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Benchmark General Partner Bill Gurley on Proposition 22, Shopify President Talks TikTok Partnership & Tim Cook’s 10 Years as Apple CEO

TechCheck

CNBC

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

4.566 Ratings

🗓️ 24 August 2021

⏱️ 44 minutes

🧾️ Download transcript

Summary

To kick off today’s show our anchors speak with Early Uber Investor and Benchmark General Partner Bill Gurley about Proposition 22 being ruled unconstitutional by a California judge. We also get Gurley’s take on the market and Tim Cook’s legacy at Apple upon reaching the 10-year mark as CEO. Then, Shopify President Harley Finkelstein joins after the company announced a partnership with TikTok to create new tools for in-app shopping. Next, we return to Tim Cook’s 10-year milestone at Apple with CNBC’s Josh Lipton looking at Cook’s performance through various financial metrics. Then, CNBC’s Julia Boorstin is here to cover Netflix’s new massive content lineup and additional stories in the entertainment space including Hollywood’s struggle with piracy. We also have the details on stablecoin Circle changing its makeup of reserves as stablecoins become a heavily scrutinized area of the crypto ecosystem. 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 John Ford. You're listening to CNVC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

0:40.5

Good Tuesday morning. Welcome to Tech Check. I'm Carl K. Taney. I'm John Ford and Dear Grubosa. What a show today. Benchmarks Bill Gurley talks some Prop 22 and Uber. That's just a couple moments away. Then 10 years of Tim Cook, Apple in the last decade, and a theory on cult capitalism.

0:47.7

Later on Shopify's partnering with TikTok, President Harley Finkelstein, on investing in social commerce, D.

1:00.8

Yeah, and Carl, we've also got another rally on our hands here, the NASDAQ, and the NASDAQ 100, both hitting new intra, all-time highs. The NASDAQ reaching 15,000 for the first time ever, led by Chinese Internet stocks, Amazon and Alphabet today. Cloud ETFs like the CLOU, they're up nearly a full

1:07.2

percent. And John, as I look at some of these Chinese names, they are roaring back. Alibaba, up seven and a half percent. And John, as I look at some of these Chinese names, they are roaring back.

1:12.8

Alibaba, up seven and a half percent. You've got Pinduoduo up more than 15 percent. Pretty remarkable

1:19.8

comeback, but still, what a world of pain they've been in this year. Yeah, those Chinese names worth

1:24.8

watching. So is Palo Alto networks. I mean, take a look at that name.

1:28.8

I mean, it's up nearly 20% post earnings.

1:33.0

I'm looking at it now, you know, just right around, just shy of 19%.

1:38.4

Had some stumbles earlier.

1:40.0

This puts it solidly in the green, Carl.

1:42.9

It's an interesting market palo alto in the

1:46.1

networking side along security certainly has some products that are relevant uh to what uh investors

1:51.9

need to pay attention to but speaking of what investors need to pay attention to we talked about

1:57.1

this yesterday we're going to start today with uber lift and that ruling by a California judge that Prop 22 was unconstitutional.

2:04.6

Sure to be an appeal here, but this puts labor costs and maybe even some gig business models back in the question mark column,

2:11.1

just as some investors thought this contractor versus employee issue was in the rearview mirror.

2:15.9

Early Uber investor, former board member bill

2:18.2

girlie a benchmark joins us now bill good morning good morning thanks for having me i also want

2:24.0

to talk to you about this tim cook 10 year anniversary thing you guys you and i were going back and

2:29.7

forth over twitter dm last night talking about the significance of that. But first, let's talk about

...

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