Palo Alto Networks Surges on Earnings Beat, Incoming Kraken CEO Dave Ripley on Crypto Turbulence & Covering the Upcoming Sentencing of Elizabeth Holmes 11/18/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 18 November 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with Cohesity CEO Sanjay Poonen discussing cybersecurity demand after Palo Alto Networks beat the Street in its latest earnings. Then, Wedgewood Partners CIO David Rolfe offers his bull case for Taiwan Semiconductor, and incoming Kraken CEO Dave Ripley offers an inside look at the crypto exchange as turmoil continues to overtake the digital currency landscape. Next, Bernstein analyst Mark Shmulik weighs in on calls for layoffs at Alphabet, and CNBC’s Kristina Partsinevelos breaks down chip equipment maker Applied Materials’ recent results. Later, our Jon Fortt shares highlights from his interview with Intel Executive Vice President and data center chief Sandra Rivera, and CNBC’s Scott Cohn reports on the upcoming sentencing of Theranos Founder Elizabeth Holmes.

Transcript

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0:00.0	I'm Dear Jrabosa and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.7	Welcome to Tech Check. I am John Fort with Deerbosa. Carl is off. Today, chips, cybersecurity, and Chinese tech.
0:15.0	We've got earnings from Applied Materials, Palo Alto Network and J.D.com.
0:19.4	What comments by those CEOs signal about the current state of demand.
0:24.2	Plus, Elizabeth Holmes awaits sentencing after being convicted on four felony counts.
0:29.8	We're live outside what used to be the biggest scandal in Silicon Valley before last week.
0:34.4	And then the tech layoffs continue and could continue into 2023.
0:39.4	Amazon and Roku both trying to rein in costs as only what Elon Musk calls hardcore employees.
0:46.7	Remain at Twitter, E.
0:48.9	Good morning, John. Let's start with some of those layoffs. Amazon CEO, Andy Jassy,
0:52.9	writing a letter to employees saying the company is making the, quote, difficult decision to eliminate a number of positions across our devices and books businesses.
1:01.1	And that some layoffs could continue into next year.
1:03.9	Others receiving buyout offers.
1:05.7	Meanwhile, Roku cutting 7% of its staff that impacts about 200 employees.
1:10.9	Despite the wave of layoffs, John, we've been talking about them at length, though.
1:15.2	This is some perspective.
1:16.2	Morgan Stanley has a new note, writing that these job cuts are not the canary in the coal mine,
1:21.2	and they reflect company-specific issues rather than macro trends.
1:25.8	They argue, John, that these job cuts that we're seeing here,
1:29.4	especially here in Silicon Valley, where I am,
1:31.5	won't move the needle in terms of economic data.
	...

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