increases needed to actually turn the profit and that they will start to see their margins improving in the next year. >> interesting inflationary contessa brewer, thank you happy new year and happy new year to you, mike santolli happy new year to our viewers. i'll see you next year and it's been a pleasure to be with you that will do it for "squawk on the street." "tech check" starts now. ♪ happy new year's indeed. good friday morning and welcome to "tech check." today the nasdaq is in the red, about to close out its worst year since 2008. but there is a comeback ahead. we'll discuss the dip heading into the new year. plus the meta verse and the ai are on the rise. and later, it has certainly been a rough year for crypto, so is 2022 its finale or could there be opportunity ahead but we will start with the

markets. historically the year following a down year. the worst performing sectors none worse than tech in 2022 is a strong '23 ahead? let's bring in bob pisani. this all has to do with extraordinary events and whether we think interest rate hikes will be something extraordinary. >> yeah. higher for longer. the russia invasion, the lingering effects of covid these are three extraordinary events that may and likely will spill over into 2023 down years are fairly unusual. of course we have seen big down years in the nasdaq. s&p 500. the only suspect is if it's down or not this is mostly due to what we're seeing in the growth areas of technology and growth services the important thing and here's something that's interesting in down years, it is a little different than you have up years. when you have an up year, the

sectors that really tend to outperform tend to outperform in the following year in other words, you let your winners ride when you have a down year, it is a little different the worst performing sectors from the prior year tend to outperform let's look at this the sectors that were the best performers this year, everybody knows it is energy but it is also what we call the value sectors, utilities, consumer staples and health care stocks they have had relative outperformance this year what's really done poorly? this gets to this performance for next year is the growth areas that we cover so much. you guys cover so much on this hour communication services and technology, they tend no down years to outperform a little bit better and that would argue that maybe technology is not going to have another underperforming year in 2023 >> i want to take it from here you know, you're kind of jumping off to the point i want to ask

you about. we're talking about high growth tech, especially the etf and other high growth names. a lot have been discussed as junk tech. what is your take on that etf that we focused on so much at the beginning of this year but in general things like autonomous driving, evs. >> kathy wood was never wrong. philosophically, she has always been correct disruptive technology is the future these are the companies that tend to do well in the long term her misfortune came at the exact moment prior to covid when that kind of investing and growth investing was huge it wasn't a question of whether she was right about the companies. the question is what's the right price to pay for these companies. in a rising interest rate environment. many companies made little or no money. in a rising interest rate environment those companies historically get hit philosophically correct. misfortune with difficult timing for her. and the question is for these

companies with interest rates continuing to be high, what's the right price to pay for companies that make little or no money right now. >> it is always a question of valuation, bob thanks so much and happy new year. >> happy new year to you. >> if tech is posed for a comeback, how should you be positioned these long media names like paramount, optimized advisors and cnbc contributor mike ko joins us i understand that a lot of these names have seen a massive selloff this year. but beyond just that decline in valuations, what is your overall thesis going into next year? >> yeah. i think my thesis is probably fairly broadly shared. i think the inflation problem is going to be a fairly persistent one and if monetary policymakers do their job, they have to maintain higher rates for a longer period of time i think than optimists for equities are

inclined to believe. and if that's true, then long duration equities, that's what bob was talking about there. the companies that aren't making any money now, the companies that kathy wood favors are typically those that you are making a big bet well into the future you want to favor companies that are making money now, have free cash flow, if that's important so you are not borrowing at higher capital costs i think that will favor companies making money right now. some of the companies you have on the screen right now that i do happen to own, paramount and warner brothers, these companies admitted by have some operational problems but i have a feeling that they will get some pressure from shareholders and start to turn that story around a bit. big discounts to the market right now. >> yeah, interesting i have to press a little bit on these media picks because i noted that paramount has massive short interest and high debt and you say that warner brothers discovery needs an activist.

i'm curious what you think will come from not just those two companies but the rest of the media sector and whether you think there could be consolidation, whether there could be consolidation despite concern about the regulatory environment. >> yeah. so with respect to consolidation, i think a lot of people are speculating that one of the reasons that berkshire hathaway has taken a good size chunk in paramount has to do with exactly that. i think that is a more digestible size company that warner brothers is warner brothers has some good things going for it, but they have had real missteps in terms of the content they created over the course of the last year. some big investments and things that never made it out and i think that's going to put some pressure on management to focus on what they're supposed to be doing, which is entertaining those customers the high debt levels also, there is a potential benefit there, which is that creates leverage to the equity. so paramount i think, there is some speculation the company has

gotten very cheap. you know, their strategic road map doesn't make them super attractive because they are trying to make long term investments. so for those thinking of it as a buyout, it is a deterrent. warner brothers is a spinout, as most of you know basically a dividend stub. that's one of the reasons i own it because i also own at&t that brings up something else. if you have a situation where you can higher rates than companies like at&t and verizon could potentially benefit because these are companies that they are making some money right now. they do have positive pre-cash flow at&t cut their dividend before both are paying dividends of over 6% right now, which some could say is indicative. but both ends are pretty well covered. and at&t down very well on the priced basis, but none of the

dividends returned 5% for the total year so it is actually one of the year's winners. >> we will talk more dividends in a moment with the dogs of the dow. are there any areas of tech that you think might be worth the risk next year, whether that be secular trends or just value cases coming down so much? >> well, you know, for a company that doesn't make any money, the valuation question is a little hard to answer, right? but there are some companies you know, i'm thinking about the business to business dig cal pain and processing company fleet corp this has been growing very attractively over several years. you know, i think this is a company that is quite attractive at this level. right now, you know, on a forward basis, i think the street actually think this is trading between 10, 11 times forward earnings but let's assume that business to business payments are actually going to decline in a recession nar environment.

i subscribe to that idea even so, if you have no growth in this company year over year, it is still probably trading around 14 times earnings, assuming there is no growth relative to the very high growth that i think a lot of the street is still forecasting you know, this is, i think, a pretty good place to be. this is one of those situations, too, where you have to bear in mind they get a percentage essentially of the transactions. as the volume of transactions drops, that can hurt that top line of course, they have a lot of exposure to fuel, too. so if fuel prices go down, there is a percentage that two can hit the revenues still at maybe ten times the forward number which i will discount, 13 tons, i think this one is attractive. >> frank holland here. happy holidays, by the way you took the words out of my mouth, fleet corp. they supply cars for trucking companies. i want to ask about streaming. aren't we in the very early innings of streaming we have mega sports deals to be

sorted out and the distribution of movies to be sorted out maybe in consolidation why are you so long on those two names? >> yeah. when i'm looking at something like warner brothers, frankly, and paramount, too, these are turn-around stories. i agree with you this is a tough spot it is getting to be very crowded right now. i think even names like netflix on the streaming side, you know, they probably have gotten pretty close to peak subs would be my guess. although, that company is not at ludicrous valuation anymore. it is traded as a growth stock right now. one of the reasons i'm not interested in it right now is because it's had such a big run off the bottom from last year. i was long in stock and ended up peeling off a little bit too early, i would admit, to get into some of these more distressed names is what i will call them. but it is looking for leverage in the space in netflix's case, i think it is probably best of breed

but the challenge there is it's already had a big runoff bottom. maybe disney would be another place to play. but i agree with you it is getting crowded and who the winners will be is ultimately to be decided. >> one of your other picks, google made a big streaming deal for nfl sunday, too. i wish we could keep talking to you, but unfortunately we're out of time. >> time now to take the temperature on investor sentiment going into the new year we have some insight from quarterback stock survey growth stocks still very much out of favor heading into 2023 with 28% preferring them for value plays. for those looking to invest in the high flyers, amazon and alphabet are the top choices amazon and meta at the bottom of the list 81% will not touch crypto. we were talking about it before the show just about crypto and everything that's gone on this year, how the perceptions have changed. >> yeah. i know we will talk about it more later in the show, but i

thought the results of this survey were so interesting because they seem to overall optimistic i mean, 48% say that they expect a soft landing 39% say a hard landing and a recession. but 12% say a return to growth so overall if you combine soft landing and return to growth, that's more than half. so i think more optimism than i would have anticipated after some of the results of this year. >> i agree with you. this is a bit more optimistic, especially on a soft landing 48% believe that i know one fund manager might argue that a lot of the money managers now haven't lived through all of the previous crises so maybe overly optimistic i don't know we'll see. i thought the biggest concern for the markets right now 73% fed policy 0% european energy shortage. so that was interesting. some good insights as we head into '23 coming up, predictions for tech in the new year. what's ahead for sam bankman-fried. and where to find opportunity in

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all right. welcome back to "tech check. i want to talk about the dogs of the dow. this is an investment strategy where you take the top dividend and invest in them for the next year take a look behind me. here is the top five with verizon, number one with a dividend of 6.8% here is the next five. they include ibm, cisco and jp morgan coming in on this list all with a dividend over 3%. today focussing on the tech sector you can see all of them trading below the market we're looking at fundamentals and technicals based on research let's chart with worth charting for the dog of the dow and that is verizon. the telecom giant, the moves for

q4 higher lows as we go through the new year you can see it over here it is really an uptrend. cap x spending to ramp up for 5g is expected to wind duown. the next dog is cisco. a name we're seeing as a strongholding going into the new year, we're seeing bullish technical signs. you see moves above the 200 day moving average here. cisco entering 2023 with shares up about 18% in q4 last one intel, the technicals are very bearish here. you see a peak right around november, right around this area right here but still below the 200 day moving average intel lowering its current guidance for revenue for the quarter by $1 billion, into the top end of the range of course, not a full proof strategy, but if you dip this in 2022, this year, you would

actually outperform all three indexes. >> yeah. it is so interesting because if you look at these stocks within the broader sector, it tells a slightly different story if you look at it from more of a sector play, i had to point out verizon, which is a stock that i cover, you know, really in that communications space, looking at t-mobile t-mobile is a rare stock up 20% year to date and at&t, that's a stock that year to date is down 1%, so far outperforming the averages so those are not dividend plays, but interesting to see how those other stocks that have a direct correlation to verizon did outperform this year. >> to be a dog of the dow, you have to be cfairly old legacy tech names versus the new buzzier names like snow flake. john and i looked at ibm versus snow flake who would have thought a year ago that ibm would have

outperformed the darling of silicone valley like snow flake. i think ibm in particular, something that's always dogged the company, is it a value trap, right? yes, it's outperformed over the last year, but over the last decade plus, it's done nothing you see a glimmer of hope. it hasn't been sustainable we will talk more about this later. but could that play book work next year? we know investors are valuing profits, dividends over growth so these are sort of prime areas for it. >> right. >> if you are looking for secular growth, i don't know they may be actually they may be. there are some interesting turn arounds like the one at ibm. >> i got some of this research from, they consider a stock like verizon and ibms as basically a bond you know the revenues will be stable but the dividends separates it from other stocks because you know that will come in, an ibm

or verizon you are generally pretty sure they will not cut that dividend, so it gives you some certainty about return there when it comes to price action and growth in the company, when it comes to ibm or blue chip companies, of course you will not get that rapid growth you might expect from some of these high growthy names. >> yeah. and i have to point out, just to go back to ibm, because this is an interesting outlier there they talk about ibm as an 111-year-old company, but this is a company that did a major acquisition just a couple of years ago with the 2019 acquisition of red hat for $34 billion. sometimes you have these old companies that transform themselves throughout transition i think the question going forward is how much more transformation is there in the works or is there potential to do >> i think there are some questions about that acquisition strategy as well, right? one of the complaints about ibm for many years has been questions around financial

engineering, right they just recently split up the company and now the new ibm. how can you read that? that's always been a question, too. how much is their ai project actually growing how much revenue is in there they lumped it in with other stuff. but i agree with you i think that they have been taking a slightly different strategy, increasing cap x we'll see if that turns up for another year maybe it will be really boring because these are boring names but that's what the market wants right now. >> when is boring good the other thing i have to point out that could be a ding on ibm is this whole southwest drama we have been watching the major shutdown of all these southwest flights. there is a connection. southwest operated on mainframe hardware there is some press coverage of that you have to wonder how much that conversation could ding the fact this is an old tech company? >> i mean, you know, i think you guys make some good points

it is an older tech company. and, joy, you point out that acquisition of red hat, a push into the hybrid cloud. but right now we are seeing a staaling of that cloud transition, so maybe a lot of companies want to turn to an ibm, which is a multifaceted player as opposed to specialized cloud names at the top of this stack that do one particular thing, a lot have struggled because companies more and more say, hey, i would like to do more things. >> that was jim, by the way, the short seller talking about ibms potentially outdated mainframe hardware and software that have a part to play in this whole southwest saga speaking of acquisitions, the weather channel, which was an acquisition i remember back when they still did "world of watson" that they tauted was this big ai driver, had so much information, so much data that was going to help air companies, flight

companies sort of read the air waves a little bit better. i don't know it is a big question mark after the last few weeks of travel. >> yeah. that was all about ai, which, of course, continues to be in the forefront. well, we will continue this conversation when "tech check" returns right after this quick break. >> ring in the new year by ringing incial year-end offer go to cnbc.com/pronewyear or scan this code now

welcome back to "tech check," everybody. i'm contessa brewer. southwest air is back to its normal schedule. southwest has only 41 canceled flights today, about 1% of the total. southwest stock is also rebounding it is up another percent today but still down 6% this week.

shares of shaw communications with soaring 10% canadian regulators approved the $15 billion deal that will create canada's tekd largest telecom firm mortgage rates in 2022 posted their biggest annual rise ever this despite a modest pullback freddie mack says mortgage rates are finishing at 6.24%, more than double the 3.11% at this time last year and japan's prime minister rang at the closing bell at the tokyo stock exchange to finish up the year's trading he says he faces a lot of policy challenges to make sure japan's economy thrives in the new year. japan gets a longer holiday than we do. they don't open again until wednesday. >> yeah. they're doing it right over there, contessa. >> i thought we should put in something similar, yes. >> happy new year. great to see you. all right.

we have seen all sorts of new products across the tech landscape and even legs in the metaverse. joining us with her expectations, senior technology columnist, joanna stern. >> let's focus on the vr, ar space that meta has 90% control of what is the big prediction i will use spooky fingers you can't see. what are you expecting >> well, exactly what you said more of a melding between vr and ar, right? the idea that we can't see anything else around us in our real world with vr, right? we go to a virtual world with ar, we put things in our world. and that's something we did with the quest pro. we expect others to join our space with similar headsets this year sirs is htc with a similar type of headset where they can blend ar and vr.

and the big question is it going to be apple? is this going to be the year we see this long, rumored headset, which is supposed to do exactly what i have been talking about, vr and ar, blending the real world with the virtual world we have been hearing reports that this headset is coming out later this year or later in 2023 to clarify there and that it's going to have 3d immersive versions of other types of apple apps. >> let's talk about something else that's spooking investors i'm not going to use spooky fingers, this is serious crypto 80% of investors say they're not going to touch it. what do you see for the crypto space going into the new year? >> i think you will continue to see more of that spooky stuff, seeing the negative side of things we talked about in this piece, some of the scams around crypto, really the idea this might not be the year where we hear of average people investing into

crypto, more people being worried, more people hearing about those scams, more people hearing that their investments have really gone nowhere >> joanna, it feels like for next year, the promising and exciting technology isn't hardware, it's software. chat caused a rlot of waves how will that manifest next year >> we go from what these tools have been, a choice tools. the fact we actually see practical uses of ai in our personal lives and our professional lives we're already starting to see adobe and microsoft put these tools into our products. i think there will be a lot more of that. i think open ai is the key one to watch how will they go from these research projects to actual pieces of technology that we all want to use. >> i'm so glad you asked about that because i feel like all this generative ai technology is the most exciting and surprising

thing we have seen this year i guess the question is what happens with social media? especially around tiktok, twitter? do we see more innovation out of the likes of meta? what do you expect >> you brought down the conversation i think, look, it's -- the big question is what happens to twitter next year? i think that's a big, big player there. does it become the real true town square of the world or does it just get our creditors wondering where their money is and regulators wondering what's going on here. so that impacts a lot of the other companies. i think it's really sort of the ball will go in meta's court what can they do to build up those twitter users? we have seen others go to these third -- i would say open source type of social media networks like mastadon and others that

are up and coming. obviously on tiktok, you brought that one up, too lots of skcrutiny on the china relationship. >> yeah. speaking of regulation around these issues, one thing i'm so curious about is whether we will see a surge of concern around privacy. obviously we have regulatory issues in this battle between facebook and instagram and the parent company meta and apple over the targeting of the ads, but you have talked about a lot of technologies like ear phones that are gathering data about you or in home devices talking to each other. will there be a moment where american consumers are like, geez, i don't feel safe from a privacy standpoint >> well, i think that point has happened, right? if you look at some of the data. actual users are concerned about privacy. the big question comes back to regulators are we ever going to see a national privacy regulation? that's been happening at the state level, more and more states, california, maryland,

they keep doing more along the states for protections but will we see that at a national level the question around the hardware, there is going to be big movement in the smart home space. what's coming is something called matter. this is able to let all the apples and googles and the amazons, all their smart home products work better together. there are strict privacy settings in that that don't allow the sharing of data, but of course each of those companies do want to gather data to make their products better but also of course serve you more of what they want you to buy. >> i'm going to shift gears a little bit typically for the holidays, for christmas or hanukkah, i like g gadgets. i didn't get one this year because there is one i wanted. did you get any you think will play a big part of your life next year? >> i mean, no. i bought -- my kids are too young, really. but i bought them an ipad, if that's a thing, an amazon kindle

fire tablet. i wouldn't say those are the most exciting tablets, but that's been the story of gadgets for the last couple of years commodity type of devices, things people need, smartphones, tablets. i did mention a smart home i'm excited about that i bought myself light switches is that a present to myself? i can buy you some light switches if you would like that? >> that was like a few years ago, the smart light switches for your tree and stuff. but i mean like in air pods, right? those were kind of life changing i haven't really seen a product like that for a while. >> and i don't think it's going to come this year, right i don't think the headset, the vr, ar headset we were all wondering if apple is going to release and others from meta, it has not gone mainstream. it's funny always around the holidays, you see the quest rise up in sales you see the app rise up in the app store, but are people continuing to use that throughout the year.

so i think it lies on apple to proves from the mainstream use of ar and vr >> you know, i got one of those. i almost never use it. but i'm not going to make this about me before we let you go, we have talk about apple a lot of people talking about that shift in the usbc is the government going to step in and do something about that as governments in other places have as well >> yeah. i think this year, 2023, is the year of the iphone re, the regulation edition and this is because the eu is forcing apple's hand on a number of issues, the one being the big one that you just mentioned usbc that is by 2024, the eu is requiring most gadgets to have that common core that is that usb-c court they have already said publically they will comply with that law so everyone will forget about this change, but i think we can talk more about it in 2023 the other piece of regulation that could impact the phone is

another piece of legislation out of the eu about competition and will that impact apple's app store policies will they allow third party app stores apple is looking at putting on third party app stores on to the phone, but we won't know until we hear from apple >> great to see you. my prediction is that with me and you spooky fingers will be a new thing. thanks for your predictions. before we go, let's take a look at the tech we lost in 2022. ♪

>> should we just do it ourselves? >> tearing up just a little bit, guys just over the i pod, though. the rest of them i was barely aware of >> they still make ipods really >> they all mean so much to me i mean, i could say so many nice things about all of them. >> really? the stadium? what would you say >> not that one. but i would say, you know, cloud gaming cloud gaming is still a thing and will be a thing. it just won't be google's thing. >> what will be on next tech that's the question. twitter? >> maybe maybe. >> don't be sad. >> i don't know. >> all right ipod, i will miss you. you were like my senior prom date it was a special time, but it's

over thank you for being here we appreciate you being here. >> happy new year, everybody. >> love those predictions. i missed the snap pixie. i thought that was a cool one. don't miss cnbc's special at 6:00 p.m. tonight taking stock 2023, the economy. covering the outlook for markets, fed picoly and more in the new year we'll be back in a moment.

it's time for a closing the

gap look at the progress that women in business achieved in 2022 the headline, there hasn't been that much progress there is a bit of a piece of good news, though, and it's this after the pandemic pulled women out of the workforce in record numbers, this year women made up more than half the jobs added every single month except for january. they comprised 56% of the 4.3 million jobs that were added over the course of this year when it comes to the ceos of the largest companies, women are still vastly underrepresented. there are currently 38 female ceos of the s&p 500, up 33 from jab. but when it comes to wealth, there was less progress. the number of women on the forbes 400 wealth list increased by two women over the years from 5 8 women in total this year the gender pay rate remains flat women earn 83 cents for every dollar that white men earned

and they have less access to capital than last year through november, female founders raised 2% of venture capitals in the u.s., down by from the 2.4% that they drew in 2021 in an average of about 3% over the prior decade. now, despite these persistent gender gaps, there is increasing awareness of the outperformance of the women that do become ceos and the etfs that track publically traded companies is launching on january 9th it was down 13% this year compared to nearly 18% decline of its benchmark, the wilshire small cap index. >> really important stock there. you know what is a good read, "when women leave. if you haven't gotten it get, you should we'll be right back after this quick break. >> lock in your membership now join jim cramer with the special

year end discount. go to cnbc.com/clubnewyear or scan this code to sign up. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

some regulatory news to mention this morning tim wu, a major player behind president biden's big anti-trust push he is leading the white house and the national economic council this coming wednesday after a 22-month tenure.

they will be left to pick up the ecarge "th check" is back after a quick break.

just look around. this digital age we're living in, it's pretty problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting. 2022 has been a wake up call for the crypto industry, as you probably know by now after bitcoin reached an all time in 2021, the crypto winter came and we never saw it

etho, ripple, they all tumbled this year and collapsed altogether 2022 also saw the departure of many crypto moguls we have seen ceo departures to micro strategies michael sailer, except down in the latter finally sold their first bitcoin holding this week. all of this culminated in the arrest of sam bank man-fried wh faces up to 115 years in prison. the industry hasn't collapsed. the world's largest crypto chain is still in business though questions are swirling and some of the biggest coins like at thtether have been ableo remain stable. what does it mean for the industry as a whole? guys, it has been such a wild year there has been crypto winters

before, but we have never seen crypto capture the mainstream like last year and crash so spectacularly. >> yeah. such a dramatic end to the year with this ftx explosion. and just to talk about it with both of you this week off air, and one thing that, frank, i know we're curious about is the question of whether retail investors, consumers are going to want to stay away from crypto more than ever because of the whole scandal around ftx and whether they sort of take that as a sign they should just stay away -- from anything crypto related >>ia know, i mean it's looking more and more like their regulation might be the best thing for the crypto industry. you look to what regulation did for banking, i'm going 100 years to it great depression once people felt their money was safe they felt comfortable putting their money back into the banks. there certainly has to be

something else the cftc can do to do or make it if you put your money in a binance or in this case an ftx you can get the money back >> or as some bitcoin e evangelists would argue keep in it cold storage. two have already pleaded guilty and agreed to work with prosecutors. bankman-fried is being charged with multiple charges of wire fraud and conspiracy and if convicted he could face a hundred years in prison. given all of that what does sam bankman-fried have to offer in a plea deal sph. >> not a lot the feds already have two of his

closest associates agreeing to cooperate against him. as a practical matter they have him dead to rights they feel about their case he's going to have to do essentially -- prosecutors cooperate downward or flip downward, cooperate against people who were less culpable than him that's possible, he certainly could get some credit but he's going to get a lot less credit -- so i expect him to serve a substantial prison sentence really no matter what he does unless through some sort of miracle he's able to beat all of these charges which i think is highly unlikely >> yes, it does seem highly unlikely given all the data. we just saw the -- slapped a

potential class action lawsuit this week. do you think we'll see more lawsuits come as the sort of dam that broke as a result of this >> absolutely. first of all, everyone that's done business with ftx has to figure out -- they have to be concerned about that you can imagine lenders and those do extended credits to ftx are going to be potentially considering suits, so there's going to be a whole slew of lawsuits that are going to be kind of reverberating out from the ftx debacle, and then as your guest mentioned a moment ago there's going to be a regulatory response here i actually think, yes, there's some in the industry who want more regulatory inflation. there's definitely increasing regulatory interest in the crypto space >> i have a question about

restitution for the people that were negatively impacted by all of this. sam bankman-fried was down in a villa in the bahamas he wanted to help out all the people and do what he could to get people back their money is there something he could do, and could prosecutors enable him to i guess help the government to help get back some of this money? >> it's amazing. fraudsters at the end always want everybody to get their money back, but they usually send most of it. there will be a restitution order entered, and when he's convicted that would require him to pay 100% restitution to everyone but as a practical matter it's hard for me to see how he possibly has the ability to get 100% of the funds to everyone who's been impacted here you can expect there to be some

fall backs in other words people who got money from ftx shortly before it collapsed you can see there's some argument for some ill-gotten gains they have and we talked a moment ago about collateral losses. i think there's going to be former customers and investors >> looking back at sam bankman-fried's let's call it a media tour before it collapsed, he was giving a ton of interviews all with the sort of intention to say what he did was unintentional. does that hurt him now as he heads to court >> i have to say if you were trying to think what is the absolutely dumbest thing i can do if i'm under federal criminal investigation is to go on for hours giving interviews answering very difficult questions from everyone

possible i was incredibly foolish he's totally boxed in. if i was representing a client like him, i would basically tell him that as a practical he has no room to go in his testimony because he's essentially locked himself in >> he admitted he was not following his lawyers advice thank you for being with us. we'll talk to you again soon happy holidays >> and if you missed part of the show don't forget to follow and subscribe to our podcast listen anytime, anywhere, wherever youowoa dnld podcasts tech check is back in a moment

megan. >> megan >> it's insane, right? >> rated pg-13 >> so why are we showing you a trailer for the new horror movie megan coming out soon it's not just to scare you. julia boorstin making an appearance joining tech check

for tech talk. rather horrifying actually >> i haven't seen it yet but it looks scary. it's about an ai robot we talked to see many executives especially elon musk very scared about the negative implications if ai takes over >> my prediction it's going to be this generation's courteney cox. when the franchise kicks off, that's you >> happy new year, everyone. let's get to the half. i'm scott wapner front and center this hour good-bye 2022, hello new year. but will it be a better year for your money we'll discuss and debate that with the investment committee. we'll show you what we're doing just past 12:00 noon in the east on this final trading year of the day.