Transcripts For CNBC Squawk Alley 20240712

Its 11 00 a. M. On wall street and squawk alley is live good Tuesday Morning welcome to squawk ally im Carl Quintanilla markets are seeing a fair bit of chop today as we keep pace with powells comments a few moments ago. Any progress on stimulus and, of course, the president s recovery as he returns to the white house. For that were going to turn once again to eamon javers hi again yeah, hi. What were learning this morning is that a military aide who works closely with the president has now also tested positive for the coronavirus. According to nbc news, the president within the past few minutes also issuing a new tweet saying he is going to the next president ial debate. We have that wednesday vicepresident ial debate and the president is tweeting that he is looking forward to the next president ial debate. He is cleared to travel or optimistic about the plans to travel thursday by october 15th in miami the president saying there it will be great. No word whether were going to see the president today. Nothing scheduled. There is rumors of a possible address address to the nation. For the rest of the day to day, the president is going to be monitored by the white house medical unit he is going to continue to get treatments throughout the day to day. Theyre hoping that they can breathe as they say that last sigh of relief if he is fully out of the woods by monday carl, back to you. Hey, i was going to ask you about those reports of a potential nationwide televised address from the president any indication on what might determine such a decision . Well, a couple things one, they have to negotiate with the networks to make sure they can get prime time space that is always for any president that is always one consideration. The other question is just how his health is. Will he be able to give a prime time address live uninterrupted without coughing or other things that might cause concerns. They would have to balance the need to communicate against the need of looking frail. This is not a president who wants to hook weak what we saw yesterday that the moment of posing for pictures is all about projecting strength and health to his supporters and going into this election vicepresident ial candidate and Vice President biden in itself will have some different protocols than he would have expected a week ago. Yeah. Theyre going to use plexiglas, carl, is what were told to wall off the candidates from one another. Kamala harris and mike pence already separated as will the moderator be and well see how that one goes. Thats going to be a fascinating moment a, there is heightened strcruti and because of their different personalities and backgrounds. Mike pence and Kamala Harris couldnt be more different and represent very different wings of the american political experience how will they intersnakt hact . How will they punch and counter punch . Will there be a more substantive debate between the Vice President. Caller president ial candidates so much more to watch for tomorrow night in utah yeah, i think a lot of folks are going to be watching that very carefully to see if theres as much, you know, animosity and squabbling thank you for the update well come back to you again soon Contact Tracing efforts contin continue at the white house. Cayla has more white house aids are anxious and frustrated at the lack of protocols. They have been for days since they learned of the president s diagnosis but didnt learn exactly when he last tested negative but that remains the case no you that president is back in the building and there are, you know, not communicated clear confines around where the president will be and what exactly he will be doing most aides are trying to work from home if they can. If they have to go into the office to print something out or to access a document, theyre only going for that limited amount of time of course this comes as that news is just out that eamon javers mentioned, a military aid in the immediate orbit of the president tested negative over the weekend and there is the expectation that those in the president s orbit who continue to test negative that there will be more positive cases just like we saw yesterday with the press secretary Kayleigh Mcenany who tested negative for several days in succession but then tested positive as well of course, it is the Amy Coney Barrett nominating ceremony at the white house that happened just a little over a week ago where many of these cases are stemming from. You had several Campaign Advisors who were on hand to prepare the president for the debate that followed just a few days later but then you also had several republican members of the senate but we have since learned that cnbc reporting that confirms of that the New York Times that the white house is not doing Contact Tracing tied to this specific event because it falls outside the window of time in which members of the white house staff and the president s staff exhibited symptoms and began testing positive that despite the fact that there are nine positive cases of attendees who were present at that event were hearing a lot of rumors who were testing positive or suspicion about people not showing up to work and we want to make very clear that we will get a hard confirmation of those facts before we bring them to you here but, of course, the rumor mill is working overtime right now. It often does here in washington carl kayla, thank you. We have to be on guard for that. On to the subject of Contact Tracing, our next guest runs the covid19 tracking app that is used in ireland and now in new york, new jersey, pennsylvania, delaware, and some other states. Joining us today is the ceo of near form. Thank you for your time today g to see you good to see you too a lot of viewers might not yet be familiar with what its like to be part of a contact trace. Can you sort of explain the concept, i guess, basically and the degree so which technology is helping this happen yeah. Contact traysing has be Contact Tracing has been around for a long time. An manual Contact Tracing is the bedrock response to covid19 both in europe and everywhere. And so digital Contact Tracing is a pretty new concept because digital Contact Tracing, what happens is you have an app which has information on it. If you pass by somebody else who also has the app running on it, the Apps Exchange random numbers which are stored only on the devices for a period of 14 days then deleted and so there is an anonymous way of creating a link between two people even though they dont know that shrilink is being cre. If the person does actually get a test and tests positive, then the ability is within the app then to notify the other people that have been close to that person right how do you evaluate as a challenge the privacy aspect in the fact that americans dont want to be traced in any form but also i wonder if you think will is going to be a stigma to admitting that you have tested positive and whether thats also a deterrent. So with the app itself, you know, we started working on this back in march in ireland and one of the key things we had to think about was protecting users data, protecting users privacy. And so those concepts were baked in from the very, very beginning. And so if you install the app, everything that you do is opt in none of the data is shared trust in this app is really important. The good news is that technology itself at this point tens of millions of dollars are invested in building this platform that were rolling out in the u. S and there are multiple independent security reviews of the technology which point to the fact that the app doesnt actually expose anybodys private data it doesnt capture your gps he could order nantz. It doesnt do any of that stuff. All the information is up there. And its really at this point its a thing about saving lives. Its a thing about protecting both yourself and also the people that you love, the people you meet every day and so, you know, thats really the core point with the app despite the privacy protections, using technology to do the actual Contact Tracing has fallen far short of expectations or perhaps hopes and thats not enough people are participating. Why is that . I mean, are the privacy protections do folks just not demand that theyre good enough . That the apps havent been marketed the right way this is a thing this is this is going to be the things that going to take time so, you know, in ireland, for example, we had quite a bump when the app was launched. Its one of the things that will take time, a couple months to get the adoption numbers up. It will take a little bit of time thats the big thing its not going to just seven not going to install it in in the same day or in the first week the google Contact Tracing technology was announced and hailed as, you know, the best technology equipped. Also the best in terms of exposure everyone has an iphone or android phone, nearly everyone yet, months later, only i believe 14 states are using the apple google technology. Why is that . How much time do we really have here the thing you have to remember is that the technology was a Raw Technology that was enabled within ios and android the job there is to build, you know, apps for citizens in various locations. Thats taken a bit of time its taken time to test the system its taken time to rollout all the new features and to remove any bugs or issues that were happening at an early stage. And so the good news is that the actual mat form, the technology now is ready to scale. Its just a matter of actually trying to drive Adoption Across the u. S. And, you know, to get everybody thinking about, you know, installing it on their phones so a matter of opt in there is a debate over the magic number where the apps become effective or successful. Of what have you seen to be a good number . When there was a paper published by Oxford University recently, they came up with a number of about 15 of the Adult Population in a group of people, if you get to that number which is not a big number, it certainly achievable the number of people that are transmitting the virus and dying as a result of contracting the virus. I think there are some other interesting points that weve seen, you know with, the technology itself. The time it takes to notify somebody that they had a close contact you versus running a manual Contact Tracing it is shortened by a number of days and then also the other point is that the number of exposure notifications that are happening versus manual Contact Tracing on average is about 50 more. So you got these asymptomatic cases, you know, people who can be moving around the place infecting lots of other people and all it takes is to capture one of those and break one train of transmission. That will save a lot of lives, you know indeed. Finally, i wonder, you know, there must be at this point a case study here in the u. S. Where Contact Tracing has really dampened a flareup of cases whether its in a college town or maybe its in a larger metro msa. Can you think of one i believe there are some some stuff came out i think it was through Washington University im not sure but i certainly know that there are some case studies coming out of europe. And, you no know, it should be a case what works in europe from an American Perspective is going to apply in the u. S. No doubt about that there are cultural change thats are going to change the outcomes and a variety of scenarios but well watch it it is obviously a growing i was going to say, there are some case studies that are going to be published hopefully in the next couple of weeks from various governments that launched earlier on. So it will be great to get that information out there. Just to let people know from a data perspective, you know, how effective these apps are right that it works h thank you so much for your time appreciate it. Thank you carl, thats a goiod point weve seen people be successful with technology tracing. Were getting news out of boeing lets go to phil lebeau for that with airlines around the world on track to lose well over 100 billion this year, boeings outlook over the next ten years and 20 years is a good snapshot of just how much impact theyre expecting in terms of demand lets look at the next ten years. Boeing releasing the 10 and 20year outlook for commercial aircraft demand. Boeing says that over the next nine years, through the end of this decade, its going to drop by 11 theyre expecting the industry 18,350 new planes. Heres the problem over the next four or five years, the snap back in demand, its just not there. The when you look at the passenger levels here in the united states, look at how it has really hasnt picked up steam over the last couple of months in account fa, in september, parke levels were done 68 boeing, now says that they do not expect us to get back to 2019 levels until at least 2024. Once we get past this, whats the outlook going out through 2039 most of the airplanes that are going to be ordered, no the just from boeing but from air bus and other manufacturers will go to china and to asia, north america will be about 21 of the market. And there you see europe at 20 . As you take a look at shares of boeing, remember, it its backlog come down substantially for commercial airplanes now stands at 4,387 airplanes. Well get their september orders and deliveries next week much thats when well see whether or not there has been some stabilization at least some signs of growth or a little more demand from the airlines also take a look at airus about. Its backlog stands at 7 snch,51 airplanes. The next few years will be brutal for the airlines. Iata, the trade organization for air heinz, is out with a report today saying that the air heinz are going to lose 77 billion in the second half of this year and the aleast 50 billion or 60 billion next year. That is one indication of just how long its going to take the Airline Industry to recover. Yeah. 300,000 a minute as we said earlier this morning thank you for that phil lebeau. St s p 500 is trying to hold 3400 here. Powell really didnt add a whole lot at nabe that was new lot at nabe that was new still a long way t not you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Points. Apple speaker and head phone products were removed from the online store ahead of the anticipate product launches. We have more on what stocks are being impacted most today. Josh so check out sonos coming under real pressure here this morning. Apple removed third party head phones and wireless speakers from the online store. Thats impacting names like sonos, bose and logitec and reportedly instructed the Retail Stores to do the same in recent days apple stores have carried head phones and speakers from Third Party Manufacturers for years in addition though apple, of course, also makes and sells a number of Audio Products under its own beats brand and air pods in the quarter earneding in june, apple reported 6. 5 billion in other products revenue. Thats about 10 of total company sales. Remember, that segment also doesnt does include the watch. So why make this move now . Apple says that it regularly makes changes to the products it sells and stores continue to sell a group of other third party accessories. But this news does come here as some believe apples gearing up to launch new Audio Products of its own. Well knownapple analyst, for example, has said that the company is working on a new high end set of over ear head phones. The company also reportedly been working on a smaller version of its home pod Smart Speaker as well carl, back to you. Josh, ill take it. And, you know, it also just note that this comes as we are expecting any day now that house antitrust report, the culmination of 15 months of investigation into the big tech companies. So apple, you know, researching the products on its website is an interesting move ahead of that we also saw something similar from amazon. There was that journal report from a few weeks ago talking about how amazonry strik restris people from buying ads they hit back strongly saying news flash, this is common practice by retailers. I wonder if well get sort of an embolden response from apple as we await that antitrust stuff, carl. Yeah. Were going hear a lot about on this one a fascinating discussion that he is volume offing as it pertains to marketplaces and products watching the Market Action today. Losing a little steam as powell spoke. S p 500 now down three points. Mike santoli joins us. Cnbc markets commentator what do you think . Can we draw any initial lessons from powells address . Mostly reiterating what hes been saying for a while. Certainly very focused on the down side risk and the risk that we can fall into a trap similar to the post 2009 experience where perhaps the fiscal stimulus was a little halting, wasnt enough and had a slow and steady come back and recovery. But one that wasnt really kind of taking enough people back into the workforce too quickly i think its reinforce whats the market is cliinclined to wih for. Its sort of getting priced in its unclear if its in the market right now that theyll be, you know, lets say 2 trillion stimulus plan i think the direction of most indicators and incentives are moving in that direction i dont see much of a take away from the comments except on the fiscal front the no real talk about, for example, tamping down the rising yields at the longer end of the Treasury Curve yeah. I did want to ask yabout that people are looking back to june when we did hit 80 basis points on the ten year. Stocks ran out of gas. Thats an interesting dynamic at least to me. And then transports today above their record close which could be either stimulus or the fedexups economy or maybe a broad hope about continued relaxation of lockdowns. Seems like all of that in there. In fact, the rise in yields is reinforcing what has been happening for a while which is the more cyclical areas of the economy value getting a little more attraction relative to growth and i dont know if that is something that can carry the market all that much higher in an index level but it is all kind of the gears are locking into place for Something Like that at the moment i dont know if its about the, you know, yields getting too high that the market cant handle it or the mega cap stocks are benefitting from this plunge into negative real yields with Inflation Expectations going out of play and nominal yeeields gon nowhere, thats been interrupted. They have such a heavy index rate right now that on top of the fact that the s p 500 has come back more, gained more than half of the september pullback and then is running into this area thats been a little bit, you know, high friction for it for a while right now. Above 3400 mike, im watching those mega cap tech stocks. Seeing apple and amazon both down by 2 i just wonder does this group risk losing the leadership we talk about some of the risk events on the horizon, of course, the threat of regulatory changes as well as potential corporate taxes under biden that would affect these tech names perhaps most what do you think . Yeah. They absolutely on a relative basis have surrendered some of that leadership profile. All that really means is that they had such massive outperformance going into the end of august, they gave some of that back. It doesnt look like a real tidal change just yet. Look at it against banks and s p 500. I do think that the nasdaq 100 was so far extended and perhaps so crowded and overowned, it is a little daunting to get back up to those highs no doubt about it,the antitrus talk from both sides of the aisle is not helping but we lived with it for a couple years right now its no the clear thats going to be the waterloo for the tech trade immediately. We certainly have and should note the mega cap names still up mighty on the year mike, thanks for that. And as we head to break, lets check on oil prices. Check on oil prices. They aremy financial professionl explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home jumpingcould help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. Again wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Welcome back, everybody im sue herrera. About 30 minutes from now floridas governor is scheduled to reveal whether Voter Registration there will be extended after the states Online System crashed last night. An official tells the Associated Press that extremely heavy traffic that cannot be immediately explained overwhelmed the states computers in the hours before the midnight deadline. More than four million americans already voted in the president ial election. That dwarfs the 75,000 who voted athe this point in the 2016 campaign one election watcher predicts record voter turnout not seen in the u. S. In more than 100 years. The head of the World Health Organization saying a Coronavirus Vaccine may be ready by the end of the year though he did not elaborate. He made the announcement at the meeting. And a hearing on the governments ban on tiktok is scheduled for november 4th the order barring transaction with the owner has been on hold with the owner has been on hold fo some lost work and invented new ways to get by. Others were busier than ever,r more tha and found strength they never knew they had. We sheltered with the people who matter most, sometimes finding how far apart wed drifted. We worried over loved ones, over money,n over our planet. And over takeout. And we found a voice one the noise out there had kept quiet. When the world starts spinning again, lets remember this time where none of us felt secure, and fia t for a future where everyone can. Because when the world seems like its standing still. Thats the perfect time for us to change it. Quick break. Markets inching close to 3400 on the s p 500. Were watching some of the trades in technology and Communication Services that really played out over the last few months with regard to covid19 and effects on how we work and operate and live at home if if you take a look it at the Technology Sector versus Communication Services versus the s p 500, over the course the First Quarter of this year prepandemic, you can see theyre tracking closely together. And since the pandemic lows, weve seen some real outperformance. Again, tech up 27 by far the best performing sector in the s p 500. Within technology, some of the things that were watching from an industry perspective involve things hike semiconductors, software and Cloud Computing at large. You can see the couple week period weve seen a move for semiconductors, bid, software and Cloud Computing as well. Those are some places people are buying since the lows that weve seen over the course of the last couple of weeks. And then take a look at the names. These have been associated with the work from home and stay at home kind of during the covid19 pandemic zoom video is up 1 over the last two weeks fastly though, Cloud Computing company up 7 and peloton, believe it or not, surging up 18 just in the last couple of weeks. Of its in what is some traders call overbought territory. But still, peloton a real standout on that side f youre wondering the big drivers of the move in technology, of course, its been those mega cap tech names like apple and microsoft check out apple, microsoft, amazon on a year to date basis still very strong but still, take a look at this the highs that weve seen over the course of the past month or so, were still down significantly from those levels april sl do apple is down 17 from the recent highs and amazon and microsoft down 11 so we havent seen as much of a bid yet for the mega cap tech names. Well see if that changes over the course of the next couple of weeks. All right we were just talking to santoli about whether tech is losing the leadership the mega cap names moving on the race for a covid19 vaccine continues this morning as glaxosmithkline and another Company Announced that the antibody treatment trial will will move on to the phase three. Our next guest spent 20 years at the cdc and worked at the bill and Melinda Gates foundation she serves on several boards including cocacola and colgate and previously named to forbes list of the 100 most powerful women in the world quite the resume happy to say that dr. Helaine gale of the Chicago Community trust joins us now thank you so much for being with us today good morning. Now i have to ask, what do you make of the last week or so there has been so much news. The rise in infections right in the white house. President trumps reaction to getting the vie rushgs you know, dont be scared. Get out there. Likening it this morning to the common flu does it lead to people becoming perhaps more complaisant, taking more risks what could that mean for reopening plans . I hope it doesnt lead to that i think, you know, theres such clear evidence about how potentially dangerous this virus is and we dont yet have all that we could have including a vaccine that could change how we face this. On the other hand, we have a lot that we can do today we know that masks make a big difference social distancing, testing used judiciously and also make a difference i this will is so much we know that can be done today that can continue to reduce the transmission of. This i think while the vaccine is incredibly important, you know, we want to make sure that people are still paying attention to the things that they can do today to make a difference fa very serious situn and has taken hundreds of thousands of lives just here in our country and many more around the world. We know what needs to be done the cdc guidelines are incredibly clear yet, you have the president , you know, taking off his mask in a show of strength and, you know, likening this as i he mentioned to the common flu. With he know what needs to be done when you look at the u. S. s, the way that its dealt with it compared to some other countries, how do you get people at a large scale to follow these guidelines and, again, do we risk people become cavalier because of the lost 24 hours and what we heard from the president you know, everybody faces Health Challenges differently. You know, i think its incredibly important though that people listen to the scientists. Every day there are people who are talking about the evidence, talking about what we know makes a difference and so i think with very to really tun really continue to listen to our Public Health officials and the science as this continues to evolve and then each of us has a responsibility for our own health but we also have responsibility in each Others Health and weve seen taking into consideration the basic things that we know make a difference wearing masks, social distancing, hand washing, staying at home if youre not feeling well all of these things that can make a huge difference weve seen around the world the countries that have put that put those Public Health measures into use in a nationwide level it has really made a difference. I think there is a lot more that we could be doing. We need to keep listening to our Public Health officials and continuing simple steps that everybody can take that could make a huge difference while we t continue to wait for a vaccine which again we know the vaccine will have a huge impact but only if we do it in concert with these other Public Health measures yeah. I like the lasagne metaphor people are talking about lately. Hopes for a vaccine but you layer it with everything else, isolation, distancing and masks and so forth reuters this morning has looked at some documents that says the fda staff will will hold a Panel Meeting on october 22nd to discuss studies to test safety and efficacy of the candidates they also told the vaccine makers that any requests for an eua should have data that includes followup duration of two months i wonder if if everything you heard so far about time line, does it make sense that we could still be getting some kind of euas issued by, you know, mid fall, end of the year . Well, you know, i for one believe that we shouldnt be in in the prediction game you know, with he have really accelerated this to developing a vaccine, you know, beyond what weve ever seen before the weve done that because weve been able to do things in parallel as opposed to laterally. Anything that goes wrong along the way in any of the trials could mean further delays. If everything goes right, you know, towards the end of the year, early next year, we might have one or two safe vaccine thats could start to be deployed i think this is an incredibly complex endeavor and, you know, we want to make sure that the fda is able to do what they think is in the best interest of science. If they develop a vaccine and theyre not going to take it, there is a difference between having a vaccine and people actually being vaccinated. We want to have people to have confidence in the process so that when a vaccine is available people believe that it is safe and all the steps have been taken to make sure that those things, that both of those, the safety and the effectiveness and the efficacy have been well studied. I think its critical we know there is vaccine his tansy its critical we assure the public that right steps were taken and we didnt take short cuts so we can trust this vaccine and get people that need it vaccinated as soon as possible and as you know, we put out a study last week, the National Academy of science, i cochair that study looking at an allocation framework for the vaccine so that we were ready to look at who should get it first, who should get it later. And i think its important we remember that we want this vaccine to get to the people who need it the most as quickly as possible dr. Gale, you bring up such an important point the issue of allocation. We hope youll come back and talk to again soon about this. Thank you for being with us this morning. Continue to watch some of the levels here. Ok, just keep coloring there. And sweetie can you just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. The about 28. 2. Turning back to tech news. At which time eastern facebook removing a post in President Donald Trump this morning for saying the flu is more lethal than covid19. The company saying the post broke rules on covid19 misinformation and meantime were get something more information on that house antitrust probe into big tech. We have more a once bipartisan issue is increasingly divided thats right. Were learning new details of the year long investigation by democrats on the antitrust committee. It finds that amazon, google, facebook, and apple have ebb gauged in anticompetitive behavior that is tipping the Technology Marketplace into a monopoly specifically, it accuses the companies of pursuing killer acquisition thats snuff out competitors, hiking fees, misappropriating third party data, stealing other companys property, and erecting barriers to entry to maintain positions of power no you this all comes from a document that was written by gop Congressman Ken Buck and obtained by cnbc. Com and buck finds that while he does agree with some of the results of the investigation, lawmakers are split on the remedy much his report says democrats plan to institute a glass steigle for tech to define a clear single line of business. The report also says that democrats plan to draw bright lines that ban mergers at a 40 stake of the seller and a 25 stake for the buyer. And presumes that any vertical merger by a dominant platform is unlawful now there are some areas of bipartisan agreement on things like more resources for the regulators at the ftc and doj and on establishing rules for data portability and interoperability but as you mentioned, what we are seeing now is sort of the breakdown of bipartisanship in the backlash over big tech we expect that republicans are now trying to focus their criticism on accusations of censorship and bias as one of the issues in market power i will point out that we have reached out to the companies and the Committee Democrats and not yet received a response. Back to you. Thank you for that. We continue to track the developments developments stay audreystwins ing. Grandparents we want to put money aside for them, so. Change in plans. Alright, lets see what we can adjust. Wed be closer to the twins. Change in plans. Okay. Mom, are you painting again . You could sell these. Lemme guess, change in plans . 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You knows are even ahead of covid, the market for companies undergoing Digital Transformation and who need to use Digital Technologies to compete and win in the modern economy was enormous what covid did was it accelerated many of the initiatives, many of the use cases, thethings companies needed to build to be competitive were accelerated because of covid and social distancing and mike grat migratt of these business processes to the cloud. So it opinis been a till wind o Digital Transformation in nearly every kind of company. So covid acting as a kind of accelerant, investors also say theres more opportunity that can bring more competition. So microsoft makes some headlines. They just introduced some new tools. It sounds like moving directly into your core markets, how concerned are you about that new competition . Well, im not very concerned. Ill tell you why. Ill give you the same answer i gave when amazon started Building Products in the communication space or facebook or google or even blackberry once announced they were going to compete with twilio first of all, were no stranger to competition this is a huge market and so its no surprise a wide variety of products are in the domain. We build differentiated platforms and a differentiated super network. Weve got a 12year head start on anybody entering the space. We are not a company thats very focused on competition were focused on our kpcustomer and that has driven us for the last 12 years and well continue to focus on the things our customers need in this enormous market and be able to take a lot of market share. I get that, jeff. Let me push you on that one point. I understand its a big market, first mover advantage, but youre not worried at all, at least microsoft entering in terms of price competition that maybe microsoft moves in here, sees an opportunity, tries to undercut you guys in the market, make they decide we can bundle these new tools with services and present kind of compelling opportunity for developers not a worry for you . I dont think sacho wakes up every day thinking about twilio, but we are no stranger to pricing competition. That is how most companies have tried to compete with us through our 12year history. They come in with an inferior product, say were going to be cheap cheaper. It turns out what they want is apis that work, that are mature, that are scaleable, that work everywhere around the world and weve invested a tremendous amount of time and money to build the leading platform out there and we found customers value that were not stranger to people trying to undercut us on price but what we hear from our customers is they want quality, reliability, hipa compliance and thats what we offer i cant help but think that we heard a similar tone from Stewart Butterfield of slack earlier. And microsoft really ramped up the competition. I want to get your thoughts on this no codelow code movement, the idea you can give businesses tool kits that dont necessarily need Software Developers to develop applications are you looking at this space . Yeah, theres low code, no code and then yo code for the people who love to write code, developers weve got products for that whole spectrum the typical way a developer might build on top of twilio is host it themselves, we have a product that allows us to host the software for our customers and then we have twilio studio, and then we have a studio which has Interactive Voice Response systems on top of twilio we have embraced all three of those categories of builders we believe at every nt prienpr theres a large number of builders and we want to enable all those people to succeed on twilio jeff, we thank you for your time carl, ill send it back to you great stuff in the meantime dow session highs up 136 weve lost some of that steam. Weve been talking about the tenyear and the transports this morning, but normally on some of the recent mornings, weve been getting a steady diet of headlines regarding talks between the Speakers Office and the treasury secretary not so much today. I think the one thing new this morning is the progress does appear to be going slow if all youre going by is the public information. For now back to headquarters and the judge. Carl, thank you very much im scott wapner the high flying growth trade, is it in jeopardy joining me is stephanie link, josh brown and rob with Wealth Management lets begin with a look at stocks, one of the biggest questions now facing investors