Closing Bell Overtime: Microstrategy’s Michael Saylor On Why The Banking Crisis Is Bullish For Bitcoin; Chegg CEO Joins After His Company’s Stock Fell 50% 5/2/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 2 May 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks fell sharply today, although off worst levels after paring some losses in the final hours of trading. Regional banks were among the hardest hit stocks; Vital Knowledge’s Adam Crisafulli on why this selling feels worse than in March. iCapital’s Anastasia Amoroso gives her take on the market action and earnings so far. It was a busy day of earnings, including: Ford, Starbucks, AMD and Simon Property. An exclusive interview with Microstrategy Executive Chairman Michael Saylor after the company posted strong earnings; he weighs in on bitcoin’s rally, the company’s dual strategies and why the banking crisis is bullish for crypto. Chegg stock fell nearly 50% after warning AI was hurting potential new business; CEO Dan Rosensweig joined in an exclusive interview to discuss why investor fears were “overblown.” Wedbush analyst Matt Bryson on AMD’s quarter and the stocks weakness in Overtime. Box CEO Aaron Levie talks the upside of AI for human productivity…with the right guardrails.

Transcript

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0:00.0	We got your scorecard on Wall Street, but winners stay late.
0:04.3	Welcome to the closing about overtime.
0:05.4	I'm John Ford with Morgan Brennan, and get ready for a big hour of earnings with
0:10.0	reads on the consumer, the chip space, commercial real estate, and more.
0:13.8	Our reporters are standing by to bring you results from Ford, Starbucks, A, and Simon Property
0:18.8	Group.
0:19.8	Plus an exclusive interview with the CEO of Cheg, the education tech company that got wrecked today
0:25.0	as it warns about the disruptive effects of artificial intelligence.
0:29.2	Let's get straight to today's wild market action with all the major averages down 1% or greater. is Adam Chrisifouli, Fouli, Leslie Picker is here with us to, well, talk about the banks.
0:45.0	But Adam, first, let's start with you.
0:47.0	We saw Treasury's bid.
0:48.0	We saw the Joltz report this morning.
0:50.0	We saw this major pain in regional banks as we saw the sell-off there.
0:54.0	Why? Why the sell-off?
0:56.0	So it's a little confusing in terms of bank stocks.
1:01.0	I think this sell-off today was different than what you saw back in March. I think the
1:05.4	March sell-off was driven by worries about an acute fear of deposit run. I don't really
1:12.2	think that was the nature of the sell up now. I think the focus is
1:15.2	more shifting towards the secular outlook for a lot of these companies, the earnings power
1:18.8	of the franchises. If you kind of go back to the Q1 earnings, which all of them we just recorded, they kind of put to rest a lot of, again, those really acute deposit flow fears.
1:28.0	Now the question is, net interest income, medicines, margins are at a peak.
1:33.0	Provisions have more upside than downside risk.
	...

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