Closing Bell: Overtime: Impact From UAW Strikes Begins; Databricks CEO On Latest Fundraising; David Sacks Talks His Latest Company 9/15/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 15 September 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages ended Friday lower as chip stocks slid on demand worries. Wilmington Trust’s Meghan Shue and Unlimited Funds’ Bob Elliott break down the market action. Our Phil LeBeau reports that Ford plans to lay off 600 workers as UAW strikes ramp up while GM warns of negative ripple effects. Databricks CEO Ali Ghodsi on his company’s latest fundraising and a potential IPO timeline. Needham’s Charles Shi on Arm’s first two days of trading and a Reuters report warning Taiwan Semi is worried about demand. Craft Ventures Co-Founder David Sacks talks his new company SaaSGrid and the state of tech.

Transcript

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0:00.0	Well, everything read to end the week. That's a scorecard on Wall Street, but
0:03.7	winter stay late. Welcome to Closing Bell Overtime. I am John Ford. Morgan Brennan is
0:07.4	off today. We got a big show coming your way. We're going to talk with the CEO
0:10.9	of DataBrix, the Mega Unicorn Software Company that just
0:13.7	raised an additional half a billion dollars at a 43 billion dollar valuation.
0:18.8	We'll find out if an IPO might be in the cards.
0:21.8	Plus, we'll talk to venture capitalist and all-in
0:23.8	podcast host David Sachs about his read on the IPO market investing in AI and
0:28.7	more. Also ahead the United Auto Workers are slated to rally in Detroit as targeted strikes
0:35.0	against the big three automakers get underway. We will bring you there for the
0:39.8	latest. Meanwhile stocks pulling back hard to end the week with the Nasdaq feeling the most pain
0:44.7	driven lower by chips and mega caps like Meta Amazon and Microsoft. Let's bring in our panel.
0:50.2	Joining us now is Wilmington Trust, head of investment strategy, Megan Schue, and Unlimited Funds, CEO Bob Elliott. Happy Friday guys. Bob, your long energy short tech, so this week worked out according to plan for you you also say
1:05.5	to stay invested so if you're an investor out there retail investor how do you
1:11.0	manage to both take advantage of opportunities that you see and
1:15.2	also stay invested?
1:17.2	Well I think the main question is do you have the sort of diversification of your portfolio
1:21.2	that's necessary to actually weather these sort of dynamics.
1:24.4	If you look at today, what do we have?
1:25.9	We got stocks down, bonds down, gold up, and oil up.
1:29.6	That's about the worst possible scenario for a traditional 60-40 investor.
1:34.5	So those investors are going to have to look for other opportunities.
	...

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