Raleighdurham. The president is about to step out of that plane. I can tell you right now, we are going to be there with cameras because back in d. C. , theres another huge story developing. The congressional antitrust sharks are circling. In less than 48 hours, jeff bezos of amazon, apples tim cook, google alphabets Sandar Pichai and mark succeed you azu facebook will be the ones in hot water. It is the First Time Ever that all four will simultaneously be taken to task by law makers. If congress is smart, okay, i know, if congress were smart, they would get suggested questions from this guy. Basecamp cofounder and chief technology officer. He hes the only one who has taken on three of the four and lived to tell about it. He will reveal the number one question he says congress should ask each of those tech titans that he says will cause crumbling. Plus, could a new u. S. china ticking time bomb threaten social medias hottest name . China economic insider derek scissors gives his threat
On twitter or facebook. Lets start with yesterdays hearing. Chairman of the house judiciary antitrust subcommittee kicking off this hearing in the opening remarks saying that he believes these Companies Need to be reined in. The practices have armful economic effects. They discourage entrepreneurship, destroy jobs, and degraded quality. Simply put, they have too much power. This power staves off new forms of competition, creativity, and innovation. While these firms produce individual products, the dominance is killing Small Businesses, manufacturing, and dynamism that our engines of the american economy. Several firms harvest and abuse peoples data to sell ads from everything to new books and dangerous miracle cures. They cant run away fast enough. There is no escape from the surveillance because there is no alternative. People are stuck with bad options. Open markets are predicated on the idea that if a company harms people, consumers, workers, and Business Partners will choose anoth
And its going to be a big change for people it can be make you feel a little bit all to stop e coronavirus s from spreading across our state. In fact in a letter to President Trump the governor warned he predicts more than half of our state will be infected with the coronavirus within an 8 week period that if we do absolutely nothing we go about our regular life thats 25 Million People and to stop that from happening that is why the governor put the order in place. So what does this mean for people its nothing new for us in the bay area but lets take a look at our screen and refresh our memories means grocery stores, gas stationand banks will remain open pharmacies will remain open. Restaurants will be open for takeout only people are allowed to go outside for exercise children can play outside as long as they keep that 6 feet of distance, the National Guard will assist with delivering medical and other supplies and step instance volunteers are very limited now due o the fear of the co
Vengery link that does it for squawk on the street. Lets send it to squawk alley. Over to you. Thanks. 11 00 a. M. On wall street and squawk alley is live welcome to squawk alley. Im Carl Quintanilla good to have you deidra, sarah is off joining suss partner gnb capital and the founder of earn. Com. Good morning to you both over the last five trading days, tech stocks, which were leading the markets higher for the entire year have turned lower. Today the nasdaq is slightly positive this rotation isnt just on wall street a number of articles in the past few days talking about Venture Capital funding drying up, or at least having peaked in the seed round. Called the hot money party tends to move around facebook ipo run up subsequently in 2013, 2014, big in seed a, thats where the capital went. The hot party moved in 2015, 2016 it went unicorn hunting, saw a lot in ipo, labor deals that hot party money shifted in 2017 very clearly to initial coin offerings. Thats where the action is today
Good wednesday morning welcome to squawk alley. Big tech feeling the heat today, executives from facebook, youtube, twitter are testifying on capitol hill. The hearing looking into whether or not social Media Companies are doing enough to battle extremist content. Separately, nbc nightly news featured Silicon Valley insiders, exgoogle employee, calling facebook a living, breathing crime scene for what happened in the 2016 election and doesnt stop there page one of the wall street journal, an argument for why todays tech giants may need one day to be broken up. Joining us, columnist from new york times, and larry hippo good to have you here on a day theres so much. Does it add up to one narrative, eric, or not are these disparate stories . I think the Common Thread is lack of transparency on the part of Tech Companies, they say they do no harm and are good for society, people are realizing products are somewhat addictive, there are some things about the product they dont understand, str