AMC Stock Pops on Earnings, Cloud 100 Rankings Announced & Privacy in Focus for Apple

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 10 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start off today’s show with AMC after the meme stock company reported a smaller loss than expected and a revenue beat yesterday. Margins Editor Ranjan Roy joins to share his thoughts on AMC’s stock amid the hype as well as his take on crypto. Then, Bessemer Venture Partners’ Byron Deeter joins to discuss where to invest in cloud after Forbes released its Cloud 100 ranking today in partnership with Bessemer. Later, “Daring Fireball” Author John Gruber is here to talk all things Apple following the company’s decision to use technology to scan for child abuse imagery. We also hear from FalconX CEO Raghu Yarlagadda on the company’s latest $200 million funding round bringing its valuation to $3.75 billion. Plus, we bring in CNBC’s Andrew Ross Sorkin for more on meme stocks after his conversation with Kynikos Associates Founder Jim Chanos earlier today.

Transcript

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0:00.0	I'm John Fort.
0:00.8	You're listening to CNVC's Tech Check.
0:02.9	Our show is live weekdays at 11 a.m. Eastern.
0:05.9	Listen in. Happy Tuesday. Welcome to Tech Check. I'm John Fort with Dea Jrabosa. Carl is off. Today, AMC. Is it a tech story or just a recovery playing? A breakdown of the quarter that's got shares in the green despite huge losses,
0:38.3	then a check on crypto as the Senate will begin voting on the final infrastructure bill without
0:43.3	any broker clarifications. We expect that vote this hour. And finally, could working from home
0:49.2	cost you part of your paycheck? The latest on Google's newest policy that has some employees
0:53.3	pushing back.
1:00.2	Well, John, we start with AMC. That's where we start our feed this morning.
1:05.6	Shares are rallying after a smaller than expected loss. They have come down a little bit, though, basically on the flat line. There was a wild conference call that covered everything
1:09.8	from crypto adoption to a potential
1:13.3	partnership with GameStop. AMC CEO Adam Aaron joined Squawk on the street earlier to talk about
1:18.6	the quarter and the company's sky high valuation. Here he is with David.
1:24.7	But again, Adam, to understand the long-term fundamental strength of this franchise, I just, it's being treated as though it's the greatest growth company of all time, and it's not.
1:34.4	Well, look, the same people who are putting us down now, we're writing with equal certainty 10 months ago that we were going out of business then.
1:46.5	They've been wrong.
1:49.3	And who knows what will happen?
1:51.4	There's only one thing I'm certain of.
1:53.3	Tomorrow, our share price will go up.
1:55.5	It will stay the same or it will go down.
1:59.2	That is a certainty.
2:00.8	AMC also announcing a deal with Warner Brothers to have all of the studios'
	...

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