FTX Collapse Impacts Ad Markets, CFPB Director Rohit Chopra on Crypto Regulations & Finding Value in Chips and Cybersecurity 11/14/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 14 November 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Steve Liesman outlining new data from the New York Fed showing rising inflation expectations, and CNBC’s Kate Rooney brings us the latest in the fallout from the collapse of crypto exchange FTX. Then, our Julia Boorstin discusses the impact of FTX’s implosion on the broader ad markets, and Consumer Financial Protection Bureau Director Rohit Chopra weighs in on regulations for digital currencies. Next, BMO Wealth Management Chief Investment Strategist Yung-Yu Ma shares his top picks across chips and cybersecurity, and Susquehanna analyst Mehdi Hosseini joins after upgrading chip equipment maker ASML to positive. Later, CNBC’s Frank Holland reports on corporate layoffs in focus at AfroTech, the largest Black tech conference in the country.

Transcript

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0:00.0	I'm Dear Drabosa, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.8	Good Monday morning. Welcome to Tech Check. I'm Carl Kintanilla with Deerbosa and John Ford,
0:11.5	who joins us live from Las Vegas today ahead of CNBC's inaugural Spark Conference.
0:16.5	Today, a big hangover for tech stocks after last week's big gains.
0:20.5	Why one strategy says buy Apple here.
0:23.0	Plus, we will look at Amazon and what comes next for retailers on this news out of the times
0:27.9	and also ahead of results from Bellwethers like Walmart and Target in the next few days
0:32.0	and reports of layoffs there.
0:33.9	Finally, Wall Street in the mood for chips today amid a slew of upgrades.
1:12.5	We're going to break down the street's key numbers later this hour. First up, some new headlines, though, from the New York Fed around inflation today. We'll turn to Steve LeeuSman on that. Hey, Steve. Yeah, Carl, good morning. Some not very good news from the New York Fed survey of consumer expectations with inflation rising across the board for all tenors, the one, three, and five-year outlooks. Let me give you a chart. The one year up five, up five, up five-point is the expectation for inflation in one year. That's up a half a point after declining for several months in a row. The three-year up zero two and the five-year up to two point four percent up zero-two as well Inflation expectations surged for gas prices and food. In fact, the one-year outlook really mirrors the rise in gas prices over time.
1:18.8	Unemployment expectations hitting the highest level since April 2020. However, expected growth
1:24.5	in household income also was up to 4.3%.
1:27.7	That's the highest on record for this survey, and the spending outlook also grew by 1 percentage
1:32.2	point to 7%.
1:33.5	Carl, back to you.
1:35.1	Steve, thanks for that.
1:36.3	We do need to start with the Amazon News today, moving higher in the last few minutes
1:39.5	in the wake of this New York Times story, which just broke, reporting that the company
1:43.2	plans to lay off around 10, or sorry, 10,000 employees.
1:47.7	They're not the only big tech name talking about cost cuts today.
1:50.6	Apple shares trading lower this morning after CEO Tim Cook confirmed reports of hiring slowdowns at that company,
	...

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