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tv   Tech Check  CNBC  November 18, 2021 11:00am-12:01pm EST

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4683 is the level there. two sectors in the green, consumer discretionary and the tech stocks led by nvidia and also other chip makers everything else in the red and now over to tech check now happy thursday welcome to tech check. i'm jon fortt. deidre is off. today in-vidnvidia keeps hiding higher, crossing $800 billion in market crap. why kramer thinks that it could be the first $10 trillion company. where it goes from here. and then a look at alibaba as that stock continues its ride lower. shares now 50% off their highs
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of the year. finally we're talking hardware, software and a lot more with the ceo of sonos as they report record results but not quite enough units for december >> jon, let's begin with nvidia. stock up again this morning. led the s&p at the open. this relentless climb higher for the stock beating on the top and bottom lines pretty good bullish guidance through the end of the year. the world's largest chip maker on an incredible run up more than 140% year to date.cralrame. just thinking about the price action going into the print. because there was a big run-up and then we sort of dreaded water a week or two, but then clearly investors are feeling more confident about what they weren't sure of yesterday. >> i think what is happening is that investors are realizing, and the ceo made the point that
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this is a software company and it is a platform company where software writers, 25 million strong around the world is used. and it is used for gaming and super computing, used for all sorts of applications in the omni verse so if you view it as a software company that has tremendous growth, then the price doesn't seem all that high >> right so i'm assuming that it is bar none none your favorite name this the space some and second is amd >> and they are taking share from intel intel is trying to catch up and it is certainly possible they can. there is enough for everybody because that sector is booming but what nvidia has done is create all new markets and therefore it has the market to themselves. it is not even making money on some of the things are this are
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exciting including the idea of the robot driver.are this are exciting including the idea of the robot driver the driver wouldho basically isa avatar that is you and so it kind of takes us back. he has a little one giving a speech, a kitchen that doesn't really exist where his speech starts and then beautiful music composed by a machine. so what he has done is very science fiction-like and i know we feature musk a lot and musk is an interesting figure a lot of balihoo there there is none of that here with jensen he is just a humble nice man >> but jim, with all of the science fiction-like stuff and omni verse, what do you think the biggest potential threat is to nvidia, what is it that they have to be most concerned about?
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is it about execution or maybe some of their big bets on areas like metaverse not paying off as we anticipate? >> that is a great question because it has just never happened so we don't know what exactly -- i remember seeing when i went to nvidia that there was a machine that took coffee to you and then coffee to the next person, next person and now people don't even work at the office. so i don't know. there are probably some things that have come up short. but i would say that the biggest worry if you were jensen would be that zuckerberg decides to have this own platform, but when you speak to the people at facebook, believe me, they are in awe of what is going on at nvidia and how they can use this stuff. so nvidia is both white board and also a label >> jim, let me hit you with this what if the biggest threat to nvidia is that jensen doesn't
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stay just as hungry as he's been and i mean who knows what will happen with a.r.m., but this could be the first like hardware company in the sense, you know, component company in the sense that nvidia has been there to hit a trillion dollar market cap. if i'm looking at the others, microsoft, apple, google, amazon, tesla, all of those have something that masses of consumers are directly engaging with as an end product and, yeah, nvidia has graphic cards that people buy off the shelf, but usually that is to stick into something else. that is different. maybe needs to continue to go even bigger in his aspirations to create profducts for consumers. >> i think he's got things i don't think that we can understand them yet. they are involved with physics, fluids, equations, speed, involved with trying to solve -- he is trying to solve the world's problems there are very few people who do
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that he takes a 20 year view. and by the way, i misspoke when i said that he has had no setbacks there was a quarter where he had these terrific cards and they were hijacked by people who were mining and he couldn't tell whether people were mining with them or gaming with them and it led to a shortfall. and he said that would never happen again so now the only people who use their cards for bitcoin mining are people who recognize that the cards aren't as fast as the ones that they are selling into gaming by the way, he is still a gamer. could he lose his edge this man is not hungry he is very einsteinian i don't think that you go to einstein saying when are you going to knock off he is probably working somewhere and we don't realize it. jensen is other worldly in my book and i know that sounds -- i think he would recoil at that because he is so humble. but he is just not like others
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he is just not on the same plane as us. and when i speak to a lot of ceos in technology, there is everybody in the scrum and then there is jensen. and when you mention it, it doesn't matter there is awe i think that is fantastic. only outdone by the fact that he is the most humble person out here >> there is a lot riding on him. he is a big part of your bullish thesis, no doubt about that. we want to move to some of the chinese tech names alibaba shares are falling back toward the lows of the year after reporting that miss on the top and about the line today also splalashing revenue guide. but jd.com reporting a nearly 20% jump in revenue for the september quarter, shares up about 3 abo.5 we talked about how big the sand box is on some of these chinese names. >> yeah, i feel bad that i wasn't more -- jd is where he is
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selling his product and that was an important clarion call because their stuff is upscale it is for the great 800 million middle class in china. but he was saying that jd is the way to go and a lot of the apparel companies are saying that jd is the way to go what they are really saying is alibaba is not the way to go i've bought things in alibaba probably a couple years ago. and they were the only game in town and now there is a lot of games in town. and certainly scompetition is bd for everybody when it comes to being a shareholder. >> i'm thinking back to the beginning, jim, when they first came sort of to market and we wondered what their global aspirations were, what their north american aspirations were. but given the way the chinese government has acted lately, hard to think about that stuff >> and we don't know whether the government is tipping the scale. a lot of things that we have to start realizing, these money managers say now is the time unless they are getting a direct
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call from the communist party, they don't know what they are doing. this is a command economy run by a fascist government and you will invest in that? that is a noninvestable situation. can you make money sure anybody can make money but the idea that you are investing with a fascist nondemocracy dictatorship, that is a dice roll and the idea of people saying i like the pe of so-and-so xi doesn't like the pe so he changes it tomorrow. those companies that were profit in education he turns them in to nonprofits that is not capitalism it is called communism it doesn't last, but in its heyday it does well. >> as you look at the divergence between alibaba and jd, yes jd has made some investments that are paying off, but jd has also avoided the fines that alibaba has had to deal with how much do you think that the future of these companies is going to be determined by what the chinese government decides
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do and how much of that casts a pall over any investing opportunity and creates more uncertainty? >> chinese government says cramer is on investing in china, he sees jd.com having success, let's wreck jd.com we don't want that look at what they did, they realized that jpmorgan had a full book of business and decided to eviscerate everybody who bought that stock. it was an american evisceration, but we don't say anything, we just welcome more deals. com new nimunist dictatorship tt wants to take over hong kong and while they are busy taking over all the countries, maybe flying over the 7th fleet? we should buy nia. are we out of our minds? what kind of fiduciary comes on
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while they are buzzings 7th fleet and say this is the time for -- >> it is true, although then what do we do with b. china clearing it for boeing do we look a gift horse in the mouth is what some would argue >> at the like starbucks, apple, nike and maybe they like boeing maybe they ordered the chinese faa said said something good about boeing so that the phone call with biden went better. that is what a communist dictatorship would do. we're fooling ourselves. a lot of people say you know what, those guys know what they are doing. we're a bunch of fools they are capable of creating anything they want i have tremendous admiration for the people incredible move into the middle class. but as far as a stock market. >> i mean, a stock market? used to be a game # m had called stocks and bond. i'd rather buy striker drilling
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which is one of the more speculative games in that game than i would these chinese stocks but people come on and say it is really time to buy as if president xi gave them the heads up that it will have a strong quarter come on. that is one of the reasons why i wanted msci to come on and say you know what, i'm not so sure that we should have invited him into the canceled nations. >> we talked to him a few days ago. >> really bothers me that people are looking at this as being some sort of democracy where the stock market is just like ours it is not. >> really quick, while we have time, fintech, ubs initiates the sector of course we got the news yesterday that amazon said that it would stop taking visa in the uk today reports about maybe not making it the code brand, switching to mastercard in north america. morgan stanley says this is how a negotiating process goes we've seen it with walmart and
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kroger a buying opportunity for v >> it is scary by the way that all the good news and love for mastercard from amazon is producing the worst result mastercard had an amazing meeting last week doesn't seem to matter at all my charitable trust owes mastercard and we're doing everything i thought the payments group was good it has gotten very competitive i have to have it under review for the club if only just for these are the greatest names on earth for five years maybe there are just too many of them got to do more work. >> i wonder your take, when i look at payments right now in fintech, i think that there is a group of companies some public some not yet that really bear more attention one is bill.com, these companies working with small and medium business on rethinking, redoing the way they do payment. avalara is another one working on tax and compliance. you go into the startup world. companies like gusto working on back office kind of putting together the packages of not
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only back office loan but also payments type capabilities to allow businesses to accelerate faster i'm not sure that the paypals of the world and even the squares of the world are always dominating all of those trends and there is some interesting growth stories there that are taking flight. what do you think? >> you're right. bill.com, i tried to use them at one of my restaurants and didn't have the scale to make it work these are all coming up and sources of funds are these companies. i think that dan shulman at paypal is watching and saying that they think -- what, i just fell off the turnip truck? i've got things to make things work master card has 3 billion customers. i tell you what, wall street is fickle
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and they think that bank of america is up there and everybody else is a fool i think that these periods happen and during these periods, you have to try to say i believe in mastercard i think that they have always triumphed. but it is very difficult right now. makes me feel like what happened with costco and whether they would take the visa card and it ended up being a giant mess and the conclusion was stay away and then the stocks come down and unlike communist china, you buy into them and make a lot of money. >> and you have macy's workday tonight, "mad money" 6:00 p.m. and i know that you are working on nvidia before the work is out. >> 1:00 a.m. i started in-individuinvidia's conference call and at 3:00 a.m. i was almost finished with it. >> the man doesn't sleep meantime, listen up, ceo of sonos is next. don't go anywhere.
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dow did go red for november. dom chewu has a breakdown for us >> there is a real driver in the technology trade you talked to jim cramer in the last segment about the importance of semiconductor stocks especially nvidia but if you look at the outperformance in the technology stocks as of late, you will see that the white line just in the last couple of months has taken a notch above the orange line. the orange line is the broader s&p, white line is the tech sector within the s&p 500. if you look at the software and are the ones on to focus on because they make up a large portion of the technology sector well more than half at this point. the xlk up 30% tracks the s&p secrettech secto. but igb has been a slight
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underperformer and semiconductor etf is up. and they track names beyond the s&p, but it gives you an idea of where the outperformance has been within those particular groups, outperformance-wise in terms of some of the software names really about some of the individual stocks that we've been seeing play out first of all, take a look at fortnet, it is up and microsoft matters the most, biggest company in the s&p, up 52% and if you look at the semi con tuck duck tore side of things, it is not just about nvidia.conduck t is not just about nvidia but look at applied materials, up 81% andadvance micro up 70% so jon, those computer chips and software, roughly 56%, 57% of the overall tech sector, those are the ones that you want to watch. >> yeah, chips and software tend to go into devices
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and speaking of, sonos is out with earnings. sales missed estimates but it is the strong forecasts that has shares in the green today as sonos continues to expand into more homes companies facing down issues of constraints supply, logistics bottlenecks heading in to the holiday shopping season. with us now is patrick spence. strong quarter a little constrained on december but you're excited about 2022. so thanks for joining us, first of all that is where i'd like to start. what is your sense of the number of sonos devices that your typical customer is going to have when they are fully penetrated and what is your upgrade cycle like are you getting consumers who bought a so hesonos maybe three years ago to upgrade at the rate you need to? >> great to be back, jon it goes right to the heart of our model which is so unique compared to anybody else in
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consumer electronics so yesterday we reported that we've actually gone from 2.9 products last year to 3 presidentproducts per average home this year and 46% of our sales last year came from customers who were adding anotad ing sonos speaker to their system and we think that we can take that anywhere from 4 to 6. and that really -- i would say it is only limited by our own imagination. we're always working on the exciting roadmap, doing new products in the categories that we play, but also looking at a lot of new categories to enter and so we have this fly wheel, we have the new homes coming in, we had over 1.6 million of those coming in in 2021, so we're now in over 12.6 million homes and then we have theexisting customers coming back in force to add additionalen woulds and you seeones and you see a record high not average number of products for home so we want to that that 3 and
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move to 4 to 6 over time. but we're also only in under 10% of homes in the markets. so that is why we put out such a bullish forecast for fiscal '22. >> i look at you and apple and the strength that you guys have, you are able to hold off apple's attempt to enter this space with a more expensive product they weren't able to do that but apple with the iphone in particular has had this kind of semi subscription model because wireless carriers are a part of what gets these devices into consumers' hands and i wonder if you have any sense of a subscription model for sonos or partnerships that get you there. >> last year we introduced our first subscription service, that was sonos radio hd we're extremely pleased with the progress there these co-exist with spotify, apple music, pandora, you name
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it and i think that is why customers choose us. we do think that not only is part of really our system and our story the fact that there is increasing customer lifetime value through devices, but we believe that there are other time other services that we can add to the system. but we're so early in getting into all of these homes, right so we need to stay focused really to getting in to more and more of those homes and making sure that we see that fly wheel in terms of the existing customers continuing to engage heavily with the product and then buying the next one and so you mentioned upgrades. that is not something that happens with sonos that is one of the things i'm most proud of, we build products that will be in your home for over a decade. that is almost unheard of in consumer electronics and it develops really this great loyalty with customers and they keep adding more and more over time so we have such a unique model and you are really seeing the power of it now in our fiscal '21 record results and what we
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have planned for '22 >> patrick, you are talking about strong demand, but let's talk about supply. how are you navigating the supply chain constraints and how does it impact the calendar fourth quarter >> it has been something that we've dealt with quite successfully over the course of fiscal 2021. i'm so proud of the way our team and our partners all throughout the supply chain have really helped us be able to deliver the amount to consumers that we have we have a very significant backlog right now. key hand demand is strong supply challenges will be most acute from what we can see right now in this december quarter so we mentioned that yesterday but i think that it is really a speed bump on a long term trajectory of growth so we mentioned yesterday as well we're ahead of our plans for fiscal 2024. so we set those targets back in march and we're ahead of what we said so we feel really bullish for the long term, but we do have
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some supply headwinds in the short term a lot of that boils down to chip, container shortages. but i do expect that to get better as we progress through 2022 >> so not to rtry to pin you down, i know it is difficult to forecast with great precision, but if the problem is most acute this quarter, why in the conference call talk about improvements in the back half of '22 which is obviously a few quarters away. >> yeah, so for us, this is obviously -- so that would be a quarter and a half away from where we are today so that is where we see it really opening up. but we're seeing improvements go that is why we positioned it in that way but we believe that it is most acute in the quarter we're in right now. >> patrick spence, with strong demand for sonos thanks for being with us >> thanks, jon
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viacom cbs reporting that its streaming service paramount plus added more than a million new subscribers. the stock continues to have a tough time though, down double digits since august, down over 2.5% today plus the backlash against activision blizzard, the ceo's job is on the line those details neck xck. tck. k.
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welcome back stocks are mixed, s&p finally making its way back to the flat line here. tech and consumer discretionary are in the green chips are definitely powering the nasdaq higher. nvidia actually leads the whole s&p. amd and aslm the top gainers and a trio of retailers
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surging on earnings this morning. macy's jumping 18% after quadrupling earnings estimates and saying it is evaluating options for its ecommerce business bj's wholesale club soaring 16% on surprise increase in comp sales. and kohl's raising guidance. and there is a new labor contract at deere. it makes no changes to health care and deere shares rising this morning despite some concerns about the cost of the contract jobless claims down for the seventh straight week falling to just 268,000 that is not far from pre-pandemic levels around 220,000. and sweetgreen priced at $28 above the expected range the ipo price values the restaurant chain at nearly $3
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billion. a lot of salad, guys activision continuing to face heat after reports that ceo bobby cotek knew about the sexual misconduct at the years an didn't inform the board and now new pressure is building josh >> so it is another tough headline for activision. reports suggesting that the company is now facing more criticism with playstation boss apparently taking activision blizzard to task for its response to allegations that the ceo was aware of sexual misconduct claims at his company for years. in an email to employees, ryan reportedly saying that he was stunned that activation had not done enough to address the culture of discrimination and harassment activision blizzard saying that we respect all feedback from our valued partners and are engaging with them further. we won't stop until we have the best workplace for our team. analysts are reacting to the
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news jpmorgan cutting act it i vision to neutral saying recent headlines produce a significant amount of uncertainty. that stock down more than 30% this year. web bush says yes perhaps he didn't take public action fast enough, but that he is fixing the company, better late than never. and he has a buy on the name jon, back to you >> josh lipton, thank you. julia, hate to stick you with a question this blunt i know this is analysis i'm asking for about you does he survive this especially given gamer gategame the "me too" movement and all of this attention, you know, in this tight labor environment to having a culture that is right, a ceo who is being accused of letting this happen under his nose no matter how intent he
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sounds on fixing it now? do you think that he can stick this out >> that is the question of the day. and i would have said that it seemed unlikely after reading that "wall street journal" report but i was surprised that the board, activision blizzard board, came out so quickly and definitively in kotick's defense. so i think that there is a chance that he stays i think that was a key moment to watch. so i think the question is what other companies, what other partners could be following playstation's lead and putting pressure on the company to make more changes but don't you think the board is the most important thing >> i would argue that yes. i think the down grade out of jpmorgan is worded -- you hardly ever seen downgrades worded like this, recent negative headlines introduce a significant amount of uncertainty, duration of this risk factor is not known at this time with additional negative
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headlines adding more apprehension to the story, they take it to neutral so the sell side has no clearances either, but being more cautious today. >> we'll see how many extra lives kotick has meantime apple has reached a settlement with the engineer who you remember joined us here on tech check after starting the apple 2 protest movement within the company, that was about pay transparency, flexible work among other workplace issues in addition to leaving the company, she is also requesting a withdrawal of the complaint she filed with the national labor relations board in september according to her lawyer and davidson naming top cloud picks this morning calling them best agreed players in their respective markets. a lot more tech check still ahead. stay with us
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and at genesys, we're proud to help them help you everyday. tech and the labor shortage, i spoke with glitch ceo and long time technology observer yesterday at the executive summit about how they are having
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more power to negotiate terms in the tight labor market >> we're seeing workers say it has been, however you want to measure, 40, 50 years of us saying that we're pushing you more and more to be replaceable. and finally, hey, you said i'm replaceable so at this point i'm going to play the market so i think that sense of like coming back into like leveraging that power, you are like great, let's accommodate, let's find a middle ground and technology can enable that. and i think that that is really exciting >> but, julia, scarlet leaving apple. i don't know where the push for pay transparency and flexibility stands i mean, she seems to have gotten paid on the way out perhaps. but i'm not sure with some strong companies where this -- i don't know if it is a stalemate or struggle will play out. >> well, look, and this also ties into that conversation about activision blizzard, whether there will be pressure from employees for more changes.
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and carl, it seems like this is the moment where employees have the ability to put pressure on their management teams to want flexibility, to work from home, and also other perks, other things that they want their companies to do to show that they care about the environment or care more about their employees. >> yeah, we haven't really mentioned the deere uaw agreement, but 10% pay hike in year one, multiple pay hikes in the further out years. $8500 signing bonus. that is what happens when you get collective bargaining in a market this tight. we'll see to what degree that translates into tech as well gopro is in the green. jpmorgan upgrading to buy. shares up about 12% in a week. an nvidia is up more than 120% since january. our next guest says buy now. we'll talk about that in a minute
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past 12 months why are you still so bullish that it has more room to run >> how are you thanks for having me over. yeah, we think of nvidia as a fairly unique investment in the semi have i. and if you look at overall in tech this is a company that comes along pretty rarely in our coverage at least. and so over the last 20 plus years, this company has been investing and developing a product portfolio that is not just limited to semiconductors they have been adding a lot of software so they have been building a very wide and deep mode of software and now increasingly so. a lot of these -- and i don't want to use the word trend, but a lot of these big changes that are occurring in the tech landscape and indeed should impact many, many industries are
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falling right in place for nvidia to benefit from so as an example, we call it the verse in the metaverse that is how we think about it. and the reason we use that moniker, there is a lot of hype about metaverse today. but if you think about what nvidia brings to the metaverse, and what the company has been doing over the last several years, it is building a software platform which really builds off of their gpus which are the graphic processing units and so the plumbing for the metaverse will be provided by nvidia so they are uniquely positioned. so that is one the reasons why we like it among others. and if you come back a little bit and think about the driving force behind the company's underlying strength is its parallel processing capabilities so you layer on to that, from gaming to data center toment a i and now to the metaverse
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>> you described why the company is so well positioned but i'll ask you the same question i asked jim cramer what is the biggest potential threat to nvidia >> yeah, and that is a great question pick biggest threat when i think about it, and it comes not so much on the hardware side but you can think about software and think about where there could be other ways that companies could have capabilities to circumvent what nvidia is doing but then i come back to the strength of nvidia, which is a lot of their solutions are based on open source so not proprietary software that they are using so you could make the case if it is proprietary, somebody could come in with an open source. so i think some of the threats play to the strength of the company. and on the hardware side, there are companies trying to develop gpus to compete with nvidia. there has been a lot of funding
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that has gone into private companies. and some are great but now you have a company like nvidia which is at scale and it is tougher to compete with them on the hardware side especially since the software mode is so deep and broad >> and the a.r.m. deal continues to get a lot of hand wringing overseas earlier in the week b of a suggested that maybe the deal is no longer worth it given the change in valuation. that they seem to think that maybe it still is. what do you think? >> we have a rather simple view on nvidia as it relates to a.r.m. we think of nvidia with or without a.r.m., we like it what a.r.m. would bring to nvidia is something that nvidia is already doing so one of our questions to nvidia, did you really have to buy a.r.m. because you have been a partner and licensee for years. so as an example they announced the cpu at the high end called
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grace and a.r.m. is not part of that so the pieces that nvidia has, and it makes sense as well, is that they can accelerate the development and open it up to many more customers. so that makes sense as well. but i think that if you talk to investors, i don't think that many folks expect this to go forward. about you our view as i said is with or without a.r.m., we like nvidia >> so given that your price target here gets nvidia pretty close to being a trillion dollar market cap company, and you are talking about what they can do beyond chips, i wonder how many other companies have to lose for nvidia to win. does unity have to lose, does epic, not public yet, but still big, does epic eventually have to lose? does intel's graphics push which we'll start to see in q120 2022 have to fail >> that is a good question i don't cover the software sector, so i'd rather not make
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comments on the software industry or software companies but just sticking with semiconductors, intel has a problem which goes beyond nvidia and the problem is amd which is taking a ton of share from them. also on the manufacturing side but the real challenge for intel and it plays to what is really helping nvidia is the end market is going that way. workloads are going to ai. and to metaverse if you think about it longer term and intel has made acquisitions but they have not come up with a credible solution. now we're talking about the lead continues to extend. back a few years ago, it used to be, well, nvidia can do training and learning, but they can't do entrancing which is where the large volume is. and yesterday they said that they feel really comfortable with the visibility for the data center cloud buildout next year. and a big chunk of that will be
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from interferencing. so that is coming out of traditionally interferencing is done on the cpus athat intel makes. >> certainly a lot of growth opportunities ahead, nvidia ahe. nvidia shares now up 10.5% thank you so much for joining us today. >> thank you >> morgan stanley getting bullish on, that's right, the metaverse, raising their price target on roblox to $150 per share. a street high on the company's early leadership in the space. call it a land rush, exclusive comments from liberty media's john malown. just what he thinks coming up next n. just what he thinks coming up next e. just what he thinks coming up next
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amazon is coming to a coffee shop near you. the company teaming up with starbucks to launch a cashierless ticket cafe in midtown manhattan with amazon go technology, meaning just a swipe of your credit card or hand will be enough to get food options from amazon. their first location launch is today with at least two more on the way by the end of the year interesting to watch amazon's continued experiments with physical retail. >> that's going to be interesting. good for new york city intuit and palo alto, both stocks have been on a tear when they report in just a few hours.
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here ote cckn chhe, including an interview with the ceo of intuit we're back in a moment
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the market is obviously putting huge market valuations
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on netflix, and frankly, netflix relative to disney, and you know, i mean, hell, there's a car company that i guess is just going public that has $130 billion market cap. >> there is. >> and hasn't built a car yet. >> that's true >> there's no question that -- rivian there's no question that the equity markets right now are so interested in growth above all other criteria and this is like the bubble in the late '90s through 2000 it's all about growth. this is a land rush. >> that's liberty media's john m m malone sitting down with faber shares of rivian did close down 15% yesterday and down again
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today and a total of 21% and still up since last week's debut sporting a market cap north of $100 billion if you're keeping track of billionaires on equity valuations and just crossing the tape now, quote, we are in a classic bubble being driven by the fed and it was one year ago tomorrow ackman said he was happy to be long, but a lot has changed in that year >> yeah. can you even call it growth if the company hasn't sold cars yet? it's pre-growth. speaking of growth and ipos. it's been a mixed bag for investors when it comes to public debuts. marketing company braze, while alibaba and none other than warren buffett is crashing seema modi is here to tell us more seema? >> well, john, this is india's largest ipo falling 27% on its
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trade in the mumbai exchange selling include pre-ipo investors, and warren buffett's berkshire hathaway, softbank according to a recent filing they sold about 10% of their positions. it's been losing money over the last three years that's raising questions around the valuation of 30 times sales compared to other fin tech companies and paypal and square and it's playing in a highly competitive market, and that's referenced by ceo doug mcmillin earlier this week on cnbc it is one of many going public in india as investors pivot away from china and soon, u.s. investors will have more exposure to these names as we get incorporated into etfs and they'll be debuting a new u.s.-listed india etf next year and the online delivery firm
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will list on msci. get ready. a number of more indian companies coming to market thanks, seema modi interesting day. the hill now reporting that senator manchin is looking favorably at powell after a chat we'll keep our eye on that let's get to the half. >> all right lots to watch today, carl. thanks so much welcome to "the halftime report," front and center this hour nvidia joining the trillion dollar stock club. we'll debate whether it's too late and too expensive to get in our investment committee joining us is kerry firestone, steve weiss, and jon najarian co-founder of market rebellion.com. take a look at what stocks are doing at noon in the east. the dow is down by 86. it's off the lows and s&p is a fraction higher by 11 points and the russell's negative the ten-year note yield 150. d

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