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TechCheck

Google’s Antitrust Battle, Breaking News From Instacart & Take-Two CEO Strauss Zelnick on the Gaming Ecosystem

TechCheck

CNBC

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

4.566 Ratings

🗓️ 8 July 2021

⏱️ 42 minutes

🧾️ Download transcript

Summary

Our anchors start off the morning with the market sell-off and details on Google’s latest antitrust battle. Personal Tech Columnist from the Wall Street Journal Joanna Stern joins to break down the potential impact from this most recent lawsuit against Google. Then, CNBC’s Kate Rooney is here to highlight the impact of China’s tech crackdown on venture capital investors. Founders Fund Partner Keith Rabois joins our anchors to further discuss the implications of China’s latest moves as well as antitrust pressure in the U.S. Plus, CNBC’s Deirdre Bosa breaks news from Instacart- the company naming Facebook’s Fidji Simo as its new CEO. Bosa speaks with both Simo and current Instacart CEO Apoorva Mehta about the transition and the future of the company. Later, Take-Two Interactive CEO Strauss Zelnick joins to discuss the state of the gaming ecosystem. And don’t miss CNBC’s Kristina Partsinevelos with an update on the recent lackluster performance of meme stocks.

Transcript

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0:00.0

I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.

0:07.8

Happy Thursday. Welcome to Tech Check. I'm John Fort with Deirdrabosa. Carl Scott's got the morning off.

0:12.0

Coming up on the show today, well, stocks sell off. Tech just leading the major indices to the downside.

0:17.7

Plus, Google facing growing antitrust scrutiny, dozens of state AGs suing the

0:22.7

tech giant, and then an exclusive with the CEO of Gaming Giant Take 2 interactive.

0:29.5

We start with stocks, though, tech and the broader markets selling off this morning back near

0:35.2

lows of the day, the NASDAQ on pace to snap a four-day winning streak.

0:38.6

Currently trading, as you can see, down one and a half percent.

0:42.2

Right now, less than 10 stocks in the NDX are green in the third day of a shortened trading week.

0:48.0

But to keep things in perspective here, stocks, they are still trading at higher levels than they were just two weeks ago.

0:53.8

The S&P,

0:54.2

the biggest winner since June 24th. But an increasingly hostile Chinese government worrying investors,

1:00.8

U.S. listed Chinese stocks. They continue to sell off this morning. Take a look at DDI further falling

1:05.8

below that $14. IPO price, 20% below its debut. Let's bring in CNBC senior market commentator Mike Santoli.

1:14.1

Mike, help us put this into context where we were roughly two weeks ago. But the market has really

1:20.2

become accustomed to sort of only going up. Right, because we've had such a long period of comment,

1:26.6

really just lockstep increases in the indexes at least, Deirdre.

1:30.4

We do seem to take a percent and a half skimming off the top is a little more dramatic than it might otherwise be.

1:36.4

I think what's gone on is some of the concerns that have been simmering below the surface of the market are now kind of percolating a little more at a low boil,

1:44.5

which is to say, you know, just exactly how fast can the world grow right now,

1:48.4

how far beyond really pandemic economies are we in parts of the world where we thought

1:53.1

maybe things would look better at this point?

...

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