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tv   Squawk Alley  CNBC  April 5, 2021 11:00am-12:00pm EDT

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>> announcer: on "squawk box," reopening plays for your portfolio. new opportunities for a postpandemic world what's moving right now? "squawk box," 6:00 a.m. eastern ar and watch "squawk box" anytime on tea manned demand good morning it's 8:00 a.m. at apple headquarters in cupertino, california 11:00 a.m. on wall street, and "squawk alley" is live.
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♪ ♪ good monday morning. welcome to "squawk alley." i'm carl quintanilla what an hour packed for you this morning. facebook hitting all-time highs ar constructive comments over rts weekend. 307 up 3%. breaking down the comments with apple's tim cook with tara swisher and record deliveries in q1 expectations for the full year elevated can they drive high jeer all that ahead facebook making headlines overed weekend. new hack details and impending
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headwinds from apple's privacy policies our next guest caught up with apple's tim cook kara swisher, and discussed that potential impact. start with the hack itself. >> worth noting the actual hack happened in 2019 the hacked invoe available in the dark corners of the web. before now oftentimes for sale now facebook saying that we found and fixed this issue back in august 2019 the issue is that now that data, which includes names and phone numbers, is widely available online carl, whether this pact was old or new, data collection over the years and when there's a hack a long tale impact deirdre, none of the headlines impacting facebook stock today shares up 3% to another all-time high, as carl just mentioned
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>> jair. y yeah you have to wonder when it will affect stock prices not just facebook but the other giants. carl, two sides of the privacy ballots. apple, google positioning them on one side. when google announced its ad tech policy. they said they wanted to be supporting a privacy-first web feels like facebook on the other side arguing for more access sort of privacy blunders you know i know we'll talk more about this as well two sides of that battle with kara right, carl? >> yeah. bring her in kara swisher kicking off the hour recode's co-founder and cnbc contributor and author of amazing podcast with tim, we'll talk about great interview. >> thank you it was good interview. wide-ranging from cars to privacy. a lot of stuff. >> yes oh, man, he came to play, i
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noted this morning on twitter. >> you did, yes. >> on the facebook news, though, i wonder what happened to the days where bad news actually was bad news at least for the stock >> you know, the advertisers are pleased with it i guess. or investors are very pleased with it and think advertising nowhere else to go it's not a dichotomy necessary think that they suck all the information in and they're using it even though apple and others are trying to do a different thing, they're still investors feeling like this is the best play with online advertising absent any regulatory action or anything else. makes sense the stock would go up completely. even with the data hack, by the way. >> i was going to say. to what degree unnerving or as a user, someone who watches american technology? >> unnerving as a person i don't use facebook because of these things i think it's not unnerving because it doesn't seem people are moving from the platform, because they don't feel at risk,
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i guess. i don't know when that they will feel at risk this has been, carl, you've covered it a long time decades of persistent data breaches or misuses things like that and doesn't seem to matter because it's a giant marketplace to reach people in until there's some reckoning, there may never be, by the way be clear nothing's going to impact this stock. we'll see. this week there might be news on the facebook oversight board and donald trump which might put tarnish on that company. we'll see what the decision is but at some point i guess a problem. right now it obviously isn't with investors, at least. >> not an issue for investors and hasn't been for consumers or advertisers but could be an issue looking at the relationship with privacy and apple. you talked about that with tim cook as we anticipate an operating
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change giving consumers more privacy, will they take the options? and what have you learned from your chat with tim cook about that >> i think he's trying not to name facebook as the last time he chumley named in he said i wouldn't be in this position when i talked about the problems mark was facing. i think he still feels the same way and essentially said we're doing it no moot matter what. he called the arguments flimsy why they shouldn't put them in place. interesting to see especially how young people feel and on what platform. everybody has anecdotal issues my kids don't worry about facebook worried about being hacked they like other platforms they like to use. that's different than a lot of people we'll see. i think we'll see a lot more once this thing happens in a couple weeks put a number on it next couple of weeks and see what kind of choices people make. and how they feel about giving all of that data to facebook
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then we'll see the result of that if they just click on through and say, no problem. that's the way it's going to be, i guess. >> hmm. >> until regulators move in. >> yeah. right. kara, so you mentioned tim cook called facebook's arguments flimsy what do you think? the main argument around this privacy policy for them has been that it's going to hurt small businesses big brand can afford to not have that targeted advertising that their cookies provide. did you buy that argument? and do you think apple's move ultimately will hurt small businesses >> i think it's -- i don't think i'd use the word flimsy but cynical. using it because it looks good and their big, giant artsadverts newspapers but completely compromised and cynical. typical. nothing new from facebook but they'll be fined no matter what laws, more lawyers than anyone
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else they'll be fine because they have more p.r. people. sure they'll do fine. >> if they're going to be fined why constantly put out the arguments, i mentioned start of the show, put them on the other side of this privacy debate? you have apple and google one side and facebook on the other a mismanage p.r. strategy >> maybe they just don't care. i don't know what to say doing it so long maybe they just don't care as long back as beacon they think they're helping humanity you guys interviewed them. julia has. they think they're on the right side of history. either the most complicit cynical economy in history, a lot of people think so, or actually think they're defending the little guy i'm always fascinated by incredibly powerful and rich people saying they're there for the little guy so -- okay i don't know what to say it's hard to know what's inside
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their souls. you sgloknow, carl i don't look inside people's souls. >> i know. seems like repeatedly we've had this conversation a bit dumbfounded by at least in of the policy stances coming out of the company. as for the podcast with tim cook, kara, if you haven't yet watched it to viewers, a slice of what tim told kara about the potential impact of their new privacy policy on facebook take a listen. >> what is your response to facebook's response which is quite vehement calling you essentially an existential crisis to their business >> what we're doing, kara is giving the user the choice whether to be tracked or not i think it's hard to argue against that i've been shocked that there's been a pushback on this, to this degree. >> really? >> yeah. i -- >> talk answer privacy -- >> uh-huh.
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>> talks privacy being the bedrock policy for generationally. >> so true. >> and sounds like he thinks facebook is trying to prop this competitive angle up as a bit of a straw man? >> said i don't really think about them funny. kind of funny. of course they do. i mean, it's been going back a long ways from steve jobs and a good brand out for apple privacy. use it in their afdvertising a good brand i told this to kim, in sill con valley call him a schkoal he laughed at that different people on different sides of the issue going forward. how much insidious grabbing of data should happen to the consumer even if the consumer doesn't care, it's still -- i don't know way back in the day when anybody was possibly, for seat belts, still was the right thing to do. we'll see what congress does and i think they're moving on on the privacy issues in a much more
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harder way and lots of letters to push to push other parts of the business for sure. >> i'm sure it can adapt, kara, but mark zuckerberg has been honing on on this idea apple is a big competitor of theirs i know tim kochcook said they dt even think about facebook. what do you think? do you think these companies are in competition now and increasingly going to be coming into competition tim cook had interesting comments about the a.r. future they are investing in you pushed him on >> i suppose they're not in social networks. not in the same delivery of services so, no, not in competition necessarily. in a situation they have to live together, and that's the difficulty sort of like, provide the phone that facebook rides over, because facebook had a disastrous time making a phone kind of roommates that don't really like each other, i guess. i don't know what else to say. tethered together but not necessarily competitors directly
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in a lot of ways interesting, he talked about doing a car. also talked admiration for elon musk but definitely talked about doing a car in a, at least a hypothetical way a full car. >> hmm the word is frenemies. right? tech giants. >> i don't think they're friends. no friends. >> part friend, part enemies. >> i don't any they're friends at all just saying. in any way whatsoever. >> yes act like it, in reality -- okay. noof the frenemies nuft enemies. >> oh, that guy. people at work oh, god. he's sitting right next to me. not carl no, not carl >> i do have to ask -- >> go ahead, carl. >> kara, the quotes that he gave you on the car are so delicious, this whole idea that they are about the intersection of
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hardware and software. what we do like having the primary technology i guess i wonder, do you think he moved the needle on that or, no >> i think making a car. that's what that said. saying that. were we to do it we would do the whole soup to nuts thing expressed admiration for elon musk and discussed the comment that elon musk said he wanted to meet with apple about possibly selling the company back when. of course, now it's pretty expensive. so i think he, they really want -- they have to get into the big businesses whether health care. another area, a.r., cars if they want to grow into this sort of $2 trillion company. you know, incredible it was 350 million -- whatever, it was worth a small amount of money when steve jobs died comparatively to what it is today, this $2 trillion company. he's really built it into quite a behemoth and they have to keep going in lots of big directions to sustain that, i think
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not just from the iphone they need a lot of other businesses tacked on we'll see. >> right kara, when it comes to the privacy push i wonder, we talk a lot about apple and facebook but what does this privacy push mean for other companies we talked to plenty of them. one i think of, quelltrex, using diet ta for other businesses how does that change sort of the calculus for these companies that are providing new services, especially accelerating amid the pandemic, in terms of their access, and ultimately how corporations can sort of assess and use that data for customer feedback >> cook said this is the biggest crisis of this era in tech right now, privacy there's going to be a real reckoning going on i think it will be interesting to see -- the government hasn't really inserted itself at least the u.s. government hasn't in this debate very much at all.
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there's all kinds of ways to go. taxation on this stuff strictures, fines, things like that it's a very light touch by the u.s. government. i think it will be interesting to see where that goes i did a recent interview with amy klobuchar, a leader in this area she seemed pretty ready to, to initiate legislation just difficult to do so and these companies have powerful lobbyists. it's going to be quite the fight, i think we'll see if the, if congress has the, the ability to regulate these companies. we'll see going forward. i'm not so sure. they said this queyear, interesting. in any kay, they all have to adjust their businesses going forward in some passion when it comes to privacy and data of consumers. >> kara, again, great listen >> thank you. >> podcast, went live early this morning, east coast time see you soon kara swisher. >> thanks so much. bye.
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getting comments from janet yellen, which steve liesman told us to look out for earlier hey, steve. >> good morning, carl. first major speech treasury secretary janet yellen calling for a global minimum corporate tax. saying the world needs to reverse what she call as 30-year race to the bottom when it comes to corporate taxes she plans to work with g-20 nations beginning this week with the imf meeting to establish a form of corporate taxes. unclear what the rate will be but the biden administration you know proposed raising it's u.s. corporate tax to 28% from 21%. in her speech she'll say competitiveness is more than how u.s. companies fare against other companies in global merger and acquisition base it's about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises treasury official who asked not to be named said a global m minimum can be enforced through
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u.s. legislation prohibits inversions and companies from declaring tax havens as their addresses. u.s. can deny company deductions from tax havens that do not meet the global corporate minimum standard in her speech yellen criticized the trump administration for stepping back from the world stage. pledging to reassert u.s. leadership in these international institutions saying america first must never mean american alone. says the u.s. will defend democracy and the human rights of all people. on the critical issue of china yellen says the u.s. relationship are be collaborative at times competitive at times and adversarial what it needs to be. added, solving the refugee crisis requires stable, secure and global growth. finally repeated her call for issue, of $650 billion in special drawing rates from the imf to help poor countries deidre >> steve, a lot in there thanks for bringing it to us as we get a sense of her
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priorities. as we go to break, checking in on shares of gamestop lower after the company announced plans to sell up to 3.5 million shares at the market offering despite sales up 11% from the same period a year ago coming up, the chip shortage continues. subaru the latest name to shut its plant over constraints we will discuss what's next for the industry right after this break. stay with us. ings dif that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (judith) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (judith) we don't have those. (money manager) so what's in it for you? (judith) our fees are structured so we do better when our clients do better. at fisher investments we're clearly different.
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and cheering for a mission accomplished. >> the facts, the truth, the news with shepard smith weeknights, 7:00 eastern, cnbc. and the global chip shortage impacting the supply of phones, tvs and cars as company ace cross numerous industries help production covering the semiconductor space for citi and joins us now. good morning thanks for being with us to address this shortage seeing huge billion dollar investments in semiproduction from the likes of intel, taiwan semi. samsung. we'll see this multiyear ramp-up but supply and demand tricky do we risk a supply glut in the
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future >> definitely. these shortages seem to happen about every three or four years. what's hurting, or making it worse now is covid right? look at any sort of assembly line out there, you're running at 25% or 50% capacity eventually it will get solved. whenever you have these shortages, there's always the encouragement for double ordering probably seeing that already yeah it will end badly. >> if it will end badly what are you seeing that these companies whose business it is and who are ramping up these billion, multibillion dollar investments, why don't see see that why are they taking sort of the other way and ramping up production if you think there's going to be a glut >> yeah. so, again, it is in the semiconductor customers' best interest whether dell, hp or apple or whatever, to order as many parts as possible, and end of the day,
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if they end up with too much product, they will shaft the intels or the amds of the world. right? end up with too little product like they're having right now, then you might end up losing your job if you work for one thieves places always in their best interest to order more than possible and if you take the opposite side of the semiconductor company, i remember jerry sanders, the old head of amd way back when saying he never met a purchase order we didn't like. it's very difficult to turn down this number of increased orders and realistically, i can understand from the semiconductor perspective. it's very hard to tell what's real and what's not. these shortages and these buildups, these inventory buildups could last all year, last even into next year trk tricky on the part of the semiconductor manufacturer i don't blame any side for this
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kabuki going on. going on for years it's the normal course of business >> chris, your particularly critical of intel's push to ender the foundry business saying it has no chance of succeeding why? >> almost no chance of succeeding not no chance. so just to let it out there. the big problem is, they are approaching it from a, qu quote/unquote intel perspective making customers do it on intel's process. bottom line, they need foundry people to run this they have an intel person running it seven years ago, the same set of circumstances. we think same thing all over again, unless they go out and hire four or five michael jordans, if you will, of taiwan semi and get them to run the business and change the basic approach until that happens, looks like it's going to end in disaster, like the last one did, no matter
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how much money they throw at it. >> chris, you know, the ceo on the program after they announced this news and he made the argument, why this time is different. didn't talk about getting foundry beam but did say the business is going to be separated. different p & l. kind of seen as the michael jordan of the chip business. why do you think he can't attract the right talent >> i'm a big believer in pat known him, first time at intel known him a couple of decades. he was by far the best choice for ceo that intel could possibly get and so i like him a lot. however, i do think there is this -- i don't know if you call it hubris, but, hey, intel's been very, very successful, multiple decades doing it their way and still trying to afly to the foundry business it's going to help a little that
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they're breaking it out on its own. but, again, even when it's on its own, if you got the wrong people running in and the wrong approach, doesn't matter how much money you're going to spend. the other thing is that they've got this full-blown crisis in manufacturing. you know, i would argue a lot of people i talk to in the semiconductor industry would argue you need the fix the crisis first fix your manufacturing first and then go after foundry. trying to do two things same time, you're going to have every fab manager, the family guy, trying to fix everything internally to us it's just too much we think they should take this thing one step at time yeah i love pat. i think that eventually he will at least bring theven if not pull them ahead of their main rival amd, which they're losing share to right now going after the foundry business i think is a completely different end of this business. >> we'll see all anxious to see how this
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works out. chris, thanks for being with us. from st. carl all right, guys. get a news update. turning to courtney reagan hey, court. >> good morning, carl. here is noryour news update supreme court dismissed a case over former president trump's blocking twitter account lower courts ruled against trump. high courts said nothing left to the case after trump was permanently suspended from twitter. more americans approve than disapprove than the way president biden is handling waves of unaccompanied children at the border. the other policies below that for other top issues. the british government expanding mass testing to fight the coronavirus. starting friday everyone in england will be able to get tested twice a week. and in jordan, prince hamzeh is firing back at the country
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military after being accused of trying to destabilize the country. he will not obey the house arrest under which he has been > quk le cti. >>"sawaly"onnues >>"sawaly"onnues right after this. to accelerate their production of critical vaccinations for the world. emerson. consider it solved.
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bevy a start-up that makes software raisings 40ds million in a series c round with 20% of
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that new money coming from black investors. joining us, ceo and up front who helped coordinate this venture tell us about the decision to bring in black investors and diverse tie your employee base, gone from 0% black to nearly 20%? >> yeah. bevy is a platform that helps enterprises build community through virtual and in-person events and we work with salesforce, adobe and others to do that. i'm embarrassed to say that a year ago we didn't have a single black many employee in our 27-person company, and we sort of looked at ourselves and said we're building community for the best companies in the world and we're not building an inclusive community internally so my co-founder and i said we have to do better. and then really when george
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floyd was murdered on may 25th, we just said, enough's enough. what can we do that came down to two things first thing i could do was really, with my children, with my family. i have four kids between the ages of 3 and 11 we started having conversations about race, and about treating people the same regardless of the color of their skin, and we will continue to do that our whole lives. second thing, inside of my company, bevy, is to try and create a more inclusive environment. we came up way plan. said 13% of u.s. population is black. at a minimum we need to be there from a, an inclusion standpoint on the employee base and set a goal to get to 20% to get above that and by june at 5% by september at 10%. today we have over 100 employees. we're at just under 15% and we believe that as we hire 150
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people this year, that we'll be at 20% of our employee base being black sometime this summer. >> now, i want to hear from you about your role in this. and the decision that you made to work with derek on this, bring in these individual investors. the role you took on here is much bigger than just leaving investment for up front. how you thought about this it was a meaningful shift, not just an incremental one? >> definitely. i've been an investors at bevy almost three years led the first institutional round, saeeries a round in 2018. i was excited about bevy because we're operating in a $400 billion category but derek and his feel and founders are truly exceptional individuals and thinking about how to build a company like bevy. when derek reflect add year ago
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what to do as a founder when he saw awe the inkwequities seen in the black community, most posted squares and doing the same thing doing before derek took action, and he came to me and asked, what could we ho do actually drive change with bevy i said just take this seriously and change the metrix. change what you see in regards to composition of your company and that's what he did in regards how he wanted to see his workforce and realized that it isn't actually to stop with your workforce it actually is important to have diversity represented in all facets of or organization. from the ownership, the board, to the actual employees. this is important, because us as a community platform, if we're trying to focus on bringing the world people together if our
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company doesn't reflect the way the world looks that's irresponsible. you can see it with regard to whether this performs. quadrupled in value since about a year ago and to focus on how we get black ownership here was one we went out to the community of black controversials and realized getting them on the table here and being a part of the team made sense allows us to recruit the best talent and have a number of amazing people authority of the bevy mission one where derek came to me, we went out to the network. live everaged one of my other companies and went to work. >> fascinating i wonder what advice you would give to other executives who are pondering a similar paradigm shift, really what it is i wonder if you found areas of friction either internally or externally that surprised you or was it all a big tailwind? >> well, you know, we're here
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talking about this for the first time, because we hope that our experience will propel many others to success on this issue. you know, we're in the bottom of the first inning in terms of our journey in creating the most diverse company in technology, but the great news is, there's no proprietary i.p. around including the black community in your company or wealth creating business, and so i think if i'm a ceo or if i'm a company leader, sea suite or a manager, saying, i want to do something to help what can i do? you know, you can start today and do something very small. you can -- you can, you know, reach out to people in the black community to increase the template you have a job open, make sure you interview three or four incredible black people for that role as part of your hiring
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process. the ceo, talk to the head of h.r. and say i want to be involved, i want to be your top rue creter go on linkedin and find incredible black talent to join this company. as we do this, it's a rare time in business where the right thing to do and the most profitable thing to do are the same thing. so whether you're appealing to the hearts and minds of your shareholders or whether you're appealing to their pocketbooks, this is the right business decision to create a truly inclusive employee base, investors base, with, really, a focus on bringing in the black community. >> now, i want to put the last question to you, kobe, as you look at the broader portfolio of companies that up front invested in and in future deals how do you see the opportunity or potential to take the approach of what you've done with bevy and expand it to other
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companies as well? and what would be your advice to the other v.c. investors out there? >> my advice to other investors is, when you see a problem, say, there's some underlying function of their code or the website's broken or sales marketing practices are not working right. you just don't stand by the wayside and just let it continue you go and you work with the companies to get the right advisers around the team and actually fix the problem this is just as big a problem as if the underlying code under technology is broken go to work and solve the problem, and results will be evident. you will, have a company that's worth more, as a better place to work what's amazing about what we're doing with bevy, we're trying to set an example, a model others will follow and already seeing other portfolio founders and ceos coming out trying to ask
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for help to do the same thing. our goal, not a rarity, not an exemption. it becomes the new norming, new model and i'm here and many people are here to help solve the problem because it's a massive issue we all need to come together to work as a community to solve. >> quite a powerful message there. thank you for sharing this story with us, derek, kobe, we hope we have a chance to have you back soon. >> thank you. great stuff. and market here, close to session highs. dow up 409 s&p up to 4078 keep your eye on roblox today. a lot of initiations goldman stanley, all highlights large adjustable market and growth opportunity. "squawk alley's" back in a me. mont shares up for teslae
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teslas a leg higher after the company posted record deliveries for first quarter discuss with oppenheimer's colin resh those came despite the chip shortage what does it tell you? tesla has a better grasp of its supply chain and if so what does it mean for increasing competition this year. >> also an organizational focus. they understood a challenging quarter, and focused their efforts in china and in the u.s., to deliver vehicles into local markets rather than try to emphasize from the european markets. i think it's a combination of managing some of these issues a little more effectively since some of their peers assigned
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with the organizations and delivered in the end market. >> what is your full year delivery fast? can we put a nine handle on that and how do we get to that kind of a number given some of the inventory constraints we're seeing in the chain? >> yeah. we're not calling for that big a number just yet. just below 800,000 vehicles for the year at this point that's really not a big stretch for this organization. we've been a little conservative around a bunch of logistics challenges for all of our companies as we enter into this, given what we've seen from shipping and logging components and supply that's within the realm of possibilities within this organization given the factories and dependent how well they manage some of the component and really essential elements like battery supplies and well as the
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chip shortage everybody is managing right now. >> looking on the flip side of those supply questions the question of demand how crucial is it that the biden administration lift its ceiling on these tax credits for vehicles going forward >> i don't think it's really crucial for tesla. at this point the company has a substantial lead from a product perspective, both from a brand awareness, but also a performance perspective. they have done a nice job on the train, and being able to deliver vehicles it's confide difficult to make the evs, and we're seeing it play out with other palace forms. first the biden administration, for tesla, it's -- we do think that that certainly -- the biden proposals are beneficial to
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sentimental, as well as some of the other ease of doing business for a lot of the infrastructure that's going to support the roll-out of vehicles it certainly would help tesla. >> colin, last question. i would love your thoughts on the fsd, full self-driving feature, currently priced around $10,000. will it be a revenue contributor this year? >> absolutely. you know, our thesis at this point on the company is that they do have a substantial lead on the ev power train and rowling it out to consumers, and it's really related to the ability to bring that product into the market. they have enough vehicles to really roll out about 6 billion test miles per every half-year at this point. we think the core on tesla is around that data advantage that
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they have versus its peers about a million vehicles odd road verse peers that have a few thousands on the road, so to test product in shadow modes and really roll out highly, you know, reliable new products through that plat much the three-plus into four over the next couple years. that's what gets priced into the stock. >> right i do wonder what happens when and autonomous miles that's a conversation for another -- colin, thank you so much colin rush with oppenheimer. google shares moving higher on a few positive headlines today. the supreme court ruling in favor of the company in a copyright dispute with oracle
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over the use of java programming language, and morgan stanley adding the company, that stock up 3.5%. will there be an ev for me? what about me? one for me? you mean us? what about me? and me? how about us? yeah, how about us? great question. wait, can i get one in green? got one for me?! hey, what about me? what about us? is there an ev for me? ev for me? us? what about me? me? for me? ♪ ♪ (dog whimpers)
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i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.
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monday morning rally mike santoli is with us. faang adding to last week, a lot of industrials and materials are doing well, too. >> we have broken a bit of that seesaw action was working on a given day. you also had a fair bit of pent-up good news to get priced in you would also have to say there's a bit of fear of the train leaving here, as we powered to new highs i think you've had a shakeout a month of 3% to 4%. some kind of blowup. it did moderate i think
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sentiment and positions enough, so i'm really more on alert that the idea this rally starts to stretch toward the upper end of this very orderly path we've been on for a while. which might actually reflect that, just because it has gone a good distance, so a bit of give-and-take, i think >> mike, something i was watching closely is the ipo market it just delivered its strongest first quarter in over 25 years, but we are starting to see some cracks here. geologic data says more than 70 offerings fell what do you make of that is this healthy? or perhaps a signal that the market is cooling? >> i think it could be both healthy and a sign that the market is becoming either more discerning or we have tested the appetite for the market in the near term for new deals.
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the spac market obviously that is cooled off to some degree i think it's a net positive that the market remains receptive, but supply has been the nagging hea headwind, but one of companies into attractive valuations i don't think you have to necessarily say it's all about or all bad i do think some of the enthusiasm for just give me a new name, that's really passed it's been a subtle shift in the last couple weeks toward more established quality, stability-type sectors. >> mike, what are you seeing in terms of the shift away from the stay-at-home stocks? i'm seeing this morning that stocks such as peloton, netflix that were a part of the big stay-at-home rally, you know, the pandemic rally are not higher today do you think we'll continue to see a shift away from some of
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these companies that benefited >> it seems like it, julia it seems like basically, if you look at the comparesens those companies/to face this year, assuming the vaccine roll-out, assuming what afghanistan in the economic acceleration we're all pointing to, it would be hard pressed to emb ed to improve --, i do think there's still an idea that they got extended in terms of their valuations, especially the ones that are very profitable it's tough to say that those would be the names that people go to. what is more interesting is established tech verb profitable tech maybe there's more nuance there? how the preferences play on the.
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>> ten more seconds here, mike yields coming back in, does the market believe infrastructure won't happen at these levels or the tax increases will be a drag >> i think all of it is too soon to price in. >> that's something to watch, definitely let's got to the half. >> welcome to h"halftime report" i'm scott wapner joining me bri-- let's go to the wall and check the markets the dow hitting a report pete, our state of play is looking good
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