Bank of America Reports Surge in Tech Investing, Playing the Meme Trade & Previewing Cisco’s Q2 Earnings 8/17/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 17 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Seema Mody covering new Bank of America data showing some of the biggest inflows into tech in more than a decade, and Canvas Ventures General Partner Mike Ghaffary discusses the latest batch of retail and e-commerce earnings. Then, Citi analyst Tyler Radke joins after downgrading Zoom, and Wall Street Journal markets reporter Gunjan Banerji offers her insight on the broader meme stock trade. Next, our Julia Boorstin reports on streamers shifting focus to profitability amid the ongoing downturn, and CNBC’s Frank Holland previews Cisco’s earnings after the bell. Later, CNBC’s Kate Rooney covers crypto lender Celsius Network’s plans to restructure and raise cash to avoid running out of money by the fall. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.
0:07.8	Good Wednesday morning. Welcome to Tech Check. I'm Jerichozo live from San Francisco, along with Andrew Ross Sorkin today on the East Coast. Welcome, Andrew. Carl and John have the morning off today.
0:18.0	A check on the tech rally. The NASDAQ is lower today,
0:21.5	the major underperformer, but it is up some 20% off of its June lows. As Bank of America
0:26.7	says, it is seeing some of the biggest inflows into tech in over a decade. We're going to get right
0:31.3	to it. Simamodi joins us with the weeks of inflows into stocks led by tech, which saw over $2 billion of buying in the last week.
0:44.7	That's the largest amount dating back to 2008, according to Bank of America.
0:49.3	The net buyers, the profile of the investor, primarily institutional clients.
0:53.9	Hedge funds after selling the previous week, whereas private clients of the bank were net
0:59.0	sellers.
1:00.0	Data shows investors are drawn to large caps, which is consistent with what we've seen in the
1:05.0	market over the past few weeks.
1:07.0	Apple, Alphabet, Microsoft, rebounding considerably from the June low as earnings came in better
1:13.1	than expected.
1:14.5	Portfolium manager Richard Bernstein says the fact that we've had consistent inflows
1:18.5	makes it hard to argue that sentiment is tremendously negative as some have been arguing,
1:24.3	but it also puts valuations into focus.
1:27.4	Following a bruising first half of the
1:29.4	year, the S&P tech sector trading at a forward price to earnings ratio of 19, now above 24 times
1:35.9	forward earnings at a time when retail interest is also growing. Guys, back to you.
1:41.3	Seema, thank you. Hedge funds also made some big bets in tech in the the second quarter going by this week's 13F filings, which are Leslie Picker has had a close eye on. More than those moves through at the hour. Andrew, want to get your take on this rally, what you're hearing on Squawk Box, because certainly on tech check, we hear a lot from the bears who like to point to the dot-com crash and say that there
2:02.0	was actually four bear market rallies of 20% or more.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.