Big Tech’s Lobbying Power, Cracking Down on App Stores & PayPal Explores Stock Trading Feature

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 30 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

To start off today’s show, CNBC’s Mike Santoli joins our anchors to cover how much is left in the tank for this tech rally. We also have all the details on China cracking down on entertainment with a new ban for young gamers. Plus, we cover Amazon’s partnership with Affirm to offer buy now, pay later and FuboTV’s push into gaming. Then, American Economic Liberties Project Fellow Reed Showalter joins to discuss his new report on Big Tech’s lobbying power and influence. Next, we have New York Times Contributor and “Sway” podcast host Kara Swisher to speak about the crackdown on app stores as South Korea prepares to vote on a law prohibiting in-app commission fees. We also have CNBC’s Kate Rooney with the scoop on PayPal exploring the launch of a stock trading platform. And later, Marvell Technology CEO Matt Murphy joins in an earnings exclusive to break down the company’s latest quarter. 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 Deerreboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Monday morning and welcome to Tech Check.
0:29.8	I'm Dear Troboza with John Ford and Julia Bors.
0:32.4	And Carl is off this week.
0:34.4	Today, Amazon partners with Affirm as the buy now. Pay Later craze continues. A firm shares
0:40.2	up nearly 40% this morning. Then Fubo TV gets into gaming as streamers have to get creative to retain
0:46.3	eyeballs. Later, inside the app store, Apple and Google facing regulation in South Korea and here
0:52.7	at home, their profits sent.
0:54.7	Importantly, how they share them under scrutiny, John.
0:57.6	Yeah, we are also keeping close watch on Tropical Storm Ida, and we'll be live on the ground
1:02.9	in New Orleans this hour, all as stocks move slightly to the upside, fresh intraday highs
1:07.6	this morning for the S&P and NASDAQ.
1:12.3	And that is where we begin at tech stocks and the market.
1:16.3	Mike said, Julie, is taking look at how much is left in the tank for this rally.
1:19.7	Mike?
1:20.7	Yeah, Julie, obviously plenty today on the NASDAQ side of things.
1:24.1	Technology definitely dragging the overall market higher.
1:27.0	But on a longer term basis, both the NASDAQ and the S&P 500 up about 20% year to date.
1:32.3	Remember, go back a year ago, the big Fang stocks were making a very climactic peak that led to a 10% correction.
1:39.3	Not really seeing the same kind of trajectory.
1:41.1	But what's interesting here is that the both the NASDAQ composite and
1:45.1	FDN, which is kind of a Fang index or a Fang ETF, has had a more normal run of it, meaning
	...

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