>> well, brett taylor is having a big week i think everybody knows he had an amazing time with google and created google maps and he started a company acquired by facebook he became the ceo of facebook. that facebook started another company which salesforce acquired him the last 5.5 years. he has had a phenomenal run at salesforce and appointed the coo. congratulation on being the co--coo of salesforce. i couldn't be happier for you, congratulations. >> it's an incredible privilege. we have a life-long friendship and partnership. >> all right so let's dispel some things immediately. there were people who felt when you needed a previous co--ceo, therefore, you were done, going to the beach are you going to the pipe, run for president or whatever or stay at co-ceo >> jim, i love salesforce. you know that. you know, you've seen me with our commerce and how much fun i have with all of our stakeholders i'm never leaving salesforce this is my life pursuit. i couldn't be more thrilled to have a great partner here with brett taylor he's amazing this is my dream that brett would come in the co

from september 2, 2020, to present, google is up 73 microsoft up 46. s&p up 30. apple up 23. it's been a real laggard since that blow-off. look at the next slide, data table. what's happened over the past month? the exact opposite tremendous performance from apple. relative strength, one of the great factors in investing is showing us that something is going on three charts an apple chart that picks up the covid low. no judgments or annotations by me next chart, draw some lines. one way to draw the lines, my eye sees, and we are moving above that upper bound the final chart, a short-term chart, it puts it all in context. this is the definition of a breakout, a textbook move to a new high if you look at all the factors that one can look at earnings revisions or evaluation or balance sheet leverage, over time one of the great factors in investing is relative strength today's relative strength in and of itself is nothing short of shocking >> back to microsoft, carter i couldn't help but to notice the big gains that we saw up 46% and then unchanged over the past month. is that ju

i think it will be the stalwarts of, you know, google, amazon, you know, a larger cap companies that can continue to grow. even when you look at the p/es of those, while they're not low by any means, they're nowhere near the more speculative p/es of the others. i would stick. you know, cash wouldn't be a problem in that scenario having said that, i think it is unlikely i think the world is tired of shutdown and is willing to take more health risks now to keep things open. i think better would be this would be a huge push towards vaccines and to pushing that road along, which i think in the end would be quite helpful to the market >> chris, great to get your thoughts thank you. >> thank you, melissa. >> chris grisanti. >>> activist janet partners has a new target in its sight. let's get to leslie picker for a market flash >> melissa, that's right jana partners looking for zendesk. shares are trading higher on the news, first reported by "the wall street journal. momentive coming back about 2.7% right now. i'm told the activism shop sent a letter to zen desk i have not been able to con

>> interesting note yesterday, that the heads of ibm, microsoft, twitter and google are now all immigrants raised in india. remarkable. >> i'm so proimmigration half the people probably hate that when you look at salesforce, always has the list of people who weren't born here. maybe that's our nation's strength is the melting pot. >> for a long period of time >> remember your parents were saying, we have a melting pot. that's good. then the melting pot turned out to be a witch's brew. >> don't go back too many generations for us all -- >> 1848, my grandma. >> 1848? >> yeah, out of germany. i'm not on the mayflower. >> i forget adobe. >> that's a lot of value those guys have created. >> yes >> we'll get cramer's mad dash and countdown to the opening bell the volatility continuing today. wee ckn mont'rba ia me you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire what's strong with me? i know when i'm ready

we also have this big day from the tech giants, the digital players, you know, apple, google, amazon, salesforce, et cetera now these stocks can perform well earnings wise both with big reopening or even if there's some type of slow down or potential reclosing in places because they're agnostic no how people are working and where they are when they are receiving their communications and sending them and they're a big part of the market so that's almost a protective bubble we think you have to believe that both sides are possible buyers, sellers, weakness, better news, and so try to find the middle ground where you have some reopening, some steady growth, play those types of names on both sides of the spectrum, and there are names that, of course, are way down, because there's a lot of tax selling. if you look at disney, discovery, auto desk, vertext, bumble, beyond meat because once they started to go down, they continued to hammer, hammered by investors who need some place to take losses versus the big gains we've had this year. >> if everybody is looking at 12 months at the world, w

he found friend feed acquired by facebook which led to his becoming cto before that he was at google as a product manager. he has good product chops. >> dorsy writing on twitter or memo, you have no idea how happy this makes me with bret taylor becoming chairman. when we talk about the differences between other founder-led companies, something that twitter does have if not market cap in size to the other ones that we mentioned like alphabet, apple, amazon is the regulatory pressure. we've seen those ceos step down over the last year and a half at alphabet, am von i wonder do you think this has something to do with the jack dorsey simply not enjoying, testifying in front of congress and all the pressure that he faces as ceo of twitter? he didn't step down as ceo of square >> that's right. look, there's no doubt that in a lot of ways being ceo of a platform right now is not a fun job. there are going to be more hearings there's legislation moving through europe right now that's going to put some really onerous requirements on these platforms. i can definitely see jack wanting to step a

the current exec chair of twitter, he had been, patrick is the independent board chair, former cfo of google some time back but it is this board obviously that is key here in terms of the succession plan and we'll have to wait and see what it is is it ned segal, no stranger to people who watch our network, typically he is the man that communicates earnings and other news for the company we don't know. >> that's it >> that's it. >> that's it news pending. >> let's wait and see what news is >> that's the pending part. >> yeah. >> okay. as we head to a quick break, here is a look at our road map for the rest of the hour the tsa screening nearly 2.5 million passengers yesterday, that is a new pandemic high. it goes back to before the pandemic here in the u.s., which airline stocks are safe to own right now. that's a key question for investors, is the omicron variant looms. >> and then joined by the ceos of denny's, will covid fearsed three a slow down in traffic we'll find out. >> we'll have more on mr. dorsey we just talked about it. we are waiting for that news from twitter the stock is halted

i think microsoft and google are players that will mask again in the metaverse, just in, quantum computing in the evolution of the web, cybersecurity, web 3.0 infrastructure, so those are the types of names i think are on sale today even the semiconductors are super interesting to me just because, you know, back to nancy's point about ev, they're going to power ev, they're going to power augmented reality, artificial intelligence. all of these don't happen without the 5g stock that's the sort of tech/semiconductor trade that interests me for today >> sylvia, thank you very much appreciate your time today, sylvia jablonski, nancy tengler and robert nobles. good to have you with us >>> uber and lyft both sinking in the session joining us now is bradley tusk, tusk ventures founder and an early investor in uber bradley, good to speak with you. >> yeah. >> you know, it is always so tough if we are trying to decipher what the market might be saying about those industries, let's say ride hailing, whether it is a -- are people going to go out and be with others and need the ride hailing services,

i don't think it moves facebook stock like way mow didn't move google meta is option value for facebook shareholders. i like the stock valuation is compelling, there are overhangs that you know related to regulation and esg concerns i think a lot of that is priced in it is trading 25% discount to google with similar growth profile which tells you that if facebook can address any of the concerns, and maybe they won't, but if they can, there's a lot of multiple expansion you could see out of facebook. i think it is a cheap stock if you strip out some of the investments and cash they have i think it trades at a discount to the market and offers one of the best growth profiles in tech just does. highly profitable. i like facebook. meta >> and mark, you mentioned some travel stocks, but you cover expedia, booking holdings, airbnb is there an opportunity in any of these plays as you look further out? >> yeah, there is. you get spiking covid cases, the stocks will trade down you have to know that. you know that if you own stocks. of the three, booking was starting to break out and all of these

we see a lot of opportunity with the google cloud platform. a lot to like here with today's sell-off that's a longer term out view. >> in terms of today's sell-off, meanwhile, we should say there are some stay-at-home stocks, you can see them, peloton, zoom and the like moving much higher. does that make sense to you? >> in the very short term, i understand why they're higher. clearly amazon we appreciate ecommerce. it has become even more important. what is key for us if we look at the advancement, the healthcare community, the technology community, that is helping us to find a way out of this, the pandemic so while spikes and variants are going to be a part of the dynamic really the social fabric, everything around us for the foreseeable future, we still see opportunity. it's driven by innovation. it's driven by investment and by companies that are looking out beyond some of this. and if those companies could do that, there is shareholder value to be created. >> in terms of pricing, though, one of the big other questions is what j. powell wi

think these big cap names that are still relatively fairly valued like microsoft, apple, facebook, google, to a certain extent even amazon, believe it or not, i think they'll continue to do the grind. i apologize, dan actually asked me to go to the application forum to buy the skype thing i wasn't able to get there there was too much traffic i apologize to our "fast money" audience >> the lines are real long for the applications these days. that's popular >>> steve grass so, what sectors? is there a seasonal trade sector wise to your end interview >> yeah. i mean one of the names that i hold is still sonos. i think a lot of their headwinds where you couldn't get products on the shelves you couldn't get products for them to actually get in the hands of consumers those are, have gone by the wayside. i think names like that, i think travel names will be up. names like costcowill be up. there will be a chase still for some portions of retail. other portions as we've seen that don't have pricing power will fall out of bed i don't think you are going to see. i think you will see vacation stocks

sort of insulated against supply chain issues, which leads you to the likes of netflix, facebook, and google? >> absolutely. you nailed it. the issues of supply chain are going away but they are a real issue right now. i also think that's the thing that's going to make inflation not be as big of a deal next year, which is why i am not so worried about three or four rate hikes next year. so when i think about the companies that i want to own right now, again, like, if you look at like a netflix, for example, they don't have a labor shortage they don't have a supply chain issue. in fact, netflix earns $3.2 million in revenue for every one employee that they have. meaning they are very efficient at urning rev with relatively small employee base. that's the sort of company -- their employees are skilled workers that aren't call it minute him wage workers. that's the kind of company you want to own in this environment. companies selling intangible things like streaming services and data these are the types of companies i think are insulated from this type of environment. >> gentlemen, we thank yo

so it's something that always lurks in the back of my head and also lurks in the back of my head for google and apple and for pretty much all of the big, huge tech companies. so, yeah, not in our assumptions, but definitely in our minds. >> frank, just real quick. i was just remembering that jenny had mentioned you can't get out of them if you're not in which is accurate. except that there is -- it was just on, i think, the show be before us, the sarc. it's a short etf of another etf and it's a short etf of a kathy woods ark etf. >> good point. >> even if you're not in those stocks without shorting them you can buy an inverse etf which is sark, it's the new etf they think it came out november 9th, frank. very interesting and it is up pretty big for the month because, of course, it's take the opposite bet, but not on the stocks it just shorts the etf and many folks who can't short things either in their ira or elsewhere could make pretty good exposure from this with the etf >> also why we're jumping in, weiss? i own a burcnch of them. nothing right with them. >> despite the sell-off there is

as you mentioned, google has a history of very outspoken employees. they've been able to get things changed do i expect they could get this turned over at this point? i don't think so in this tight labor market, it poses challenges >> speak about this latest in terms of google's changing can you will tur you've reported so well on. they started, don't be evil encouraging feedback but that is has turned into an issue >> the company has always had this open discussion, channel and culture. you've seen the company changing its mission from don't be evil to organizing the information. it is a shift. part of that is a shift of how the company is approaching business as a talent attractor this company that was like a fun search company turned into a corporate business focused on cloud deals, big corporate deals that is part of the company's past and history >> thank you for that. >>> by the way, the exclusive scoop lives on cnbc.com. tech check is back in a minute that's the thing about claims, you see. they don't happen on your schedule. i mean, take a che

hit more as prior comments suggest, we are seeing some of the bigger companies hold up better amazon, google, facebook those with reasonable valuations and still get growth >> i wonder how you're viewing all of this in the post covid comps and yields >> we just got through earning season and our focus is generally on smaller cap companies. i would say the predominant concern the supply strain constraints. if we can see the issues into 2022, we think those kcompanies should begin to do better. smaller cap companies can manage the costs better than smaller companies. if they do begin to improve, that should be a tale wind to some of the companies. i think though, with the renomination of powell, we do have a greater understanding of the future path of policies. and so, we think the tapering could accelerate as they have to battle inflation as we're noting where whether they're going to release oil reserves to combat that. we need to return to american oil independence to solve that issue. looking to next year, we think that's a little bit better >> we're having a conversation on the desk earli

. >>> making headlines hundreds of google employees have signed a manifesto. asking the tech giant to restrakt the mandate and enact a new one inclusive of all googlers they've asked employees to upload vaccination status by december 3 google has already said all employees that work directly or indirectly with government contracts must be vaccinated even if working from home. i spoke to a ceo yesterday they dug into it in a way i've never heard before they are dealing with, should we vaccinate? do testing the ceo was saying he originally wanted to do testing, the cost is actually astro nom call the cost of running the testing program. one idea that you could legally force the cost of the testing to the employee even if you do that, for hourly workers, you have to pay them for the time it takes to go get tested effectively, we are trying to solve for 15% of the population that we think is doing the wrong thing to begin with. it was fascinating understanding the dynamics and more companies where you force the issue mib now as a function of cost. >> i think the t

enough is enough hundreds of google employees drawing a line in the sand over vaccine mandates tis the season for a data breach a warning of hackers striking over the holidays. >> and a morning rbi puts president biden oil in context this is "worldwide exchange. >> good morning. good afternoon, good evening happy thanksgiving eve i am brian sullivan. thank you for joining us think about interest rates and maybe turkey stock futures tuesday, merely a mirror image of monday. the dow up tech down and commodities up dow futures are down about 130 as well. nasdaq futures are lower the dow has done a little here and there. a pretty sizeable decline with the underlying story nasdaq futures down about 34 points small caps lower as rates try to claw their way higher. yield is lower at 1.64%. looking at oil and the strategic release. oil looking a little higher. this is why at 5:00, you can't look five minutes earlier because things change. there is no volume oil is down. we'll explain why or at least try to in the rbi coming up the in this case in asia overnight china slamming the biden adminis

enough is enough hundreds of google employees drawing a line in the sand over vaccine mandates tis the season for

. >> google docs for everything. >> reporter: how does it stack up with thanksgiving day by the actual family. >> i barely cook anything for thanksgiving sorry, mom. >> reporter: friendsgiving is so hot, the rental property in upstate new york is fully booked for the month. >> they want to know how much pots do i have, do i have the right pots. >> reporter: she says four couples will be here on thanksgiving day for a friendsgiving get away in queens new york, anita is all about her squad. >> this is the main event. >> it is my all time favorite holiday. i start planning and pinning posts on pinterest months in advance. >> reporter: so what's behind the shift from family to friends. >> cheers. >> people you'recomfortable with it's people you want to see, not to say that people don't want to see their families it's all of our friends, so it's not like somebody is going to be like wow, you did a terrible job. >> friends is the family you choose these are the people i want to spend friendsgiving with, and see and share laughs with, and be myself. >> reporter: and she says that friendsgivin

club members all the time you learn a lot more from the weak ones than stronger ones weak ones, if you google weak stock, don't what happens it comes up with paypal. my advice, take your time with the competitively challenge stocks let the sellers exhaust themselves don't be fooled by a one day where it doesn't go down or it goes up just a little. it doesn't help that we keep being flooded by the ipos. i'm not saying you have to abandon them if you want to stick with the group, be patient. wait for three or four days that they bottom, not one third group. the companies that crush the estimates but then gave you reason to believe -- let's say feel down beat about the future. it may have been by mistake. best buy and dick's supporting goods, walmart got mashed last week i think the companies were being conservative and the forecasts were taken totally out of context and they're doing really well so, yeah, after skepticism from the people who believe that the best is now behind them, walmart has given us a glimpse of how they're going to bottom. it took a full five days to assure you have firm f

what about google, return of advertising travel and the rest of the but it is up 64% year-to-date >> it is up 64% year-to-date, but i think it is still a company that is very, very well position they're not in the kind of problems meta has right now, at least on a regulatory basis. i think it is a company that is really going to benefit from just expanding economic growth as more of the economy grows, the more i think google in a lot of ways is going to benefit. even though they're really considered tech stock, in some ways it is almost a cyclical stock as well, particularly because of the advertising component. as the economy recovers i think google will benefit from that. >> quick question on the way out here tell me how taxes are affecting strategy and planning right now when we don't know what is going to happen with the build back better act >> well, here is the whole thing. if you are an investor out there, you have to ask yourself are taxes going up or down if you think they're going up next year, then maybe it is time to take some capital gains for those of you in the plannin

you think those two top runners are microsoft and google, because they still have huge growth and they still have good margins and you think apple just -- you know, as amazing as a company it is, might be getting a little bit left behind here, at least in relation to microsoft or google? >> i think so. alphabet is a rare -- not rare stories but i think if you look back five, ten years it has been an underperformer within the large cap growth complex microsoft transformation has been out of this world, what they've done over there. but as you said, i think you check the boxes, microsoft and alphabet they have elevated margins, enormous scale and impressive growth showing no signs of slowing they benefit from secular trends and that's where those stories come together and celebrate themselves from the larger cap growth nvidia, what they told us last week can potentially be added to that bucket, my concern there is some of the recent activity wreaks of a retail footprint but in terms of the names growing from secular growth scale margins, microsoft and alphabet are unparalleled in that un

versus microsoft throw google cloud in there, whatever, doesn't make a ton of sense, right you have to think about linkedin and the momentum particularly there. i think you have to look at office 365, they have this price increase that's coming in march. here on "techcheck" not too long ago arguing that the software itself was deflationary so even though they might be charging more for it, the customers will see value. you look through at what they're doing in gaming, in the cloud there. that too is software that there's hardware connected to it then i think you have to think about the profitability within those software models, carl. so, i think, yes, a.w.s. and azure is interesting to look at the growth rates there, but we also got to look at industries, how they're gaining there. we are talking to a.w.s. leadership next week about exactly that and just how much advantage they can gain in these various areas of strength, carl. >> yeah. no a.w.s. -- it's like a star tight end. great player and when they catch the ball it's exciting, but there's a whole other number of offensive player

one, i could see the cloud because google built the cloud opportunity so i could see the cloud. look, it doesn't matter. when somebody gets really good at building something, other people are going to fold and end up adopting the cloud so we have to go where the buck is going and build the cloud security bar none otherwise people will have fragmentation of our industry but it's fragmentied because one person doesn't give you all the solutions. so we set about building this capability and we're 18 to 24 months ahead -- >> you are the largest you didn't have great cloud and now you're the largest second, you told me pretty much at the beginning of the pandemic that there's going to be people in a hybrid work environment i said what the heck is that and then i read your essay you knew about this. how did you know how did you know they wouldn't come back? >> somebody told me it takes 20 days to form a habit after 20 days a new habit is formed today a new habit is formed. there's a guy sitting in his car. what are you doing i'm picking up my daughter from her soccer game but i'm payi

that's the differentiation to make we own facebook and google but we are short some of these latter ev names that are coming public and long other electric vehicle plays. in materials and in -- out of china. >> it is brian i won't ask you to dunk on a big wall street firm but they are bullish. goldman sachs with an i think 5100 year end 2022 price target. dunk on goldman sachs. what are they getting wrong? >> the number one thing that everybody's wrong unless you manage money or doing this job in the 1970s or spent a lot of time studying the 1970s you have no idea what you're in for why if you go back and read the fed stamtds from 1970s which i have done and look at the chairman of the federal reserve said then, it is transitional cost push inflation. that's similar to the fed today when they started the year they didn't know existed. i would tell you that we have written on this extensive. you have 2.5 million more open jobs home prices up 20% up year over year it will drive rents so that's a big push on prices and then wages heard half the companies in s&p that reported talking about

software and companies like boeing and ernst & young are starting to develop and if you're willing to buy google and microsoft and willing to buy oracle, you're buying software companies no difference in buying bitcoin than microsoft is my argument. it's a software. ethereum is a software people should take note. a lot of people don't know sitting around the dining table thanksgiving in the last 12 months, $3 trillion worth of economic transactions have happened on ethereum that's a lot of capital. and it's happening every second. ethereum is a little slow and i'm taking bets on other platforms and all software development. that's what this crypto thing is about. maybe you want to trade bitcoin. i buy these positions and hold them for the long term and leaving tonight to go to abu dhabi because all these leaders and development teams are going to be there and spend eight days talking to all of them this is going to be one of the largest gatherings of crypto in the world ever i have to be there >> okay. pete, no crypto for you or do i just not have it on my sheet >> i have some exposure, scott, b

administration a new solicitation posted this morning online sees the pentagon asking amazon web services, google, microsoft and oracle to bid for this new cloud contract. the size of which remains unclear. but certainly it opens up the competition for at least these four companies seen as a major win for all of them to get a piece of a very lucrative government deal. now back to you. >> thanks so much, kayla interesting news there >>> shifting gears, vaneck launched bitcoin futures etf trading under the ticker shortly after the etf rejected vaneck etf that sought to track bitcoin directly joining us jan van eck let's start off with your response to the fact that sec continues to deny direct bitcoin etfs >> it was sad news last friday you know, we've been trying to get a bitcoin etf approved since 2017 the logic, it wasn't surprising decision the sec is very clear that they would like some more insight/surveillance into the cash bitcoin markets that just having a regulated bitcoin future's market isn't enough for them but we're happy to have a bitcoin fund in the market i think investors are dram

you have tonight >> palo alto's incredibly strong chip has done a remarkable job with esg i try to google everything. for i take about 87% of what he says i don't understand because he's so far ahead of me different. >> we can't wait to have you back at the desk >> can't wait to see you guys. thank you. good time. you know i don't like to sleep tuesday nights >> out at -- by the way, reminder as always, you can get in on the new cnbc investing club with jim, use the qr code on your screen holding on to 4700 and the vix back below 18. competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. so, you want evs, you have come systto the right place.orld. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go! ♪ >>> good friday morning. welcome to another hour of "squawk on the street.

google chrome os orchestrated by cdw brings you built-in proactive security with no reported ransomware attacks ever and simplified management with fast deployment and zero touch enrollment, so that nothing disturbs your peace. for built-in security and fast deployment, trust chrome os and i.t. orchestration by cdw. ♪♪ for skin that never holds you back. don't settle for silver. #1 for diabetic dry skin #1 for psoriasis symptom relief and #1 for eczema symptom relief. gold bond. champion your skin. >>> welcome back it's time for your exclusive weekly insider buying segment, highlighting the biggest executive stock purchases of the week. the data comes from insider score.com. as always we count you down from five to one. number five is ihart media with a $500,000 stock buy by the company's chief financial officer. number four is krispy kreme, the chairman buying up $693,000 of stock. another insider also had a big buy at krispy kreme as well. >>> number three is illinois tool works a board member buying about $2.3 million worth of that stock, the largest insider buy in years at itw.

we're em bbracing google cloud, they're embracing workday. it's a great way to work together they understand how our products work as use ers and they have a amazing cloud along with the other providers out there. >> man i know well, doug dearly from philadelphia, i asked him, i said, you were mentioned in one of workday's releases. he said, they're coming in, they're going to convert things, we liked them immediately, we just started working with them what will you be doing for now. >> i think that toll brothers just like many companies are looking and seeing that there's there acceleration gap what they were able to do in the p past and what they need to do in the future being on a platform like workday, allows people to run in the now. recalibrate, ahave all the data at their finger tips, recalibrate, new processes in place overnight. being able to really accelerate their business by being on this new cloud 2.0 platform. >> so there must be people at this point looking at your business and saying you know what, we got to stop you won key b

are losing a lot of these darlings i think that's a problem microsoft at an all-time high and even google at all-time high is not bullish to me i know a lot that are trading down 27 or 28 times, i don't know this time is different, but it seems dangerous >> karen, i am surprised about the move up 7% since they reported earnings you usually don't see these big moves from home depot even with a blockbuster report what do you make of the have and have-nots? make sense to pile on or wait for the tide to turn >> i am in home depot and lowes, so i like to think i didn't pile on for a while i was surprised by the move. they had a nice run going in i think what dan is saying, this sort of -- everyoning ae aggreg into these names everyone wants blowout growth or it's not goodenough. i don't know what to do with homedepot to be honest i like the trend going into it, i can't say i was expecting more than this price so i am stuck to do with it. maybe sell calls with it and take money off the table it has had a nice run. >> tim, what are you going to do >> if you say the rich are getting richer, are t

so we like amazon given the underperformance google is executing very well. snap is a long term story. snap is in a good spot and the market gravitating to names that are working and going to large cap. i think the common theme is off by a little bit you are hurt on the stocks and i have never seen in a long time the magnitude of the moves so severe so i think we see on the trading desk a rotation back to the highest quality platform stories from the riskier names and i think some names we mentioned are names that we like a lot. >> brent, a real pleasure to have you on again. appreciate it. >> thank you. >>> let's define seema mody's night so far software, software and now sauce pans williams sonoma earnings are out. seema? >> once again a company is seeing the shares fall here in extended trade but the company beat expectations on its top and bottom line. comps too better than expected ceo saying we are seeing strong sales and margins continuing we are thrilled with the response this is a stock with a nice run-up up about 35% in the past three months shares

from google came over to apple a few years ago. they have caught 70 vehicles that have been moving around the bay area they been doing testing. and maybe just to put a finer point on behind, apple is i guess light years behind when it comes to inif i it in years behind when it comes to building cars there is no comparison but a.i., which is really the substance of autonomy -- on that front, they are doing really well and it's hard to gauge where it's at because we haven't -- i haven't been in one of those vehicles but i can say right now the benchmark is tesla i recently was in another tesla that was running full fsd. at moments it was quite scary. most of the time, it was really impressive about where the tech is at. i think that when apple -- and you stack apple against tesla in terms of tech prowess, i think they are probably closer than you think to where tesla is at today. >> that's very interesting i have the same sort of sense of i have never been in anything autonomous or even semiautonomous so the fear factor is a big one

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 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 fa

you should be asking me, john, why didn't you invest more heavily in google or facebook or amazon why did you say with these old businesses you were in i plead guilty to that i tried to buy netflix from reed hastings when the stock was 8 bucks but he wouldn't sell it to me darn that bad luck the other thing you have to ask when you're looking at the index is how did you miss the massive ollie gop listic tech companies? i mean, there is the challenge >> yeah. >> they are big, they are highly profitability, they're getting bigger, their market powers are growing, not shrinking, and if you compare anything to that, it's not going to look good. >> my old libertarian friend here, what do you want do you want them to get regulated somehow? >> i think they are natural monopolies and need to be regulated in some way. i'm not sure that i understand the right way that they should be regulated, but they shouldn't use their market power to prevent competition. there's no -- look, jeff bezos is a genius with what he's created. steve jobs and tim cook have been masterful these have been brilliant r

you negotiated a billion dollar deal with google a couple weeks ago. you have had a couple weeks to think about it, look at it and take a deep dive from a different advantage point. what are your thoughts a couple weeks out? >> a good question now we have had an opportunity to catch our breath and let the market absorb what we did with google i am hearing a lot of positive things from both sides, banks and other participants i think they realize this could be a massive cost saving i didn't talk about this last time, but a little bit about cyber and what it means to be under cyber watch. it's amazing i heard karen talking about how google is a growth company they are a very forward thinking company. i think a lot of people realize what the benefits could be on this goggle deal even though the investment was interesting, we won't be talking about that we will be talking about the benefits over the next ten years and beyond >> this is karen you are a master of the trading dynamics is the retail traders this time different, and how do you think this plays

. >>> after the break, the man who founded google ventures will join us with a look at the opportunities he sees right now in the market and why he says technology is the only thing that can save the human race you're watching "closing bell" on cnbc. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. ♪♪ for a prospectus containing this information. ♪♪ ♪♪ the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> tank 101 get their attention. all of you need to get a grip. >> an

a little bit of kind the don't be evil mantra, which has now morphed into kind of a punchline with google today. >> yeah. >> when you are new and growing fast you can afford to be idealistic, but at some point it comes to, we are 90% ad supported because we are worth $1 trillion. i am not saying you are going to morph into that. what is the change that allows you to not be ad driven? and how different is it from the platforms we have seen in the past. >> from the ground up there are no ads there will likely never be any ads on this platform it is all about the engagement with the objects, the brands, the items, the clothes, fantasy stuff, everything you can think of that we are trying to basically drive affinity for you have the whole cycle of consideration down into purchase on one platform. what that means is we are not just doing ads to kick people out to other places. we are actually doing everything here that's why we are never going to have that same problem and it is a powerful idea. >> how do you make money talk about what your plans are for 2022 >> sure. we make money when users

google has given 1500 basis points of margin expansion since second quarter, 32% last quarter. when you talk about pricing power, what we're really talking about in this environment is ability to maintain margins. the market will be focused where we are seeing market degradation. >> let's back up for a second, talk about where you think inflation is going because you have been in the camp saying janet yellen said 3% this summer, you were saying more like 6 where do you think we'll be middle of next year? >> right i don't enjoy being right on this forecast. i was certainly not in august when i called for 6% cpi this year, and 5% pc this year, see if we get that later in the month. 5% cpi all the drivers are still in place. we still see shutdowns and disruptions at the manufacturing level, in some part due to low vaccination rates at some of the manufacturing companies like vietnam and indonesia. still see capacity constraints in terms of shipping with the corresponding elevated price rising we still see when they get to shore, supply constraints in terms of trucking, warehousing

. >> kelly, news on google cloud, saying it is dealing with issues here specifically they say they're experiencing an issue with cloud networking beginning today, they said, our engineering team continues to investigate the issue. it does appear to be impacting some names, snapand spotify among other apps we reached out to google cloud for more clover. color. we will get you that if and when we get that. back to you. >> thank you very much >>> up next, a new report showing one key inflation component is surging, and it is not food or fuel related either. we will reveal it next >>> and if inflation is going to be persistent, how should you hedge? the assets to buy coming up on "the exchange. we also want to show you shares of pfizer as we head to break. the shares higher after the ceo says the company is hoping to submit the covid-19 pill for emergency use authorization as early as today this made it turn slightly positi escoen from the stat summit we are back in a moment. [aflac!] that's a lotta money. ♪ did somebody say money? he said aflac. well if they're paying out billions of d

also sold off some of its exposure in facebook dave plotkins, melvin and george soros pulling back on google parent company alphabet. most managers we bet berkshire hathaway did keep it the same except for keith meister's corvex which disclose a new put position on apple. the counterpoint is from third point which added to stakes with amazon during the quarter. important to note, scott, as always as we cover these 13 positions are a snapshot from the end of the third quarter in this case, september 30th and the business may have changed in the six weeks since then scott? >> not to mention that it's always hard to read into what the actual motive is from each of these big-name investors and at least as it relates to corvex, which, you know, has some puts on apple or the arc fund it is my coulding that those are out of the money portfolio hedges rather than some sort of big directional bet against either which underscores the point that you made. be careful of how you read these things and try to make investment decisions as a result >> that's right. of course, big tech as a whole represents s

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, 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 startups that many of them have gon

meantime cnbc has learned a defense department cloud contract was a hot topic of conversation at a google all hands meeting last thursday. the ceo read an employee's question outloud about the government's capability program. google did not bid on the predecessor contract because it didn't align with principals, no work on technologies that could cause harm they asked what changed. in response they said there's many areas of the contract that could be brought to bear with no issues with google's principles. it is a sensitive balance for the company, which is trying to bolster its cloud division with high profile deals while placating an increasingly vocal employee base. >> so nice. >> do no harm, right >> hopefully they took that same focus on all their investments in china >>> coming up, the big takeaways from last night's meeting between president biden and china's president xi we'll take you live to beijing next and in the next hour, don't miss our interview with the carlyle groups david rubenstein. and a reminder you can watch or listen to us live if you so choose any time on the cnbc

. >>> and epic game's ceo renewing his attack on the power of big tech, namely apple and google. sweeney said apple complies with oppressive foreign laws which deprives them of political rights but is ignoring anti-competitive laws passed by south korea's democracy. apple must be stopped. >>> earning season rolls on with big box retailers taking center stage. the names you should be watching ahead. >>> plus the great lengths companies are going through to get their products from port a to port b. >>> and later on, more on the summit between biden and xi. the key investor takeaways are ahead when "worldwide exchange" returns after this break [suitcase closing] [gusts of wind] [ding] at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. when you hear the word healthy it always feels a little out of reach. but it's all about the baby steps. maybe it's a jump or eating something green. or taking mom to get that vaccine. ♪ healthier me

>> we have inda, industry leading technology it's backed by google and amazon the hyper scalers. we use that to deliver a conversational and delightful experience this is not the frustrating bots we've seen 80% attach to -- >> attached are people >> yes 80% of the businesses that are buying our software are adding the ai into the sale so they can take advantage of these efficiency gains. >> everyone knows the brand under armour >> yes. >> why do they need a call center there's an example tell me how it works >> sure. take any retail company really often you're not -- you're buying online. >> right >> you have a product. you have a problem you have a question. sometimes you can't get the answers that you need so you want to be able to contact and connect with a human being that's part of what we deliver but we deliver all of the other technology for under armour to directly engage with their customers. my son, huge under armour fan for brands like that, they need and want to have a direct connection to their customers and we help provide that >> so let's deal with it one, the cust

companies with second or third apps, and the great companies of the world, the apples, microsofts, the googles, they all have that. tesla and nvidia, they have that even smaller companies, they have the same thing. they may, you know, smaller opportunities than the goliaths, but we look for companies that can do it again and again and again and keep that growth going for longer, because when you think about the best growth investments literally over the last 20 years, these are really companies that could grow faster for longer remember, amazon started out as a book seller. no one expected they would be what they are today. >> a cloud giant and the rest of it why isn't facebook on this list, or meta. sorry. >> there were definitely some issues with facebook that are really, you know, hard to figure out exactly where they will go so, you know, where they are in, you know, the public, where they are with regulatory issues, the impact that idfa will have on them so we have significant investments and, you know, what i'll call digital advertising, digital media, we just don't have investment in fa

you know, this doesn't say anything about google or anything or the android or anything like that so i just think it's an interesting approach to this and if you look at other countries, other countries have pursued national digital ids, identification cards but from a platform so it's not necessarily a $250 trillion, you know, $2.5 trillion tech company that is taking advantage of this >> but have they been good have they functioned well i guess is the question? hugh, it's deidre, by the way. in the early days of the pandemic we had this novel partnership between apple and googal and they were going to partner to do covid tracking and this was seen as the best technical solution but so many questions around privacy and how they were going to do it and perhaps hold up with government entities do you think this could go the way of that and just not really get off the ground because of all these concerns >> well, i think if you read the contract, it's really clear and apple is super descriptive in what it needs and requiring the states to work with law enforcement, for instance and irs

the things people have forgotten it's still a faang market and, you know adjust faang because of the google and facebook, but it's a metaverse market you know what's happening? that means roblox, unity software and the old facebook. whether we like it or not, it's what's moving. >> we have talked about it for weeks now, of course, it goes back to a number the number was $10 billion that was the number from facebook assist last earnings report when the company indicated it was going to spend $10 billion -- that's a number most companies can't even come close to -- they're spending it reducing income by a like amount over the course of this year, just to build this so-called metaverse. >> look. we need everyone to go to the nvidia jensen wong conference call, his keynote, his is called omniverse, trying to get people so that their -- it's about medical cure, it's about science, it's about speed to mark i think that's what's driving that stock, david, not not the worry about whether they -- >> well, again, it has captured the imagination of investors over the last few weeks, ever since it was

google has got streaming, it's got serge, it's got youtube and the other businesses people might pay a lot for. >> let me ask you quickly about comcast. we talk about toy companies only doing well because they can kind of sell their stories into media, they want to be more and more media companies than anything else. if you spun out the parks or the content, all of those synergies supposededly there would go by the wayside. is this where we're dealing with fickleness on wall street, where what they like now is what what they liked a few years ago and may not be what they like a few years from now. >> there's been a mania to own content and no one can predict what content is going to be valuable you can license it and apply it, it's just not clear that the capital investment and content is worth the price to investors, particularly those looking for a steady stream of revenue and earnings that they see as predictable. yes, it could be that it's a change in style or interest, but if you look at the numbers, it's not always the right investment. >> karen, i want to thank you for your ti

. >>> kevin strickland spent 47 years in pso ♪ ♪ ♪ hey google. ♪ ♪ ♪ ♪ ♪ ♪ >>> johnson & johnson, breaking up announcing plans to split into two publicly traded companies. one will focus on household products, and the other will handle medical equipment and prescription drugs, as well as the covid vaccine. the announcement comes days after general electric reported it will soon separate into three companies. here's meg terrell. >> reporter: band aids, listerine, and that iconic baby shampoo, part of a $15 billion business that is being separated from j&j. >> for some of us, there's a little bit of an emotional tug that it won't be j&j stuff anymore. >> reporter: the company says the split will allow each unit to focus better. >> we want to create two global leaders that has great potential today. but very strong plans for the future and the consumer business with iconic brands. >> reporter: brands like tylenol. when seven people died after taking tylenol that was found to be laced with cyanide, j&j pulled millions of bottles from shelves. but the brand has last some luster in recent years