S&P Reaches a Record High, Truist’s Top Internet Picks for 2022 & Why Bitcoin is Worse Than a Ponzi Scheme

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 27 December 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with insight from CNBC’s Mike Santoli on the S&P hitting a record high and stocks having the greatest impact on the index this year. Next, CNBC’s Courtney Reagan covers retail winners from this holiday season, and Wilmington Trust’s Meghan Shue offers guidance on tech stocks in the year ahead. Truist Securities Senior Internet Analyst Youssef Squali also delivers his top internet picks for 2022, including Alphabet and Meta. Then, our Carl Quintanilla profiles Apple facing antitrust scrutiny in the Netherlands over app store fees, and CNBC’s Leslie Picker recaps this year’s wave of underperforming SPACs and IPOs. Later, non-resident senior fellow at Boston University’s Global Development Policy Center Robert McCauley joins to discuss his piece where he argues that comparing Bitcoin to a Ponzi scheme is unfair to Ponzi schemes.

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. Listen in.
0:29.4	Good. Good Monday morning. Welcome to Tech Check. I'm Carl Kintania with Deirdreboza, who is back,
0:35.7	along with Joanna Stern of The Wall Street Journal. We're going to join us for the hour as John and Julia are off for the week.
0:40.7	Today, the major averages are higher as we entered this last trading week of 2021.
0:42.6	S&P got an all-time high today.
0:46.7	NASDAX is on pace to see gains of more than 22% for the year.
0:52.4	Plus, as stocks rise, so does consumer spending, what e-commerce players could benefit the most.
0:57.7	And then Bitcoin, up better than 75% this year. Why one guess says comparing the cryptocurrency to a Ponzi scheme is unfair to Ponzi schemes. Dee?
1:05.3	That'll be a fun interview. We will start, though, with the markets. The S&P hitting a record
1:09.7	high. Mike Santoli is with us. Looking at what stocks have had an outsized impact this year.
1:14.5	Let me guess, Mike, it is the mega caps, although certainly some divergence in their performance among that group.
1:21.8	Yeah, absolutely, Dee.
1:23.3	Two of the big mega caps that really have pulled more than their weight is Microsoft and
1:29.3	Alphabet year to date. Alphabet up, you know, 66, 67 percent, Microsoft up 50 percent or so together
1:35.4	adding a $1.6 trillion or so to the overall market cap of the S&P 500. Clearly, that's not necessarily something you would have predicted a
1:46.1	year ago. Clearly, without those two stocks, we would have been several percentage points lower
1:50.8	on the S&P 500. It has brought a lot of this renewed criticism somehow that the market is too
1:56.3	narrow. There's only a handful of stocks carrying things. That's not quite true. I think the very
2:00.7	huge stocks, when they do compound at this level, obviously, if you're looking at the growth there's only a handful of stocks carrying things. That's not quite true. I think the very huge
2:01.1	stocks, when they do compound at this level, obviously, if you're looking at the gross trillions
2:05.5	added, they're going to have more than their share responsible to them. But if you look at
2:09.9	the average stock in the market, it is actually plenty. You mentioned divergences within
	...

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