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tv   Tech Check  CNBC  May 25, 2022 11:00am-12:00pm EDT

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that's going to be amazing think what that's going to do from the planet. i didn't realize we went from 6 trillion to 3 trillion that's a big drop. is that over the last millennium >> 6 trillion to 3 trillion in the last millennium? >> we have 3 trillion left let's add a trillion. >> thank you, david. we have jim brier next hour. >> ask him about the trees. >> that's it for us. "techcheck" starts now good wednesday morning welcome to "techcheck. i'm carl quintanilla with jon fortt. officially the worst start to the year for the nasdaq ever that takes the index back into positive territory for the week. got back to 3979 on the s&p 500. given the market plunge yesterday, just how serious is this demand slowdown interestingly, check out intuit, heading higher after strong results. we'll talk to the ceo later on
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the big test will be two stocks, snowflake and nvidia which report two names which represent so much of the growth enthusiasm of the last two years, john. we'll find out a lot more about nvidia, all the different silos of semis, inventories and the like. >> i think those two are so important because nvidia has been around for a long time. it's one of those established stocks that have been such a grower over the last few years as they push into not only data center, but metaverse and all of that stuff it's down a lot. so how will investors react? then you've got snowflake, the biggest software ipo ever. it's been doubling year over year i've got to mention intuit because it wasn't too many years ago that people thought of this company as just about tax. if you ignore three of the four quarters and pay attention to
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this one, how turbo tax did, tax actually underperformed this quarter and look at the stock, because of credit karma, because of quickbooks and other stuff they're working on perhaps a signal into transformation that's happening in small business and even individuals. >> the health is certainly going to be important heading into a slowdown key question for the ones that report tonight what are they going to tell us about the state of enterprise spending i know sarah tried to talk to marc benioff about that. he talked about a lot of things, but something i thought was interesting, he mentors a lot of ceos and tells them that they must in this moment switch to the longer-term monthly contracts and turn them into annual or multiannual ones that will be interesting when we hear from snowflake because they have this unusual consumption-based revenue model where their customers only pay for the amount they use.
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is that going to help demand, help them get more of those long-term contracts, carl? at this point, benioff and salesforce included is nasing so much uncertainty in figuring out where they can push and pull, what levers they can pull. >> a lot of vc founders offering advice to their fellow founders. we'll talk about what the playbook looks like for startups our next guest is not yet calling the bottom, but says he'd be surprised if the nasdaq fell more than 10% lower from here, bullish on nvidia going into the print tonight joining me this morning, michael yoshikami. we know there's been damage done and positioning is weak. what gives you the sense that we deserve stability around here? >> i guess another 10% down isn't necessarily stability. i think valuations are getting more reasonable. i think what you're starting to see is a mental shift from investors where we're getting
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out of just this tech kind of focus and more tech that are positioned correctly with strong earnings and more speculative tech maybe that's what happened to snap in terms of being assigned in that other category i think some get to a point where valuations are compelling enough where there should be stability. i don't think another 10%down is certainly out of the question we're getting into a point where tech 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
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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 starting to perhaps start to slow just a little bit. these car prices, housing sales. so i think it all is starting to create stability as we move into the second half of the year that we had before where there was rampant speculation of what happened might happen in the first three months of this year. >> michael, tell me more about
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why you think the nasdaq is not going to fall more than 10% from here i look at the chart and i see, even at 10% down, we're still not back down to the prepandemic peak but a lot of the favorite stocks on the nasdaq over the past couple years are already down well below their prepandemic peaks. is it that you feel those stocks aren't going to fall much more or that other stocks that haven't come down that far for some reason won't even in the face of a slowing economy and rising interest rates? >> if you separate out the apples and googles and microsofts of the world and separate that out from the other naechlgs, some have fallen 40, 50, 60, 70, 80%. i'm talking more about the more
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established sort of names in terms of 10% downside. i'm not making prediction on qqq because it's filled with all sorts of crazy stuff in there. again, to be more clear, i guess what i would say is the nasdaq stocks, the large cap or even mid cap stocks that have good quality earnings that have fallen, whether it's an apple that's down 20%. i don't know the exact number right now. i think you'll get to a point where you see this division. let's not say the nasdaq let's instead say the earnings late denned quality stocks won't fall more than 10% you have other stocks that will fall another 30, 40, 50% from where they're after after having already fallen. >> give us the case for that why do you not think the mega caps are going to fall more than 10% from there
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what's giving you that optimism, especially after what we saw with alphabet who got clobbered amid the signals and ad sp spending >> i think valuations are -- i think the market is still thinking that ten-year treasury is going to go to 3.5% i don't think it's going to go to the 3.5%. i think inflation is going to start to cool just a little bit. i think they've already fallen to a point, i think the market has adjusted these names down on the expectation that things are not going to go well i think if you look out past this next earnings call or two earnings calls from now, i mentioned in notes -- so let's say that amazon has some challenges for one quarter or two quarters
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does that mean you're not ordering amazon? does that mean the packages aren't going to be on your doorstep every day for the next five years i think they're going to be. you have a company like amazon moving into an area where you could actually make the case of cloud-based services for amazon are almost as much as amazon itself i just think that valuations are more reasonable. i think investors, when they split from speculation to what i would call more quality names, i think that will provide support for the business. >> that's a really good summation of the psychology we're all embroiled in right now, michael appreciate that very much. thanks for starting us off this hour look forward to talking again soon coming soon, meta and twitter's shareholder meetings later today. given meta's stark underperformance this year and twitter's perhaps deal with elon musk, julia boorstin breaking down what to expect.
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meta sure to be interesting. but i guess zuckerberg has all the votes. twitter, it's all over but the fighting, right? >> well, there's so many different factors at play here, john we just have to point out that meta shares are down 45% in the past year and twitter shares are up 36% in the past year. so when the companies meet virtually with shareholders today, we'll be listening carefully for commentary on the add contraption that snap flagged earlier this week. the shareholder vote on elon musk's takeover will happen at a second meeting they're advocating for a number of different things including the rejection of executive compensation they're also advocating in favor of shareholder proposals about concealment clauses on mandatory arbitration and non-disclosure on sexual harassment and the like also disclosure over political spending and civil rights
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expertise added to the board mark zuckerberg controls votes so nothing can pass unless he votes for it we'll see if proposals demanding reports on human rights, online child exploitation and a report on the effects of building the metaverse and its dystopian downsides get traction and could put pressure on the company. a new york state pension fund that invested in meta and twitter is advocating for a shakeup of both companies' boards, calling out the companies for failing to prevent the sharing of video and images of the mass shootings in buffalo earlier this month with devastating consequences the state controller tweeting out that investors must hold the companies accountable. we'll be watching those meet teenagers and they start at 1:00 p.m. eastern deirdre -- >> julia, thanks for that preview. amazon happening as well let's turn to sara eisen live at
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the world economic forum in davos, switzerland with another great interview, well-known tech advisor jim brier. >> welcome back to jim breyer, good to see you. >> great to be back. >> you have investments everywhere in technology, public, private. given all the volatile we've seen and the short selloff in the nasdaq are you buying on some of these lower valuations >> i am buying a little bit. again, if we take a company like microsoft on weakness, i will continue to buy. i will continue to add and hold for years. satya is amazing i spent time with him yet here in davos what we really need is conscious leadership, leadership that understands left brain, right brain and this new set of challenges coming out of covid
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satya is not only a brilliant technical strategist, but a great leader, as is your previous guest, marc benioff where we have tenneco investments together in private companies. >> are you seeing the private company valuations catch up with some of the volatility and the carnage we've seen in the public markets or is it lagging >> it's lacking significantly. i always expect six months of lag. having lived through too many downturns, 2001, 2008-'9, asian bubbles. what happens in the public markets typically takes six to nine months for late-stage private valuations to adjust start up valuations are still highly attractive. it's the late rounds where i think there will be carnage in -- call it late stage biotech and tech growth. >> okay. you said you're buying a little bit. you're buying microsoft. what are you selling in this environment?
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some of these unprofitable tech stocks, markets in no mood for. >> for better or worse, i don't own too many of them the stocks i really like -- i bought recently blackstone where i'm a board member i have bought microsoft. i have bought apple and will continue to buy alphabet as well those are the public tech stocks that i believe not only have an attractive current model, but they are leaders in ai and quantum. as you know, sarah -- >> you're very excited about those. >> i am very excited so as i think about five to ten years out, where would i advise the great students, post docs, professors to be looking, it would be in the areas of artificial intelligence and the emergence now of quantum technologies. >> you are also a believer in the metaverse and web 3. >> yes, i am.
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>> we know from a dinner you attended at cnbc what about meta? you used to be on the board. you didn't mention it in your list of favorite stocks. >> i think meta is going through a change that is quite significant. never, ever bet against mark zuckerberg never, ever bet against elon musk in my opinion with the metaverse, facebook is going to do well, but microsoft all right is doing well. what i really like about the metaverse and web 3.0, web 3.0 is as different from web 2.0 as web 2.0 was from web 1.0 think of the 2.0 leaders like stripe there will be a stripe in the web 3.0 in and around crypto, decentralized development. when i see where the great talent is going in silicon valley and elsewhere, the great 30-year-olds are going to crypto
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and web 3.0. >> you think it can withstand -- a lot has come out of crypto, a lot out of web 3 and metaverse in an era of rising interest rates where the liquidity situation is totally different and a potential recession, these themes seem way far off in the future and highly speculative. >> well, for the public valuations for sure. the interest rate environment, don't try to predict interest rate spikes and trips. a number of people at davos are much better at that. my goodness, though, web 3.0 is where marc benioff described salesforce in 2001 it's a completely different mindset around development i'm not necessarily saying go long bitcoin or ethereum or solana, i'm saying look at the development platforms in and around the blockchain. that's where the most innovative
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applications are being developed and where the best in the world are going. >> which companies what are the top two or three companies doing that >> i'm a shareholder in coinbase which has been hit hard. i invested in 2013 >> it's down more than 70% from the highs. >> yes, it is. circle, which is private, a u.s. dollar coin. and buynance which is the largest exchange in the world. in and around these platforms, i see tremendous opportunity around development i'm not necessarily a big believer in buying the coins. >> got it. that has been painful. you said never bet against elon musk i know you have a great relationship there and have been a longtime investor. what do you think of his bid to buy twitter? >> one, elon is a genius as marc benioff said, one of the best entrepreneurs of all time. he's paying too much for twitter. i think the fair market value in
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my humble opinion is $25 to $30. >> that's a long way off from $54.20 >> yes, it is. >> i wonder if he can renegotiate the deal >> i don't know the answer what i would say about elon and his team, people focus on elon he has an extraordinary team around him the giga factory in austin, texas, robots making robots is unlike anything i've ever seen i'm very long elon musk. >> jim breyer, thank you very much for sharing your insights noted billionaire tech investor. intuit shares heading higher by about almost 8% the ceo is next. big hour still to come "techcheck" is just getting started.
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time for a gut check baird is bracing for a wild recession saying they see a
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weighing on consumer spending and dragging incomes lower hitting gaming especially hard names like air bnb, ebay, paypal, shopify and twitter all getting cut. all those names up on the session. john, the nasdaq making up for some of yesterday's heavy loss, up about 1%. >> indeed. here is a name helping that cause. let's look to intuit, the financial software provider, up significantly today after an earnings beat issuing strong guidance for the next quarter. you can see it there, up better than 7.5%. it is down a bit with the rest of the market outperforming, down about 40% year-to-date. joining us insuit ceo sass san goodarzi i was talking about how in the past intuit seemed to live and die by the tax quarter, but not so much this time. i want to ask you about tax first, but also give me your take on this, $141 million
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settlement that intuit has paid out, admitted no wrongdoing. the issue was steering people away from truly free tax services what has intuit changed or what have you changing coming out of that across the company? what, if anything, did you learn from that? >> good morning, jon thank you so much for having me. i'll start with the first part of your question taxes both consumer tax and our pro tax business is now about 30% of the company we're truly a platform company that's very, very diversified. and though we're very pleased with our performance and progress this tax season, and, in fact, we hit a significant milestone with our turbo tax live platform which is in essence where we have experts to help you do your taxes or do it for you where we reached a billion dollar mark growing at 30%.
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we're very excited and privileged to have the honor to serve our customers. specifically your question around the settlement, one, as we've said in the past, we are a huge proponents of free. over the last eight years we have served about 100 million customers that have paid nothing to get their taxes done. in fact, those figures are the largest of the entire industry combined we felt that some of the complaints about our free practices had no merit, but with that said, we felt like this was important to just put behind us. and some of the, by the way, practices, we had evolved in the last year just to continue to be far more clear and transparent with customers in terms of their eligibility for free and when they're not eligible i would say those are the headlines. >> okay. i do want to talk about small business because it's such an important engine for the u.s. economy overall, and that
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performed quite strongly for you and is a big part of why you issued the strong guidance in what ways are you seeing this inflationary environment, higher costs reflected in small business performance why isn't it slowing you down here, and what gives you the confidence to issue the guidance you did given all of that? >> sure, jon first i'll start with the small business and then talk about our performance. in terms of the small business, everything that you all talk about throughout the day is very real first of all, consumer spending is still strong. consumers are spending with our small businesses for the services that they provide at the same time, small businesses are having to deal with food prices going up, fuel prices going up, wage shortages -- prices going up those are very real things they have to deal with. at the same time, the reason for
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our strong performance last quarter and our guidance going forward is there's an accelerated flight to digitization to manage cash flow one of the top reasons small businesses survive and thrive or go out of business is their cash flow on our platform, truly our platform now is a growth and money center platform where you can do a far better job managing your cash flow, get access to cash what i shared on earnings yesterday is this last quarter, our quickbooks capital tripled year over year those are indications that small businesses are relying on our platform to be able to manage cash flow even in unique times we're proud and privileged to be able to serve our small businesses. >> hi, sasan it's deirdre there is a separate ftc lawsuit
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that does remain open calling that supposedly free software a bait and switch. what are you doing specifically to win back trust? even this morning i searched turbo tax on tiktok, instagram, youtube, twitter it's full of memes and videos from customers that feel burned by the software. these are millennials and gen z where presumably your future growth is supposed to come from. >> i appreciate the question i'll start with the fax. we have well over 55 million customers that use turbo tax we have one of the highest net promoters across the industry, and that is what we just ended the season with, very strong growth, very strong net promoter, very strong word of mouth. we do have an incredible amount of trust i will tell you when this complaint was out, i got emails directly from customers letting
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me to know, hey, i used your free product, it was very clear it was free. it was very clear when i needed to upgrade i think facts speak for themselves at the same time we take these things very seriously. for us trust and reputation matters a lot. so we will continue to work very hard to ensure that we can always be more transparent across our entire platform that's the way we're thinking about it and it informs the actions that we take >> sasan, you got emails from people that like the software. as a potential consumer, what i'm seeing is a lot of the backlash again, i ask do you think you don't need to do anything more to win back trust? >> we absolutely do. i'll give you specific examples we've done within the product. for instance, in the product we are now much more clear in the checkout experience, the value the customers are getting and what they have to pay for it if they have to pay for it versus if it's free we're also very clear to let them know, hey, if you're not
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satisfied with the value you're getting, let us know and we'll make an adjustment realtime to help them understand what they need to do to get their taxes done for what they believe the value are. one is within the product, we're taking a lot of additional actions to make the experience far better i would say the other thing we're doing and have done this past season is be far more transparent around just the eligibility of free -- based on your tax situation, as you're picking the product, letting you know if it's something you have to pay for and/or if it's free also beyond that, helping you understand the benefits we can provide you beyond taxes with credit karma we are absolutely taking additional actions to be far more on the side of building trust and building reputation. >> sasan, i want to finish on credit karma revenue was up 48% to $468 million in q3. it also looks like consumer credit is growing a lot in this
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economy with all these cost pressures. there are some concerns out there that consumers are putting a lot, maybe more they should on credit cards how should we think about the growth of that business, health of that business perhaps as consumers start to hit a ceiling in the amount of credit that they're using and perhaps need other and different services >> first of all, start with where you did. we're really proud of the performance of that business in fact, this year all in all it's going to end up growing nearly 60% our long-term expectations for that segment is 20 to 25% growth we feel very good about the long-term expectations we've set. in sort of the times that we are in, and even if you look ahead and you assume we're going to get into a recession or even close to a recession, there are two things that hold true. one is demand -- customer demand actually goes up in tougher times. there's going to be higher demand than there is even now. on the other side, our partners, the financial institutions, the
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insurance companies that are on the platform, there's actually a flight to quality. that's really where the power of our credit karma platform comes into play because it's really a data platform that uses ai to deliver personalized matches and experiences. our partners put their credit models on our proprietary platform because it gives them the ability to manage the quality of customers and offers they want to provide there's a flight to quality by our partners there's actually higher demand we're actually excited about what we can do in these tough unique times that we're in. >> all right shares up about 7.5% sasan goodarzi joining us on "techcheck," thanks. >> thanks for having me. it's time for a news update. let's get to contessa brewer. >> advocates for more restrictions on gun purchases are calling for action today after 19 children and two teachers were murdered in a texas school
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according to state senators briefed by police the shooter legally purchased two ar-style rifles soon after he turned 18 years old. in a pregame news conference last night the coach of the nba's golden state warriors condemned u.s. senate republicans for blocking a background check bill. >> when are we going to do something! i'm tired -- i'm so tired of getting up here and offering condolences to the devastated families that are out there. i'm so tired of the -- i'm sorry. i'm tired of the moments of silence. >> the reactions have been swift and widespread, of course. this morning pfizer sells it will sell 23 pat tent protected drugs and vaccines to the world's poorest countries at cost the ceo says 45 countries with 1.2 billion people will be included in this program shares of kohl's are up more
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than 15% after reuters reports bidders are still competing to buy the retailer despite the recent disappointing earnings report everybody loves kohl's are slumping crypto prices big risk for nvidia? dow lost some gains off the session high, off 55 stay with us ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪
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crypto prices may be slumping, but vc investment hasn't horowitz plowing billions more in with a new fund kate, we hear often the best companies are built during times of turmoil >> they had their first fund that came in another bear market this is breaking records the biggest fund yet, horowitz raising $4.5 billion and
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investing through the current downturn the fourth fund in total raised about $7.6 billion to invest buying both the cryptocurrencies or tokens associated with companies and traditional equity as well. it comes as a lot of those crypto prices are taking a significant haircut along with broader tech bitcoin is the bellwether pour the space. it's down more than 50% right now from the high. i talked to partner arianna simpson about the timing with this she says bear markets are often the best opportunities and when the best opportunities come about, people are able to focus on building technology rather than prices in the short term. simpson and another partner at the firm, chris dickson talked about the long-term opportunity as the, quote, next major computing cycle. they call these apps built on blockchain technology web 3. there are plenty of skeptics
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around that term including jack dorsey and elon musk what effect will this flood of vc money have. those i talk to say crypto valuations are holding up. some of the other crypto names don't have a good public comparison coin base and crypto exchange really is the only publicly-traded crypto name out there. >> nearly 75% down year-to-date. we'll dig in a plightal more moffitt nathan son reiterating a buy but lowering from $600 to $200 lisa ellis, the analyst behind the call joins us now. that is quite the cut, $400. what took so long? the signs have been there. you think we're maybe at the end of this crypto cycle what took you so long to make this call? >> exactly so now that we're through crypto
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cycle, the peak appeared to have been hit back in deese, what we did was take the last crypto cycle and incorporated it into the outlook for coinbase going forward, anticipating nobody really knows how this plays out. trying to incorporate that into our onlyu outlook for coinbase the take away is historically the cycles, while the drop is quick and dramatic as we've seen in the last few months, once it troughs, it does tend to stay that way for six, seven, eight quarters last cycle it took all of 2018 and 2019 before we started to see crypto really start to recover. so that's sort of the reality check i guess with coinbase. we love the company over the long-term, but the reality is it's likely from a trading and buying perspective to be -- kind of move sideways for the next 18 months. >> lisa, what makes you think coinbase is going to be the
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winner you have ftx and binance the revenue has not declined, pushing into new areas i know we haven't seen the financials it feels like it's in a very different position than coinbase which is operating in the public and maybe having a tougher time doing so. >> coinbase is sitting on a nice pile of cash that's good. over $6 billion in cash, so they can certainly outlast this cycle and invest through it as they're doing. but a big distinction, one, coinbase is very regulatory friendly if you believe that as crypto matures, there will be more regulation around it coinbase is sort of positioning themselves for the long term to operate in that context in a more regulated environment so they participated less on the fringes and derivatives and some of these alt coins, but they are very regulator friendly. that's one big reason. the other reason is because coinbase is actively diversifying the business into
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other areas besides simply brokerage and trading. they've got the coinbase cloud which is basically like a microsoft azure type of developer platform for crypto. they've got an nft platform. they're working with wallets they've got about 12, 13% of revenue already, but scaling very rapidly in other areas besides brokerage and trading which we think is one of the most exciting aspects of coinbase over the long term. >> lisa, it was jpmorgan's investor day and one of the things that flew over the radar is their discussionabout how they're going to fight against fin tech and get into things like buy now pay later how do you think of a legacy financial coming into this market and either taking share or making some bolt on m&a >> absolutely i think we'll see -- in the crypto space we'll start to see traditional banks and brokerages starting to offer
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crypto services to their customers the way we've seen with fidelity, starting to offer bitcoin and other crypto through their 401(k)s. we believe they'll do that in partnership with the crypto players, not competitively, because the sophistication you need to run nodes on blockchains and createliquidity and tokens across all these different bloc blockchains, very specialized technical capability that we think they'll leverage whenever we talk to players like coinbase about it, they see banks, increasingly institutional customers are the bigger and bigger part of their business because they're partners, not competitors. >> always great to get your insights, lisa ellis, moffett nathan son while coinbase not the only stock exposed to the meltdown in crypto christina joining us with potential impact >> nvidia stock has been the victim of the growth selloff,
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losing about 40% since the start of the year. actually a bigger drop when you compare the s&p 500500 nvidia is the white line on your screen, the lower of the two the boom-and-bust nature of crypto has further put pressure on nvidia. why? they're known for gpus that accounts for roughly 45% of its revenue. prices, as you can see on the screen, are dropping a large portion of these gpu units are sold to crypto miners who use it to perform complex calculations so much so that the sec charged $5.5 million for hiding how many gpus were sold to crypto miners. it could render these computer parts virtually useless for those mining ethereum. the demand for graphics cards used by cryptocurrency miner has cooled a high growth, high multiple
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consumer name is a top sell in today's environment. there are bright spots for nvidia strengthen data center products and the rollout of new parts, cpus, gpus that could spark an increase in demand jon? >> we'll look for sure, thanks. lyft announced in an internal memo that it plans to, yes, slow hiring, reduce budgets and grant new stock options to make up for its share price. shares down 61% on the year. speaking of cost, we just heard from salesforce's marc benioff on our air, asked if he's pausing hiring or cutting costs right now? >> you have to look at everything you're looking at very unusual global situation where you have these rising interest rates here and volatility in foreign exchange when you have those two things happening, you have to look at everything >> does that mean you slow down hiring you've been hiring a lot over
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the last fur years >> we're certainly going to look at everything. >> you're not going to tell me >> i'm in a quiet period or i would tell you joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear. we ignored the doubt. we loved the excitement. we believed. even when our path didn't make sense to everyone else, we kept going. we keep going. until our path is the one they wished they had taken. ♪♪
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quick check on what's
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dragging in tech eight companies are responsible for nearly 60% of the nasdaq 100's year-to-date losses. those are all the biggest market caps, apple, microsoft, nvidia, tesla, netflix and alphabet. those stocks represent 2600 points of the 50 points lost year-to-date jon, we talked so long about the remarkable waiting, not just the ndx but the s&p 500. >> it's a complicated math problem because apple is down a lot less than nasdaq overall, although it's partly responsible. meanwhile snowflake has seen a massive run up and a massive drop this year are expectations too low, too high that's next. don't go away.
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snowflake is a growth stock bellwether and reports results after the bell shares down 61% since january. so what should investors focus on frank holland has it frank. >> hey there, jon. before we get to that growth story about snowflake we want to talk about one of the factors weighing on the stock and has it underperforming other cloud names at least in recent weeks salesforce sold its remaining shares in the data housing and analytics company. shares falling 7% since then
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still, many have high hopes for snowflakes key metrics are remaining performance obligations. that's work yet to be done but snowflake hopes to get revenue in the next 12 months or so, that doubled in q4 also you have net revenue rete retention. that is either growth or revenue from existing customers. it almost tripled last quarter rosenblatt which upgraded snowflake but downgraded its price target said this in part given the healthy it spending environment and the shifting of workloads to the cloud, we expect snowflake to update guidance and revenue growth. analysts also very excited about possible customer adds there again, snowflake reporting after the bell back over to you, jon. >> i'll take it, frank, thank you. speaking of snowflake, don't miss our exclusive with the ceo on friday where we will break down those numbers and a whole
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lot more the dow is hanging on to some mild gains we're back in a moment another crazy day? of course it is—you're a cio in 2022. so what's on the agenda? morning security briefing—make that two. share that link. send that contract. see what's trending. check the traffic on your network, in real time, with the next generation in global secure networking from comcast business. lunch? -sure. you've got time. onboard 37 new people, with 74 new devices. does anybody have any questions? and just as many questions. shut down a storm of ddos attacks. protect headquarters and the cloud. with all your data on the nation's largest ip network. whoa, that is big. ok. coffee time. double shot. deal with a potential breach. deal with your calendar. deal with your fantasy lineup. and then... that's it? we feeling good? looks like we're feeling good. bring on today with
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take a look at the nasdaq, up about three-quarters of a percent and that takes us flat on the week. top gainers, initetu, docusign and palo alto. we'll be right back after this ft o t, they don't. they only cover select cities with 5g.
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doesn't have a lot to do he's got tesla, a very boring company. he's got the very boring company. spacex, not interesting, shooting these rockets up and running the global satellite system and then, you know, he's got neurolink where not only he's trying to bore a hole in the ground but bore a hole in your head and suck your consciousness on i think he's one of the most incredible, exceptional entrepreneurs of all time, maybe the most exceptional entrepreneur of all time fascinating to see that he's so interested in this asset. >> is it a good asset? >> well, i've always liked the asset. and my investors asked me not to buy it so i didn't but i've always been an admirer of the brand, the asset, the technology i think it's a great company. >> elon is a genius as marc benioff said one of the best entrepreneurs of all time he's paying too much for twitter. i think the fair market value of
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twitter in my humble opinion is $25 to $30. >> that's a long way off from $54.20. >> yes, it is. >> maybe one reason that wedbush said earlier in the week that $54.20 is out the window we'll watch that, guys, fed minutes in a couple of hours, nvidia and snowflake as we get a mixed market that's been lasting all morning long we sending it to the half. >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner front and center the stateof the tech trade nvidia earnings looming large. we'll discuss what is at stake for the much troubled tech sector with the investment committee. joining me for the hour, carrie firestone, joe terranova and pete najarian. i'll show you the markets, 12:00 noon in the east trying to build some gains together the dow is higher by about 40 or so s&p 15 1/2, we'll call it 3957 but watching that


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