Meta Slashes Engineer Hiring Targets, Micron’s Guidance Miss Sends Shares Sliding & FTX Reportedly Looks to Buy BlockFi 7/1/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 1 July 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show covering Meta’s plans to adapt to the current downturn, and Bessemer Venture Partners’ Elliott Robinson joins with his outlook for the cloud sector. Then, Needham analyst Rajvindra Gill shares his insight on chipmaker Micron’s latest earnings and guidance. Next, we take a deep dive into rumors that crypto exchange FTX might be looking to buy crypto lender BlockFi with CNBC’s Kate Rooney and Telstra Ventures General Partner Yash Patel. Former Google SVP of Ads and Commerce Sridhar Ramaswamy also discusses Meta’s digital ad spend, and CNBC’s Leslie Picker breaks down the macro headwinds driving a drop in buyout volume. Later, CNBC’s Phil LeBeau reports on a lawsuit alleging racial abuse against Black employees at Tesla, and we share highlights from the latest episode of our Carl Quintanilla’s “Binge” digital series, sitting down with “The Offer” Showrunner and Executive Producer Nikki Toscano. 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 Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern, listen in.
0:07.9	Good Friday morning. Welcome to Tech Check. I'm Deirdrebus in San Francisco with Carl Kintania in New York.
0:13.0	John Ford, how's the morning off? Today, two bellwethers of the tech ecosystem with warnings for what may lie ahead.
0:19.2	Meta and Micron shares under pressure. Two bellwethers of the ahead. Meta and micron shares under pressure. Two bell
0:21.5	weathers of the ecosystem. Meta and micron shares, those guys are under pressure. As I just said,
0:27.7	Q4 guidance for the chipmaker was dismal. CEO Sanjay Marota saying the company is still searching
0:33.4	for normalcy in demand. Meta CEO Mark Zuckerberg. He painted a bleak picture as well,
0:38.1	leaked audio obtained by Reuters, has Zuck saying, quote, this might be one of the worst
0:42.0	downturns that we've seen in recent history, but that is not stopping one firm from naming
0:47.1	the stock a pick. This hour, we will break down what the second half will bring for tech,
0:51.6	discuss potential buying opportunities, as volatility remains top of mind
0:56.0	for investors and Carl it is a new quarter a new half of the year the markets under pressure with
1:02.6	the NASDAQ down about six tons of a percent that mic won't call very important I think the question
1:07.5	now is a little slump in demand fuel and industry gut? Glad.
1:12.1	Certainly a new topic of debate for the market.
1:14.4	We're going to start, though, with Mehta's warning to investors in this rare bit of macro commentary from Zuckerberg.
1:19.6	Let's look to Julia Borsden.
1:20.9	Hey, Julia.
1:23.4	Carl, that's right.
1:24.3	Zuckerberg giving that dramatic warning, saying this might be one of the worst
1:27.8	downturns that we've seen in recent history that according to a Reuters report, and this all
1:32.8	happened in a weekly Q&A when he told employees that the company has to cut its engineer hiring
	...

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