Bumble CEO Whitney Wolfe Herd on Roe v. Wade, Digital Realty CEO William Stein Responds to Chanos Short & Snapchat Unveils New Subscription Service 6/30/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 30 June 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start today’s show breaking down the first half of the year for tech trading with Wall Street Journal markets reporter Gunjan Banerji and Neuberger Berman CIO of Global Research Strategies Hari Ramanan. Then, CNBC’s Kate Rooney reports on the SEC rejecting crypto investment platform Grayscale’s proposal to turn its Bitcoin fund into an ETF. Next, Bumble Founder and CEO Whitney Wolfe Herd offers her thoughts on the Supreme Court overturning Roe v. Wade and more, and Digital Realty CEO William Stern joins to respond to investor Jim Chanos’ short on data center companies. Later, CNBC’s Steve Kovach reports on the potential impact of China’s Covid lockdowns on Apple’s business, and our Julia Boorstin covers the features that will become available through the new Snapchat Plus subscription service. 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 CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:09.1	Good Thursday morning. Welcome to Tech Check. I'm Carl Kintanio with your Dr. Robosa and John Ford.
0:13.4	NASDAX down more than 2% this morning. And coming up on the show, Jim Chanos, revealing his next big short.
0:19.1	And it involves the cloud. We'll get the first live reaction from the CEO of one of those companies, Digital Realty's, Bill Stein, is going to join us.
0:26.5	Plus, as consumer confidence falls and ad spend slows, we're going to sit down with the CEO of Bumble, Whitney Wolf heard that stock actually outperforming the S&P to start the year.
0:37.0	And then the first half, as you know, comes to a close today.
0:39.5	SMP is on pace for the worst start since 1970.
0:43.5	NASDAQ's seen its worst quarter since 2008.
0:46.1	How should investors be positioned this morning?
0:48.5	We'll get another Wall Street firm cutting targets for a big range of tech names.
0:53.5	JMP lowering estimates for alphabet, meta, snap, Twitter,
0:57.2	citing some worsening business and consumer confidence and tightening ad budgets, John.
1:02.5	That has definitely been the theme from them and from JP Morgan earlier this week.
1:06.8	I'm trying to figure out, is this reality setting in because there's all this talk about analyst estimates for profit for the year, full year are still pretty high, right?
1:17.2	So we're starting to see certain companies, whether D, it's in e-commerce, retail, et cetera, pulling those in restoration hardware hardware today for one.
1:27.8	And we've been talking a lot about Omni Channel and how, I mean, I don't think every company is a tech company, but every company is using a lot of tech.
1:34.9	And so this is going to filter through to a lot of different areas potentially.
1:40.7	So does it filter through to tech as well?
1:43.8	Maybe this is one series of calls suggesting
1:46.7	something so. Guys, this is what a lot of folks on Wall Street have wanted to see these cuts.
1:53.3	They said that that was the next shooted drop. So we are seeing it ahead of the thick of
1:56.6	earning season. So our expectations perhaps are coming more in line is a lot of this sort of weakness
	...

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