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tv   Tech Check  CNBC  November 16, 2021 11:00am-12:01pm EST

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us rocket labs shares up more than 50% the last three months. well, when it comes to this morning's action, the enthusiasm for evs, up 7.3%. lucid up 10.5% that will do it for us on "squawk on the street. "tech check" starts now. ♪ ♪ good tuesday morning i'm carl quintanilla big show of qs today a quandary in crypto as the major currencies sell off. a flock of seagulls. and then forget the metaverse. this might be the big investment frontier a dive into quantum computing is coming up.
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and live at qualcomm investor day in new york. ceo on "tech check" this hour. >> can't wait. we start off with the sell-off in cryptocurrency. bitcoin below 59,000 this morning. ethos 6% during a press conference they said that the country will continue to, quote, clean up virtual your honor currency mining bitcoin is on face for a fifth straight day of losses the current price takes us back to a few weeks to levels at the beginning of november. ned siegel says it doesn't make sense to put crypto on the balance sheet. make not the tone you would expect from jack dorsey's fellow exec have a listen. oh, that's what he said. so, guys, there wasn't much more than that. and so it's hard to see this as a very -- signal square has made a big bet on bitcoin. it's not all that surprising that the cfo of twitter would
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say they are not holding it on the balance sheet. there is a lack of accounting rules allowing companies to do so very easily, john. >> for square, it's one thing. they have got an audience of consumers that are excited about cryptocurrency, about fintech. about these new ways of exchanging value but twitter, i mean, this is not a company with a particularly long leash all this volatility in crypto itself, carl, probably adds a level of risk that's not great you know, it's gone up, it's gone down. there are people, what, we just had tom lee on yesterday who thinks it's going up to 100,000 by the end of the year if you are twitter, half your time has to be spent when to buy and sell crypto when you have a business to run. >> it's like trying to ride a bucking bronco some companies for a time have made that work tesla is a good example. look at robinhood today. so much of their trading was
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crypto based for a time, close to a record low this morning. >> right they are in the business of crypto that makes a lot of sense for them in way, too, guys, we talk about jack dorsey being the ceo of who companies. how does he have time to do all of this? it shows he is bringing a different playbook to each company. ned siegel maybe calling more of the shots. the cfo talking about bitcoin. you can see how they differentiate. john, it doesn't make sense for twitter to spend time or perhaps a distraction, the volatility of crypto as for the broader sell-off, carl, more whale selling here. more institutional interest. read that as a bearish or bullish signal but this march upwards continues. >> to that very point, as crypto comes back a bit, our next
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guests sees payments in fintech suffering as well as underwhelming fundamentals and dino tech company making comebacks. we will talk about that with webb bush head of securities joel, great to see you good morning. >> thanks for having me. >> i guess just on crypto to start, a lot of discussion this morning about the trend line being so strong that there is a fair amount of cushion before you would start to worry about longer-term technical damage >> yeah, exactly and today, those very technical in nature. it's running persistence at the higher end of the range. i think you mentioned twitter. twitter's headlines that are gaining attention. i wouldn't too closely into that i think corporates are trying to figure out where crypto fits into the longer-term strategy, what makes sense versus jumping in head first. crypto, i mean, again, a little bit of wind coming out of the sails. we have seen, you know, aggressively over the past 12 to 18 months. until kind of, you know, the
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price action tells us something different, it's -- it feels like if you see these 10 to 15% pullbacks opportunities to add and emerging technologies. >> we mentioned payments and fintech suffering in the intro what do you mean by that sort of frame a bearish view, if that is what you have. >> well, it's actually, i mean, fin text and the traditional names and the payment stocks they had one of the worst earnings seasons overall, not just the paypals of the world, but names like fis and gpn and pfizer just from a fundamental point of view. things are just headed in the wrong direction for these legacy companies. obviously, negatively impacted by a choppy recovery, especially depending where you are located geographically crypto is gaining a popularity and that's negative for these traditional names i mentioned. and we know buy now, pay later theme has exploded over the past
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six plus months. really look at the price section of a firm, which i know you have talked about, you know, recently post their earnings and their expanded relationship with amazon the big boys are jumping into this trend and that's where these legacy names kind of are going to suffer. again this is also a take where you are not seeing investors looking for stories that haven't worked or they have been losing all year there has been very little bargain hunting going on, especially in tech this is where the fintech payments fall into that bucket >> joel, you mentioned unity and matter port as a couple of names that you like. i am hoping that you can explain the thesis that you have in graphics, in a.i i mean, the term metaverse is thrown around. some is real some is wishful. what is the real metaverse-related thesis that you think investors should pay attention to that links them to
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these two stocks in particular >> that's the funny thing. i put these notes together 48 hours ago. you can see the metaverse continuing to gain a lot more headlines as companies are throwing out their left and right. and that's the concern, i guess, right? what's real and what's hype. it's starting to feel a little bit hype the meta etf kind of investors trying to figure out what are the winners going to be and what's the hype. but unity is one of the best companies out there. the valuation is getting a little bit steep to say the least up here. in terms of what they can do with their game engine and incorporate, implement kind of parts of the metaverse is going to make them a long-term winner. not just in the gaming side of things, but what their ceo is done a great job, focusing investors' attention outside of gaming and tam opportunities that's where unity jumped out. now one of these stocks, it gets
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tied with the spac it has that scarlett letter on it spatial 3d technology mostly used in real estate now, but people see opportunities outside the real estate market and, obviously, metaverse could be a very big opportunity for a couple like them as well. >> yeah, good morning. i saw your tweet this morning, hashtag metaverse hype something you hear nmore and more you mentioned unity. that is one we hear uoften as being the real deal. the ceo tried to throw cold water on the hype also going back to your fintech ruse, this bifurcation between legacy names versus upstarts. you see thvisa andmastercard trying to partner with the newer guys also. do you think they are doing a good enough job keeping up or will they ultimately be displaced and see value erode? >> i don't think you are going to see them be displaced
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forever. there is going to be, obviously, a place for these companies moving forward in our world. but i think, you know, it's clearly they are behind the eight ball and they have been left behind a little bit in emerging tech. look at ibm and intel. i mentioned kind of dinosaur tech in some of my notes and right now they are falling into that bucket. so they have no identity and you have names -- value names, not really growth anymore and they are sort of homeless in terms of their identity, and that's leaving them kind of left behind it will be interesting to see, you know, what, you know, deals and partnerships they kind of continue to forge forward heading into '22 it's clear they have a lot of makeup work to do as, again, you know, themes like crypto explod exploding and the bmpl trend. >> fascinating way to look at it we will hear from gelsinger tonight with cramer on "mad money. appreciate it. great to see you. >> thanks for having me, guys.
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walmart this morning, huge story. falling after a post-earnings pop in classic style despite a beat on the top and bottom line. e-commerce salescontinue to drive growth, up eight the ceo was with us on "squawk on the street" and we talked about the company's digital transformation >> we are making money in different ways walmart has become more of a digital company and some ways more of a technology company we are investing as i think you know to transform our technology and to work in different ways. so we've got some businesses like the advertising income business in the u.s. walmart connect, but it's also happening in india with flip card and phone pay, in mexico with wall mex, walmart canada. we are taking higher margin digital businesses and starting to scale them. >> you have web sales up 8 d versus in-store up 95. but doug did take pains to say they are emphasizing reliability
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and convenience over, say, rapid membership subscription growth. >> right they were investing back in the company. that's why you may not see them increase their share buybacks. another interesting thing he said was the idea of this labor crunch it was all that was talked about on the amazon call a few weeks ago, how they were spending $4 billion on getting more labor, that seasonal hiring as well as logistics, supply chain issues ironed out. you heard a different tone when you know, david asked him, are you having trouble finding labor? he said we are past the brunt of it and they were having an easier time as the stimulus checks stopped interesting dynamic. if walmart is a tech company, increasing competition between them and amazon in terms of labor is the number one and number two private employers in america. >> yeah, mcmillon got flak when he started raising wages earlier than the pandemic and earlier than the labor crunch.
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what a worst position walmart would be in if he hadn't gotten a lead on that and if he had to pivot so much more quickly it's interesting the ceo of qualcomm, i'm here at their investor day, he was talking earlier about retail technologies technologies at the edge that they are working on. that's some of what walmart is invetsing in and doordash, we talked to them. walmart is a big grocery player. talking about the need to add convenience and a bigger share of wallet. walmart very much playing in that space th those themes he is talking about. we are going to have cristiano amon on in a few minutes with us the investor day is when they are going to make some financial projections a little later on in the day. i will have those at "power lunch," adjusting what they see as a total adjustability market. news announcements that cristiano amon will bring us more detail on, a partnership with bmw lots of news here at investor day. >> yeah, we can't wait to hear that interview
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this morning on cnbc we are diving into quantum computing. looking at the importance to america's security and global competitiveness. kate is going to break down tech's appetite in the space eamon, inside the headquarters of inq, one of the first quantum computing companies to go public. >> as you mentioned, i am inside the headquarters of eye on q, a pub publicly traded company. across the street from the university of maryland on the campus hundreds of quantum scientists are pushing the limits of this technology which experts say will leapfrog today's so-called classical computers and raw calculating power. the u.s. intelligence community warns it's one of the five technologies crucial to the 21st century and china and other
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foreign countries are aggressively trying to steal these discoveries they are making at places like this that means that the scientists here have an enormous technical and security chechk. the university's president says he tries to strike a balance between security and open academic research. >> security agencies like the fbi and others alluded us to these issues why there is espionage. we have to be careful about that that's a reasonable of the university >> now, here they are quantum computers being used by customers from google to goldman sachs. goldman sachs is working on algorithms in a quantum level to help understand financial risk modeling, which is fascinating and potentially transformative on its own they are also seeing interest from outside the united states. >> if we look at our website, half the traffic is from china. >> half? >> half. >> from china? >> yep and people are busily probing and trying to do various things
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trying to get through it >> so the quantum computers here are real, but they are in their infancy. you can see one of the early gist generationes is on a display case behind me this is the vacuum chamber of a computer they built in 2018. to give you a sense of how fast things are developing here, this entire unit can now be built small enough to be the size of a deck of cards. so they are already miniaturizing all of this stuff. peter chapman said one of the biggest challenges is to find scientists able to program for these computers as they build the software as well as hardware that's one of the keys to all of this now let's get over to kate who is looking at the investment side of all of this. >> thanks so much. you talked about some of the government side and spending there. the private sector in the u.s. thinks it can make up for lower government spending in quantum to gain an edge in this asset class and in in this investment
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case equity investments have exploded recently 90% of all investments took place in the last three years. it's on track to top $1 billion for the first time this year that's according to bcg. investors come compare where we are in quantum to the 1960s in classical computing. they are figuring out what materials to use as a result, 80% of investments have gone into hardware. i am told the hardware really needs to be built and tested before some of these software applications can really work there are only a handful of private startups and companies in the space all of these are seen right now as m&a targets big tech is looking to build their own quantum computers. google, amazon, ibm competing in the space. industrial companies as well are looking to get into the mix. honeywell in there similar to classical computing,
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it's starting with the massive super computers, really used by universities and research labs to start and then on to the b2 b business applications. pharmaceuticals. health care, biotech, climate tech we will he is early applications for quantum and finance. it could be decades before there are consumer uses and quantum will touch everything we do. finally, guys, it will help power the metaverse, of course, which will need a lot of computing power. >> you had to throw in the metaverse, didn't you? almost a whole segment without it you talk about the startup space and big tech looking to get into this still very, very early stages. i know you said -- and a lot of vcs will tell you there is room for everyone we have seen other tech trends play out like artificial intelligence, ibm early with watson ahead of it then sort of overtaken by the
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startups that many of them have gone public. some of the others putting artificial intelligence to work. so what do you need do at this point to kind of become a winner you talked about m&a in this space. is big tech looking at them? >> they are taking different approaches it's a bit of a land grab. everybody is trying to get in, trying to hire is one thing. you need people with ph.d.s to invest in the space. the bar is very high to get in and invest or hire people. google, amazon, microsoft, they are taking sort of different approaches here and eye on q is using ion technology some have completely different approaches here and there will be losers. even the vc investors say that's why it's so risky. everyone is investing in hardware but some approaches don't work if you think about silicon valley, the silicon days, people investing in other forms of technology in hardware and even some types of semiconductors that didn't end up working lost, but that is the venture model. the other thing on m&a, there is probably a musical chairs situation about to play out in
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terms of m&a there is only five or six companies out there that are not google or ibm. i will find this interest. a reporter that covers google and alphabet, they have done a lot in quantum and they are the most quiet and secretive in the space. others, ibm is outputting out different releases there are strategies in terms of signaling to other competitors what they are doing. >> eamon, i get a lot of inbound investor questions about quarantine, quantum. here is my take on it so far there is a different tweens research and development research, longer oit, really hard to tell when it's going to be a viable product, when it's going to scale into platforms and to kind of public market investable stuff so i think the caution here, and i don't know if you're hearing this, too, is it's not as if we know that this is a on the cusp and will be scaling up in two, three, even five years
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there is research going into this there is a lot of investment, private investment dollars going into it, but it's not really clear who the winners are going to be or how >> yeah, that's exactly right, john a lot of these companies are not going to necessarily make it, right? some of them are going to bet on the wrong technology, have bad execution, but some will make it, and the optimist talked about a timeline of inside ten years between now and when you get to real quantum supremacy or the ability of quantum computers to shoot past today's classical computers. when you get there, that's when things get really mind bending peter chapman, the ceo here at ionq, told me i thinks this will lead to a wave of productive in the economy greater than the wave from computers themselves if you think about that exponential growth we saw over the past 50 years in the economy, he says we could see something even bigger than that in the ten, 20, 30 years to come because of these quantum machines the amount of calculations they can do simultaneously, he says a
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classical computer solves a maze by going down one path at a time to figure out the solution a quantum computer will do all the paths at the same time, solve it instantly he is talking about the number of calculations greater than the total number of atoms in the observable universe. the numbers are startling. the impact to the economy is potentially massive if somebody perfects this technology there are real quantum computers right in the back room here at i-on q. >> fascinating we could be talking about the effects of this for years and years dom. that's really good work. eamon javers and kate rooney. a tesla bull turns bearish why our next guest is downgrading the stock. stock is bouncing back this morning after a rough start to the month. meantime, dow session highs. we're back in a moment claims, y. they don't happen on your schedule.
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back to "tech check. in a moment, the latest from that tinder iac trial following barry diller's testimony a news update with rahel solomon. >> good morning. here is what is happening at this hour. home depot is leading the dow industrials and hitting a new all-time high after posting strong quarterfinal results. sales growth indicating continued demand for home improvement and few problems in the supply chain. walmart also beating top and bottom line estimates. online sales were disappointing, down about 2%, making it one of the worst performers in the do you 30. a flurries of economic reports this morning overall, retail sales better than expected in october possibly with help from consumers starting their holiday shopping early u.s. manufacturing output shot up more than percent last month to the lie exist level in two and a half years and home builder sentiment topping estimates thanks to tight supplies of existing homes and
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strong demand from homebuyers. and for the first time in nearly a decade, the green bay packers are selling shares in the team so for $300 plus fees fans can buy a stock certificate and claim they are team owners, but the shares don't have any financial value and they don't actually give fans any say in running the team the packers say the funds will be used on stadium improvements. so, perhaps you get bragging rights, john you own the team, but you don't really own the team. back to you. >> i am tempted to make a joke about shares in controlled companies, but that would be mean. elon musk warned he would be selling shares and he is living up to that promise, although the pattern to his sales raises some questions. robert frank is back been following the story robert >> good morning. elon musk selling off another $930 million in stock yesterday. that to pay his taxes on his
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latest options exercise. so far he sold about $2 billion for tax withholdings he has a lot more to go there. his tax bill could end up being between 12 and $15 billion on that massive pay package that expires in august. according to the s.e.c. filings, musk has been making two kinds of sales one is for these taxes and the other is for a straight cash-out of his, let's say, $7 billion in sales last week. 5.7 billion was not related to taxes or any options now, maybe he is selling to boost his cash holdings. maybe to invest in spacex or another business or maybe just to take money off the table given the strong stock price he will have to pay federal capital gains taxes on those regular sales. musk on twitter calling it, quote, closer to tax maximization than minimization, but since he now lives in texas, which has no income tax, he does save billions from not paying
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any california state tax on these sales, and by selling now he might avoid that potential 8% surcharge. congress considering now starting next year for income over $25 million the bottom line here, he is selling for tax reasons, but he also is selling perhaps to take money off the table and save taxes that could increase next year >> yeah, and he has a heck of a lot of money still in tesla. thanks for that. we will stick with tesla our next guest is now bearish on the stock saying the combination of the recent drop in shares and musk's massive sale of shares warrants a neutral rating. the analyst behind that call, good morning so are you saying that - >> good morning. >> are you saying part of the call has to do with musk's stock sales? >> first, i would just be clear i'm not a bear on tesla. but we were a bull and we were very strong bulls for a couple
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of years with, you know, market-leading price target based on our model the stock hit our price target simply i think musk was looking at our target i am not sure. but it did happen to announce that he was selling shares about the same time that the stock hit our target the treat is street has gone pat us we were bulls when nobody was that bullish there were a lot of neutrals $50 price targets. oo so i guess, you know, we've done this a couple of times when the stock hit our price target it's actually been a little bit of a peak in the stock so i don't mind being disciplined. i don't do what kind of a lot of street analysts do, find an excuse to raise the price target we have an earnings number, we have a pe, and when the stock hits the price target, if we can't find a reason to raise earnings, we have to make a decision. >> i noticed in the note you say
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for now neutral rating, but we'll be back i'm sure that plays into a lot of what you are saying i wouldn't call you a bear either how much has to do with hitting your target and how much has to do with sort of the competition coming on to the market? i am not really talking about legacy players, but the pure ev players that like rivian but lucid motors as well how does that play into your call or does it? >> you're right. there is a lot of guys coming on in the market. but i think it's good for tesla. i mean, you know, even though i am a neutral, i am a closet tesla bull so i am one of those guys now. i do think that there is downside technically i mean, the stock's at -- you know, and we're above the street for earnings so i just think -- and i think it's a fair price target for where we are, but the street is way below us for earnings for next year. so there is upside, i mean so, based on that, i should be
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bullish, but i think it's just price target related a lot of guys coming on to the market, i think it's good for tesla because it's free marketing. they are not really marketing except, you know, maybe musk's twitter handle that's the marketing but so all these guys coming on to the market, i mean, if you are going to kick the tires of riff yawn, you have to go into a tesla shop and check that out and you are probably going to like tesla it gets people in the door for free to clerk out a tesla. >> that's interesting. and he has talked about competition helping the flywheel for the industry we've talked about the -- >> i believe that. >> the muvg selling for a few days now it was written a few days ago that rivian data check - >> the price target -- >> the competition -- tesla's ever had in terms of institutional investor interest. is that true do you think there will be
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siphoning off from tesla into r ri rivian >> from investors? >> yes, especially institutions. >> i think a little bit just the opposite we had a call in, i think it was october. i mean, if i remember correctly. before the stock broke out to new highs, i mean, the stock was just going in an everyday boring straight line higher, you know, little by little, and that just looked like institutional buying and i think what you have, since, you know, you had the s&p 500 induction, you had a lot of bears and non-believers that had to make a decision in tesla, and, you know, they were hesitant and maybe we'll get a 0.1% position or be underweight. but, you know, with tesla, you know, ripping higher and the fundamentals just very strong, i think there is a lot of bears turned bulls and a lot of bears, you know, kind of forced to rethink their, you know,
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bearishness. so i don't think people are getting out of tesla i think people big funds are getting into tesla and that's wh why the stock's run up and that's giving musk a chance to sell. >> right and as you said, chaim, you are a closet tesla bear. did i get that right >> closet tesla bull. >> okay. thank you so much for your insight. >> that's our official rating. >> there we go official karm carl. still to come, barry diller testifies, rejecting the idea that a.i. -- ia cee lo-balled tind err details after the break. it's another 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
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. that trial between iac and tinder's co-founders rolls on. julia has the latest hi, julia. >> hi, carl. barry diller defending iac and match group against acquisitions from tinder co-founder he along with other plaintiffs allege that they undervalued tinder when it's parent went public in 2015 he is asking for $2 billion in damages. now, barry diller on the stand explaining why the evaluation doesn't make sense he said at the time it was
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valued between 4.5 and $5 billion, saying back then tinder was making $5 million while all of match's other properties were making about $300 million diller said that based on that, it would be, quote, impossible for tinder to be womore than match. diller denied that he ordered subordinates to libanks. match followed up with a statement saying, quote, plaintiffs are wasting the jury's time by calling witnesses like mr. diller who had nothing to do with tinder's valuation because they are more interested in grandstanding than showing evidence now, this morning sean rad is back on the stand defending his calculation of damages this morning. they have been reviewing documents from jeffreys, the bank, one of the banks hired to determine a valuation of the company. rad saying that match gave the incorrect information to the banks and that there were some internal valuation numbers more than $11 billion
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deidre. >> obviously, this is in 2015 when we didn't have publicly listed dating apps i think back to bumble, which recently went public in a valuation north of $7 billion. do you think that will play into it eventually when you talk about valuation, especially, you know, what it was looking at a private valuation back then, what it was worth a few years later? >> i think really this comes down to back then they say they had no idea what was going to happen now and that back then there was just no way of knowing tinder would become as big and successful as it has become. that's what they are arguing over what did they know then? what did they not know then? and barry diller said clearly that based on all the data that they had in hand and basically on the revenue numbers, that there was no way that they would have come up with that valuation simply based on how much the parent company was worth back then so i think that the reality is that until bumble went public, match was the only public game in town when it came to online dating so now that there is bumble and,
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you know, other companies are growing in the space, but it's still right now the big ones right now are match and bumble. >> right well, we'll continue to follow that fascinate story. as we head to break, check out shares of work day shares trading 1.75% higher. labor constraints have led to increased spending on back office software. price target goes to 370 from 255. plus, the ceo of qualcomm is coming up. stock up 25% this month alone. year to date up 12%. we'll be right back.
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a check on uber. stock higher this morning. that bump on the back of the ceo buying 200,000 shares. he tells me he likes a great deal uber is strong and he is confident that will be reflect inside the stock price shares up nearly 5% this morning. market though undecided. uber trading above the $45 ipo price but off out all-time highs from earlier this year john, people like it when the ceo buys stock. >> and people like it when the ceo makes firm projections about the size of a market, how they are going after it after the break, qualcomm ceo kw cristian amon is right here. the cfo is on stage. about to give some financial projections. n'gowawa right bac k.
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it's another 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. welcome back to "tech check. i am live from qualcomm's investor day here at gotham hall in manhattan with me now, qualcomm's ceo cristian amon. cristian, there is nothing like in person. you have tcfo right over here making projections about such an important technology market. you hear it live let's start with that.
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he just said 5g handsets are going to more than double from 525 million in calendar year '21 to 1.1 billion in 2024 that's not counting the 5g opportunity beyond handsets. that's why you are focused at the intelligent edge beyond handsets explain. >> we are at the beginning of this p5g transition. the reality is 5g has been designed as a technology to connect everything to the cloud 100% of the time and that's really about connecting the billions of devices that are going to be connected to the cloud, creating this intelligent edge. it's a great opportunity for qualcomm diversifying the company, creating new end markets. you know, we are seeing demand for qualcomm technologies across virtually every industry we had an opportunity to show like a video from satya from microsoft talking about our partnership across a number of
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different areas validating that. what you see the growth of the cloud, it requires all of those devices at the edge that are connected as well sending data to the cloud and that's where ww are. we are on the other side making it happen on the edge. >> you are not what people immediately think of when they think of qualcomm. peloton, amazon aftstro robot ws out in seattle artificial intelligence at the edge that's an example of what you're talking about and today you announced expanded partnership with bmw for automated driving and beyond why is bmw important and is it faster than automotive when it's taken five or ten years for this stuff to arrive for consumers. >> absolutely. car companies are becoming technology companies
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what we're announcing today is additional platform, that touches every single area. we are one of the few companies across those domains bmw has selected qualcomm for their autonomy, and it's a validation of our technology also a very important milestone. i think companies like gm and bmw which are two that already announced a partnership with qualcomm and adas and autonomy and innovators and technology leaders and with that we expect to build a halo effect for the opportunity of 8s. what's exciting you mentioned the robot and peloton. you will see qualcomm ranging from consumer lkt ronnics to new devices, from cars all of the way to walmart and retail and that is what's making the edge opportunity real. >> we're just talking about walmart earlier today. i want to talk about aggression
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because vienear step in and grab that you have that technology that you are working on with them, but you just became ceo july 1st and that's a strong move tell me about m and a and how you're hk are thinking about how qualcomm will go after this stuff when it's an asset you want >> look, it's not what typically new ceos do 15 days into the job. >> yeah. >> but we're moving -- we're moving aggressively to diversification with qualcomm with purpose we always believe we're a natural owner of the asset and we had built a partnership and being looking forward, we're going to be doing more m and a especially to accelerate this opportunity that connected intelligent edge we see right now and we highlighted in the beginning of the presentation we have a 7x addressable market
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expansion opportunity as we think about the edge in the next decade we can go from an addressable market that we see right now from 100 billion to 700 billion we are planning not only organically, but to acquisitions and accelerate our path to market so there may be more activities like what we're doing. >> you know where to find me let's talk geopolitics for a moment you've got president biden meeting with xi this week. some aggressive stances from china on taiwan. a lot of chips in taiwan, for the u.s. to invest and not only in domestic production, but advanced domestic production and how fast do you think it can get there. the semiconductors are important and important for now, every
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industry we have been very vocal since the beginning that geographically diversified as well and supply chain from semiconductors and it's important for across the globe we are one of the few companies that work with all semiconductor companies and we have been public that we will work with intel. so we are one of the largest semiconductor companies. so we need a very reliable supply chain and we'll be very active to make sure that happens. >> finally, let's talk about q4 retail season and doug was just on squawk on the street about an hour ago talking about their stance technologically intelligence at the edge that allows stores to operate more efficiently and allows customers to get in and out and allows them to plan for demand. how quickly are customers moving on that and i don't know if we've gotten to the point of this presentation yet, but how
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big of an opportunity do you see that particularly being for iot and qualcomm the answer is very fast. retail has been completely transformed by technology and it is not just about e-commerce it is about e-commerce transformed our actual retail experience the retail is one of our fastest growing revenue streams within the iot industrial space we have been actively working with walmart and the opportunities across a number of areas and how we think about labels with electronic shelf labels and how we think about cameras within the store to track -- track products and the checkout and self-checkouts and points of sale it is going very fast, and it's part of that 700 billion overall industrial opportunity of the edge which is really driven by digital transformation like every segment in retail was not
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immune to it >> retail in particular accelerated so quickly during the pandemic through curbside pickup and interesting to see that's continuing to go. cristiano aamon, great to have you here >> thank you, john if you missed part of the show don't forget to follow and subscribe to the podcast and listen wherever you download podcasts "tech check" is back in just a moment add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets
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♪ keep your eyes on atvi before we go shares are down as the journal publishes a piece that argues ceo bobby kotick knew of the sexual misconductallegations for years and did not inform the board of directors they got access to interviews and documents and shares down better than 10% at the moment and we'll keep an eye on thatsa story that troubled the company for a while. >> i'm just getting through this piece of the journal and some potentially damning details in that mr. kotick drafted an e-mail he had another executive send a distorted and untrue picture of the company was painted and there's been more than 500 reports from current and former employees since the
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california lawsuit so there is still so much to untangle here and just such an awful story. >> carl, if the board didn't know about it especially in this environment that's where the issue is likely to lie >> the s&p has traded above the november 8 record close. let's get to the judge. carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center the stunning numbers of names bailing on big tech what it says about your next move bryn talkington, jason snipe, josh brown, jon najarian co-founder of market rebellion.com. russell is a touch lower it's basically flat. there's the ten-year note yield 162. it's the nasdaq that was lagging early on everything's about the same as we speak home depot is giving a nice lift to the dow earlier not quite as much right now and tech is where we'll kick things off the release of the

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