so i usually kick up the apple valley yet on the model for the study. my attention. when you all the materials for bloom, they're chatted with the phone. you send me some last mom. well, daddy stalled loudly. she'll miss use you sure which you by by losing and they're probably a mom, but she was just when you go to a concrete miss chrissy would shift but almost a year to do too much in my go right. each up struck you option you document that i was always great to a which obviously you're actually using with your with just might be selecting you up with nothing stopping here like 230. what would a me got our act in oxley? did you 30 p by phoebe a lot of will she? i'm hoping to premier for a washer commission chem, but emo chastity of human. you right here? yes, christian sky. right huh. he said, yeah, so a circle with a team with i'll let you with today a copy of the famous prisoners of fascism photographed me found in most well water museums. this picture was presented at the nuremberg trials as photographic evidence of nazi crimes. few noticed the camps warning sign

valley. ed: in apple's case, some divisions were awarded bonuses.hat our sources are saying is that those portions will be delayed and reviewed. there is also a key piece of reporting which is that the company is freezing hiring and leaving positions open when employees depart, which is a strategy meta has implemented in the past. but not to the level in apple's case that we saw meta announced this morning. kriti: where the two. -- squared the two. for meta, to a lot of reports are coming out last week. apple as well. is this idea of tech efficiency not over yet? we have heard from a lot of the big players? ed: meta is cutting 10,000 jobs and describing the 5000 open positions it had. a week ago, we reported that this was happening. 10,000 was a big number, bigger then we have been led to believe, but what is so fascinating is if you read the statement from mark zuckerberg from this morning, it is a long list of economic headwinds. he cites higher rates, the impact of regulation on slowing down growth. and so what i was hearing at meta is that there

tim: meta is the absolute opposite company in silicon valley to apple.ged their name and it is going nowhere. not many people are in the metaverse, not many people have the glasses that you where, but mark zuckerberg is spending billions of dollars to try and make that happen. it is not happening and he has to cut costs, get rid of staff to rein in those costs and hopefully have a longer projection along the timeline for this company to stay profitable for this big metaverse bet if it goes nowhere. tom: really appreciate it. bloomberg's tim culpan on the difference around apple and meta as they both rest -- both wrestle with rising costs and look to address the questions around costs and staffing. let's check on the markets. futures in europe pointing to gains of 0.2% after the rally of yesterday. regional banks picking up steam in the stateside yesterday. the s&p also pointing higher by 0.2%. cpi still pretty high, and that will have to be addressed by the fed at their meeting next week. at the front end, two year yields at 4.20 eight, revised by four b

. >> apple has an indirect just exposure to silicon valleyh i found surprising so $100 million in direct exposure to stb and is through their biggest compiler, which we know is owned by the earnings last night that indicate apples might be going and they said they had $100 million worth in the bank so you see this contagion where the banking crisis, if you want to call it that on this side of the atlantic and across the atlantic impacts rich individuals and companies. in terms of apples itself, sales went up last night by 11% forecasting recovery this year end if you extrapolate it, the biggest compiler said business will be better this year, it's good for apple as well. apple is cutting bonuses, not surprising given this environment. stuart: one more, meta- >> yesterday it rallied about 6% because it's dinner, cutting 10000 jobs on top of 11000 jobs going and november and you heard from mark zuckerberg in the 2200 word detailed memo saying last year was a humbling wake-up call for the him, he said flattered is faster, cleaner is better and d

look what happened to apple, nvidia, that is another name. look at that, silicon valleyk in, all the confusion and concern, oh, my god, sell everything. nvidia sold off 8%. it is up 24% since that small selloff we had over three or four days when the banking crisis was hitting. apple is up 16% after it sold off 6%, right, on that nervousness, on that crisis but those were names at the time. i said it to you you have to have a strong stomach. it looked really ugly for a couple days. look, apple, microsoft, where are they going? charles: to that point buy the dip in general. i don't think a lot of people realize it. this is the second best year ever, remember last year buy the dip was a dud. you got crushed if you bought the dip. this is the second best year ever to buy the dip. are you doing any of that.? red days on the close cherry-picking a few names? >> exactly right, cherry-picking a few names. the few names that i have, like, in my portfolio away from tech, some of the banks, bank of america, jpmorgan. look what they did to bank of america, right? what else am i tal

a lot of the big players in silicon valley are scrutinizing their costs. we heard appleing delaying the bonuses for some of its employees. this is part of a broader concern for the tech sector as mark zuckerberg put it they are essentially expecting a tougher time for years ahead. >> this is another bloomberg exclusive i think our reporter is on the ground have been speaking to the saudi national bank chairman, they are of course the biggest shareholder in credit suisse and they have ruled out more assistance to the bank. if we get the share price up. we understand the chief has said they will absolutely not provide more assistance to credit suisse and they have cited regulatory issues on credit suisse so watch out for that. the worrying signs not only looking at the credit default swaps but if you look at the cost of insuring, the bonds of credit suisse against default in the near term are approaching 1000 basis points. that's a level of the typically signals serious investor concern. let's check in on other stocks on the move. bmw expects profit margins around last yea

apple and safari. and then there is the herd mentality of silicon valley. >> investors start to demand layoffs at another company and that other company to keep their stock price up has to look at layoffs or cutting costs, you know, showing that they could maintain their profit margins. >> reporter: meta shares did end the day up more than 7%. the layoffs are going to take place between now and june. meta is also scrapping plans to hire an additional 5,000 workers to fill open roles. meta laid off 13% of their work force in november. >> that's hard to hear for anyone throughout the bay area. all right, thank you. >>> all right, still ahead. to go or to stay? how people living in the pajaro flood zone are trying to move forward. >> we don't really have a plan. we're taking it day by day. we have a feeling it will be a month before insue r an damages. >>> plus, the deposits may be safe, but there is more trouble on the way for silicon valley bank. how investors and investigators are taking action tonight. >>> all right, let's get back to the video we showed you on the top of the show. look at this, a large

apple and android devices. >>> new details on the down call of silicon valley bank tonight. think employees received their annual bonuses. their annual bonuses were received just hours before the bank was seized. sources say the payments had been put in process in the days before the bank collapsed. we will tell you more about that story in just a bit. >>> let's get back to pajaro now. thousands of people in monterey county evacuated early this morning. the pajaro river levees broke and because of flooding from recent showers. natalie vera joins us live from the small farming community. tell us more. we are standing right here. you can see we are standing in water, the reds behind me are disappearing underwater. we know that this area is closed off to the public right now after emergency crews were forced to evacuate people early this morning when the levee broke. we want to show you some drone video of the town. officials say the levee reaches about 100 feet wide, the chair of the monterey county board of supervisors tells us crews went door-to-door yesterday afternoon urgi

apples. when a beer woman not only is a part of the valley to submerge, but so at the water, my blue didn't cover widow join our existence. fresh drinking water yesterday. really? uh huh. saw the remedy to go now my dear glenda, fresh water for the animals are still fighting to uphold their traditional customs and culture. well, up to a 1000 people identify themselves as and molo most are for families that have intermarried with other tribes in the region. like this one cannot some blue and red dealer that to has diluted their unique identity. but they want to preserve what they have and a looking for ways to make the situation more tenable. francis monia is a climate scientist based in the lake to kind of base him. he says, putting in trees would be one relatively simple, yet effective step in the right direction. it renews the level of water that is going to lead to corner us where us into the newspaper lotion and that is also hospital, unavailable, planting trees could help. but it would also mean giving up arable land, and most importantly it wouldn't help immediately. the fate of this small

apples. when i be a woman, that only is a part of the valley to submerge. but so at the water, my blue didn't cover with joy existence, fresh drinking water yesterday. really? uh huh. saw the remedy to glamour idea. glinda fresh water for the animals are still fighting to uphold their traditional customs and culture. while up to a 1000 people identify themselves as and molo most awful families that have intermarried with other tribes in the region. like this o'connor, some blue and red dealer that to has diluted their unique identity. but they want to preserve what they have and a looking for ways to make the situation more tenable. francis medea is a climate scientist based in the lake to kind of base him. he says, putting in trees would be one relatively simple, yet effective step in the right direction. it renews the level of water that is going to like to corner us where us it would reduce their lotion. betty subtle, gorsling to another level planting trees could help, but it would also mean giving up arable land, and most importantly it wouldn't help i

. >> we're going to kind of talk about apples and oranges someone else valley bank is a depository bank we're not talking about 2340is have depositors but the money will come from the city of san francisco we actually have before our group a list of potential sources and as callers mentioned we're not required to identify the source but if we can identify the source that makes the plan more robust. >> so the bank i'm asking basic. >> absolutely so the bank will make generator income. >> uh-huh. >> by making investments. >> before making loans. >> and the interest. >> correct so the way that the banks becomes self-sustaining in three years is president's announcements. through participatory lending and i'll give it a shot and caller correct me so the idea likes if the city works with the organization like main street launch to make loans to new entrepreneurs so launch the businesses today; right? this created the bank which is providing money capital to the main street launch to free up more money for them to lend to entrepreneurs and small businesses initial like a banker bank a bank to

apple the entire. and yet we have to rediscover this critique every ten years or so because silicon valley is really good at selling forgetfulness. i appreciate how many times you remind us that steve jobs smells throughout the book, if you the history everyone is very clear it's not not not good smelling guy r.i.p. . i think maybe like starting with jobs and going back a little you do this really interesting interplay between maybe what people think the kind of counterculture of the 1960s was in the bay area. you talk a lot about the history of the oakland chapter of the black panther party, and you run that along side. sorry to do the parallel thing again. you run that alongside the tech of the time that also gets sort of swept up or mythologized as does part of the counterculture, you know, imagining steve jobs, though, he wasn't there yet dropping acid and you know, up with the apple computer. yeah like he did not happen but in reality we have people including people inside the stanford machine who are resist all of that. and i think that's a history that's not so well known and i'm wondering if you

apple, microsoft, amazon, all up the nasdaq is up more than 1.25% right now. >>> up next, the cuban missing crisis for banking that's how one vc with significant money tied up in silicon valleyk describing the crisis that's next. >>> the focal point for the markets has been the move for bo yldndies sharply lower across the curve. more "squawk on the street" when we come back we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones >>> we turn to the venture capital impact after the collapse of silicon valley bank. our next guest calls this the cuban missile crisis for banking with the bomb going off in venture. joining us now is ryan falve, who was also a former employee a long time ago at svb we're lucky to have you here from san francisco welcome. >> thanks for having me. >> how much has this turned your world on its head? >> it's turned the world dramatically last week we were quite concerned for our portfolio companies, for the jobs at those portfolio companies and to the broader ecosystem. i think we're relieved of how it's turned out and thankful that the system in some

apple announces a new payment feature. shanelle kaul has your cbs "money watch" report. >> reporter: u.s. stocks slid tuesday as investors tracked how the banking sector responds to the sale of silicon valley down by 52, and the s&p 500 lost 6 points. >>> new data reveals american home prices have been falling for seven straight months. s&p case schiller said the decline was smaller in january, likely due to a brief drop in mortgage rates. prices fell most in cities like seattle, san francisco, and san diego. >>> elon musk is offering clarification on a new change coming to twitter's for you feed. late monday musk said the tab will soon only recommend people who pay for the premium twitter blue service, but a day later he added accounts who follow will also appear in that feed. >>> and apple is helping you buy now, pay later. the feature allows people to split purchases into four payments over six weeks. for now apple pay later is available to randomly selected users, but the tech company plans to offer the service to everyone in the coming months. that's your cbs "money watch" report for this wednesday morning. i'm shanelle kaul, cbs news, new york. >>> pepsi unveiled a new logo that look

valley bank. they had this exposure to the tech sector. we've seen the value of amazon and apple tumble over recent months. plus you had this situation where they bought all these so- called safe assets that lost value because the fed raised interest rates. when people started pulling their deposits out, they had to raise money, so they sold a load of those, crystallized a loss, then have to go to the market and say look, guys, we need a bit of money here. and then the panic ensued. >> a lot of crypto exposure, and now we're talking about first republic. >> this is the point i'm making. they were in a situation where they had to sell and crystallize the loss. they also had to go to market and say look, guys, we have a problem. now what would happen for the rest of these banks, they will go to the federal reserve and say help me. what they've done this weekend should underpin everything. >> i want to get to a viewer question. this comes from aaron in fenton, missouri. here's what he asked. listen. >> are banks in a similar position as they were in 2008? >> they're not allowed to.

>> meta, apple, alphabet, microsoft are all up significantly since the silicon valley bank collapse juston cycle and that usually leads to future growth for many of these companies, especially the leading tech companies. microsoft, google, nvidia, apple, amongst others. >> and i guess it's been the place for people to hide out. but you're right, if these are bigger problems, then does it bleed over into other sectors, including technology? and i guess you have to be thinking about that, too. >> of course. these companies don't make money by just creating technology. they create value for customers. so there is a worldwide recession. it does affect everybody. at the same time, i think these companies have very conservative outlooks. they all trimmed the fat and they're in a big innovation cycle, at least the leading companies are. >> what do you think about all of this talk about a.i.? i have trouble trying to sort out what's real in this, how much of this is something that can really be put to good work and how much of it is hype on other levels. where do you make your decisions on those

valley bank. they have this exposure to the tech sector, and we've seen the value of all these companies, the big ones, amazon, applele over recent months. plus, you have the situation where they but all these so-called safe assets that lost value because the fed raised interest rates. when people start to put the deposits out, like, we have to raise money. so they sold a lot of those, crystalize a loss, and then had to go to market and say, look, guys, we need a bit of money here. and then the panic ensued. -- >> a lot of crypto exposure, now we're talking about first republic. so -- >> this is the point i'm making. so, they want a situation where they had to sell and crystallized alas, and also had to go to market and say, look, guys, we have a problem. now, what would happen for the rest of these banks -- that facility -- that go to the federal reserve and get help. that should -- what they've done this weekend, underpin everything. >> i wanna go to a viewer question that came from aaron invented, missouri. let's see what he asked. >> banks fishing themselves in a similar position as they were in 2008? >> well, t

apple, no. we want to be in lamb research, better move company. make those moves monday. next from michael in california with a message. michael. >> hello, mr. cramer, from castro valleyia. my top five holdings are cvs, chevron, cisco, lowe's and morgan stanley. am i diversified? >> this is going to prove to be diversified. chevron, the oil giant, that is very easy. lowe's, very good big box retailer. we know that. morgan stanley, excellent financial. cisco, trust and cvs, we're going far afield and we'll say that you should own eli lilly because of the new anti-obesity drug. that will make a very good change and give you a little light through this portfolio. let's go to amanda in louisiana. amanda. >> booyah, jim. this is amanda from louisiana. third time caller, been watching you since 2001, calling you from under a magnolia tree. it's uprooted itself since the last hurricane. am i diversified? bristol-myers, halliburton, in nvidia, microsoft, palo alto network securities. thank you. >> so microsoft, i was just talking to my friend buddy pal, what a kick butt situation there. that's chatgpt. we're going to let this go. even though they do overlap. why? because i've

gps app like google maps or apple's system, but this will tell you what you can expect along the way. and, for example, you're showing highway five there in the central valleyl a. or you were anyway and it was giving me all sorts of weather icons and temperatures, so it's easy to use right. exactly and you can see the things like government ordered. so if there is, for example, in our specific area, it will also possibly highlighted new. you're you're you're not. and you will know what maybe you can take a different different route. or maybe you can adjust your departure time to avoid it. peter have you been approached by any of the big companies who might want to say, hey, maybe we can work together in a great this into our apps. or are you just not even considering that right now? um we haven't been approached that will we'll see maybe in the future. right. uh and how many people have started using this? i imagine that when weather is bad, more people think about the weather and you start getting more downloads of the app. yes so, for example, in the last 40 days, just for my fight in california we had over 5000 searches. uh and so we have a much higher n

coming out of sill p consistent valley, it likely will present a certain type of programming that we all know is going to lean a certain type of he way so the fact that applere problems already with chatgpt is good. maria: it's a good point. i feel like technology companies are jealous and afraid of what chatgpt represents for them. they're afraid of a.i. and this specific app, chatgpt, putting them out of business in some ways. >> definitely. even with google it could be a threat to them. if they incorporate the ebbing the following with microsoft bing, a lot of people will be using it, whether or not they are searching on google or using it to get that synthesis of information. maria: let me switch gears ask you about the cyber security strategy that the administration is rolling out. a national cyber security strategy that they claim will protect infrastructure from, quote, borderless cyber threats and the administration says that ransomware is now a, quote, threat to national security. how do you see it. >> it's always been a threat to national security, the fact that we're bringing this up now is a little bit delayed. even before when you look to ry t

valley bank is the floral company. the ceo saying what he has now is a crisis of confidence. >> where are you supposed to put your money? i asked after this, where does apple have their money. i don't know. is it in jpmorgan? where are we supposed to put our money? we could never agree to only have one bank have all our money. >> it strikes me, and i don't pretend to be anywhere near smart about this stuff, why would you put all your money in one bank any way. but what other conversations, you have a bank that says we'll lend you money, but you have to bring us business. >> the exposure of startups was high. it was just a very central player in that entire ecosystem of startups. even if you doesn't have your money there, i have been talking to people involved in the startup world, it you didn't have your money, you were under a lot of pressure to move money to safer places for fear it was a contagion was going to spread. so a lot of startups tried to figure out where's a safe place? is it the bigger banks? i thus those are the conversations that are continuing. and the administration and the fed have tried to shut down by saying your money is safe. >> so t

congress's first bite at what's increasingly appearing to be a very large apple on the question of bank failures both with silicon valleythink you're going to see some intraparty disagreement on the democrat side over that banking deregulation bill in 2018. on the republican side, particularly in this committee this is probably the friendliest group of republicans that secretary yellen is likely to sp face i think they're going to have some pointed questions, but republicans have largely taken an approach of let's try to figure out what happened here. they are far less likely to offer legislative remedy to the banking system than have been democrats in this moment expect some difficult questions on the banking issue expect some difficult questions on the president's budget. that's still something i think republicans on this panel are likely to hammer the secretary about. and expect this to be the first, not the last, in a very long series of hearings both of a regulatory nature and an investigative nature as congress, with the house coming back next week, particularly starts to wade into this issue in a much more substa

valley bank and, sub gently, signature bank. he makes it verying very easy to understand. it just dropped in my everyone talks to liz podcast. get it on google, appleeart radio, everyone talks to liz. closing bell, 27 minutes away. the dow's up # 11 -- 1 is 1 -- 111. we're coming right back. ♪ ♪ to you, it may just be an elevator. here goes nothing. but for a young homeowner becoming their parents, it's a learning opportunity. come on in. [ chuckles ] the more, the merrier. paris, huh? bonjour! we got any out-of-towners in the elevator? tom. it is not easy. 10th floor, huh? must be a heck of a view. okay, see how everyone else is facing this way? progressive can't save you from becoming your parents, but we can save you money when you bundle home and auto with us. okay, that was terrible. okay, let's hang back. we're gonna try that again. life's kinda unpredictable. like when your groceries arrive the moment you remember everything you forgot. [dog barks] or when your kids says... there's a bake sale at school tomorrow. tomorrrow, tomorrow? or when you discover art-cuterie is a thing you have to try. like now. or when you could go to the store but