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Kicking Off Q4, Amazon SVP of Hardware on Company’s New Robot “Astro” & Tracking Facebook’s Hearing

TechCheck

CNBC

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

4.566 Ratings

🗓️ 1 October 2021

⏱️ 43 minutes

🧾️ Download transcript

Summary

Our anchors start off this Friday morning with CNBC’s Dom Chu on tech stocks at a bargain to start the fourth quarter. Then, we cover Zoom and Five9 calling off their $14.9 billion deal and discuss the highlights from yesterday’s Facebook hearing. Also, CNBC’s Jon Fortt had an exclusive demo with Amazon’s new robot “Astro.” Next, Wedgewood Partners CIO David Rolfe is here to talk markets and investment opportunities as we wrap up Q3. Also, we hear from Amazon Senior Vice President of Hardware Dave Limp on why the company decided to build a home robot and much more. Then, CNBC’s Phil LeBeau joins to preview what to expect from Tesla deliveries for the third quarter. Later, Platformer Editor Casey Newton is here to give his take on Facebook’s hearing as we await a whistleblower’s testimony next Tuesday. 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 Friday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Julia Borsden.

0:11.5

Today, trying to hang on to this rally to kick off October. Nasdaq is coming off its worst month since the start of the pandemic.

0:18.2

Will Q4 bring more pain for tech?

0:23.0

Plus, what did we actually learn from Facebook?

0:27.7

The stock led most of big tech lower in September, but is it oversold at this level?

0:33.4

And then later an exclusive with the head of Amazon devices as we test out the camera on wheels. That is the new robot, Astro.

0:35.6

First, though, we'll start with stocks and names trading at a relative bargain to begin the quarter. Dom's got that for us. Hey, Dom. I mean, the sell-off there, driven in large part by interest rate concerns and also, of course, some headline risk, certainly on the regulatory front, affecting a lot of that big tech and media trade over the course of not just September, but the quarter overall

0:54.5

as well. Now, if you take a look at the broader context for the Dow, the S&P 500, and NASDAQ,

0:59.9

you can see that the NASDAQ has now, because of that recent underperformance, taking a bit of a

1:05.2

leg lower versus the S&P slightly above the Dow right now. But that big move and the green line

1:10.4

lower here from the

1:11.3

record highs that we've seen has been really kind of the outpacing to the downside story

1:15.9

we've been talking about. Now, if you take a look overall at some of the interesting parts

1:21.8

of that particular kind of thematic trade in technology and media, it has really been the

1:27.1

internet stocks, some of those that have really kind of fared some of the and media. It has really been the internet stocks,

1:28.3

some of those that have really kind of fared some of the worst here. You can see over the course

1:31.8

of the quarter of the period, the big internet funds like the first trust Dow Jones internet

1:36.1

down about three and a quarter percent there. The tech software ETF is up about two and a half

1:40.7

percent and same with the cloud computing side of things. But it's this far move to the downside here that has a lot of people wondering whether or not there are bargains out there. Some of the former high flyers that we've seen that have really pulled back a bit over the course of the last couple of months and then certainly the quarter, look at Pinterest shares, up 5% today. Some maybe dip buying happening there, but over the course of the year to date period,

2:02.2

a real underperformer.

2:03.5

And as you can see here, that sharp move lower over the course of the quarter has really

...

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