the hundreds of people whose returns were exposed and who were written up in that series we'll see if anyone else follows suit >> robert, thank you robert frank we talk a lot about ken griffin. that will do it for "squawk on the street." "techcheck" starts now good wednesday morning welcome to "techcheck. today, more on what to do with big tech just hours away from another fomc meeting and potentially higher rates ahead and tesla on pace for its worst year ever as elon musk's twitter obligations come into question we'll discuss it don't miss the ceo of cloud flare talking about his outlook for cloud spend amid a big week of results and deals >> a volatile week for the nasdaq ahead of what many expect another fed rate hike this

afternoon. mike santoli joins us with more. >> the nasdaq peaked 13 months ago, speculative tech peaked 9 months ago that entire period, tech growth, more speculative parts of the market have been on the down side the rate hikes and higher bond yields have not uniquely impacted technology. this is the tech specter spdr against the equal weights of consumer discretionary it's basically the same chart. the weight of consumer discretionary does not give access to tesla and amazon which trade in tune with tech. mostly what's going on is valuations coming down across the market and earnings estimates have been coming in. if you want to talk about cuts to earnings estimates for next year, meta, you know, alphabet, alphabet down 20% from the early part of this year for 2023 earnings nvidia down 40%.

my point is it's earnings estimates going down that are the bigger problem than yields parts of the market are outperforming. look at semi cap equipment relative to software a stark gap. it's happening in all parts of the market real stuff, capex related areas, machinery in general doing better over virtual assets or less tangible things >> i heard your call out there, mike, on earnings. our next guest is looking to that as well, expecting markets to shift their focus towards earnings in 2023, favoring enterprise and cloud names over consumer check joining me now is wilmington trust's megan schu what is a reasonable price two notable pieces of news in enterprise tech this week, oracle's earnings upside, due to the investment they've been making in cloud and systems, and

then m&a, coupa getting snapped up for $8 billion. some people say there's reasonable prices now. what do you say? >> i would agree with some of that i think as we look ahead to the fed meeting in a couple hours, we're likely to see 50 basis points of tightening but we're getting pretty close, we think, to the end the key and what we're unlikely to really get a whole lot of confidence on from chair powell is what i think matters more for some of these parts of the market that you're mentioning including m&a and just the cost of capital in general, which is what happens in terms of rate cuts in 2023 the market expecting about 75 basis points of rate cuts between the middle of 2023 and january of 2024. if that does not pan out and the fed is more anchored towards holding rates higher for longer, you're going to see a little bit more pain into some of those more expensive parts of the

market as rates moved higher quickly this year, the dollar strengthened aggressively. we saw tech take it on the chin. we've seen the dollar weaken quite a bit. rates have come down the 10-year treasury about 3.5%. tech has not gotten that tailwind i think we would expect as the focus shifts to earnings some of those more resilient earnings profiles from technology to do better in the new year >> how much does that -- yeah, fed, how high do they raise? how long do they hold and then do they cut? a lot of these tech names, they're arguing that they have special technology even within certain niches, that's going to lead over years to out performance. how do you gauge what are the metrics that you use now in this uncertain economic scenario that we're in to judge where value is? >> i think it comes down to,

again, you're absolutely right not so much what happens over the next couple months for the fed, but really where is that steady state interest rate that plays into the valuations then the earnings profile. i think as we look at this expansion, it's just really hard because technology in this market compare ed to 15 or 10 years ago is playing a different role which is why when we single out enterprise tech as opposed to ad-based tech or consumer-facing tech, it's such an integral part of businesses. there's not a lot of wiggle room to cut back. companies have to continue to push on technology i think that's very key for the long-term earnings trajectory. and then on the valuations, as we look at -- i think inflation coming down is great the fed hiking another 50 to 100 basis points, fine but what is that medium-term outlook for interest rates

there we see a number of structural forces contributing to higher interest rates and higher inflation in the decade to come versus what we just lived through leading up to the pandemic >> we sometimes forget how good we had it in terms of inflation. megan, for every call there is that argues inflation will moderate in the coming year, there's the commensurate call that earnings will be a symptom of that. i wonder what your base case is now for earnings next year >> it's interesting to look at the bifurcation between what we're getting in terms of earnings estimates from top-town strategists, closer to 2$200 for the s&p 500 versus the bottom-up side, versus 230 we expect a mild recession in the year ahead we're probably more in the 215 to $220 earnings camp for next

year certainly seeing a little bit of moderation, but that is really the key as we look ahead i think you'll see some sort of, you know, coming together of those different earnings estimates, maybe top-down is too pessimistic. but bottom up and what we bake into valuations is still a little bit too rich. >> megan, looking within tech, you're favoring cloud and enterprise names over the consumer tech names, how much does that have to do -- you think valuations came down too much we know tomo brava has raised more to do deals like this >> we know rates will put a headwind on the buyout market, but there's a lot of capital out there. there's still a lot of cash on the sidelines looking for places to go. in the public market, again,

it's really what you need versus what you want. that's why enterprise tech, cloud, sure, earnings are probably going to come down. but you're looking at better profile relative to other areas of the market, including cyclical value >> all right megan, thank you >> thank you let's narrow it down a bit goldman sachs outlining their top picks for '23 in a new note ranking uber number one with amazon and meta rounding out the list joining us is the analyst behind that call, managing director eric sheridan. great to have you back >> great to see you. happy holidays >> same to you we've talked to you before about the size of your universe. you have a lot of names to choose from. just very simply, tell me about uber is it actually at the top of this list? >> it is at the top of the list from a risk/reward standpoint. i think as we started to think about next year and what's going to work on the consumer internet

space and broadening it out to some other names in interactive entertainment, enterprise computing. we're looking for rising utility, management teams willing to protect profit margins irrespective to what happens to the macro environment, the ability for companies to possibly return, increase levels of capital to shareholders, and importantly within that checklist we think a rising margin structure, no matter what happens on the macro environment was pretty key to us we think that's where you will get some support on the valuation levels as you look out, especially to the first half of '23. we believe that extends all the way through 2023, but probably more importantly over the next six months >> that's interesting. the ceo there has not been preaching the gospel of headcount reduction. how do you get mathat margin

upside without a culling of the resources in the near-term >> i think the interesting thing about uber, uber had its moment in time in the first half of 2020 where demand collapsed on the mobility side and a lot of the legacy costs, legacy capital investments that company made had to be rationalized in. that was his moment by fire. the at the beginning of this year, the messaging shifting if you go back to the earnings call in may, we think the company has done a very good job of rationalizing costs, narrowing investments, picking the spots in the globe they want to compete in, picking the product sets they believe are the best position for them to drive returns to the long-term if you think about the targets that the team laid out at their february analyst day, it's a pathway to $5 billion plus of adjusted ebita in 2024 that's a pretty healthy growth

rate looking out over the next couple of years. that's what excites us the most from a risk/reward standpoint. >> eric, you have a price target of $45 on uber that's the ipo price, it's never sort of been able to reclaim at least for a while do you ever see uber getting above $100 billion market cap? will it ever sort of fulfill that disruption that vcs in the private markets once envisioned for the company? is the end point that it will muddle somewhere below that? that's our 12-month price target the up note is much higher than that, that would point against a sulk set success rate that you just put out there we think the products they're offering to consumers on the mobility and delivery side and

wrapping a subscription product like uber one around it is leading to rising utility at the consumer level one thing we found in 20 years looking at tmt more brotadly, if you capture consumer utility, amazon probably is the best example of this, the rising incremental margins and rising spend per customer creates a lot of platform value. >> let's talk about another one of your picks for the year ahead, that's amazon this company has been embarking on layoffs and perhaps more effici efficiencies >> i think they were reactionary to the negativity that came out after that last set of results across all of large cap tech at the end of october i don't think we're anywhere near done the rationalization of investments and headcount at names like amazon. i think you're seeing a couple of cross-currents at amazon. aws will clearly slow if

enterprise demand slows over a short period of time long-term, akin to what your last speaker just said, the bull case for cloud computing of 20% plus top line growth and mid 20s or better ebit margin long-term is still well intact in the second half of '23 or 2024 and beyond we still think you own the leader in cloud computing with amazon the more important litmus test for amazon over the next 6 to 9 months, can they provide investors a confident interval in returning to normalized e commerce margins they have absorbed in excess of $25 billion of headwind in terms of cost from a mixture of covid, supply chain challenges, wage inflation, energy inflation, getting back to a normalized e-commerce margin would actually produce a gap earnings level that makes amazon look quite attractive on gaap earnings. i don't think we've spoken about

amazon being attractive on gaap earnings there's a lot of self-help here on the margins that this company can do over the next 12 to 18 months >> finally, meta, the third of your top three picks how can you, eric? isn't a bet on meta essentially a bet that zuckerberg blinks on all of this metaverse spending as fine as the core business might be, doesn't that get papered over by 10 billion plus pending on metaverse >> i'll answer it this way compared to where we were a year ago, where there was a lot of hype cycle around the metaverse, we're in a different spot right now. investors that own meta and our rating on meta is tied more to the core business getting better it's one of the few companies that has easier comps as we move into the front half of next year we think the company gave you seven or eight different statements on the earnings call

in october that would point you to the core business getting better we just were out three weeks ago coming out of cyber 5 saying meta is surprising to the up side on advertising revenue in q4 a lot of investments in the core business are meant to drive elements of user growth, engagement growth. but if you remember going into the last earnings call, there was a negative narrative around engagement that the company effectively communicated away from and convinced investors that they didn't have an engagement on the last earnings call the cost side took over the narrative. we think the core business getting better will be the driver of this stock going forward against a trough multiple >> the problem is, it's like they're making money in the real world, but they're losing it in the metaverse. they want to live in the metaverse at the moment. just before we go, i have to ask you about ai and its relevance in '23 a lot of talk about chat gbt

we'll talk about that later in the show maybe it's the nerds talking about that, eric on my facebook feed, i see my friends putting their photos through this filter and making themselves look cool they're more interested in that than reading ai-generated essays is any of this going to disrupt the players you're talking about and looking at in '23? >> we look at all disruptive technologies and try to factor it in to a thought process i played around with chat gbt myself and am fascinated by the technology, intrigued and sort of mindful about what's being spit out from a results standpoint as a play with a toy like that from the open ai initiative i think we're long away from a technology like that disrupting some of the players. and many of the players we're talking about are already making those investments themselves i think it was cnbc reporting yesterday that jeff dean from alphabet was saying that they have a similar technology, but they would be held to a

different standard if they launched it in the public domain with more guardrails i think you're going to see ai as a driver of multiple levels of consumer utility and enterprise utility going forward. it's going to be one of the biggest secular themes over technology in the next 5 to 10 years. to take an early data product and say that's the final answer, i think it's a little too soon for that >> it's going to be fun to talk about, though, in the coming years. it's already just so interesting and we're so early eric, that was great look forward to more soon. thank you very much. >> that was a good preview because we will talk gbt later in the show. look at tesla shares, having a tough year more on what to do with the name and what twitter has to do with it next. "techcheck" is just getting started.

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let's get a gut check on tesla. elon musk tweeting last night that he will make sure tesla shareholders benefit from twitter long-term. in the short-term, that's not been the case.

the stock is down more than 60% from its all-time high last november it has continued to suffer as musk has focused on the social media company. shares have fallen more than 50% since he announced his intent to buy last april nearly 30% since he became chief twit in october. that said, it is a cheap time to buy. tesla's forward pe ratio dropping to 30 times earnings, that's the lowest ever, as you can see on that chart there. some still like it jonas over at morgan stanley has a $330 price target. he says he's excited about the cybertruck and the tesla semi. >> 29 times earnings is not cheap. relative -- everything is cheap relative to last year. 29 times earnings, i mean, not cheap. 20 times earnings, hard to argue that that's cheap and it's not there. not saying it's going there. this is why elon musk didn't want to buy twitter after he

wanted to buy twitter. >> indeed. it has made it more complicated. jonas does bring down his forecast for ev penetration out to fiscal year '30 as he says the brakes are screeching on ev demand sam bankman-fried denied bail in the bahamas as you may know by now as new ftx john ray says the company he took over committed old-fashioned embezzlement what's next for regulators we'll talk about that with the rm chairman of the cftc in a minute

welcome back to "techcheck." i'm bertha coombs. delta air lines sees robust travel demand continuing next year and beyond. the carrier raising q4 guidance and is guiding next year's profits well above estimates ceo ed bastion telling "squawk

box" even a modest rebound will pay off big for airlines >> the world's getting back together it's going to continue if i were to kind of narrow down to next year what that gap is, if we get to 1.3% in '23, that's $30 billion of additional revenue for our industry next year over this year. >> next year, americans are expected to fall behind on personal loans and credit card payments at the highest rates since 2010 consumer credit rating agency transunion sees increasing pressure from high interest rates and inflation combined with recession fears some economists are pulling their prediction that china's economy will overtake america's. the japan center for economic research had expected china's gdp to surpass that of the u.s. in 2033. that was before covid lockdowns zapped growth and productivity

gains. >> thank you very much big tech facing big problems thanks to a new eu law targeting names like apple with millions in app store profits in risk in the process. steve has more on the latest and what's important to understand >> let's break this all down this is all because of the digital markets act or dna, that's the law in the eu that passed this spring targeting the power of big tech companies. we've been expecting to hear about how apple was preparing for dna. in apple's case, part of it is they're required to allow third party app stores and open up other parts of the phone to third parties. this report says apple is working on a version of ios that complies with the law for when it goes into enforcement, but that's not until 2024. but the interesting bit from the report, only the eu will have the third party app stores the rest of the world will not so, apple says they're doing all this in the name of fighting for

privacy and security and that's all good and we can take them at face value for that, what they talk less about is the app store profits and margins they're trying to protect. the eu is a tiny market for apps estimated $6 billion in u.s. in sales last year. compare that to the nearly $29 billion in sales in the u.s. and 85 billion globally. this tells me apple will fight these regulations country by country instead of ripping off the band-aid and making the changes globally this is welcomed news for match group, bumble and spotify that have been complaining about apple's fees for years and even more important for gaming companies, because that's where all the money is on the app stores microsoft and epic games would love to sell games directly to customers, it takes away a lucrative high margin revenue stream from apple. apple may still find ways to charge third parties for access to ios, so they won't lose all

the revenue but they might find other ways to license access to the system it's going to take years for this to fully shake out. while the eu may not have big app store sales, u.s. lawmakers here are considering similar legislation that will have more impact on apple. >> certainly a lot at stake here, steve. thanks for laying that out for us speaking of regulation, the crypto crackdown is here the senate banking committee holding its own hearing today on ftx's collapse, while sam bankman-fried is being held in a correctional facility in the bahamas after being denied bail. the former ftx ceo facing numerous criminal and civil charges from the southern district of new york, the s.e.c. and the ftc. what does this mean for branch branch and crypto regulation joining us now is timothy massad i wanted to ask about the language in the ftc's filing

yesterday. it called ether and tether commodities. what do you see as the significance of that designation and do you think the agency is trying to make itself the main regulator of crypto? >> no. i wouldn't say that. when i was chairman, that's when we first declared virtual currencies or commodities that was back in 2014, that gives the cftc authority to set standards for the trading of crypto derivatives, crypto futures and swaps. but it only has very limited authority in what we call the commodity spot market, which is where most of the trading of bitcoin, for example, and lots of other crypto assets occurs when you go on and you just trade for cash or you trade a pair of bitcoin and a stablecoin it can't set standards for that. now, there have been proposals

in congress to give it that power. it only has the power with respect to that spot market to bring action for fraud and manipulation, which is why it's brought a complaint against sam bankman-fried. it's kind of like -- the way to think about this, people often ask me, why is that the case why is there that gap? i say it's like every other commodity. think about cows the cftc has the authority to set the standards for the trading of cattle futures, but it can't tell people how to buy and sell cows. it doesn't have that power >> timothy, do you still think that's the right designation that cryptocurrencies like tether, ether should be considered commodities does that mean a lighter touch >> i think clearly some are commodities. i think a lot of crypto assets are securities look, that issue of whether something is a security or a

commodity is what has bogged down the implementation of requirements that would, you know, might have prevented something like ftx or at least minimized the risk of things like ftx, meaning these crypto trading platforms are not required today to follow basic investor protection standards like protecting customer assets and prohibiting conflicts of interest, meaning you can't have a conflicting business that you're operatioperating, and sts that say required transparency and governance sorry, go ahead. >> what you're outlining are a lot of the issues that have not been resolved as you correctly state, this is why we don't have the regulations. should there be one agency in charge should it be the cftc? what do you make of those that argue that its chair was too

cozy with sbf and too lenient on crypto >> i don't think that's true at all. the one part of the ftx empire -- they did own a crypto derivatives trading platform, ledger x they acquired it it already existed as a derivatives exchange, that part is not part of the bankruptcy. that part is operating just fine customer assets seem to be there. i think this is nonsense about the chairman being too cozy. but we shouldn't be trying to remake the regulatory framework. we have a fragmented system. the s.e.c. will still have a role in this the cftc will still have a role in this. that's why jay clayton and i said what needs to happen in the short run to get better investor protection standards, the two agencies should get together, come up with basic standards -- because the standards we want are the same in large part

whether what you're trading is a security or a commodity. they should basically demand that these trading platforms implement these standards and say we won't shut you down if you implement those standards while we sort out these classification questions or while we wait for congress to, you know, reshape this >> but there's been calls for that for them to work together, to better regulate the industry for years. why hasn't that happened why do you think there's a better chance that happens now >> well, obviously the ftx collapse or implosion is a big motivator. i don't know that there's been calls along the lines of what we're suggesting, because we're suggesting something a little bit different, which is they actually write joint standards and say we want you to follow these regardless of these classification questions what people have said to date is they should get together and sort out which crypto asset is a

security and which is a commodity. that's like an incredibly difficult thing to go through 20,000 tokens and decide that. we're saying skip over that. let's not worry about which bucket it falls into right now we need better investor protection so, you know, come up with these standards and basically force the industry to abide buy them >> timothy, great to get your insights timothy massad >> thank you let's check in on the markets here all the major averages fractionally higher and almost exactly the same fraction, two-thirds of a percent. 230 points on the dow. the tech world's got a new viral toy. we mentioned it before, not the metaverse, more on the ai tool

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welcome back let's talk gpt you may have heard of it its gone viral, in the bay area in particular. it's an ai assistant that uses natural language processing to offer answers to questions and commands that are read like they're coming from an actual

human. it can answer essay questions, write songs, recipe ideas without searching through pages of search results. what you give up in time you give up in accuracy, the results are impressive but still far from perfect it was launched by open ai and it caught the eye of wall street this week. morgan stanley asking if it represents a structural threat to google. still a long way from that google has scale one and two and is already a leader in artificial intelligence and machine learning research. internally at google, employees are questioning whether chat gpt's moments are an opportunity. google has a lot planned in the space in 2023 but they have to remove responsibly i'm sure you have had a chance to play around with it, whether it lives up to the hype is the big question i did ask it to write an example

of how chat gpt is overrated chat gpt is not as intelligent as it is made out to be. it's simply a text-based chatbot that is programmed to respond to certain key words and phrases. this means it can't actually understand conversations and think for itself julia, that's the big complaint, it sounds really intelligent, but when you go through the details, it's not there, it's not accurate or as useful. >> i would also say it's not very funny i asked it to tell me a punch line, and the story did not make sense. one thing that's so interesting here is what you mentioned about this impression of accuracy. it sounds like it's a human talking to you it sounds accurate, but you don't actually have the context of where this information is coming from. so, when i signed up, i thought it was important to note that they flagged some areas where users should be careful. they say limitations include

chat gpt may produce harmful instructions or biased content and it has limited knowledge of the world after 2021 these are serious limitations. that's fine, this is a young product. what is most important to acknowledge here is some people may not be aware of those limitations. they may click past them if people get used to using this app, they may end up taking some travel advice and turning around a corner into a dark alley where they shouldn't be going. >> it reminds me of those pharmaceutical disclaimers do not use chat gpt after swimming, you know, or before -- >> ask your doctor if chat is right for you. >> exactly i think -- >> don't operate heavy machinery. >> exactly i don't want lessons from chatgpt. >> it won't make you drowsy. it's interesting enough to keep

you awake. >> here's, i guess, sort of the shoot down case on chat gpt in the near-term being a disruptor. when i'm doing a search online, i seldom want an essay for anything i am searching for and i often want references. i want to know how do you know this answer is correct you know, algorithms don't always have reputations to protect and expertise in particular subject areas that they can project how do you know? if you ask it for a recipe, how do you know it's coming from a good chef as opposed to the average of all the chicken parm recipes that it could search online before giving you the answer i don't know >> some may want an average chicken parm recipe. it's more about the use cases. what's interesting is the question about the risks i think the fact that google has not down down this road is because of those risks you also have to wonder what the

business model is going to be and whether this is more of a threat, this technology is more of a threat to something like facebook messenger which is trying to use chatbots to replace humans, allow companies to use chatbots to replace humans is it more a great service for that opposed to functionality. >> right all valid points this is really the first iteration, it is the possibility of what it could do in the future is what has people excited. and we're really getting a gims of that now. in terms of shared computing power, there's implications across the chip space, which morgan stanley identifies, nvidia, others could benefit if this technology continues to evolve we know it will. chatgpt is the first version there's another version from open ai.

>> morgan stanley says ask it what airlines have the cheapest flights to paris gives you a series of answers and then contacts how to best search for those fares morgan stanley doesn't argue this needs to be flawless but just effective enough to disrupt google's position as the entry point for people on the internet it will be fascinating in its early days sofi shares are up the last few days with shares down almost 70% since january, nisoto buying at a discount a discount "techcheck" is back after thisge ? discount "techcheck" is back after thisge you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise

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. deutsche out with top chip picks for the new year in a new note they're calling bottom fishing. they say buy marvell and qualcomm stocks with underappreciated stability like broadcom in their view more market action coming up after the break. don't go away.

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the cloud is definitely top of mind for investors this week on the cloud is definitely top of mind for investors on the heels and cloudfare kicking off its impact week. >> right now joined by the crofounder and ceo of cloudfare matthew prince thanks for being here. >> thanks for having me on >> it's impact week. a number of announcements including the company has received a certification to work with the federal government for cloud competing. just last week seesaw the big deal with the pentagon for cloud computing. where do you see the opportunities? where's the opportunities for

cloudinary with the federal government >> we're proud having achieved federal certification. the federal government has long time been a customer of the fbi, dhs, the state department, all long time customers, but with this certification we think we can further penetrate the public sector and importantly make sure our customers serving the public sector have the certifications they need in order to make sure the federal government and any state and local agencies are safe and secure whatever they're doing online >> cloud recently called cloud fare one of their best in 2023 just a few days ago you actually raised prices. what are you hearing from

customers in terms of price and demand >> we make sure we continue to fund innovation and the incredible amount of growth. what we've heard from customers is thank you so much it shows we are really without peer in the space, we're doing the work customers value, and we've seen ver little shift away from paying for our services so i think any time you raise prices you always want to make sure you do it very carefully and thoughtfully and it's the first time we've done it in 12 years but i think we've established ourselves as innovative what you get for the $20 a month you pay today is different than

what it was years and years ago. >> some chief security officers may be nervous how to handle the criminal breaches. we saw the first criminal prosecution of a company executive when he was over at uber what kind of precedent does that set and how could it affect cyber security in 2023 >> nothing involved in the case was anything he did while he was add cloudflare he was an incredibly honorable employee what i've heard about is if the responsibility of the siso is higher than the responsibility of the ceo because every decision joe made was run by the ceo, signed off by the ceo and the prosecution completely agreed with that fact and yet the person who is found guilty for those decisions is the ciso and not the ceo is

incredibly dangerous precedent being set and a new law. if that's the standard we want to set i think that's something we should be looking at in it congress and making sure we're really thinking through what all the implications are, and i'm hopeful as the judge decides sentencing they look to the fact he's an incredibly honorable person, former federal prosecutor, someone who's probably done more to put child predators in jail and i'm really disappointed by the jury verdict. >> we want to pivot back to your business and the general cloud computing sector your shares down about 60% off their highs currently. what's your take on the current mna environment?

>> i think we are looking out at the environment and we're very biased against mna we have a high hurdle for any mna we do but we're seeing more and more companies especially in the private space that are starting to see their valuations aren't tenable and they're having trouble raising their next round so i think there's going to be opportunities for us to pick up great companies we bought a company earlier this year and we've seen incredible success. i think as we see opportunities we're in a position to take advantage of those, but our hurdle rate for these is extremely, extremely high. >> would you consider a take private deal or an acquisition by a larger company? >> no. >> matthew prince, co-founder of

cloudflare, thank you for being here >> a quick programming note as we head to break a few moments away from cnbc's small business play book virtual summit kicking off at noon today. you can get advice and sign-up now if you can the qr code down there. go to cnbc.com for that. techhe iba ia me ccks ckn mont this is not just laundry. this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gear. this is smarter sensing and dispensing. fully optimized cleaning, no more guessing. getting the best out of everything that goes in. ♪♪ this is smarter cleaning. this is ge profile.

one more thing before we go. twitter suspending an account from the platform that was dedicated to tracking elon musk's private jet @elonjet was an ejet was a publicly and had amassed half a million followers since it launched just a week ago musk said he would not ban the account saying my extent to free speech and the other accounts tracking private flights for bill gates and mark zuckerberg remain active, carl, so here's one way that elon musk

wants less attention >> indeed. although the hashtag is a pretty active aviation on twitter, hard to imagine someone is not going to try to re-create that content. >> it takes public flight tracker data just a couple hours from the fed presser. judge is in the house. let's get to the half. welcome, everybody front and center this hour, count down to the fed. what must happen today for your money to rally we'll debate that with the investment committee let's check the markets. a pretty decent guy going so we're trying to rally again. dow is good fo