tv Tech Check CNBC August 6, 2021 11:00am-12:01pm EDT
night of my week of hosting it has been great and i appreciate all the support my colleagues have given me as well. >> it has been a pleasure to watch those episodes this week and root you on. >> thanks morgan have a great weekend. >> you, too. >> that will do it for us. i'm the one who is saying good-bye good-bye, everybody. "techcheck" starts now ♪ good friday morning, welcome to "techcheck," i'm carl quintanilla with jon fortt and deirdre bosa today, cloud names have been taking tech higher are those valuations now overstretched? a breakdown as tech aims for more all-time highs. apple walking this privacy title rope why the company's new plans are
fuelling an old debate. more on robinhood's wild ride the stock rallies again today to close out the week. also ahead, interviews with the ceos of zynga, drop box and confluent. we start with record closes for the s&p nasdaq and dow faang is higher for the week cloud and software names roared recently the cloud index up 2% on the week it is being led higher by the names that are the most expensive of the nine stocks that trade at 30 times forward sales. data dog and four other cloud names closed at all-time highs on thursday. this is partly an earnings story. data dog raising full year guidance and beating estimates other stocks that made sharp moves eyer, adobe, drop box and confluent. both of those ceos will be joining us later this hour consumer names have taken a hit
as usage wanes across e-commerce, stream, game zynga is the latest lowering its outlook as user activity fell amid a summer outdoors we have seen that from roku and netflix. zynga's ceo joins us in just a few minutes. i was going to say, the enterprise cloud names that are also the most expensive had come off so much earlier this year. i was looking at their percentages off their 52-week lows data dog up 85% from its 52-week low. ahsana has more than tripled from the 52-week low it has been quite the ride certainly paid if you stayed in them. >> absolutely. first i have to have my old tech reporter moment. the term cloud has no meaning whatsoever when referring to groups of stocks it is used in marketing for
teefz and indices. but build.com and ahsana don't have that much in common everything that's software these days is cloud. if it is not, i had' dead. but what they have in common, they are smaller stocks, not the faang names and they are selling their services to business, maybe even to enterprise what we have seen during this time, carl, is that software is what gives you options whether you are going to be all remote or all in person or have to go hybrid or shift back and forth between these things it is software that allows to you do that and lets you connect with and sort of extract great important strategic data are the customer carl. >> it is a great point we went through this with the mega cap tech. maybe we should start calling it enterprise software or something more specific. but the bottom line remains that i.t. offices and budgets are being reinvented as they
determine what return to the office policy they are going to have the etsy and the roku guidance, the overall tone of losing some share or some streaming hours or whatever the metric because people are starting to spend a little more time outside. >> jon, one more thing they have got in common, they are all expensive. theory way to group them together. >> a lot of them are a lot also have a lot of room to grow if you are looking on the bright side. despite stock indices at record highs there is an argument that it has been an ugly two weeks on wall street especially when it comes to certain corners of to be bob pisani has the story. >> after a strong run for technology and growth stocks, value stocks are starting to show some signs of life again. today's job report which supports the idea that growth is strong is pushing up bank stocks and traditional value sectors,
energy and industrial. tech is lagging. why does tech willing on to strong growth report in the idea that growth is strong and pushing up interest rates that brings back talk the fed tapering asset purchases higher rates are more beneficial to value stocks and less beneficial to technology stocks because technology stocks are growth stongs. when rates rise it makes the future stream of earnings that tech stocks throw off less attractive the delta variant by the way remains a big wild card. for the moment the market believes it will slow but not derail the recovery. but the extent of that slowing is still unclear mega cap indexes like the s&p tech sector, the nasdaq 100 and particularly the vanguard mega cap tech etf highly traded are just shy of record highs
however, normal low high flying tech leaders have had corrections in the past mont including cathie wood favorites like pal tear, roku, amazon, paypal and ned flicks. modest economic growth with continuing low interest rates would be ideal we are still getting the growth but it is not clear if rates will continue to remain low. jon, i think the question is the delta variant. traders want to know when it is going the peak but it is too early to make those calls. >> we have been talking about the tech names that give flexibility doing better bob, you covered a lot of ground there. in those smaller tech names that are growth stocks potentially that wouldn't fare as well with a rise in rates, have you noticed over the past few days, couple weeks that they have been getting a bit more of a bid? have you seen any particular why that might be? >> no. i mean the kathy woods names are
off a little bit but a lot are consumer focused names pal tear is the exception. amazon, roku for example there are some clear reasons why reopening would not be as beneficial to them overall the problem with the smaller names, the cathie wood names, many of them that she likes is their earnings are really farther out for some of them you have a discounted cash flow model. when interest rate rise the future value for companies with earning growth that's going to be way in the future drops dramatically because higher rates make alternative investments like bonds more attractive that's the real problem here right now, the evidence is pretty modest that worry going to see any dramatic drop in interest rates the market has been totally wrong on this all year but even modest moves upwards makes people nervous that are in those kinds of names. >> lot to process today on this
jobs friday. bob pisani. shares of mobile gaming company zynga getting hurt this morning. joining us this morning is ceo frank gabot. good to have you back. good morning. >> good morning. good to be here. >> the eyes go to the guidance on q3 bookings and adjusted ebitda this is a fairly obvious story that we are witnessing right now? >> i think what we talked about yesterday with our investors in the street was we had q2 and a fantastic first half of the year we were up 59% in revenue. all-time best cash flows our advertising business was up 110% one of our premier games, words with friends, had its best quarter in 12 years. starting in june and july as the great reopening began we saw softness in some of the players that had joined us in the first part of 2021 as they had the opportunity to go out.
they started to play a little bit less at the same time, apple rolled out its privacy changes to the advertising ecosystem. what we did at the time was we started to pull back on her marketing investments because we wanted the market to settle in a little bit we weren't seeing the returns on invested advertising as we looked at the rest of the year we took the opportunity to adjust our full-year guidance by about 3% what that sets us up for though is for a' 21 recording company records at $2.8 billion record profitability. and wohl be coming off of a tough covid comp right now, these issues related to the big reopening and idfa are what people are talking about. >> how long until we find a equilibrium? what leads us there? is this a dynamic that can be answered by the end of the year? this going to be a q1, q2 story of next year
>> we are confident that these are short-term dynamic in fact as we started to head into august in terms of idfa we already started to see that recover and ecosystem adjust to the new realities and all the tools and rules that are in place. we feel encouraged by that trend n. terms of the great reopening, we are heading into a period where kids are returning to school, the holidays from a demand stand poichtd we are confident because our core users who have been playing our games from the beginning of covid all the way through, 85% of our revenue, they are fully engaged and playing as much or more we feel very good that these are short-term issues related to the summer and some of the dynamics that you are witnessing in june and july. >> frank, it's deirdre let me shift gears a little bit. you also announced you are going to be acquiring star link for half a billion dollars, a chinese developer. is now the time to get deeper
into this market amid beijing's crackdown and concerns around foreign investment >> when we looked at star link we saw a talented team in beijing that builds golf rival the revenue that comes were that game is delivered through the game in places like europe, north america, and outside of china. from that standpoint, the economics of the acquisition is solid. and the talent base is very strong some of the things that the chinese government have been talking about have been very focused on how much time kids can play inside china in terms of the video games and the games that we make at zynga are for adults golf rivals appeals to people like us as opposed to kids under 18 we felt we were in a good position to move forward with this acquisition we think this is going to be a strong tricontributor to zynga
2022. >> what does this do to the m&a strategy which you have been pursuing aggressively. does it make you more eager or less eager to pursue those deals, with the stock dropping. >> it is an interesting time to look at the dynamics unfold. we closed our acquisition of chart boost on tuesday we announced star lark today we are going to focus on those and focus on things we have in front of up. farmville 3 is ready to launch this fall. as well as a game called hunters that's building momentum and demand we have fundamentals and growth in front of us n. terms of m & a while we are always looking for good deals right now we are going to look at integration and the organic growth we have in front of us. it is a time right now we are
adjusting to the short-term head winds but loonging long term zynga's focus is very strong and we are making great games for our players. >> as we become more concerned about the delta variant, has engagement with games gone back up as perhaps more people lean towards staying indoors? >> as i said earlier, 85% of our revenue and player base are playing our games as much as they were before covid it is really these cohorts that joined towards the first part of 2021 why we saw some of the weakness as things develop on the covid delta front we will see what dynamics change there. but overall a lot of people were playing games before covid we saw a huge spike in demand during shelter in place. as the transition back to normal is under way albeit with delta slowing that down i think you are going to see an overall interactive entertainment market
that's going to be bigger and stronger after covid it just may not be at the highs we saw in the early part of 2020. >> i think viewers understand the dynamics of what's going on during the second half we appreciate you coming on as the stock is down today. thank you. >> thank you. drop box's ceo joins us next "techcheck" is just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
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gets' get a gut check on fire eye shares are down. the company in a bit of flux as it spins out part of its core business despite so much focus on cyber security and the investments that corporate is making, stock is down more than 20% year to date this. jon s going to be the lowest price really since the middle of december of last year. >> yeah. now turning to apple, making headlines after announcing a flu program to tackle child abuse imagery. they are rolling out new software on american devices that will scan characteristics of images before they are backing them up to the cloud they are not looking at the content of the images but they are hashed a fingerprint type signature that each image
leaves it is checking that against the database of known images of child sexual abuse they are doing that on the device not in the cloud. not uploading poem's content to the cloud in a way for checking. then, if there is a match against that database of known abuse imagery, then a person will check to see if indeed their person who is backing up their images in i-cloud does in fact have images of child sexual abuse on their device. if there is, they will pass that information to authorities both sides staking out positions. some see this as a capitulation to government surveillance some researchers haling this work as a new solution to keep users safe what a lot of people might not understand is that apple is holding they are not actually looking at the images. they are checking a signature that each image leaves against a
known databases against of such images there are questions about how officials are going to tackle child sexual abuse this is apple's offering >> isn't it if there are a certain number of red flags apple does go in and make a judgment call? i thought that was the way this works. i wonder if this raises the stakes for other companies of course much of this relies on technology to identify these images can other platforms do this reasonably are there going to be calls for them to follow suit sort of like we have seen apple lead the way in terms of other privacy standards? >> this reminds me of differential privacy, a concept apple is using in other areas of its business to say we are going to be able to get smarter from consumer data buy without actually looking a of the that data itself and storing it on our own servers. as you know and we have brought to viewers over the years, apple
and tim cook specifically has been fighting some efforts by governments including the u.s. government to get a back door into encrypted data that lives on consumer devices. this is a continuation of apple's evident to use technology to have it both ways to say we are not looking at your data but we are going to make our product better and in this case perhaps safer from the use of information about the data >> it is fascinating to see apple put themselves out there on some of these controversial stances. we will see how it all shakes out. meanwhile, look at dropbox shares they are on the move after earnings they are up, let's see, they have come off of their highs a little bit, but still up about 2% the company reporting strong quarterly results and raising its full-year revenue guidance ceo drew houston joins us now. and cofounder. drew thanks for being with us. the street likes what they have seen on the important metrics lie annual recurring revenue,
paying users arpu you saw increased users, raised your revenue guidance. what do you attribute the optimism to? >> first, it is great to be here we had a standout quarter. i am really excited about the positive momentum we have been seeing you mentioned some of the financial metrics that are doing really well. what we are seeing is our core business outperform. our telesign and doc center doing well and this shift to remote work continues to be a big opportunity for us. >> tell us about the acquisitions, doc send and hello signing. can you give us color on how it is affecting growth? >> they are both doing really well and they have been beneficiaries of the shift to hybrid work. hello sign, e signature requests are up 75% year over year. and doc send, which is a company we acquired. they help with rich sharing and analytics for our content. they are ahead of their internal
plans. so they are both doing really and they are important work flows especially as we have shifted to working if home or a hybrid environment. >> dropbox has consumer users as well last year you and companies like you i believe reported an increase in child sexual abuse images that were at least being attempted to have uploaded onto platforms. i wonder, if light of this move from apple, they say that they can scan the images that users are storing in the cloud without actually looking at the images themselves and check them against the database of skooul abuse imagery. is that something you are looking into, interested in doing as well at dropbox >> it is something we have done for a long time. i think it is important that we protect children from exploitation it is also important we uphold users privacy and security at dropbox we have no tolerance for this kind of content on our platform we and basically all the major
tech companies have automated scanning technologies to take it down we are transparent about it this important issue. >> perhaps it is images people are storing on their apple twices perhaps they are backing up on. >> included but they are not intentionally storing them on the cloud. is there a need to help clarify for consumers how privacy is being protected as the law is being upheld >> i think it is important for consumers to understand this there is an important balance we have to strike on many dimensions between our privacy and public safety. so i think it is the right conversation to be happening and a really important issue >> drew, last time you were on with us we saw you from one the new dropbox studios, you guys of course taking that remote first return to office policy. eye wonder, has anything change over the last weeks.
we have seen the delta variant in the headlines and raised cases. are you going to mandate the vaccine for those that do want to go to offices >> well, unfortunately, we have had to reevaluate and pause our reopening and rethink things, like many companies. because safety, of course, has to be our top priority right and so we are staying close to how things are developing with delta. we will be following public health guidelines as we think about reopening. similarly, how do we reopen safely do we require vaccines these are all things we are working through. >> you talked about your real estate strategy in the call. you talked about the virtual first model which we have talked to you about before. no additional impairment charges in q2. is delta having the company revisit the strategy in any fashion, either doubling down or reversing? >> no. i mean, i think our model works in this environment. i think we have all been looking forward to being back together in person.
that's such a critical part of our working experience but no changes to our model. we think we have the right approach regardless of the time line for reopening and of course we hope that can happen soon. >> drew, we will stay tuned. drew houston thanks for being with us again. we will talk to you soon. >> thanks for having me. $10 billion cloud company confluent heading higher after strong results their ceo joins us next. then we will keep taking a look at shares of robinhood. session high for the week was $85. closed yesterday at $51. getting another 9% today new data shows another big spike in reddit mention force this name it is, again, four times as popular as the second place, which is amd stay with us
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welcome back to "techcheck." i'm carl quintanilla with jon fortt, deirdre bosa, and julia boorstin the ftc facebook battle is heating up as the deadline for the ftc to refile its complaint deadline approaches first, the news. >> here's what's happening president biden saying right now the latest jobs report is proof that his plan for the economy is producing results and moving the country forward. he is delivering a press conference right now the u.s. economy gained 943,000 jobs in july hotels and restaurants are responsible for more than a third the positions. the unemployment rate calling to 5.4%. united airlines requiring all of its u.s. employees to get vaccinated the move affects 67,000 workers across the country workers who not get their shots by this fall will be fired
the labor secretary. >> i don't have a problem with that the president doesn't have a problem with this. i have been encouraging the president has been encouraging, the cabinet has been encouraging people to get vaccinated keep your family, yourself, the people around you safe. cnn fires three workers for going into the office without getting vaccinated likely to see much more of that as companies continue to require vaccinations i will send it back to you. >> thanks. it has been a wild week for robinhood with shares up almost 50% since monday, rallying again today. up nearly 10%. kate rooney, you are here to break it down for us a wild first week as a public company. >> its first week as a public company. it has been a volatile we can for rubio. this morning, the company looking to ease investor concerns about lockups that made
news yesterday and sparked a selloff in the stock the trading app saying in a press release those shares won't be s.e.c. approval to be seld off until august 18th, the same day the company reports quarterly earnings they said they are not slg any shares we found out how much insiders are able to sell but i spoke to invest ears last week who said it is not clear if they will sell they only have the option to i am told robinhood agreed to let insiders sell earlier than normal there wasn't any trigger with the stock price. it doesn't say anything new about investor sentiment yet because they agreed to this back in january to be clear, the investors may not sell but it gives them the option to. as far as what else drove the wild action this week. first, cathie wood buying shares retail interest as well. it is the most mentioned stock
on reddit according to data from thinkdom hedge funds were likely jumping in on that aksz action as well in the options market, the moves on wednesday coincided with a rush of trading in options it was the first day options were available for robinhood stock. >> it is like the he had metameme stock it made a lot of money in the first quarter from the gamestop saga, people trading whether it went up or down. in a similar sense it doesn't matter, because their core business kmrks relies on trading is actually seeing more growth if people and their users trade up or down. >> it is ironic, they were the enabler of the meme stock saga the now they are one of the most mentioned names on reddit. it will be interesting to see how it turns out for robinhood mentions on social media tend to be good and drive user growth. we will see if it ends up being sort of its own viral moment.
>> and bad social media mentions as well. i wonder if they will pull an amc and raise money although they did raise money for the ipo. >> it is one of the risks. they will have to raise money again to meet regulatory requirements that may delude existing shareholders but if the stock price goes nuts maybe they will sell a secondary share. >> we will see how it turns out next week. guessing it could be another wild one. another enterprise name. confluent reporting a revenue jump of 64% to $88 million in its first earnings report since going public joining us, their ceo jay. customered doubled year over year tell me what this sort of head
fake environment frankly when it comes to covid and the delta variant is doing as customers i take it are having to rely on software to cover them no matter what happens >> look, ultimately we produce infrastructure software. i think the big bet on the digital side of the business, it's not something you make week to week. it is something that started over a year ago as a lot of businesses were seeing a slowdown in everything in person that really drives the acceleration of the digital streaming. and really, for us, you know, it's about data in motion. being able to connect up the parts of the business that in person and on line being able to act together that's a big part of what we have enabled for customers. >> what you focus on is being able to take isolated silos of data, bringing them together in a way that better informs the customers and i guess gives them an idea of what to do next what demand have you gotten from new industries or new sorts of features given both the pressure
to accelerate in this environment and the challenges the companies are facing >> it is a great question. that's exactly what we do. a lot of the focus on data has been how to store it but in companies now there is all these little piles of data in different doibzs and storage systems to really bring that to bear and make a customer experience great, to drive the operations of the company. it has to all come together in realtime that's what confluent hopes to do that's what we have seen rise as companies are thinking about the foundation of their digital streamings there really is an increased investment there. >> we have got a really tight labor market particularly for technology talent. and you guys are trying to grow. you have got to the grow it looks like it from these numbers. how are you handling it? where are you locating workers is geography still important, less important than it was before as people work remotely. >> that's a great question we were one of those companies that are just on the cusp of remote work.
from the very early days, we had a set of people who were not only all over the u.s. but all over the world but and that certainly helps us coming into the pandemic we were well set up for it nonetheless, the war for talent remains really strong. that's the foundational part of building great companies, hiring great people that's been an advantage for us. we are seeing a lot more companies doing it i think it will be an advantage to them as well. >> what's your approach to m&a as a part of our growth strategy in are you being aggressive at this stage and using your stock along that purpose a number of companies are doing that at this stage year. >> i mean obviously the core of our strategy is to build an amazing product. but i think there are so many really interesting companies out there, you have to be open to what comes along we certainly are >> jay kreps, ceo of confluent thanks for being with us. >> thank so much. shares of yelp this morning,
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record highs today for the s&p. for the dow. and something else at record highs, the momentum etf. a new intraday all-time high the first ones since february. led by gains in carvana and plug both up over 8% so far today one other story related to privacy has to do with facebook in hot water with the ftc. yet again. julia boorstin has details >> carl, the bureau of consumer protections acting director wrote a letter to mark zuckerberg telling him he is disappointed how the company conducted itself this battle started on tuesday when facebook disabled the account of researchers at the nyu ad observatory claiming they study political ads using
unauthorized means collecting data from facebook in violation of our terms of service. we took these actions to stop unauthorized scraping and protect people's privacy in line with our privacy program under the ftc order. facebook saying the rchers designed a browser program to escape links and they collected data about facebook users who did not install this extension or consent to the collection of the data the ftc said had you honored your commitment we would have pointed out that it does not bar facebook from creating exceptions from good faith research in the public interest. nyu researchers deny wrongdoing and they were quote gratified for the ftc's communication that facebook is not required to shut
down our work. we are eager to return to our work facebook clarified in a the order didn't require them to disable researchers' accounts but rather required them to create and enforce a privacy program. the issue, facebook says, is not about making an exception for good faith researchers but that the researchers were violating the privacy rules. this is of course complicated, and it comes ahead of the deadline for the ftc to re-file its anti-trust lawsuit against facebook. >> a further degradation between the relationship between the commission and the company the real surprise would have been if the ftc was pleased with something facebook did the shares are not being markedly affected. i assume the overwhelming dynamic for the shares and the stock and investors is going to be the continued strength in the ad market. >> absolutely. the ad market is so strong facebook has done so much by moving away from reliance on big advertisers to its strength in
small businesses so many small businesses on the platform now it is extanneding into the creator economy, individuals who have their own small businesses enabling people to generate new revenue that way we see the stock is pretty much flat today it has been remarkable, carl, that we really haven't seen some of these issues with the ftc, with regulatory oversight way over the stock it will be interesting to see what happens when the ftc re-files its suit. it is her opportunity to lay out the approach for facebook and other tech companies going forward. the deadline is august 19th. >> you don't see the share prices of the other tech companies reacting to this pressure back to the headline this is good faith researchers but if it was not good faith f it was another organization trying to scrape data i doubt we would be hearing the same
comments from the ftc, right >> yeah. i mean, look, this is complicated n. a lot of ways i think the ftc and facebook are talking past each other. the ftc is saying hey, don't make it our fault that you pulled access for these researchers. and facebook is saying you told us to create privacy rules and enforce them we are going to enforce them consistently i think the question is while the nyu is doing something meaningful, trying to track all the political ads on facebook in a facebook is not identifying itself why that's useful -- are they doing it in such a way that it does violate the rules do they need to figure out some way to do that within the structures that facebook has created? a complicated issue here obviously the folks at nyu want to do something atn the public interest the question is the means in which they are doing it. >> julia, something here doesn't add up facebook says nyu is violating its privacy rules.
but nyu, marshal irwin, the chief security officer, in a blog post, said this system. theirs does not collect personal posts or information about your friends, and it does noit not compile a use profile on its server i wonder does facebook want more control over what its users consent to have done with their data and the ads targeted at them i am not sure what the violation is. >> if you read what facebook says, they are saying people that didn't download this browser, didn't consent to have their behavior and their information tracked were in fact getting their information polled and scraped and also their movements tracked. i think the question here -- it may be a semantics thing it may be a technical issue. but you know, facebook says they were violating the rules and nyu says they weren't. we will see how it plays out. >> a bit of a wrinkle.
one to get on the record with your help. thank you. china's crackdown on tech continues. new details are next. speaking of tech in china, huawei continues to suffer from being black listed by the u.s. its chairman says its aim is now, quote, to survive more on that story on cnbc.com stay with us this is the gap, that opened up when everything shut down. ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ what happens when we welcome change? we'll get there together. we can transform our workforce overnight out of convenience,
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as the latest crackdowns continue to -- china's biggest crackdowns continue to ripple out. ride haling dee dee putting out proposals including ceding data management to a state-controlled third party in an effort to appease the country's regulators and avoid a delisting in the u.s. meituan has a fine as it is alleged they abused its dominant market position. the state fined alibaba on similar grounds in june. and lastly, duo lingo's app has been removed from droid stores in huawei and tencent phones the first time american companies shb shut out of the market google, twitter, facebook, they have all been only accessible
since back when i lived there through the great fire wall. >> the crackdown we have been talking about several weeks is just getting started in china. keeping our started in china. we have to keep an eye on if keep your eye on zillow, beating both the top and bottom line upbeat forecast swems the -- forecast for a hot housing market not helping the stock as they guide a little bit soft on ebtaid shares down more than 20% year to date. "techcheck" back in two minutes. (♪ ♪) a fashion first, (♪ ♪) a science first, (♪ ♪) or a first for us all (♪ ♪) whatever you hope to achieve for your business, cloud first helps you get to value...first (♪ ♪)
integrated information management company open text reporting fiscal q4 earnings the software company recorded record cloud revenues up 21% from a year ago. and one of the things open text technology does is help companies including dell manage supply chains. i hope with the ceo in a news stream after earnings last night. he has ambitious plans to double revenue the next five to seven years. i asked him about the challenges of hiring a skilled tech workforce in a tight labor market and where inflation comes in >> look, i've read a lot of economic reports saying that inflation is transitory. that just seems wrong to me. right? i mean, wages are -- are up.
and goods are up i don't know anything transitory about wage inflation when you pay an individual more you never take it back so -- appear usually rightfully so -- i think economists have is it wrong i'm venting a bit >> some companies tried to take it back at the beginning of the pandemic but not for long you can find my conversation with mark on "techcheck's" linked in page and the show twitter stream but we have the labor numbers and translate through to tech in many ways, including that one >> that's right. it's like water, hard to hold back from various industries fascinating. when we come back, the white house wading in a bit further on crypto regulation. and, of course, don't forget to follow and subscribe to the "techcheck" podcast, listen any time, anywhere within on on spotify, google.
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president biden is wading into the crypto controversy surrounding capital hill's infrastructure bill. ahead of a key vote tomorrow ylan mui joins us with more. we talked about this yesterday this is causing a huge uproar in the crypto community from the likes of andresen horowitz hitting back >> i'm told now that janet yellen has personally reached out to capitol hill to express concern about changes to the requirement that cryptocurrency brokers report more information to the irs a bipartisan group of senators, democrat ron widen and pat toomey and kringt in loomis wanted to make sure crypto miners and developers were carved out from those rules. but the white house took a different stance instead, backing a more limited amendment that only exempts miners, sponsored by democrats mark warner and kristin cinema and rob the portman.
bleaching the provision will strengthen tax compliance in the emerging area of finance and ensure that high income taxpayers contribute what they owe under the law. the industry is up in arms the blockchain association said leaching out software develop certifies anti-technology, anti-innovation and disastrous for the crypt off ecoin my loh system and senator widen is not backing down right now, the senate is an impasse, one of the reasons the vote on infrastructure is getting dragged out all the way until tomorrow, guys, as negotiations continue behind the scenes back to you. >> really quick, ylan, the cbo reports the house freedom caucus, mcconnell on the debt limit, how much is being -- is the bill being set back by some of the other cross-winds >> so there are concerns as well about the costs of the bill and how much is actually offset by the enhanced cryptocurrency reporting. that was another reason senators
couldn't unanimously agree to finish the debate last night but they'll have to make a decision by this weekend, because they want to move on to that bigger $3 trillion spending package >> ylan mui on the hill. thank you. next week. cpi and earnings from dash to disney let's get to "the half" >> all right, carl, appreciate it very much welcome to the "halftime report"" i'm scott wapner the jobs jump what it means foreign rates and your money we debate that today and special guest. keith meister he is with us momentarily. and exclusively. joining me for the hour today shannon saccocia deegz wright kevin o'leary and jon najarian good to see everybody on this friday we begin with stocks getting a lift off the better than expected jobs report, rates as you know are on the move a number of sectors are as well. the dow hits a new intraday high i wonder if this is a game changer for thinki