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tv   Tech Check  CNBC  October 7, 2021 11:00am-12:01pm EDT

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more cynical than i am you have an entire generation, all they hear is words >> tariq, this conversation could be continued appreciate you're taking some time, thank you. >> thank you >> yeah, really interesting conversation the major averages are higher today, actually the best daily gain for the s&p and down from july from nasdaq in may, less than 2% for the record highs. that's it for "squawk on the street." "tech check" starts now. ♪ good thursday morning. welcome to "tech check." i'm carl quintanilla with julia boorstin.
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and a must own stock we'll tell you why later this however. and also how to fix facebook our friend has some ideas coming up but we are going to start this morning with the rally and we're tech all of it, mike santoli has more hi, mike >> yeah, carl. big tech stock, driving higher in july and august had the worst decline, sort of got most oversold now participating fully. look at the nasdaq 100 -- well, here we have it since june 30th of this year you kind of have a flat line look at the big bounce we got into the high. it's adhering pretty well to the longer trend line. it bounced off the other day look at the nasdaq against the dow, trading off leadership over the course of this year. it's mostly been an elegant rotation it has turned much more messy recently if you look here, nasdaq 100 in white really had a tough time in
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the spring the dow is fine. we pointed this out a couple times, dow, a little bit of a global slowdown starting in august the big cap tech and the concerted declines, with impacts today. all of them up 1.5%. seems like things got a little too pressured. we're get something relief it's one clear if big cap is positioned you see the banks break out. and one of the reasons the money is taking advantage of the downturn incentive and valuation adjusted lower is to kind of rebuild position information the more cyclical stocks but so far it's not working to the outright disadvantage of mega caps. >> mike, you talk about not being a candidate for leadership, but are they a candidate for being the most vulnerable in an environment of long-standing rates? >> i would say, yeah, if we get an acceleration in rate, if that
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becomes the animated story, yes. it pressures valuations. and wee keep pointing out, facebook, a market multiple right now. there's no premium left to be drained out. it can obviously get cheaper but i do think, you know, some of that adjustment has happened. no doubt about it, if the incremental dollar is going towards the higher rate plays. and in fact it becomes another story of reacceleration, it might get sidelined again. >> all right mike santoli, thank you. and one name getting a big boost this morning is square jeffries up to a buy today called the stock a must-own over the long term, points specifically to the dominance of its cash option. price target up to 300 even with a bear case of 355 hmm. that seems odd a bear case of 355 joining us now the analyst behind that and to explain it
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all, trevor williams of jeffries i'm sure i got something wrong in there, trevor that doesn't sound like a bear case yeah, bull case, 355 >> i think, yeah >> so, tell me how you view cash app strength it seems generational strength depending on what decade somebody was born in, they're using paypal or venmo or cash app. do you think cash app is going to accelerate past all the others despite the generation? >> well, i think the advantage that the cash app has bit in, this is really part of it, the process of upgrade this morning, using cash app to drive about two-thirds of the gross profit growth for square over the next five years the advantage they have bit in, 40 million monthly access user that already have highly engaged the company and has extracted economics and it's really been
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the pace of the product innovation over the last three to five years that we think they've risked it. and you've seen the other fintechs and other banks trying to follow suit and many other features they're bringing to market are indications of what square has thought. and we thing the innovation of a scaled user base and a track record of demonstrated innovation in the cash app position it well over the longer term and then when you plug in the benefits, we think the positive fly wheel is only going to accelerate over the coming years. >> trevor when i look at the peer comps that you have bill.com and shopify is among them bill-back.com and shopify, of course, a platform and marketplace and enabler. square can't do what else to two
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companies do is the space too big >> no, the reason, for shop ify, we think they're emblematic really of structural long-term winners in big growing markets which square is in the seller business, in the cash app segment and then unlocking more of the 10 trillion plus global e-commerce market. we think it's more just emblematic of structural winners that we'll see accelerating fundamentally over the longer term and why, if anything, the last 18 months have caught up in this the impetus for putting the rating on the stock, now the landscape is changing for payments and fintech more broadly. over the long time, it's an absolute must to own the structural winners because you protect against tech
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obsolescence and over time, the winners are going to see an increasing share of market strength with square. >> trevor, your view is so bullish here you're modeling 85 million of the cash app and it's more than double than today. i would ask whether this area is just getting too crowded and going to be increasingly crowded in what you see as the biggest potential threat to getting there? >> well, it's definitely crowded and why i was saying earlier that we think the built-in advantage that has already happened, 40 million monthly users where if you look at more of the upset kneneobanks you're looking at 10 million annual users. so we think that positions them to really be a category winner over the longer pay. and what after pay does it
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brings in a consumer used base so, we expect square to take existing afterpay users in the u.s., who are existing cash app users and convert over time and convar vavert the cash app userr time and that kind of positive fly wheel effect that exists by bringing those two assets together just gives them an advantage. >> okay. the case has been made trevor williams of jeffries, thank you. >> thank you >> so is square the tech innovator you should be targeting? the next guest says differently. calling semi the really innovation turning to names like salesforce, workday, microsoft during the tricky tech and i see if we're really in an
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environment where people are worrying about inflation, they're going to use technology to offset it >> that's right. good morning yeah, tech has been the innovation for hundreds of years going back to railroads and technology that has enabled the growth of the company. and there's pockets of inflation. we fight that inflation with innovation, productivity gains, all driven by technology square is a very interesting company. it's a company we're invested in, but without software, without the cloud, without semiconductors that run the servers, the phones, the smartphones and apps and point of sale systems, can't have that description in the fintech space. so we're seeing technology continuing to drive the innovation it's the software companies. it's the semiconductor companies that that software runs on we're really in this multidecade
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economy of dirt agital. >> i'm curious with software and cloud it was a dog fight with price cuts people were worried about market share but i'm wondering if this recent turn on salesforce and the emphasis on margin flips that script >> yeah, i think we're seeing some -- salesforce was one of the original softwares in the service companies being around for over 20 years. and i think there's always been the argument that these companies at maturity can reach similar levels of margins that their presidecessors and onpremises is part of that industry it's a way to support the entire cloud software industry. and we know they can reach those margins in the future that rivals the margins of the predecessors >> brad, eye have a clear bullish case here for software and semis.
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but you are a little more nuanced with social media. you're not in facebook but you are in favor of other social names for us lay it out for us. >> yeah, facebook is not a name we've invested in since 2019 it has a lot of positive aspects. it has negative aspects. we folk cut on nonzero outcomes. and facebook has a lot of great things they do for small business and then there are negatives that come with that, that i think they're going through the growing pains. i think ultimately it is a strong platform. the big picture that is shifts from analog to digital digital favors social networks and we've favored other social networks, twitter, with interest in sports. snap chat which is more of a utility than a social network.
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and the big picture, fragmentation over the time. since the smartphone came out ten years ago, we have more things we can do, mobile gaming, streaming video. tiktok passing 1 billion global users. instagram, facebook, twitter and snapchat this fragmentation is something to keep in mind. sometimes, we can do two things at once, but probably not three things at once so at some point it's a fight for attention and a fight for user time. >> it certainly seems a fight for attention. brad, we've been following facebook closely this week i have to ask you whether you think the fallout from this week's facebook testimony, is going to make it more or less appealing to an investor >> the interesting thing about increased regulation, for regulatory capture it becomes so large and expensive that the big gets
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bigger and we've seen this throughout history in function. in energy. in telecom that ends up favoring the incumbent. so there's an element there, one of the strange outcomes it could make their business stronger we think, ultimately, consumers will spend their time in apps that are creating the most value for them and the people around them so it's really incumbent upon facebook to make sure all of their apps, all of their properties are providing the most value to their users. or else we'll see what we have seen, something like tic kok c t tiktok coming in as an alternative. >> brad, i get that you see software technology in general as a safe place to make a long-term debt but where do you see the most relative value, given that overall valuations are pretty high what's thought being given enough credit for the impact that it's going to happen, and, you know, how much downside to this do you see just in the
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market overall, regardless of the great long-term process? >> one of the areas particularly in software that we think is not fully appreciated in terms of the ultimate size of the market is around cyber security and this is more of the new leaders in cyber security around identity and around identity management, identity government and zero trust companies like cloudsquare octa, cyberart they're seeing a rapid growth in their business because of cyber attacks and nation state hacks that are going on. and i think we're going to see an accelerated amount of companies with modern cyber security tools that represents value for long term investors there. in terms of your second question, overall valuations there are stocks that are responsible. we have a handful in the software space that act as extremes that we've seen a few
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times and it's difficult to make money even in the long term on those stocks so it's important to look at the growth rate. look at how big the ultimate market is, and come back to the valuation and pick your spots in the software industry. >> cyber, social, cloud, we cover a lot of ground, brad. appreciate it very much. good to see you, thanks. >> thank you how to fit facebook, that's the column of the latest guest in the "the new york times." her ideas, after the break stay with us nother day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
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facebook's fallout is far from over. the journal reporting that facebook is delaying the rollout of new products in conducting reputational reviews our next guest's latest column is titled "how to fix facebook." "the new york times" reporter shira ovide joins us now shira, how to fix facebook lay it out for us? >> well, i don't want to say this is my idea. one of the really interesting issues that frances haugen focused on in her senate testimony this week as you said this idea of engagement based
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ranking. which is really at the heart of how facebook, youtube and tick t tiktok are used today. based on computerized assessments of what we will find compelling and engaging more likely to sort of click on and share. maybe let's find other kinds of metrics to kind of decide what messages and posts to prioritize haugen even suggested that, look, in 2015, a lot of the internet sites that we used then were kind of in order chronological is the way that i message you that the numbers come in based on that. and we'll see sort of the computers deciding what's the most important thing to us >> so, here, one of the other ideas you discuss is having regulation that would hold these companies accountable, facebook
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and other companies accountable for real world harm. it seems that would open the door to just endless lawsuits. i'm wondering how you can imagine that actually playing out from a practical standpoint? >> yeah, that's a great point. look, i don't want to sugges that any regulation of facebook or any changes to facebook is going to be either trivial or tradeoff that may be worse than the status quo but what the sort of legal liability issue that some people, particularly in the legal community have talked about, particularly in the united states, there are lots of protections for free speech. both for individuals and for private corporations like facebook one of these ideas is, okay, you have free speech for what companies do or what people say and how companies decide to organize, whether to show that information. but when the computers, when the
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companies program computers that prioritize distribution, that may change the sort of first amendment, sort of protections and maybe could make them more legally liable, if the law changes, right so, that famous line from the misinformation researchers, you have freedom of speech, but not freedom of reach the moment that facebook decides this hate speech are distributed to millions of people who may not have seen it otherwise, that's the most when maybe foes first amendment type of protections in longer apply. >> hey, shira, i don't know if you've gotten a sense independently over facebook's reaction over the past few days. my sense, when they say they're open to regulation and things like that, they're looking for rules of the road, not help driving the car, though.
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and i think a lot of people now are trying to help them drive the car. and to me, the biggest question of this is, can we monitor what facebook is doing to society, without violating individual privacy? thus far, facebook has seemed to argue we can't even give you useful data to see what's happening without violating privacy. i don't know how we find out whether that's true or not >> that's a great point. i think -- so, let me go back to what haugen said in her senate testimony this week, a couple things are relevant. one, she said, to use your metaphor about the car, we can no longer trust facebook to drive the car. that it has proven telephone that it's either too myopic or incapable of understanding the car. that it has built itself, right? we can't trust facebook to drive the car anymore. the second point that she made along these lines are, it's
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really a false choice, over and over again facebook presents these things as sort of we can't do that because "x" harm will happen the research point is interesting that i think we see more proposals from credible researchers that have suggested ways for outsiders to really understand and monitor what is happening on facebook in a privacy protected way. and i think that's maybe the most interesting kind of idea to come out of the last few weeks of discussions about facebook. is that there is a way for the public to no longer be kept in the dark about what facebook understands or studies about its influence upon us and the world. >> now, that is the true evolution, and the discussion that was made so evident this week you're absolutely right. i am curious to know, one of the striking things about zuckerberg's response was this idea that, look, we make money
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on ads and our advertisers consistently tell us they don't want their ads next to angry content. essentially arguing, look you don't have motivation upon making that allegation upon us where's the hole in that logic >> yeah, i think it's a great point. and i think, again, one of the things that haugen talked about which really gets into the molten center core of facebook is that it's organizational centers are broken at facebook i think is one of the strongest points that she made look, if you measure short -- if you're relying -- you're building the company around relatively short-term metrics like engagement. what gets people to click? what gets people to feel good about a certain piece of content? if you organize the entire company around the wrong metrics, what you get is a company that believes that it's
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doing the right thing, when we can see that it isn't in all cases, right so mark zuckerberg may be right that they don't have a vested interest to sort of enable genocide i think everybody agrees that they're not intending to do that but i think you are what you measure. and if the measures are wrong, which i think is the point that haugen said fairly forcefully, then you get an organization that is sort of rotten at the core >> but, shira, what do you think is happen right now? we've heard about these reputational reviews they said they're pausing instagram for kids what kind of evaluation, re-evaluation is happening internally and do you think we'll see changes coming out of facebook because of what happened this week >> i think i'm hopeful and also not hopeful. look, i don't have the ability into what the discussions are at facebook but from what i've understand or
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have heard about lower level people, there's some sense of relief, right, that the reason you see people like frances haugen and other, some of the other facebook insiders who have come before her, there are people inside the company agitating to do things differently. again, nobody at facebook likes being a tool for genocide or making teen girls feel bad about themselves they want the company to change. many people in facebook want the company to change, southwest people on the outside, right so i think that's an important thing. the one thing that makes me hopeful or the one thing that makes me hopeful is when you look at recent company scandal, the company has changed for the better maybe too slowly maybe for the wrong reasons, maybe not enough but after 2016 when there was the scandal about russian prop
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gan propaganda circling on facebook, both the government and facebook took more seriously the issue of forward propaganda that coordinate and mislead manufacture. and an cambridge analytica, they got better in the world than influencing. so they could respond to crises is positive ways i hope that there be here. >> we will end on that note of hope thanks very much meantime watching twitter today, the company is selling mobile networks, for more than $1 billion in cash three times. the first to take the stage of
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welcome back to "tech check. we're resetting near the bottom of the other, i'm cart quintanilla with johns for steyn and julia. and both factors posting big gains. let's get a news update. christina. >> thanks, carl. here's what's happening. most stocks posting gains but the potato giant lamb westin posting losses the company citing higher costs of production, supply chain delays and tighter labor market. jobless claims are down the first time in four weeks continuous claims well 2.7 million. and the third quarter they sank to the lowest level in 24 hours.
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new york city's office market will take years to rebound this according to new york state comptroller he also said the city's offices lost more than $28 billion in value in one year, causing an $850 million drop in property taxes. and united air is planning a busy schedule for flights 3900 flights, the most in december. the united capacity is 9% below what it was in december 20 theen. time to holiday shop and booking trips, right >> i guess so, christina, thank you. tech giants have a new fitness obsession, wearables and health apps. amazon announcing a halo view last week. google has the latest version of fitbit charge. and apple, tomorrow and fitness
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plus no surprise that health is going to take center staigge at consur electronics show robertf ford joins us robert, good to have you i want to check in on health tech but i first want to check in on everything on people's minds, covid tests. closer to vaccines for kids. test demand strong, we thought in the summer it was slacking off but it's not how do you feel about abbott's ability for supply and demand and what that demand is going to be for the next four months. >> it's good to be here. we were here from the beginning when the pandemic broke out. we were the first company to develop the hiv test we knew our number would be called upon. we've gone through a lot in the
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last year. we ramped up manufacturing here in the u.s we built three manufacturing sites in the u.s. in four months by the time of end of year we were making 70 million tests a month. getting close to 100 million tests a month. as you mentioned, by the time of april, we saw it slow down, vaccinations ran through and state and federal level with testing. we had to pull back on manufacture. but now rescaling back up as delta has moved through here in the u.s. so we're ramping up, close to 50 million to 60 million tests by the end of this month and be able to look forward to the demand that we're seeing >> on to health tech it's such a hot area now, i know you can't tell us exactly what you're going to say on the keynote stage but i have noticed whether it is, you knolw, amazon, apple, google, pelpeloton, there's so c
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focus on health tech and probably more important there's user data coming out of tech advices that can be used to form innovation. what is the innovation that abbott sees in the voluntary consumer data. how do you play in this space? >> i think the key here when we think of this convergence between health tech and consumer tech we see it as strengthening the bonds between the patient and network, the delivery network, a lab, physicians office and the manufacturer so to your point, a lot of that connection and with that strengthening with data. we've got instances where we're collecting data and how do we transmit that with artificial intelligence to provide insight to the physician, to the hospital, so they can have proactive care for their health. i think that's really at the core of it
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and i think one key aspect of this is really it's cool to have digital and tech with health but it's very important that you can actually show an outcome, show a benefit so coolness factor is one thing. >> right >> but does that connectivity, does that date dara transmit to better outcome in your life. that's the key rolewe play here >> when you see microsoft looking to buy nuance, spending quite a bit on it. they talk about it in terms of health vertical. but also the ai being important. does that challenge you in any way to do m & a invest in software and ai yourself do you become that kind of a player >> i think it's a combination of factors. i think there are things that we need to build our own capabilities, our own understanding in this space. but then it's also partnerships. and we need to kind of work together to partner. so the companies that you mentioned, the big tech companies, we do have
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partnerships with them but we also partner, you know, with other startup companies also to be able to augment that. but i also, i truly believe, you know, a traditional health care company that's moving into this space, you will have to build your own capabilities and competencies whether through m & a or org organic. >> all right you've been at it 130 years i think. you certainly know a thing tour two. robert ford from abbott. thanks for the insight >> thank you speaking of outcome, another juror dismissed in the trial, yasmine, fill us in what happened yesterday >> that's right, carl, a juror in the elizabeth holmes trial excused after telling the judge
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she's a buddhist and her beliefs require forgiveness. this juror was very upset in court. she thinks of holmes possible punishment every single day. now, we're five weeks into the trial and the juror told the judge that she would have a guilty conscience if she voted to convict holmes. she was replaced with an alternate juror. the alternate juror expressed concerns walked into the courtroom, and pointed to holmes and said she's so young, i could make a mistake. frankly, i'm not sure i'm 100% ready to participate in the trial like this. that juror was persuaded to stay in the trial really, guys, over all of the shake-up, is elizabeth holmes a sympathetic character, while she's sitting in the courtroom, not saying a word.
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>> what do you think the significance, do you think, of that second dismissal? >> this shake-up leaves three juror alternates on the bench for a trial that's supposed stole last until december. losing too many alternates runs the risk of a mistrial speaking to legal analysts, they say they've actually not heard of something like this before but yet they're not surprised when it comes to this case elizabeth holmes was this mesmer mesmerizing person who wooed world politicians and leaders. guys, why can't she do the same with jurors. >> keeping us updated on the trial. thanks >> thank you and some crypto leverage names getting a boost, coinbase on base for the first five days in the green since early september. this bitcoin's make or break week that's next. stay with us
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bitcoin topping $55,000 this week so why is this level a make or break point for bitcoin for
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institutional buyers. >> hey, julia, this is a moment a lot of big coin bulls have been waiting for you've heard bitcoin as described as a hedge against macro uncertainty and inflation. but it's finally playing that role this week, stocks meanwhile have fallen. it's up more than 20% on the week outperforming tech on some of those names, hitting high above $55,000 for the first time since may. and, guys, as far as drivers, for one, we've seen fewer negative headlines on regulation called fud -- fear, uncertainty and doubt, acronym there and the federal reserve recently saying they don't plan to ban the industry a lot of speculation over potential approval of bitcoin etf and resurgence of institutional buyers bitcoin transferred volume data
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which tends to suggest participation from bigger institutional players. this is according to glassnote and there's been more activity on bitcoin futures on the cme which is the popular destination for the traditional noncrypto native crowd a sign of institutions getting it bitcoin, meanwhile is also regaining its dominance as king of the cryptocurrency market it had fallen as a percentage of the total market as some of those alternative cryptocurrencies have gotten more positive. that's often a sign of retail buyers in the market bitcoin is now back up to about 45% of the global market with a market cap above $1 trillion all of this is boosting some of those crypto leveraged stock love the name -- coinbase, take a look at this chart once the meme goes away. more than 8% on the week that's not the four-week losing
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streak marathon digit, microstrategy up couple digits. and the blockchain, a laggard, up 2% on the week. guys >> thank you meantime, watch rocket lab, that stock lifting off after a contract after the break, 100 days since qualcomm's cristian know raymond where that stock goes from here. stay with us ♪ (whistle) ♪
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such an honor and a privilege to be with this incredible company. >> we are excited about not only the opportunity mobile, but also in the adjacent and the growth business, as well. >> still, with this very challenging supply environment we have continued to generate growth in the quarter. >> the semiconductor is really important not only for the united states, but for the global economy. >> we see digital transformation really driving a lot of demand. >> we have an incredible opportunity to use a lot of the advancements we have in technology to make life better >> that's qualcomm ceo cristiano amon who took the helm of the chipmaker a hundred days ago that's in the context of a strong run through 2019 and 2020 the companies manage to get supply through the chip shortage and engineered a $4.5 million as of monday and wrestling it away from magnet international and now the road ahead
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investors think smartphones when they think qualcomm because that's what made it a giant, but among the bigger, strategic focus is the shift beyond mobile as the market has matured. the stock could have more room to run as qualcomm focuses perhaps on 5g and telematichs technologies in places like cars which is where the assistance technology fits and smart city's initiative as you talked about with amon last week on tech check and we'll hear more about qualcomm's road map and financial target when they bring the investor day here to new york julia? >> yeah. i thought it was really interesting, john, that amon was willing to pay a 15% premium over what magna had offered for the auto tech company indicating his willingnessto make deals and really to pay up to transform the company with the acquisitions and it will be interesting to see if he has more deals in the works. now speaking of deals, auto and tech, tesla. tesla's annual shareholder
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meeting kicks off in just a few hours. we've got what to expect that's next. this part of the show, don't forget to follow and subscribe to podcast, and techcheck is back in a moment ♪ ♪
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what a week for the autos. you have gm's investor day and now tesla's 2021 shareholder meeting. let's get to phil lebeau hey, phil. >> carl, this meeting will be held this afternoon with elon musk at the company's new gigafactory just outside of austin, and there are three things people will be focused on hearing from elon musk today whether or not we hear about them hard to say, there's a good chance we will first of all, are the new gigafactorys ready not just one in austin, but the one in berlin. what's the outlook for the supply chain elon musk talked about it early in the third quarter that they had real challenges there and perhaps they'll tell us about what they're doing, and the fsd rollout, musk tweeting about it this morning saying fsd beta 10.2 rolls out friday at midnight to approximately 1,000 owners with perfect 100 out of
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100 safety scores. rollouts will hold for several days after that to see how it goes and if that looks good, beta will gradually begin rolling out to 99 scores and below. as you take i look at shares of tesla, it's been a nice move over the last three to four months since the stock has moved higher at one point getting briefly over $8 00 a share earlier this week or late last week this meeting starts late this afternoon and it will be interesting to see if this is an elon musk that tells us a lot or if it's a mundane shareholder meeting. we've seen both of those over the last couple of years, guys >> fill, thank you meantime, look at samsung, shares of the phone, tv and chipmaker among other things down 25% since the january peak after losing 3% so far this month and while october's just begun, if the trend continues it would be the longest losing streak for the stock since 2018 and despite all of that, though, analysts are bullish and the stock doesn't have a single sell
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rating and the 42 analysts who call it a buy are forecasting gains as much as 40% over the next year, julia >> indeed. although sometimes we don't always look to the street for answers and you would see some sells, julia >> of course, the question there is both supply and demand when it comes to samsung. one more thing before we go, new vaccine mandate hitting the tech industry cnbc reporting that ibm has told its u.s. employees that if they don't receive the covid-19 vaccine by december 8th they will be suspended without pay. the reasoning is that they must comply with president joe biden's vaccine mandate for federal contractors. the company is stopping short of firing employees, told cnbc in a statement that they will consider religious and medical exemptions john, you've got to wonder how important these vaccine mandates are going to be to get the u.s. population beyond the pandemic phase and into more of an
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endemic phase. the combination of these vaccine mandates and hopefully some of those treatments, as well. >> the cynic in me wonders for a company like ibm that's got a lot of employees some might argue that they could trim a bit, carl, in a tight job market might this be a way to see who is really enthusiastic about working for ibm? perhaps among those who are unvaccinated there are options out there, and maybe that's not a bad thing on either end there are a lot of options and job openings which will lead us to the number tomorrow and with card spending and the child care spending, and b of a has numbers on that and the expectations for tomorrow are still pretty strong goldman at 600k and b of a 4427 is still about ten points shy of recapturing that 50-day moving average i don't know if we've built the new cover of "time," but it is
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mark zuckerberg and a graphic of whether or not to delete facebook the title is how facebook forced a reckoning by shutting down the team that put people ahead of profits. so clearly, the facebook story not over yet that does it for "tech check" today. let's get to the half. carlos, , thank you so much. welcome to the halftime report the recovery can last a year or longer does the investment community agree? joining me, is josh brown, jon najarian co-founder of market rebellion.com. i'll take you to the wall. the dow seeing its best week since june and the debt deal with the key risk. that's the story you have three big risks as we saw it and the debt ceiling debate and earnings which are coming right at us and you remove the debt ceiling issue at least in the near-term and stocks certainly seem to

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