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tv   Tech Check  CNBC  April 21, 2021 11:00am-12:01pm EDT

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thank you. steve jurczyk. >> thank you and -- >> quick programming note before we go tomorrow don't miss southwest airlines ceo gary kelly who will join us at 9:30 a.m. eastern the company will report earnings before the bell. that will do it for "squawk on the street." >> "techcheck" starts right now. ♪ good wednesday morning welcome to "techcheck. our new show about technology here on cnbc i'm deirdre bosa with carl quintanilla and jon fortt and julia boorstin here with us as well a big day for tech news. netflix shares plunging as the company's growth slows is this a bump in the road or a sign of something amiss for the
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company? plus, how apple makes money? new products, new services, the prices and the cut that apple takes is in focus for us today. speaking of apple, a hacking group is threatening the company battling to release confident documents unless it receives $50 million. jon? >> stocks meanwhile broadly recovering from a string of losses s&p up 0.3%. netflix as deirdre mentioned by far the biggest laggard on the s&p and nasdaq f.a.a.n.g. broadly lower, facebook, plab alphabet off. peloton, that stock has lost 15% in a week, carl. yeah, as you point out, netflix shares were down as much as 13% after the print, currently down 8, that's about a three or four-week low one of the most important stories in tech today. julia will break down what we knew from the quarter and what they're saying about the current
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one. hey, julia. >> carl, netflix's results showed the ongoing impact of covid. far lower than expected user growth shows that user surge we saw last year was pulling forward growth the company could have seen this year and that fewer new shows this past quarter due to covid related production delays boosted the bottom line in the quarter but depressed user growth. take a look at this chart of user growth over the past year and a quarter. now the first quarter of last year the company added a record 15.8 million subscribers then 10 million subscribers in the second quarter of last year. now in the first quarter of this year, the company added fewer than 4 million subscribers and forecasts the addition of just 1 million subscribers in the second quarter also look at the domestic market and how that is maturing now this was the third straight quarter of under 1 million net additions in between the u.s. and canada now this all just points to how important international markets are for netflix's growth going
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forward and also how important it is that the company keep churning out more hits that's why the company is spending $17 billion on content this year that's up from just under $12 billion last year and about $14 billion in 2019. now the company says it expects growth to accelerate in the second half when it comes to the subscriber numbers as it launches more series and original movies, carl. but the analysts are still optimistic, i have to note that about three quarters of analysts have a buyer overweight rating on the stock >> yep we're going to talk to one in a minute stifel went to a buy yesterday at this time we talked about going into the print with some pretty muted expectations we talked about potentially a crackdown on password sharing which reed hastings has little interest in. >> i wouldn't say he has a little interest in i would say that they want to be careful about cracking down on password sharing they were asked a question about what they're planning to do about password sharing and they didn't want to be seen as
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turning the screws on people who use the service, but at the same time they want to make sure that people who are watching are paying we might see more options in terms of maybe they'll offer an additional stream or two if you pay for the middle tier of netflix which offers four streams, but i think they want to tread carefully here because they don't want to alley nate people they would like to convert them to being subscribers rather than sending them to the competition entirely >> right you mentioned that content spend. seems like every year we see the huge jumps how important do you think profitability is to wall street versus the subscriber numbers which were so focused on i mean earlier netflix said it expects to break even on a cash flow basis this year. is that still going to be key for the street >> look, i think this is a company that's very much in growth mode. there was a big earnings beat this past quarter, but i think the fact that the company did
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give that guidance for the cash flow break even, i think that's something that wall street is going to be focused on this was a company with massive international potential. we are seeing that domestic growth slow, but the company has pointed out that it has less than 10% of total video subscribers in this space, so there is so much room to grow, especially overseas. here the market is more saturated, but i think that's where they're going to be investing their resources in terms of original content and marketing, really getting the word out in these markets including asia, as well as europe a lot of potential internationally and this is being treated as a growth opportunity still by all the analysts including one you have coming up. >> where we're going to start with our next guest mark mahaney can walk us through what he thought of the quarter great to have you back good morning >> good morning, carl. >> last week a lot of coverage was about the balance sheet getting builder, building cash,
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creeping toward investment grade, long-term positive dynamics was any of that undone last night? >> a little bit. every time you go through a netflix earnings you should ask yourself are you more or less confidence on margin expansion and rpo, the rev they can get per user i thought the question mark was the subs that came out of last quarter, record high margins pru growth expanded despite the fact that they're shifting towards, rpu shifting towards lower paying markets so you have two out of three things right. our view on the subs numbers, it is impacted by the content slate. the stronger the content slate the better the sub numbers long term this market the entire entertainment market is moving towards a streaming bundle and netflix is almost certainly going to be part of that if i'm going to be soft in some place, they can make up later on with subs.
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we like this as an entry point it's a back up the minivan >> mark, i know nobody -- nobody likes to go bearish if you've been bullish in a situation like this, but to me, we've talked about the netflix angle on netflix but what about the broader idea here, that, you know, that thing that you thought was momentum, oh, well it was just a pull forward what if you extrapolate that out to so many of the other stocks you cover? what if they said, oh, yeah, i know we've been talking about that, you know, covid changed everything and it's a transition to digital, but that boom that we saw, a lot of that was just a pull forward and we're lowering our guidance for the coming quarters wouldn't that be a concern and how do you know we're not going to hear more of this >> well, we don't know it's possible, jon, we'll see something like that. we've got others assets that we think were clear winners of a pull forward of demand that's amazon and some of the advertising names. but it's possible that we're going to hear the same script
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going forward. i don't think that's likely but it is possible there's no doubt that there is huge bump up in new subs for netflix last year. there was going to be a tradeoff the good thing for stock pickers at this point you just passed the toughest comp quarter for netflix. the comps get easier going as for and when a company talks about accelerating sub ads in the back half of the year that's going to stock to start grinding depending on the acceleration in the back half of the year. >> mark, good morning. given fierce competition i know that netflix last night said it wasn't competition weighing on those numbers but we can see this happening we can see content spend increasing should netflix be focused on profitability? is that calculus changing, do you think, for wall street should it say okay be in growth mode and invest money back into the business to fend off the other players in this space? does wall street sort of need to adjust their thinking on that metric >> well, i guess the way that,
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deirdre, the way the stock is trading it's clear that the street puts growth over profitability because you had record margins but the stock traded off growth still matters, subs, still the single most important metric for netflix i think it's going to be that way for a long period of time. the company has shown the ability to march up margins. can they continue to add 20, 25 million new subs a year going forward? maybe they get a little past this year and a little past this year, maybe 20, maybe it's high teens, subads, but we expect them to get back to the mid 20s post this. competition where it shows up where we're not going to be able to track it. it's going to be in the 90% of the sub ads outside the u.s. markets like the philippines and turkey and japan and korea and india and that's where netflix faces a lot of competition but much less so than the ones that we focus on here you have the disney global presence, but really none of the other assthaetsz we talk about in this market have that global presence they're taking on local
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champions in each of these markets. >> we're going into oscar weekend. they do have 36 nominations. two up for best picture. how should viewers think about the degree to which netflix is accepted among the artistic community and whether or not that's transferable to the stock? >> i think it's -- it traps fers not so much in the oscar wins, those help, but in terms of the commercial wins. if they can show their shows get 40, 50, 60, 70 million people watching it in the first, you know, 40 days, 30 days of the launch, that tells the people who are creating the content and the big actors and big producers and directors that you want distribution, you actually can get just as much global distribution going through streaming, whether netflix or another service [ inaudible ] than you can with theater. the last 12 months a wake-up call you want distribution get it via streaming. that's the win for netflix that
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the content companies are bringing their scripts to netflix. they've been in this position for a year and seems like it's getting stronger >> mark, great analysis, fascinating, very layered story coming out of the quarter. appreciate it as always. mark mahaney. >> thank you, carl. guys, that ties in to today's crowd source the disappointing netflix numbers got us thinking, what can or should netflix do to boost growth once again? tweet us your ideas and added a qr code on the bottom left of your screen which goes right to our twitter page, some discussion of video games on the call last night. what else do you think that netflix could do additional revenue streams perhaps? we will show the best responses at the end of today's show jon? >> speaking of additional revenue streams another big tech story today, the implications of apple's product announcements at its spring-loaded event. we got a lot of updates, ipad pros with m-1 processes, imax
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with new designs in a range of colors and air tags, trackable buttons to help you find stuff you lost apple laid out a plan for podcast subscriptions and not shy about taking its cut of the podcast rev here that's where we start with joanna stern i don't blame apple for taking 30% of podcast subscription revenue in the year, but i'm not sure i would trust them to provide more than a storefront here they have ruled the roost since they became a thing and largely ignored it failed to innovate, promised we're going to give all these tools to podcasters and i think largely it's been weak would you trust them to innovate here now >> i mean, i wouldn't say this is as much of an innovation. it's subscriptions, giving creators of podcasts the opportunity to charge for their podcasts rather than rely on ad revenue. what this is is the heating up, again, of the war between apple and spotify.
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spotify has been dominating in podcasts they've acquired some companies in the podcast area. they are innovating in product in podcasts. that's not what apple has been doing, right it's like you said, the podcast app is sort of languishing, one of the worst apps you can have on the iphone. >> right joanna, look at spotify's strategy here. they've been paying big money for talent names like joe roguen and a lot of them have been coming off of the apple podcast platform do you think we're about to see apple start to spend more on this talent? would they be spending on certain studios or platforms what do you think? >> it wouldn't surprise me i think also looking at the apple tv plus strategy is actually a smart thing to do here as well the focus on high quality versus quantity it's different, of course, because apple is a major podcast distribution platform, but i could see them going that route as well.
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>> joanna, they've always, you know, in their announcements have done animations of the inside of the hardware, but i don't know if i've seen them play up the m-1 like they have about the insides in prior rollouts i just wonder, are consumers being conditioned now to go into a store and say i want the m-1 thing? >> i mean i was fascinated how much time and how much drama and showmanship there was around the m-1 yesterday. tim cook pulled off a mask he -- there was this whole interlude, i don't know if you have footage of this, interlude where tim cook is an imposter stealing the m-1 chip from the macs putting it inside the ipads. it was clever, but it's a lot of attention on the m-1 which signals how important it is to apple they are controlling the entire hardware/software stacks. they made points around how this works together, even if you look
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at the products not m-1 based, the products relying on other apple products on the iphone this is part of the ecosystem. apple controls it all. apple controls it. that's their message >> yeah, we got you turning into an icon there. let's see if we can get joanna's video back this reminded me of classic apple. the m-1 focus. back when phil schiller and steve jobs would get on stage and talk about the power mac chip versus intel. and, you know, joanna was with us and talking about this yesterday. the idea that it's unclear, carl, where the ipad pro fits versus the mac it got even muddier for me yesterday. they're rolling out these ipad pros with the m-1 chips in them, and the imack has the m-1 chip and so does the macbook air. it's like how is the ipad pro more than a mac book air without
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a keyboard which one should i buy takes me back to when tim cook was saying a touch screen computer is like a refrigerator toaster. it seems to a degree like apple's making refrigerator toasters and one is more like a toaster and the other like a refrigerator maybe it's what people are demanding and -- >> one is cheaper. >> yes yes. one is cheaper, that is for sure i guess it's a first-class, first-world problem if you're apple to have that layering within the product stack we'll talk more about it after a break and thanks to joanna stern of the "wall street journal. this $29 billion robotics idea, not these robots, it's software automation, the ceo is coming up next we're just getting started here on "techcheck. ♪
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♪ ♪ ♪ ♪ ♪ ♪
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♪ gut check on chips we don't talk about this enough. semiconductor supplier aml forecasting strong demand, full year's sales growth up 30% glam research getting a boost. one of the top 100 gainers alongside applied materials both names up for the year.
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deirdre? >> jon, the new ipad is s-- the new unipath set to go public the technology allows employees to customize a.i. capabilities rather than engineers or developers it priced above its range with a valuation near $30 billion joining us is ceo and co-founder daniel dines good morning thank you for being with us. congrats on this milestone >> good morning. thank you so much for inviting us >> of course now daniel, you don't have the typical silicon valley or start-up story you grew up, started the company in romania and once said no to a billion dollars from massa sun what is the capital going to allow you to do today that it wouldn't have earlier on in the unipath story? >> we have a vision to
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accelerate human achievement this capital is going to help us to continue in our vision to invest heavily into research and development into our go to market and i believe that we can build generational company that will completely shape the way people work. >> right and, you know, cloud ware, software, excuse me and cloud listings have been hot over the last year or so. notably you guys priced this ipo lower than your last private valuation which was about $5 billion higher than your ipo price set yesterday. i'm seeing your latest range between 62 and $64, a 14% premium. talk a little bit about the thinking were you worried about leaving money on the table pursuing a traditional ipo when many companies these days are looking at direct listings
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>> well, we thought quite a long time if we have to do a traditional ipo or a direct listing, but we believe this is still a great market to raise capital. it's a bit of a choppy market, but we are one of the companies that got a lot of attention from the investors. i can tell i enjoyed quite a bit understanding how the indianapolis process worked. i am happy with the price that we got i am really happy with investors that we were able to attracts the company and i think our price market adjusted was actually higher than the last round. >> is right. but you aren't worried about leaving money on the table you're one of the few software companies to price at a reasonable range and we've seen the likes of snowflake, c 3, ai,
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jump on their debuts >> i think on all rounds of investment, you might leave money on the table i don't think this is the main question here. the main question is can you attracts the best partner, are they long-term investment, are they going to sustain the company over a long term or not. >> that's a fair point as i mentioned at the top you said no to a billion dollars from masa son once you were able to grow revenue by more than 80%. how much of that was due to the pandemic and the need for -- by corporations to automate more tasks and how much does that have to do with companies inside and outside of tech already leaning further into robotics? >> well, i would say that from revenue perspective, the pandemic was net neutral to us
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we've seen solid growth in industries like financial sector, like health care, public sector went pretty well for us, but, of course, other industries like travel, like retail, were the most affected and they slowed down their investments. but i would say that the awareness of digital transformation and the position of automation is a cornerstone technology to power up the digital transformation strategies has increased ten times. we've achieved the career market leading position and we -- this is a great momentum when many of our customers are making three to five-year decisions and we are accelerating actually and we are poised to get a bigger market share
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>> right so daniel, can you sustain this kind of growth what are you anticipating? i know that you guys have been cutting losses as well do you anticipate that trend to continue how important is profitability to you >> yeah. we continue -- we always have invested heavily into our g growth at the same time we learn how to operate this company with vigor and our long-term strategy is durable growth and operational efficiency we intend to drive this company for, you know, next few years into the net cash flow neutrality while providing really durable and sustainable growth >> daniel, practical question for you here, you got started in bucharest but now you're based in new york. this is another big ipo, tech ipo moment for new york. what's your strategy when it
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comes to locations and physical facilities how and where employees are going to be working from here? >> well, we have started out of romania and that was an advantage because we thought on a global expansion since day one, so we expanded in the last four years on all three major continents we have bases all across the world with large baseness tokyo and seattle, in new york, in buchares bucharest in banglor i believe we are heading maybe into a mixed environment we were prepared, really, from day one to operate as a completely remote company, but also nowadays i believe that really there is a lot of value
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to meeting people in person so truly we will try to offer the best facilities to our employees and give them the best mix between the freedom of working at home and joy of working with their colleagues on our site >> that hybrid model that many ceos are looking at as they think about the future daniel, congrats again and thank you so much for being with us today. daniel dines, unipath ceo and founder. >> thank you so much coming up this morning, hackers are asking apple to pay up big or face one of the biggest leaks in the company's history. we've got that story later this hour speaking of apple, top analyst katy hubberty of morgan stanley has high confidence going into earnings next week she says the company is firing on all cylinders for more of her comments subscribe to cnbc pro.
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. welcome back to "techcheck." i'm carl quintanilla with deirdre bosa and jon fortt, recovering from a couple days of losses although the major indices on track for the biggest weekly loss in a couple months netflix, the big decliner, tesla up about 0.5%. let's get a news update, rahel has that for us. >> good morning, everyone. less than a day after the guilty verdict in the derek chauvin trial the justice department is announcing a sweeping investigation into policing practices in minneapolis the trade group for the major global airlines lowering its forecast for international air travel this year now expects global traffic will hit 43% of pre-pandemic levels that's down from a 51% estimate back in december as interests fall to a two-month low weekly mortgages
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have - and the soccer super league has all but imploded only two of 12 teams remain. fc barcelona and real madrid remaining teams face strong opposition from many fans and even some players. you have to wonder if they conducted any focus groups because supports has not been on their side >> yeah. yeah not a good reception at all. >> you are up to date. >> is thank you. it's been a mixed bag for f.a.a.n.g. in 2021 so far. alphabet the only outperformer on the s&p bill miller discussed the trade on the exchange. take a listen. >> there's some valuation discrepancies in the overall market i think that big names, the big f.a.a.n.g. stocks are all pretty attractive >> attractive? >> attractive, yeah. amazon, alphabet, facebook, we own them we don't own apple anymore we should have kept it i think they're all fine >> our dominic chu joins us now
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with more on what's, well, relatively cheap in tech. >> oernds. there's always a trade to be made relative winners, relative losers, what's cheap, what's expensive. take a look in technology because we look at technology and communication services, two of the bigger sectors in the s&p 500, within that particular realm, cloud computing, internet-related stocks and semiconductors have stood out over the last year 65%, 68% and almost a double for the semiconductor on a one-year basis. each of these three over the course of the last few weeks has pulled back from the highs we've seen each of these are sitting around their 50-day average price again, just at or below the pullback may be some relative weakness on an otherwise strong trade. take a look at some of the individual names that have been outperformers, within technology and communication services look at the big names. ibm, oracle and nvidia each stock is trading roughly 9
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to 14% above their 50-day average price. that's a trend indicator for the medium term. these have now broken out to in some way a little bit above where their trend line has been. keep an eye on those as relatively may be more expensive than where they have been. these other ones that have been under performers we're talking about social media. twitter, also disney and netflix. each of these is 3 to 4% below their average trading price during that same span as well. keep an eye on media stocks within that. bill miller mentioned the big names. the consequential ones within the s&p 500. take a look at names like apple and microsoft and amazon and alphabet each is roughly 5 to 7% above their 50-day average price when it comes down to it, deirdre, there is relative strength in certain parts of technology and communication services that might be what's keeping the markets at or near the record highs and see if that trend continues. back over to you >> yep great context as we head into earnings season too.
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meanwhile, apple is facing off with a ransom ware gang. we will get to that story next don't miss "techcheck's" preoscar party live on cnbc.com. linkedin, youtube, thursday at 7:00 p.m. eastern. i will be co-anchoring alongside julia boorstin with a star-studded cast discussing hollywood and the future of entertainment. we are back in two minutes
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apple's caught up in a hacking problem related to one of its suppliers and the hackers are demanding payment. eamon javers has details on that. >> hi, carl. a company called quanta that's a supplier to apple and other companies around the world, taiwan based what's happened here to kwan ta some of their data has been exfiltrated by a hacking group called revil which has posted some of the data on the dark web. here's the note that revil put up on the internet they said today we the revil group will provide data on the upcoming releases of the company so beloved by many, tim cook can say thank you, quanta. now we've gone on the dark web and had a source provide us with some of the documents. these are the internal documents from quanta that appear to show the apple logo on products being developed right now. don't want to get too detailed on those because presumably there's a possibility at least that this is stolen intellectual
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property circulating on the dark web. a challenge for both quanta and apple in terms of how to respond to this. the hackers are demanding ransom be paid by may 1st no indication of whether the companies will pay that ransom or not the hackers are threatening to release more data day by day between now and then so we'll see what happens there meanwhile, we're getting news now from the department of justice on a related topic saying that the department of justice is going to establish a ransom ware task force at the federal government because there are corporate and national security issues here this may not be a conventional piece of wisdom but i did talk to one cyber security group this morning speculating this particular piece of ransom ware, this attack, may be a response to the u.s. sanctions on russia just last week so there's some question about how much companies are being caught in the crossfire of the sanctions and the back and forth diplomatic tussle between the
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united states and russia meanwhile, for quanta and apple the bad news is, these documents are now circulating on the internet people can go look at them the threat is, that there's more to come. guys, back over to you >> eamon, a couple questions one is, what kind of precedence is there around obviously companies that are leveraged highly to their intellectual property and the sense that we're going to see more episodes like this if the crossfire you're talking about continues >> we talked to a cyber consultancy a couple weeks ago who told us tech companies actually are the companies that are paying the most in ransom because they're so dependent on that intellectual property we are seeing hundreds of millions of dollars being paid from american corporations straight to criminal gangs, sometimes through intermediaries who handle the negotiation for them but the money is going from corporate america to the criminal underworld, oftentimes these entities like revil allegedly is are based in russia and have the de facto protection
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of the russian government. carl >> eamon, you've been reporting, doing great job reporting on these ransomware tax for ages and it's notable that finally we're getting a ransomware task force. is it seen as late do we think they're going to be effective? >> something is better than nothing from the perspective of those companies being victimized in the talk in this world always is, on how do you get a better public/private partnership between the government and private sector this will go a long way to making some of that more seamless you get the sense there's a massive escalation in ransomware the country doesn't really have its arms around it the corporate sector doesn't have its arms around it. the criminals are making out like bandits here and the challenge for individual executives and leaders around corporate america is, do you pay these bad guys or not to get your data back if you're tim cook do you lean on this supplier and say, you guys have got to pay them.
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we can't afford to have any more of these documents circulating on the open internet or just take a beating here and hunker down and try to ride this thing out. that's a tough decision for executives in any type of company. >> yeah. eamon, thanks. i imagine apple with as much money and many secrets as they have are not eager to create a market for that. >> right. >> we'll see thank you. now amazon web services and dish teaming up to build a cloud-based 5g network las vegas is going to be the first city to see that network deployed david brown is the vp of amazon compute cloud. joins us now david, so interesting, i talked to mark, the chief network officer over at dish, said you've been working on this for a year and a half. how big a disruption do you think this technology can be in cutting costs and adding flexibility to 5g? >> thanks, john. it's great to be on "techcheck." you know, absolutely we're super excited about what
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what we're doing with dish and in terms of how big a disruption we've seen what the cloud has done to technology over the last 16 years and just how it's been able to cut costs for companies and allow them to innovate at a pace they haven't been able to do before. you see that happen industry by industry telco is an industry we haven't seen the sort of innovation we believe is possible and transformation possible from the cloud. i think dish taking the first step, are they going to build the first world's public cloud 5g network completely on aws is really a start of a lot to come in the industry. we're excited where it's going to go. >> how does it happen? because a lot of carriers have costs, they've got the legacy equipment, it hasn't certainly been on the public cloud, how is that transition going to work or are you going to scare them into the public cloud camp? >> obviously that's one of the advantages that dish has dish doesn't have any legacy infrastructure they have to worry about. they have the benefit of being
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able to build a new network. think about it in ways that, you know, traditional carriers haven't been able to do. you know, i think there's going to be a lot of innovation that will happen between aws and dish and there's a whole partner ecosystem from ericsson and nokia, and we're working closely with all of them that's going to drive an enormous amount of innovation. we work with the verizon and vo dough phones of the world and you will see the transformation as well. skp they're looking at how they will do things differently i believe if there's an opportunity for them to ledge a cloud provider with something they believe will give the right performance and latency and innovation for their end customer it's something they would look at and find a way to do. >> so often with 5g i hear that yes, in a lot of western countries, certainly in the u.s., there's all this legacy equipment, extensive lte, you know, 4g, but then in some other markets they're coming into 5g more fresh
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is this dish partnership going to be sort of a case study for you guys to say, look, here's how it can work and maybe go into some of those markets and use it to sell the idea of 5g built on a public cloud? >> absolutely. i think working with dish, like i said earlier, we have an incredible opportunity to do something fresh. so i think it's going to allow us to innovate and do things that haven't possible elsewhere i think that's going to signal to other countries or maybe where, you know, mobility hasn't been so entrenched, but i think it's going to be true for the telcos like i mentioned earlier, all looking and watching closely to see what we can do together. >> david, thank you. between microsoft using the cloud to push into health care, you guys pushing into telco, we are seeing the next phase of this cloud revolution. i also spoke with a top dish exec as i mentioned about the deal watch that interview by scanning the qr code on your screen head to the "techcheck" linkedin
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page to get more details on this tee dra? >> jon, in other amazon news the company is expanding its palm scanning payment system to a whole foods store in seattle and plans to roll out to other locations later. the technology debuted in september at about a dozen amazon stores. it allows shoppers to pay for items placing their palm over a scanning device. the first time a shopper uses the kiosk they have to insert a credit card with a link -- and link it to their palm print. amazon hopes to sell the palm scanning technology to other companies, including retailers, stadiums and office buildings. carl, don't count out amazon as a major player in payments either is my takeaway here >> yeah. i think, you know, it's sort of reminds me, jon, people have wondered whether or not the level of synergy between amazon and whole foods has lived up to the hype on that day when that deal was first announced. >> yeah. i just wonder if they're going
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to sell me gloves once they have my palm. i'm not sure i'm going to give it to them, carl. >> yeah. >> sand down your fingerprints the spac slump is not just impacting stock prices the raw is not jus impacting the numbers. the raw number is massively lower compared to march. we have gone even to above 100 to 10 month to date, leaving many to wonder if the run is over coming up, a tech antitrust icon and a hopeful ftc commissioner, we will break down what lena kahn could mean for big tech you got your new customers — they get our best deals. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. it's not complicated. only at&t gives new & existing customers
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take a look at shares of luminar tech, jumping more than 10% in the last few minutes as the company adds two former tesla and intel executives to its ranks. this is a company that went public via spac last year, specializing in lidar tech for autonomous vehicles, adding alan prescott as chief lead officer we will continue to keep an eye on the stock for you, carl. >> meantime, dee, there's a critic on the hill today lina khan has been nominated to the ftc she is known as a big critic for big tech and her thesis how amazon could be broken up.
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she was at the senate for confirmation today and was asked about how tech has had influence on media. >> increasingly news publishers are dependent on a few gate keepers to disseminate their news and disseminate their information. so a single change in an algorithm can plummet readership and subscriptions for any publisher. so i think there are some concerns generally there about the arbitrary whims and arbitrary power these firms can exercise i think there are also serious concerns about concentration within the digital ad market as well as vertical integration >> the appointment does seem to indicate the white house will be taking a strong regulatory approach when it comes to tech, jon. you know they say personnel is policy and between khan and woon advising the white house it is something to watch. >> it would be "access hollywood" forward for the gop to push back hard when at the same time thaey're been creatin a narrative about big tech
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leaning too far to one side. so the texture of this confirmation hearing will be interesting for sure now, naming twilio a top pick citi adding a positive watch on microsoft. goldman reiterating its sell on apple. for a look at today's biggest analysts calls, check out that story. subscribe to cnbc pro at cnbc.comro wl rhtack./p and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.
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before we close the show, one more thing discord has reportedly ended deal talks with microsoft, instead exploring a potential ipo. discussions between microsoft and discord had previously valued the chat startup at about $10 billion or more. this is just the latest deal to be put on hold for microsoft in the social space after a bid to purchase a portion of tiktok last year. that never happened. count facebook's mark zuckerberg a fan of the company. here he is being interviewed by cnbc contributor casey newton this week. >> what the discord folks are doing, i think it is a great product. >> well, i think the team has done a very good job with it i think it is -- you know, i
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think it is impressively technically. i think the product is well implemented. they have done a good job. >> i wonder if zuckerberg has thought about buying discord. >> better yet. when you have as many messaging platforms as he does, it is nice to point out somebody else succeeding in messaging. less of an antitrust what does net source need to do to boost crowd source paul key says vr content is the future another loyal viewer thinks to add games to the platform. now, if you didn't write in today, don't worry we will continue to crowd source carl netflix probably doing fine. anybody on the fence over the past year probably ended up just getting netflix. >> yep, indeed it is obviously off session lows we talked with mark mahaney at
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the top of the show, jon, and also going to a buy saying, look, a lot of this pull forward was expected we were simply waiting for the quarter that would make it evident. by the way, not a huge amount of tech earnings tonight. we will get chipotle, but tomorrow will be interesting working our way through at&t and, of course, intel tomorrow night. let's get to the judge and "the half." all right, carl. thanks welcome to "t"the halftime report." i'm scott "the washington post"ner what apple and amazon and netflix's under performance means to your money and whether stocks can continue to climb if they keep struggling joining me, jenny harrington amy raskin joe terranova and pete najarian rounding out the four today. let's go to the stocks today yields holding in on the ten year, 157. obviously a lot of focus today on the tech trade, that after netf

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