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Bear Case Scenarios for Amazon, Circle CEO Jeremy Allaire on Reversing Decision to Go Public & Ghana Hosts Africa’s First-Ever Bitcoin Conference 12/5/22

TechCheck

CNBC

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

4.566 Ratings

🗓️ 5 December 2022

⏱️ 43 minutes

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Steve Kovach and Seema Mody covering reports that Apple might be planning to accelerate production away from China. Then, Satori Fund Founder Dan Niles offers his outlook for cloud computing and software stocks, and Big Technology newsletter author Alex Kantrowitz discusses layoffs across big tech. Next, Jefferies analyst Brent Thill joins with a bear case scenario for Amazon, and CNBC’s Kristina Partsinevelos breaks down the Nasdaq’s top movers of the morning. Later, Circle CEO Jeremy Allaire explains why the crypto company called off its deal to go public, and CNBC’s MacKenzie Sigalos reports live from Africa’s first-ever Bitcoin conference. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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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 Monday morning. Welcome to Tech Check. I'm Carl Kintanilla with Dear Grbosa and John Fort. Today, Apple,

0:13.0

looking to further diversify its supply chain. Reports say it has accelerated plans to move some

0:19.3

production outside of China. We're going to talk about

0:22.0

possible timelines. Then one Wall Street firm says Amazon could fall 45% from here, given its

0:28.4

exposure to inflationary cost headwinds and a potential impact from slowing consumption. Stock's

0:34.1

already down by that amount this year. We'll talk to the analysts behind that call.

0:38.2

And finally, the crypto contagion continues circle pulling its plan to go public via SPAC.

0:43.4

That CEO will join us later this hour, D.

0:45.9

Yeah, there's a lot to get to this morning, Carl. We're going to start with Apple and reports

0:49.3

that it has plans to accelerate a shift which would see production move out of China that comes amid

0:55.5

continued COVID lockdowns, which has spurred protests across the country. Several weeks ago,

1:00.8

workers at Foxcon, the biggest contract assembler of iPhones, clashing with police following

1:05.0

complaints about unsafe working conditions. You're seeing the video here. Now, India emerging as a

1:10.0

possible candidate as a place that

1:11.5

Apple could ship production, but a timeline for that move still extremely uncertain. For more,

1:17.2

let's bring in our Steve Kovac and Sima Modi. Good morning to you both. Steve, let's start

1:21.8

with you. Replacing iPhone City is no small feat. There's a reason that China is there in the first

1:27.3

place. Certainly can't happen overnight. It's a reason that China is there in the first place.

1:28.1

Certainly can't happen overnight. It's going to take years potentially.

1:31.8

Yeah, that's right. And so Apple is still heavily reliant on China, Djerra.

1:35.8

And what we're starting to see, though, especially this year, is them shift over, and I know

...

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