A big move from stock, consumer launch from amazon big picture. This home in tech is about a new series of overlapping platform wars tiktok versus instagram. Sws versus aftezure julia, i would argue u. S. Versus china is shaping up to be a platform war platform war, jon, what youre saying is reciprocal trade. Were seeing this between china and the u. S. The question of whether it makes sense, safe for americans to have these chineseowned Companies Operating here in the u. S. Keeping in mind that u. S. Owned companies are not allowed to operate in china. Im talking about facebook i think its interesting to see how that dynamic plays out and this question of whether or not there should betiktok, mayb going to address that issue. Sand then apple, youre referring there, of course to this battle between epic and other companies that are participating in this new coalition. And apple in this battle over that platform. And those fees, right . Well, i am talking about that, and mike, im also talking about platforms in terms of values just basically, how technology works. How data flows thats such a Sticking Point in this tiktok deal theres a question of how much insider access is china and the Chinese Company going to have for the data of u. S. Citizens . Are there going to be rules . I mean, how much investor attention is turned to the question of are there going to be two separate internets . And what kind of constraint will that be on growth . Yeah, how much of this attention is on this, also related to the question of just exactly how much precedent is going to be set by what seems like kind of an ad hoc kind of arrangement setting up here, if we even get some kind of a deal. Have we not already had de facto, i mean, two internets i mean, with what has not been allowed to go into china i do think its fascinating, jon, the way you set this up, because the idea of platforms as being these kind of evergrowing kind of defensible organisms out there in technology is totally about what the multiyear faang boom has been about. So when theyre bumping up against each other, in the question of do they have too much money, can they talk to one another in a way that creates value i do think thats going to hang over the economy for a while. And the overlapping nature of these platform wars is something i havent seen in 20 years thats a good place to start jointing us is cofounder and partner at active vs good to see you. Hey, jon, how are you im good. Happy friday these platform wars, and again, with u. S. china is a platform war, both on the reciprocal trade line, as julia talked about and on the values line that i talked about. How do you think this resolves . Well, jon, i love the way you framed i think youre right theres definitely platform wars happening all over the tech landscape right now. I think on the tiktok deal its going to be tough its interesting to see, i have a lot of friends in china who think the Chinese Government is not going to approve the action. They have to find a facesaving way for them to approve it right now, the way its set up politically, i dont think its going to happen. In emergency room its of whats happening with facebook, in terms of whats happening with apple, theres a lot of things going on right now one of the things that big tech is going to be under regulatory pressure its interesting to see how it plays out in the platform wars that you talked about . What determines who wins . We used to be in a situation with u. S. china, where u. S. Is knocking on the door, so they had faith, that innovation, that free markets were going to crack open china eventually. And there was a sense that openness, whether youre looking at android versus ios, android was going to economically win because it was so open well,ology so many lines, this isnt panning out the way people thought. Now chinas knocking on the door over here. Theyve got intellectual property and apps that are doing well it turns out that a virtual integrated platform in ios can be more popular, even if its not more broadly popular exactly, took the wording out of my mouth. The interesting thing from a china perspective, and the reason why china still closed off many u. S. Tech companies, especially social Media Companies is that one of the biggest problems, one of the biggest areas of focus of the Chinese Government is social harmony. If you take a look at what platforms have done here in the u. S. , whether its facebook or instagram or others, its allowed a disharmony and theyre saying no way am i letting the platforms in because look whats happening in your country. Wow hany, for you as an investor, you say you want a flat Playing Field in china, what does that mean and what does that actually look like you know, its tough, one of the biggest transactions thats happened in the last few weeks that hasnt gotten a lot of attention, which was the acquisition of a. Rm. Its the hard ware company that hasnt gotten a lot of attention in the world today its one of the next technologies that enable the next generation platforms to happen those kinds of platforms will happen everywhere, not just u. S. And china but everywhere it will enable companies to take over the same way that microsoft and oracle have been left behind to find a new generation. I think thats going to happen in the next four or five years, youre going to see a new generation, based on the new hardware developed and being invented today with all of the factors at play, including the china u. S. Categories how is that going to affect it . Being a venture capitalist right now is one of the hardest and easiest jobs in the world. One of the things that got us exciteding acme, the focus on earlystage ventures. Youll not hear about that in the next five or ten years thats where a lot of the excitement is happening, in that early stage. In the later stage side, youre seeing a lot of ip sochlos and g Companies Public and wind at their sails. What im focused on is early stage, pioneer technology. You think about quantities item computing. Sensors everywhere some of the things that are happening, infrastructure technologies, thats the most exciting in venture. Thats where its fund and, frankly, easy. Lets talk about what you were mentioned, the ipo boom and valuations weve got another big debut coming next were. The journal reports palantir is going debut at 22 billion when it debut thats a third of a snowflake. Should we be excited about that . Should we be worried about that . Look, i think palantir is a great company. The team, theyve built a fantastic franchise. When i started in this business, Enterprise Software companies, three or five times forward revenues right now, youre looking theie 25 frankly, thats expensive to me. There are highflyers trading well above the high revenue. Obviously, thats a lot of growth and market with excess liquidity. Looking for growth, and, frankly, technology is one of the few places you can find it so theres a little inflation value. Inflation. And also at the same time, some of these companies are going to be big bepeoplhemoth, amazon, microsoft. Think about the one that becomes the new york stock exchanxt 10. But are they also rich, with all of the Mega Companies that might be soaking up the profit potential . Right along those lines i was docked to david limp, Senior Vice President of amazon conservative business as they were having their launch one thing they announced was luna, a new streaming gaming service. But theyre not launching it on the app store on ios i asked him about the barrier of the app store, and whether thats a problem for him heres what he said. We chose on ios, which i think is what youre asking about, on mac, we have a native application. And on ios, we chose to use the Safari Browser as a way to get customers access to these great games. Im not saying that down the road we might not find need to try to do it, a native application on ios, we have obviously, lots of those on amazon but at this time, based on sort of the constraints across a lot of different places, it just didnt make sense. So we went to that in the browser. That conversation was live on linkedin, on ft. Knox, my program. Given those constraints if amazon cant even crack through, isnt that going to provide somewhat of a ceiling to some of these startups that so many of these investors are hoping are just going to grow and grow and grow well, i think the epic lawsuit is an interesting one for me to watch. Its going to impact many of my Portfolio Companies that deal directly with the app stores the distribution model, the discovery model, frankly doesnt work and its painful for a lot of startups. Its an interesting lawsuit to watch between epic and apple but fundamentally, these big behemoths, amazon and facebook, these are customers for oil companies. Some of the things theyre doing on the skunks work side. If you take a look at technology companies, many of them are benefitting because of the platforms that need better gathering, need better analyt analytics. And thats helping us with oil companies. Theyre cushions to many oil companies. Hany, talking about the boom with the ipos and valuation. You mentioned maybe its a public venture approach where youre one, kind of a shopify or one might become adobe is going to pay for a lot of the dudes. But i wonder if its like a biotech situation where maybe youre going to catch lightning in a bottle with your main product. If not, you could get bought by somebody bigger. Im trying to figure out the inner play of these upstarts and Massive Companies whose valuations imply theyre impenetrable yeah, 93 ipos are trading higher, 65 higher, depending on the day you look thats an unprecedented number when i first started in this business, if you had half your ipos up that was a stellar year. Now, theres definitely appetite for ipos not to happening that spacs that are happening. Trying to take them public i think whats happening, Companies Went public with 200, 200, 300 million in revenue thats stopped up to a year ago. Now, were seeing the spacs take the private Companies Public, youre getting a venture opportunity, instead of growing it 25 , 30 , when you go public. Companies are still growing, 60 , 100 year over year, and thats whats pushing this Lottery Ticket trifecta, if you will hany, speaking of Lottery Tickets, we have to ask you about draftkings i have to doublecheck the numbers, the stock up 394 year to date. This Online Gambling space has obviously been exploding how much more room is there left to run in this stock and are there other opportunities in the gambling space that youre looking at so, look, i think sports and Sports Entertainment is a gigantic business. And i think whats happening is, states are realizing we need to figure out how to generate more revenue from taxes and other sources. And Sports Gaming is one huge opportunity for that i think youre seeing the entire sector very early on only a third of the states, maybe 25 of the states have legalized it as more states come on, its a bigger opportunity for all of the players in the sector. All right well, thats a good way to give us something to think about into the weekend. Hana nada cofounder of acme capital. Good to see you. Thanks. Coming up, amazons flying recurity cameras, drones wak havoc with the companys all new products is after the break. Stay with us speaking of platforms, lets talk back to amazon, it unveiled its Holiday Season lineup yesterday, announcing a bunch of new products including a drone with a camera that patrols inside your house. I caught up with amazons devices and services, david limp, on the origin of the idea. Idea was borne from the fact that people indicator a lot about indoor security. Theres no question about it, and the ability to look at things in the house. Sometimes, just to look in on a pet. Other times thinking of things that are untoward, but in some cases, neighbors have told us, listen, for various reasons, they cant put cameras in every room of their house. That may be, they dont have power, or they dont want to think about replacing batteries or a room they dont want a camera in. That was the genesis of thinking how do you solve that problem for those customers. Hence, the ring cam was born what do you think, mike, are you going to get one of these . I keep wondering if this is something legitimately that amazon thinks the world is asking for and amazon brand, part of it is, were constantly pushing the limit, were going to move that edge out there and say, gee whiz, look what we can do for anybody willing to take it thats my own take on this also, by the way, the last 100foot drone delivery step we saw those videos for how many years. Its not core to what theyre doing, is it i dont think it is mike. But i think we should bring in the wall street journals joanna stern with us now joanna, you chronicle this stuff. You test this stuff. The product itself doesnt scare me but there has never been a Consumer Electronics part that im more afraid of getting hacked you know, the reaction i had to this, i think, is probably how most people are feeling. On one hand, technically, im like, holy crap look at this thing. We can have a drone that autonomously flies around our house, and can look at things when were not there seems creepy, but technically, kind of amazing. 2020 not the best year, but by 2020, weve got an autonomous drone in our house. On the other side, youre sort of like, hell, no, im not going to put this product from a Major Tech Company in my house with the risk of it getting hacked. That amazon itself has access to this footage there are so many security and privacy questions in that second bucket, that its, i think, really hard to figure out which one to focus on first. Joanna, though, its interesting that it does have that reflex response i think we all probably have that but materially, is it much different than having a fixed camera in your home . In other words, what happens to that data . Do you think theres sort of a line that separates those things . I mean, yes if youve been a person who has installed a fixed camera in your house or multiple cameras in your house, you may not think this is all that different except for the fact its autonomous and can go to different spots. I also spoke to david limp about yesterdays event, how that works, you program it, this is not something you that manually control. So, i think its not too dissimilar but, of course, the idea that this thing could have a mind of its own and go into areas, you know that gets into some tricky territory. Of course, fixed cameras have a mind of their own, too, they can pan around the room as well. Yeah, no doubt about it i mean, whats your, maybe, toptine takeaways from the array of new product introductions here are we talking about incremental updates, or do you think theres some gamechangers in there . I mean, i think i have the same reaction that the game changer is this drone. Both from a technical perspective and pushing the limit what are consumers okay with thats the big question i have, what is the percentage of the market that people think amazon is doing something really innovative and different here, versus this is super creepy. The tweet i had yesterday, i saw a lot of people excited. Say lot of people worried about their cats, that cats are going to defeat this thing instantly and the dystopian people saying, privacy, absolutely, no way. Amazon probably has a good idea of the sense of that market. Joanna, i think either my cats or my children would figure out how to use this as a toy and likely break it pretty quickly a question for you about where this fits into the whole ecosystem, because here you have amazon arguing for the innovation of ecosystem and buy we should all outfit our houses with alexas and make hour houses amazon houses. And google showcasing its devices coming up and then apple. So if you look at these ecosystems, why is the primary argument for why amazon is the one that a consumer can go with . Is it one piece of technology . Is it everything together, and how are they doing in this competition . Yeah, its a good point i think well hear a lot next week, too, at google where theyre talking about similar competing products at home, tv, speakers im not sure google is ready to put the flying camera in our house. Amazon wants to dominate the smart home that might have been the vision, but it might have been the vision once they realized alexa say hit. And that opened up other categories you see the acquisition of ring, a Home Security camera company, now moving into cars, moving around the home. Ero, a wifi home company. As apple builds up its ecosystem, they stand to be up against that you got me looking forward to the cat videos that are going to be made from this thing. The cat tipping it over. The drone flies in to look for it and the cat absolutely destroys the drone. Dont ruin my review video. Youll start recruiting the cat. Im ready. Im ready. The cat needs no convincing, im sure maybe we need a Google Camera to watch the amazon drone and make sure its behaving itself. Like, whos going to do security on the security device yeah, i think i would really pick google for that one yeah, maybe facebook maybe facebook is the one we want for that one. Its like the enemy of my enemy thing. You know, you dont have to trust them you just have to trust them to not trust each other and to have all the different eyes in different places that really is what were talking about living in 2020, i mean, its basically 1984. Yep, 1984 is here in ways even when we dont want to think about it, right. Joanna, thank you very much. Appreciate you playing along with us. Ill be back with the cats. I dont even like cats joanna, i volunteer my cats for that video still to come, facebooks most vocal critics coming together and starting their own independent Oversight Board. Well speak with the groups founder. Thats next. Stay with us welcome back, everybody. Im sue herera heres your cnbc news update for this hour. Virginia Governor Ralph Northam and his wife pam have boatested positive for coronavirus Kyle Wittenhouse is fitting extradition to wisconsin days after jacob police was shot by police in kenosha, wisconsin. The fda is warning about the socalled benadryl challenge on tiktok particularly teenagers take high doses of the medicine to induce hallucinations it can cause seizures and deaths. In fact, deaths have been reported and in rio de janeiro, next februarys carnival parade has been postponed because of the pandemic local officials have yet to announce a decision on whether street parties can take place across the city. Thats the news update for this hour. Mike, back to you. Keeping an eye on honeywell shares pushing onethird of 1 . Taking the dow along with it as well speaking of stock moves. The nasdaq just got out of losses moments ago, as all of the major indices move higher. Still a lot more on squawk alley. Stay with us every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Big tech ceos getting threatened with subpoenas from republican lawmakers ur ylan mui has the latest trying to force the big ceos back into the hot suit roger wicker is threatening to issue subpoenas to facebook, twitter and google, unless they agree to testify in a hearing in whats known as section 230 of the Communications Decency act last night, the Ranking Committee member on the committee, Maria Cantwell tried to block that saying it should be better at monitoring, calling subpoenas an power for a partisan effort 40 days before the election now, the only way for republicans to overrule her objection and move forward is to hold a vote. That is now scheduled on october 1st. Republicans do hold a twoseat majority on the committee. So there is a good chance it will pass. And then we will have to see what happens next. Guys, i did reach out to twitter, facebook and google, and they all declined to comment for now. Back over to you ylan, a question of this liability shield being used against companies. Theyre so big, so powerful in the industry, how much do you think well hear this argument that the liability shield is necessary for any startups that possibly could compete with them well, i think that youre going to hear these two issues get sort of mooshed together, even though theyre separate and distinct weve heard already from the attorney general william barr said that these companies enormous size gives them too much power in platforms. So that is one reason why theres an antitrust issue, as well as a content issue, on these platforms. So, i think what youre going to hear on october 1st when republicans start to debate this is a lot of strong rhetoric. They tried to also make the point that this is a Law Enforcement issue. That there are issues around terrorism. Around child safety. Around harassment, that also need to be addressed but i think fundamentally, the reason why this is coming up now is because of a political issue. And that there is concern that the platform decisions about the type of political content and perhaps information that is out there, what theyre taking down and what theyre leaving up is angering different sides of the aisle at different times and this is an attempt to try to ensure that the republicans message gets across. Thanks so much, ylan. Really appreciate it it will be interesting to see what happens next week now, lets zone in on facebook tired of waiting for the company to form its own oversight committee, a group of 25 experts have formed what they call the real facebook Oversight Board with plans to hold weekly calls. Interestingly enough, theyll be holding those calls on Facebook Live joining us now the guardian journalist and oversight carol, thank you for talking with us this morning oh, thanks so much for having me really pleased to be here. So, carol, tell us what your intention is in creating this board, and creating an Oversight Board is not part of the company that youre going to be overseeing as it were . So, in principle, im just one of the organizers. Its very much a group of people putting this together. But i think the intention is really to be completely independent from facebook. To be very much separate from the company. And be able to call things out in realtime, essentially i mean, we know that already facebook is being used by bad actors in the election to try and subvert, to actually subvert the election as its going on in realtime and at the moment, there is just simply no mechanism, at all, to hold it to account and to even put pressure on the company. So thats really the idea thats creating a platform, really, to bring together these really authoritative experts and academics and civil rights leaders, to all sort of speak, with a clear voice, to facts to facebook, when, you know, basically, that they see things happening which should not be happening in any election. You know carole, isnt there an issue around realtime, though, because what youre going to do is react to things that have already happened facebook has an opportunity to block things in elections, to take things down instantaneo instantaneously, whereas your board will be reactive how is it that it may already be out there where you can see it and make judgment on it . That is such a good question. You nailed it essentially. That is the precise problem because we know that these sort of lies and misinformation is coursing through facebook right now, even while voters have already started voting in the election and as you say, the only thing that facebook ever does is respond to a problem and only ever responds when its too late and that, you know, that is absolutely the nerve of the problem. So, thats one thing the board, i think, is really going to be trying to cull out and put pressure on and demand that facebook enact certain things now. And that is going to be absolutely crucial, i think, in the weeks leading up to the election do you have reasons to criticize facebook, the problems that they havent seen coming, the problems that theyve seen, and arguably, you know, underemphasized or ignored but to say that they never react proactively seems off to me. Also in july, you wrote, facebook is out of control if it were a country, it would be north korea youre comparing facebook to a murderous regime that starves, brainwashes and terrorizing its citizens as Standard Operating Procedure . Are you sure you mean that well, its really interesting, isnt it . Because the United Nations put out a report in which it said that facebook had the determining role in the genocide that happened in myanmar and when you think of that, when you think about that was a private company that facilitated the murder of thousands of people, and that is not me saying that. That is not critics of facebook saying that. That was the United Nations. So, i think, you know, the thing is we have already seen so many times such serious impacts of facebook on the world. And, you know, its not like we cannot see this coming i mean, and its not like this has not been called out before and yet, these problems keep on coming up. I mean, just two weeks ago, we had the incidents in kenosha and when i say incident, two people were killed we know that facebook responded to the fact that the platform was actually used to facilitate the convening of those people with weapons at the protest. They said that was an operational mistake. Now, i think when youre looking at the disruption of elections aspirational mistakes, or the murder of the people as operational mistakes youre in dark and dangerous waters. That is a called point. And while i take that and i think facilitating the convening of that group of people is certainly a problem, and they have said that, do we then also then have to give facebook credit for all of the good things that come from facebook as well . Because comparing them to north korea, its not just a facilitation issue its an intent and motivation issue. So, theres my question. Yes because if youre going to ascribe the negative consequences to them, do you have to also have to ascribe all of the positive sequences of internet in connection on facebook as well i think that might be too far on both ends . No, i think thats a great question and, of course, we know that we know that theres been wonderful things which have come out of the connecting the world, connecting friends and families. I dont think anybody disputes that but the reason why i made the comparison to north korea is not because its a murderous regime. But just because its a regime in which one man only holds the power. And theres absolutely no checks and balances on him. That is the situation with Mark Zuckerberg at facebook there is one man in control of this company there is no oversight on that power. And, yet, it has 3 billion people across the planet using its services and you have the fact that it plays an instrumental role in every single election in the world. And the reason why im sitting here now is because of the role that facebook played in the brexit referendum. So, you know, having spent now investigating that, essentially, and still we dont have answers, because Mark Zuckerberg refused to come to britain to testify before the British Parliament its astounding the rule of law. Carole, it is true that zuckerberg owns a controlling percent in facebook, but more specifically, zuckerberg has had to answer to the u. S. Government on several occasions, testifying to congress. He may be subpoenaed next week as ylan mui just reported. They do have an Oversight Board. Is there more to be with them and collaborate on that Oversight Board to help internal systems, rather than come at it from an external, antagonistic perspective. I think theres two great points there which is your first one, facebook has a board, a corporate board, it does where are they where are the voices on that board, calling out the problems that we know are the problems happening in realtime now . I would really like to be hearing from those people. And rye would really hope they will be appearing on television the next few weeks the second point you raise is about the Oversight Board which facebook has established so, the reason why, you know, this group of people look to set up this real facebook Oversight Board, was because, you know, how many years in, when they first started thinking about it. This board has still not convened and so, essentially, quite hilariously what happened is that facebook found out about this initiative, and they rushed out an announcement yesterday, saying that, oh, actually, we are going to be launching ahead of the u. S. Election i mean, i think even they acknowledged that they wouldnt actually be able to have any real before the election and thats the issue and if that has effect and can help bring facebook to the front, that is brilliant and we applaud that the thing is we need measures at the moment well it does seem worth acknowledging that facebooks interests also aligned with yours to not have manipulation with hate speech on the platform thank you so much for joining us on the heels of the new initiative we appreciate it, carole mike, to you thank you for having me thanks. Still to come, its a party royale and plape is not invited the details on fortnites next big convert. Gold bond champion your skin at morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. One of the Biggest Bands in the world, collaborating with fortnite in a party royale but its not black pink which is a little disappointing to me josh lipton, who is it it could be, jon, one of the most popular bands on the planet and now its coming to fortnite. Tonight at 8 00 p. M. Eastern, korean pop band bts will debut a brandnew album on party island. Thats a separate space where fans hang out and enjoy all kinds of entertainment its not big secret why the band would launch a video on fortnite the audience here can be massive. Earlier this year, travis scott, remember, hosted a mini tour within fortnite, foperforming fv shows for fans nearly 28 million players showed up to watch that fortnite now understands what they now have is more than a game its a True Social Network where fans want to meet up with friends and hang out is virtually, of course and thats more important than ever during a pandemic fortnite boasts 350 million players making it the most popular titles available its available for free on playstation 4, xbox switch and android. The bts video will not be available on fortnite on apple devices, thats as apple and epic continue to wage their legal war with one another in august, apple removed the game from its online store after epic released within the game violating policies the two sides have a Court Hearing on monday. Back to you, mike. Josh, thank you very much fascinating stuff. I never thought id feel more disconnected to the culture than listening to all of that thank you. Were watching shares of tesla up by 4 right now a little revival, still down 20 for its high 8 for the week. Most electric vehicle names in general have also had a tough week stay with us were back in a moment xfinity is your home for the return of live sports. Next week, dont miss cnbc delivering alpha back for its 10th year. Thats next wednesday on september 30th armot deliveringalpha. Com to len re and register. Well be right back. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Welcome back uber and other gig committecono companies are in a battle with california over how workers should be classified uber is trying to boost the chances of passing proposition 22 to maintain the status of their workers as independent contractor he disagrees with the position of uber and others great to have you, marco why the strong disagreement here thanks for having me. This is a bad practice on top of a bad bopolicy if we keep going down the road, we never get to true conversation of how do we set up future work for all types of workers. This cements the current structure and creates more carve outs for companies who are spending that kind of money. I agree the current structure doesnt seem to work to provide a safety net and worker protections. We have seen that play out during covid i dont know youve criticized these Gig Economy Companies for looking for car vouts in the past. How is that different from the car vouts for doctors, dentists, podiatrists, insurance brokers, private investigatorinvestigato. Why should the white collar workers get car vouts but the Blue Collar Workers shouldnt. We have a system that works for all. These folks havent been coming to table and there havent been a good conversation about this i dont see how this gets us to that point what would an arrangements be that works for all workers is it something that could happen on a state basis . How far would we be from Something Like that . We have already seen it in health care. The aca what passed six years ago highlighted that the value in being able to take benefits with you when you left the job. We saw an enormous influx of new Business Owners who were able to start their business precisely because they had access to health care on the individual market we have proof. It is true this is a federal issue as well as a state issue california being the fifth biggest economy having the companies headquartered here has a real opportunity to lead theres a real ambition with respect to what were trying to do as well as setting an example for workers all around the country. What will the implications for the cost to consumers because thats will be the other argument that somewhere the cost gets born and i assume thats filtering into the debate over this proposition certainly if they lose these sort of delivery and Ride Sharing Companies lose, they will say they are not viable and will threaten to leave. The truth is, they are viable. Maybe at a lower growth or lower profitability. A worse economic outcome for the business but its still viable its true that the price point to customers may go up but it may not. We talk about this as if its some new problem fedex had to go through this they got sued. They lost. They fixed it. I dont know about you but im still getting my fedex packages deliver delivered, no problem. They making it sound as if its the end all be all of their existence. Its not they are trying to keep it from their drivers. That doesnt feel right. Thumb tack is one of the only Tech Companies that openly opposed proposition 22 if it were to be approved, would you change your policies we arent really affected our Business Owners have their own companies, brand names they set their own price, hours. Ta really are their own businesses using thumb tack to find more customers. For us its not an issue of whether it will change how we operate. Were sort of outside the conversation which i think lets us be a little more objectsive and say whats right for woerks, whats right for the future of work going from this sort of two workers classification system to now potentially a third with what prop 22 is trying to do is piling bad on top of bad we node to recognition that the future work will be different. Theres going to be folks who work in all sorts of different arrangemen arrangements we need to solve for that categorically. Quite a lot of work that needs to be done i would argue for Blue Collar Workers structural great to have you. As we take a look at the market the dow is about flat. Nasdaq up almost 1 . A couple of stand outs, at least at this point as we head to noon peleton is up 8 zoom is up 5. 5 looks like a strong morning for the stay at home trade strong morning for the stay at home trade and got to point out that draft kings move as well having just talked about that with one of the investors and Board Members as well. Stay at home trade going strong. Apple fighting to get up to 110. Scott wapner and the half will take it from here. Have a good weekend. Thanks very much welcome to the Halftime Report front and center this hour, the wobbly stock market shannon is the chief Investment Officer the ceo and Portfolio Manager at gillman hill and courtney gibson, the president of luke capital markets. Nie nice to see everybody with us today. Theres green across the board but it has been a wobbly stock market to say the
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