tv Tech Check CNBC April 27, 2022 11:00am-12:00pm EDT
"tech check" starts now. good wednesday morning, welcome to "tech check," i'm deirdre bosa along with jon fortt. cloud revenue a huge driver behind the surge this morning, microsoft up more than 5% right now. alphabet is weaker by nearly 4%. all these numbers ahead of more results for names like meta, qualcomm, many more, jon a busy week. >> i guess the question is which one do you pay more attention to as an investor looking to survive and thrive north of this earnings week, the alphabet results or the microsoft results, dee i've got concerns. i think for the market overall, alphabet's results probably mean more -- here is my thinking. in a way part of mine is traumatize friday the dotcom bust marketing spend was a canary in
the coal mine and the consumer got hit first and then you had this trickle through to business it makes sense that microsoft, which has a strong enterprise business, number two in cloud, is going to have some strong results, very diversified business if you look at the more personal computing group exposed to consumer pcs, if you look at what happened with xbox. if you look at marketing within linkedin, those areas were weak, sort of lining up with the weakness in youtube. there are reads through to what you're going to see perhaps in consumer demand and marketing activity and so many of these other tech names that depend on that i think that's where you've got to be cautious. >> which ones is the more important report, jon? or do you think digital marketing spent through on both of those names >> i think they're both important, right t there are important pieces of each google cloud did well, it's just that youtube is a bigger deal
for them microsoft's cloud did well, intelligent cloud did well lots of things did well. if you're an investor looking to be cautious about, is this just a blip, is the market going to bounce back from here, you've got to look at whatnot working within both of these companies. >> reporter: things not working as well. now, the things that work so well for these companies are pretty unique to them. the things that aren't working for them are not as unique they're more endemic to tech in general. >> as you said, these are different businesses you see weakness in one area, strength in another. what does that mean for the rest of tech? over the pandemic we saw so many businesses focus specifically on data, on ai, on automation, and these were sort of -- we've always asked this question, are they features or are they platforms? the big tech giants are truly the platform jon, we'll spend a lot of this show looking for that
opportunity. both thee yoes of microsoft and alphabet, they're excited about ai does that mean they're going to continue to dominate the market? we'll see what the analysts say. as we watch this market sell off, the nasdaq is up 3%, hardly making up for yesterday's losses pes are starting to look better, attractive i don't know. >> relative speaking, that's key. let's get outside perspective. our next guest has been keeping an eye on the big tech trade saying phang is, quote, acting like death with many of those on the verge of becoming value stroks joining us tom lee tom, which has the bigger read-through to you, microsoft or alphabet and welcome, by the way. good morning. >> thanks, good morning. i think both are important
read-throughs because they -- both companies represent so much of what phang represents like you said, it's platform companies that have a lot of exposure to a digital economy going faster than the overall gdp. that should be the case for the next ten years investors are finding them less shiny and attractive that's one reason why we're seeing the selloff in a name like google. as you mentioned, these have become so discounted that some of them will actually be included we believe in the value index in a rebalance but more importantly, these are still going to be important eps growers, faster than the s&p down ten percentage points, the worst since the dot-com bubble. >> we talked about faang allot the original was facebook,
amazon, netflix, google. now alphabet three of the four have had disappointing results. alphabet less disappointing relatively speaking. what does that say and what do you thip amazon does in a season that so far potentially 1 for 4. >> especially in tech investing, there's the three quarter rule when a company misses, it's pretty hard to buy for the next two quarters i think faang is in that penalty box. for long-term investors, these are in our view pretty great entry points, especially because on a macro basis if people are worried about growth, these companies are still going to grow double digits maybe not as fast as people thought, but still grope double digits. >> when you say faang is acting like death, it's a little dramatic they're not going to die any time soon. these are strong businesses.
there is this die very generals, call them mega caps, let's say, we've seen netflix and meta fall behind the rest of the crowd i wonder where do you think the opportunity is here? are they in a different category now or do you think there's actually value in these names? >> i think there's genuine value because these companies generate so much free cash flow, and they have pretty big motes, as you guys would say, around their businesses r&d is a big part. that helps them extend their lead some of the leading edge things like ai, they're going to be at the front of this. i don't think there's a lack of future growth catalysts because they're widely owned and people are more interested in owning inflation plays like energy, that's made it harder to say they'll be great in the next month.
investing isn't about trying to make money every month, but finding the big swings we're at a point where it's a big swing to own faang. >> what does that mean for the large but smaller tech names that are trying to make businesses and have made businesses in ai and automation, where faang play is there any opportunity in those second-tier names? >> yeah. those are going to be beta the tech complex is derating right now. it's also engulfing the venture and private worlds i think that's what's hitting a lot of hedge funds so hard because there's a lot of marks coming as you know, ultimately we're probably in a period of undershoot where investors' disappointment is now causing a derating that is an opportunity. i don't know if this is going to turn here, but more importantly,
in 12 months i think these are all going to be great buys. >> looking ahead, tom, we have qualcomm and service now after the bell, two big tech companies, around 100 billion and more than that, close to 150, 200 billion market cap. semiconductors and software not in that mega cap, we'll have cristiano amon from qualcomm on "squawk on the street" and bill mcdermott from service now on "tech check" tomorrow. what do they need to show to perhaps show some of the potential you're talking about for the market >> it's a tough calculus right now in groups that haven't been acting well. that's where it's semis or tech broadly because people can always find a little bit of a hair or something to find a problem with unfortunately it's really maybe going to come down to
technicals it's really when stocks are so oversold that they actually trade up on bad news stocks don't bottom on good news, they bottom on bad news. i think how investors react is going to be a lot more instructive to us. >> all right we'll be watching it tom lee, thank you >> thanks. digging in on some of the earnings google parent alphabet reporting an earnings miss it is youtube's ad revenue that has drawn the most attention, falling well below expectations. bernstein senior analyst mark smear lick joining us. in the context of alphabet, is there too much attention being paid to youtube? how does the rest of the business look? >> first off, thanks for having me it certainly felt like yesterday's earnings call wasn't a google earnings call, it was a youtube earnings call given the focus surrounding it youtube accounts for roughly 15%
of google's valuation. so we understand why people are paying attention to it the rest of the earnings are actually quite good. google search is still the most important part of the business, far and away i understand the attention placed on youtube and cloud. we know google are slow down back to the mid teens growth level. it will give back some of these gains. the view from investors over the longer term is we expect other businesses to pick up the slack in growth. that's always been youtube and cloud. 44% in cloud certainly isn't bad in isolation, but with as your growing 46%, they're keeping pays with their peers. >> we should remember, too, google is still a very distant third in the cloud space in terms of market share. mark, the cfo report has been very clear in capital allocation, saying they're going to be investing back in the
business, they'll be strategic about it i often ask her if they're ever going to do a dividend it doesn't feel like that. we had that $75 billion buyback. what are the chances alphabet does more in terms of returning capital to investors >> it's hard for me to say i think i was actually pleasantly surprised on the aggregate operating margin even though they're increasing spending and talked about the real estate and offices they're bringing on board, aggregate margins held up quite well, close to that 30% level. that's in an environment where they face about a 300 basis points headwind from fx which i think is bigger on the operating margin line. we certainly have the announcement aboutpotentially increased buybacks if we think google is cheap, which i do, i expect them to increase the cadence of the buybacks >> youtube shorts now averaging over 30 billion daily views, four times as much as a year
ago. is the problem monetization? if something like that is growing so fast and if that's supposed to be what they 're stalking tiktok with, you would hope it would show in the numbers. >> it's a great question i've always wondered whether short-form video ever monetizes as some of the long-term content. i think the headwinds are real you've got a market where we're spending less time online. some moved to tiktok and dollars flowed with it more competition on the connected tv side where we had announcemention from netflix, certainly some of the major studios pursuing it as well. it's an increasingly more competitive environment. rewind a year ago, you could have a monopoly on the entire space. >> is there any point in talking about cloud market share we don't talk about software market share cloud means so much more than
infrastructure these days. i'm not sure it's relevant even if google is number three in cloud market share, they might be doing things that are a lot more profitable than some competitors. is there a different metric that we should start looking at >> i think market share still makes a lot of sense it's about winning over accounts and increasing share of wallet it starts with the infrastructure storage and compute work loads then you get into the more exotic platform services if it was a case where google is getting into higher leverage projects, we'd hope to see it materialize. we haven't seen any leverage on that side of the business if that were the case. >> as a whole, still unprofitable what almost a billion dollars in losses. mark, shmulik at bernstein back to microsoft, shares in
the green after a beat on top and bottom lines cloud a big driver here to discuss, evercore isi analyst kurt ma turn i already talked about what wasn't so great in microsoft's quarter, just because there was so much that was great, including the stock, is up what was the most encouraging thing to you about the numbers that microsoft turned in >> two things, john, and thanks for having me. first would be the guidance for azure. the guidance for it to only decelerate by 2% to around 47 gives you an idea that this demand is very consistent and durable. secondly and perhaps more importantly, the fact that microsoft is willing to go out today and start talking about their fiscal '23 in terms of double digit revenue and operating profit growth, gets back to the idea that these are
durable growers. what you have with these companies are companies that have great visibility in their pipelines. the demand around areas like cloud, broader dij digitization. >> what concerns me, not about microsoft specifically, but the read-throughs are consumer and marketing. so consumer pcs not so strong. commercial was strong and made up for it. xbox services, not sostrong, but they did better on the supply of the consoles themselves then within linkedin, lots of talk about talent and how much money that was pulling in. not so many details around marketing. are those things we should be thinking about in terms of impact on other stocks >> -- can probably discuss that better on the internet ide software deserves to be discussed a little different than tech and aggregate is because you're starting to see the enterprise
the enterprise can't make decisions overnight around spending plans these are very durable pockets of spend that are going to continue as every enterprise to a certain degree has to invest for the future obviously microsoft does have pockets of consumer exposure in areas as you're mentioning but the enterprise part of microsoft's business is it's the part that's growing the fastest. the mid shift is working in your favor in terms of the durability of growth. that's very different than microsoft in 1999 and, frankly, why it deserves a market multiple. >> kirk, that call was just so positive, from the first question, satya nadella saying their tech sector is more competitive, that they have pricing power. do you thinkthis is a microsof thing or an industrywide thing can you read through what microsoft is seeing in enterprise to some of the other names in the space or is enterprise just getting
bigger and taking more of that share from them? >> i think microsoft is actually gaining very well. you can separate into buckets. on the cloud side, microsoft is doing well the pie is growing at a rate that's going to support growth from google and amazon we've said that the last couple years. this is a broader expansion that multiple players can benefit from i think what you see from names like sap is that enterprise demand is very steady. companies have to continue to invest the digital strategy to compete longer term. i think every one is more aware of -- >> that's interesting, maybe raising the stakes for some of the names are still to report. kirk, what did you make comments on gaming? is it important that 10 million people have streamed games on xbox and we don't know how they
get to that metric, how much time needs to be spend to be included what do you make of that and their ambitions and the activision blizzard acquisition they're trying to get done >> games is an asset that microsoft has had and been successful for a number of years but doesn't get a lot of attention. obviously activision will get some more attention. i think that's interesting with microsoft is we heard them talk about their confidence -- activation becomes a new narrative for the stock as we go into calendar '23. that's an area that i think will get a lot more attention, not only support growth, but they've also -- adds a new element to the growth narrative.
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citi slashing price target from 8.82 to 5.32. the e-commerce particulate form down year-to-date. they're concerned about tough comps and the weakening consumer environment saying inflation and supply issues driving a slowdown with eel see if the fears hit shopify's earnings >> you said mistakenly spotify, but it's down more than 11%. maybe we'll get to that later.
tech stocks meanwhile in general have been taking a beating as valuation has gotten compressed, different stocks may be affected differently. mark santoli joins us now with a breakdown. >> jon, sometimes affected differently, but ending up somewhere in the same place by different paths. nvidia, tesla, apple, if you look at them over the last year, similar point-to-point performance after very different rides along the way. here you see them all up, 17 to 28%, not exactly the same. just for context and as a reminder that we're giving back massive outsize upsize gains you still have huge outperformance even though every one is in this scary looking down trend my finger is not working right here here you go. just like that apple has been more defensive and more about not losing than gaining a whole lot. if you go back two years, by the way, tesla up something like
500% the other two up more than 200%. again, you're not really cutting into muscle on the long-term basis. doesn't mean you have to bottom soon it doesn't mean you have to give all the gains back i do think context matters an awful lot especially with these risk appetite tales like nvidia and tesla. those two in particular have traded in lockstep for the last six months. >> i love that chart because it shows what a steady presence apple has been and even in the mega cap selloff we've seen this year, apple has fared relatively well. does that raise the stakes for their report this thursday if we see apple really miss, what does that mean for the broader market >> it's interesting, one school of thought is have everybody participate to the downside, get it over with, pull off the band-aid maybe that would create a little more of a cap pit lative
maybe apple is not really trading based on near term expectations, and that's the reason it's been so defensive. it really is about the impenetrable balance sheet they smooth out the upgrade cycle for iphone and things like as you pointed out before, relatively muted moves in microsoft and alphabet today compared to the swings they've had over the last several months >> indeed. mike, thanks we're also watching the chip names today, amd and nvidia now 45% or more off their highs for the year qualcomm off 30% reporting after the bell after the whole sector took a leg lower the smh on pace for its worst month since may of 2019. stay with us more "tech check" after the break.
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welcome back to "tech check. i'm jon fortt with deirdre bosa and julia boorstin recovering a small portion of yesterday's steep selloff. chinese internet stocks are top gainers on the nasdaq, plus a common bright spot for google and microsoft, the cloud what those numbers could mean for amazon , service now and qualcomm numbers coming down the pike morgan brennan has some numbers. >> you joined my hour. now i'm joining your hour. boeing shares are down about 10%, on track for their worst daily loss in nearly two years boeing pushing back delivery dates for the 787 dreamliner,
halting production of the 777x dreamliners scheduled to be delivered in 2025. cme getting help from market volatility driven by russia's war in ukraine and rising interest rates pending home sales fell for a fifth straight month the drop was smaller than expected as mortgage rates rose. the u.s. trade deficit hit a record last night, the deficit jumped 17% with both imports and exports hitting all-time highs and the dollar has hit a five-year high fueled by further weakening of the euro. the euro getting hit by russia cutting gas supplies to poland and bulgaria the dollar strengthening in part on expectations of bigger interest rate increases by the federal reserve as well. deirdre, back over to you. >> thank you we love the show crossovers. the nasdaq hitting fresh lows for the year yesterday as it retreats further into bear
market territory dom chu joining us with what's on the line. not a lot of conviction. >> here is the thing if you're a bull, stability is probably a victory given the outsized losses we've seen we are still over 20% away from the record highs we saw within the nasdaq composite overall going all the way back to last fall that drawdown as it stands right now is still something a lot of traders and investors are looking at by the way, remember, that 12,555 area is the lows that we saw intraday going all the way back the last couple months here keep an eye on that particular part of the trade. if you take a look at the stocks we're keeping a close eye on, these are the ones if we're seeing some kind of stability, these are the ones we want to see happening. tesla, lucid, asml holdings, okta and docusign. these were the five biggest laggards in yesterday's session.
tesla lost about 12% of its market value lucid group also up 3.5% but asml holding, okta showing signs of weakening the mega cap trade is in focus right now. the trillion dollar club has an out sized influence in the market apple and microsoft in the green, alphabet and amazon in the red. one other place to keep a close eye on, you have been talking about it already, social media, specifically when it comes to facebook -- well, the parent company, meta platforms, down 1.5% going into the trade after hours for the earnings report. remember, i mentioned it before, jon, it is a 14% implied move up or down on the heels of earnings after the report is announced earlier today -- later on today. jon and deirdre, a little frick,
a little frack all over the markets now. back to you. >> the bar is low. that's one to watch. dom, thanks. back to earnings, one of the big growth spots for microsoft and google is cloud services both saw more than 40% growth year over year as they compete with aws joining us with insight, former vm wear chief operating officer and fap president, sanjay punam. this is a lot of growth. it says a lot about continuing enterprise and business demand what was particularly important about these numbers. >> good morning. thank you for having me on this is respect for satya and the team for anybody who is a student of business and management, it's a good opportunity to read through the transcript the high was the growth in azure. in a white-knuckle environment,
satya really calmed things yesterday. across the portfolio, pe he put on a clinical case study of all key product areas doing well with just a few blemishes. the breadth of the portfolio is what's standing out at this point. >> what's the read-through to service now? different, not dealing with infrastructure in the same way, but trying to build out the sort of enterprise software platform of the future forgetting things done >> i think the read-through, for these bigger companies, you don't want to be tailgated by them microsoft, you look at the way in which they've come from behind in many categories. i look at the example in which i get incoming requests, video communications from zoom -- three or four years ago it was all zoom now a lot of my enterprise customers are using teams. they're in a very strong position where they're not
kpeeming with aws azure and google they created a work flow platform -- a got moat there for service desk they're competing more with salesforce i expect continuing growth for them they're trading at a good multiple they have a strong position in the market i expect good results from them. >> so what is the potential upside then? are we looking for the europe effect not being too great are we looking for bookings continuing to be strong? what would impress in names like servicenow, names like salesforce as we listen through toe to what they have to say >> i think in their categories, they've clearly got a strong position salesforce obviously looking at integration of slack and how is that going and are they continuing to grow organically or is it just going through acquisitions servicenow hasn't got any big acquisitions
i know bill mcdermott too well, at some point there will be m&a. i'll be looking for either the bolder acquisitions. in the past they've looked away from that. there's enough tam between the two companies to expand in the front office i think there's a lot of opportunity in both the i.t. opportunity for servicenow as they now approach a potential front office and salesforce as they build a front office player the same thing applies to many of the other players that are smaller. i'm optimistic in the mid market area for companies like hubspot, trying to do what salesforce is doing, but in the mid market. >> sanjay, we've had good cloud reports from google and microsoft. aws is up next it was interesting on the alphabet call how the team talked about their acquisition of mannedian, giving a better competitive edge in this market. are you surprised we haven't
seen the same kind of m&a activity could that be an opportunity as we see valuations come down? >> when you look at the collective run rate of amazon, azure and google, about 140 billion now, growing about 43% that's incredible. i haven't seen a venom no none like this in ply lifetime. i hope they'll see the continued growth the last few quarters they've been accelerating. growing 39%. i've been watching the growth rate numbers i think the key thing for them will be are they showing continued growth in the enterprise i think what's happening is a lot of the start -- i think aws has about 2 million customers. a lot of startups pick aws it's clear the fortune 500 and 100 are leaning more towards azure. i'll be looking closely at this. on m&a, they've been a much more organically-developed company. we'll have to see if they change that under the new leadership of
adam >> is there a target maybe in the enterprise space that could help them better compete with microsoft? >> in the infrastructure part, if you divide cloud into three layers, infrastructure, platform and sas. it will take six or seven years before they catch up with aws because they're so far ahead platform they have some holes. the key question will be in the sas applications, do they want to make a difference personally, all due respect to my friend andy jassy, they probably should have bought zoom before the pandemic. there are examples where, if they were judicious about the application space, there could be areas there i think the key question for amazon is does m&a work in their culture. so far they've done smaller deals and they've done well there. we'll have to see. i think as it relates to
mandian, you can see cybersecurity becoming an important piece of the portfolio, not just for google but also microsoft 15 billion, 45%. aws more in security remains to be seen. >> sanjay, i guess zoom is the same price now that it was before the pandemic. maybe they got a little trip in the way-back machine sanjay peenen. i'll call a quick audible. talked and the major indices trying to regain session highs, they are at about 1% higher close to session high, dee >> that's right. hardly making up for the steep drop yesterday we'll see how the rest of the session goes quick programming note as we head to break, join me after the show for an all-star cnbc work live stream talking about how you and your business can create a hybrid work space.
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>> we're monitoring an ongoing press conference out of the southern district of new york which started moments ago. u.s. attorney damian williams by calling this whole thing a massive fraud that nearly jeopardized our financial system the u.s. is indicting bill hwang as well as the fund's ceo patrick halligan with racke racketeering, conspiracies fraud and wire fraud pumping up the protest to $35 billion in one year. the u.s. also alleges that hwang oversaw materially false and misleading communications with global investment banks and brokerages designed to induce the counterparties to induce and extend credit to the fund while. it caused about $10 billion in losses an attorney for hwang said his
client is, quote, entirely innocent of wrongdoing an attorney for halligan said her client is innocent and will be exonerated. guys >> leslie, thank you facebook parent meta and pinterest will both report earnings tonight after google parent alphabet became the latest player to take a hit from a downturn in the digital a ad space. alphabet is down more than 3% so far. julia boorstin joins us with a check on the sector and what this action could mean for meta's results tonight julia. >> jon, youtube's disappointing advertising numbers build on concerns about a broad ard pullback that poses yet another challenge for meta and pinterest. both report after the bell today. both were struggling with user declines after last week showed ad
spending including inflation, war in ukraine and supply chain constraints, alphabet raising a red flag when it reported youtube revenue grew just 14% in the quarter rather than the 25% analysts expected. it's not just the advertising pullback there's also the tiktok effect not only is it drawing add market share, but youtube and meta have been investing in their short-form video formats to compete with tick tak the problem, their short form videos don't make as much money as other parts of facebook and youtube. as they chasen gaugement, revenue is suffering web bush writing youtube's results don't bode well for facebook and the other add sizing shifting users to the short-form video format could backfire. writing, quote, we believe that facebook could be a victim of its own success as negative
macro factors could magnify the impact of mixed shift. a scenario facebook didn't face in 2019 when they transitioned to stories meta shares are down over 45% since that company's earnings on february 2nd pinterest shares are down 31% since its earnings report trading at a 52-week low today >> so the expectation complex is a little different there because they're so beaten down julia, when you say those short-form video ads are not as lucrative, is that right now, do you think meta could figure out how to better monetize them going forward? is that what zuckerberg is trying to do with reels? >> exactly, deirdre. zuckerberg and his ceo said one of the headwinds is they haven't yet monetized the reels format as well as they have the news feed we have to remember, of course, facebook has gone through these transitions before
first it was about desktop to mobile then it was about the news feed, shifting over to instagram the stories format now reels is the shorter-form version. so they have successfully made these transitions before, and they do expect to be annual to eventually monetize them they're not there quite yet. the question we'll see today is how much progress have they made. >> and how much focus. they're investing heavily in the metaverse. julia, we know you'll be watching and bringing us all the analysis, thank you. check out shares of robinhood. they're falling below $10 a share this morning the company announced it is cutting 9% of its workforce due to, quote, duplicate roles and job functions after the rapid expansion last year. shares are now off more than 85% from their highs of the year robinhood now in single digits stay with us we're back soon. with directv stream i can get live tv and on demand together:
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let's get a gut check on spotify. shares are sinking, down more than 11% reporting a jump in users for the first quarter. but it is outlook weighing on the spots. spotify forecasting fewer subscribers for the current quarter, but the ceo is arguing it is not another netflix story, saying he runs, quote, avastly different business we'll see about that
cfo saying shutdowns in china rippling across the country, it is going to have minimal impact now, but if they extend and keeps going the next few weeks into early may, it will have a deeper impact on the oem business, when they sell windows licenses to other computer makers and surface and x box business we all know x box already is supply constrained the last 18 months or so it got me thinking, we are a day ahead of apple earnings, with greater exposure to china, not to mention companies like sonos, hp and so forth. it will be interesting going into earnings for these companies, their outlook for the quarter. >> at the same time, apple has more exposure, also have more influence and control. bigger companies like apple and amazon better able to plan supply chains during the pandemic should we expect that to continue >> that's right. we keep saying it over and over.
tim cook is the supply chain genius, probably has ways to protect against shutdowns. some of the places devices are built have an exemption to still continue production outside of lockdown jon? >> we'll be watching it. steve, thanks. service now ceo joins us on the show tomorrow. bill mcdermott tech check is back in just a moment municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest,
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but if you want to make history, you gotta call your own shots. we going to the league! welcome back crypto is the focus of a conference at crypto bahamas aimed at highlighting bitcoin's role on wall street. but it is not all fun in the sun. what's happening in stocks showing the risks. robin hood down 88%. paypal, block, coin base are down 65 and 70%. big valuation hair cuts, stocks that embraced crypto kate rooney has the latest on that kate >> hey, john here at the event in the bahamas. some of the biggest ceos in the
space are here as well as more of a wall street crowd compared to other crypto industry conferences in the past couple months bahamas itself looking to attract block chain businesses i spoke to arkin vest founder kathy wood and galaxy digital mike on stage. they're bullish on fidelity news in terms of what it means for bitcoin and elon musk's deal to buy twitter. here's what kathy had to say >> we already know that with stripe connect that those writing paid news letters and distributing through twitter can get paid in bitcoin. well, that's very interesting. very interesting we know that twitter is a verification platform and elon musk wants to make it more democratic than it is now so verification platform.
well, think about verifying digital assets that's a perfect place to make that happen. so i think it could get pretty exciting. >> she talked about some stocks in arch's etf. interesting stuff. back to you. >> thanks. that will do it for tech check. get scott wapner and the half. jon, thanks. welcome to the halftime report the real state of tech after one big hit, one big miss, now more critical earnings on the way in a few hours' time. we will debate what's at stake joining me for the hour, break-in talking ton, pete najarian, and last but not least, cnbc's jim cramer, host of mad money happy to have you here. >> thank you glad to be next to you this in person stuff reminds me what it used to be. >> that's right. here's the picture o