convenient more data for amazon to have inside your personal space lovely thank you very much, steve kovach. >>> tesla is under pressure following its shareholder meeting. meantime, shares of carvana skyrocketing the online used car dealer announcing it is aggressively cutting costs. phil lebeau joins us tesla stock has been losing steam all day. why do you think that is >> well, i think part of this is because it has come so far so quickly over the last couple of months take a look at tesla shares over the last three months and look at where it was back in may. i think it was in the 620 range and went up over 900 that's a 47% gain. it's only natural you'll see some profit taking coming in here this is not tied into the comments from elon musk at the annual meeting overall if you listened to that meeting and watched what he had to say, he was fairly upbeat about tesla's future so this is not a case where there's actual news moving the stock lower, i think this is a case of look how far it's come, let's take some money here. >> you've also got twitter up 4%, so there could be an inverse trad

by cnbc executives also say they're no ruling out layoffs, although none are currently planned steve kovachns us. steve, how does this message from google compare to wha we're hearing about hiring and spending from some of the othe big tech companies >> yes, sara it's very similar. a few weeks ago mark zuckerber told meta employees the same thing. hey, we all need to buckle dow here we're heading into a real toug environment, and we need to se productivity go up there's a sub text through all of this that if you're not willing to do that, you better get out now before the layoffs hit. you can kind of see this, sara as preparing these staff for any kind of future job cuts. on the apple side i asked ti cook about this. just during the earnings repor last week. and he wouldn't really say they're slowing down or laying off. he just said they're going to be deliberate about hiring. and then all these ceos have been talking about what they'r seeing through the end of th year foreign exchange head winds ar expected to be a huge pain especially through at least next year and then we're seeing other

steve kovach, thank you. >> of damage on some of them.said that while walruses are a protecte> norwegian authorities euthanized a beloved walrus over the weekend. her name, freya. she became quite the celebrity this summer. she's traveled all along the norwegian coast, stopping to rest on boats and ships, leaving her mark and a fair bit of damage on some of them. the norwegian directorate of fisheries said walruses are a protected species and euthanasia was out of the question. authorities warned the public to stay away from her but crowds still gathered to catch a glimpse. they say they euthanized her because of a continued threat to human safety. >>> 45 seconds left on our race to the finish. prosecutors in georgia have informed rudy giuliani he's a target in their criminal election interference investigation. giuliani says to testify before the grand jury on wednesday. >>> the justice department is asking a judge to keep the mar a-lago search warrant affidavit sealed. the document likely contains key details about why fbi key details a

. >> that was cnbc's steve kovach reporting for the news with shepard smith. >> interesting there to> it's 4:53. making a mark in the south bay, still ahead on "today in the bay," we introduce to you one local artist helping to spread love and joy through her large-scale work. >>> but first, happening now today marks ten days since placer county teenager kiely rodni disappeared. a ram sticker under the rear wiper blade of her silver honda crv, rodni disappeared attending a party at a truckee area campground. a reward to find her now stands at $75,000. we'll be right bac we'll be right bac k. want more from your vitamins? get more with nature's bounty. from the first-ever triple action sleep supplement. to daily digestive support. to more wellness solutions every day. get more with nature's bounty. >>> 4:56 for you this morning, and new for you, a san jose developer is teaming up with a well-known artist to breathe new life into the city. >> republic urban property is moving into new headquarters on willow glen on lincoln avenue. the building will also soon be home to a new restaurant

the strength of the consumer and see how the business model is holding up joining us on that, steve kovacht. but first let's talk about today. we're looking with affirm looking for gross merchandise value. that's the total cost of stuff people buy through the platform before the merchants get paid from affirm. last quarter, that was up about $4 billion speaking of growth and transactions, that means growth and transaction costs for affirm, so they guided up to $355 million in transaction costs. that's their biggest cost that they had to do every quarter and then speaking of the consumer, what kind of health will we see in the consumer. we've gotten so much data during this earnings season on that we're getting fiscal year guidance for their fiscal year and that should give us some guidance as to what they expect going into the rest of the year and the next year from a consumer spending standpoint and then apple within a few weeks is larging their buy now, pay later called apple pay later on just about every ios device out there. >> apple is in for a couple of wild weeks between that, the p

market share also took a hit when amazon announced prime member benefits with grub hub last month steve kovachhe story here. steve? >> yeah, jon, a few things we're going to be watching with doordash after the bell. how it looks after this blockbuster performance after the pandemic where it was growing. the comps are going to look tough here and not to mention, people are getting out and about and traveling more and going to r restaurants instead of ordering from them. another growth segment, they're kind of diversifying now so alcohol and grocery are becoming more and more important as people get out and about. and monthly active users, how many people are using the platform and paying the subscription service, dash pass, which saves you a few bucks on every order. those are the most loyal customers. and this is similar from what we heard from uber earlier in the week how are they managing driver demand when uber talked about how they're able to convert those drivers over from food to people and they're expecting demand to increase in the fall and are curious to hear what doordash will say >>

the company has never missed earnings or revenue estimate in the last 20 consecutive quarters steve kovachhat do you say? >> on salesforce, it's really about i.t. spend from small and medium businesses. we heard this from microsoft, they're seeing a softening in basically the client base for salesforce of i.t. spend, with recession fears, laying people off, so forth. one of the first things to go is spending on these i.t. things. what microsoft did say in the earnings, though, and we can listen to this, the higher end, the big companies are increasing their spend, so it will be interesting to see if they can make up for what they're missing out on >> danielle, what do you think of the company that never misses >> you know, i like salesforce i think it's been unfairly punished the downtread is really weak, but they have done a good job rallying over the past few weeks. the way they have reported the past few quarters, they have been smashing it as far as the earnings results are concerned when you look at the way that it gapped up last quarter, it had an 11% move. this quarter, what we have

iphone services revenue growth slows and that is setting up more tension with, who else, meta, steve kovach is with us and has that story apple as upended the ad landscape. now they're going to slide right in there and increase their own business. >> i want to paint a picture here of what apple is, and is not doing in advertising there's been a lot of discussion about that, this week. so here's what's not going to happen is you're going to open up your iphone and see ads stuffed in all your apps what's going to happen in the near term, apple is really focused on expanding app store ads, when you search for spotify and get an ad for a similar app like sound cloud the next move showing ads to ins install apps on the home page. app install ads are lucrative and offer a great return on investment for the advertiser. that will justify set slowing growth in apple services due to foreign exchange head winds and customers spending less on the app store. the increase on app install ads, projected to hit about $118 billion this year, this is why apple is putting focus on app ads. what's not happening

steve kovach is here, cnbc's technology correspondent. >> before you are locked in and you had to sitstill, this will actually have cameras on the outside that allow the real world to pass through so no more bumping around and all over your house or apartment, you can actually see what's going on with digital images laid on top of it. >> and you can pass by things? >> if i had it on my now i can walk around the student studio with digital images but the cool thing is if you want to dial it all the way up to vr than you can and have the fully immersive experience. >> we talk about this by never see people sitting around wearing them. who is buying this? >> not many people right now and is predicted not many people in the future. was looking at some research today, in 2026 they are predicting only 50 million of these headsets will be sold so put that in perspective, just apple alone sells 200 million phones a year so put that in perspective. this is not going to replace your smart phone anytime soon. >> speaking of we will see if the apple get-together is a week from today, what happens

video game companies saw huge gains during the pandemic the growth is coming to a halt or slowing steve kovachns us with more. we've heard from roblox. they say gaming is still recession proof despite some data points to the contrary. >> yeah, that's right, dee some of their peers are saying different things gaming companies are warning of tough time ahead after a dismal second quarter for the industry. video game spending falling 13% in the second quarter. and that showed up in the results from companies like take two interactive and activation it could get worse gaming is not recession proof saying people will spend money on food and gas before video games. take two and others providing disappointing guidance for the rest of the year it's not just the drop in spending either. these companies do a lot of business in europe and asia where foreign exchange headwinds are the worst. roblox planning way to diversify revenue selling digital items to players. the ceo saying just this morning the company will launch a metaverse advertising platform this year. they'll also have to prove the tough comp

steve kovach now. explain the logic. what is this? does about money. >> pretty much, yes. the short answer is yes. there are only so many iphone users in the world. apple has hit the peak of about a billion. >> you have to get more mongy. >> exactly. they have been there a couple of years. how can we squeeze more money out of every iphone owner. wong way is ads. if you open up, you might see ads floating around in there. if you go to theapp store. let's say you search for spotify, eamon. you might see sund cloud, for example. that's how they're making money in theapp store today. what they're going to add is the home page in theapp store. whether you search or not. you're going to start seeing adds for more apps right there. >> you're being inundated with ads everywhere around the world. that's your respite from advertising this. is going to annoy a lot of people, right? apple has to make a determination. how many will be annoyed? and how many will leave? >> it's risky because they've played this privacy game. privacy, privacy, privacy. and a lot of advertising. going to k

microsoft investing in two big trends, cloud gaming to start steve kovach is with us taking a look at the hardware coming this fall. >> i'm calling this metaverse palooza, after a year of hype, it's time for these big companies to show their work starting this fall we're going to get the first in a wave of these virtual and augmented reality headsets mark zuckerberg says meta's new headset, code name cambria, launching first in october and early next year sony announcing it will have its playstation vr2 headset, which means a playstation 5 to actually run that's coming early next year and also early next year we're expecting to see the apple headset as well. there are lots at stake for these companies but more so with metawith all the names i just said it's the only one betting its entire company on the metaverse, and it would be a big blemish for metaif this device is a dud or doesn't sell well meanwhile, the market is really small for these headsets and not expected to grow significantly over the next couple years idc predicting only 50 million will be shipped in 2026, four years fr

steve kovach is here.pparently, he does know how bad it is. >> he did make the announcement that he is planning to change it. >> this was three or four days of people making fun of this. i played computer games in 2002 as a teenager that look better than this. he basically said, look, this is basic. we are working on it. we will make it better. he did put a picture, teasing what it will look like. you can be skeptical. >> this looked like a terrible, retro feel. was that intentional? did they screw it up? >> screwup is a strong way to say it. >> they pivoted the entire company here. >> they put in $10 billion. that virtual selfie of mark zuckerberg is a $10 billion selfie. that is where the criticism is coming from. >> this is not incompetence, this is about strategic choice. >> they are starting slow. they are starting from scratch on all of this. it will look rough around the edges. to give them credit, by their own admission, this is a beta project. this came out because it is launching in spain and fra

let's get to steve kovach with the details. >> let's start off with hp.a revenue miss, $14.6 billion versus $15.17 billion exactly in line with expectations. it is lowering guidance for the fourth quarter sending shares down about 4% here in the after hours. onto hp enterprise, revenue, a slight mess. $6.97 billion expected. we have two different tales of demand. hp ceo, enrique lores, telling me that print demand is falling. saying the slowdown accelerated throughout the quarter. that has been echoed from so many this season. it is a different story. demand is strong and steady despite foreign headwinds. by the way, jim cramer will have enrique lores on mad money next hour, to go over the hp results in detail. >> actually, it was surprisingly good. i'm surprised the stock is higher right now than it is in the aftermarket. $12.40 was the recent low. you can wrap your head around valuation. listen, they are saying similar stuff to what microsoft said. i think you can be long for a trade here. >> the hp kind may not have come as a surprise, given what we ha

. >> steve kovach. >>> let's bring in the verge editor in chief neli patel, good to see you what is the most important strategic trend happening right now in -- i'm not going to just say gaming, mobile and app stores are part of that, this metaverse nonsense we're talking about less and less, but it was getting pushed a few months ago as part of that too. >> well, first, i want to point out, and steve's talking trash on twitter, i'm wearing a cooler jacket most importantly in gaming, though, the big trend is where the money is moving. gaming was on track to become $191 billion business, people think it will contract to $188 billion. the piece of the pie that's growing is microtransactions games are free to play and you buy a lot of stuff in the games. fortnite, free to get it, lots of transaction makes all the money for epic what you're seeing from all these companies is right now you can buy madden i buy madden every year for $75. it is basically a roster update, but there's tons of transactions inside of it so if you're looking at a cloud a base like amazon luna or microsoft's game pa

. >>> let's now get to steve kovach at headquarters with a closer look at the sell-off in big tech hey, steve. >> yeah, i'm at headquarters, mike let's compare the move to the rally we've seen the last three months let's kick it off with apple apple slipping 2% today but it's still up over the last three months and now 5% for the year and still flirting with that all-time high it hit back in early january. microsoft now, microsoft is down about 3% today and up almost 10% over the last three months doing pretty well there. amazon is underperforming the group today, down nearly 4%. that's on that report, mike, that it's bidding for signal health, which may be valued at $8 billion amazon getting into health care even more there. and alphabet is down 3% and up 4% for the last four months. the worst of the group, meta it's down more than 3% and it's the only mega cap resisting the rally this summer, down 16% the last three months, mike. >> yeah, steve just a massive spread between apple and meta, but even most other of the big faang stocks. appreciate it, steve >>> we'll have much more on t

steve kovach is here. what's the big advancement? >> this next generation of headsets is going to whereas before you are kind of locked in, you had to sit still, you are fully immersed, it'll actually have cameras on the outside that allows the real world to pass through, so no more bumping around, all over your house or apartment, you can actually see what's going on with digital images laid on top. >> and you can pass by things. >> you could walk around the studio. i could walk around the studio with digital images popping up all over but the cool thing is, if you want to dial it all the way up to the yard then you can have it. >> i never see people sitting around wearing them, who is buying this? >> unfortunately not many people right now and it's predicted not many people in the future. in 2026, they are predicting only 50 million of these headsets will be sold. to put that in perspective, just apple alone, sells 200 million phones a year. so put that in specter. this will not replace your smart phone anytime soon. >> speaking of

here is cnbc's steve kovach. >> samuel jordan may seem like your typical 23-year-old. his morning starts with coffee. he checks his phone. pretty soon, he gets to running his million dollar meta-verse fashion business. >> in 2019, i made $30,000 creating outfits and i thought, this could be a serious career. then, in 2020, i made $600,000 designing digital items on roadblocks. in 2021, i made over $1 million. >> this world is going faster than ever before. >> reporter: roblox is jordan's world of choice. jordan has been in it since he was 11. at that age, did you ever think, this is going to be my career a decade from now? >> not at all. >> reporter: today, it is his full-time job. he sold more than 25 million digital clothing and items through a digital currency called robucks that can be turned back into real dollars. >> how much does one t-shirt sell for? how does that translate to money in your bank account? >> when i sell digital items, they are typically between 50 and maybe 150 robucks , which translates to money for a player to buy. >> reporter: he does big nam

steve kovach is looking at apple's pullback, diana olick watching the home builders and pippa stevens energy >> apple is taking a leg lower saying the doj could file its ag agent trust lawsuit by the end of the year. this covers the same issues regulators have been hitting them with focusing on the market power with its app store the investigation is focusing on whether or not apple stifles competition by taking fees from developers selling on the app store and requiring customers to use apple's payment system apple has argued these fees support the app store and without it a lot of these companies wouldn't make money at all. it also lowered fees for most developers amid all the scrutiny the european union passing the digital markets act expected to go into effect next year to require apple to allow alternative payment methods hurting the app store and the all-important services segment, mike. >> just so i'm clear on that, steve, in terms of how this doj report fits into what apple has been contending with already, is it just another investigation of the same set of issues or is it so