that according to evercore isi stocks go up and buyers go to bonds. not this year.and bonds both selloff. have not seen this kind of start to a year in 28 years. by the way, that was also an aggressive fed hiking cycle back t then to >>> to the fascinating story of elon musk and twitter. let's quickly recap. elon musk made a bid to buy twitter for $54.20 a share twitter ceo and board tried to block the takeover by creating a shareholder rights plan better known as a poison pill you will hear that term a lot. a lot of lawyers try to make it sound fancy. a poison pill is a basic thing somebody like elon musk were to buy 15% or more of twitter without the board approving, other shareholders immediately get the right to buy more twitter stock at a discount. the idea is the poison pill cannot actually stop a deal. it can make it more expensive that any buyer, musk or anybody else, ultimately just walks away the defense is not perfect it is not used that often. it can work to block takeovers remember ten years ago netflix and carl icahn and a poison pill adopted by netfli

, shares in the green after a beat on top and bottom lines cloud a big driver here to discuss, evercore isi analyst kurt ma turn i already talked about what wasn't so great in microsoft's quarter, just because there was so much that was great, including the stock, is up what was the most encouraging thing to you about the numbers that microsoft turned in >> two things, john, and thanks for having me. first would be the guidance for azure. the guidance for it to only decelerate by 2% to around 47 gives you an idea that this demand is very consistent and durable. secondly and perhaps more importantly, the fact that microsoft is willing to go out today and start talking about their fiscal '23 in terms of double digit revenue and operating profit growth, gets back to the idea that these are durable growers. what you have with these companies are companies that have great visibility in their pipelines. the demand around areas like cloud, broader dij digitization. >> what concerns me, not about microsoft specifically, but the read-throughs are consumer and marketing. so consumer pcs not so strong

john, thank you for joining us from evercore isi. >> also want to hit the chip stocks getting crushedan 6% on the week. nvidia, biggest loser in the industry 13% decline just this week kristina partsinevelos joining us now from the nasdaq i'm looking at the year to date here 18.5% lower for semis. 20% lower for semi-conductor equipment. i know they're very cyclical groups tied to the economy, but you also have shortages out there, and shanghai under lockdown how does it all add up >> you have this situation especially with the equipment manufacturers right now, asm, lam research, kla, applied materials that are warning their customers they may face delays of a year and a half, up to 18 months even. so when companies that are talking about building plants like intel, they can't get the equipment, of course, that's going to create a trickle effect for years to come. all of those equipment makers i just mentioned are down on the week you talked about nvidia. often this is a play about concern about profitability going forward and not necessarily the next exciting story. so nvidia, micron

some of the bulls hanging out with buy recommendations finally threw in the towel and downgraded evercore isie. i like what morgan stanley's adam jonas had to say. he is a free thinker sometimes he is a little too out there for me, but anyway, for example, he still got amazingly, he still got an overweight rating on carvana with $360 price target i wish i were tall because i would show you where it is i think it is lunacy i thought what lenny bruce did was lunacy but in the end i kind of liked it. jonas called this capital raise a test,freud in there, too. it is not great they're so desperate for cash to me what happens is in this market there's zero tolerance for unprofitable companies and carvana made it clear it will take them a heck of a lot longer to reach profitability and they thought. though i like management is putting their money where their mouth is, it gets worse before it gets better i have been warning you away from carvana for the better part of the year and so far it has allowed you to sidestep an enormous decline given what we heard last night i think there's more downside he

. >> thanks, melissa >> mark mahaney, evercore isi. guy, do you think there's any read-through to the other social media names in terms of this business -- basically mark was saying that the board said you know what, we can't do it, you take it. >> snap maybe. dan can speak to snap. pinterest, i guess you've got to put them out there the one that's going to be fascinating this week is facebook think about a stock that's been cut in half from its all-time high the level that stock traded to, the market cap it had, to cut a stock like that in half over the course of 3 1/2, 4 months is remarkable so i think we're going to find out a lot more about the entire space when facebook reports. >> and if you think about facebook over the last quarters, their ad growth has been staggering think of the tailwind that's going on in the digital ad space. think about what google and facebook and to some lesser extent then tiktok and snap and others are fighting over but facebook still dominates and this is what's interesting about this if anything, you

politics and policy strategist at evercore isi this is startup debate on both sides of the aisle, goingnting a stronger case against this have to be on the right. so, preston, why don't we start with you what is it about going after unrealized gains you don't like? >> well, the fact is you're going after money, income that has not been earned yet. i think it's telling this administration in order to pay for all the goodies they want to have, they're effectively going after money that doesn't exist yet. so unrealized capital gains for most people if they have a house or a stock portfolio, if that gains in value in any one year, you're not going to be taxed on that until you sell that asset and that's not the way it works not only in the u.s. but economies around the world and ultimately if you start taxing unrealized capital gains it's very problematic because what you're doing is making it very hard for dollars to go to the uses that they're most productive in. so that's what the economy is -- that's what finance is doing it's allowing investors to decide where they want to spend their