Mark Zuckerberg Responds to Whistleblower’s Claims, Box CEO’s First Media Appearance Since Winning Proxy Battle & Upstart CEO on New Auto Retail Product

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 6 October 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off this morning with CNBC’s Dom Chu checking in on tech stocks as the Nasdaq makes a comeback from a steep drop earlier. Then, we cover Mark Zuckerberg’s response to whistleblower Frances Haugen’s claims. Also, Needham Portfolio Manager Chris Retzler is here to give his take on the semiconductor space. Plus, Box Co-Founder and CEO Aaron Levie joins in his first media appearance since Box won its proxy battle with activist investor Starboard. Levie also speaks to Box’s announcements today including its new malware deep scan ability for Box Shield. Later, The Wall Street Journal Tech Reporter responsible for “The Facebook Files” Jeff Horwitz and WIRED Editor-At-Large Steven Levy who knew Frances Haugen join for more on Facebook’s fallout. Plus, Upstart CEO David Girouard joins to discuss the company’s new auto retail product, which uses artificial intelligence to help prospective buyers get financing. 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 Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.4	Good Wednesday morning. Welcome to Tech Check. I'm Carl Cantania with John Fort and Julia Borston.
0:12.4	Today we got some jitters for tech stocks. They were down big at the start of the trading day.
0:16.6	They are making a bit of a comeback here. All S&P sectors, though, are still in the red. Our first guest
0:22.2	says to catch the dip while you can. Facebook's under pressure again after that testimony from the
0:27.5	whistleblower. We've got Mark Zuckerberg's response to that this hour. And then later, first on
0:32.5	CNBC, Box CEO Aaron Levy makes his first TV appearance since winning that proxy fight with Starboard.
0:39.1	But let's talk a bit about the nibbling going on in tech specifically.
0:42.6	Dominic Chu has some stuff on that.
0:44.8	Absolutely, Carl.
0:45.9	So there is some nibbling right now because we are seeing some of those levels that we've
0:49.6	hit in the NASDAQ become attractive for certain folks out there.
0:53.1	One way to look at it from a big picture perspective is what's going on with the NASDAQ become attractive for certain folks out there. One way to look at it from a big
0:54.4	picture perspective is what's going on with the NASDAQ composite right now. Because as you can
0:59.3	see, we are off the session lows only down by one quarter of 1%. And right here, you can kind of
1:04.7	see this move lower. From the highs that we saw on the record, we are now down roughly 6%. So again,
1:10.6	making a little bit
1:11.5	move of a move now. It's also about 3% below its 50-day average price on a rolling basis.
1:17.3	Those tended to be levels in the past over this course of this year. Whenever those levels
1:21.3	hit below its average prices, we did see some kind of dip buying, so to speak. So that's
1:25.8	on the sector level here. Some of the
1:27.9	places to watch specifically are some of the most volatile names that we've seen in that tech
	...

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