Finding Value in the Cloud, Goldman Sachs Names Uber Top 2023 Pick & Cloudflare CEO Matthew Prince Shares Cybersecurity Outlook 12/14/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 14 December 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Mike Santoli offering his thoughts ahead of another potential rate hike from the Fed this afternoon, and Wilmington Trust Head of Investment Strategy Meghan Shue discusses value opportunities in the cloud. Then, Goldman Sachs Managing Director Eric Sheridan joins after naming Uber his top pick for 2023, and CNBC’s Steve Kovach explains why millions in profits from Apple’s App Store could be at risk from a new EU law targeting big tech. Later, Former Commodity Futures Trading Commission Chairman Timothy Massad weighs in on crypto regulations, and Cloudflare CEO Matthew Prince shares his take on the broader cybersecurity sector. 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.
0:07.0	Good Wednesday morning. Welcome to Tech Check. I'm Carl Ketaniel with John Ford and Dear Durbosa.
0:11.1	Today more on what to do with Big Tech, just hours away from another FOMC meeting and potentially some higher rates ahead.
0:18.3	Plus Tesla on pace for its worst year ever. As Elon Musk's
0:22.7	Twitter obligations come into question, we'll discuss it. Finally, don't miss the CEO of Cloudflare
0:27.7	this hour talking his outlook for cloud spend amid a big week of results and deals in that space
0:33.9	this morning, Dee. Meanwhile, a volatile week for the NASDAQ ahead of what many expect to be another rate hike
0:39.1	from the Fed this afternoon.
0:40.3	Senior Markets commentator Michael Santoli joins us with more.
0:44.3	Yeah, Dee.
0:45.3	You know, the NASDAQ peaked 13 months ago, speculative tech peaked a year and a half ago,
0:49.6	nine months ago is when the Fed started raising rates.
0:52.1	That entire period, tech growth, mega-cap growth,
0:56.1	more speculative parts of the market have been the downside leadership. But the rate hiking and the
1:01.0	higher bond yields have not uniquely impacted technology to the exclusion of other sectors.
1:06.2	So this shows you here. This is the tech sector spider against the equal weighted consumer discretionary.
1:11.9	It's basically the same chart that the equal weighted consumer discretionary does not give
1:17.1	outsized weight to things like Tesla and Amazon, which trade in tune with pure tech. So I do think
1:22.1	it's worth a reminder that mostly what's going on is valuations coming down across the market
1:27.1	and earnings estimates
1:28.4	have been coming in. If you want to talk about, you know, cuts to earnings estimates for next year,
1:33.4	meta, you know, alphabet, alphabet down 20% from the early part of this year for 2023 earnings,
	...

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