Former AOL CEO Tim Armstrong: Tech stocks are on sale 5/10/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 10 May 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

The technology sector attempted a comeback today after suffering some of the biggest losses in recent weeks. Tim Armstrong, founder and CEO of tech startup Flowcode and former CEO and chairman of AOL, discusses the latest tech sell-off. Shares of Peloton Interactive plummeted 15% after reporting a wider-than-expected loss in the recent quarter. AMC Entertainment posted a narrower-than-expected loss during the first quarter. CNBC’s Robert Frank reports Andy Warhol’s 1964 portrait of Marilyn Monroe sold for $195 million at Christie's - the second-most expensive piece of art ever auctioned. Plus, turn off your toilet heaters! CNBC’s Brian Sullivan reports a few tips the Japanese government has for conserving energy as global demand continues to outstrip supply. In this episode: Tim Armstrong, @tim_armstrong Robert Frank, @robtfrank Brian Sullivan, @SullyCNBC Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C NBC producer Katie Kramer today on Squawk Pod.
0:09.0	We try to look up from the markets 2022 low, unpacking the big losses in big tech.
0:15.0	Apple, Microsoft, Tesla, Amazon, Google,
0:17.3	Invidia, and Facebook, more than a trillion dollars
0:19.9	loss between those names.
0:21.5	In careening crypto. In the last month alone 15.5% of all
0:26.4	Bitcoin wallets fell into unrealized losses. Can the tech giants recapture their magic, Tim Armstrong, Flow Code, and former AOL CEO?
0:37.0	We're still at the early early innings of technology and software and you can't take the overblown valuations as the trend.
0:44.0	Those stories today plus good news for meme stocks.
0:48.0	And Warhol's iconic Marilyn Monroe, breaking records.
0:54.0	Here it goes, that $1 million a bid,
0:57.0	is yours. Congratulations.
0:59.0	You know why it's worth so much?
1:00.0	If you have one of those, there's not a single person that doesn't know what that is.
1:05.0	It's Tuesday, May 10, 2022, Squawkapod begins right now.
1:10.0	Stand Becky by in three, two, one, fuel brief.
1:15.0	Good morning everybody.
1:16.0	Welcome to Squawk Box here on CNBC.
1:18.0	We're live from the NASDAQ market site in Times Square.
1:21.0	I'm Becky Quick, along with Joe Kurnen and Andrew Ross Sor Sorkin and we do have some good news for you today.
1:25.6	First up, it's no longer Monday. We are finally seeing a little bit of a rebound
	...

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