Transcripts For CNBC Squawk Alley 20240711

Good morning, it is midnight in beijing its 11 00 a. M. On wall street and squawk alley is live. Good friday morning welcome to squawk alley. Im jon fortt with carl quintanilla. Its the end of cloud week on squawk alley. What a week its been. They have brought news on custom chips, Machine Learning and more sales force announced plans to buy slack for nearly 28 billion in the second largest Software Deal ever. Weve had ibm and microsoft weigh in snowflake and others have turned in blah earnings well hear from the ceo this hour what does it mean for investors already sky high investor malic noijoins us now i cant believe we never had you on squawk alley before i hope this is a trend i want to start with sales force slack. I know that you have known stu butterfield for a long time, even before flicker was a hit. You think this very expensive deal makes sense why . So lets remove the price out of the equation. I think what youre looking at right now is in 2020, we have gone from the idea of a company or an organization being physical to completely being digital. Were in need of a system to organize itself. The most important thing for a nervous system, you need to have a communication there, a messaging there. So from that standpoint, it is a great acquisition for sales force. You know, again, like im removing the valuation from the conversation once you do that, it makes a lot of sense the reason im making im separating the two is because a, i will shareholder in slack a little while ago so im a little biassed. More importantly, i do feel that there is sometimes you have to, like you know, back in the day when you go on youtube for a billion dollars, it is a crazy deal and look where it is now it is the future of google similarly on Instagram Beauty is in the eye of the beholder if i may make one more point this is the first horizontal product in the sales force portfolio. It is not going into a single you know, part of the business it is Cross Organization it is the glue which holds companies and organizations together there is a lot more upsell opportunity for sales force in this acquisition i get that. But i got to think salesforce already had chatter which was supposed to do that. If you justify this, dont you have to look at stubutter field and say heres a guy who is a serial founder he is a creator of cultures. Hes a guy who, you know, bennieof had a coceo and moved away from that he needs strong leaders. He has a leader who can grow leaders and has a track record of that but i also want you to step back if you can and tell me this is a bet on the future of this trance formation that weve seen take us this far and that into 2021, 22 and beyond, there is going to continue to be growth. Isnt that what this is a bet on from a company that in sales force is already huge . Yeah. I mean, thats essentially what i was trying to tell you is that in 2020, we have a Company Going to a physical presence you need slack to bring it together now they can be on top of it its not just butterfield. So you think about it. In taylor, you have arguably the best technological mind of a generation he got behind google maps, hes, you know, hes the one who helped put together Facebook News feed. And he is running hes the president and also the technological thinker at salesforce you add a product guy like stewart, now thats a good combination. You cant take stewart just in isolation because you have two really good Young Leaders who can put together a real why i noose future for this compan nice future for this company and he can help this company i want to ask you a baseball question tech leaders are fond of talking about what inning were in with particular Technology Trends its like we never get beyond the third inning theyre never like oh, well, you know, seventh Inning Stretch for this one were going to ride it as far as we can you have seen the transitions many times from business 2. 0 where i also worked. You know, the work youre doing now as an investor what inning is it really so i would start i got into the cloud game like 2005. 2007 we did our first Conference Call structure. And in 2010, i heard a conversation with the ceo and he told me that this thing is going to be a 25year cycle at the very least if you take that and were still maybe second inning, not even third. Oh, come on third inning again still . Thank you great perspective from a guy who has seen a lot of this and continues to watch it and invest in it. Hope to have you back real soon. Thank you, my friend. Carl. Meantime, sharp slowdown on the jobs number last month as we get a print of 245,000 Steve Liesman looking at that and some of the reaction around the street hi, steve. There is concern of worst to come nonfarm payrolls rising. Its an estimate of 440,000. Unemployment failed by 66. 7. That is because many left the workforce. Average Hourly Earnings were up. Thats because the job mix did not include a lot of low paying jobs ticking down again people leaving the workforce rsm writes from here employment gains will become far more difficult and the Unemployment Rate will stall until firms or individuals are certain theyll have access to a safe and effective vaccine. And then at jeffries, he says the rise in permanent layoffs and the decline in Labor Force Participation suggests that not all of the weakness will be reversed easily. Claims were up in home based data on workers showed declines, especially in retail so heres where the jobs were and where they werent transportation warehousing, thats the new retail, folks a big gain in curriers and mess efrpgers goods producing doing well with manufacturing and construction both up. And temporary help, maybe thats a good sign in this report but retail has a very high bar from seasonal adjustmentes it could not get over it and government down 99,000 local workers suffering as well as census workers taking off the pay rolls. Four Million People left the workforce since february they dropped out and there remains 9. 4 million fewer jobs from february and the process of putting them back to work slowed. Looks like we manage to get worst of both worlds a spreading virus and a weakening economy together this is a tough one for Incoming Administration to deal with Steve Liesman, thank you and coming up, the last of the exclusive cloud week interviews just moments away. This one with the earnings mover of the morning pager duty see it up there. The ceo is going to join us this hour as we close out huge cloud week here on squawk alley. Stay with us this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. The teams been working around the clock. Wire, weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. The only hope in my view of how the traditional studios can compete with the streamers through using this new theatrical window which is movie place exclusively in a theater for three weeks, could go longer and then moves to your home. And i think if more studios adopt that, think think well see many, many, many more movies playing in a theater for a much shorter period of time i think for the consumer thats a great thing. Instead of going to the multiplex and having avengers playing on eight screens and then two other movies on nine and ten, youll have eight different movies playing every weekend. The only thing is twhoeis they long there will be a new set of a bunch of different movies. But your ability to go to the theater and see things that are not just horror movies or super whore r hero movies, weve seen that drama has really migrated to television and theyre very few dramatic movies released theatrically i think when windows are shorter, well see genres come back and they migrate to streaming. We may see more of those in movie theeters with a shorter window. That is jason blum talking to us yesterday at cnbc evolve summit about the changing theatrical window, the historic innovations in media and nowhere was that more obvious than the warner announcement yesterday. Theyre going to put the 2021 slate on hbo max the same day the films go into theaters heather musneck joins us that amazing evolution in the movie business formerly the head of content partnerships at hulu welcome back hi, thanks so much. Thanks for having me back. The takes on this yesterday is either the window completely collapsed and hollywood changed forever. Others said, look, its u. S. Only its not international and probably is only for a year. Which camp are you in at least right now . I think personally the cats out of the bag so this is a complete paradigm shift when you have the second largest major studio saying that their entire slate for a whole year, beyond what we expect to be sprenlted frprevented from go mo movie theaters, when they said the slate is going to be available on hbo max and the same day available in movie theaters, thats a paradigm shift. I think what is going to be really interesting to see is what, you know, what happens next with what disney does they also have a major horse in the race with disney plus and with hulu in the u. S. And, you know, there is going to be a lot of pressure for them to make a decision very quickly as to how theyre going to what piece theyre going to play against the theatrical distribution of negotiations right you dont think that mulan and soul are already a tell as to what disney is thinking may be i think its a toe in the water. With mulan, they charge 30. You have to be a disney plus subscriber soul, you know, they have gone more in the direction of what hbo max is doing by having it be a same day streaming release and its included in your subscription fwhaut but that is an ip that is unknown. And so i think they have a bigger decision to make. Theyve been pushing off their releases of black widow and others into, you know, who knows when that is going to be released it was supposed to be out this year we have west side story and other Motion Pictures supposed to be released from didz asney pixar or 20th century fox which they recently bought theyre going to be in a position, theyre in the next position to really make a decision about a much bigger move similar to what hbo max has done in order to compete yeah. I mean, without getting too much into the economics of film, there are large questions about what they call the back book, how that gets monetized. Much different in streamingen that than in pay per view. They wonder how the profits are going to be made up. Sure. Im sure they have a lot of people crunching a lot of numbers right now. You know, to figure out exactly what the right move is and the economics are going to be different for disney than theyre going to be for hbo max. So when you look at digital as well, its a very different red share. So box office, youre splitting half of that with the theaters and digital, you get to keep if its your own streaming service, you keep most of the revenues except for distribution fees that youre being charged which are in the tens and 20s. Its not 50. So they have much higher percentage of the revenues and, you know, theyre going to have to make decisions between this and the new homegrown streaming services which is which are also different models from each other. What we saw with troll when they went straight to pvod in march at the beginning of covid19 was that they actually were able to generate 100 million in in digital sales. And that wassomething that was you know, pretty close to what they were doing in box office in the first month. And so it is an as these streaming services get scaled which this kind of an announcement with hbo max is certainly going to super charge their subscriber numbers for next year, theyre going to start to have bigger and bigger budgets to offset the losses i think at this point they really need to make a decision on how seriously theyre betting on the digital feature heather, this broken window this broken theatrical window, two things im hoping that you can address. One, does this essentially spell doom for bad theaters . I mean, if its between going to a old theater with soda stains in the seat or staying home, im going to stay at home. I like the ones with reservations and the leather recliners. Me too. Food yeah. Is this a huge opportunity for Consumer Electronics and over the top names like roku, sonos, amazon, apple, adobe maybe i want to get the surround sound head phones now. Maybe i want a bigger tv maybe i want a buildout. But a really nice experience if the windows broke snn. We broke snn. I bought a projector can you stick on the floor right up against the wall and can you take everything off the wall you dont even need a screen then you have a home theater and it doesnt cost that much money and there is no installation for a couple hundred bucks can you have a projector that streams anything that is the size of a coke can the opportunities for Consumer Electronics to benefit from this home theater experience is absolutely weve already seen with covid19 that people investing heavily in that in improving that experience 40 of households have upgraded their Broadband Connectivity and we already have 100 million households that have connected tvs. So this is a Consumer Base that is ready to stream movies and home and theyre going to continue to invest in making that experience better and better. And that has gotten cheaper anyway for all of us to do the so, you know, this is the time to make that big move especially if youre hbo and you have to get those numbers from 38 million, to you know, 60 or 80 next year to be considered a long term contender. Yeah. As we take a look at those pricing numbers. Good news for the consumer now its up to the companies to figure out how theyre going to do it profitbly. I think its fascinating, heather. Thank you so much for the guidance on this well see you soon. Thanks so much. It has been a good week for apple suppliers with names like micron, intel, all up near double digits and extending those gains today. A lot more squawk alley still ahead. Stay with us this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. See yourself. Welcome back to the mirror. And know youre not alone because this. Come on jessie one more. Is the reflection of an Unstoppable Community in the mirror. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look a humanas Medicare Advantage plans. With a humana medicare plan, hospital stays, Doctor Office visits, and medicare deductibles are covered. 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Wall street is taking a backseat again in the latest partnership with stripe. Our kate rooney explains hi, kate hi, carl. Big banks were hoping to win the battle for the next generation of customers the so far, theyre having more success being the back office for more innovative tech platforms. This time its with stripe the 36 billion payments giant is teaming up with Goldman Sachs, citi, barclays and evolve to offer Banking Service to the customers the announcement is the latest a string of the big marriages we had google and citi a few weeks ago and apple and Goldman Sachs with the apple card, this is a big shift for the industry as the banks move behind the scenes in the partnerships, banks are becoming Service Providers and rely on stripe and google for distribution as arc analyst put it, theyre becoming detached from any true customer interaction he says they command less leverage and smaller share of the economics. The new catch phrase for this is banking as a service theyre calling it bass. Similar to sas or software as a service. They say the industry could risk losing up to 40 of its 1. 4 trillion in revenue due to price competition and missing out on branding for the deals. But it could be offset by a flood of new deposits. Shopify works with more than 6,000 merchants will be the first to rollout this Banking Service for its customers next year the cofounder describes it though as a winwin. He says stripes intent is to be shockingly effective in Customer Acquisition and getting the banks many, many more customer deposits. I also spoke to citi ceo of Consumer Banking around their launch with google they expect a lot more of the tieups Going Forward as traditional banking is evolving. Carl, back to you. Kate, i just got to jump in here you had me stuck at banking as a service. Wasnt banking already a snfs. A service bas banking as a service, as you know, software is a service. They were a service. But they also were facing the customer way more closely tied to that chust relationship and they become a back end more of a service provider. Its just probably another catch phrase but one to throw around if youre look forg some new banking jargon kate, thank you bas, well toss that one around for a while. Lets get a news update. Heres your cnbc upday. New research giving new insight into the racial gaps surrounding kidd a new study from nyu found that once hospitalized, black patients were less likely to get severely ill or die. Experts say the findings suggest minorities are not more susceptible to poor outcomes from the disease austria, long lines as mass testing has begun. It is part of efforts to speed up the loosening of current lockdown restrictions. Back in the u. S. , a massive fire at a michigan marina smoke from the boat storage warehouse could be seen for miles. So far no injuries have been reported and with her song dreams back in the charts after featured in a viral video, music legend stevie nicks is catching in on the song catalog she sold an 80 stake for about 80 million to music publisher primary wave back over to you, carl thank you very much ncht keep an eye on pager duty today. Wow, shares up 20 have to go back a year and a half to see levels this high after the big beat ja nt. Talk to the ceo jennifer tedaexstay with us pagerduty shares is on a rise you can see the maintenance is up 26 joining us now exclusively is pageduty ceo general tejada. Good to see you. I cant help but note when we had you on after earnings, stock went down. As of right now, i think its up some 54 from that level of around 26 a share i think investors are responding to the positive momentum in our business what we really saw this quarter is product to market fit with our new ai and automation solutions. Meaning the markets readiness to take on Strategic Initiatives to support their imperatives that are really driven by this one way door we walk through to be totally digital and those imperatives are cloud adoption, digital acceleration and Devops Transformation. Thaez are long term tail winldz for our business our net dollar retention, dollar base retention went up to 119 that is off strong expansion in mid market enterprise where we saw big deals return to the pipeline and really a lot of the large deals were done on our digital Operations Management plan which is really the platform with our strategic ai driven solutions. Lets make sure they understand what you do you said in the Earnings Call that four of the five Largest Software Companies in the world expanded on pagerduty in the quarter to accelerate the Devops Transformation essentially, you are an Early Warning system inside the i. T. Operation. Telling people when things are broken or about to break so they can go fix the customer and end user experience. Right . So is this move, this transformation that were talking about in salesforce, slack, et cetera, part of what is also driving adoption of pager duty i think youre seeing two really important trends in the market one is that because everybodys business is trans acting online, digital operations has become super important in terms of ensuring the business can meet its customers expectations but also do it in a Cost Effective way. So pager duty not only communicates about issues that are happening, it uses software to automate everything from the diagnosis to the orchestration of that work to the right teams across a business and teams are now didn now distributed. Were automating the resolution. We real why i hope that customers can get a handle on the incidents that can cost over half a Million Dollars a minute if you dont get innocent frof them that really is the future work and thats where sas platforms like ours that are real zwrind for the user, the employee as if they were a consumer really easy to use, very quick to get value. You can be up and running on pager duty in minutes. And we publish some research that would tell you can get pay back in two months and 800 roi with over three Million Dollars of manual value from pagerduty implementation so this really important for our customers. So with the customers you already have, lets talk penetration. How much more opportunity is there for you to expand within those customers if youre already in some big ones and then how much of that growth is coming from that share of wallet expansion with existing customers versus new customers who you are bringing onboard look, fwheer a very early market if you by this clued cloud migration and Devops Transformation, many of the larger customers are still just getting started. And we dont have a single customer that is sold out because our platform can now be leveraged across development, i. T. , customer service, and other parts of the business. So we often start in the developer community, the people who own customer facing apps grow into i. T. , into security, into customer service. And then add new products as we go forward so there is a lot up side and opportunity. Well, fwheer cloud week on squawk alley. Were closing that out want to kn i want to know looking forward what you are investing in as a ceo . I imagine it is probably not, you know, capital xpenexpenditus being a Software Company it is mostly in people what is what is the Strategic Asset that you are trying to build up right now internally . Well, our company is built on talent i have to say, i love that we have a cloud week. If you would have asked me ten years ago if there was a cloud week, i wouldnt have believed it i love that. Im so proud of how our teams have come together and were in solving problems for those employees that want to help us so that is number one for us the move to remote work has really helped us break down the barriers to find talent in all kind of places that maybe we wouldnt have looked before. And to create access for people that want to have careers in sas and work in such an innovative space. All right, jen tejada with pagerduty stock now up more than 25 . Fresh 52week highs on the backs of earnings. Great to you have with us on squawk alley. Great to see you. Stay well. You too meantime, a renowned researcher at google says she was abruptly fired by the company and thats brought some industry wide criticism to alphabet jennifer alias joins us to talk about the story. Walk us through what the circumstances were here. Yeah. So we first found out about this because the renowned researcher at alphabet and really industry wide in Artificial Intelligence community had started tweeting a couple nights ago that she was abruptly fired and that drew a lot of attention to what happened because she is very well known. You know, so after that a few more details started coming out shechlt clai she claims she was terminated because of an email she sent to an Employee Resource Group which basically aired out her concerns about leadership wanting to retract a Research Paper she had and aired out concerns about their diversity and inclusion efforts and, you know, abruptly her devices just got turned off. So, you know, she was starting to vocalize about. That she wanted a discussion about being terminated that got a huge reaction from people at the company and industry and, you know this is someone who is really well known. Its not just an average google employee i wonder if you degree. It is sort of the collision of a couple different on going stories. One, of course, is the pressure on big tech especially to diversify their employee base. But also particularly at alphabet, a workforce whom weve come to learn is vocal about a number of things thats right, carl. The reason that the outrage is so big right now is that its a culmination of three major things that are issues that alphabet has had with the workforce. The you have the issue of ai and ethics there is a clash of employees and leadership over how the company is using the Artificial Intelligence, racial recognition, military use and thats been, you know, a controversy over the last few years. You know, fast forward to we had 2018 global lockout where employees protested the companys handling of treatment of women and Sexual Harassment claims and we saw settlement landmark settlement from that in september. So, you know, theres that and then you have the issue raised so being one of the very few actual, you know, black managers at google and for this to happen to her in the way she described where the company that already had issues with diversity was, you know, brought all of that to light. And post george floyd, the company has been the First Tech Company to come out and say, you know, we want to do better we want to listen to our employees more we have a lot of work to do. You know, were going to give 175 million to black businesses, increase our leadership by 30 and so its culmination of that. And thats something that she actually mentioned saying this say pattern of something she and other black employees have experienced ted company and, you know, kind of saying thats lip service if you will. Sure. Sure now well watch for further developments on it jennifer, thank you. Talking alphabet today well watch uber today as well they ask to consider the drivers as essential workers in terms of distributing any potential vaccine. Well get the latest on that story as well on cnbc. Com. Were back in a moment should auld acquaintance be forgot and never brought to mind should auld acquaintance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. A lot of people are like if tiktok is banned, im done this was fun i wasnt ablg to make money off it i have seven million followers i guess it was fun follow me on instagram like im going to college but for a lot of people like me who are graduated who have Work Experience and i do this full time now, its like im lucky in the fact that i have managed to diversify my platforms so if tiktok does go away, that will be my biggest platform taken away but, you know, people will migrate. I feel like its a very individual case. So the most important thing, and we saw it. The day that the press release came out that is like trump is on air force one and about to ban tiktok everyone is like follow me on instagram. I recognized her when i saw her tasting it that is a tiktok influencer. Sitting down with our influencer producer Brendan Gomez onwhat tiktok ban here in the u. S. Could mean for contact creators like her six million tiktok followers, three million on youtube and instagram and half million on twitter. Carl, i have to know actually, are you on tiktok and do you drink kombucha no on both. But the kids are a different story on the tiktok front. I adore her. She has so much presence and thanks to Brandon Gomez for doing that interview that was good stuff. Fantastic as we talk about tiktok as a business and a notion but there is actual human beings behind the content as we know. When we come back, our next guest says your Workplace Software is no good. And shell explain after the break. 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. And sweetie can coloryou just be. Ow. 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. You probably hate some of the technology thats in your workplace. Our next guest says its good to have you. Welcome. Thank you the piece is great. You really present this puzzle its different priorities, whether its employers, the bills or your workers, who actually end up using the product. Thats exactly it, products like slack and dropbox are predicated on the idea that the technology thats going to win in the workplace is the technology you and i want to use as workers its not necessarily true. Software is eventually sold as a boss and they have different priorities they want whats easy to buy, cheap, has other security features that you and i might not care about thats often at odds with technology thats easy and good to use for the rest of us. You talk about, i love this line, the half truth of the empowered worker and you sort of tie it to slack, which was hugely popular among the rank and file say they ended up selling out, is how you put it. I wonder how you think about slack and how youre using it as a lens to talk about this bigger issue. In a way it kind s kind of a bummer because i like to use slash and dropbox and air table and good to use for the rest of us workers but again, the companies that win, particularly in workplace technologies are the companies that effectively Sell Technology to bosses, to hospital administrators, to restaurant chain owners, to people in suits and ties in that way, a lot hasnt changed since the old days when we thought of Companies Like oracle and sap and microsoft and yelling into car phones and playing golf and having steak with workplace i. T. Managers its an interesting approach. I might disagree youre essentially declaring the end of Premium Companies will offer a free version and show management theyre more productive on our product and the enterprise will adopt it are you saying thats gone as far as it can go and its the Sales Organization that have control of premium, no longer work in the enterprise i think thats a good point i do agree with that that is still a very powerful force, that idea that you and i can try something alone or in small taemgs or t teams or classic case of developers buying Amazon Web Services and eventually convincing their bosses that its worth buying for the whole company or for their whole team. But i do think there are limits to that approach, to that premium approach because again, eventually a boss has to buy something and if the boss is the customer, then what you and i like as consumers takes a back seat. On a week where benioff gave a great interview to the times, what do you think is their process . Although they run these Large Companies now, at one time they were young entrepreneurs and Young Developers doesnt they remember what its like to have to use this stuff day to day i wonder about that weve seen this in the last 15, 20 years people really were the davids trying to take on the glie yac goliaths, and now peep like bl like benioff are the goliaths. It a great piece. Everyone should take a look at it thank you for being with us today. As we head to break, some electronic vehicle stocks under pressure today, rounding out a tough week nio down 6 today, and squawk valley is back in just a moment see yourself. Welcome back to the mirror. And know youre not alone because this. Come on jessie one more. Is the reflection of an Unstoppable Community in the mirror. Two Huge Consumer ipos, airbnb and door dash set to go public leslie its going to be a busy week for listings door dash making its debut on wednesday and airbnb on thursday we could see nearly 6 billion worth of stocks offered. Door dash is now seeking an ipo valuation as high as 36 billion. Airbnb is looking for a valuation of 35 billion the story behind both is that theyre each gaining share in their respective markets door dash and food delivery, airbnb and travel company. Door dash saw sales nearly quadruple this year but has since seen revenue rebound theyve shown pockets of productivity the key is how to model these companies this in a world where the pandemic one day hopefully fades. Guys even as the pandemic themselves have made the Business Models that much more lucrative and attractive in the meantime, weve been hanging on to gains here the commentary on capitol hill on stimulus has been pretty constructive as Speaker Pelosi says momentum is building toward a compromise another big story for the coming week have a good weekend. Lets get to the judge carl, thanks so much. Fron front and center this hour, what is the best strategy for the next several months . Our Investment Committee debating that and making big moves in this market well debate and discuss with our guests happy friday good to see everybody. Lets go to the wall