factors into all of that the q4 consumer spending looking odd on a day when the nasdaq is posting a new 52-week low. last year, the encouragement was everybody get out and buy your stuff early because supplies are uncertain. this year, it seems like retailers are trying to get people spending early because they're not sure if they're going to spend later, even though there's actually oversupply in some cases >> yeah, and that sort of estimate from adobe shows people are getting out and spending you saw that number higher that doesn't say anything about the uncertainty that we're going to face for the rest of the holiday season when consumers are still facing higher gas prices, higher home prices, higher rent, higher food prices so will those discounts lure them back in this is certainly something we have been asking for a while now. how is that going to weigh on the bottom line. we just heard from courtney reagan, that was interesting how is the consumer heading into this holiday season, yes, still $1.4 trillion in savings, but that number is actually less than previous data implied so perhaps there's signs also going into the holiday season of consumer credit strain, as you said, the nasdaq at a new 52-week low, the nasdaq 100 also going back to cemeseptember of . >> this is a scenario on "tech check" for a while now as these experiences take center stage, people shifted away from buying stuff and toward going places, having experiences there was that sort of the pent up covid demand to go places once the summer is over, and people look at the credit card bill, what happens now, adobe is saying that they expect a lot of discounting, a lot of sales to try to fuel spending in the holiday season, but even as that's happening, we've got microsoft, we've got meta, facebook, trying to launch premium devices because it's that premium consumer that's still spending we'll see how much that premium consumer can bear. >> which leads us back to apple, john, it feels like at the moment, everything goes back to apple, what it does, in the upcoming season, especially earnings as well is going to have a huge effect, not just on the marks but it's going to tell us a lot about the global economy. where should you look for opportunity in this environment, with tech continuing to get slammed and where are the most risks coming from. tech investor, jeff lewis, going to say, happy thanksgiving to you, as a fellow canadian. thanks for being with us >> happy thanksgiving. thank you. >> appreciate it >> your message here is essentially be careful, there's a bunch of tech companies that have gone public over the last few years in a much different interest rate environment, and you think a lot of them just can't hack it. >> i mean, that's the reality. the reality is over the past several years, we had really a sort of nigh, they felt asset prices didn't matter on the way up that led to an insane tech bubble all of these tech companies got crazily overvalued so many crap companies went out in 2020, 2021. now we're on the other side of that, and most of these companies that went public overs past several years are never even going to be worth their initial offering price there are a few narrow areas where investors look, but in general, we're dealing with a n -- out of control that's my view. >> valuations have gone below their ipo prices where do valuations start to look attractive, and isn't what you're describing essentially the tech play book you take copious amounts of vc money, get market share and turn profitable are you saying that because the fed is changing and interest rate environment is changing, they'renever going to be able to get there. >> only a handful of high margin software companies actually become profitable in the private markets and then the hope is eventually they become profitable in the public markets. what we have seen historically, in the public markets, the companies that become most profitable become platforms. names like apple, microsoft, alphabet, meta ten cent if we look at asia. all of these are megaplatforms, a platform that offers multiple products these tend to be the most profitable companies, and so i think the place to be looking frankly is what is the next generation of platforms, what is the next generation of alphabet, meta these are some of the areas we can find opportunity in general, i think a lot of companies that went out in 2020, 2021, will never get above their ipo price. they are mega platforms. >> jeff, hunting for the megaplatforms is one thing, but particularly when it comes to s enterprise, the mega platforms grow buying buying the points that strategically important to build out the platform oracle did that in the cycle google did it. amazon has certainly done it so isn't there the potential for investors to pinpoint some of these smaller companies, yeah, they might not be profitable, but if they have the right ip and loyal customer bases, even if they don't, you know, go the distance on their own, they might get snapped up >> absolutely. i think there's going to be a wave of consolidation of these point solution companies certainly businesses like data dog, which has the potential to be a true megaplatform for observability in the cloud, i would expect them to be inquisitive, give them one of these few mid cap public tech companies that has the prospect of being a megaplatform and actually is profitable you know, salesforce might get more inquisitive, you know, i think we'll see across the board, snowflakes, still somewhat skeptical on that one they might get pretty inquisitive, given they have a lot of emerging competitors in the private markets that may tis pl displace them. some of the m and a activity will come from public names buying private companies i'm not sure the company will benefit that much. i'm not hyper long, up point solutions in the public markets. i don't know that the public is going to be able to capture the majority of the value from consolidation. >> interesting what do you do with fin tech you're not big on fintech lending companies, wondering how you feel about crypto given all of the drama there, and there's s and b fintech, there's other types that we don't tend to talk about as much, but that seem a bit more stable. >> i'm very bullish on, there's an argument there's names in the private markets like plaid, like stripe, that are that. block has the potential to be sort of core fin tech infrastructure, the fact that they changed their name to block from square makes me inherently skeptical of that one. i think maybe they had a few missteps in 2021, and certainly around buy now pay later, which i'm very skeptical of at this point. they changed their name to block. beyond that, i'm generally bullish, where you don't have a lot of lending exposure, and i think a lot of the energy around fintech in practice was simply driven by a fallacy around zero interest rates, and i'm stealing a line from the famous short seller a lot of fintech companies aren't tech companies. i think a lot of them are going to go to zero unfortunately. >> right they're supposed to be cross selling and growing into bigger platforms but it's hard when there's so many of them. you're also giving investors a warning here, be careful of a narrative mirage rally in q4 kind of what we saw in the summer, a lot of unprofitable tech names ran up. they have held up a little bit better, so what do you think, they get sort of a boost in the coming quarters, perhaps, but that can't last? . >> i mean, look, you can probably make money on that. doesn't seem very sustainable in terms of a thing to be doing i think there's probably going to be broad, depends what the fad comes out with in the coming weeks. increasingly looks like there's going to be another, you know, significant rate hike, so there may not be this crazy mirage rally. in general, i think one should be, you know, i don't think we're near the bottom here, and one should be very sure. a lot of these names, and then the question is what are the mega platforms, most bullish, microsoft, i think they have an exposure to ai, critical for the future that's not priced in today through their investment in open ai which we're leveraging ai, capabilities, the git hub copilot product. i'm pretty bullish, some of these mid cap companies like data dog that are profitable, that have the potential to become a megaplatform and beyond that, i would stay away, i think the meme stock era is basically over, twitter is the last one that's left, maybe. >> it's not the first time we have heard enthusiasm from data dog. thank you so much for being with us jeff lewis. >> my pleasure. let's talk chips, the stocks down more than 4% right now, the downside by lam research marvel, kla and plat materials amd is shock the market with the guidance cut and export restrictions on china. rally names that are tied to making chips let's bring in managing director, matt ramsey for a closer look. m matt, i want to start with amd because lots of people thought the pc market was slowing down, there was inventory stacking up. pat gelsner said that a few months ago a lot of people surprised by kit amd, it's now at levels where it was right before the pandemic hit. what should investors take away from that? >> anyway, first of all, john, thank you for having me on i really appreciate it yeah, it was, it was a shock to the system on thursday night not the direction, necessarily as youpoint out, the pc market has been weakening we pulled in a ton of demand, work from home during covid, and then you had some enterprise refresh on the back of that as people started to return to the office, and now a huge part of the market is upgraded, and we're now on the backside of that, but i think the magnitude of how quickly this is happening is what really surprised folks i think the amd pc revenue was down 50% from the june quarter to the september quarter, and we knew things were weakening, but that was quite a shock to the system, and i think it's going to be felt across the board. we have seen graphics, chips correct instead gpu market mid tier, androids, smartphones have big markets it's tough on the back of this as consumer spending tightens. on the flip side, these are quality franchises amd has more than 50% growth in the server business, a diversified portfolio, and the last pc market correction, we were in single digit operating margins and with a huge correction in the pc market, they have solid growth on a year over year basis and in the mid-20s on an operating margin a much different company than in the past that was a tough set of knew we got the other night. >> looking broadly at chip narratives, is there a reason to doubt the broader narrative that we have been hearing from qualcomm, et cetera, gaining share and innovativing in the cloud and placing chips there. in automotive, in systems as we switch over to more autonomy and electric vehicles, both qualcomm and marvel, for example, have been building a lot into that. isn't that more of a three-to-five year and beyond perspective, and if we're to believe that that's right, are these stocks trading at a significant discount to where they otherwise might be? >> i'll say this, 85, 90% from our inbound calls from institutional investors are in two areas, ai, and electric vehicle, some o. compaf the com you mentioned there, this is a five-to-ten year secular growth in both markets, companies like nvidia, a and d, marvel, monolithic power systems strong in the cloud you look at the electric vehicle market, wolf speed, qualcomm you mentioned, the secular bets here are, i mean, are there going to be more chips this all of these devices five years from now than they are today absolutely the way that we've described sentiment right now is very different, however, you have some of the consumer spending is seizing up you have worries about interest rates and what that might do to the automotive market, and the way i would describe sentiment, when we speak to investors, yes all of these companies are under valued where they're trading today. you step in first. i don't want to. i'm aware we sentimentalize. >> we have been here before, and china did not retaliate. do you think this could be different? how could they retaliate >> it's a bit of a pandora's box, to be honest. the united states and western companies have invented most of the critical technologies across the semiconductor industry from software to libraries to semicap tools and manufacturing ip, and the united states is continuing to gradually restrict those out of china, and i think as a citizen it's the right thing to do, but it does create head winds and uncertainty in spaces. these are unique technologies that only a few companies and the best ones in the semiconductor market have globally, they're critical for all types of growth. both mill -- militarily, all of these are governed by semiconductors as the u.s. tightens those restrictions, the friction between the two companies from an economic standpoint continues to go up. >> all right you know, it's important information to start the week. matt ramsay from cohen, thank you, with the nasdaq down more than 1% at this point. and meanwhile a new front in the risk platform, meta, and pay pal. take a look at our flagship fund down 3% today. that's a new low for 2022. it's down 63% since january. 77% since it's all time high back in 2021 tech check is back in two. this is doubling production without doubling headcount. this is connecting all your team with a shared point of view. this is the system you built moving from concept to customer. this is how. airtable. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. how about a gut check on a name that has had a brutal 2022 along with the rest of growth tech that would be etsy goldman now says that it likes the name at these levels, initiates as buy at a price target of 130. the stock has lost about hatch its value since the start of the year and that upgrade, not helping today, still down 1 1/2%, john. >> yeah, the contient moderation back in the spotlight. after a list of prohibited activities to include promoting misinformation saying it could result in a fine from pay pal, up to $2,500 after backlash, the company said it was an error to release that policy, but not before former president david marcus and elon musk had shots at their former company. and kanye west posting anti-semiticcontent on instagram and twitter, getting him locked off both platforms. let's take a look with casey newton pay pal says they're going to fine people for misinformation, oops, that was misinformation. that wasn't what we intended to say. that's kind of ridiculous, isn't it >> yeah, look, this is a really strange one, right, usually by the time language like that shows up in the terms of service, it has been vetted by a lot of people, so to throw its ha hands up and say we have no idea what happened is strange we'll learn more over the next day or two look, companies around the world are under more pressure for a lot of governments to do more moderation, and to do it in places that you wouldn't expect. people are right to be paying attention to this one. >> isn't the bottom line here that when we have an increasing concern over content moderation, that just means more people and lower margins for these companies because as much as they're spending on technology on ai to fix this, right now it's not a software fix. it's a head count fix. >> absolutely. and when you think about how many customers pay pal has, the question of how it would even attempt to monitor when and how and where they were spreading misinformation just seems like an enormous logistical problem and as you know would be quite expensive. there's a lot of good reasons for pay pal not to do this, even going beyond the free speech principles. >> pay pal as a company, as a stock, down nearly 70% there's so much going on with this name. word on the street we're getting more interested, it looked almost like a value stock. we have had the cfo leave. we haven't heard from dan schulman in a while. what's going on with leadership at this country? do you think it's sort of due for a change here? >> you know, i think it's a good question pay pal is a venerable tech stock, right it's been around for a while, and it might just not be showing the growth that investors are looking for. you know, as a long time user of the app, i can't say it's changed much, figured out new ways to get me to use it maybe the leadership of that company needs to focus on the product side, more on the terms of service side. >> okay. and casey, elon musk welcomes kanye west back to twitter and then kanye west goes in lots of weird and anti-semitic directions are we to believe that in elon musk's twitter world kanye would not have been suspended? >> well, certainly if you believe his previous statements, what elon has said is that for the most part he believes that speech that is not illegal should be allowed to remain on the platform and as abhorrent as the things that kanye posted were, they're legal to say in the united states i would also note, though, that elon musk hasn't said anything about what kanye tweeted ever since this happened, and so there's still question about what elon would do if he did indeed take over the company. >> the case in this case, you could easily call this hate speech, and feels like, at least the recent comments that elon musk gave in the interview that maybe he would be willing to take that off the platform what can we take away from this? >> i think you're right. if elon becomes the owner of twitter, he will gradually make the same decision in the space, you add moderation, it turns out that's what users want in the free speech wars we're having lately, folks like elon forget there's a market demand for content moderation people don't want to be in online spaces that are full of hate speech and abuse, they spend the money because it makes them money until we start having that conversation, i think we're going to keep going in circles. >> it's one thing to say you want to be a public marketplace of ideas, it's another thing to say you want to be an actual marketplace, right, because once you want to be an actual marketplace, brands don't want to be associated with prominent speech and controversy on a platform, and users get tired of being trolled. do elon musk's stated plans for making money with this platform line up with his also stated goals around free speech >> i don't think they do right. he's told us he wants to dramatically increase the number of subscriptions on the platform he wants the user base to be larger than it is today. how are you going to do that if every time you're opening the app, you're seeing hate speech, racist content the stuff that every other social network gets rid of for a run. there's going to be a moment reality slaps you up side the head and he's going to have to make decisions his peers have made in the space. ultimately it's the only way to keep the lights on at headqua headquarters. >> another moment, not the delaware chancellor court. a lot of realities to be en introduced too. >> i was thinking the same as you. which moment is that going to be. shares of rivian are getting crushed as they recall nearly every vehicle they have ever sold, though that's only about 15,000, over an issue that could lead drivers to lose conoltr steering "tech check" is back in just a moment go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. at humana we believe your healthcare should evolve with you and part of that evolution means choosing the right medicare plan for you. humana can help. with original medicare you are covered for hospital stays and doctor office visits but you'll have to pay a deductible for each. a medicare supplement plan can cover your deductibles and coinsurance but you may pay higher premiums and still not get prescription drug coverage. but with an all-in-one humana medicare advantage plan you could get all that coverage plus part d prescription drug benefits. with no copays or deductibles on tier 1 prescriptions. you get all this coverage for as low as a zero-dollar monthly plan premium in many areas. humana has a large network of doctors and hospitals. so call or go online today and get your free decision guide. discover how an all-in-one humana medicare advantage plan could save you money. humana, a more human way to healthcare. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. ford and gm shares down 6 to 7% after ups downgraded. weakening vehicle demand and pricing power of three years of tech supplies on new cars. rivian stock down about 10%, just off the lows of the day ev makers recalled nearly all of its vehicles to fix a steering issue. rivian says there have been no issues but analysts called the recall a black eye. rivian shares down 70% this year online holiday sales to rise 2 1/2%, down from 8.6% in 2021 that is the slowest rate in at least seven years. instore shopping and higher inflation. that's the layest. and we've got another amazon prime day this week, frank, we'll see how that goes. thank you. let's turn back to the broader market the nasdaq under performing off session lows we are starting the week on another note paul tudor jones joined squawk earlier this morning talking about the potential for a massive rally haahead. >> when we get into the recession, there will be a point that the fed stops hiking, there will be a point when it starts to either slow down or even at some point, it will reverse those, and when that happens, you'll have just a massive rally in a variety of beaten down inflation trades >> here to discuss asset management chief market strategist, daniel morris. thanks for being with us today what do you do in this kind of environment if you think we might be close to lows do you pick up the names and wait for what ptd calls the massive rally eventually >> you wish you could fast forward to the rally, and not have to go through between now and then certainly that will happen, if you think of how markets react at the end of the sessions those were the greatest opportunities, march 2009. i fear we're probably not there yet, but if you think about particularly tech stocks and growth stocks, we've had one shoe drop, if you will, over the course of the year, which has been the increase in policy rates and discount rates, and that's clearly been very challenging for valuations, for growth stocks. but that second shoe, which is the decline in growth, earnings growth, economic growth, that really hasn't happened yet if we look at the u.s. economy, what's the message from the payroll data zach wrote this good, and what we hear from companies, they're struggling to meet the demand that's out there, we're still waiting for the impact of the interest rate hikes that the fed is clicking through to slow down growth, and we really have to go through that process first >> yeah, important distinction between what's going on in the markets and that real economic data, daniel our first guest this hour, jeff lewis, he said that investors should be cautious of some of the unprofitable tech names, even if you see a bounce, a lot of them are never going to recover. what do you think? >> well, we had a rally a month or so ago, i think we're likely to see potentially a rally through the third quarter earnings season, even if we're cautious about the outlook, i would anticipate we're going to have earnings surprises, but you're right, if you're still going into an environment where growth is going to be slowing and companies, you know, haven't been profitable up to this point, probably are not going to suddenly become profitable if you're in a recession, whether they make it through certainly is a good question to be asked. >> daniel, are you on the hunt for some of these growth names and if you are in this environment, is it because of something you think is just going to happen in the market over the next six months or because you think these are valuable to hold over a longer term of years, whatever the macro bears out heading into '23. >> absolutely, it always comes down to what your investment horizon is and really if we look at what's happened in valuations, we're always looking for those stories that we think have legs, something we believe over the long term, and if this is an opportunity to get those stocks, make those investments out of the price impact now, yes, it may go down now. we do believe that ultimately they're going to recover we do see it as an opportunity, and i think the other thing to keep in mind, as we get closer to that recession, you know, on one hand, of course, we do worry about what is happening for corporate profits, it's at that time exactly that growth is most valued by investors, and they're going to be turning more to growth stocks at that time, and that's going to mitigate the downside on the earning front because demand, if anything is going to pick up >> daniel, i see that you're over weight china, and that's partly a call on tech. explain that >> well, you know, certainly china, you know, right now is having a lot of problems you know, we're very aware of the restrictions around covid, you know, property market on demand but the benefit is if you look at relative valuations, chinese technology versus the rest of the world or the u.s., they're at a really steep diskiscount, d we believe in the medium term story. because of the negative sentiment which is quite exacerbated towards china, even more than in the u.s., we see a lot of opportunity there, investing in particular names and multiasset portfolios, in an index that has a bigger weight to the technology sector. >> the reason we're here in terms of chinese tech valuations, is beijing is doing something you weren't really expecting. over the last few years, the narrative has emerged that chinese tech is uninvestable maybe you can trade it but to hold on to it for any long-term time frame is really risky >> two ways of looking when you think about tech in general, if you believe as we do, the median growth, the medium term growth in the sector, you don't have to be trying to pick the names because ultimately it will convert, and if you have companies that don't make it through, you're going to have enough of the winners that do, so without question, acknowledge the regulatory hurdles that the sector has faced a belief that ultimately, the government can't afford to continue on that path, it needs that support to the economy. it needs to become, you know, a higher value added economy if anything, the lessons you get is that the country, the economy has to find, and it's hard to see motors that don't include the technology sector in some way. >> as we looked at that both in china and at, you know, valuations and prospects for companies in the u.s. and europe, does all of this in the market reflect the shifted reality that the u.s. and europe have grown close every over the last 18 months and china in some ways from the broader global marketplace has grown more isolated and might find it difficult to gain skill outside of its sphere of influence with that technology >> i guess i'm not so concerned about that, i mean, ideally, you would like to have one big high where everyone shares across the pie. supposed to do smaller pies, but we still think, even the smaller pies, ultimately they're quite big. let's not forget china is the second largest economy in the world. it's unfortunately if that growth becomes more inward oriented, but, you know, even if you take the u.s the u.s. is a relatively closed economy, it can generate a whole lot of growth it needs within its own economy. china is analogous in the scale and the size of the economy, so yes, we think it would be better we all appreciate the organizational forces that we're seeing, if that persists, that is not going to mitigate the opportunities that are there just maybe they come about in different ways and at different growth rates it's not going to stop it from happening. >> great to have your insights today. daniel morris, thank you. an exclusive with biden's cyber czar that is xt ayitusne i traded my taxicab for a food truck and a dream. i'm larry villalobos, owner of cachapas y mas, bringing venezuelan flavors to new york. people love our yoyos and cachapas. we've become a foodie destination. larry doesn't just create mouthwatering dishes; he creates opportunities. small businesses like larry's open doors for neighborhoods to thrive. support your community. support small business. welcome back, let's get over to eamon javers, who has a sit down with the biden administration's psycher stock >> we're here in sea island, georgia, a threat conference organized by a media organization focused on cyber security i'm joined by chris ingles, a former air force brigadier general and former deputy director of the nsa. you have seen this problem from every aspect thank you for being with us this morning. >> good to be with you. >> we saw airports being defaced this morning, what do you know about that, it seems like it's coming from a pro russian group. >> it's a developing situation, and so we know more about what the assertions, the allegations are on the hackers than we had seen underneath in terms of the actual offense i t i think the airlines and airports have shown it's a defacement, a disruption, the person is trying to get create information about what's happening in the airport there's no disruption to the critical services under that i think what we have seen so far is that the airports have prepared themselves for situations like this they're working their way through it the airplanes continue to run as they should with those services, no disruption. >> one of the things that this sort of reminds us of is the fear we all have the and the beginning of the russian invasion from ukraine. a lot of us thought we were going to see cyber campaigns aimed at the west and the united states we didn't see that but you wonder now that we have seen putin in retreat, is that a likely scenario again, are we going to see a russian organized cyber threat against the united states >> of course we knew that's in putin's play book, and the russian play book, we have not yet seen them exercise that play i think we weren't so much afraid of that, but mindful of that, and we have prepared accordingly, the private sector, the government has worked together to create resilience, and be on the front of our feet to see that coming so far we have not. >> one of the things in the conference this morning that i thought was interesting, maybe cyber offense is harder or more difficult than we thought it was, and putin using the offensive capability isn't as easy what with have we learned so far. >> if you exam what we have seen in the physical domain, it's harder for putin to exercise a coordinated set of attacks as you might imagine. it's harder to do that in cyber space than it looks. that being said, we're liable for sucker punches, we have aspects of critical infrastructure that are not well defended in terms of the investment made in the last four years, or mindfulness in terms of what's happening in the last moment i think we can have confidence of it's harder than it looks we're not out of the woods. >> what would you say is the greatest threat from russians in terms of cyber campaign against the united states at this point. is it airports, financial sector, what are you worried about? >> i'm worried about our confidence i think the greatest threat is whether they take a small strike against what's not defends, whether we go to the darker corner in the room, and that portends actual destruction and the critical infrastructure underneath, we're more resilient than i think we might imagine. we'll work our way through we have done that before, we'll do that now. we have to be concerned as to whether we have the confidence and ayigility to work our way forward. >> so what we have seen this morning, that's nothing to be concerned about. >> we should address that, make sure the services are destroyed, and make sure we discriminate between that and an actual threat to critical services. >> we are a month away from the elections, we have seen 2016, 2020, foreign adversaries coming after the u.s. election system. >> they are attempting to affect our confidence of the election system, a free and open and fair election system. our department of homeland security and the fbi issued communication broadly to the american people saying there's no evidence to date, and no evidence into the future that there's any viable threat against the actual conduct of an election surely people will challenge our confidence but there's no viable threat to the election itself. >> no viable threat at the moment >> how about the chinese, so much focus on the russians and what's happening in vladimir putin's mind, but we've got xi jinping about to be reinstated in power in beijing, and we've got a very aggressive rising power there. what's the cyber threat from the chinese to the u.s. economy? >> the cyber threat from the chinese has for a long period of time been simply the intellectual property theft which has gone on richly for probably now 12 years, and that continues a pace increasingly that cyber threat can be manifested in the attempt to establish some threat to our confidence we have confidence of a free and open society, based on a free and open internet will continue to prevail i think it is. the market we see play out, the united states and like minded nation still has the dominant economy in the world will continue to be true so long as we have confidence. >> that's a great place to leave it thank you so much for joining us on cnbc. >> thank you, appreciate your time. >> john, back over to you. >> i'll take it. great stuff. and thank you. cyber security stocks have held up better than other tech this year they are getting hit we will take a look at netflix as well, it's getting a boost this morning as j.p. morgan predicts $6 million of ad revenue growth in 2023 stocks up 1 1/2% stay with us - yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing. wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads look the same because the insurance companies all see us the same. humana is different. they get to know you and listen to what you need. they have all-in-one humana medicare advantage plans with medical and prescription drug coverage. most plans include vision, hearing and dental for as low as a $0 monthly plan premium in many areas. humana has a large network, and they offer ppo options for even more flexibility. members saved an average of $9600 a year on prescription drugs. most plans include a yearly allowance for over-the-counter items. you can get tier 1 prescriptions with no co-pays or deductibles. call humana now to speak to a licensed sales agent. they'll treat you like a real person whether you actually go speed walking, or not. better care begins with listening. humana, a more human way to healthcare. welcome back, let's get another get check and frank holland has that on a turbulent period for cloud stocks. >> cloud stocks are lower, 20 basis points higher in the last few weeks. just about 1% off their lows as you can see. we know the transition to cloud, that's a real macro trend. cloud globally seeing strong growth as recession concerns grow important to note, it has declined from the levels we saw earlier this year. to start q4, many beaten up names are seeing upgrades in price targets, including citi, intuit and work iva, 95% of companies had in-office and remote work for employees. continuing to be a strong upward trend, putting optimistic price targets on crowd strike and zscaler, and strong growth potential even in a recessionary environment. but of course with the rising rates there are also stocks seeing their stock price and balance sheet impacted piper out with a list of stocks with concerning debt levels, focusing on companies with more debt than cash digital ocean and economy technologies back over to you. >> frank, you talked about some of the upgrades, it feels like as upgrades, and more of wall street is focused on the down grades, and have there been enough what is the sense here >> i think everybody is seeing the story, a stock like salesforce, and strong revenues and a stable business, and their valuation has been cut in half in the last year the real question is what stocks will survive the potential recessionary environment, and what are the stocks on the stack, it's a wait and see right now? >> frank, thank you. now, does apple's holiday growth hinge on the iphone doesn't it always? that's next. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. welcome back how will apple revenues hold up with companies like microsoft, and steve has a look >> hey, there. yeah, this is apple's most important quarter, and usually more than 100 billion in revenue, and amid those warnings, like you just mentioned from samsung and amd, how does the astock for apple products hold up apple has taken pre-emptive strikes, and they have increased prices of the iphone across europe and last week app store prices increase up to 20% in europe and parts of asia to begin the quarter, but we are still hearing about pockets of weakness, and analysts at morgan stanley, and sales are down year over year. sales down 2% for the quarter, while china was particularly bad, down a whopping 10% on the year just for the month of september. the ipad may be struggling to grow, too, after the pull forward demand in the first two years of the pandemic, and apple is being a buy with price targets approaching 200 bucks. and they are looking for strength for the proline that can help offset that flat sales for the units. like all year we have been watching apple to hit a new bottom before confidence in the overall market has hit a new low, too, so as apple goes so does the market. >> sounds like apple is succumbing to inflation in some markets, and markets outside of the u.s., but demand might be slowing and there's a reliance on a rich loyal user base to sustain revenue growth even if unit growth doesn't show up. >> that's exactly it, and just hoping that that higher-end customer is willing to spend $1,000 or more on an iphone, and they don't report unit sales but revenue sales. and the idc report that came out today, and pc demand is falling but they said apple demand for their new max that came out this year is holding up nicely, but they can't make enough to fully test the demand. i'll send it back to you >> good point, steve meanwhile, markets are clawing back some of the losses, and the nasdaq has come back, too, about 0.8 of 1%. we'll be right back in a moment. hi, my name is tony cooper, and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's 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, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. with no copays or deductibles on tier 1 prescriptions, and zero dollars for routine vaccines, including shingles, at in-network retail pharmacies. in fact, in 2021, humana medicare advantage prescription drug plan members saved an estimated $9,600 on average on their prescription costs. most humana medicare advantage plans have coverage for vision and hearing. and dental coverage that includes two free cleanings a year, plus dentures, crowns, fillings and more! most humana medicare advantage plans include a silver sneakers fitness program at no extra cost. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. in a time when there's too much money, which is why we have inflation, and too much fiscal spending, something like crypto, specifically bitcoin where there's a fine item out of that, that will have value at some point some day, and i don't know when that will be but it will have value >> that was paul jones earlier on "squawk box." crypto not concrete, and bitcoin and ether at aoctober lows you see a lot more volatility, and you say the shake-up was just earlier >> yeah, it concerns me in a way. i mean, it kind of has come to represent risk more than hedging against inflation and things like that, and when that is holding up, you wonder what that means for the broader market with that, that does it for tech check. is that it for the rally that is the question after stocks rose, and now earnings and key data looming, and joining me for the hour today, let's check the markets as we always do. in the east, we're across the board, and focusing on the nasdaq, again, down 100 points,

Related Keywords

New York , United States , Sea Island , Georgia , Beijing , China , Russia , Canada , Ukraine , Russian , Canadian , Russians , Chinese , Tudor Jones , Kal Penn , David Marcus , Tony Cooper , Matt Ramsey , Kanye West , Matt Ramsay , Paul Jones , David Courtney , Jeff Lewis , Larry Villalobos , Daniel Morris ,