microclimate weather. >> good morning, everyone, i am scott mcgrew. we continue to monitor the situation at silicon valley bank. it will open as a new bank under supervision of state and federal banking regulators. it is the place for so many high-tech startups deposit massive checks. the question and answer tomorrow , will those startups have access to their money? financial filings show the banks has more money than deposited. logically, everyone should be made whole, the fdic only guarantees accounts up to

$250,000. as you know, startups in the venture firms do not deal with numbers in the hundreds of thousands of dollars. they deal in millions. the situation has attention at the highest levels. the treasury sector he spoke to a senate committee on friday. >> you mentioned silicon valley bank, our recent developments concerned a few banks that i am monitoring very carefully, and when banks experience financial losses, it is, and should be, a matter of concern. >> the secretary speaking at a prescheduled hearing about the same time the bank was seized. i spoke several years ago with the ceo about what the bank's unique role is here in the valley. you can find the on our

podcast, sand hill road. the title of the episode is unusual. it is called, the one about coronavirus. we took time to discuss a strange new disease that seemed to pop up and cause a stir in china at the time we wondered if it would have an effect on america. i have not listen to the episode any many years, so i feel daring recommending it. i have no idea what i predict it. as for this week's episode of press: here, we start with the latest employment picture. a stronger-than-expected report, even as there is more news of silicon valley layoffs. >> major layoffs in silicon valley. >> the sales force will lay off 10% of its employees. >> microsoft laying off 5% of its workforce. amazon is planning to lay off 10,000 employees. >> headlines are worse than it

actually seems. not every silicon valley layoff is in silicon valley. these are worldwide companies. chad reeves told me he was hiring, in fact, he said it was a good time to hire. you were the hiring manager at a tech company at a disadvantage. we didn't have enough people to fill the opening, i assume that has changed a little bit? >> good morning, scott, thank you so much for having me. the outlook has been grim lately. there's no other way to put that. fortunately, at job form, we are still experiencing growth, and we are still in hiring mode, and hope to continue to be that way. >> that is my point, it will probably be easier on you when you have a better selection of candidates. or a long time, when you think of the employer -- employee being the seller, it was a

sellers market. >> i have no idea, i will say, i have been at job form for eight years, progressively, we have experienced a better candidate pool as we have grown in size and got more brand recognition. lately, there has been an noticeable uptake in the quality of candidates, as much as we do not want to see the landscape the way it is in that tech sector, we definitely have seen some quality candidates come across our desk from hiring standpoint. >> when i say, hold on, the job losses may not be as bad as we think, we certainly feel, for every single person who gets the unexpected email that they are not working somewhere -- one of the reasons a lot of these companies have laid off or say they are, is because they have over hired.

i'm guessing that you are more disciplined if you are still hiring? >> i will take a step back and acknowledge we are a bootstrap company, we have been around since 2006, but we have never received a nickel of outside funding. we always believe and engage in a principle of flow growth. we think we should have a full year salary before we extend an offer for that addition. that has kept us in a very deliberate hiring mode, even as a pandemic raged, and as the other fast companies, we were experiencing growth, we were still being very deliberate with our hiring and making careful decisions. we did not have an investor with a $400 million check, still made careful decisions. it played well for us. as we are entering this post

pandemic era. >> that slow growth idea is so important. coming up next, we will talk to an analyst about the advantages of slow growth. stick around for that. be an example of the job you're trying to fill. >> i will quickly say, we just on boarded new employees this last week. we are extending an offer to another candidate this morning. we are definitely in that phase, we have a number of teams we are actively trying to grow, including our partnership team, pr team, we have a junior content writer position we just posted. a couple of other positions, accounting and technical support -- >> a lot of jobs. you told me you're trying to build out and invest in your

san francisco offices. what do you mean about that? in person? remote? or hybrid? >> we are faced with that question, we do believe in person collaboration is key. that is kind of a trait that has persisted in all of our global offices. it is a blended approach here in san francisco. i think the average commute time for our team is close to an hour. want to be mindful of people's time, but ultimately, we want to maximize the time that they are in the office and create a collaborative, amazing workspace. the blended approach is what we have been doing, and it has worked really well for us. we are one of the earlier companies to return to the office, almost a year ago, march 2022, we invited people back to the office.

we released a new office during the pandemic. that is really counter to a lot of the stories that you are hearing, especially the doom and gloom san francisco, where rates were high. we are running counter to that. we have brand-new 11,000 square foot office. we have a great view. we put a lot of value in the workspace and we think that is a hiring asset. and a lot of the job applicants, many of them have spent three years working in their living room and they're ready to meet some real people again. we can offer that. >> it sounds perfect, you have a great view behind you, as well. try 25 is a vice president at jotform, and they are hiring. thank you for joining us. coming up later on "press: here", super positions. "press: here" will be right back.

welcome back to "press: here", there are those of us who were in tact during the.com boom that got that sudden realization, wait a minute, these companies don't make any money. to some degree, we might have returned to that during the most recent boom. for modern companies, growth was the target. growth is not necessarily about being bigger or better, it is simply more. it means that the company is generating more revenue, higher valuations, gaining more market share, and then finding more ways to generate these things. case in point, facebook is building its meta-verse. it appears that no one once. when it announced 11,000 layoffs, it had double-digit

increases. it is fascinating. billions of dollars into something that no one really seems to know what it is if you ask the average person on the street. added business is suffering because apple is allowing them to prevent tracking of them in the facebook app. it is employing fewer people in the stock rockets up. >> right. on top of that, the european union has made it very clear that it is not legal for facebook to add that into their terms of service. the business model for meta-is dying. they have doubled on the business that will eventually start dying, while also pushing millions of dollars into the meta-verse, which no one can find or prove exist.

we are at this point, instead of trying to build a sustainable metric, instagram, you have this company, along with other companies, building these advance, ever-growing internal companies. they will die eventually. at some point, tech industry will have to realize, you can't just bill -- the only thing that grows internally is cancer. >> let's move from cancer to uber. this is a company that has essentially never made any money. if you extended out, it is hard to see how it will ever make money. they say it grew 19% last year, wall street will say, that is amazing. but, again, they don't make money. >> no, uber burns cash, they always have. it is insane that we have a

multibillion dollar company, the only has ever lost money and grows by losing more money. and that appears to have a plan , they said they would be profitable several times and they never meant it. there is never been a time that uber has managed to be profitable. the only way they can make any money is by the workers, anyway. >> there was a company long ago called amazon that was selling books online and losing it shirt with every transaction. the leader said, stick with me, one day we will make money, we just have to get there. is and that the counterexample? >> a few things, first and foremost, there was a profitability with amazon from the beginning. there was an address market of people who bought books and people who bought stuff . there was a clear thing that said we

can make margin on this eventually. stick with me, because this -- uber has no such plan. there is a vague sense that at some point, uber will try to make a dollar more than they stand. but, i have yet to see that plan. >> it is easy to scale uber in your brain. if we are losing money on 10 rides, 100 rides, 1000 rides, there is no amount of rides that gives you profitability. you are scaling up for scaling up your problem. >> but look at companies like instacart or doordash. none of these are extremely profitable. even then, it is not a sustainable business either.

they may have a plan to scale, they may have a plan to get big, but then what? we do not have a sensible public or private market system anymore, has capitalist are only looking for multiples. they are not looking, can we invest in a business in 15 years that will grow 10% a year, we are not looking for businesses that are profitable, we are looking at businesses that will grow forever and innovate by bringing in another market. >> i want to point out to the viewer, one thing that said about the bad reviews. his first ever major television interview, he denied that -- let's move on to twitter that is struggling to make money as well. it will start charging for two factor authentication. i want to get your take on it

as well. it seems nonsense to me to charge a user to secure his or her account. >> i think that is another classic elon musk chute from the hip choice. >> it seem like an episode of succession. the whole time. the smartest guy in the world, the genius saying, i will run a company in public. and then, when he did, he did it terribly. it is not a user feature, it is a platform feature. it is a feature you give to your users to make sure that your platform is not full of --. he is saving money on the texts that go out. he does not have a sustainable business, i don't think he knows how to run one if it does well. twitter, i think was approaching profitability

before he lost 50%, and now he is talking about keyword face search, which are the things that google does not search. his companies just grow. with tesla, he basically manipulated that stock. in the two weeks, tesla -- everyone publishes that. it works. >> are you saying there will not be 10 million robo taxis five years from now? >> that is the thing, that's why elon musk does it. this concept that the public and private market does not want companies that will live normally forever, they want companies that will grow and grow and grow and grow to the point that they almost are in a market that does not make

sense. >> have we learned our lesson in any shape or form as far as growth over profitability? start that is a thing, we have learned some messages -- lessons, but not many. google, meta, very profitable companies. i think facebook made $7 million in profit. that is a profitable growth business. if you have to fire 10,000 people, that means that hiring was wrong. the point i am coming to, we have learned some lessons but not all of them. we have not learned, to avoid massive crashes and massive layoffs, don't throw your business so far. it is to grow at a sustainable rate at a quick and sustainable rate, which means you do not have to lay people off because you actually plan. it will take this long.

we do not want to hire people because you might have to fire them. >> in other words, please grow responsibly. i appreciate you joining us. ed zitron is the author of the substack . thank you for being here with us, "press: here", we will be right back.

welcome back to "press: here", earlier in the show were talking to an executive from jotform, who said they were hiring lots of people and there were lots of candidates out there. let's turn now to quantum computing. the editor of that quantum computing report which shows up in your email inbox weekly. it may be in your inbox now, or

it may not, or both, it is uncertain. good morning. i went on your website, hundreds of jobs in quantum. >> that is correct. one of the biggest concerns in the industry in general, is that the limits to growth may be in terms of how much talent you could get. quantum is new industry. there are new concepts. most of the universities started teaching it now. that definitely is a concern, as a service, we provide a job listing, focused specifically on quantum opportunities. >> i counted a few hundred on your job board. let's say that i got a job or i was laid off, now. let's say i am an engineer at google. it doesn't mean i know anything about heisenberg's uncertainty principle. how transferable is the skill i

have now to quantum computing? >> that skills are very transferable. the one message we want everyone to understand, you do not need a phd in physics to work on this company. there are a lot of things that quantum companies that -- do that require many different skills. engineers is a great example because a lot of companies are putting quantum computers on the cloud and all of the structure you need to set up access is pretty much the same. there are a lot of opportunities, and i have already seen, many people who are looking for a change in career move from a classical technical company to a quantum company. >> so, there are quantum companies running as we speak? >> absolutely.

i think most people, like ibm, google, amazon web services -- there are lots of startups, we have over a couple hundred startups that are in the industry doing a number of things. some are component manufacturers. some are working on a communication app. some of these companies are offering cloud openings. sometimes association with the big cloud providers -- >> i am glad you brought up microsoft, amazon, and google, they are working in the quantum space. are amazon and google going to have a leg up simply because of their size over the startups? >> not necessarily. the thing that is interesting about quantum right now, they are a very diverse set of

technical approaches, and many people are working on different approaches. if one of the start up companies comes up with a new approach, that is superior, and is able to scale faster, or is able to provide better accuracy in the calculations, they can grow. we have seen this before in the computer industry. if you think about the 1960s, specifically, the big one then was ibm. in the 1970s, there was a mini computer which ibm did not have at the time and they were able to grow substantially. later on, you had the pc industry. now, they are giants. >> doug finke, thank you for joining us this evening.

he will be a speaker at the upcoming commercial quantum event on march 23rd through the 25th. doug, again thank you for joining us. "press: here" will be right back. nbc bay area gives you the most accurate weather. >> other radars sit way too high. detecting more rain, fog, more smoke. >> you can see the difference. storm ranger shows more details than the national weather service. on your phone, or on tv. get the most accurate forecast from nbc bay area's micro weather.

that is our show for this week. we have a sister podcast called sand hill road. i hope you take a listen. thank you to our guest. thank you for joining us. >> [ music ] [ music ]

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>> let's give him a round of applause >> yes >> proud of you. >> curt akurt asked he to caddi him. i said, dude, you deserve this