Confluent CEO Jay Kreps on Software Outlook, Breaking Down Threats to Goldman Sachs’ Apple Card & Ethereum’s Energy Efficiency Upgrade 9/12/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 12 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Steve Liesman reporting on the New York Fed’s Survey of Consumer Expectations showing falling one- and three-year inflation expectations. Then, CNBC’s Dom Chu breaks down last week’s tech bounce, and Goldman Sachs Managing Director Eric Sheridan offers his take on the volatility plaguing e-commerce. Next, data management firm Confluent Co-Founder and CEO Jay Kreps shares his outlook for enterprise software, and our Julia Boorstin covers the latest from Disney’s D23 fan event. CNBC’s Hugh Son also discusses mounting threats to Goldman Sachs’ Apple card business, and Morgan Stanley Managing Director Brian Nowak makes the case for Amazon as his top internet pick. Later, CNBC’s Kate Rooney joins for a deep dive into Ethereum getting an upgrade projected to make the network more energy efficient. 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 Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.
0:05.9	Listen in. Good Monday morning. Welcome to Tech Check. I'm Deerreboza with Carl Kintania and John Fort, who joins me right here in San Francisco.
0:13.4	Today, everything we learned from Disney's D23 Expo, including why activist investors are reversing course on a push for an ESPN spinoff.
0:21.5	Plus, as internet stocks have been hit hard by an ad slowdown, one Wall Street firm says Amazon
0:26.4	is best positioned to weather the storm.
0:29.2	The analyst behind that call, he's with us.
0:31.2	And then Goldman's Apple Card business has a surprising subprime problem.
0:35.7	The CNBC reporter who broke that story, he will join the show.
0:38.7	First, though, we are getting some breaking news out of the New York Fed.
0:41.6	Steve Leesman has that for us, Steve.
0:45.2	Good morning, yes, the New York Fed survey of consumer expectations showing one year and three-year
0:49.7	inflation expectations, both falling sharply.
0:53.0	The one-year inflation expectations falling to 5.7 percent,
0:56.0	still high but down by a half a point. Three-year falling to 2.8 percent, getting within the range
1:02.0	of what the Fed may want to see, down 0.4 percent. Five-year inflation expectations falling to
1:08.0	the Fed's target. 2 percent, that's down three-tenths of a point. Home price expectations falling by the Fed's target. 2%. That's down 3 tenths of a point. Home price
1:12.5	expectations falling by 1.4 percentage points to 2.1%. That's the lowest since July of 2020.
1:19.5	And below the pre-pandemic levels, price expectations fell for gas, food, and rent. They both
1:25.6	they all dropped and they're concerned about
1:27.8	unemployment declines. Respondents concerned about unemployment declined, and they had new confidence
1:32.7	in finding a new job. Households expect modest income growth and plan strong spending. Carl,
1:39.9	you know these numbers are followed by the Federal Reserve Board in general to see how
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