tonight on fast, intel on the out. shares sk teeing their biggest drop andcleveland cliffs is soaring after nearly 15% earnings. what is next for the steel producer and beyond meat shares plunging today. we start off with the great consumer comeback. shares of america express soaring. the stock posting its biggest game since last november the company saying card member spending hit a record, nearly $8500 on record. is this a sign the american consumer is back better than ever >> jeff mills? >> i think they have been back for a while. i have talked about the strength of the consumer, all of the things that can power demand as we move into 2022. this was all good news loan balances were up. i think you saw it in the macrodata today. not just amex. you are seeing spending. i think that is important trying to figure out where the strength of the consumer will go. amex is trading at 20 times, maybe a little higher so i think some of the good news is in at this point when i think about general retail you can think about cole

10 is healthy, intel 7 is in production and intel 4 is looking good, we're ahead of schedule on intelnd intel 18a, our nextnew five process notes were all on or ahead of schedule you wouldn't have believed it, but it's true we're demonstrating exactly what we're saying that we're going to go down and just as a process technology, wow, that's a lot of progress in a short period of time killer new products like ailederlake, sapphire rapid, our server product coming in q1. next week a bushel of innovation that we'll be rolling out at our conference yeah, the momentum is building we've clearly laid out a plan that we believe is executable, aggressive, of course, but this is a great company with great capacity, and i'm committed to make this plan come true and we're going to have a string of great successes in our future. we've laid out a clear picture to the street of what to expect over time and today, never like to seat stock go down, but i feel great because now everybody knows what the plan is and we're focussed to make it happen >> investors might ask given you were very clear on the

now intel 10 is running great. intel 7 ramping in production right now. 4 looking healthy so the process machine is coming back to life. very well. even a bit ahead of my audacious expectations my team is ahead of those and obviously the proof point with alder lake and the launch is absolutely the compelling well to begin innovation. >> what is the role of software at intel in this era and how are you going to drive it differently than it has been driven in the past >> yeah. many aspects to this question, jon, as i think about it, why did god have me outside of intel for 11 years running a software company for eight years? i think a lot of it was to prepare me to answer that question because you know, it really is a hardware silicon company like intel, we sort of think of software often as the afterthought the reality it needs to be the forethought because developers develop the software interfaces. the software needs to come first and then the silicon needs to fit underneath those software interfaces and make it better. and that's why we brought greg on

even the overall semiconductor index is up, despite big losses in intel.ected on services good employment indications on services it's what i think wall street wants to see as this transition from hot demand for stuff and then transition towards services and that's the next phase theoretically of this recovery and expansion which would in theory ease some of those supply chain frictions that we've been talking so much about. >> we'll continue it talk about as we get another busy week of earnings next week the s&p did hit a record high today. that's going to do it for "squawk on the street. "tech check" starts now. ♪ >> good friday morning welcome to "tech check." i'm carl quintanilla with jon fortt and julia boorstin there are three stories in tech, 30 billion gone in snap, stock tumbling 20% then another ecosystem play, google changing its app store model, cutting fees, names like bumble, match and roadblock soaring. third stock at play intel, shares are sinking as sales miss and the company sees a tough road ahead for its turnaround. you will not want to

i will be speaking with the intel co friday. catch our interview friday at 10:30 and we will put those questions to pat himself. speaking on earnings, we want to touch now on snap, shares tumbling as much as 28% on concerns about the company's end business and apple software update, limiting targeted advertising. what is your take on what's happening with snap? this is after a pretty buoyant quarter last quarter. >> all of us in the investment community, probably a little bit of headwinds from supply chain and other macro issues. i think it has amplified as the quarter has progressed. the big question is reaction to snap, is it because of snap or is it because of the entire industry? we will know more after the report next week. right now it seems to be not just snap standing alone on an island. it's across the industry. emily: other companies like facebook have indicated they will be feeling the same pain as well. facebook is facing a slew of negative press. i wonder how much of facebook's pain could beat snaps gain? >> i feel

coming up, late earnings from internal -- intel and snap.his is bloomberg. ♪ shery: looking at tech earnings, intel is lower and after hours trading after a lackluster forecast for the period. snap dragging other stocks along with it after saying the supply chain crunch is discouraging businesses from -- advertising. they also had to suffer through some changes from apple. >> i think in the case of snap, it was price to perfection. they were trading at the highest multiple in that category. they caught the market by surprise. it does affect everyone, but the magnitude of the drop in terms of where the consensus was was very pronounced. it looks like it will hit pretty much all the social media ad companies. paul: let's talk about intel. a disappointing performance. intel saying it's partly explained by the supply chain issue. what's the rest of the story? >> with intel, they've had issues for the last three years. they are trying to double down on the manufacturing side. in the process, they are bleeding market share to the likes of nvidia.

amd are there companies that will outperform given what intel is going through right now?e's quite a few names we still like in the space. as you said, things are still in shortage, and the secular gainers are benefits for that. amd, as an example, we're quite sure if amd had more chip supply and used the supplier, they would be gaining more share. so certainly amd is one of the places we would go we're bullish on nvidia also, been a good stock this year. they're also constrained and right now going through a good cycle if had their gaming products, in addition to data center products which is what really drives the stocks and in that case, both of those companies would probably be putting up stronger results than they otherwise would right now if they could get more supply. >> one of the things we talk about with regard to the supply chain issue, chris is just how much the auto industry has been affected by this is that going to be part of the story for a while now for the chip shortages are we going to see the chips make their way back into the system, and how long do yo

intel is negative on the year, down half a point. i'm joined by global semiconductor industry lead at accenture. it is great to have you here normally if it were a chip shortage holding intel back it would be a bullish thing but it doesn't seem that's the whole story here >> yes thank you, kelly, for having me. the intel result highlights the importance of the chip shortage around the whole chip set solution it is not just the main processor. you need the rest of the chip in your solution to be able to deliver the products to the end consumer the shortage could be impacted based on multiple factors including the consumers have already bought a lot of pcs earlier during the pandemic so there may be a slowness in demand also that could be impacting the overall situation in addition to the chip shortage >> you know, intel made this really interesting announcement a month or two back when it said it would try to make chips for the automotive industry. the legacy automotive industry, of course, being way behind in semiconductor design and

all of the macs would have to be in lock with intel.the margins they had to pay intel, when you have to pay $400 per mac, what does that mean? now they can take that money and drop the prices and innovate. emily: the supply chain crunch is impacting everyone. even apple. they might have to slash production. employees say this is the bleakest they have seen in terms of wait times. how bad is it? >> it is not good, but remember apple has gone down allocation. ipod was on allocation for two to three years because we could not get enough fixed. apple has some of the strongest silica and contracts in the world. maybe the other companies can't get what they need, but apple has priority allocation. if there is silica and to be made, apple is going to get it because they are strict on how they work with suppliers. emily: as innovative as apple has been, there are those who complain apple has not innovated as much as it did under steve jobs. i am curious how you respond to that. >> apple is a much bigger place. i still think it is innovating. ju

a stock going in the opposite duration, intel shares are falling.he market cap has been literally decimated, and then some. we will tell you why, next. this is bloomberg. ♪ matt: this is "bloomberg markets." shares of intel have fallen more than 10% after the chipmaker reported earnings and and projected -- reported earnings and more spending. the ceo sat down with us to discuss the results. >> my projections have not changed. pat have: always said the second half of this year is the worst. it's the bottom. qi, or every quarter next year, will get incrementally better, but we are going to see shortages that persist into 2023. this is the bottom, and it will start getting a little bit better every quarter next year, but we will not see reasonable supply demand balance until 2023, it just takes that long to build new capacity, to expand capabilities in manufacturing, and to see a rebalancing of the supply chain across the industry. overall, it clearly impacted our q3, and we expect q4 results to have better revenue results. amanda: that was intel's ce

questions where is intel on the product roadmap.nductors is strong but a challenging splooi environment he said he didn't expect the semiconductor shortage to end until 2023 as for data, they said there are short-term supply constraints impacting that business as well. for more tune in tomorrow morning. we will be speaking with the intel ceo. >> a lot of questions. josh, thank you. >> the culprit is supply chain according to the ceo >> should they be hit harder than others? maybe. because people think intel has so much to prove to be a global player and where their interface is it was going to be a two or three-year process in that sense you could say give them some time but we want to hear about the cap spend, about the commitment that puts them in position at some point to take the pricing control away from taiwan semi, et cetera. it doesn't change where the stock sits, which is significantly cheaper to taiwan semi and other comparable players. data center group growing 10% is not good enough. two quarters ago that's what knocked

they are never coming back to intel. can intel recover from losing apple and how specifically?they come back or not, the question is do i have better products or process technology than they could do themselves? ab they become a foundry customer and as my process technology becomes the best, they may or may not be interested in that but i can promise you that we will have the best process and packaging technology. apple is very problematic -- pragmatic. they make good decisions to make the best product it will never move back to intel based products? if i deliver better products, they make pragmatic decisions. we are also very realistic and that these decisions are many years in the making. our objective is to build great products. how about vibrant pc ecosystem? tremendous process technology, leadership and the capacity and packaging to do it? i believe they and everybody else will make pragmatic decisions as that story builds and the intel folio of technology. business will be well rewarded for those investments and our customers can produce the best stuff on earth emily: sup

apple ditches intel chips. next on the earnings, netflix tonight.s, optimism over the upcoming launch of the first bitcoin futures etf in the u.s.. certainly a more calm day. bond yields moving lower. the bank of america investor. survey hitting the wire. -- investor survey hitting the wire. >> guests tell us there is a lot of cash. a lot of dry powder that can be put to bed. a lot of that has been put to play in the european markets on the back of this rokeach and -- rotation for cyclicals of value. i was off, i missed it today. the stoxx 600 essentially flatlining. the dax is flat. the cac slack. the ftse 100 as well. gilts edging higher. broadly, it is the lower yield picture. you in play in hong kong. basic resources gaining 1%. a mixed picture when it comes to commodities. u.k. gas prices lower. brent and wti comfortably past $80 a barrel. that momentum seems to continue. in terms of technology, that is part of the slightly softer yield story. telecoms, health care, and insurance. that is the shape of play 30 minutes into the trading session. >

got an event today intel innovation. you know, we can talk about delsinger has certainly laid out this aggressive five-year plan to rally the ecosystem behind this transformation strategy and i was just speaking with him yesterday while i was in san francisco ahead of this event that kicks off at the end of this hour and i asked him how it's even possible that he can both fix the company's manufacturing process and accelerate it to reach five process in just a fraction of the time intel has managed to achieve that historically. take a listen. >> we said, you know, we must get back to process leadership and, you know, our process teams they kept innovating even though the manufacturing teams weren't successfully bringing them to manufacturing scale. we had a rich trove of ideas of and innovation sitting here ready it a move forward. as i looked at that, we have pretty cool stuff ready to ge. i just have to release that congestion that we had in that innovation machine we essentially doubled up. we used to one run team and

but the shocking thing is that intel peaked in august of '77.rs later, adjusting for inflation it's down 70 or 80%. it's bad >> up next we are taking your tweets, earnings related and otherwise. we will be right back. in business, setbacks change everything. so get comcast business internet and add securityedge. it helps keep your network safe by scanning for threats every 10 minutes. and unlike some cybersecurity options, this helps protect every connected device. yours, your employees' and even your customers'. so you can stay ahead. get started with a great offer and ask how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by

but the shocking thing is that intel peaked in august of 2000 at 77.rs later, adjusting for inflation it's down 70 or 80%. it's bad >> up next we are taking your tweets, earnings related and otherwise. we will be right back. joov there's software. and then there's industrial grade software, forged from decades of industrial experience and insights. meet honeywell forge. analytical software that connects assets and people to deliver a cybersecure record of your entire operation. so that everyone, in your boardroom and beyond, speaks the same language. honeywell forge. industrial grade software. it's sleep number's fall sale on the sleep number 360 smart bed. it helps keep you effortlessly comfortable by sensing your movements and automatically responding to both of you. and, it's temperature balancing to help you stay comfortable all night. it even tracks your circadian rhythm, so you know when you're at your best. in other words, it's the most energy-building, wellness-boosting, parent-powering, proven quality night's sleep we've ever made. don't miss

we will talk about intel next because let's return to the supply chain problems because the boss of intelr chips. intel is rapidly expanding its manufacturing capacity in america and europe in an attempt to combat that shortage stop the ceo gave us a tour of his company's newest chip making facility in arizona. it is not often you get suited up it is not often you get suited up with the ceo of a multinational corporation. you are good- _ multinational corporation. you are good. with _ multinational corporation. you are good. with almost - multinational corporation. you are good. with almost 80 - are good. with almost 80 million dollars. _ are good. with almost 80 million dollars. you - are good. with almost 80 million dollars. you are i are good. with almost 80| million dollars. you are an engineer— million dollars. you are an engineer like _ million dollars. you are an engineer like me. - million dollars. you are an engineer like me. you - million dollars. you are an engineer like me. you are | engineer like me. you are pretty close to enter some of the most advanced manufacturing any pl

i remember intel was invincible, but i think they kind of squandered that. it's not unusual. adam, sylvia, thank you both very much. you know, liz claman, for a split second we had the cp effect, and then it started to fade. i think it's the weekend effect. i'm not sure. what can you do in this last hour? [laughter] liz: it's the fed, the fedded fd and and the fed if, is it not? met me see what i can do. we've got the broader market struggling for altitude as the federal reserve gives the markets an early halloween jump scare. what did chairman jay powell say specifically that frightened traders midday? we take a looked at the vix intraday, the fear index spiked 6% to its high of 16. this happened just before 11:30 a.m. eastern time. you can see it right there on the intraday. our floor show traders on the words that triggered sort of the little terror and whether you should turn tail or buy in. any gain for the s&p, by the way, would make it the second record close in a row. freak did friday, the major indices -- [audio difficulty] up 81, but the s&p down 4 and the nasdaq do

if the question is how long will it take for intel to catch up?hat could be five plus years or longer. caroline: you are almost three decades in the industry. is this most exciting chips have ever been? >> it's pretty exciting. if you follow the chip industry, as long as i have had any connection, it is always been exciting because the spectacular increases in performance that receipt. back in the mid-90's, i used to sell computers that cost $32 million then. now, you have that power in your phone. it's an amazing industry. taylor: spoken like a real professor. the chip industry is always exciting. we appreciate your time. coming up, drivers might be ready to make the jump to electric vehicles. dealers are still having trouble getting them off the lot. we will explain why. this is bloomberg. ♪ caroline: earlier this week, hertz made a huge move ordering 100,000 teslas. that order sent tesla's shares soaring. hertz reached an exclusive deal with uber. there might be more secondhand cars as they start selling off their existing fleet. sonali: it mig

and intel, how options trader is setting up for it. ♪ and i th♪ ♪ what a wonderful world ♪ a rich lifeuard, you're more than just an investor, you're an owner so you can build a future for those you love. vanguard. become an owner. >>> welcome back to "fast money. facebook is reportedly about to get a facelift the social media giant is planning to change its name next week with a plan to focus more on metaverse let's bring you in what can they accomplish here? >> i think it's pr management or crisis management. they have the whistleblower, antitrust, and they are trying to change the narrative. when you don't like the narrative, flip it but the reality for facebook is they have a fundamental product problem happening. it is languishing, no longer as compelling or engaging as market alternatives, especially for younger people i think they are looking for something more forward looking i think this is part of it >> thank you you just moved from silicon valley and you mentioned the whistleblower. you are on the east coast. do they have a bigger problem here they are thinking about the me

another example, ongoing house intel committee with the heads of the cia, nsa, dni, not on how the intels have been weaponized against american citizens, no, that would be to germane, that might actually do something for you if they stopped reading your texts, let you post what you wanted on facebook. this hearing was about de i. that is not a new intel agency. it is a new cult, it is called diversity, equity, and inclusion. so the hearing began with adam schiff complaining, and this is a key problem for most americans, that all the intel brief or is with are white men. >> i can't help but notice the majority of briefers to appear before the committee are white and male. we need to recruit officers with diverse backgrounds in the ic and show them there is a path forward to advance to grow their careers to top leadership positions. >> tucker: oh, can't help but notice my intel briefers are white men. is that a problem for you recently as you are trying to fix your garage? a problem for you every time you fill up your truck for $3.30 a gallon? if only we had more diverse intel briefers, th

it feels like it's been a critical juncture for intel for many, many years now and if not gelsinger,us plan. >> it's one of the most ambitious turn around plans that i've ever seen in technology part of what's unusual about it is gelsinger is laying the whole thing out and saying here is what we're going to do and here is what we have to do. it usually rolls out in secret and people gradually believe but this is like oceans 11 what are the chances of them pulling off that heist in the movie they do. can he do it in the semiconductor market here we have a lot of analysts betting against him. >> skeptical. >> because it's -- who has ever done this before especially carl, when it comes to that annual growth rate of 10 to 12% which intel has never hit in the past, but if they pull off this plan, maybe they can. >> yeah. it's going to take some time and that's certainly why the market has sent intel shares now negative for the year. in the meantime, over 90% of analystings covering microsoft and google have buy ratings on the names but after the big runs already this year, can they beat e

they have been with intel for 15 years.w that apple was transitioning to its new chip, but these new chips -- if you are going to do this, you have to be better, they have to make sure they produce a chip that is better than intel and it is impressive so far what they are saying they can do. the video time, battery life. this is pretty impressive. dani: i personally am more excited about netflix, maybe because i have seen "squid game" and liked it a lot. we have third-quarter earnings due out today. internally, we saw that they had a lot of profits off of "squid game." giles: there's a lot of pressure because they have to keep the content up. they've been having some wrist success in asia right now. -- real success in asia right now. in the asia-pacific region, the uptake isn't as high as other regions. did this help them get more subscribers in the region? dani: all right, thank you very much. giles turner there. manus, do you want the noise canceling airpods or cannick of first-generation? -- or can i go first-generation?

the angle has warned you the politicization of defense and intel agencies pose an unacceptable threatnational security and we were proven right. by now you heard reports that sometime in august china tested a hypersonic missile that was able to soar around the planet before heading for its target and apparently our intel agencies have been so busy targeting trump supporters as domestic terrorists, they were blindsided by this which the wall street journal called alarming. the intelligence community is made of 18 organizations that receive $84.8 billion in 2020. congress should investigate what we are paying for and was we are getting. not really a need for an investigation. we are getting chipped. most concerning is the financial times noted, hypersonic glide vehicle armed with nuclear warhead could help china negate us missile defense systems which are designed to destroy incoming ballistic missiles more shocking was the white house's blasÉ response. >> can you reports -- comment a hypersonic missile? is that accurate? do you raise concerns about china's capability? >> we have been c

they are never coming back to intel. can intel recover from losing apple and how?fically. >> whether apple comes back or not, do i have better products or better process technology? maybe they become a foundry customer and as my process technology becomes the best, they may or may not be interested. i can promise you that we will have the best process and packaging technologies. generally, apple is very pragmatic. they make good decisions they can produce the best products. all they ever move back to intel-based products that have -- rather than designed around? if i deliver better products, they make pragmatic decisions. we are very realist. these decisions are many years in the making. our objective is to build a great roddick. have a vibrant pc ecosystem. tremendous process technology leadership and the capacity of packaging to go do it. i believe they and everybody else will make pragmatic decisions. as it story builds on the intel portfolio of technologies, our business will be well rewarded for those investments in our customers will produce the best stuff on

and the other pc manufacturers who are reliant on their partners like intel and amd. >> now, we're usedo the mac sort of getting some ideas from features from the mobile side from the iphone, bringing the app store to the mac, bringing chips, home grown chips to the mac but now it seems like performance wise apple is doing some stuff on the mac side that's migrating back to mobile, particularly in the ipad side. so what do investors really need to pay attention to on the engineering side to get a sense of whether apple has a significant long-term advantage here >> i think -- well, we are seeing that. but i think in the macs, that's where this sort of renewed energy because that is the system where you want -- these are the systems where you want that power where that power and apple's ability to say, hey, we can be hugely dominant in this space where the pc manufacturers can't be is an interesting way, is an interesting way ahead. yeah, we'll certainly see stuff come back to the ipad, some of the graphics improvements. a lot of the push around, things like a.r. and v.r. immersive type o

joining me right now, the ranking member of the house intel committee, congressman thune yes, sir, andric grenell. gentlemen, good to see you. congressman nuÑes, you were on this program back in may telling us, in fact, they did send this money. why is it that anthony fauci can go under oath and say otherwise? >> maria, i don't think that he can, and he should be prosecuted here. if he was notified, our committee did a year-long investigation. we talked about it back this may, we put out an official report. so he was clearly on notice then. after that he went where? he went to the united states senate, and not once but, i believe, twice under questioning by senator rand paul he said it didn't happen, and that's simply not true. and i don't think his e-mails, when you go back and look at the time, show that he wouldn't though something about this either. so he's long been on notice, he knows this, and now the question is, is will the department of justice do anything about it. maria: yeah. ric grenell, actually merrick garland was questioned about it last week under oath as well. your t

and intel, because we've got to look at intel too, i mean, that's certainly a story because, of course, it's really been falling it's now down about 2% after a couple very rough days. intel at the moment, that pe ratio is 9. but i guess, scott, that's an interesting point where you look and say, yeah, the nvidia story's better than the intel story. >> well, look at nvidia and see where demand is coming from. ini would ya makes video chips, those are the highest speed processers that are out there. and that is getting the attention of everybody who's doing bitcoin mining. and they want those high-speed processers. they're taking them from being video, basically video processers to microprocessors to help them go out and and mine for these bitcoins. it's sort of a hybrid situation. liz: speaking of which, we have had bitcoin up 40% this week alone, and it has just been on a tear. yes, it hit very close to 67,000 last week, but at the moment we're still up above 60,000. scott bauer, you looking at any of the crypto names here? >> i do like some of the crypto names, mara and riot, those ar

twenty-five and 25 books written including bill and dave and intel trinity. now, to moderate today's conversation we are thrilled to feature on stage scott is an emmy award winning reporter for the nbc air he reports on business and technology. scott is also mike's podcast partner for the silicon valley insider weekly overview of silicon valley tech industry scott holds a degree in political science and ucla. welcome mike and scott but we're so looking forward to your conversation, take it away. >> thank you so much. welcome everyone, and michael welcome to you. it's great to be here. >> it's great to talk to you, this time i get to ask you the questions. >> and folks, please let us be a little informal. scott and i are not really capable of anything else. [laughter] this is an honor to be here for many reasons. mike, you know i'm a big fan of yours. as a tech reporter i've been standing on your shoulders for years. in some of the earliest stories i did as a silicon valley reporter were at sea hm and you have allowed me to do many there and geek out. individu

my final call last night watts intel on its way down to the mid 40s.they do make changes you want to buy them when you are down and out and the valuation makes sense, not when they are busting out like this i am not a buyer of any of them, but i may consider intel on the way down to 45 >> it's a rare occasion when dan and tim would appear on something, but it appears they would agree on intel in this case >> we don't agree on fashion but -- >> you both keep rag and bone in business >> i can't see dan tonight so i don't know if he's wearing that denim shirt, but if he is, i'm sure he looks great. >> you are going to be stuck at $17 billion revenue. you are not moving on the revenue line the investment in the found ri business which is one or two years out, they are going to spend, spend, spend. the lee time and lag time with what is going on in the industrial chip space is well flagged but not entirely clear when a company like texan -- i would rather be with intel rather than texan with the value where it is. >> ups is surging. find out how our traders

only from fidelity. >>> one more thing, and that's intel.t and we've got ceo pat gelsinger tomorrow right here on "tech check. julia, this is quite an earnings report because there's that pressure between the present which isn't so kind for intel right now. their products and their process technology hasn't been right he's trying to fix that. he's got margin pressure from competition and then their future and they have their innovation event next week and i'll be covering that, as well can they focus investors on that >> yeah. i think a big focus on what their guidance is for the first half of next year and also they have a big analyst day coming up and i wondered how much news they'll be holding back for that analyst day. >> and lots of earnings on deck, as well. julia, i know you'll be watching snap later tonight and we'll be huge in terms of the big tech players. nasdaq, the only major index in the black right now up a quarter of 1%. that will do it for tech check, let's get over to the half ♪ ♪ >>> thanks so much welcome to "the halftime

absolutely true, but intel earned $22 billion last year guess what that's three times more than nvidiaoth sides of the fence and i can go back to exactly what i was right about that josh tried to argue about which is that innovation was competed away and intel was the market leader for a long time. that innovation, that is being eroded away by competition that being said, they still have a lot of really great stuff going for them which is $22 billion in earnings and by the way, did you know that their revenues have grown by 7% over the past five years? their earnings have grown by 8% and no one has paid attention to this because it's overshadowed and i've been early which we all know also means wrong on intel, but the long term thesis is still intact and we did a deep dive, revisit of this to say is our thesis still intact? do we still believe this and we do and the reason is since pat gel singer took over there have been no production issues and they have new products coming out and we think they might be back to $6 in earnings by 2024 if you do that and put a 15 times multiple on it

that was a swing and a miss on the intel assessment of 11 days in august. there is nobody that called that. >> my time is -- i appreciate you've made these points. i don't mean to cut you off but my time is be the to expire. i just want to say this. it seems to me you put a high priority on making sure that you were favorably portrayed by the d.c. press corps. you spent a lot of time doing that. fair enough if that is your priority but at the same time we had a rapidly deteriorating frankly disastrous situation in gn which resulted in the death of 13 soldiers including one from my home state. hundreds of civilians. and hundreds of americans left behind. and in my view, that mission can't be called a success in any way, shape, or form logistical or otherwise. general, i think you should resign. secretary austin, i think you should resign. i think this mission was a catastrophe. i think there is no other way to say it and there has to be accountability. i respectfully submit it should begin with you. thank you. >> the gentleman's time has expired. senator tub

eventually taking market shares from -- potentially taking market shares from intel. intel had a weaker earlier earnings season, amd coming out strong. we will look at that later. we need to dig into the demand picture. people placing orders for semiconductors, leadtimes were extended but what happens if there is a slow to demand? emily: thanks for that. lots of questions coming in. we will bring in dan, the founding partner and principal analyst at future and research. great to have you with us. looking at alphabet, pretty strong across the board. i just got off a call from alphabet's cfo and she reemphasized the recovery they have seen is broad-based, not particular to any industry. she said the pivot to digital is real. people want more choice, more information and the online to off-line world will continue to be relevant. she remains positive. what are your takeaways? >> the numbers themselves are positive for the company. the earnings outpaced the revenue, youtube was a little slow and the crowd business -- the cloud business grow that much but it did grow. every

no, everyone talks about intel intel. intel. i was an intel hawk.idiculous intel is not the same company and it doesn't matter that a guy who was there before comes in. he has to have a little humility humility is a good thing >> okay. i'll take that >> i did want to -- did you hear anything about draftkings? >> i'm going to do it right now. draftkings has terminated its offer and the talks that were taking place to acquire entain we first broke this story back in -- was it september 21st, i think, around there. they increased their offer it was 28 pounds most of it was made up of draftkings stock i think we were talking. yeah, 22 of the 28 or so pounds was made up in draftkings stock. at least that's what we knew publicly where it went from there, unclear. not enough certainly there was always a thought that as high a price as that was-- and don't forget, this is a company that earlier this year, mgm offered 3, roughly 13 pounds to buy they rejected that as high a price it was, the fact that much of it was made up in draftkings stock seemed to have

he was at qualcomm and intel so i don't know. set the tone for the sector going through earnings season or do you think it's quite company specific? >> the pc side part is not surprised. cpus is overshipping by a wide margin and might be seeing that correction it is the data center piece to find more broadly worrying if true they were light probably 150 million versus where my expectations were. we have a data center digest earlier in the year. they were almost like flat sequentially they looked down 20% year over year that's astonishing. >> is there a way to tell how much is the global chip shortage pulling back this top line growth >> i don't know. certainly we are hearing of constraints in the pc space. i do not believe that those constraints have been cpus but other stuff and micron pointed to constraints of the systems themselves not built without parts. same time it is also going to be a convenient excuse for many folks at this point in the cycle. we'll have to see how it plays out. >> stacy, thank you for your first impres

this is quite a big deal, ever apple's claims are correct, is intel worried? their own game. i think what they are doing here, it is showing the eco system that apple is building. you also google, tesla and others following the lead on this ship from. this shortage does it is apple flexing its muscles, and it will affect companies like intel. when you think about it, this shortage, the global crisis with regard to chips, it makes sense that companies will be looking at their supply. take a step back, you have apple introducing two new products in the midst of a chip shortage. new products coming, and coming to consumers where others are having those issues, so apple has more control over its system. it is very important. it is something that i think is under appreciated by investors, what is happening in apple. 0ther investors, what is happening in apple. other companies will follow. it shows the innovation. this isn't actually from the chipmakers, it is from companies like apple. when you say it has more control of its ecosystem, it also has more control over

given these facts, so long as we are hampered by biden and our current military and intel leadership,na must be regarded as the dominant power in asia and the most powerful country in the world. china clearly realizes that, they get it, and is aggressively moving to make ever more brazen shows of force against us and our closest allies. over the last 19 days, chinese military aircraft have breached taiwanese airspace 159 times. among those aircraft were nuclear-capable bombers and anti-sub warplanes, but as china ramped up its intimidation campaign, biden's response was typically less than encouraging. >> president biden: i've spoken with him about taiwan. we agree we will abide by the time the taiwan agreement, that's who we are. >> laura: no, this is where we are. on monday, a group of chinese and russian naval vessels sailed through a straight separating japan's main island and its northern island of hokkaido. he brought the world together against us. maybe it's time that general milley and secretary austin quit worrying about white rage and focus on countering this rising red mena

up nearly 33% year over year one question is what all this means for intel.w single digit percentage of intel's revenue, but the biggest risk these macs are a hit and encourage others to follow suit reports also indicate that apple has been hard at work on the next generation of its lower end airpods too. we're waiting to see if those make an official debut today as well they estimate airpods account for 5% of total sales. part of the faster growing wearables division back to you. >> yeah. that's evident every time you walk down the street thank you. >>> our next guest has a buy rating on the stock, points to launch dates and price points as the key factors to watch this afternoon. senior retail analyst tom forte joins us. i wonder how you're thinking about today's event, largely because we had an event, but a lot of people did upgrading in the last year and a half, what's the bar for a new product right now. >> excellent point, carl the way i think about it, it's mid october and if you just look at the very big companies, google, microsoft, amazon, they have

and they are never coming back to intel. can intel recover from losing apple, and how specifically?es back or not, to me, the answer is do i have better products or better process technology to do a better job than they do themselves? maybe they become a foundry customer, and my process be -- technology becomes the best. they may or may not be interested in that, but i can promise we will have the best process and best packaging technologies in the countries. apple is very pragmatic. they make good decisions to produce the best products. will they move back to intel-based products rather than designing their own? if i deliver better products, they make pragmatic decisions. but we're also very realist that these decisions are many years in the making. and our objective is, build great products, have a vibrant pc ecosystem, a tremendous process technology leadership and the capacity and packaging to do it. and i believe they and everybody else will make pragmatic decisions, that as the story builds, our business will be well rewarded for those investments, and our customers will be ab

tonight on fast, intel on the out.5% earnings. wh