here and send it to "tech check." >> good friday morning welcome to "tech check." today, call it a big tech train wreck. google, murk soft, meta, and now amazon taking it on the chin amazon alone losing $200 billion in market cap. what comes next and what should you do with the rest of the names? apple's the only mega cap so far to see green post results. record revenues for a september quarter, and don't think we forgot about twitter deirdre is live on the ground as the musk era begins. we're going to discuss all of that in a moment >> we're going to start with amazon, though we had the last of big tech report this week this is a company, of course, you see now with share prices declining. hit on the consumer side and the enterprise side at the midpoint, q4 revenue growth, forecast at 5% year over year. that would be a record low for this current all important holiday season, which has accounted for nearly a third of annual revenue historically. aws growth, that was a major focus. it slowed to 27% growth year over year. the ceo talked about enterprise customers re

tech check is next. >> welcome to tech check, i'm deirdre bosa with carl quintanilla and jon fortt. today netflix reveals about its ad-supported tier. the streets bullish on the strategy but is a nearly $7 price point cheap enough to stop the turn and nfl sunday ticket is up for grabs. plus, mark zuckerberg says he missed a giant shift in social networking we'll have that story in just a few minutes. first take a look at the broader markets. they are lower this morning. we are seeing more consolidation in tech. we've got another possible deal in the news this morning we actually talked about this yesterday. some of those targets that were ripe, guys, this was a company worth about $9 billion at its peak 5 billion ahead of the news. now we're nearing 6. it feels like companies are becoming more in line, the targets with the acquirers starting to accept that maybe they may not reach those peaks, so selling is a good option. >>> i think with knew tannics, the company is doing pretty well this is one of those software for infrastructure multicloud plays. was just talking to the ceo a mo

tech check" starts now. >>> welcome to "tech check," carl is off. we open with the fatigued consumer surges interest rates crippling inflation, leading to spending tech took set to take the brunt. online sales on pace for the slowest growth in seven years while the biggest retailers in the world, amazon, walmart, target among them explore alternatives to clear excess inventory. adobe is forecasting a picture for the end of the year. we'll tell you how the iphone 14 factors into all of that the q4 consumer spending looking odd on a day when the nasdaq is posting a new 52-week low. last year, the encouragement was everybody get out and buy your stuff early because supplies are uncertain. this year, it seems like retailers are trying to get people spending early because they're not sure if they're going to spend later, even though there's actually oversupply in some cases >> yeah, and that sort of estimate from adobe shows people are getting out and spending you saw that number higher that doesn't say anything about the uncertainty that we're going to

tech sector today. seems investors are bracing for a more strict environment. >> i would see this as continuity the lines of monopoly have been emph emphasized many sets of the regulations to the tech companies are implemented. details are still ironed out ove overall, the stance of the government has become on balance more positive over last year i think one negative thing to think about, although this is more on the chip side, obviously the tougher approach from the u.s. in terms of trying to choke off china's access to advance semiconductors and manufacturing equipment and technology maybe that is also what's weighing on the stock market >> fair point. if viewers take your view, this could be a different issue for stocks duncan, the congress was a huge event for all leadership in china. likely put a lot of policy making on hold what is going to get the green light? what will we see exaccelerated o the congress is behind us? >> well, i would say there is a short term and longer term short term, we are

tech as well. and a lot of these are not immune from a slow down whether it's software, whether it's cloud. we're seeing that play outright now. there's another realization point here we always used to say big tech is secular and it'll be just fine, but some of the trends it was capitalizing on were pulled forward. all of that has accelerated massively. so the bottom line it's very difficult for these big tech companies to repeat the growth they have seen in the last couple of years in the next couple of years. so we can't just say, oh, by the way, these are secular growers and they're going to be just fine and to add on top of that you have the whole social media waddle as well and that's undergoing a shift as well this is a really critical moment for investors because we're accustomed to saying for the last ten years this is the place to be and benefits from acceleration, but maybe this is not the place to be right now, and the broken leaders they take time to either get fixed and eventually rega

tech stocks were plummeting and many wondered whether he'd paid too much for twitter.witter was filled with fake accounts. in court filings he said the platform hadn't been honest to investors about how many real users it had. what do you think it is? if it is not 5%, what is it? i think it is probably at least four or- five times that number. mr musk tried to pull out of the deal. twitter, though, wasn't having any of it. the two sides were due to face a judge, who would decide if elon musk had to legally buy the company, but then another reversal — suddenly, elon musk did want to buy twitter. officially said he was buying the company to create the everything app that he called x, details of which are still sketchy but, it is also likely that mr musk believed he would have lost a court case and wished to avoid facing a potentially damaging deposition. so, what does this on — off, topsy—turvy deal mean for twitter? almost certainly, less moderation and more unrestricted free speech, but it is also likely that more disinformation and hate speech will be left up on the p

investors wondering will the big tech weakness continue we're going to discuss, next, "tech check" just getting started. ♪ ♪ ♪ ♪ ♪ ♪ ♪ pst. girl. you can do better. at least with your big-name wireless carrier. ♪ ♪ with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today. >>> apple shares falling more than a percent this morning ahead of big results tonight our steve kovac joins us >> hi there, carl, iphone in focus. it's going to represent the first days of the iphone sales and we're going to be looking for any commentary from tim cook about the sales, is it mostly the iphone 14 pros, the more expensive ones that can offset any plat demand for the iphone on the revenue side. and services also in focus, carl, there are a lot of signal inc

is a scientific realm of objectivity, of neutrality, of rationality, tech isn't political, tech is separate from politics. that logic has underpin add lot of the way that people think about digital technology, it's assumed that there is something kind of scientific about the digital tech that increasingly surrounds us. but what i think is that if you look around, you can see the most digital technologies are in, in fact, saturated, soaked through with biases and prejudices and priorities. it's not necessarily because the people who run them, design them are overtly political people. when you create something that exerts power, it's always going to have an effect on some groups rather than others. so, to consider some of the mistakes that we sometimes see with digital technology, there are voice recognition systems that literally don't hear the voices of women because they've been trained mainly on male voices. there are facial recognition systems that won't see people of color or people with facial disfigurement because none of the training data contain faces of those kind. there are some s

it was actually in the green despite bad tech earnings overnight. alphabet and microsoft dragging down the index. the nasdaq underperforming. down over 1%. bonds catching a bid. as you have worries of recession and a slowing economy it creates a bull case. look at the 10 year yield. down about eight basis points. there catching the bid. with yields lower the dollar is weaker against the canadian dollar. what is interesting is the bank of canada talked about raising interest rates only 50 basis points. the expectation was 75. we will dive into the nitty-gritty. brent crude trading up 2% on the day. jon: you talked about that tech wreck. let's dive into the names contributing to the weakness. microsoft, concerns of the outlook for the cloud business. those shares are down close to 7%. bigger decline at this hour for google's parent company alphabet. worst day since march of 2020 as the worry of the digital advertising outlook continues to play out. spotify down 12% today. yes, they continue to add subscribers but there are profitability questions. and

tech isn't political, tech is separate from politics. that logic has underpinned a lot of the way people think about digital technology. it is assumed there is something scientific about digital tech that increasingly surrounds us but what i think is if you look around you can see most digital technologies are saturated, soaked through with biases and prejudices and priorities and it is not because the people who run them or design them or own them are overtly political people, just that when you create something that exerts power it will always have an effect on some groups rather than others. to consider the mistakes we see with digital technology there are voice recognition systems that literally don't hear the voices of women. they've been trained on male voices. there are facial recognition systems but won't see people of color or facial disfigurement's because none of the training data they have been trained on contain faces of those kind. there are scandals recently with facebook designating a particular racial groups as monkeys o

or can't own tech. at the end of the day in a higher interest rate environment, which we're going to be in, and 4% or high 5% is certainly higher than zero, so that's what favored growth stocks >> you can't tell me these faang stocks or megacap stocks are only going to work in a zero rate environment >> i didn't say that let's call them the kathy woods stocks that obviously saw all the momentum and money flows in 2021 we're still overweight apple and microsoft, full disclosure these companies have thrown off capital and dividends. so i think you can maintain those positions, but where you want to be in is the classic kind of value areas because quite frankly earnings are slowing, we know that. but what our work also shows is that coming out of a bear market trough, we typically see multiples go up on average five multiple points, and that type of environment, scott, you want to be a value investor and a stock picker, so we're advising, higher tracker, tilt toward value, don't sell your tech stocks but b

still tech, given you mentioned, a a alibaba and elsewhere? >> looking like coming back to hong kong. a few days ago edu, one of the larger and leading chinese companies saying in context s.e.c. is only thing it needs and, therefore, more likely than not they're going to come back to hong kong so because edu is one of the better companies, cleaner companies. i would be surprised to see other china adrs using similar statements as well so for the u.s. investors to really understand the chinese space, there's a lot of due diligence that needs to be done going forward. especially how the foundation numbers are being reported you know how chinese regulations need changed in the tech space. overall, just because i mentioned demand is still very strong, the names still have value. >> hmm. >> i want to mention we're near session highs on the nasdaq. up about 195 points. 1. three quarters percent dow up as well i wonder how in china congress is done, and behind xi should we expect new rules down the road affecting chinese companies? a clarification on

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big tech is called big tech for a reason.t is part of the index, so that will likely draw broader equity sentiment down, but if you look at big tech, the earnings season has been relatively good, so that will provide some support to markets. francine: what does this mean for your portfolio construction? what are you most convinced about? natasha: we are talking big tech and these companies do have levers under their control to pull back on costs. they are dealing with that macro slowdown, but we think long-term, these companies are well-positioned. another area we are looking at is the -- these are structural winners and we make a profit in earnings now, so that is no the area we are looking at for portfolios. francine: what is your biggest conviction? is it the companies that can cut their costs or hold onto their margins? i do not know if there is pricing for these companies to slow down. amazon increased their prime figures and that must have an impact. natasha: it is a combination of all of what you mentioned. can compani

no profit tech names unprofitable tech. just a couple days ago saw some ripping within that complex as folks go out and try to cover some positions, and bring down exposure xpoesher been coming down. exposure to equities coming down as the bond market, coming and competing for investment dollars. when you've got the two year and ten year, north of 4%, that's affecting equities, and especially tech and within tech certainly many of the long duration stocks. >> so i guess the counterpoint, scott, to your view pich know you're nodding, aglee with negative sentiment in the fact a lot of pain is already in the stocks, is the earnings pain in there? feels like so far it's just been a valuation sell-off on the back of higher rates. by the way still going higher. same time seeing fallout economically for a company like microsoft or alphabet that clearly hasn't been priced in fully. >> we just have to consider relative to how we're thinking about the setup going into next year so we're pretty clear on our view we think recession con

may under state how rough a week it is for tech. let's focus on amazon. a lot of us are looking at the miss for aws obviously that segment of amazon reported 20% growth. do you think investors need to be concerned about the significant slowdown for the hyper scaler >> reporter: you hit the nail on the head, frank. it was 27% growth in aws we saw microsoft cloudy vision up 25% investors expectation is high with the cloud division. there is concern with the compa companys pulling back. that is not to say that the move to the cloud is going away it has been pulled forward a couple of years because of the pandemic i think that boom we saw during the two years of the pandemic is starting comparisons and we are starting to fade out a bit you will see a bit of cut on spending, but certainly companies need to be cautious. the longer term trend toward the digitalization and moving to the cloud is not going anywhere. >> recent trend, mega cap tech is hit hard as we saw. amazon down 13%. i want to correct myself amazon set to lose $140 billion

>> tech spending grows around 5-6%.soft has done phenomenally well at 16% growth rate for the past 3-5 years. when you look at this quarter, they grew at 16% the next quarter, they will hover around eight or 9% and that number is the one that is causing distress. in our view, needs to get up to those double digit gains before we call it a growth stock again. guy: did this come as a surprise to management? >> became as a surprise to me because i was expecting the growth to slow down but somewhere in the 10-12% but not eight or nine. the biggest thing was not the cloud numbers which everyone was harping about stuff the bigger issue was the pc slow down which everybody has talked about but i don't think the numbers really reflected that going into the next quarter with the double digit decline. for me, that was the biggest surprise. as far as the cloud is concerned, we see a dip in the cloud computing into the next quarter but then we saw a massive bounce back. it's what i expect going forward, a big slow down and after th

if you are invested in tech, well, applesauce, upbeat results, but amazon meta, another tech giants shook investors confidence with disappointing earnings and chinese president xi jinping. pink's dramatic consolidation of power is raising the question is china on investable on the barron's roundtable, my colleagues ben leveson, corn, english and jackhowes. so, ben, you know that leadership is changing in the market because tech mostly had an awful week. and yet the s and p was up 5% what happened? it was a really tough week for big tech stocks not named apple, but it really didn't matter. the dow finished up 5.7% which is just amazing, and really, i think this is a little bit about earnings. but mainly, it's about the fed. the market is looking at the meeting next week, and they're thinking what we're going to get a signal that the fed is going to start slowing down the rate hikes. and really, that's the thing that's been concerning the market all this time. and so even though we had these bad earnings from meta from amazon, from microsoft, and from alphabet, the possibility of a soft lan

tech stocks take a beating on revenue misses again. amazon and apple falling short of estimates, adding to the gloom in u.s. markets. the dollar claims as investors assess missed economic data. the lead is widened over gyro bolsonaro in the brazil presidential runoff. stocks offer a second day, tech stocks leading with a for percent drop. met a plunging other -- the nasdaq on the day was down nearly 2%. you can see that the nasdaq futures are continuing the decline. the s&p 500 only lost half a percent. actually, caterpillar had better-than-expected earnings and sales. that helped industrials rise one and a half percent. as for bonds from the 10-year yield well below 4%, now down to 3.92%. third-quarter gdp reversed two quarters of drops in gdp. it was up 2.6 percent but consumer spending slowed, so the bond architect consolation in that. and new home construction down 26% at an annual rate, a monster decline. citi said it is all about high mortgage rates over 7%. oil taking a different view, crude oil futures are down but they were up

what does this all mean for the tech trade and meta?nd rates versus reports what's actually more important for stocks and the year end rally, is that even still possible we'll debate that and much, much more with our investment committee today. joining me right here on s

that's decision tech.idelity. >>> welcome back, kim kardashian, crypto, instagram, and a million dollars s.e.c. settlement, our julia boorstin has more on that story julia. >> well, jon, kim kardashian agreed to pay $1.267 million to settle s.e.c. charges for failing to disclose a payment she received for promoting a crypto asset ethereum max on instagram in a june 2021 post. investors have sued her over this floyd mayweather and former nba player paul pierce as well over their promotion of this asset accusing them of artificially inflating its value. ckardashian agreed not to promoe crypto securities for years and says she will cooperate with an ongoing investigation. s.e.c. chair gary againgensler speaking on cnbc about how s.e.c. regulations are different from instagram's mandatory hashtag ad disclosures >> these are the securities laws, and there's other laws might be appropriate to just say #ad. but in the securities laws congress put in place that you have to disclose not only that you're getting pai

producer -- there's been so much change for these companies but tech at large over the last year >> we've got central banks, jolts friday and a lot of earnings a bunch of others have a good weekend. let's get to the half. >>> carl, thanks so much welcome to the half time report. i'm scott wapner front and center this hour the last faang standing. we'll debate what it means for your money and whether the long love tech trade is on its last legs joining me for the hour. let's check the markets. we're just past 12:00 noon in the east, and we have a pretty good gain going. highs of the day 2% just about for the dow, which has been ripping of late. there's the s&p strong, nasdaq is strong. sounds funny to say nasdaq is strong in the kind of week that we had the dow is going for its fourth straight positive week and working on its best month since january of 1987. the nasdaq is positive for this week so jim labenthal, i toss it to you. what do you think the bigger story is, the nasdaq positive for the week despite the megacap melt down we've seen in everything except for apple or the dow crushi

tech is separate from politics. that logic as independent lot of the way people think about digital technology. it is assumed that there is something kind of scientific about theut digital tech being increasingly surrounding us. what i think is if you look around youta can see the most digital technologies are, in fact, saturated, soaked through with biases and prejudices and priorities. it's not necessarily because the people who run them or designed them or owned them are overtly political people. it's just that when youst create something that exerts power it's always going to have an effect on some groups rather than others. so did consider some the mistakes we sometimes see with digital technology there are voice-recognition systems that literally don't hear the voices of women because they have been trained mainly on male voices. our facial f recognition systems that won't see people of color are people with facial disfigurement because none of the training data they had been trained on contain faces of those

the comments boosting data center tech products like amd and nvidia and marvel tech which counts metae of the biggest customers. >>> shares of ford reporting a loss in the third quarter due to supply chain problems and costs over disbanding of the self driving vehicle unit the company beat estimates for the quarter and guided to the low end of the range. >>> shares of sleep number cratering down 26% issuing weak guidance as it deals with slow in demanded and supply chain issues. the company topped estimates for the top and bottom line. >>> the biden administration set to go on the offensive to try to reframe the democrats economic message to voters with less than two weeks until the mid-term elections. the president and some of the top officials canvassing the country today to regain momentum for the party in a bid to hold on to power in congress. ylan mui joins us now on the white house strategy and if it will work. ylan, good morning >> reporter: good morning, seema. you are right. president biden will attempt to sharpen the economic message as the white house goes into full campaig

tech is separate from politics. that logic is underpinned the way people think about digital technology. it s is assumed there is somethg scientific about the digital tech increasingly surrounding us pretty think if you look around you can see the most digital technologies are in fact saturated comments soaked through with the biases and prejudices and priorities. itru is not this is no because e people who run them or design them or owned them are overtly political people. it is just when you create something that exerts power it is always going to have an effect on some groups rather than others. so to consider some of the mistakes we sometimes seem digital technology,he their voie recognition systems that literally do not hear the voices of women because they have been trainedit mainly on mail voices. there are facial recognition systems that will not see people of color or people with facial disfigurement because none of the training data they have been trained on contain faces of those cards. there are some sca

it is fair to say we are in a time out for tech. we have to digest what is happened during the pandemic were tech was a leader. it is not the leader right now. it will come back. do not buy it. we are set if you look at the leading energy index, most of our work clients are long. the safer trades and energy, consumer, health care, there are better places to be in the short-term. i think it will come back. it will not come back until 23. we will see numbers resetting. katie: timeout protect, long energy a trade that is held pretty much all year, when talk about amazon specifically. if you look at the enlisted tracked by bloomberg that covers this stock there is only one celebrating, acu among the buy s. the price target of 135, it feels pretty far away at this point. what will the market need to see from amazon does take the shares to the price target? >> yet to have 2 things, the retooled business stabilized. the cost on -- the cost supporting distribution, the cost above the demand. that probably happens early in the year we get a

however, big tech not doing well. amazon and apple capped off big tech's week of reporting.morning, lauren. start with amazon. lauren: we start with the bad news. in all about $950 billion has been wiped off the five biggest tech companies this week. there's your out. it's do or die based on outlooks and investors don't like the outlook from amazon and they said in their holiday quarter sales will come in between 140 and $148 billion. okay, wall street wants $155 billion so that's a big mess in the outlook. stu: they're tacking them down 15%? lauren: then look at aws, cloud grew at slowest pace yet, 2% growth and that's a -- 27% growth and that's the slowest and when the market opens, the stock could be below $1 trillion for the since time since 2020. stu: total valuation of amazon is at $96 a share. now apple? lauren: the best of the bad tech bunch. it's kind of doing nothing. shares are45-cents in the premarket and looking at iphone revenue, it's slowed down 42.6 billion overall but the justification, the new phone, the 14 went on sale the final two weeks of the quarter so

, welcome to "tech check," i'm carl quintanilla with deirdre bosa, the first week of tech earnings is now the time to get bullish finally? we're going to talk about it plus, developers, developers, developers steve ballmer out with a new bet on direct-to-consumer. we're going to talk with the man himself in a moment. and fox slumps, today's tech movers all hour. >> nasdaq of course seeing a big reboundthis morning as the volatility continues there's only a few names in the red on the nasdaq 100. mike santoli, are there legs to the rally? that's a key question. so far not a ton of enthusiasm for the previous ones. what about today >> we have been conditioned to have skepticism about the quick rallies, the market making the place that with the dramatic gain into the close maybe had some significance. there's some longer term trend average price levels that people have been watching that actually are right in the vicinity of where the market is right now. i'm going to just draw roughly where it is. that's a thousand day moving average. it's kind of 200 weeks it's almost four years we did

matthew bloxham also here to break down today's tech moves. it is a big week for european bank earnings with banco santander and barclays reporting on the last few minutes. what should we be watching out for them during this turbulent quarter? let's bring in u.k.'s -- bloomberg's u.k. finance editor tom metcalf, we have had a number of banks reporting earnings, deutsche bank and standard chartered, what stands out? tom: it seems across-the-board pretty positive for earnings so far. but it is the idea that revenue will outpace credit loss costs. it looks like a couple of banks have given positive guidance. the deutsche bank fixed income traders did all right this quarter. anna: it's that trade-off between the benefits of net interest income of higher interest rates, but then as interest rates go higher you get a little worried that maybe people who you borrowed money from might not pay it back. it is the balance between things. tom: i would say the lenders are in a sweet spot where the cost isn't quite yet apparent because consumers haven't bee

i do think impact tech and economy in a negative way. >> broadly, your positive on the tech names especiallyhen it comes to the likes of amazon and microsoft. given the more aggressive tightening stance from the fed and rising yields, how convinced are you about these trades at this point? >> i think it's going to be a stock ticking market in terms of the tech names. i continue to like microsoft and amazon. some of these names are down. if you have the s&p down 25%, some of the tech generals are down about 32% during that same time. meanwhile, they have strong balance sheets. they are part of every single innovation and technology trend for the future. for example, some of the biggest build outs are going to be in cybersecurity and cloud microsoft touches both of those. amazon has the cloud business. e-commerce continues to be strong. they touch so much of what corporations will be spending on in the future regardless of rate hike scenario the goes on longer than we like or recession. the other issue is look at what's going on. why are we in this where the fed is so hawkish? one of the big r

tech mostly mostly have an off weekend the s&p is off 5%. what happened?en: a tough week for big tech stocks not named apple. the dow finished up 5.7% which is amazing. it is a little about earnings, the market is looking at the meeting next week, we are going to get a signal the fed will slow down the rate hikes and that is the thing that is concerning the market all this time. even though we had bad earnings from microsoft and alphabet, the possibility of a soft landing that inflation will come down and the fed will pause those rate hikes, got the market excited. >> you looked at some numbers and saw the spread between tech and everything else is dramatic. ben: there has been a 9% difference, 7 times are bigger than that. most of them occurred during the dot.com bubble. maybe we'll get lucky, but okay, this will look a lot like the dot.com bubble, working off different valuation premiums and tech stocks before this started. jack: what do you expect? fed hikes will take their toll? ben: it will be down from 280,000. is that enough for the fed? probably en

stuart: okay, this week we've got big tech american big tech reporting this week.trongest report this week? >> yeah, microsoft, apple, and google are the ones that we're going to be taking a look at. google is important, because all eyes are on the search add business which is different than the social add business. advertisers have cut spending but will the growth in google cloud be enough to offset the advertising? microsoft is another interesting one, as well. the azure cloud business is doing really well and the intelligent cloud business they have and i think they are going to keep growing in the low 40s and 40% but pc sales are down and that's the part people are looking at and of course, apple, we are hearing iphone 14- plus sales are down but that's on the lower end of the market. the pro-max apparently are doing very very well and the services side of the business and so all eyes on these earnings to see if they can keep up with the big tech growth. stuart: real fast on twitter. musk has to close the twitter deal by friday, or he goes to trial. what's your

on asia tech index, i will get to that, we are seeing sizable gains in the tech space. on the back of this drop in yields which is opening up a window. also the drop in the u.s. dollar. yvonne: that really is the one to watch. take a look at tech stocks in asia. shrugging off those earnings we soft the big tech when it came to meta. you have seen that. the dollar has been falling below. that is helping sentiment overall. this whole sense that may be central banks are ready to start dialing back. we have heard that from the rba recently, boc last night, coming with at 50 basis point hike the market was expecting 75. maybe they are seeing signs. the question is what the fed will do next week. is there a risk of them stepping away? rishaad: we have gone past peak hawkish nests. is that what we are seeing with treasuries and the dollar? we have china also being looked at closely by morgan stanley who have slashed the stock outlook. this after the party congress. it slashes its targets. it's a gambit of chinese equities. they pointed to heighten uncertainty on geopolitics an

the tech start up develops robots like or re him made to combat loneliness. the technology helps break down barriers for people with disabilities. don cafe brings people with and without disabilities together. a 1st step to what greater inclusion assistive technology were, is to products that 8 people who, for example, can't hear or see. or we're missing a body part. the market for this kind of tech is huge because more than a 1000000000 people world wide live with some form of disability, like jessica smith from australia. she was born without a left for arm. the former paralympic swimmer is now a disability awareness advocate and relies on the help of technology. i'm not trying to hide who i am, i'm adding and sort of expanding on who i am as a person by being able to access technology that's never been available before. her high tech prosthetic limbs operates using artificial intelligence and can learn 14 different grips. this next clip of jessica smith, grocery shopping, demonstrates just how well this tech works and action. no, whoa, whoa. whoa, now you

why do we care in the concept of tech?hey trade at pre-profit or higher multiples, discounting the present value of your profits. there is a lot of anxiety to end the week particularly in metal caps and yields that pullback earlier in the week as we solve the rally and equities -- saw the rally and equities go higher. we are worried about what happens next in the global economy. >> talk about the concerns of the fed, plunging us potentially into a recession and how it weighs on investors. >> we have moved past the market mechanics conversation into what happens if we do that into a recession. which corners of the technology market will fare best, wall street has been going back its expectations, i have the 50 global revision index, for weeks and weeks and weeks no earning expectations have been pullback. 17th straight week on -- in the rope on the index -- in a row that we saw the index. strategist at citigroup are overweight global technologies. the other school thought, if we have a recession, what technology -- what sec

jack: tech investors may fear the fe discomfort back there?nstead of using aloe, or baby wipes, or powders, try the cooling, soothing relief or preparation h. because your derriere deserves expert care. preparation h. get comfortable with it. various voices: we get to celebrate being together. tell a joke, share stories. what everybody has done over the past year. the togetherness of that moment. just really celebrating each other. ( ♪ ) jack: the fed is continuing its fight against inflation but some saver 75 basis point rate hike could go too far. could the fed beat inflation without causing recession and how should you invest now that rates of shot up? joining as is black rock cio rick reeder. thanks for being in studio with us. obviously, and in the economy, that is their goal. >> you don't see a lot of it yet. you look at the employment costs the came out and it is still high and still running cpi over 8%. it hasn't worked through yet and the signs of inflation are happening with commodity prices, the housing market by every metric is com

growth story and small and medium tech names in today's market. joining us now namdi thank you for being with us. >> happy halloween. >> you believe that big tech has largely lost its financial discipline, but these are still some of the strongest balance sheets in tech so what should investors do here >> yeah. i think you have to think about a couple things. the first thing is long-term capital expenditure. one reason that meta, amazon and other companies gone down is because of large cap x investments and making very long-term investments. they spent 36 billion over the past four years on the metaverse and the revenue for the metaverse went down for them those investments are causing investors to question the feasibility of those long-term projects i think investors are really looking toward capital efficiency and profitability for those companies. that's one of the reasons why those stocks have dropped. to your point, there definitely are a lot of strengths in the balance sheet. matter of long-term growth and profitability versus capital streng

tech names, shares are falling in extended trade. we are live with australia's finest minister after a budget warning of higher debt and deficits lie ahead. annabelle: we have the asx 200 coming online unchanged in these are of trade. a modestly high start but we will have a lot of concerns around confidence in the session. it weaker dollar is helping as well as the pullback in yield that is supporting factors in the session. we are focused on the big tech earnings coming out of the u.s.. you can see the reaction we already have in nasdaq futures at the start of trade here dropping. that is playing out in what we are expecting for the japanese session today, we have the nikkei futures in the red. new zealand is in the green and also buying what is happening in the offshore, holding up of the key 7.3 level. a little bit stronger this morning, weaker or rather given what we are seeing in the dollar -- weaker, rather, given what we are seeing in the dollar. given the party congress is out of the way, that is the focus for china when it

francis, do you like tech right here. jump in. >> i'm still cautious on tech.erest rates move over to narrative of having defensive balance sheets and if tech is going to be defensive in the coming recession. >> that's a great question. that's already actually started to take place here because investors right now are microsoft, oracle, apple, even names a adobe names that have the balance sheet in the evaluation to navigate, profit with tech with the names that are growing those of you to be continue to throw out with the trash as multiples continue to fall that's why we're going to see a bifurcation, as can be front and center, we will watch that, good to see you, thank you very much. joining us right now on markets and tech, i want to mention credit suisse that stock is soaring on a buyback of debt securities, lee and francis, the next mornings when maria begins right now. >> and friday morning, thank you for joining us i'm maria bartiromo it is friday october 7, just before 7:00 a.m. on the east coast, yeh west reveals his ex-wife with the clintons in an ex

companies -- private tech companies. of all, talk to us why unicorn does not make sense as a term? >> thank you for having me. if you look at the end of between 21 we had already -- the end of 2021 we had a thousand unicorns. representing an unprecedented size level of companies. there are some companies that you deserve a alien -- billion plus market cap. they will be large one-day. a good percent of them will -- got way out askew with their valuation. investors were looking for the next snowflake. the problem is there a very few companies that can aspire to those types of heights. that is why we will see a lot of these companies not sustained in a corn status in the future -- in a corn status in the future. >> do we see them fading? is there more and it -- m&a? what does darwinian is him look like? >> there are fewer copies of the size and scale and market leadership that will go public. a lot of these companies that unfortunately there i ways and's were set very high. there -- they're businesses were given a lot of ca

you have to walk through financials and health care and bio-tech bio-tech ibb has been a name that has favor. we bought ibb and own the amgen and different names in the wake of covid-19. now you see bio-tech come back to life. all of the sector dislocation that provides opportunity, dom people are pessimistic about the sectors. >> news of the day right now is the absolute hammering that has happened to chinese technology stocks, right? is this the scenario given what we know about the national party congress in china kwl where thes a oppo an opportunity or will the government crackdown harder? >> you see markets spooked jack ma had it right few had good endings look at pgj. it has a lot of names from alibaba and baidu. you see that back to 2023 lows you see a lot of companies now they are down 50% year to date this is an overreaction and consolidation of power if you are a business owner, you are fearful. we have seen additional lockdowns. we see shenzhen again locked down that supply chain is under scored here today with the leadership change. this wasn't done in a subtle way, dom thi

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the tech company, oracle. now we know the number 201 employees are out of a job according to a notice from oracle to the california employment development department. what this is, though, is a another in a line of companies. >> i'm announcing layoffs are announcing hiring freezes in our region site. >> i think while we're not at a a wave of layoffs are not near-term risk for a session. i think this is a sign. >> and many companies for geely tech companies are now planning for recession planning for slower growth. and they're doing that by reducing their labor costs. executive director of the bay area council economic institute, geoff ellis says he wasn't surprised by the news. >> recently, google and facebook's parent company meta put a freeze on hiring. tesla laid off more than 200 people during the summer months. i do think there are. more announcements like this coming in this this tech way. it is the beginning of what is likely to be a recession. >> and they were calling for many economists are not callin

what you're seeing is weakness in megacap tech.ry worrisome for amazon and apple >> mike santoli, how do you see the two positioned >> what's interesting is you have an investor base right now, because of everything going on in the other companies, that is acutely focused on return on investment, let's return a tighter shift. amazon has been moving in that direction in recent quarters of trying to essentially say we overinvested, we're taking a little bit more of a sharp pencil to expense. we'll see if that theme runs through here in addition to the obvious concerns about whether cloud demand is flagging and now the consumer is behaving the fact that apple numbers have not really changed very much the forecast in months, i think is kind of interesting people assume it's going to be stable we'll see if that comes through. it's probably good it's down 3% in the stock heading into that number >> i was just going to ask, tom, where expectations are mismatched in terms of reality because the expe expectations a that the business would s

"tech check" starts now. >> happy thursday. welcome to "tech check." i'm jon fortt with deirdre bosa and carl quintanilla today, nasdaq in the green as investors work through reports on two very different companies. tesla and ibm. tesla falling pretty big, down 4%, as sales fall short. the company cuts the full year delivery target. ceo elon musk sounding positive as ever on the long term, saying the company one day could be worth more than apple and saudi aramco combined. yeah but on the flip side, ibm is up 4% solid revenue growth as software grew faster than the business overall. the real standout, ibm's z-16 mainframe, where revenues jumped 88%. yes, mainframes are still profitable, still selling. the stock has been an outperformer this year, benefitting from both the predictability of its stable core customer base and a slowing economy and that lucrative but rare mainframe product cycle carl, what's really the issue that investors need to watch, though, is software. there are a lot more software creation and delivery focus, and that red hat deal,

that's decision tech. only from fidelity. >>> markets at or near session lows fedex shares, they are plunging. a few moments ago on the headline that company expects lower than volume forecasted >> shares of fedex down about 3% ups trading 3% lower in sympathy this is off a reuters report saying fedex ground -- that's the mostly residential e-commerce focus of fedex -- is expected to see lower packages due to fewer people shipping packages volumes will be softer for fedex overall due to slower volumes coming out of china, also slower industrial demand. this is obviously an update fedex says they're expecting to make public october 21st reuters seeing an internal memo saying they expect volumes to be softer fedex shares down 3% ups lower as well. we're going to have to give fedex a call to get more information about this it was expected to be in general a lighter holiday season just a few weeks ago, expected to be about 92 million parcels during the holiday peak. that would be pretty much flat year-over-yea

is unicorn status -- killed in the world of big tech?e will have to work out whether unicorn should be a name anymore. my next guest thinks so. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. caroline: our next guest says by 2024 we will have redefined the term unicorn. entering perhaps a darwinian era for the tech sector? greg martin is a venture capitalist behind gopro, hotspot, and a cofounder of rainmaker securities, when the -- one of the largest platforms for trading shares of tech companies. first of all, talk to us why unicorn, maybe the term does not make sense? >> thank you for having me. if you look at the end of 2021 we had a thousand unicorns. pr