we got a no comment from meta. the last time there were these layoffs there was a big headline in the "wall street journal" sunday and layoffs are on a wednesday, so we'll see if it follows in a similar cadence back over to you. >> julia, thank you. meta getting a mini pop after hours, over 1% as perverse as it is, the market likes the cost cuts and layoff, especially from a company like meta. >> you're hitting it right on the head there, because of course one of the big criticisms for meta has been the massive investment they were making in the meta verse zuckerberg indicated a pretty strong -- with the prior layoffs. it's interesting of course because this is a company that could probably afford to keep all of those employees in any case, they still have significant free cash flow meta, the employee base of 86,000 employees this is just an aggressive move and i think they're trying to send a signal. i saw it reported earlier this week that one of the things that zuckerberg was trying to get ahead of was he wanted

. >> apple, meta, semis. nvidia, your short is up 2.5%. >> to me, a short that doesn't concern me after a 113% move nvidia is the stock that when you have a trend in technology, everybody wants to own it. it was ai, it was crypto, it was gaming as i talk about big cap tech, qqq down 8% from that february 2 high if we think about the moves these markets have had -- and we're going to talk to carter about places outperforming technology -- i don't want to follow yesterday's trade going baa into mega cap tech you're doing that. this week i feel like bulls and bears could line up on both sides. bulls will say, i don't think the economy is that bad. i get equities may not be cheap here if we're not having a recession, the stock market had its move. if it's a reinvestigation, 42%, 43% move, nonrecessionary, 27% lower, which we had and got us back to october. >> julia, you think we cannot rely on yesterday's leadership at this point? >> some of these are value names like an alphabet. >> yeah, i think some of these n

could benefit part of the meta-business better than instagram.d: his view is shared by many of his colleagues on the sell side but the crackdown from a legislative or regulatory perspective on tiktok is a used for meta-and snap, meta-is going hard into a femoral video, the video-based platforms and video supported opportunities for ads so the street sees that as a potential boost for the company in the long-term. jon: something to watch there, thank you both so much. coming up, the canadian government is changing its foreign investment laws and that could impact companies in the mining industry. we will have an on the ground report next, this is bloomberg. ♪ jon: this is bloomberg markets. the top leaders, policymakers and energy have been gathering. alix steel is also on the ground covering the story. she spoke with the ceo about the demand in the metals industry. >> we have low inventories in metals and increase demand. we've got robust demand in europe as well. historically, we are seeing china has been the driving force. the increase now is c

meta. >> well, you're hitting it on the head there, of course one of the big criticisms for meta has been the massive investment they had been making in the metaverse and they really felt like zuckerberg's strategy was misguided. you know, he indicated a pretty strong pivot with the prior stet of layoffs it's interesting because this is a company that could probably afford to keep all those employees. in any case they still have significant good free cash flow, even with an employee base of 86,000 employees this is just an aggressive move, i think they're trying to send a signal you know, i saw it reported earlier this week that one of the things that zuckerberg was trying to get ahead of is that he wanted to be on site, essentially, when the layoffs are announced and he's leaving for paternity leave soon i think this is just basically trying to take ownership of that i think he has been doing it, at least over the last two reported quarters. >> brian, meta's already had a nice run this year, partly on a thesis they are trimming costs and getting more efficient, the year of efficienc

we already learned today about meta-with more job cuts.o more sobering news out of silicon valley. ed: in apple's case, some divisions were awarded bonuses. what 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

in the case of meta, they are shifting their focus to ai of meta, they are shifting their focus to ala cincotta from city index. good morning to you. morejobs going at meta as we have just heard. actually if you look at the overall figure, they would have shrunk their workforce by 24%. it is quite a few people really, and it is happening across the board as michelle mentioned.— across the board as michelle mentioned. yes, that is right. think back — mentioned. yes, that is right. think back to _ mentioned. yes, that is right. think back to the _ mentioned. yes, that is right. think back to the pandemic, l think back to the pandemic, headcount at meta doubled from the start of the pandemic to the start of the pandemic to the end of 2022, so that was huge growth that they were experiencing, and as we have seen, we are now in a very different economic time and different economic time and different economic time and different economic conditions. that meant to be reflected and these companies need to react and respond to changing economic times in order to be able to continue surviving an

you have done in-depth reporting recently on meta and google's practice of sharing private data with police and abortion related prosecution cases, would you share with us what you found at a high level? >> law enforcement can utilize digital data from social media companies in two different ways, the first being anything publicly posted or voluntarily surrendered so if you allow law enforcement to review your social media account during the course of investigation, that is fair game, anything you post publicly in a nonprivate setting is also fair game but what's been particularly troubling and concerning is the way law enforcement can make requests directly of social media and digital platform companies in order to access backend user data like chat history, location history, search history and utilize those to build a case against someone especially in the event that they are investigating an abortion. >> there are a lot of these requests coming through. >> in meta as an example as a single company, last year received over 400,000 request for user data and responded to these reques

but it's safe to say, meta's workforce is on edge >> those graphics show that meta just doubled its workforceuse more people were using facebook and instagram when covid hit there it is, the workforce up 94%. shouldn't we expect a lot more layoffs? >> i'm glad that you make this distinction. a lot of the amazon's hiring happened at its factory and we know that there was this huge boom in e-commerce amazon only cut 6% of its workforce versus meta's 13%. but google, they have cut a very well percentage in terms of its workforce. investors have certainly called for it i think what this week tells us is that they may not be done, and why not? look at the stock price. i know mike santoli earlier today was saying that meta has a higher multiple than google. you haven't seen that in years a lot of that is largely because of that cutting that zuckerberg has been on. >> founder controlled company but he knows how to listen to what the investors want. thank you very much. deirdre bosa >>> still ahead, inflation i.t. spend, the perils of celebrity partnerships. >>> the stocks are lower today but we've g

all of this as meta hopes to drive adoption of vr, of course, part of its metaverse plan meta sharesefore that vr headset news on two analysts notes. the name meta, a top company that will benefit from generative ai. barclays writing meta along with snap, pinterest youtube and pic tok able to take advantage of ai generated content boom to improve the experience and monetization efforts noting that meta is likely working on a chatbot-like service for messaging apps morgan stanley calling ai a $ trillion opportunity saying meta has a path for 6% plus ad revenue because ai will improve it's engine increasing engagement and ad impressions. kelly? >> all right meta up 9% this week danielle, like it here >> i do like it here particularly coupled with a short sweep ongoing in the nasdaq meta overall, a nice break away gap. consolidation and a nice bounce on a technical perspective breaking out now we have overhead targets at $200 a share and then again upwards about $205, $215 i like to do in options market is trade this on a momentum basis up to at what i like to call the easy target, prev

also why the company renamed itself from facebook to a meta. but this transition costs a lot of money reality laps. that's a division that is responsible for developing the met averse and that part of the business last, almost 14000000000 dollars last year. interestingly enough, by the way, there was one area that is obviously all up for those job cuts the meaning lower costs. what street actually are we acted in a very positive way? the stock of metal was up here on tuesday by 7 percent. and since mete announced the 1st round of, of job cuts early november's since then, the stock of meta has more than doubled. okay, we'll just, when we thought the job cuts will over another weight comes in quarter. thank you very much for now to some of the other global business stories making the news g p t for keeps getting more intelligent. the new version of the track bought can outperform 90 percent of humans on standardized tests, and scores even higher on a bar exam. that's according to the company behind it. open ai, which say it exhibits schuman level

the suit about meta is about the algorithms, addictive algorithms that they utilize.at. they have denied they intentionally develop these, they told congress they did not. we believe and the lawsuit makes it clear this is deception, they know just the opposite and we are seeing the impact of these apps on our young people as governor sanders mentioned. we have two lawsuits against tiktok and bytedance. one is about the fact that tiktok represents that their product does not expose our young children, 13 year olds, for example, to inappropriate content, sexual content, drug abuse, alcohol abuse, the fact is it does and you can access it pretty much regardless of age. that is deception again and thirdly on the china connection tiktok has made clear that china, that the chinese government cannot have access to the data, arkansas data, your data, but the truth is just the opposite and so deception is really the key of all three of these lawsuits. >> ashley: you know, what are you hoping to gain from this lawsuit? what does accountability look like? is it as far as getting

i mentioned meta earlier that's one of your picks along with salesforce.why you're so bullish on those two names >> for years we saw those companies expand their employee base, expand the scope of all of their operations, and even in an aspirational sense, meta even at their core business, this has been a year of reckoning over the past really 16 to 18 months where these big tech stocks saw that investors were disenchanted with their style of growth and their approach toward unprofitable segments of their operation. they've gotten both religion in terms of cost-cutting and streamlining, but also activists involved that's going to improve their margins. it will increase earnings. their base businesses are strong they've been specific income recessions and we think that's good for the companies going forward. >> kari, great to have you on. that does it for "worldwide exchange." watching the futures take a move to the downside. dow futures down about 200 points "squawk box" coming up next. good for the companies going any questions, chris? all good, thanks ma

found that metas response time. let me just get this out here. last year, they found that metas response time in this report i am holding here, to combat anti-semitic content, took between 24 and 72 hours. briefly, why does it take this long? >> thank you for that question, congresswoman. yes, i would first start off by saying that we do a majority of our identification and now removal proactively through our automated systems. uh so much so that we i think identify over 95%, maybe it's closer to 97% of hate speech and violent activity on the platform before it's ever used a report and then we go ahead and remove that. there are some cases where the our agreement, we would try to strive for 24 hours. there are some cases that may cause need more context that we are able to provide that for us to make a decision on this particular piece of content. i would have to go back through to make sure that that sample addresses or maybe fits with the the majority of the work that we do. but we do. we are very transparent on that and you can find that our >

i'll use meta as an example. coming into this year, meta was trading at, what, 15 times now it's trading at 20 times the margin of error was smaller than it was, and i think ultimately the reality kicks in that the economy is still slowing, risk of recession, and earnings estimates are going to come down. >> steve, you want to jump in? >> yeah, just a couple things to put a bow on it. you also have a presidential election cycle theory, too, that the back half of a first termer always is better for the markets because they want to load up the marketplace with economic friendly policies. and i get that we have a hybrid government right now, but look out for that number three, you're going to have rates -- rates were a head wind for technology stocks now if you see that rates have topped, then technology stocks bottomed and to tim's point, the safety in numbers, safety in balance sheet on the tech names, so all those things are going for the overall market the bear case is running out of theories to present for the

on the downside, technology on the back of the news that meta is laying off workers. telecom audio part -- auto parts and media on the way down. mark: jamie dimon sees trends remaining in terms of the inflation picture. he spoke to us exclusively. >> we could still have a soft landing. mild recession as possible. a hard recession is possible. i think there is a good chance that inflation will come down but not enough by the fourth quarter. the fed may actually have to do more. think of the bigger trends that are inflationary. francine: jamie dimon speaking exclusively to bloomberg. that was at the finance conference in miami. ecb officials are divided over how much to tighten. for more detail, valerie tytel joins us with the latest. valerie, hawks versus doves. what is the latest? >> i want to go through a few of the things he said. not just to 50 basis point hikes but for. that would take the terminal rate to 4.5%. he also said in his eye the neutral rate is at 4% but the current ecb rate is at 2.5 percent. the ecb has a long way to go. he had a fan -- he is a fan of

neil pots representing meta. where is he? there you. are okay. welcome. >> chair washroom and scholz, of law, they're distinguished members of the task force thank you for the opportunity to appear before you today to discuss ways that we can work together to combat online antisemitism. my name is yale potts the vice president of safety policy amanda. part of the policy that develops the rules will be called facebook committee sander that what we allow do not allow on the platform. we are very grateful to be here. and to share matters work as well as yours from governments and societies around the world first i want to start up by saying that its mission to allow people to build a community and bring the world closer together. over three billion people come to our platform every month to stay connected to family and friends. build businesses, share billions of pictures. stories and videos about their lives each day. the diversity of expression experience on the platform highlight much of what is best about meta. we firmly believe the technology h

meta knows what to do. not a lot, david, not a lot of tech you want to own because everybody owns enterprise, and there's too many -- >> still >> another 500 enterprise software companies looking for capital. 500, not 50. 500. that's the new era, bye bye happiness. >> back to our discussion yesterday, echoes rhymes with dot-com shakeout. >> i don't disagree with that. we don't need that many companies that help you do -- that go in the cloud and help you generate new software -- david, did you see blackstone did a buy of a company -- >> i'm going to talk about all these lbos, but continue. >> i'm just saying there's too many companies -- there's too many fintech, too many enterprise software. we don't need them all they have to coalesce or go under, and i think mark zuckerberg's got -- this is a manifesto that says we've got to view like the rest of the companies in this country and the world. we have to be like a railroad. >> year of efficiency. >> can't use that anymore. >> year of efficiency. >> remember

meta expects a loss in meta vr verse in 2022 and hopes to turn it around by making the head sets moreessible for consumers. >>> chatgpt is drawing the attention of the app store. with chatgpt growing in popularity, companies are rushing to add the capabilities to their app. apple pumped the brake on some of the attempts. to be clear there's no ban on chatgpt on the horizon. rather, apple wants to make sure their strict content moderation includes the a.i. technology. they worry without filters the a.i. could produce words that aren't appropriate for children. the apps could also accidentally infringe on copyright law. >>> the weekend is officially here. we enjoyed the sunny skies, at least we hope you did because changes are arriving. >> it is coming in the form of rain, wind and looks like more snow. you have to prepare for it. it is already making its arrival out in the pacific. even though we have surpassed our seasonal rainfall totals it looks like march is off to an active start. let's get to microclimate weather. you can see the clouds moving in over the north bay. the real stor

what if he nvidia, meta-, or tesla? we're just getting started here on closing. >>> up next, five-star stock pics. kevin simpson going for more market swings. you're watching closing dollar on cnbc. young lady who was, you know, mid 30s, couple of kids, recently went through a divorce. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care. >>> we have got 40 minutes to go and here are the highs of the day. that was at above 350. s&p may hit 4100 as we are talking about this in what has been a real stellar quarter for stocks. s&p is up near 7%. and obviously mega cap tech is up playing the role. i am looking down at the nasdaq, too. it has been nothing short of astounding. six and half percent over the last few months. there you go. s&p 500 is back at

>> long-term treasury. >> i think snap and meta will both be beneficiaries here, but i think meta has in the nvidia thing. i was -- i was going to do a would you rather, because nvidia and tesla both have the same market cap at 630 or something like that. >> you wanted to do that? >> i was going to say nvidia. i like snap, though. >> new york -- >> you would rather nvidia than tesla? >> final trade. >> i actually get to do it. >> i'm trying to give a tribute here. new york sports have had amazing captains. willis reed at the top of the list. he passed away today. so, "fast money" family, condolences to the reed family. i mean that sincerely. cmg comes out, chipotle mexican grill. >> it comes out other ways. >> noted.

the dow cuts are not over at meta.lanning a new round of layoffs and will cut thousands of employees as soon as as week. in november meta eliminated 11,000 jobs, 13% of the workforce. kim -- the sister of kim jong-un issued a new warning to the u.s. in south korea. she is threatening severe consequences of the two countries go ahead with joint military drills. last month north korea threatened to turn the pacific ocean into a firing range if the exercises took place. hif global has agreed to develop tech knology -- technology to capture carbon directly from the atmosphere. they say it will produce barrels of efuels. >> we are creating a whole new industry, it is very simple, we are taking water and extracting hydration from it, taking air and extracting the hydrogen and combining them. lisa m.: this could be used to keep cars with internal combustion engines on the road. nissan's rating was drops to junk. this is a blow for the company. the industry's turn to electrification -- it is unlikely that nissan could make a s

meta is in a downdraft. those out years become much less valuable.ould you care about a lot his current year cash flow and next year cash flow. on that score, apple is $90 billion a year of cash flow. supersafe. super liquid. google still continues to still have high free cash flow. we would like them to cut costs faster but a lot of their value is not passed your five. in a rising environment, those cash flows are really discounted harshly. caroline: let's dig in on the only name you have an underperform on, meta. they are trying to talk up efficiency, looking towards their jobs on the line, but ultimately i have looked at some of your next on this company after earnings. you said you like efficiency, but are they just rearranging the chairs on the titanic? >> i think the question we are asking is, does meta have a terminal value in its core business? one of the data points we are reading is most of the layoffs mark zuckerberg is making sit in the core business of meta that is being undermined by tiktok. assuming tiktok does not get banned, the ques

you know i'm involved in meta, and i don't own meta because tiktok might go away.ause it's a cost-cutting story, also because they have revenue upside which people have not been talking about. reels is getting momentum because of a.i. and they're using more a.i. the better a.i. helps the more you put in. it is helping with reels and the monetization is working. by the way, they have $2 billion to $3 billion in their traditional facebook business and that's a huge size in scale. i like that one. look, it's up 71% year to date. i'm not buying it here but still down 4% from just in the last year. i pi there's more that can go. i think you have to settle down a little bit. >> bryn, any quick thoughts here? the danger to tiktok potentially could benefit other players, maybe even pinterest, might somehow be a beneficiary? >> i think temporarily but to go back to what josh was talking about, these companies have to give over data to the cpp. at the end of the day, i think the republicans and democrats will hang on that, that we just can't know. i like josh's idea about or

with shareholders of meta.it's going to happen, but we don't think it's priced in at this point. how much? i think there's probably 10% upside. keep in mind, over the last year, there's been four issues that meta stock has faced. one of them has been concern that tiktok is going to be kind of on meta's growth for the next few years. so, i think that's a big deal. that's a sleep well at night knowing that investors don't have to worry about tiktok. i would say this, i mentioned some of the companies, the big tech companies, but this is not just all good for meta, either. is that -- if you, as you watch this, you see, there is a huge concern about the addictive and dangerous aspects of short-term format video and social media. that's reels, as well. and so, i think that while this seems to be a clear benefit in the near term, which i don't think it's priced in, because we're going to see changes. i mean, i think it's getting to a point where now whenever you see bipartisan, i mean, that's a sign that something re

meta really saw an opportunity. it is not they have two or there will be some dire consequences for their business, but they saw an opportunity where a lot of companies are doing this. we can do this and it won't reflect badly and it will make us look smart. caroline: in addition to his own family as well as his meta family going on leave. job cuts makes us think fundamentals, inflation, the cpi print keeping pressure on the federal reserve. kriti gupta, you have got more on it. : it has shifted away from the banking fall. this highly awaited report from the bureau of economics. this is really important because you are seeing a deceleration in inflation. this is good news for the federal reserve in about the first time for a year. zero point 4% rise. services inflation still rising. goods inflation still coming down. shelter costs decelerating. the housing market has been in focus for a while. commodity pressures are coming back up. we see that in gas prices, food prices. that is what the -- the federal reserve is g

this is not a meta-specific issue. you >>> up next, we're going to talk about what you need to watch ahead of the oni bpengell on wall street. stay tuned squawk box will be right back. good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. rock stars. please! do you know what it takes to be a rock star? i've trashed hotel rooms in 43 countries. i was on the road since i was 16. i've done my share of bad things. also your share of bad things. we know that using workday for finance and hr makes you great at your job. but that don't make you a rock star. ted! ted! ted! oh ted in finance. you're a rock star! hey liz in hr? can you do this? unless you work with an actual rock star. you are a rock star! thank you! who's the new guy? hi, i'm ozwald. hello ozwald. give it up for pam. pam, you are a rock- [silence] i wasn't going to say it. ♪♪ what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪ to guide

i think it is so great meta was going to make it. it was so great.st setback that mark zuckerberg had. >> yes. >> look, other than bank executives, he has been the most reviled. he had a shot here i don't know he's spending a lot of time. >> yeah. the last thing, jim, airlines. boeing investor day, which we'll watch. >> tharm charm offensive is ter. >> jetblue saying staffing is a challenge. they'll cut routes from new york. >> is this revenge against the justice department you don't want us to merge this is what we're going to do i didn't get that one at all to go back to boeing, there's tremendous demand for planes they are getting it together i'd say we have to look at ge. we keep thinking, larry cope, we watch that stock go up it's been a horse. >> yeah. >> larry, you know, someone the other day, i was listening to someone say, well, they're worried about their energy business it's not that great. that's a peer play the order book is great. the service business is great. don't forget ge is the way to be involved really good. >> remarkable. dow up

it was meta's first big layoff in its history.ay's cuts will mean the company will have cut about 21,000 by the end of this year. >> wow. we'll be following this for sure, scott. thank you. to a live look in palisades tahoe at 6:37 on this tuesday. the sierra braces for another wave of serious snowfall. several feet of new snow may fall over the next few days at higher elevations. let's bring in meteorologist vianey arana to show us exactly how things are lining up. >> any time that we look at the sierra, we've had an impressive snowpack so far. the key component here within the next couple of weeks is that's when typically we see the peak of the snowmelt, is if it's going to stick around long enough to seep into the ground. surface moisture is only the beginning of it. groundwater is just as important. but if the snow melts too fast, it doesn't give it enough time to actually seep into the groundwater, which typically gets replenished a lot slower than it gets depleted. the hour-by-hour forecast is showcasing heavier pockets. rig

shares in meta are up more than 50% from their lows, but critics point out it's not because meta has invented anything, but because it's cutting jobs. the business itself is in trouble. >> the business model for meta is dying, even though it's an insanely profitable business. they have doubled, tripled down on a business that will eventually start dying, while also putting billions of dollars into the metaverse, which nobody can define, let alone prove exists. >> bloomberg says ceo mark zuckerberg wants the thousands of job cuts to be finalized before he goes on paternity leave for the birth of his third child. marcus and laura, that is said to be imminent. so we do expect these job cuts within maybe the next 48 hours. again, the second for meta since november. >> we've seen a lot. >> we have. >> thank you, scott. >>> 6:17 right now. let's take a live look at sfo because this is where this morning uber wants to make it easier to find your airport ride share. here is how it's going to work. the company is rolling out a new app and the features will include step-by-step directions so y

meta cutting 10,000 more jobs.s comes just four months after the social media giant axed 11,000 roles, sharing jumping more than 7% today julia boorstin has the details julia? >> in addition to the layoffs, mark zuckerberg also closing 5,000 open positions that meta had. he warned of the, quote, possibility that this new economic reality will continue for many years, and he also lowered meta's 2023 expense guidance the company now forecasts a range of $86 billion to 92 billion in expenses, down from a prior range of 89 to $95 billion. the company saying this is inclusive of the layoffs and 3 to $5 billion related to facilities consolidation charges and severance. evercore reacting, saying the year of efficiency is becoming more efficient with a new lowered expense guidance, meta is declaring that it can recover to growth to de minimis growth which will create a slingshot opportunity as revenue growth rovers. zuckerberg saying the company is focused on increasing developer productivity and also improvements to the c

we are talking about more layoffs at meta. facebook's parent company is giving another $10,000 workers the ax. ceo mark zuckerberg saying it is because of economic stability that could persist for many years. so anne makovec joins us in studio now. i know you spoke to a tech expert about what this really means for silicon valley? >> reporter: yeah, you said it, many years. what are we talking about here? and this move is a number, a part of the number of steps rather that meta is taking right now to cut costs during what zuckerberg has dubbed as the year of efficiency. and they are also slowing down the hiring and canceling some projects. that is leaving a lot of questions up in the air about what this leaves. there are ripple effects for moves like this as you might imagine. i spoke to a tech expert who says there has been a steep decline in avenue revenue in part because advertisers are cutting back, and also because of new privacy restrictions at apple and safari. and then there is the herd mentality of silicon valley. >> i

all the places that you're buying into the market it's in the place that's ripped the most i mean, meta is one of the best performing stocks in the first quarter. >> right but it's where it is today it's not where it came from. and today it took 19 times hey, if i bought nvidia, i would understand your consummation there but i didn't buy a stock that's trading at 100 times earnings basically a market multiple that's got big momentum and i think will do well i have the option of tiktok does get banned, it does add to the growth here. part of that is reflecting in the stock, admittedly. again, its valuation and support is under it, if i'm wrong. i don't like the metaverse play. they're cutting back on it that's attractive. >> kari, what about tech i know you own meta, and we don't need to have a conversation about that and i don't want to specifically about meta, but, overall, this motion that, all right, tech has run a lot. it's going to continue to run, right in what you thought would happen this year is not happening thus far can't beat them, join them just continue to buy big cap tech

alphabet and some other ones with meta platforms. if you look at estimates, for where we think upside could be, there are beaten up names that have a lot of upside potential if target prices come to fruition dish network is 61% below target price. match is below its target price. warner bros. discovery is down all of those could be bigger value plays. take a dive on what is happening with dish network. that stock, one of the fewer plays left in satellite television, has been seeing a lot of down side momentumomentu. still down 42% over the last period from the financial chriss to w-- financial crisis to what we are seeing now. frank, let's say only 47% of analysts track and say it is a buy. >> after they lost nfl sunday ticket, that is interesting how it impacts demand. >> dish did not have that. that was directv at&t has directv it is a division there it is hard to get the pure play. dish network with the dynamics in play. cable communications in general has been a tough place to be we will see if that overall media sector >> dom, y

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 profita

plus, meta is considering a job cuts of 13% in november.ket is waiting for powell and that is all we are doing today. we are hanging tight when it comes to u.s. equities and the bond market, but elsewhere we are pricing change at the rba. that change is a pause. in the language of the decision today, lowe was talking about when and how much rates will rise bit it is not a given that april will get the next hike. we have a three year yield coming in. the diverting tree that is not happening in the euro despite the fact we have goldsmith talking about a 4.5% terminal rate, four basis point hikes to come. we will be talking with valerie tytel about this, but adam pull over at rbc says that the market only cares about the dollar, not the rate differentials. a quick look at equities. no one has given me answers yet as to why china had the massive reversal. we were up nearly 2% in the china a shares. euro stock 50 futures pretty much unchanged. let's talk about the ecb and battle lines are forming for the central bank decision next week. . one ca

. >>> coming up, crowdstrike, shares surging plus the tale of the tape alphabet versus meta. who are you putting your money on would you rather of epic proportions when "fast money" returns. of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more. lomita feed is 101 years old. when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. everything's changing so quickly. to keep the people that have been here taking care of us. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room? why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future

after facebook changed the name to meta and projected that the meta versus digital universe would be the future of the internet. right, and it was considered a good opportunity for disney because of it's vast, vast content, but now we're seeing, they don't consider it where the investment, it's being wrapped up in a larger sort of restructuring. the company cutting 7000 jobs trying to reduce spending boost cash flow. and this is because the company saw some economic headwinds last year. that includes some stiff competition in it's streaming services, but also other hits across the company, such as at the box office. can we say whether for companies like disney, the timing is just bad for investments in the better vers right now? or if there's some question about the fundamental mainstream appeal of the metaphors? well perhaps it's a sign that such a large company such as disney is pulling back from this right. lots of companies hopped on the band wagon not wanting to get left behind and technology. they created all of these executive positions, specifically dedicated to the matters,

. >>> after the break, meta and broadcom near the tom of the s&p. plus, retail's recession playbook with costco and nordstrom on the move after earnings more "squawk on the street" is next go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. the

why is meta-planning further cuts?really a continuation of zuckerberg's commitment to what he's called the year of efficiency. we heard that in an investor call in february. we heard that was being communicated to meta-employees during their own performance reviews and now we are hearing it again. that's how we introduce the latest round of job cuts at the company. it's all about cost-cutting, keeping costs under control at a time when we are seeing a lot of tech companies whether a storm of higher interest rates that are having an impact on consumer sentiment and they're worried about i have -- about ad revenue going forward. the thing with meta-is it's quite a dramatic amount of people. this is 10,000 on top of the thousands already announced earlier this year but what we are seeing is essentially meta- has committed to this cost-cutting but they are not alone. a lot of the big players in silicon valley are scrutinizing their costs. we heard apple is considering delaying the bonuses for some of its employees. this is

i'm long meta.iting now a little bit because of the possibility of banning tiktok? >> yes, of course. i should have mentioned that, stu, and i know you just talked about the topic. when you and i talked six months ago about the potential for tiktok ban, i would have said, you know, less than 10% chance but clearly that's changed. there's nobody in washington who likes tiktok, so i think there's a distinct possibility that this happens, and facebook will be, it be a beneficiary, google be , and snap be. stuart: okay let me move on to netflix. you've been right, you've been pushing netflix, saying how good it is for some time, and now, i think you've raised your price target to 400 bucks a share. 321 now. >> that's right. this is the product cycle name that i'm probably most excited about for this year. it's not as inexpensive as meta. it trades at around 20 times earnings. i think it warrants that multiple and can warrant a multiple higher than that but it's bwa, if you can remember one thing, it's b