ready-made excuse to trim the company down against a lot of

growth you weren't able to manage in the workforce. i hear that reasoning over and over again where it is happening especially in truck. >> nilay, i think all of these companies, and not just facebook, but shopify, too it sounds as if they thought people would shop from home for delivery forever, but the omni channel trend where people order at home and pickup in store or do curbside, it seemed to be tilting more toward less in person it seems that that did take some of the companies by surprise, and so they didn't need the degree of ramp up in workers we were talking about doordash yeah, they're cutting, what, 1,250-ish people but they added more than 4,000 people just in the last year, right so they're pulling back somewhat, these companies, but not even back to 2020 levels they're just kind of pulling back to, you know, halfway through 2021 level -- well, no

halfway through 2022 levels i should say, in some cases at the best >> yeah, i think that's right. i think a lot of it is, yes, they thought that this omni channel model would work and everyone would -- they believed the convenience of their platform would enable them to grow into other markets. what they're cutting back to is their core business, right the core business did grow i don't think any of these companies, doordash included, anticipated is that there would be actual competition from the regular experience, right, from going to the store, from going to the restaurant, from just wanting to be out in the world if you look at what is happening in tech in particular compared to the rest of the economy, there was a belief that once people experienced the overwhelming convenience of doing everything from home on a computer they would never go back and you can actually grow those experiences into everything else. i think what you see in particular with doordash, even with some of the cloud companies you are talking about, is yet we

don't have to spend that money we can spend that money on other things our customers have a wide range of opportunities to spend their money on real-life experiences, and all of the stuff they're doing on their laptop screens, it might be more convenient but maybe not as fulfilling. you can't grow, you can't eat everything with a sas business >> you know, stock-base compensation an important key to this in terms of head count. a company like doordash, uber, lyft, spending huge amounts that as they're trying to get to profitability hinders that a bit. we've seen some major c-suite shake-ups, the reins handed bac to salesforce. someone else is expected to take over the social media giant.

will they find that person is there something yu nice about the businesses or the current leaders and they just can't let go >> i think it is a little bit of both i think it is hard to let go i think notably the igor case is really notable because he handed it over to an operator who got in trouble because he tried to operate what he thought was a finished vision for disney he said we're going to optimize the finished vision for disney and he rolled out a bunch of management speak instead of a creative company and was kicked out. i think benioff is the true. what did he just operate a lawsuit against elon musk at twitter as chairman of the board. i think it is a time of extreme change and i think that's when you want to let go the least that's when you say, okay, i am the person who understands the north star of the company better than anybody and i will hold on to the reins and make sure that even as we change everything else the culture of the company, the vision of what we make, the

soul of the company stays in place. you hear it over and over again, especially with igor in his return to the company. he's going to keep a lot of the changes that chapek instituted he is going to make sure disney plus gets a lot of inventory he is going to make sure the company fundamentally is a bet on the retail consumer, but he is going to reorganize the company around its creatives again. that sort of in-the-middle change is hard to perceive from the outside, but if you are the actual ceo of the company that's what creates the culture i think you are seeing it over and over again, that these companies perceive change, especially big economic headwind change, and the leaders who created the culture are coming back to protect the culture of the company from operational change >> before we go, nilay, let's talk twitter in content moderation for a moment. when we started the week, elon musk was embracing kanye west and fighting tim cook, but now

it is friday and he suspended kanye west and is embracing tim cook some realities there about what -- how a platform really has to operate these days and the eyes that are on these platforms overall, yes >> yeah. you know, i really just want to talk about disney's org chart for the rest of the time but i will happily talk about twitter moderation with you guys fundamentally the job of being ceo of twitter or any social network is being a lawyer. it is deciding what goes up and what goes down, what gets boosted and doesn't get boosted. elon is learning he needs to be a lawyer, not a technologist in this job that means politicking his way through his relationship with apple and the app store, which has a lot of power over every app as we learned from a long lawsuit with epic about apple's antitrust concerns, and it means dealing with the anti-semites now and pulling yourself down and finding reason for it.

i would point out to everyone that elon's stated reason for suspending kanye westin definitely does not make sense i do not think there should be nazis on twitter, but if you are going to pull them down you need solid reason the reason elon gave was this tweet was an incretitement to violence it doesn't make sense. it is not actually a rule that twitter has. these have all of these other rules you can use. if elon wants to be the face of content moderation, he has to basically become a judge and issue rules that people can depend on. that is not how we have seen elon musk operate. >> didn't he say he was going to put in place this board of advisers before he reinstated any of these controversial accounts and then he blamed some outside groups on why he decided not to do that it sure would be nice if he had that board right now to deal with kanye west, right >> it would be nice if he had the board to deal with kanye west

it would be nice if he had that board just to give his user base, importantly his advertisers, which are almost all of the revenue of twitter, a sense of stability what twitter lacks right now is any sense of stability whatsoever people have a lot of conviction in musk, i think that's true, but there's no stability to its policy, its process or even its service at times it is breaking in strange ways so fundamentally you create processes and committees to provide stability and twitter has none >> making facebook look good nilay, thank you >> thank you >> not the oversight board has been useful at facebook either meantime, coin base has accused apple of blocking its wallet app until it disabled ntx. if it wasn't enough, rising tether loans are adding to risk in the stablecoin space.

that was a report in the "wall street journal" yesterday. let's bring in our kate rooney, the only person that can cover this many headlines in this amount of space. how would this differ from the one going through. >> it is going through bankruptcy in delaware this was out of a delaware court. it sounds like from what the doj is saying here these will work very closely together. so the bankruptcy process and the doj process, the doj is looking for discovery here they're looking for evidence that sam bankman-fried, his colleagues at ftx and alameda committed fraud which has been the big topic of conversation, his intent this is where the rubber meets the road, and if there is any implications, if there's any guilt here for sam bankman-fried is doj is looking to find it that is what to look for here. this is what we've been waiting for. i had heard from sources the doj was looking into this immediately, so it was sort of expected here but this is likely where we will get the next leg of what the implications are for

sam bankman-fried. >> so the ftx bankruptcy and what a lot of the other exchanges are going through, whether it issolvency, whether moving money around to show the reserve, people are moving money around in crypto with little oversight still. i know tether, tether truthers as they're called, where is the audit, how do you know what they're holding? how do you know, you know, it is not lended out does it surprise you that it is holding up and people are still using tether i guess that's what they argue, right? >> yeah, but they have these secured loans that have, what, a $6 million balance >> one of the surprisings things is they've closed for a couple of quarters they have on loans on the balance sheet it is now up 9% from 5%. they are taking on more loans. the fact these are denominated and payable in tether is a

surprise and speaks to broader issues here. lending is one of the issues that's taken down multiple companies. three aerrows we have seen the idea tether is denominating some of the loan -- one question is what happens if it loses its dollar peg if it trade it as $1.50, which we have not seen, the loans are more expensive and what does it mean for the collateral? do they need to post more collateral on the other side if it is a discount you might have the collateral also affected there's a market force that keeps it at a dollar alameda research which was sam bankman-fried's kwan trading firm was one that used opportunities to buy at a discount or premium and keep the peg stable now they're out of the market there's some worried the dollar peg could be in danger here but still very popular way to get access to dollars, especially offshores. >> and it remains that black

swan, but as the last few months have taught us black swans are not all that rare. >> we have seen a couple of those. >> thank you so much the final day of cloud week continues. after this pagerduty ceo is with us next. "techcheck" is just getting started. go. go green. "techcheck" is sponsored by - through meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson.

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let's check in on shares of pagerduty. shares up 5% after delivering a beat on the top and bottom lin for q3 earnings guidance for current quarter coming in above consensus. joining us pagerduty ceo jennifer tejada. good to see you. these results held up remarkably well despite what we have heard from so many software companies about lengthening deals and moves to consumption prices. is it the investments you have made in automation in the labor-constrained environment? what do you attribute it most to >> you nailed it it is the mission critical nature of operations for our customers, they're looking for an integrated platform that helps us manage incidents that interrupt work in an environment that is increasingly difficult if you think about it, even in a macro environment that's slowing down, incidents are not.

in fact, they're becoming more expensive. so we had a really strong quarter, growth up 31%, but also improved our operating leverage significantly, up 1,000 basis points quarter on quarter, and our first quarter of profitability coming in a quarter earlier than guidance. overall strong >> what about the moves you have been making in automation. will you be able to increase the deal wallet size given there's so much constraint on tell nickal labor still in that environment? as we have seen even from today's jobs reports, even though some parts of the economy are slowing down labor is still in demand. >> absolutely. there's still a shortage of software engineers everywhere and that's a large tam, 25 million software engineers out there. even if the tam were to contract, there's still a lot of runway to grow in this software engineering market and equally in our install base still a lot

of opportunity because to your point we are selling incident response, automation, and customer service ops and increasingly addressing more use cases across the enterprise. we saw a significant customer engagement and record number of expansion transactions our customers are still grappling with devops acceleration and they're looking for programs to improve their productivity in a way to serve customers for effectively. >> good morning, jen we started the show talking about lay-offs and we continue to see here in the bay area and beyond but specifically in tech. how do you anticipate that impacting or not impacting demand for your product? >> well, what we think the macro environment is the headwind for our business and just about every business out there we have a very diverse customer base, so the tech industry makes

up less than a third of our total ar what i have seen in the tech industry is, again, companies protecting their software engineers because they're a scarce resource, still very hard to come by great tech leadership and great software developers. again, even if that head count started to contract from a growth perspective, we are still not wall-to-wall in most engineering organizations. there's still a lot of under penetrated tam just within our install base for us to go after. so we think there's still a tremendous growth opportunity, and given, you know, the work that we are doing to continue to improve operating leverage at roughly the same rate we have over the last couple of quarters, we expect to be a durable, balanced growth company that will emerge from this more difficult environment even stronger >> what's your approach to profitability now? you hit non-gap eps of, you

know, positive 3 cents verse consensus, expected to be less a lot of focus on profitability less these day but you have growth still at your back. where do we go from here >> this has been a long term for us to achieve balanced growth. over the last several quarters, even years we've been looking for ways to sustainably reduce our cost structure and improve our ability to continue to invest in important innovation project, ea opposite, automation, and more recently flexible work flows to allow our customers to apply pager duty to interrupted work beyond in response and beyond. it is as we see ourselves in a very good position controlling the controllables, even as the macro

environment continues to be volatile we expect to continue to perform well having said that, i don't have a crystal ball i can't see into the future. what i do see again is very strong engagement from our customers, a team that is executing incredibly well. frankly, we are in a space where we are solving critical, urgent, relevant problems with very high ori and fast time to value, which is more attractive to our customers than multi-year deployments and very expensive solutions. we have even seen some wins where we are consolidating other niche players by having an integrated platform. >> now would be a great time for a crystal ball if anyone has one they want to send in, i would love to have it. right now pagerduty up about 6%. jen tejada, thank you. >> thanks. great to see you both. on a programming note, a big

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welcome back, everybody. i'm contessa brewer with your cnbc news update ford is reporting a 7.8% decline in november sales compared to a year ago, but ford's electric vehicle sales more than doubled making it the second-best ev seller behind tesla. gasoline prices are falling. once again the average price of unleaded regular gas is now $3.45 a gallon according to the oil price information service.

it is near the lowest levels we have seen since russia invaded ukraine in february and more than 30% below june's record high which exceeded $5 per gallon goldman sachs is reportedly planning to slash this year's bonus pool by more than 10%. that comes a day after jeffries financial group said it is cutting its own year-end incentive pool it has been a difficult year for mergers and acquisitions as well as other fee-earnings activities for wall street firms. cannabis is making strides in competition with alcohol. according to a report from jefferies, cannabis will account for $26 billion in sale this year, 10% of the size of the alcohol market five years ago cannabis was just 2% of the overall market jon, i'll sernld nd it back to . >> cannabis versus alcohol, who wins that's would be way of putting it thanks, contessa

rallying this morning at the cloud-based company turned in third quarter accounts, smartsheet to be positive by end of the fiscal year journaling us, smartsheet ceo. good to see you. what is it about what smartsheet is offering that allowed this kind of results? sort of got this working theory that in these days with the enterprise it is applications that solve a pain point now that are selling a little bit better than tools that you sort of assemble your solution yourself? >> yeah, jon good to see you again. i think we really focus on getting back to the basics, and when you speak with customers about how we can help drive revenue for them or achieve cost savings they're interested in listening. one great example of this last quarter was large appliance manufacturers trying to get to market more quickly. how can we deliver the same number of campaigns we used to

with less cost, with greater accuracy when you have a customer able to take a cycle that's typically 16 weeks, knock it down to four weeks, eliminate agency cost where it false to the bottom line, those are the types of stories people respond to today. that's one of many stories we had like that last quarter >> i wonder, what is the runway on that if things continue to slow if that continues, how much visibility do you have into a couple of quarters ahead, whether there's still gas in the tank for that reasoning for customers to be making the purchase >> i think the pressure actually goes up, jon i think they're trying to find for more programs, more processes to change. the challenge is how do you make those changes in a cost effective way. how do you have high velocity software you can purchase and get yield from inside of a quarter? that is hard to do the beautiful thing about some of the new technology like smartsheet is it is enabling

people less technical to achieve the outcomes it is not reliant on the third-party consultant or developer to return, and that's something customers are looking for. >> mark, talk about productivity within your own business earlier this year you were talking about sales rep productivity and some issues there, ramping more slowly however, that seemed to have turned this quarter. what made a difference and how does it impact how you are thinking about hiring next year? >> i think a lot of it, deirdre, is time in the saddle. we had a huge number of people coming to our company early in the year every quarter that passes they get more refined on how to present value to customers and we saw that start to take hold in october we had a strong october finish where our newest cohort of sales reps from this year started to click in there's still a lot of room to go it is not an easy market out there, but i feel really good with how the team is shaping up. >> people holding the stock this morning feeling pretty good with it up about 15%. mark, thank you. >> thank you, jon. thank you, deirdre still to come, elon musk and tesla kicking off the first semi

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julia boorstin is with us on how cnbc 50 disrupter companies are faring these typically lag their counterparts but you are seeing more happening at these stages >> that's right. the tech wreck we have seen is having ripple effects into the startup ecosystem. at least one-third of the 2022 disrupter 50 companies announced lay-offs, a sign of leaner times for vc-backed startups biggest, delivery service go cup has cut theerl 2,000 jobs over the past year. online payment company stripe cut 14% of its staff, totaling over 1,000 employees the number of companies that hoped to go public such as chime, gopuff have cancelled or put their plans on hold. as companies have less opportunity to go public they also have less access to private capital. pitch book reporting in the

third quarter investment across the tech sector softened for the third quarter in a row vc investments totaled $4.7 billion in q3 down from a peak of nearly $10 billion in q4 of last year. and the check size is also getting smaller. the number of mega rounds, those are investments more than $00 million, fell by more than half to 285 in the first half of this year, down from 674 million -- 74 of those checks in the same period a year earlier. it is worth noting 6% of the companies that managed to raise funds this year did so at lower valuations the majority of those down rounds happening at the later stage, so it is hitting companies that may have been hoping to go public and they raised money because they needed the cash deirdre. >> yeah, later on in the show we will be talking to one counterpoint, that is palmer lockheed's company that raised a massive round amid the downturn that you laid out so well. while we have you, julia, i want

to get you on disney because of all of the challenges bob igor will be facing as he takes back the reins at disney, we haven't talked a ton about what happened in florida now we have headlines lawmakers may reverse the move earlier this year. what is bob igor facing here >> so there's apparently a compromise underway. under bob igor's predecessor, bob chainpek, there was a rift with the florida governor. disney has operated as its own mini government within the state of florida where they could handle tax issues and handle things like their own firefighters and trash collection this was going to be reversed after a vote in april in part because of this conflict over the so-called don't say gay bill now it appears there's a compromise in place. this was reported by the ft. we have reached out to disney. we don't have any comment but we will be following up to see what

is the latest on that because if bob igor can create some sort of compromise here, that would be very much beneficial for that massive park and the overall parks division, which, of course, has been such a cash generator for the media giant. >> julia, thank you. after the break, we just mentioned it is the second biggest venture capital round of the year in the u.s. oculus founder palmer luckey's anduril now valued at $7 billion. he will join us on the other side of the break. don't go away. ♪ ♪ cnbc disruptive 50 is sponsored by the new york stock exchange opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple.

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internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. welcome back palmer luckey has raised nearly $1.5 billion his defense technology startup anduril now valued at $8.5 billion, up from $4.2 billion 18 months ago our morgan brennan is at northrop grumman's site in california at part of the coverage of the b-21 bomber and ahead of the national defense forum this weekend she joins us now with palmer luckey morgan. >> reporter: hi, john. thanks so much yeah, it is a big day in terms of news for anduril industries but it is a big day this weekend -- or a big weekend in general for news for defense more broadly palmer, great to have you on congrats on this new funding round. it comes on the heels of what has been a pretty busy year for anduril. you had some high-profile

contracts awarded, particularly around your counterdrone technology, expanded to australia as a market and you have expanded into what are essentially robot submarines what does the new capital enable anduril industries to do now >> we will keep doubling down on the same products we have been building, but we are building a lot of new products across air, land, sea, sub space -- or sub sea and space, and some of these are things we have been working on for years that we're just able to reinvigorate our development on while a lot of other tech companies have been laying people off we have been accelerating our hiring. that's what we will use this capital to do, hire great engineers that want to work on national security problems that matter >> how does the growth at an drill duril, you are able nearly to double your valuation. >> if you look at national security it is the most

important industry in the world right now. a lot of other industries are really struggling, and we are seeing the future of warfare will be defined not by traditional systems that are very exclusive and very expensive. there will be a place for those systems, but you are seeing the future of warfare whether it is ukraine or other developing conflicts around the world defined by small autonomous systems, systems using artificial intelligence to enable capabilities that would not have been possible otherwise. that's what anduril has recognized, what our customers have recognized. clearly as of today that's what our investors are recognize, that the future of war is changing and anduril is better positioned than most to deliver on what's actually needed. >> reporter: yeah. and you sort of touched on it. ukraine is becoming a case study for how quickly some of these new technologies can be deployed and certainly drone warfare, for example, i know an area you are focused on, is very much playing out on the battlefield there how quickly can you products be

deployed there are they going to be deployed there? >> we are actually already there. we have been there since first few weeks of the conflict. we continue to have people and hardware and software in ukraine. i was there a couple of months d training armed forces ukraine operators on how to use our systems to counter russian systems. we're going to continue to support ukraine. >> in the past you've talked about how good u.s. companies like alphabet have been pressured by their employee base to not work super closely with government agencies. i wonder how you see that playing out -- how that plays out now with the u.s. export restrictions on high performance chips. how is that going to affect the development of defense technology in china?

>> well, i'm hoping it has a negative impact on the development of defense technology in china. one of the interesting things you have going on in the tech industry the technology executives recognize they're dependent on china for manufacturing, for market, and sometimes even for capital so that's been driving a lot of the push to keep china happy and not do anything to upset them, which often includes working with u.s. military there's never been in a point in u.s. history where they've never refused. i think that's been changing if only because of russia's war in ukraine. there's a saying you can't reason someone out of a position they didn't reason themselves into the war in ukraine has given

workers to understand the importance of deterrence, the importance of the united states and our allies having better weapons than russia and china. and that's a really good thing that's come out of this very bad war. >> yeah. it's such a key point you make and the other side of this equation and something that will come up this weekend and has for many years now at that forum is this idea the dod is looking to cut red tape, cut bureaucracy, bring in more startups, more small businesses to the fold, be able to encourage the development of these new technologies and their rollout it hasn't actually happened that way. you have something called the so-called valley of death that entrepreneurs have spoken about. do you think we're at a tipping point or change in terms of that situation actually becoming a reality now? >> i think that we are and the reason i think that is because the zeitgeist is

changing people are recognizing there's a problem. and the first step is recognizing that you have a problem, right i think a lot of people in congress, the people of the power of the purse are recognizing they need to change the incentive structure and they need to make sure these new technology companies can be successful, that the government can be seen as a reliable customer, as a fast moving customer we're not hoping they become a nimble customer. they have been working on this they have been awarding us contracts, and i don't think that that would have been the case five or certainly ten years ago. we're doing well because they recognize that atonmy is going to define the future of warfare. >> thanks for joining us today on the heels of this latest funding round and nearly

doubling in valuation. the reagan national defense forum kicks off later today. i'm heading over to simi valley for that we're going to have all kinds of interviews, bringing all kinds of sound and information come monday as well it is a who's who in terms of defense officials, defense ceos, lawmakers and even some vcs and other high profile investors as well so much more to come >> thank you and if you missed part of the show don't forget to follow and subscribe to our podcast to listen anytime, anywhere, wherever you download dctspoas tech check is back in just a moment

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one more thing before we go. our annual cloud week on tech check comes to a close today here's a recap of our most weatherproof week of the year. >> are we ready? >> let's do it >> here to help us kick off cloud week on tech check >> ceo of aws. >> what are we learning about cloud and enterprise spending in current environment?

>> high reducing, money reducing environment tend to do well in a downturn >> customers are realizing at a time of uncertainty that's exactly when you want to lean into the cloud >> we were born in the cloud >> we're going for growth but not growth at all costs. >> we are going on the offense in a platform centric model. >> we expect small business to grow between 19 to 20% and that's at a well over $7 billion scale. >> one of the biggest names in the cloud and that is microsoft. >> customers are looking to optimize their i.t. >> we're in a market period in

this $50 billion market. we're still a relatively small player but the newest on the block with frankly the best technology >> solving problems in the near term and delivering cost savings, the problem solving from pager duty, for example that seems to have shown up both in the messaging from the ceo and the results we got >> i learned a ton i hope our audience did, too we kind of covered all aspects on the infrastructure side, platform, services, with a whole host of those. that was great especially in an important earnings week. are we in the early innings, out of the early innings i think the answer is complicated. for some, yes.

but there's so much more to do as so many companies move their work loads >> argued there's still a lot more growth to come even though there's been a migration to the cloud that's begun it isn't necessarily even a third of the way done you started the migration. >> i will note that -- in san francisco joined us yesterday. have a good weekend, everyone. welcome everybody to the half time report i'm scott wapner front and center this hour hot jobs, cool stocks. what today's job report does to those rally hopes. we'll debate that with the committee today. let's check the markets, go to the wall we're well-off the lows today. dow was down 35 on the back of that jobs report only down 75 now s&p was down near 20 is down near 50. nasdaq it was down