in the tech sector. that was led by expansions. businesses that were in 2019 added. we had some growth of employment, businesses that were performed. we also lost employment and businesses that closed establishments. the number of jobs involved with businesses move in and out have very small. we had less than 20 businesses move in and out, number of jobs very small part of the total. that's typical. most employment change. businesses are formed or closed or when businesses flow and -- grow and contract. they can make headlines. this is our most recent look at venture capital before and during the pandemic. specific to san francisco. it comes from a source called crunch base. it allows you to search just for companies that are headquartered in san francisco. certainly there was not much to climb venture capital at the start of the pandemic. during 2020, the amount of venture capital coming into san francisco has been -- [indiscernible]. just in august last month, there was over $70 billion of venture capi

in the tech sector. that was led by expansions. businesses that were in 2019 added. we had some growth of employment, businesses that were performed. we also lost employment and businesses that closed establishments. the number of jobs involved with businesses move in and out have very small. we had less than 20 businesses move in and out, number of jobs very small part of the total. that's typical. most employment change. businesses are formed or closed or when businesses flow and -- grow and contract. they can make headlines. this is our most recent look at venture capital before and during the pandemic. specific to san francisco. it comes from a source called crunch base. it allows you to search just for companies that are headquartered in san francisco. certainly there was not much to climb venture capital at the start of the pandemic. during 2020, the amount of venture capital coming into san francisco has been -- [indiscernible]. just in august last month, there was over $70 billion of venture capi

i'm not suggesting should you buy or sell tech if you have tech should you sell because you think re-open stocks or ones that are more economically sensitive or cyclical will do better. where should our expectations be for the fourth quarter let's call that what we're looking at last few davis trading in q3 looking ahead to the final three months of the year in q4 where should our expectations be should they be if rates continue to rise that tech will continue to sell off and name will continue to work or booking holding, for example which hits a new high today which you happen to own or live nation which hits a new high today which josh talked about multiple times or an expedia or any other travel related names where should our expectations be that's what this conversation is truly about. >> yeah. i think the expectations should be more temperate for technology even though a lot haven't done in the last year they are facing tough growth comparison we saw that in last quarter meanwhile we have this re-opening that's been stalled and delayed, but i still think it will happen and i think ma

energy only group in the green tech and communication services biggest laggards with tech on pace forses day since may. with mega cap tech firmly in red as yields move higher, cloud stocks and work names are moving lower. zscaler is down. zoom down as well. adobe is down 12% in september for the worst month in more than a decade here is a look at vaccine makers, seeing big declines. novavax down about 11% moderna down another 5% or so today. it is now down 15% since friday. even biontech shedding more than 7% on the session. over to rahel solomon for a cnbc update rahel. >> hi, kelly >>> here is what is happening at this hour. the man who has been sentenced to life in prison for killing four people at massage business pleaded not guilty to four more counts of murder robert aaron long could face execution if convicted on new charges. >>> 11 people have been charged in the hazing death of adam observation, a student at virginia commonwealth university the charges come six months after he was found dead. his family says he attended a frat initiation party where he was told to drink an en

rising interest rates in a nutshell cause trouble for tech because tech stocks maybe more than othersre so dependent on the discounted value of future earnings it's all about the future earnings and if rate rs s are g up, the value goes down, hence the stock price goes down. but are there exceptions in tech or other ways to play in this rising interest rate environment that can make me some money? >> yes, and you laid that out perfectly. i've been listening to you today and i think you're doing an excellent job at trying to break that down because not everybody realizes that so investing 101 to your point, tyler, is that you don't buy tech in a rising rate environment but the caveat is you can buy value tech and what i mean by that, some of the names are the names we always talk about. the name that i always lean to is apple and obviously apple has had a bunch of negative headlines involving the app store and their commission with the app store. i think that will go by the wayside. 30% is probably in the rear-view mirror so the price of that stock has to be recalibrated i would say th

it's time for rapid fire and today's slate is china and old tech, although apple is newer tech michaelkami, founder and ceo. molly wood of marketplace. and matt may lee who is the managing director. let's start right in with china's crackdown continuing shares of alibaba dropping after reports beijing wants to break up the pay and create separate loans app. also hand over all user data they use to impact loan decisions for a venture. there you can see bah bah shares down 4% today. this was a capital they downgraded the stock. they admit they're late. they cited more regulatory uncertainty and 10 cent is down about 2% right now michael,broadly speaking i'm going to ask you the same question i ask you every couple of week. have we reached and bottom of the crackdown and what is this about? >> we have not reached the end it's about china basically exercising its control and the regime is very, very interesting in making sure that they're the ones with the control and it's not people like john law, for example, at alibaba. so, it's really, i think, indicative of the state, the chinese stat

tech versus china tech, you can see u.s. tech in the white line.es incorporate chinese adr's like alibaba and jd. even as we see chinese tech which is the yellow line dropping a lot, the regulatory scrutiny still weighing on those shares, u.s. tech is stagnating. growth rotation that was towering this sector is starting to fade. let's zoom in on the u.s. tech part of the equation. in today's intraday session, u.s. tech, apple, amazon, they were the make or break case for the u.s. stock market. they took their supply chain. apple's this case study. taiwan semiconductor manufacturing company qualcomm, sky works, all down on the day, in line with the tech trade and the risk off momentum. not as much as your alibaba's or jd's. less than half a percent across the suppliers. apple ending positive on the session. interesting to see that if you are a supply chain, or in any way associated with a big tech name, you are insulated from the broader move. something to watch for in the days ahead. emily: for over two decades, google has made it its mission to ma

so tech matured.he maximum draws, median drawdown smaller in the last ten years than the prior 20. what you look at now is the current headlines for the technology sector are phenomenal you have, you know, a dovish bet. you have economic growth, but slowing. look at economic data points that we've seen since, in the last-since start of august all five regional fed reports shows deceleration, weaker than expected consumer confidence weakening, and then also you saw the miss in private payrolls. all positive but all showing weaker signs that is an environment where growth becomes more scarce, which is positive for tech, and when you see the covid numbers going, continuing to rise, that should be another reason why investors gravitate towards more of these tech stocks which have consistent growth. but the key here is that, to your point, julie, you mentioned, are we due for a correction interesting, while tech sectors reach record highs day after day, today is the one-year anniversary where the sector pe

"tech check" starts now. >>> happy monday welcome to "tech check." we have keentcarl quintanilla ad julia boreson, a rough start to the nasdaq, more than a percent at the open, now taking back some of the losses and tech putting pressure on the s&p as well and the power of duopolies and why the consumer could benefit from increased competition. and finally "tech check" is live from code here in l.a., a series of big interviews all week long, i'm here today to talk to lisa su, and carl and julia are here tomorrow hey, carl. >> we can't wait to join you, john let's get to facebook. head of instagram, joined the "today" show this morning to announce plans to pause the instagram kid's project. >> say we want to talk about how we will put the work on pause, i still firmly believe it's a good thing to build a bridge of instagram that is designed to be safe for tweens but we want to take the time to talk to parents and researchers and safety experts and get to more consensus about how to move forward. >> now, the public campaign comes ahead of facebook's gl

tech is such a huge part of the market so when there is a huge selloff, tech will get dragged down. but what in particular was driving tech? joe: tech is such a big part of the market that you can have days where a lot of the market does well until the headlines look weak. today, everything looked weak, and tech in particular. historically, recently, there has been this correlation between te rates. perhaps it is not automatically intuitive to most people but we did see this big pickup in interest rates. the perception is tech stocks are long-duration. the idea is that if you buy a sort of amazon, what you are really buying is something deep in the future, earnings that are way out there. when the market is in a position where the discount rate is going up, rates are going higher, suddenly, people don't feel as comfortable about paying an aggressive multiple for 2030 earnings. i think that is the key macro idea to think of on a day when you see tech and treasuries at the same time. emily: for those of us not necessarily following the fed. talk to us about those reasons. joe: i think

is kind of the point, the chinese government intended on shaking up and having more control of its tech and financial institution. so it wanted to make the biggest rebel possible. but yeah, this is no different than the u. s. trying to force take talk to spin off and sell a valuable piece of their company of their choosing. so that now you have this overreach from governments into the lives of private companies, simply because they're doing too well. and we will all remember how critical the united states government or the chinese government was of the u. s. telling them to break up tick tock for that matter. ben, as part of this new regulatory climate, chinese authorities have told 10 cent and ali baba that they must open their wall the gardens as they put it. what does this mean for competition? no means a couple of things. it certainly means less competition in terms of being able to build up your own space. so companies like 10 cent and, and alley bob are being told, look, you can no longer block links to other websites. so if you're, you know, one of those alibaba, e commerce sites

it's a question of, if there are abuses a big tech, how do you control them? whether it's better to write law that can be interpreted by the court with a lot of nuance case by case, or whether it's better to have legislation. and when you have legislation it's more cut and dry. it's usually over broad and under broad, very hard to get at the very specifics. so my, my rather my druthers would have been that the law as decided by the courts with more flexible and recognizing power where it is. and they could go into the details of how it's exercised and what is justified. i think since it's probably not going to happen, that we need legislation, but that the legislation will be over broad. well, and it definitely themes that no matter what happens, whether it's done through legislators or in the courts, apple is going to fight it, no matter what ellen or fox of the new york's university school of law. thank you so much. thank you. time now for a quick break. so when we come back pro wrecked, the members in northern ireland government are threatening to resign. i

it's time for "tech check." >>> good wednesday morning welcome to ""tech check." i'm carl quin tarx nilla we debate the effectiveness of their oversight board. >>> netflix pops and the biggest stock movers straight ahead. >>> later on between the regulatory crackdown and now evergrande are chinese stocks investable right now an argument for yes this hour with one specific name in mind, john >> we start with facebook as several headlines top our own feed this morning. first is project amplify an in-house initiative at facebook that targets pro facebook stories to news feeds to distant zuckerberg from sca scandals and then the lawsuits, two groups of facebook shareholders suing the company saying they overpaid on the ftc cambridge find from any deposition or personal liability finally, the oversight board not raising the white flag on how facebook treats its so-called vip users. if history is any indication, the board will mull it over for a few months before kicking it back to the company to make a decision of its own. still, highlighting facebook and the need for

"tech check" starts now. >>> good friday morning. welcome to "tech check" i'm carl quintanilla with john fortt. all related activities illegal it's hitting coinbase and robinhood, as well. >>> plus iphone 13 models hit the shelves today, but you may have to wait a while to get your hands on one a deeper dive on apple demand. >>> and then one software name soaring. why an analyst says it's a must own for growth investors, john >> we will start with stocks lower today. a selloff to start the week, a rally followed mike santolli is putting this week's volatility into perspective for us mike. >> yeah, john, pretty much a round trip for the s&p 500 from last week's close but a lot of movement under the surface the breakout higher in treasury yields might be one of the more significant ones and kind of says a lot about style rotation, things like that take a look at the year to date chart of the nasdaq 100 etf along with the s&p 500 value a lot of contrast here right here where the nasdaq 100 was really suffering into that early march, tha

let's start with the tech trade as a whole. it was not just tech that rallied. you sought become the big tech bundle trade we have been talking about. whether it was chinese adrs, those in the green by over half a percent and semi conductors. even to the point where autonomous vehicles, electric vehicles, those were in the green as well. pretty significant that the tech bundle trade was doing well. what was not doing well, cryptocurrencies lagging the broader market. which brings me to how they are reacting to stocks in general because today they were not on the same page. this is a correlation that shows the trend is building higher and higher. what does that mean for stocks? it means the volatility is correlated to bitcoin. he could mean there is more volatility in the future of the s&p 500. let's get to the micro picture with ed ludlow. >> some of the big tech held momentum. uber up 11.5 percent on tuesday. weakest gain since november 4, 2020. the company sang adjusted ebit in the fourth quarter will be a loss of $25 and a $25 million profit. that is a milest

that's it for us tech check starts now. ♪ >>> good tuesday morning welcome to tech check.e are live at the code conference in los angeles. jon is in san diego at qualcomm conference yells we have not seen in months worst day for the nasdaq since about day 12 semis on the move. you'll hear from amd ceo and qualcomm talking about the supply chain f faang continuing to suffer crypto and spac stock trade. a brutal day for tech as the sector leads all stocks to the down side. led by macro issues automatic over the world >> interesting to hear from folks here at code saying she believes the global chip shortage will be less severe in the second half of 2022 a lot of conversation about competition. you heard ceos take subtle diggs. all of these tech players really benefitted from some of the trends, going forward, it might not be the rising tide they might be at odds and fighting for market chair. >> exactly what you got to last night? >> that's right. all fits in with what janet yellen, the treasury secretary was just talking about the broader economy. lisa su talking about u.s.

modest rebound for tech this morning. let's start with some of the big names.le, amazon, alphabet and microsoft of course hit hard yesterday facebook down 10% in september and highlight a range of issues that tech is confronting, they say. rising yields, tough comps and moderating pandemic tailwinds. chips a soar point micron not helping and reporting and disappointing with the forecast last night and analysts say help limit the pressure in today's trade. have a look at the video game publishers, as well. act vision ea take two and stronger yesterday in the green again today. joe saying the group is benefitting from attractive valuations and upcoming launches back to you all. >> josh, thanks very much. >>> let's stick with some of these market themes today following yesterday's ugly trading and bring in someone who has been an early investor in some of othe biggest names in technology including facebook and netflix. jay hogue who sits on the board of netflix, peloton and zillo. jay, great to have you in person >> great to be here in person for the first time in

it won't move the index that much tech is 40%. and you can see they're still up today and a lot pushed to the limit as far as how far they can go banks similar situation. nice move up some up 10% or so as rates moved up but again a little bit overbought and stopped going up and most of the big names are down today industrials and materials with a slightly different problem hitting also supply chain issues and the slow down in china weighed on them. you see mixed overall today. consumer staples, different situation, too having supply chain issues and problems with raising prices an issue. most names down 5%, 6%, 7% on the month. i got a lot of people messaging today covering tech saying interest rates went up in january and february with a correction in february it's a very different situation in january and february. january is recovery. early cycle. now a mid cycle. later in the recovery now and of course in january the federal reserve was a long way away from raising interest rates and might be a way away and closer than they we

eastern time, and "tech check" is back in a moment. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. does your vitamin c last twenty-four hours? only nature's bounty does. immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> welcome back cnbc reporting google cloud under thomas curry is reorganizing leadership as it attempts to take market share in the cloud, following news microsoft aws exec as it attempts to take on amazon in the cloud space. it's a fierce competition between the mega scale player. i asked andy jassy how he handled succession at aws. >> the team

thank you tech. enable banks to become more efficient than they have ever been before in history. that is modernizing back offices. it's really a swath to bots from bankers. banks are increasingly software companies and i guess that makes people like me part-time tech analysts. this is a positive partnership between banks and technology. that really should take off post-pandemic. emily: do you see banks adding tech jobs or losing 100,000 additional jobs? mike: especially as you automate the back office, then will be the front office. there is an offsetting factor. more technologists who work in areas such as ai and a data, the cloud, jewel banking, electronic payments, they are getting added. also, anyone providing advice whether it's consumers, financial planning, institutions whether it's investment banking or bankers. that is a net number. we do expect 100,000 jobs to be eliminated from the banking industry. if you are working the back office or branch, this should not be new news over the next se

that's decision tech.elity. >>> how much better is this year's new iphone the 13 a lot of reviews out this morning point to modest upgrades some calling them, and this word is almost only used for iphones at this point, iterative the star of the show's battery life followed by camera upgrades mostly in the 13 pro mac journalist jo anna stern highlights the new models deliver on battery life but some new feature promises don't hold up she spotlights cinematic mote and push to upgrade perfectly fine iphones to be off putting the most incremental upgrade ever i guess that's not iterative, that's incremental the new cameras are new dramatically comparable. this year's upgrade is only slighter better than last year there's no reason to upgrade from an iphone 12 but coming from an older model you'll notice and appreciate the differences. while we're on apple, the journal reporting the company is in the early stages of new technology to detect depression and cognitive decline. apple partnering with ucla and bio g

it's not a secret in the tech industry, either. 2 of the biggest tech figures, bill gates, in the late steve jobs, admitted they consciously limited the amount of time that children were allowed to engage with the products they helped create. the problem is real, but the media can often sensationalize the issue of tech addiction and make it harder for us to understand. think that the reason people maybe reach for the metaphor of crack cocaine is because they see that is a 3rd of high speed hyper intensive form of addiction. and you know, while i don't use that metaphor myself, i do think that within the spectrum of media addictions, there are certain ones that are more high potency, you could say. and those are, if we're going to use the language of addiction, they have a higher event frequency. think about horse race, right? you go to the track and you've got to really wait for that event to happen. if you are rapidly engaged in an activity, a twitter thread, that is more high potency has a higher event frequency, which means each event has an opportunity to draw you in more to reinfo

weren't going to because you're a tech company. they're going to because they want to rent an office. like no matter how hard too. >> that is what this was. they got something that was cool and hip and kind of captured that members. kind of how facebook had adopted it you eat address at the end. that is how we take at product and make it work. the problem is should be worth 47 billion. that is a skill were talking about here, it is absurd. >> go-ahead. >> the aesthetics you can't knock. there was something innovative the lights, the windows, there's something there at the beginning and people liked it. but as you said it doesn't translate the delta between the branding and where they took this company. it made no sense. >> the scale of the terms of numbers with that revenue multiple they were essentially 20 times more valuable what she's doing was a saint business model. actually did a lot of things better in certain ways. they charge for copy we just gave coffee away. >> it was always profitable and is today. but how much is cool

other parts of the tech bubble. do you think we will see a convergence there, maybe or do you think they just all go down the same how do you foresee this bubble deflating? >> karen, i don't think they're all going to go down the same. if you just think about what's happened today in terms of the sensitivity, i agree with you what you were saying before about the lower multiple stocks by definition should be less duration, less in straight sensitivity because they have earnings today what really makes a lot of these high growth stocks more in street sensitivity is you're connecting for earnings 20, 30 years down the line. this interest rate is a lot greater. i agree, today was interesting but i do think the one thing to keep in mind is they're all correlated and so the closer you are to that bubble, which any types of tech stocks are sort of in the epicenter within the epicenter of the bubble, the more it's going to be taken down when and if the bubble pops so something to keep in mind but i agree with you, if you'r

what defensive role is big tech playing at this point? >> big tech is carrying the market.he thing is with big tech, the way we look at business is what kind of returns today make? what is the glide path? as a consequence, big tech provides high returns and good growth. as a consequence you get amazing earnings compounds over time. a lot of these companies -- the consequence earnings wise is relentless. it seems on ahead. they continue to carry the market. the values are still relatively reasonable. i can see the tide of these big numbers continuing to tip the market up slowly over time. mark: do you think a world where big tech can struggle -- not collapse, but maybe failed to make further gains, but the rest of the stock market does ok -- can they become laggards from leaders? or do you think that is an environment where all global stocks struggle? >> it is an environment probably where all global stocks struggle. what i would point out, when we do think about big tech high returns, discount rates, the discounted future cash flows is really important to overall valuations

who will to -- cracked under tech players. ? yvonne: evaluations -- david: valuations were quite high. a brief look across these markets where the story is caution. we are led by the hang seng index. yields holding steady. a little bit higher in australia and the u.s.. we are also tracking the price of aluminum. we are trading at either 13 or very close to all-time highs when you look at the bloomberg industrial metals index. copper is up in shanghai. this might even dovetail and this inflation story, how long this transitory mean. a lot of data coming in from inflation from the united states. yvonne: that will be quite the debate. it fuels more fire whether inflation is transitory or not. whether we will see that wage growth. that is something they are saying will lead to more consistent inflation. we'll see what the used car sales and the bump up and prices there, perhaps that goes into that camp where these pressures are transitory. rishaad: do we start seeing wages go up? we saw an increase in payroll and that could create t

banks would you go fin tech u.s. >> for sure. we do have fin tech u.s. we have fin tech abroad as well. one of the things that worries me and what gerard was talking about, we're looking out to 2022, 2023, that's a long time for a portfolio. i always like to look at the next 6 months what can we do here today and what you have in europe and abroad, especially in japan, is you have businesses, so these financials, not just fin tech, but the banks, who can add to the dividends, who can do share purchases. what we've found is when it's u.s. inflation, that's going higher, they tend to, this is europe especially, their financials do better there that's where we're looking for opportunity trying to play, call it, a few different drivers in one place. yes, we have lots of different plays in fin tech. that's really where i think the future is. >>> coming up, natural gas futures jumping. the administration's push for clean energy led many people think of solar but the tan etf is down 16% this year. a lot of energy coming up on this special edition of "fast money

you've got to look at the tech stocks in the pre-market, you see apple, google, facebook. a lot of fears about interest rates rising they've risen quickly up about 20 basis points. why are we seeing the rebound today is there a dip or are these higher >> there is no catalyst today. the trade generally has been by the dip. the market is putting that same strategy to work you need to be very selective in the stocks not all tech stocks will be the same facebook and google are likely to be consolidation bases. we are looking for specific catalysts. those are ones we prefer and levered to full recovery we are far from that condition >> one other area of tech i want to talk to you about is fintech. you see square and paypal. is that some enthusiasm in part to the payment season as a buy now a pay later? >> i don't directly cover those. you mentioned two names that have been in the market quite some time. especially a name like paypal. i think the market may well. if you you are going to gravitate towards high quality tech those that will survive in the market and well-known name

the idea that tech companies spending is such huge amount of money on low being in d. u is quite frightening to be frankly, not low being in order to benefit their customers low being in order to avoid being held accountable for directions. there is no doubt that the greater involvement of tech companies within the political systems in europe and in other countries as well, is a great threat to democracy. they could be deciding who will be allowed to be heard that can ban politicians from, from the platforms. so there is a very serious risk dates that companies will be ending up, having almost full control over free speech. eventually with the difference, rare, look at life on board russian nuclear icebreaker for the next bit to to the ship's gold, 50 years victory. it's if you count in the 2nd largest of its type in the world, it's my job is to go tankers through rushes froze. northern sees a correspondence on board for this latest mission than to the north pole coast. that place one of the world's least explored and hardest to reach places were on board, a russian nu

that's megacap tech. why are you bullish on megacap tech a lot of people are cycling to different trades like the value trade? >> we like technology, the mega cap teches because they have strong operating cash flow take a company like microsoft, $77 billion in operating cash flow, they spend about 20 billion in cap x, so you have a company that's generating roughly a billion dollars a week in free cash flow. and they're turning around and repurposing that free cash flow, whether it's stock buy backs, or other items. so that structure of the free cash flow is evident in an amazon and a google. if you get a market that goes down 10, 15% you can be sure the companies will be in there buying back stocks to support their price levels >> there we go richard sapperstein, we appreciate the incite. >>> we bring everyone back for one more panel tomorrow. i expect the feistiness then richard. you'll defend your pick with everyone else. >>> coming up the big money movers including investors getting a share of one deb

you mentioned tech all down.s, they've been under pressure but it's not apocalyptic apple's 8% and microsoft is only 5% it seems like it because it's moving down notably in the last couple of days some move downs in semiconductor stocks and maybe a little worse in terms of being off it's only 4% off of its 50, two-week highs we're going to wait for micron, by the way, with some of their numbers. the problem is this is where the money is 40% of the s&p is essentially tech, communication services and technology when you have something like energy, which has a great run in the last week and a half so, the indexes don't really move here. yes, we've had amazing moves it was -- $22 today. enone month, these stocks have been moving up and only 3% of the s&p. so t doesn't move the s&p when people move out of tech and into energy meantime, bank stocks have had a good run andf banks have had a good run, about since last monday, we've had nice move ups. and they tend to be flatter today. it gets even more complicated, when

let's talk about the tech trade as a whole. it was not just big tech that rallied. whether it was chinese adrs, which have been under pressure for quite a bit, those in the green by over half a percent. and semiconductors, nasdaq, biotech, electric vehicles were in the green as well. what was not doing well, bitcoin. cryptocurrencies actually lagging the broader market, which brings me to how they are reacting to stocks in general because today they were not on the same pitch but that has not been the historical trend. that trend going higher and higher. the volatility if it is correlating to bitcoin, a will mean that there is more volatility in the future of the s&p 500. that is the macro picked her, let's get to the micro. . huber up on tuesday, biggest gain since november 4 2020. they are saying that adjusted ebit in the fourth quarter will be tracking for a quarterly profit a quarter earlier than previously stated. that is a milestone we have been waiting a long time for. activision blizzard, that two-day decline, taking stocks to the lowest level since june 202

to approach tech is that if we make any rotations within tech where we want to be trimming is not necessarilyse stalwart growth tech names that are the largest companies but to trim the very high multiple, very speculative, innovateive names and then rotate into the cheaper, more value parts of tech where we think there's more valuation opportunity and frankly the relative trends look better in those value areas than in speculative tech. >> thank you good to see you. >> great thank you. >>> up next, farmer giant merck is a bright spot after announcing a merger but it was the ceo's comments that caught our attention. >>> check out some of today's top searched tickers the list is coming there it is. the 10-year yield is top of it bed bath & beyond down t e st apple and the dow round outhli keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. what happens when we welcome cha

thank you for joining us tech check starts now. >> good friday morning welcome to tech check. today, buy now, pay later gets a lot of affirmation in the clouds, finally we have some new hardware to discuss as facebook and amazon rolls out some new products on glasses and tv throughout the hour, we'll reflect on what that meant and a few issues related to cyber security and defense john, and an important day to do that we are going to start with a stock people are definitely buying now buy now, pay later company affirm surging up 25 plus percent after the company reported 71% growth along strong guidance that doesn't factor in any contribution from the company's partnership with amazon at or near the jump of the people using the service an increase of almost 2 million. the stocks up almost 70% off the highs hit in february. across those high tech stocks that are surpassing or nearing those february levels. not just bikes or peloton. outside of peloton, they grew 178% versus just doubling in the prior quarter. that's part of the reason why a lot of investors are like, it is most

doing with the opposite of what the tech trade is. we talked about tech being under pressure. semi conductors were up today. there underperforming. something to watch on the day ahead. i really want to bring up the drive etf. up a whopping 1.2%. a lot has to do with headlines reporting an a billion-dollar ipo in the future. the ev maker backed by amazon went to get to a terminal because a lot of the news came out of china really more regulatory scrutiny coming out of china for casino operators and you can see on this chart look how much casino operators have been under pressure compared other way back to 2008. this was the biggest on record. at 22% drop for the index. it feeds into what you're seeing for the chinese u.s. listed shares and a lot of it has to do with textbased. if i can compare the chinese stocks to what we are seeing with big tech in the u.s., are seeing the divergence here today but i want to -- to show you what is happening. adept lower tells you the tech bundled trade is actually a bottle trade. global tech getting some of the heat from what is going on over

are tech giants fearful? i appropriate design code? are tech giants fearful?— tech giants fearful?they are _ tech giants fearful? i think yes, they are definitely - tech giants fearful? i think. yes, they are definitely taking notice because if they don't comply with the age appropriate design code, then that can feed into whether the information commissioner thinks they are complying with the gdpr and the data protection act, and the fines for that are really significant you are talking a% of global profits. but the question, of course, is going to be enforcement. it is all very well having this code, all these new rules, but what we are waiting to see is, is the icc are waiting to see is, is the ico going to start coming down hard on people who don't comply?— hard on people who don't coml? , ., comply? when it comes to enforcement, _ comply? when it comes to enforcement, how - comply? when it comes to enforcement, how do - comply? when it comes to enforcement, how do we l comply? when it comes to - enforcement, how do we police this anyway? will it be up to individuals, parents o

i don't think that tech is where i would be doing it. i would be buying it in the cyclical areas of the market, even financials that have gotten really cheap and still have decent fundamentals. >> to the point gold is bouncing today but still well below 1800. not taking off bitcoin down a lot again the safe haven that continues to work is yields. >> yeah. you saw the response. >> not extreme not like panic buying. >> it's been relatively contained in the range 30 years big rally there. flattening of the curve and seems whether there's a floor in yields or just means that people didn't need to really grab for safety what i find interesting is almost a comfort to say before with the big nasdaq names are sold it does tell you that it's mostly people just wanting to raise cash the markets sniffing out a profound specific problem at the moment that does indicate that not so much indiscriminate but people raise cash where they can and the reason the market is declining the way it is because in previous episodes this year we had a rotation and

the idea that tech companies spending is such huge amount of money on low being in d. u is quite frightening to be frankly, not low being in order to benefit their customers a low being in order to avoid being held accountable for their actions. there is no doubt that the greater involvement of tech companies within the political systems in europe and in other countries as well, is a great threat to democracy. they could be deciding who will be allowed to be heard that can ban politicians from, from the platforms. so there is a very serious risk here, date that companies will be ending up, having almost full control over free speech. could allow her that thought, if you watch of the clock i'm to go to work is actually 25 past the o. r t. the comment of a social so so much more of your say any of the stories we're talking about, but for now, this wednesday, september the 1st already for moscow, kevin, are in the teams. thank you for watching and have a great day. oh, i i the pacific leg around the world expedition 5000 miles round the clock and the dead calm as every co

supporters argue big tech needs to be held equally responsible. if tech needs to be held equally responsibleave achieved officer, - responsible. if you have achieved officer, you i responsible. if you have| achieved officer, you are giving more power a little bit more power and transparency back to the users who, otherwise, it was hidden behind algorithms and now you make them more accountable and responsible so big tech needs to be more accountable and responsible. in to be more accountable and responsible.— to be more accountable and responsible. in june this year, twitter missed _ responsible. in june this year, twitter missed the _ responsible. in june this year, twitter missed the deadline i responsible. in june this year, | twitter missed the deadline to appoint a grievance officer and it was slapped with a fine for a user's tweet. please stomp their offices over a different case. the developments were seen as a pressure tactic to force companies to so —— to comply. force companies to so -- to comply-— comply. you certainly don't want that — comply. you certainly don't want that to _ c

that's decision tech. only from fidelity. feel stuck with your finances? ♪ ♪ move your money to sofi. earn up to $930 when you download the app and feel what it's like to get your money right. >>> united airlines begins the process of terminating 600 workers who nailed to comply with the vaccine man dade. phil lebeau has the ceo scott kirby with us. >> thank you, scott, for joining us this morning. you have 97% compliance, saying they have at least one shot, fully vaccinated in the next couple weeks, if they aren't already. yet you're going to have to fire 593 workers. what are your thoughts about having to cut those workers? >> look, i'm really proud and gratified that the united team, excluding the people who have applied for exemptions, 97% got vaccinated it proves that vaccines do work and you can get a huge percentage of your workforce vaccinated it was never going to be 100%. i feel bad for the 593, less than 1% that are going to leave, but we're focused on doing the right thing for united airlines.

the country's most valuable startup and lost nearly $40 billion at night because it was a disruptive tech company and had been sold about a softbank treaty was a bunch of investors. >> everything about this has continued pretty early on with the real estate company and specifically something that was so much more and so much with the evaluation and everything else was predicated on. >> i want to get into all the various participants whether you're talking about, executives, investors and certainly was pervasive you are covering this and we just talked about you maybe used to say to yourself you did cover this company for a while when you look in retrospect upon your own coverage do you feel like you held this company prior as much as you could during that period of time or do you have any regrets on how this is covered on the wall street journal during your experience. >> i'll try to get a brief summary i used to cover real estate for the journal in this company in new york. and i have this wacky ceo but a lightbulb went off when i learned what their evaluation was which at the time was $