most tech stocks traded high mul multiple that is what we are seeing with the impact on tech tech is not completely dead. there are sectors expected to do very well with. >> you know, greg, you are actually looking at one area of tech fintech. we talk about visa, mastercard you believe there is a lot of upside to fintech because of the reopening and traveling trends even if there is a recession >> i'll follow on with what dan said here. at the end of the day, this is the environment we will not get multiples. in the environment where you cannot count on multiples, you have to look at earnings visa and mastercard have 20% plus bottom line the catalyst for me is turning positive six months ago for the return for the transactions. that came through in glaring fashion in the last report i was looking for return on entertainment and travel spending that came through in blazing fashion the last quarter there are other areas where you can get double digit top line. within big tech, you will have to make a difference a difference between an apple growing at mid single digits and microsoft at

one woman who is fighting big tech monopolies is lena. com. be answered, ross, scholar and law professor was recently appointed. the chair of the u. s. is federal trade commission and she's got big tech. worried is what some call her the wonder woman behind a new wave of anti trust laws. lina con intends to break up america's tech giants. but taking on gaffer is no small feat. con, was born in london to pakistani parents. the family moved to the us when she was 11 years old. now $32.00 conquer up with the internet, and she skeptical about the huge influence, big tech have on society or the financial times of culture, a legal wound i can't. and the new york times described her as a celebrity in the corridors of washington. in june of this year, she was sworn in as chair of the federal trade commission, laid as part of a movement. the movement is absolutely a threat to google facebook and amazon, as we know them today. lena, con is the youngest chair, person in the history of the u. s. as top competition watchdog, and she's launching the need fo

every click purchase, all like we make gets collected and analyzed by tech companies. this allows them to better understand that uses and other companies to create more targeted personalized ads. the gaffer group has become infamous, not least because of their cutthroat business models. they take the profit they make on their respective platforms and use this to buy other companies to take over new market areas. not jack competitors or higher top level professionals. over the past decade, google in its parent company alphabet acquired more than a 120 companies facebook, around 80, and amazon around to 90. this makes it harder for uses to escape the clutches of gaffa. take facebook following the popularity of instagram and what's ab. facebook bought both companies and thus eliminated them as competitors. bob then this google, which has often rigged search results to favor its own services. for example, if a user wants to buy something, they may 1st want to compare prices and will likely be led to the service google shopping. if they then get forwarded to a retailers web

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to me times tech founders and engineers and people in the tech world worry about the what. with the why. why do customers need it, what do you need to do to get that message across and make sure your product delivers. start working on the story and making sure the story is a painkiller. emily: google bought one of the things you built and that was nest. it did not necessarily go as planned. what is your take on what went wrong there? tony: it's in the book but i will put it this way. we spent six months to figure out how to work together and whether the marriage was going to work out. it was working ok for the first time for two or three quarters and then it was like the tender swindler. the bill of goods turned to be blown up and it boils down to i thought something they would purchase for $3.2 billion would be something they would take and cherish and understand they have to nurture and take care of it. they were making so much money and continue to make so much money that they went on to under -- two other and different things and we were another toy. for us, what we tho

we didn't do anything at the federal level after virginia tech. and we didn't anything after paulson, didn't do anything after las vegas, didn't do anything after sandy hook, didn't do anything after one tragedy after the next and that compound in some ways, that's the thing that makes the emotional reaction, a reaction that is as fresh today as it was in april of 2007. it's a wound that can't heal until we do something to heal the injury, to heal the problem. i was thinking about this last night, and i was trying to, you know, what's some wisdom that i can derive to make me feel less down and less despondent, and i just thought of two things that i wanted to share. one is a spiritual insight and then the other is a practical reason not to lose hope, so a spiritual insight. a few years ago pope francis was kicking off a year long effort to encourage revitalization of parish life. not the life of the big universal church, but the life of parishes. and he challenged parishes, but this challenge could go for people and certainly could go for politica

snap is having a huge impact across tech.e moves you may not have seen already. >> yeah, those are companies with heavy reliance on advertising. get getting slammed that they won't meet earnings. trade down 19% digital turbine, all of these down double digits advertising is considered cyclical morgan stanley expecting all online ad platforms to feel impact of significant consumer pull back. speaking of consumer pull back, e-commerce stocks are taking a hit. chewy, about a percent lower, 74% off the 52 week high shopify, wayfair, down over 6% etsy down over 6%. chinese technology stocks have come under pressure. you have the usual reasons, persistent worries on inflation and rising rates covid lockdown adding more pressure, a wave of job cuts hitting ten current and ali baba and jd.com and pinduoduo some of the biggest drags. >>> tech has one of the most volatile parts of the market more to invest on the sector, join me for another special cnbc report, anchoring tonight, 6:00 p.m. eastern for more on that. tech check is back i

tencent, tech under pressure. that in spite of comments trying to assuage fears around the industry. japan seeing a contraction, but not as bad as thought, for its economy. haslinda: that's right. jerome powell making it clear the fed is willing to raise rates even higher than what he had in mind in terms of that neutral level to contain inflation. it needs to see clear and convincing evidence for that to happen. this is on the back of that hike of 50 basis points we saw already, and 50 price 10 for the next three months, some say 150 basis points priced in for 2022. take a listen. >> inflation is coming down, that is what we need to see. we are watching for that. if that involves moving past broadly understood levels of neutral, we will not hesitate at all to do that, we will not. and honestly, we will go into we feel like we are at a place where we can come up we can say yes, financial conditions are in an appropriate place and we see inflation coming down. rishaad: there we go. that's what we have. this is a bo

until tech comes back. i mean, up was last turned in $20000000000.00 off his market value, but i'm surely must be just a drop in the, the ocean for, for such a big tech company. i think i think you're actually you're seeing that re shuffling happen at really just lightning speed. so as an example, google gets a lot of money and apple gets a lot of money from advertising and they are turning away. conservative ads are turning away ads that disagree with their viewpoint. those advertising dollars aren't vanishing. they're being, they're advertising on doug go. they're even advertising on being. i mean, they're advertising and other with other tech giants. so this re shuffling isn't like, isn't just, you know, people can't afford to advertise, is that they, they're advertising or literally being turned away because they don't fall in line with that woke mindset. and the problem is when it comes to advertising, when it comes to entertainment, you're dealing with deeper truths. what people actually want. now, wh

a bounce back for tech stocks. the nasdaq 100 seeing a bump a day after a selloff that erased trillions. with all be outdone with new inflation numbers? plus elon musk discusses that banning donald trump on twitter was flat out stupid and that he would reverse it. and tony fadell's talks about the most and least exciting interventions coming out of silicon valley later today. first let's get a look at the markets. tech companies driving a rebound in stocks as traders try to read more clues about what the fed is trying to do. ed: we are still showing anxiety about the outlook and a key cpi out-of-print looking -- coming out on wednesday. technology to clear out. 1.3% on the nasdaq, clearly outperforming the s&p 500, the broader benchmark index. we're still at the 3% mark for yields. we are trading sideways. we are going a day long on wednesday but we are coming off the back of a three day off the nasdaq. we have the 50 day moving averages. normally this will not be a good sign. we have had such a pullback in so many

that's decision tech. only from fidelity. alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪ - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply. i instantly see great candidates and i can invite them to apply. we have hired across all departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they

one woman who is fighting big tech monopolies is lena com. the antitrust scholar and law professor was recently appointed. the chair of the u. s. is federal trade commission and she's got big tech worried is white. some call her the wonder woman behind a new wave of anti trust laws. lina con intends to break up america's tech giant. but taking on, gaffer is no small feat. con, was born in london to pakistani parents. the family moved to the us when she was 11 years old, now 30 to conquer, up with the internet. and she skeptical about the huge influence, big tech have on society or the financial times of culture, a legal one day kent and the new york times described her as a celebrity in the corridors of washington. in june of this year, she was sworn in as chair of the federal trade commission laid as part of a movement. the movement is absolutely a threat to google facebook and amazon, as we know them today. lena khan is the youngest chair present in the history of the u. s. as top competition watchdog and she's lungs in the need for a chang

tech check starts now. >>> good friday morning. welcome to "tech check." i'm carl quintanilla with jon fortt. deirdre's off today. a big show this morning. the key question, what is the state of demand in the economy is i.t. spending slowing, doing just fine? we've got three enterprise software ceos to give us some guidance snowflake, "z" scaler and auto desk two additional adapt points on the optimistic side, good earnings from dell and marvel today. those stocks are rallying. and on the research front, is it safe to buy now? ubs says, yes, investors can start increasing exposure as the nasdaq looks to break a seven-day losing streak, but not everyone agrees. citi is still cautious they reiterate, underweight, adding the bubble could continue to deflate, john and as for mixed signals, on a day where workday is down 10, but dell is up 11, and z-scalers is up 8, it's not clear cut. >> the question echoing through my head thris morning is why no buy now. that's not my way of telling anybody to buy or sell, but the question is, given how far things have come

tech lead a rebound in u.s. stocks after president biden signaled he would reconsider china tariffs imposed by the trump administration. ed ludlow is here with the biggest movers. ed: it gave the market some confidence and risk-on sentiment. the nasdaq 100, tech heavy, up 1.7%. we are coming off the back of seven straight weeks of declines. it was a very negative mood last week. remember, it was in dour straits. the semiconductor index is not as strong. we will speak about why in a moment. risk-on mode. yields are higher on the u.s. 10 year. 2.85%. bitcoin has troubled around the $30,000 a token mark. it has swung between the levels above $30,000, below $29,000 in recent days, no real direction. earnings season continues in earnest. we are also focused on zoom. we wanted to know what the future was for this pandemic darling. well, the future is hybrid work. the stock is up 10.5% in after-hours. we were up as much as 18%. strong fiscal guidance based on expanding sales, more enterprise customers. more dollars out

particularly old tech names, and it is so funny when i think old tech i think dead tech. some of these names really going to come back to life? >> what i'm talking about is tech stocks that have shorter duration, meaning not like a long bond where it is all the future. that's what a lot of these new tech stocks, very high p-e ratios that did so well in the last decade but the last few months have struggled mightily as rates have gone up. i want lower duration. i want to get my cash flow now, hp, intel, even visa mastercard. i could even put microsoft in that camp, so i think these are some companies that you don't have to wait forever to get your cash flow. >> charles: you know, so interesting too so folks at home understand that the s&p puts visa mastercard as tech names not financial but what's interesting is people using their cards more, i think you are right. these global payment names, you know, in the technology they have, i like those a lot. speaking of financials, they are acting better, finally living up to the hype. do you like them at all? >> i do, charles, as

christina, what is working and isn't in tech today?peculative names getting a big mega cap mix >> yeah, we will get into it just within an hour it was in positive territory, now falling almost 1%. the exchange is almost 30% off its 52-week high the stocks having the biggest impact on the downside, tesla, nvidia, ross stores, and costco. it is about the retail trade today dragging down the nasdaq jd.com is up 3%. iqu is up. there is a slim number of fintech having somewhat of a positive week. lemonade had to be pulled. it was up and then went down nerd wallet off 70% from its 52-week high a big question, where should investors go shopping? big tech, meta, amazon, microsoft, alphabet, they have dropped more than the broad market average but morning star research is arguing these names are still high growth stocks and valuations closer to value stocks definitely among the picks there. at the nasdaq, the seventh week of weekly declines, the longest losing streak in 21 years. >> christina, thank you. the perfect setup for our next guest who

so, reacting to the tech sellout. the company joins the public market. we are going to the height of a $10 billion market cap. i am sure you will say i on the prize, keep focused on the business but what do you do when you're investors are shellshocked? >> we delivered a phenomenal q1 results. we are excited about being out in the public markets. the number one thing i had to emphasize with the team is short-term market volatility is not in your control. you could grow the business. we have the most phenomenal growth here. you can still get hit in the public markets because of things outside of your control. we are seen that happen very broadly across the sector. it tests what teams are in it for the long-term versus the short. >> well said. i am interested in how your talent remains in the long-term. of course, people got a lot of money exposed to the share price now. how do you ensure that people remain focused on the long-term as you are? >> we actually pretended we were public before we went out into the markets w

emily: let's talk about tech in particular.t roller coaster do you expect it to be on in the next few months? dan: to be honest, i think we're in the early stages of a new paradigm and a new secular leadership in stocks and that is not going to be the same as the leadership in the last 10 or 15 years. investors always invest in the rearview mirror. but this is probably a time given the huge shifts, the tectonic shifts in the macro backdrop that our screaming. the backdrop is changing. it should be of use that the leadership of the markets is going to change without of this happening. i think this will not be a short-term thing. we have been saying that tech, innovation and disruption, while we believe in the story, people got ahead of themselves in terms of the valuations and expectations. it has created a bubble, and the bubble is in the process of deflating. you look at the history of bubbles, they don't quickly correct over a six-month period, it typically takes longer and they usually go down more than what we have seen so

check" will be right back >>> welcome back to qua"tech check. the nasdaq trying to make up earlier gains. it's up about 1.75 points at the moment in just a moment, we will speak with flex port's ryan petersen first, let's get a news update with frank holland. >> hey there, deirdre. good morning, children age 5 through 11 should soon be able to get a covid booster this morning the fda is authorizing a pfizer shot at least five months after the second dose. the centers for disease control will weigh in lay they are week. the expansion comes as cases increase with new york city going to what it calls a high covid alert level urging residents to double down on protecting themselves. >>> retail sales increased 0.9% in april, slightly less than what the street expected the gain indicates strong demand from consumers despite rising prices, but retail sales are measured in dollars, so those price increases are also partially responsible for that april gain. >>> and the homebuilders are not happy about the prices they have to pay for building materials.

tech check starts next. >> welcome to tech check today stocks continuing lower this week with almost half of the nasdaq now sitting at 50% or more below their 52 week highs what's the outlook from here we will discuss. >>> plus some new friends for facebook a breakdown of the bold case for meta as shared sit 50% off of their highs. and cisco putting pressure on the software space, but low valuations for some of the smaller names. a takeover perhaps >>> we'll kickoff with a check on the nasdaq. it is moving slightly higher after yesterday's brutal 4% retreat. a number of software names down following cisco, but first let's break down where we stand halfway through the day. mike >> we're hesitating, i guess you might call it in that nasdaq around the 30% level, down 30% from the highs just slightly above where we did bottom out last thursday here we have going back five years. the nasdaq composite along with a 100 day moving average this is the price over two years, slow moving supply and demand indicator i wanted to point out how far below it we're here. a greater percentage below it

with earnings rather than speculative tech, kind of the softbank, private equity sort of tech is starting to separate itself out >> how do you characterize earnings risk at this momt, and to what degree was a parent stability in moment in yields lend support in your view? >> well, i think first of all, i think we should really already start resetting expectations on earnings you look at what's happening with the economy, with higher interest rates, with slowdowns, potential recessions on a global basis. i think we should all take a moment and recognize it's going to be a shock if anybody comes back with really strong earnings so i think you need to build that into your purchasing decision it's one of these things where when you invest in an asset, you say, gee, i'd like to buy another product. if i was so smart i knew when exactly the bottom was, we probably wouldn't be talking today. we're looking at buying more towards the bottom than the top. that's really what the key is. yields are going to continue to rise but have already come back. i think that's a positive sign inflation is start

tech and consumer discretionary underperforming today. the xlk, tech sector fund, down -- let's see, how much? about 1.5% right now dee, i get the sense that -- there's got to be some bargains in here, but it's hard to know which ones, you look at shopify, it is off, oh my goodness, like 11% today alone, downtrading at levels from late 2019. but then coin base is also off 10%. there's a lot of that leverage to crypto. and we've got the questions about crypto right now it's hard for investors to know what to do. >> yeah, we sure do, and something we're going to be exploring throughout the show is some of those similarities or not, spoiler alert, we are not there. but also, jon, we're going to look at enterprise spending. we think about the last few weeks of earnings, microsoft has held up relatively better, at least its results were could that be the next shoe to drop we've seen a hold-up relative to e-commerce, relative to consumer devices and spending in terms of the tech sector. so what's happening now over the weekend we had another ve

"tech check" begins right now. ♪ >> good monday morning welcome to "tech check."'m john quint nillia. may day for madness as the tech tries to calm its longest losing streak since the dotcom bubble in 2001. who is the next potential takeover target? vmware according to some reports. we'll break down the latest share surge on this potential deal with become more on ea's take over dreams, tech's shift into stocks and a whole lot more, stocks and targets this hour. >> yeah, carl. we'll start with that potential shake-up in the semi and software world sources telling cnbc that b broadcome is in talks on vmware. it does paint a picture of the m & a environment at this moment in 2022 after a record $5.9 trillion worth of deals last year, sinking valuations could mean some bargain basket prices for companies with the cash and the value of m & a deals in the first quarter fell by more than the first quarter. we'll talk more about ea which has been shopping itself around for a deal john, it's interesting the moment that we're in, price is still an issue here what is the va

unfortunately apple is tech, and tech is in the crosshairs of part of that cyclical trade that tendstile downside to it. so i think that's endemic that they're hitting a leadership within a weak group so that's something to keep in mind. it's when they start taking out utilities and some of the staple names and some of the things that you would expect to be really safe havens in even a bear market that you start to really triangulate that towards the ninth inning of the bear so i don't think that's where we are here, unfortunately. but certainly i think for tech when they start taking out the leadership in tech, that's a better sign that they're starting to take everything. >> all right well, what about the nasdaq overall? let's broaden it out 30% off the highs right now. it's been another awful week about 8% lower for the week. what's interesting, jeff, it's coming as there's buying of bonds with yields lower, which was the opposite dynamic it kept getting hit hard by higher yields. what do the charts show for the nasdaq >> they're still under this liquidation phase. i don't think w

see that interview tomorrow on tech check the stock is down 20% this year.atching what mega caps are doing in the tush length market environment. the ad business can be a barometer for the global economy. >> looking forward to that interview. for google io, they should see how they connect the digital and physical world, not in the metaverse sense but the physical how can complex searches translate into google targeting better and do commerce on its own platform >> fascinating you can take it so many directions, whether the ad market or return to the office and head count, how they're thinking about the employee base in the new environment we're in. disney tonight, one of the most important prints of the week let's get to the judge. >>> carl, thanks so much welcome to the halftime report scott wapner front and center, bottom hunting, whether the worst of selling is behind us and it is okay to buy again. we debate with the investment committee and what are ton professor injury knee siegel with me, carrie firestone, deeg as wright, pete najarian check the mark

as you said before, tech is so broad. every company is a tech company.desk used technology to make it. you can't even say everything is tech, but, yeah, look, snap has a couple reasons one is, like you said, advertising revenue is down. but two is this is true whether it's snap or facebook or twitter, social media is a very double-edged sword it can be very profitable. it attracts a lot of people. but at the same time, it is inherently kind of a toxic platform that, you know, if you want a safe bet, i don't think you want to be investing in a social media company >> and then social media, is there any other way to monetize it other than advertising? >> yeah, there are a few i think one is you may remember facebook tried to launch libra, a payment system on their network, never got congressional approval but they were looking to supplant advertising revenue, payment and processing, and also marketplace, depending on what you do, most of the companies have let that go, but my 13-year-old son is on snapchat if there were things like sneakers and video games

the unprofitable tech index down 85%.p the asset bubble and that's giving us a lot of new opportunities going forward, but also the real economy stocks and the businesses like at&t trading at less than eight times earnings with 5.5% dividend yield and they're attractive now, as well, so you've got a lot of opportunities out there. >> all right christian, great to have you today. thank you for all your ideas christian ledoux it's up 6% and it's been a tough week we will reveal it and the other names outperforming in the space. that's next. ♪ ♪ at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. so you can have more success tomorrow. (dad brown) i thought new phones were for new customers. we got iphone 13s, too. switched to verizon two minutes ago. (mom brown) ou

tech at its lowest level since november 2020. s&p also lower, the seventh consecutive weekly decline. bitcoin has been interesting, it held its own earlier in friday's session, about $30,000 a token, but fell in the last hours of trading. now about $29,000 a token. the volatility in the equity market was much more chill in the bond markets. you look at the u.s. 10 year yield, 2.78%. we are down five basis points but not one of the days where we saw a big 12 or 14 basis point jump or decline. much more calm bond market even though we saw a move into haven assets, risk off sentiment. you see the dollar gaining strength as well. ultimately this is the story, come with me to my terminal. a bear market territory is where we are falling, 20% on an index or asset, from the most recent high. we were at that level through much of friday's session, but the late come back and sees us down 18.6% from the january 3 high on the s&p 500. the question really is the direction of travel from this point. do we continue to see pressure on equity mar

let's circle back to chinese tech.he biggest jump in alibaba and baidu, both set the sales agenda but they are nervous about the outlook. let's get to jules. juliette: indeed. i guess the key point is the fact that, is this the end of the bottom that we have been seeing in some of these tech players? a big rally coming through in these stocks after we had alibaba and baidu beat on the revenue front. for march, we saw a revenue rise by 9% for alibaba. they said they will be keeping a lid on costs and moving further into cloud and digitalization. baidu was a beat in the quarter. neither providing full-year guidance. we saw baidu stop that late last year and alibaba did not provide full-year guidance. we have also been asking today, where these results good or just not as bad as tencent? let's have a look at what we are seeing on nasdaq gold and the dragon index and hang seng tech index. both of these indexes have failed to break above the 50 day moving averages. there is concern about the impact of the covid zero policy

jack: been referred to lousy tech earnings, what is the headline? carleton: we are definitely past the covid narrative, what worked for tech companies is no longer the case. amazon at a quarterly loss. a lot of that had to do with the stake in a lecture call vehiclemaker ivien but rapid expansion during the covid decline, looking past that. on the flipside we got good news from apple on the court, beat earnings, the iphone, ipad, all of that, it expect in the next quarter to be heard by supply chain issues and last sales in china due to covid lockdowns to the tune of $8 billion. jack: bike opportunities, google was down. is that a place to go? carleton: businesses are doing well. am i an investor? management told you the next few months will be difficult. we know with the fed raising rates tech stocks cannot do so well but if you have a longer time horizon this could be the time to get it. jack: during the pandemic, people stopped traveling, used the excess money on stuff like gasoline to throw on the inflation fire, now people are finally getting o

we'll stick with the tech trade. joining us is an analyst from needham, covers uber, lyft, a airbnb and doordash. bernie, how do you view this sell-off what are the conversations that you're having with some of the investors in these names which are getting clobbered? >> yeah, two things investors are focused on one, what companies are trading at reasonable valuations we can't look at revenue multiples anymore, we have to look at ebitda valuations you're getting growth at increasing valuation and profitability. stock is trading 20 times ebitda and less than 20 times free cash flow the other area is where there's upside to estimates and we feel good about the end markets, travel basically which way you cut it seems to be on fire and for the summer airbnb is one of the few companies that still trades with double digit revenue multiple. we prefer to play the travel theme through a local property manager, less loft evaluation and we see significant more upside. >> let's talk about uber and lyft because that's been a real

crypto crash and a tech wreck. a wave of risk and coming from crypto while the nasdaq 100 reaches.com implosion levels. some of the world's biggest companies get dragged into the rout. and a spac's butter. big banks pull out of the spac craze. we speak with mark franklin, someone who is bullish on the space. welcome to bloomberg markets. 3815 was the level we talked about earlier. guy: we blew through 4000. this is an equity market looking for a way out at this point. we will talk more about what is going on, what is leading, what is lacking, where we get our cues about where we go next, but first some details on the mortgage market, because this will be pivotal for the direction of travel. u.s. mortgage rates rising to 5.3%, the highest level since july 2009. alix, i will give you the opportunity for a victory lap here. what was it ? alix: 2.85% was my 30 year fixed. i got that from february of 2021. in one year, we have come 300 basis points higher. that's tremendous. that's a couple thousand dollars worth of ext

it has been mainly large cap tech and most of those have had strong fundamentals. for example, the relative price of s&p 500 technology index today carl is about where it was at the top of the dot com. but the relative earnings of those companies today are 60 to 70% higher than they were at the top of the dot com there is more fundamental gravitas here. >> jim, i'm just not sure -- i wonder if it is worth comparing what is happening now to something so apocalyptic as what happened back then because i am not so sure what is happening now has completely worked its way through these stocks are more than 80% off their 52 week highs, affirmed, pell on the, roblox, roku, just to name a few tesla, amc, game stop, bitcoin, off the highs but not as much as they would be if their a total washout, right >> i think the comparison is important, in part, because people are so worried about it and it is affecting sentiment and whether they are going to own tech or not to a degree. i think it is a very different comparison sure, there are still some stocks that have more liquidati

do you think we are getting near a floor in tech valuations?entially we have a lot further to go. adam: i think for the near term you have had such aggressive selling that you are at a level where you are going to see some of these names find a floor. don't think you are going to return back to the levels where we were even a few months ago. i think you had a 1990's-like tech bubble that occurred during a pandemic that has popped. one of these stocks are going to be trading at these current valuations for a while. i thought interactivecorp, their earnings report, they put out an interesting letter talking about how you have seen a permanent resetting in tech valuations. this is something i welcome, because they are looking to possibly add to their portfolio of internet companies. i think for a firm like that that takes a real hard look at doing m&a, i thought it was an interesting comment that they think these valuations are going to be permanently reduced for the foreseeable future. guy: for the foreseeable future, and permit may not necessari

now you have tech stocks really under pressure from rising rate. interesting in this tech selloff, this crypto selloff, you have ether, a relative haven still down for the week. obviously less than bitcoin. bitcoin is this digital gold, it is clearly not acting as a haven lately. ether has outperformed just this week, but over the past few years at this point. emily: you are not safe anywhere, are you? i would ask you about nvidia a greeting to pay $5.5 million fine with a settlement with the sec over crypto mining. >> it oils down to allegations that nvidia failed to adequately disclose how much of its revenue comes from crypto minors. they did not make demand that demand from crypto minors made up a significant part of its sales or graphics processing units. nvidia sale -- settled the case, they did not admit wrongdoing, they pay that i $.5 million fine. we -- $5.5 million fine. we think about a theory him it is moving away from proof of stake, it will no longer require graphics cards, much less intensive, already in december nvidia warned it see

should investors get in, are they value plays, are they tech companies? we'll see, this week will give us more clues about where this market's heading. >> indeed, uber, lyft, dash and some others, along with 160 other s&p names. meantime, as stocks did slide in q1, buffett was buying he detailed some of berkshire's move over the weekend in omaha what do his purchases say about where we are in the cycle along with his cash position mike santoli is there with us. >> on surface level i'm inclined to take buffett at his word. he doesn't make a market, in fact he'll tell you he has no feel for where it might go, talked about how in october of 2008 he was doing a lot of buying, people thought he was a genius that wasn't the bottom it was four, five months, and maybe 20% lower, before there was an actual bottom however, the fact that he has been a net buyer shows you opportunity for value sensitive investors who have a long-term arise, i did find it interesting that berkshire hathaway increased its stake through buying of apple shares a little bit because buffet

well, i think the tech sector is facing two big headwinds. one is just an upcoming slowdown in economic growth, along with inflation. if you look historically during those times, but as the tech sector that gets hit the hardest. so that is a big piece. and the other part is interest rates. so, you know, when you the about technology, stocks, you think of them as long-duration stocks. when you're valuing them come you're going out years and years. cash flows, interest rates go up, you discount those cash flows at higher rates, which leads to lower valuations. taylor: i wanted to talk about that because there has been a big conversation in the market about valuations. is it just me thinking higher rates and the lower net present value? or is there something else going on at that may be growth at any cost does not work? maybe that is not the model anymore. what is the real issue? natasha: i think companies need a business model and i am a big fan of profitability. so i think that that is right. and if you look at what has happened to valuations

i mean, this is a whole scale exit multiples and tech are high.have clients that are basically going to energy, opening trades outside the house like travel, completely away from our sector, and i think what we've been advising clients is don't let it come through and they want to get on the tech guidances and they have to give up so we've had multiple correction and now we need effectively a fundamental correction and the only way we're going to get to climb back into these stocks is for the companies to acknowledge that the climate has changed and that they've taken their pipelines down and that they've reset numbers. until they do that, there is a buyer's strike in tech and they won't come back. so right now it's actually so bearish it's almost bullish that we really don't see a lot of volume on our desk in terms of high touch as it relates to what clients want to do in tech it's turning more bullish. we had a more bearish stance relative to multiples, so i think ultimately it feels like we've got a little more pain to go, and a lot of this is

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has a major technology lead fueling the world's tech. so there's lots of upside in tech as a sector relative to the rest of the economy. and i think if you look at history, i think companies can recover to higher than their peaks but there will be other stories to companies that got so overvalued they never quite recover. i think the all-time highs, you have to look at those as somewhat irrelevant, and say fundamentally where is this company trading now, where is the quality of their earnings going forward? and what's their long-term advantage? do they have a defensible position amazon did cisco didn't have as great a position as amazon even back then. >> as we're speaking, mike, the dow down a thousand points this market action, just brutal in another part that's selling off, we want to bring attention to, is e-commerce. we had earnings from shopify, e-bay, etsy, all plummeting this morning. the growth, the main culprit ebay and etsy, outweighing the q1 beat. a cautious outlook -- these results come just after amazon, we've been talking

mark, you like tech stocks tech stocks did not do well this week and haven't since last fall why is now the time to get in? >> well, i don't know if now is the right time overtime we've proven that being a bull on tech with the right companies has proven out there are periods obviously there have been very tough on tech we're going through one right now. but i think as that continues to overtake the economy, you'll have to find entry points with some of the great companies. you look at apple down 30%, microsoft. there's nobody left unscathed. but if you have an opportunity to buy companies that are durable through this market, you're going to want to pay attention, down 30%. that's where we're paying attention here at j & p. everything is for sale right now. the only thing that's not in a bear market is assets under management that is waiting to be deployed nobody is going to hit the first -- the bottom, i think we're waiting for that window to put more money to work it has not happened yet and i'm waiting for that but if you have a chance to buy some of the best companies in the world,

the financial times reported this week that ministers have ditched plans to empower their newest techator with, well, actual power. the snappily—named digital markets unit was announced to great fanfare back in 2020 when we discussed it on the media show. it was billed as the uk's answer to keeping companies like facebook and google in check. but the ft reports that this year's queen's speech won't give the team the legislative powers they need to flex their muscles. with me are philip marsden, one of the treasury's original architects of the digital markets unit, also professor at the college of europe. margotjames is a former digital minister at the dcms, and kate beioley is the financial times�*s legal correspondent. and, kate, you broke the story, but before we get into that, what is the digital markets unit and why does it matter to normal people? the government announced it was setting up this digital markets unit two years ago, and the idea was that this would be able to police big tech and really kind of rein in the dominance of those internet giants like facebook, google and

and not the tech and i like old tech, cheap tech, low p-e tech and hp, and mastercard and visa, if you me call them tech stocks where they're officially classified. those sorts of companies had earnings, and they have cash flow and i think they're going to be okay i still like healthcare service companies. the hmos and they've gone down less than the market for good reasons and i've had financials in my portfolio especially on this rally any they got beat up hard, i think unfairly people assumed a recession and brought the prices down. >> it's great always to see you. bob dahl, you bet. >> plenty of damage has been done to valuations according to the spoke, the single p-e stocks have mostly double at the start of the year. there are 59 here. >> let's go value hunting with sarat sethi and he is in l.a. and a cnbc contributor >> before we get to the names ask you about a valuation reset. is this a healthy thing or what does this tell you >> i do think we've had such a good run over ten years and to get a valuation reset and the fed is raising rates because the economy is too hot and unfo

. >> tech. >> tech, of course and, you know, the increase in interest rates has brought down the prices on what we're most interested in, which is credit or bonds and so they are now offering much more attractive yields than they did six months ago. so i think that -- i'm far from saying the decline is over nobody knows that. but i do think that the worst successes have been addressed. >> are you buying bonds right now? >> we're not market timers and so, you know, i would say that we were slower to put money to work when high-yield bonds yielded in the 3s. that's not anything to write home b now they yield in the 6s. they can be a real help to an investor trying to address a returning that they need so i feel much better about the value today than six months ago. >> we're going into this major fed meeting, it's kicked off today. expecting a double rate hike expecting they're going to start trimming their balance sheet do you think they're going to be able to do enough to tame inflation this year? >> that's a tough question they're going to do a lot. >> more than the market expects? >> i