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tv   Squawk Alley  CNBC  January 11, 2021 11:00am-12:00pm EST

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good morning it is 8:00 a.m. at twitter headquarters in san francisco. it's 11:00 a.m. on wall street, and "squawk alley" is live ♪ ♪ ♪ i woke up at the moment the
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miracle occurred ♪ ♪ a song that made some sense out of the world ♪ happy monday and welcome to "squawk alley. i'm jon fortt with carl quintanilla and deirdre bosa we will have in-depth coverage first, twitter, facebook, snapchat and many other companies either banning or suspending donald trump from their platforms after he directed a mob of his supporters to the u.s. olently attacked it. shares of twitter down sharply on the news of the trump ban and apple, google and amazon all taking various moves to push alternative social network p parler off their platform saying they weren't doing enough to curb violence. it is quite a setup to this week
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>> that's where we're going to start with our next guest, co-founder cara swisher. good morning it's good to have you. welcome. >> thank you >> i guess let's zero in on twitter because there's been so much chewed on over the weekend at-large about social media. >> sure. >> what is twitter's future without the president? >> that's a big question a lot of these companies have spent time tolerating this kind of behavior and also helps, as i have said many times, enragement -- engagement equals enragement it's a great way to get news i recently -- my son who is 19 years old, use it is to consume news and things like that. there's lots of businesses for twitter. it shouldn't be about this bickering and they shouldn't rely on that for growth to see
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what the latest ridiculous tweet or dangerous tweet someone like donald trump is doing. that can't be a business model >> how does that tie in with advertisers' willingness to be a part of it arguably fewer eyeballs. less dangerous content >> advertisers have been a part of it, right is this everybody was angry and then they weren't because it works really well. that's the part, some advertisers when it gets too hot such as in this case which would be supporting a terrorist attack of the united states government would be a problem but in this case they have to really figure out what the real business model is which they have over the years. it's been focused on because of the overwhelming influence of donald trump has been negative it's not a business to build on. so that's what they have to figure out the other thing is they tolerated it for a long time i do welcome what they've done
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and finally done they started by doing nothing for most of his time there and then just recently started labeling it and threw him off at the last minute. anyone could have seen this coming it's one of the things a lot of these social media sites and silicon valley has to think about who do they want to be doing business with and how do they want to be doing business it takes a crisis for them to act instead of creating businesses that are for the long term twitter is a great place to get news twitter is a great place for people to have discussions, to have cogent and interesting and funny discussions and difficult ones, too. as long as people follow the rules. but they have to be enforced they have to create an environment where it is a great place to be. and that is, to me, a great business we'll see. >> parler has been thrust into the spotlight here i know you had a great sitdown with the ceo that's making the rounds
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tell us a little bit more about that conversation. it's not that parler doesn't have a policy. they do have a policy against incitement -- >> sort of >> a different way of going about it, implementing it. the ceo was defined when you got a statement from him yesterday, right? >> it wasn't a statement i did an interview the night of the coup attempt what he said on the program was cited by amazon and apple and others and the reason they kicked him off what he said was amazing that he didn't have any responsibility for the organization of the attacks on the capitol that were happening on his platform. today's press release is nonsense it's not what i meant to say listen to the interview whole. what he meant to say is what he meant to say he said the quiet part out loud and made the grave error of telling me the truth when i asked how the system works it's not scalable and is too late one of the things i mentioned was a lin wood tweet about
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hanging the vice president, and he said we'll get to that. you don't get to something in the middle of a crisis they have this jury system it's very analog, it's five people it just doesn't scale in this modern age of digital. he doesn't use algorithms. essentially he's like we'll get to it. people are applauding, we're not for it and we'll not do anything about it it is the same thing in some ways and so it was a problematic interview for him. this is what's happened from him telling the truth for a short period of time >> yeah, you teased a lot of that interview "the wall street journal" editorial board writes dissenting opinion won't vanish because it will go underground, perhaps become radicalized and eventually burst open into the streets.
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i wonder a lot of these folks aren't able to discuss their views on parlor or elsewhere >> this is one of these talking points the excuse for this and the parler ceo did this, if only we weren't here to let the anger dissipate. the anger dissipated and the capitol is trashed that's not true. if you have these private platforms and they're private platforms not there to give society an escape val am, what has to happen our representatives have to tell the truth about what happens in elections. our representatives can't play them so much and push these ideas of election fraud that don't exist it's had its time in court for a long time. people have been lied to for so many years, and they get angry
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when they're lied to, when it doesn't turn out the way they want it to the issue is the use and abuse of these platforms by politicians to try to create enragement and that's the real issue. this idea is they'll go underground, if we don't -- if i don't discipline my kids they'll go underground and ruin the basement come on. >> it might be true. >> whatever, it's ridiculous we can't incite violence on mainstream platforms that is one of the basic rules to say if we don't let them speak about it they're going to do is somewhere else, okay i don't know what to say >> that's the point i wanted to get to kara, there's a lot of talk about shutting down free speech and the first amendment. no one has shut down parler. parler is poorly engineered because it had no backup to aws, right?
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if you are a sort of mission critical app in some sense or sensitive, then you know you have to have certain security precautions, you have to have certain backups. they don't have the content moderation, what you learned from the founder they didn't have a backup to aws so until they can get that, until they get their into data center running -- >> they're not going to get that >> why not the tech folks who worked so well on donald trump's campaign, why won't they work on parler now? >> they could do that. epic took up gab, if you remember this was built on bubble gum and bailing wire essentially and so this is where they are. the privates companies that don't want to do business with terrorists parler is not a terrorist but people were planning activities and that is -- i get what parlor is doing
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you should be able to say a lot and they should be able to say a lot of things, kara swisher is a jerk or jon is an idiot, that's fine >> clearly it's totally fine that's all over twitter. >> we get it all day long and i'm great with it. this is a very different issue even though, let me just say it took them years to do this and the enforcement is so capricious on twitter and facebook and everywhere else, that's one of the problems, the power of these tech companies, the market power, there needs to be alternatives, investments that people can do. if people want to create a parler and run it themselves and be subject to possible liability if things happen or possible criminal action, build that. if you believe in that, build that >> you said the l word you said the l word, liability,
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which scratches an itch i want to get to. senator holley and donald trump have been pushing for changes to section 230. what gets me is the intellectual inconsistency of saying we want to remove liability protections from social media and then complaining when social media says, okay, well, we're going to police our platforms and uphold our terms of service you're going to get more policing of platforms. decide what you want >> everybody would be off these platforms. 230 needs to be reformed i don't think he's read it he doesn't understand at all josh holley does understand it he's a trained lawyer. he understands what he's saying. in this case he has some other problems going on over to -- some other issues to deal with including that really unfortunate fist pump that he managed to do at the very wrong time
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he understands that it needs to be reformed. the idea to call to get rid of it is dumb you have to get a bipartisan group of people just like we would talk about the power of oil, the power of trades and how do we push innovation, that the marketplace isn't dominated by one player that will get to the heart of all of these issues if we promote innovation i think that's ridiculous. an attempt to say something loudly, get rid of 230 without thinking it through and the implication. if they get rid of that thing, and they won't, it will be a disaster for small businesses. it will be a disaster all over the players and will make a huge mess of one of our strongest industries it needs reform, smart legislation, smart enforcement, fines and that kind of stuff you know that very well. >> kara, well said
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it's great having you. thanks as always, kara swisher, cnbc contributor we are getting word from the house on their articles of impeachment. >> reporter: what we saw play out was democrats setting into motion the process that will lead to a vote this week to impeach the president for the second time. majority leader steny hoyer tried to get consent for a resolution that would call on vice president mike pence to invoke the 25th amendment and remove president trump from office himself along with the majority of the cabinet. the house will hold a roll call vote f. pence does not respond, the house would move forward with impeachment now also this morning, we heard from three democratic congressmen, jamie raskin, ted lieu who brought forward their
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own article of impeachment on incitement of insurrection endangering the country and interfering with a peaceful transfer of power thereby betraying the trust of the president. now it is still not clear if this is the article that democrats will pursue. today cicilline said he wants the house to send over anything they vote on immediately the country cannot heal until president trump is held accountable. >> serious developments in washington and playing out across the world of tech and social media as well, thank you. meanwhile, outside of washington the annual consumer electronics show is kicking off today. unlike past years the ces will be all virtual we may not be live on the ground in las vegas but have got you covered with a great lineup of
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innovators and will bring you insight from the biggest leaders in tech and innovation include gm's mary barra and more speaking of which we start right after the break with hp ceo enrique lores. ♪ hey you, yeah you. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money.
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place virtually this week, we'll speak with the biggest players in the tech world. to kick things off hp ceo enrique lores in an exclusive interview. enrique, good morning. we're going to talk pcs, of course i also want to talk printing with you i know i've been doing a lot more printing at home and those two are the pillars of what you do at hp what is new that you're announcing at the consumer electronics show and how has computing and productivity taken a different turn over the past year >> first of all, jon, thank you for having me here on this very ex sighing day the consumer electronics show is starting, but let me tell you how we call it at hp this is the consumer experience show this is what you will see from us in the next days. experiences that will continue to improve and make customers more productive to enjoy how they work, how they connect, and we have a newport folio that
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will be doing exactly that improve the experiences of our customers. >> let's talk about the laptops themselves i'm going to grab one of these over here, hold it up. you can see it's a thin and elite with fingerprint sign-in as well. what kind of demand are you seeing now that we're well into the pandemic getting used to remote work, work at home. where is the demand coming from from consumers >> the pandemic has had an impact on how we work, how we entertain, how our kids learn. and this has brought a lot of energy back to the pc market the pc has become essential again. we have realized and our consumers have realized every person needs to have a pc. and this is really driving a lot of demand for these products
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the product you're holding has been designed to help creative assignments. again, it's all about the experiences that we create these people, these designers are looking for ways to show their creativity for them the size of the display is the most important thing. we have increased that in the same factor. color is critical for them to be able to create the designs they are looking for. the color of the screen is unparallel in the industry we are able to produce colors that normal human eyes cannot distinguish. the key thing there is a lot in the pc business, it is essential, and is driving demands for our products going forward. >> enrique, it's deirdre good morning as you talk about the new technologies that will enable a better experience, could you talk more about how you're
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balancing your capital returns with investing back in the business over the last year hp has boosted its dividend buyback program but at the same time your capex has decreased does that put you in the best position to innovate these technologies >> it is possible to do both from the beginning of the pandemic for us to become stronger and this is what we have been doing. we have maintained the commitment to shareholders and continued to invest in innovation we have continued to the print business as well and we have seen significant growth in that space we invest new categories going forward so it's really not only
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about returning capital to shareholders but our innovation and investments in r&d to drive that forward >> if you'll pardon the pun, give us some more color on that principling business i think hp instant ink is particularly interesting this subscription model i happen to subscribe you pay a certain amount a month. you're charged by the page for a whole group of pages and it's a flat fee how many consumers do you see moving to that model are you seeing a significant number of printer hardware sales? how is behavior changing >> similar to what i was talking about pcs we have seen happening in the printing space back home. people working from home, kids learning from home, they need to print. this has allowed us to grow this category and to accelerate the
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shape to services. we have done a lot of work to understand what new customers care about it's all about the experiences we provide a great service the cost of printing but, also, removes from consumers to have to go and buy cartridges the ink in your printers and you run out of ink, we save you to make sure the printer is always working. it's 10:00 p.m., the son needs homework and needs to bring it to school. the printer is not working because i forgot to buy cartridges this will not happen again if you subscribe to the program the printer will always be working. the printer will be ready always to do what you need to do. >> i can vouch for the process, it is a shift in how we print and here i've got one of these
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hp laptops there's a circle -- a white circle on the screen that serves as a ring light for helping with those calls whether it's on zoom or other services that people are using so much. i can see you work to innovate thank you for joining us, kicking off consumer electronics week >> thank you, jon. keep your eye on tesla today. it is lower for the first time since december 22nd, up for more than a dozen consecutive sessions under pressure despite getting another price target increase, this time at b of a. "squawk alley" is back in a minute turn on my tv and boom,
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find your degree at still to come on "squawk alley," a rare exclusive with the ceo of instacart, with the company more than doubling in valuation just over the last year we talk ipo plans, commissions, and its growing advertising business we're back in two so don't go away . how?
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welcome back, everybody. i'm sue herera here is your cnbc news update this hour. the trump administration is reportedly planning to put cuba back on the state department's list of sponsors of terrorism which could make it more difficult for the biden administration to improve relations with that country. reuters says that announcement could be made today. the washington monument will be shut down through january 24th as the national parks
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service closes some parking areas and roadways around the national mall due to threats from some pro-trump groups to disrupt joe biden's inauguration and the new york state bar association is now looking at whether to remove rudy giuliani as a member after he told trump supporters, let's have a trial by combat, just before the capitol riot removal from the group, however, is not a disbarment and giuliani would still be able to practice law in that state. you are up to date i will send it back to you, carl all right, sue, thank you very much. apple, as you may know by now, over the weekend pulling the plug on parler saying the social networking platform violated policies of the app store. our josh lipton has more on that hi, josh >> reporter: so, carl, nobody doubts parler's increasing popularity check out this data which i got from the team this morning in 2020 they tell me the parler app was downloaded about 9.6
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million times. that is more than 25 times the number in 2019 but now big tech is cracking down including apple which removed parler from its app store saying that posts on parler related to the riots on capitol hill included calls for violence which violate store rules. for example, screen shops of the app viewed by cnbc show users threatening to bring bombs to aws data centers apple saying in a statement there is no place on our pla platform for threats of violence and illegal activity parler has not taken adequate measures to people's safety. some argue this is a unique moment for apple, a game changing step in how the company thinks about its store which analysts say is critical accounting, they think, about 40% of total services revenue. but in reality this actually isn't a first for tim cook's company. the iphone maker has rules in place for content on the store and when apps violate the
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guidelines, they can get suspended or removed it's happened before for instance to infowars, telegram and qdrops, associated with the qanon conspiracy theory parler pushing back hard saying we can't just write a few algorithms that will quickly locate 100% of objectionable content, but that doesn't mean we haven't been effective. up until friday afternoon it seems apple, amazon and google agreed but big tech arguing his efforts to date haven't been enough. deirdre, back to you >> josh, this will continue to be debated as we see more tech companies come out josh, thanks for that. switching gears now, 2021 is shaping up to be another banner year for tech ipos, a number of debuts this week instacart ahead of its expected listing this year to be its new cfo deepening bench of tech talent that includes executives from google, apple and amazon.
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i sat down with founder and ceo apoorva mehta in a rare and exclusive interview. we started on the early days of the pandemic >> every part of our system had to be scale. we had engineers and product managers and designers working 24/7 in many cases just to be able to make sure that we were able to accept orders and deliver orders for that time our teams navigated making sure we had enough shoppers on our system we went from having 200,000 to 500,000 shoppers in a matter of weeks. >> are you guys actively working to get your shoppers vaccinations earlier on than the general population >> we're talking to the cdc, the federal government, the state governments as well to make sure that our shoppers are
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prioritized as essential workers, and they deserve to be vaccinated sooner than many others because of the important role they're playing right now. >> are you seeing any evidence or anything that leads you to believe that people will continue to shop for groceries online once the economy safely reopens? >> the data we're seeing and the conversation we're having with our customers show us that there is a big habit change that has happened already going to be a lot of activities that we'll want to do after the pandemic is over, after everyone is vaccinated but there are a lot of customers who are realizing this is a chore in their life that they would rather be able to do with a couple taps on their smartphone >> can your customers, your grocery store customers, as well
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as current and future investors rule out an instacart grocery chain anytime in the future? >> absolutely. we are focused on empowering grocery retailers. we're not in the business of competing with grocery retailers. >> we've heard from many grocers that instacart grocery delivery has been a life line to many of them when the pandemic hit some also say that it can be hard to make any profit because commissions are so high. reportedly as much as 10%. can you give us any color how you think of and treat commissions? >> the relationship with the grocers is incredibly important to me. i am on the phone with grocery ceos almost every single day d and, to me, a lot of times people ask me what keeps me up at night what keeps me up at night when one of our grocers is not growing fast enough and not able
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to be there for their customers enough i take that relationship incredibly seriously when we think about commissions, for example, we should step back and look at all the services that instacart provides. we provide not only all the picking technology, the delivering technology, but give the ability to be there for their customers on their apps, on the e-commerce platform, the ability to really merchandise and create the same wonderful experience they have in the offline world and doing that online is very difficult to do and those are some of the things that we provide to our retailers. >> what is the opportunity in advertising for instacart? >> the growth in the business has been enormous. thousands of brands are using the ad tech to get to customers and to put that in perspective in just the last month alone, any single day we had more ad
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clicks in just an individual day than we had in 2019, all of 2019 >> can you be certain once you are a public company what if your shareholders push that one way and that's another way of asking how do you think about eventually being a public company in terms of what you want to achieve and the long-term goals that you've outlined >> we want to be a very long-term company. this is a 20-year gain navigating the private to public will be an important milestone for us that's all it is, an important milestone. what we are focused on is making sure we're being there for our customers and creating the best experience, the most delightful experiences for our customers. we continue to invest in the long term and we're staying humble and open to listening from all of the stakeholders whether they're investors or retailers. >> what needs to be in place or
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what are you looking for in terms of deciding when the right moment is to become a public company whether that's a traditional ipo or direct listing? >> deirdre, i would say that there's, of course, lots of conversation and lots of work that our team does on this topic. but what we try to stay focused on is the things that will make us win in the long term and that means creating the best products for our customers, the best service for our retailers and our partners and so that's what i can comment on at the moment >> for a company that is nearly a decade old, and you are based in the bay area, your board is still very small, four members including yourself and three early investors. this has been such an important topic as the diverse board is
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seen as ensuring different backgrounds and perspectives are heard as you're building a company. are you planning on adding more board members? >> absolutely. we will be adding several board members to our board of directors. and i believe in diversity i believe that is incredibly important. i believe that that needs to be the case at the board level, at the executive level and at the team level and you will see us add many diverse board members on our board very soon. >> carl and jon, i did press him a little further on why they haven't had a diverse board, why it hasn't been a priority, and he said that a small board has actually been an advantage when the company is smaller because it allows decisions to be made quicker and disagreements to
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become settled quicker as well we did cover a lot of ground listening to him talk about the enterprise and advertising business you get the sense that instacart has created an ecosystem, not just a delivery platform, and we know from airbnb, doordash, a number of the other high-profile ipos over the last year or so this is something investors really respond to it will be interesting certainly to see that as one and how investors digest it. he gave us a little bit, some clues into the business. >> yeah, that is a tiny board. i'll be eager to see how it expands and how quickly. my question on instacart is is instacart innovating in technology and how efficient and well engineered are its operations i used to hear complaints about that, about instacart's efficiency, and we've been through this where people absolutely needed instacart and so did grocery stores.
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when we move out of this pandemic that same level of need perhaps won't be there and a lot of competition to provide these kinds of services. i wonder how much better instacart has gotten in this amount of time >> jon, there already is a lot more competition you see uber going into grocery delivery doordash as well what apoorva mehta argues they have more of an end-to-end solution, the shoppers, the pickers. he does say that their technology is superior they've hired a lot of people from google and amazon that were pretty high up in developing their ad technology business and that is what he emphasizes as their strength is that it's not just grocery delivery but an ad platform that will be more efficient for the cpg companies. we'll have to wait for more details for that and for him to talk more often to figure out whether that technology is really there this is a company, carl, created
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nearly ten years ago they're based in thebay area, and they've been able to really manage to take advantage of this increased demand in grocery delivery without too many obstacles. there was some conflict at the beginning of the pandemic between them and their shoppers who said they weren't getting enough ppe and some issues about prices, commissions, et cetera but i think they're largely working through those kinks. >> i thought your profitability question was the best one because we have a lot of these companies now obviously either public or going public morgan stanley says there will be deceleration in the business obviously. we believe one of the risk will be each player's competitive attempts to gain share it will be a dogfight and the consumer arguably will benefit >> absolutely. and unit economics
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this is the theme with a lot of the gig economy companies, do they make sense? are they subsidized by venture capital money? instacart has raised a lot what mehta told me, you just wait, our unit economics are very good. he has an eye on profitability, carl and jon we will wait to see until we get those financial details. will it look like a doordash or an uber that is losing a ton of money. >> the data and the consistency we will be looking for after the break our ces coverage continues with the ceo of jbl speaker maker harmon international. that's owned by samsung. we will be right back. stay with us
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markets continue to shave away at their early losses the dow early session low down 200 plus currently down 72. by the way, later today on "the half" do not miss jeffrey gundlach coming up about 12:30 eastern time we're back in a memont ♪ you can go your own way
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welcome back cnbc's consumer tech week continues with the latest in audio innovation and joining us now the first on cnbc is harman c ceo. when i think about harman i think of audio in general and i think about cars so let me start with the audio over the past few weeks we have seen new entrants in the head phone space at $550. people apparently are willing to pay for design and quality how does that shift what you are doing and what you're able to do >> that's a very good question headphones, first of all, let me say is very important, particularly for us. what we have seen over the past weeks is that demand for premium audio and good branding.
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it is continuously growing harman is well known for its highest quality and premium sound, excellence. that's our legacy, our heritage. and of course we are using that in our virtual explore show. we have introduced and launched new headphones in the space of true wireless headphones, the highest quality and noise cancellation and focusing on very high-end over the ear and on ear headphones. it's a market we are interested in and nobody else other than harman >> there are people trying including that company with the $550 headphones that does intend to exhibit at ces. rental cars the past year or two i've seen a lot of smartphone
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connectivity particularly car play from apple. how do you play in that owe co-system. what sort of features become necessary when your assumption is from a premium perspective people want the phone to help drive the car. >> yeah, so, first of all, our vision is to bring smart experiences which are connected, which are personalized and intelligent into the car so from that point of view we are on the right path. we are focusing on experiences and you said it, the major foundation for that upgradability, personalization is 5g connectivity going forward. what we are showing and that is what we showed at our streaming explore event, we bring
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connected experiences in the car. talking about connectivity, you need embedded features to create that seamless experience going forward. scheduling or coping of hmi into the car. so we have shown experiences one is called drive life event and technologies and combining them into one comprehensive experience can you imagine bringing gaming, immersive gaming into the car and the last one is all about experience and connectivity playing a significant role in that >> michael, it all sounds really exciting and we're looking at
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renderings of it, too, which look impressive. for now they're concepts a lot has to happen for this to become a reality cars need to have these big screen displays. they need 5g connectivity, more cameras, more audio. what do you think this actually happens, it becomes a reality. concert halls or gaming consoles themselves for us it's very clear we want to show what a technology point of view available now. there is something in between the concert and audio systems. basically the technologies are
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available now. we can offer to our customers to date i agree, there are different steps in between for now no logical reason not to personalize the car to date. a lot of steps in between to further enhance the experience of the car >> yes, well, sound is increasing important to people during this time we've seen podcasts and music just continue to be in demand. michael, thank you harman ceo michael mauser. "squawk alley's" consumer tech week continues with the ceos of verizon, gm, and amd, deirdre. >> can't wait. meantime, take a look at shares of game stop they're on the move after announcing three new board members including the co-founder and former ceo of chewy along with two former chewy executives
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they have been pushing gamestock to focus on e-commerce presence after his firm built a 10% stake in the company gamestop shares up more than 8%. we are back in just a moment
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welcome back doordash stock had been struggling since, well, just after christmas. but since the first half of last week the stock has been rallying off those lows at around 140 you can see this morning it's up another 5.5% >> jon, i'm taking a look at bitcoin. we haven't had a chance to talk about it this hour because we have been jam packed but big moves up, big moves down as well. down more than 20% in three days so that officially puts it in bear market if, carl, those kind of things apply to bitcoin you can see it's trading at around $31,600 >> yeah, interesting to see bitcoin and tesla down for the first time in what seems like forever. the other name to watch tmo, a top pick in wireless
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they say it has the potential theoretically to double its pro forma phone net ad run rate if it can lower sprint to legacy levels interesting it's not higher but something to watch in the days and weeks ahead. coming up on "the half" the judge. let's get to hq. carl, thanks so much welcome. i'm scott wapner front and center this hour the markets and your money where both are likely to head in the coming weeks as carl said, we'll ask doubleline capital's jeffrey gundlach in a bit. he'll join me for an exclusive interview. the investment committee is here joining me for the hour joe terranova, steve weiss and shannon, the chief investment officer. let's see where stocks are trading. the dow is hanging out above 31,000 still a loss of about 72 1/3 points the s&p down a third of a


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