Tech Reacts to Fed Rate Hikes, Meta Looks to Cut Costs & Qualcomm CEO Cristiano Amon on Automotive Business 9/22/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 22 September 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with NorthmanTrader Founder Sven Henrich breaking down the impact of the Fed’s latest rate hike, and MoffettNathanson analyst Sterling Auty joins after initiating coverage on 25 software names. Then, our Julia Boorstin reports on the latest cost cutting measures from Meta, and Qualcomm CEO Cristiano Amon discusses the chipmaker’s push into the automotive market. Later, Fundstrat Global Advisors Managing Partner Tom Lee offers his thoughts on whether to expect more pain ahead for growth stocks, and CNBC’s Kate Rooney covers crypto exchange FTX reportedly looking to raise up to $1 billion in new venture capital. 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. Listen in.
0:07.5	Good Thursday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Dear Dobosa.
0:13.0	Today, John is live on the scene from Qualcomm's Automotive Investor Day talking to the man himself, CEO Cristiano. I'm on about the business, the outlook, and a whole lot more this hour.
0:22.5	We'll get some more on the Fed impact as growth investors face more tightening.
0:26.4	One guest argues the tech here is facing a critical juncture.
0:30.8	And then finally, a bailout or a golden opportunity?
0:33.7	Crypto Exchange, FTX, looking to raise another billion dollars after a big spending spree this summer.
0:39.3	We will discuss, Dee.
0:41.3	Guys, we got to kick off today's feed with the Fed's impact on stocks, particularly tech, of course, after raising interest rate 75 basis points.
0:48.3	Chair Jerome Powell, saying prospects of that soft landing promised earlier this year are disappearing in fast.
0:54.3	Tech investors already facing a bare market.
0:56.5	The NASDAQ within points of its June low.
0:59.2	Stocks like Amazon closed down 3% yesterday.
1:02.0	It's off about another percent today.
1:04.4	The 10 year is that 37, the two-year yield at 4.14.
1:08.2	The NASDAQ is falling another percent and a half today, guys. One stock that I was
1:12.5	looking at this morning, that's Microsoft, guys. We know the headwinds that Alphabet, meta, are facing.
1:18.8	Microsoft has been a different story. It's been more resilient. But that stocked on is down 17%
1:23.7	over the last month. We've seen estimates get trimmed by the street over the last week or so.
1:29.7	B of A writes in a note this morning. The bear market eventually comes for everyone.
1:35.2	John, what do you think? Could this perhaps be a signal that the next two drop, we've talked about this so much enterprise tech spending could be getting closer just a few weeks away from
1:45.3	the start of a new earning season.
	...

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