tv Tech Check CNBC September 12, 2022 11:00am-12:00pm EDT
like they could be benign. people are building up optimism that they'll get confirmation of that with the cpi number tomorrow big picture, 3900 to 4300 give or take in the s&p that will do it for us on "squawk on the street. "tech check" starts now. good monday morning, welcome to "tech check sfl." today, why activist investors are reversing course plus as internet stocks are hit hard, one wall street firm says amazon is best positioned to answer the call. then goldman's apple card business has a surprising subprime reporter. the cnbc reporter who broke the story will join the show first, steve liesman with breaking news from the fed
>> good morning, yes, new york fed survey of consumer expectations shows one-year and three-year inflation expectations falling sharply, one-year to 5.7%, still high but down by a half point, three-year falling to 2.8%, getting within the range of what the fed may want to see, down 0.4% five-year expectations falling to the fed's target, 2%, down 0.3% home prices falling to 2.1%, the lowest since july of 2020. and below the pre-pandemic levels price expectations fell for gas, food, and rent they all dropped and their concern about unemployment tldeclines, respondents' concerns declined households expect modest income growth and plan strong spending. carl, you know these numbers are followed by the federal reserve board in general to see how policy is doing. they're going to be heartened by
this i will just check at the moment, it looks like still the expectation for 75 basis point increase at the meeting next week is at 90% back to you, carl. >> steve, thanks for that, pretty interesting numbers we'll keep our eye on market reaction dom chu has more, good morning, dom. >> good morning. cooling inflation expectations may be providing at least some of the fuel for the rally we've seen in the markets over the last couple of weeks here. if you take a look at the invesco qqq which tracks the nasdaq 100, we're at $309 a share. if you look at the bottom end of the range that we saw tested in june versus the high we saw in august, $309 is just slightly above the midway mark between that level there so we're at a level here where the qqq is possibly at a crossroads it's above its 50-day average price. all of those numbers in play right now, watch $302, which it
is midway point between the two, the high and the low, and $307, the 50-day moving average price. watch those. with regard to the leadership we've seen in technology, we have to look at, say, the key ones, the ones that have seen some real outside performance. within that you have to look at some of those sectors. fintech, over this quarter, to date up 16%. internet related stocks up 14% cybersecurity up 10% three of the best performing industry groups. three of the lagging industry groups, if you will, because the nasdaq overall has risen 11% since those lows we saw, we have to look at semiconductors, software, cloud computing stocks each of those groups have been positive but it's been underperforming the overall market
watch cloud computing, software, and semiconductors the stocks that have led the way higher, the theme is it's maybe bluer chip brand names within that technology trade that have seen steep fall-offs over the last years that have bounced the most, we're talking about e-commerce names, financial economy names like paypal and other names like netflix on streaming video. you can see the downtrend we've seen so far. it's that up trend over the last couple of months that has some traders looking at whether or not, deirdre, this is a snore where you buy the dibs on some of those blue chip names that have sold over over time >> key question, are they still expensive. thank you, dom joining us now from communacopia, eric, thanks for being with us. we'll be at the palace hotel as
well in the next few days. expectations are cooling we're coming off a pretty good week where the nasdaq moved hoyer again today. where do we go from here >> i think we hit peak fear in a lot of ways through most of the summer months. most of my investor conversations are much more bearish than bullish out of august and into september, we've seen at least in my sector a little reason for optimism e-commerce trends are accelerating as we move past the tough times of the pandemic. digital advertising trends, feared in june or july, that there would be a much more pronounced macroeconomic slowdown, are coming in a little bit better than expected we had snap preannounce to the positive we've had a little bit of a reprieve in terms of data points we've heard from companies a lot of our investors are
checking in on consumer demand, enterprise demand, and turnaround stories for 2023 as well >> at the same time, eric, you know, no expectations have changed, only increasing for a 75 basis interest rate hike at the next fed meeting we've talked to a number of enterprise companies, some of them who are seeing these lengthening sales cycles what makes you confident there's not another shoe to drop here? >> there could be pockets where there are other shoes to drop. we've been advocating, over the last six, nine months, focusing on profitable tech, on industry leaders, on pockets of the market where you can actually value them on, gaap earnings per share and factor in stock-paced compensation, look for rising profit margin narratives, not falling profit margin narratives amazon and uber are my top two
picks, and we'll have someone from uber for a fireside chat, those are the things you want to look for when you look at nonprofitable tech, there's less risk appetite the world is trending in terms of trends and valuation dynamic. >> it seems like inflation expectations are slowing down because demand overall is slowing down we don't know how much of a slowdown it's going to be, it could be worse than the inflation scare, depending on how much it slows down it seems like some of these innovative company have impressive net revenue retention rates, really impressive
technology notes even though the stocks may not be popular for a while, they may still have strong growth trajectories, right? >> 100%, john. the question is sort of the dynamic investors find themselves with. there's a lot of uncertainty nobody knows what the interest rate curve is going to look like over the next six months, nobody knows about inflation. there are now more optimistic signs that we're coming towards the end of the cycle than the beginning of the cycle but the invisibility into that remains relatively low particularly when you look at putting a revenue multiple on a nonprofitable tech company, no matter how aspirational their tech is, and there are plenty of innovative companies out there, most investors will only do that when they're putting risk into their portfolios and applying more visibility into the broader macro environment. we're in a better position now than six months ago. but i wouldn't say we're out of the woods just yet >> and eric, you're talking about improving margins for some of these companies how do you factor in stock-based
compensation with companies that are now producing free cash flow or looking for profitable? >> i think there's a couple of points to make on this back in 2016, my team and i injected the idea that stock-based comp needed to be treated as an expense and i sort of got laughed out of the room by a lot of investors. now half a decade later it's becoming more dogma that you have to factor it in you're hearing it from the companies, the largest companies in the world in tech are allocating buybacks to offset compensation even the companies themselves want investors looking at gaap net income they're allocating capital against reducing the diluted impacted of stock-based comp it factors in at top of mind towards either growth or value investors that i talk to on the global scale >> eric, thanks so much, looking
forward to the conference. eric sheridan. >> thank you now let's get specific we're talking about young tech companies and profitable versus unprofitable and whatnot here's an enterprise demand story. and we can ask the question, is more pain ahead for the space or more growth. our next guest has been jay kreps, confluent ceo jay, you're doing real time data, which i would think is more important in an environment where conditions are shifting quickly, retailers have to figure out what to do with inventories, what to mark down, where financial players are dealing with volatile trading. how is demand affected by these macro conditions for you >> yeah, we've seen pretty steady interest in demand from
customers. there's a little more scrutiny in the current environment i think on any spend i feel like we came through that really well. ultimately these things that are mission critical are right at the center of whatever the next generation initiatives are for companies. those tend to go through even in a time with a little more tightness. as you said, some of them become even more important, it's about moving out of inefficient data centers, about harnessing information you have about your customers to be better and more efficient. that's why it's held steady even in trying times. >> you had 58% revenue growth year over year i'm curious about this net revenue retention number and what it means, particularly for confluent. what is it that you're selling more of, and is there any inflation effect, even have you raised prices on existing services, or is this
customers who are taking more services that you're offering and which ones >> yeah. it's not due to inflation. this is just the natural expansion we see with customers. ultimately these kind of ingredients for cloud computing are something that as you built more applications, you consume more and more of if there's one thing that there's hunger for in companies, it's access to real time data. that's kind of an essential part of me modern software environment. i think that's what's driven the expansion, particularly in our cloud service which grew 139%. a ton of that out of really strong expansion with our customers. >> this is deirdre, good morning you to can you characterize some of that scrutiny? for example, contracts that need to be signed by the cto, are they going to ceos is that lengthening your sales cycle? >> that's exactly what we saw in the last quarter, just a little bit of a sudden deep dive in
some customers from the cfo, the finance organization, to really look at the tco and roi of these bigger purchases we felt we did really well coming through that. it's a delay, which is never a good thing when you're trying to sell something that does add additional pressure we didn't see it everywhere but it was kind of across the board, both in some of our tech customers, which are certainly putting a little more thought in where money is spent some of our european customers, really across the board we saw this happen. >> what is getting it past the finish line, then? what are you and your employees telling the ceos, cfos, to increase the demand for you during this time when people are scaling back >> i think it was two things that were critical for us, one was being attached to the most important initiatives, the things that drive the business, not the things that are on the side and can wait.
and the second one was having a really strong pco story, is there a cheaper, better way to do this, can we do this in-house that's an area where we put a lot of effort into showing the value of our cloud service and why that was better than trying to do it in-house with existing resources, that this is actually a way of spending less, of bringing up resources to do more things and that actually becomes sort of like an accelerant, people are looking for ways to do more with fewer resources >> jay, are you satisfied with your sales motion and your sales structure? a couple of companies' stories come to mind over the past few weeks. one, c3ai which switched to a consumption model from something different. and the other, octa, which is
having trouble retaining salespeople after an acquisitd . >> we made the switch to full consumption motion a few years back that's a powerful thing in this environment. customers want to avoid risk and they want flexibility to be able to spend at the pace they need it's counterintuitive. from investors we actually saw some skepticism around consumption in trying times. i think it actually works the other way, customers feel confident moving forward because they know they can scale up if they need to, they know they can scale down if they need to, they can buy the amount they need rather than locking into something they may or may not use. that's really important in tricky times >> that was the infrastructure case, right, that aws was building on a decade ago finally, what are you spending more on in this environment? is there some area where you're actually putting your foot on the gas because you believe it's
going to give you a competitive advantage if you can really differentiate there? >> yeah, we put a little bit more effort and investment into some of the core efficiencies of our cloud service. this is an area of ongoing investment, running these big data streaming services at scale. it's very technically complex. there's a son of ways of driving efficiency, getting more out of improving the gross margins of the product. that's something we've put effort into. we've doubled down in some areas. that helps our tco story and unlocks segments that are more cost constrained as well as improving our financials that's an important one in this environment. >> important insight jay, thank you, ceo of confluent. maybe they're just preprofitable, carl. >> in the preprofitable window, that makes sense we should have talked about that a couple of years ago. still to come this morning, the white house looking to curb
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♪ cowan today initiating coverage of roblox with an underperform at a $31 target cowan says roblox's high valuation is based on the expectation that it will be a key player in the ever-evolving metaverse about the firm believes the realization of the metaverse's potential is at least a decade away. the ceo joined "squawk" this morning and talked about the ad-free approach take a listen. >> the numbers that we forecast with the street and the way we build our business model is based on our current
transactional models i do want to highlight, we're building a multibillion dollar business without advertising this is an excellent that we are putting on top of it, that's going to give an enormously diverse revenue stream >> jon, it's a 48-page report that should be dedicated to you in all likelihood. >> yeah, i don't believe in the metaverse narrative. though pockets of it, i think, have a lot of value. i don't believe in roblox yet, because i think in order for them to fulfill, right, their valuation and whatnot, they'll have to do m&a, which means they'll have to have some kind of core competency in this immersive gaming mechanic that translates over into providing more value for games right now it's a great game that they keep trying to add mormon -- add more monetization too.
it doesn't need xbox and game pass and all that stuff attached to it to provide all that value. >> talking about the metaverse being ten years away, to me it misses the point they can capitalize on this young user group, the metaverse, you don't think they can do it organically? >> i don't think the metaverse is ten years away. it's not going to happen in the way people are talking about it happening. it's like 3d television or wearing glasses in movie theaters people said it was ten years away it's ten years later, it didn't happen >> now the majority of their users, they used to be under 13 years old, now they are over 13 years old. i mean, this is the prospect of a coinbase or a robinhood, access these people who are going to be having more dollars in their pockets and spending it
on these platforms >> the problem is when there are only pieces of the narrative that are really relevant, the total adjustable market isn't as big as these narrative dreams make it out to be. yeah, you can try to capitalize on the future. but if you're investing in 3d glasses ten years ago, you're broke now. fair hold on one second, my last question for you, though, you said they need to make some acquisitions why isn't it an acquisition target do you think just regulatory landscape, no one's going to be able to do it? >> boy, how much it's come down? this would be a $30 billion acquisition. that's a lot for one -- >> i mean, microsoft, activision >> activision's got a lot of games, it's not just one really great -- i mean, minecraft, they got a couple of billion dollars. >> different world smart. >> moving on to the stuff that
po powers, the biden administration gearing up for a semiconductor crackdown, considering curbs on outbound investment to china today reuters reporting the commerce department intends to publish rules to govern exporting chip-making equipment to chinese factories without special commission the companies confirmed they received letter from the department outlining the rules, following letters sent to amd and nvidia last month. the regulations could even ripple beyond chip makers with one source saying they could also apply to shipments of products to china with the targeted chips in them that would affect dell, hpe, and super microcomputer, for example, which make data center serverers with nvidia's a100 chip carl, trying to choke off the possibility that china can spin
up this industry that it wants to spin up with, you know, western access to components getting harder >> it is about supply chain security, john and some argue national security as well. and also trying to create a little bit of leverage as she is expected to meet with putin in the coming days and make sure they don't rush to russia's aid in the wake of losing ground, of course, in the north and the south of ukraine meantime, activists reversing course on disney spinning off espn, in a moment. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people.
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welcome back to "tech check. in a moment, julia boorstin has the biggest takeaways including why activists are reversing course on the push to spin off espn first, a news update with kristina partsinevelos >> happening at this hour, lawyers for former president trump say a criminal investigation into classified documents found at mar-a-lago has, quote, spiraled out of control. they say a former president should have an unfetterred right to access presidential records this despite explicit rules governing the return of presidential documents and the handling of top secret files the biden administration is urging railroads and their unions to reach a labor deal to avoid a shutdown of the u.s. rail system. eight of 12 labor unions have struck tentative deals but key quality of life issues including vacation and sick days remain unresolved negotiators face a friday deadline the fraud trial has begun
for nikola founder frederick milton their market cap topped $33 billion after it went public in 2020 the company's stock is now worth less $2 billion. quite a job. carl >> kristina, thank you disney making a number of events at its fan event. activist dan loeb has had demands. >> disney's ceo seemed to find his voice as he pushed back on dan loeb and got loeb on board for at least part of his vision. he says he has a plan to, quote, restore espn to its growth trajectory this is a rejection of activist loeb's call for the company to spin off espn after he disclosed $1 billion stake in the company in august. now, loeb responding in a tweet,
he tweeted a link to the comments, writing, we have a better understanding of espn's potential as a standalone business and another vertical for economy to reach a global audience to generate ad and subscriber revenues. we look forward to seeing mr. pitaro execute on the growth disney shares were up on news that they're more aligned. loeb and chapek have had conversations. chapek says they're considering folding hulu more into disney plus, on the heels of a weekend full of panels and presentations about what's next for the company's various divisions including the studio and the theme parks. they announced a list of movie themed attractions that are coming to the various parks and
they also revealed some upcoming movie clips. you mentioned black panther and also announced some new pixar films including a sequel to "inside out" as well as pixar's first long form series on disney plus chapek is talking about using disney plus as what he called a, quote, experiential platform he didn't use the "metaverse" word, i know you hate that word, jon. >> i do, and it's fun to be a hater of that narrative. besides the fact that i think it's right to hate it. but i really want to ask you about sort of this challenge to invisibility, perhaps, that disney now has on a number of different levels, like the post-avengers plan they laid out for marvel, the post-rey plan
for "star wars." i wonder, say, of those, which plan perhaps looks the most exciting or the cleanest to the street and to observers? >> i don't know about st invincibility, but for so long pixar was all about movies there was this question about whether showing pixar movies on disney plus made consumers think it's not worth going out to the theater because if you just wait a month or so you'll be able to watch it at home through part of that subscription. but chapek is trying to think strategically about how to boost the overall part of the business pixar, he thinks, should not just be about the movie theater, it should also be about these long form series and the fact that pixar will have that first series is notable. we saw them announce a price hike for disney plus this newer, lower cost ad supported version, so i think chapek is trying to figure out how to tap into the value of
those brands, whether bringing popular characteriss from the movies and leave no stone unturned when it comes to leveraging the value of that ip. >> it comes on the heels of what bob iger said at code last week, talking about the challenges in streaming, the competitive challenges, the structural challenges in the studio, and the theatrical exhibition business parks, we forget, chapek is a park veteran and i wonder if we'll return to discussions about the leverage that's embedded in the park specifically at disney >> chapek is a park veteran but before he went to the parks division he worked in home entertainment. this is a guy who understands the cadence of distribution. he worked on a thing called the vault, which i remember reporting on years ago, which is this idea of rereleasing disney films in a digital format and giving people access digitally he's been thinking about these issues for a while and i think going forward, as
they invest in the parks, they use the fact that that's sort of the ultimate diversification from reliance on the ad business and these other factors, they're trying to figure out how to make each part of the business more valuable by also making them more integrated. bob iger talked about how he doesn't think people will be going back to the movie theater in the same numbers. chapek is saying, we're going to put films in theaters where we know people will turn out, we'll put them on disney plus when we know it's a higher bar to get out and they'll watch it at home and subscribe. >> they've done a pretty good job so far julia, thanks very much. j jon, favorite pixar? >> maybe "the incredibles. i have to think about that >> you have to think about it? >> i love so many "incredibles" movies while julia was giving that great analysis -- i was thinking about mary kate and ashley olsen. remember the direct to video movement and things used to come out on vhs and disney used to do
all these not quite movies that's what disney plus in part has to grow into now if mary kate and ashley olsen were sort of this era, they would be tiktok and instagram stars. >> right >> and they would be on a streaming channel. how do you create the mary kate and ashley olsen effect? >> that's a good question, i'll be thinking about that all day mine is "great attitude" by far. "tech check" will return in just a moment.
goldman sachs' apple card has a surprising new problem, mounting credit losses are posing a threat to the growing business joining us, the reporter behind that piece >> so every month or every quarter in this case you have the credit card companies releasing data about their delinquencies and chargeoffs that's when people get late and ultimately default out of their credit card debt given goldman sachs' heavy reliance on the apple card, they had a chargeoff rate roughly twice what you would see out of a jpmorgan or a bofa
we can get into why that's an apples to oranges comparison in a little bit, but it's sizable i dug into it a little bit it turns out if you look at their customers, about 28% of their loans go out to people with fico scores lower than 660 which is considered below prime. >> hugh, isn't this by design in a way? apple wanted to make these financial services available to people who otherwise wouldn't have had access. i've got an iphone -- this isn't an apple commercial, i just happen to use several apple products, but i have no interest in having an apple card. i have a chase card that works just fine and gives me rewards that apple doesn't seem to be interested in offering is that perhaps by design at least by apple's end if not by goldman's? >> a couple of great points to unpack, jon. clearly it is for all of america.
that is certainly the stated purpose. if you're apple, you want goldman sachs to approve as many of your customers as possible. and my understanding is quite often between the brands and issuers you have this ongoing friction which is, hey, you guys are rejecting too many of our customers, cut that out. so there is that one element, they want it to be as broad as possible if you take it to issuers, you look at what's happened in the industry since the 2008 financial crisis, you have everybody basically with the exception of capital one going up the fico range and saying, we're only going to deal with the people who are already well-off because these people have the best credit, they spend the most, they're the best customers, the least likely to default. to your point, yes, this is by design i do think, however, it exposes them to potentially greater downside if the economy turns south, jon >> they need the apple card pro max, i suppose, hugh hugh, thank you. we're keeping our eye on
ad building pick joining us this morning, brian, welcome back especially now amidst a lot of discussion about potential leverage in higher ad margins and higher prime fees, maybe peak season if ysurcharges >> there's a lot of facets to the amazon story we have to remember where we've come from and where we're going. they've built out a lot of capacity in the warehouse network the last two years, arguably overcapacity. now they're growing into that overcapacity so you're getting more units flowing over all their warehouses, more units fulfilled by all of their workers and employees they've hired in the last two years so that drives leverage in the underlying retail unit
economics. on top of that, the ad business is a big piece of this story the incremental margins on the advertising dollars are incredibly high relative to retail they've done a great job on the advertising business, they've built up a large ad business on the core amazon.com website. merchants can pay for ads to have their items show up at the top of the fold when people searching for toilet point or bounty, et cetera. now they've expanded to new platforms such as connected tv nfl and thursday night football with amazon is sort of the next big test we're going to have as to what type of connected tv advertising business amazon will be able to build out over the next couple of years >> that's interesting. for those predicting or awaiting a return in margin leverage, is the q4 guide going to be the key? >> yeah, the q4 guide is really the next cat catalyst and this
company. when you get all those holiday season volumes over the platform, we're still underappreciating the leverage in the model just the because they'll be filling so many more units, which drivers hoyer utilization and ultimately more profitability for the entire company. >> amazon talks about putting customer joy at the center of everything they do i wonder, do they risk worsening the prime experience if we start to see ads on thursday night football, prime video, how is the company going to balance that >> it's a good question. i think they'll take a pretty pragmatic approach in some cases, with the nfl, i think consumers in general are quite used to the idea of there's going to be ads during an nfl football game i don't think that's going to have a lot of pushback at all for people who want to watch the chiefs versus the chargers on
thursday night, as an example. i think the other advertising across prime video and connected tv, they'll go slowly. you're going to sort of have two litmus tests being run publicly where you're going to have both netflix and amazon slowly testing advertising across their connected tv product i think that's where we'll see a slow and disciplined and data-driven approach for how quickly they push ad load, what's the reaction to engagement, and how does it improve the overall lifetime value of the customers, because for amazon up to this point on prime video, which we think they'll spend $16 billion on content this year, what they've learned from it is that the more video content they have for prime members, it leads to higher prime growth ads, higher prime retention and spend per household. now the question will be how big can advertising be to sort of support all that >> brian, bigger picture question, if we do enter into a real recession, say in 2023, of
amazon's business lines, which do you expect to fare the best and the worst? i'm talking amazon's own retail, its third party retail, its ad business, aws, et cetera >> yeah, it's a great question the answer is, it depends on what type of recession we have you know, so far, with the high end consumer in the united states holding up relatively better, given how large the high end consumers are within amazon's overall ecosystem and the prime subbase, spending has held on better however, if we do have a recession where even middle and higher income consumers are pulling back on spend and you have consumer weakness, the retail business would be at risk and now it impacts advertising, that would impact leverage in the network. it has really come down to what happens to the middle and higher
end consumers, i would argue, for retail on the aws side, we've sort of heard about consistent deceleration, drip, drip, drip, slowing, with the pace at which cloud deals are getting done we spendin slowing, and we have our base of aws cloud slowing, and it comes down to in this case, what is the slope of the deceleration? if you have a larger enterprise pull back, then you have a bigger aws risk. it's a downturn to study, because there's pullback in some areas, and the enterprise is spending at a slower rate, and it comes down to the health of the high-end consumer and the slope of the high spending growth >> it's amazing what a clean proxy the company is for the
u.s. economy just amazing, and i guess at that kind of scale, it wouldn't surprise you thank you. thank you. after th this is tracking and publishing your content in real time. in two minutes this is the system you built, captivating a global audience. this is how. airtable. (vo) at viking, we are proud to have been named the world's number one for both rivers and oceans by travel and leisure, as well as condé nast traveler. but it is now time for us to work even harder, searching for meaningful experiences and new adventures for you to embark upon. they say when you reach the top, there's only one way to go. we say, that way is onwards. viking. exploring the world in comfort.
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kate, it's all happening finally? >> yes, long awaiting here, deirdre, absolutely. and it's known as the merge, and a big takeaway, a theory in which the network used to build things like fsts are going to build. this is key. the environmental impact has been a knock on the industry and the white house floated a potential ban on crypto mining, and whoever doesn't use the high-powered computers, and that has been a roadblock in a note last week, the upgrade may, quote, enable institutional investors that were prohibited
to finally buy it. and highlighting some of the yield-generating opportunities through something called staking. telling clients the merge add to the long-term value of ether as well, and it's potential to fight off some of the newer network competitors. guys, some are fearing this is the classic buy the rumors and sell the news event, and crypto traders are heading to the down side this chart shows a surge in bearish futures activities you can see on the side there, and the merge comes the same day as we get august cpi numbers, and the macro factors are far and away the main driver of crypto
prices jon, back to you >> thank you if you want to hear that report again, well, you can follow and subscribe to our podcast. "techcheck" is back in a moment. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. ♪♪ welcome to life in the new digital landscape. where the future arrives daily,
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one more thing, twitter whistle-blower on the hill tomorrow, speaking before a senate committee about alleged security flaws of the flat form. his testimony coming days after musks' legal team sent another letter trying to kill the deal to buy twitter october 17th, jon, that's the day we all have in mind. >> yeah, potentially really bad for twitter, and it's the measured and articulate insider nerd critic, right this is potentially that for twitter. it remains to be seen how good this is for elon musk, and
potentially bad for twitter. >> it's hard to imagine twitter getting out of this, and for musk, though, is he going to say about bots, fake users >> and let's get to watner and the half >> in the meantime, we have a big week on tap, and for the markets tomorrow it's critical joe is here with me today, and we will joined by amy, steve
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