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TechCheck

Tech Start-Up Funding Plunges in 2022, A Look at TikTok’s User Data Storage & Samsung Reports Q2 Results 7/7/22

TechCheck

CNBC

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

4.566 Ratings

🗓️ 7 July 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Mike Santoli weighing in on the market’s rotation back into growth, and Craft Ventures Co-Founder David Sacks offers his insight on tech start-ups amid the current volatility. Then, Platformer Editor Casey Newton joins after publishing a new piece on TikTok’s storage of user data, and CNBC’s Kristina Partsinevelos reports on Samsung’s Q2 results. Next, Evercore ISI Head of Internet Research Mark Mahaney shares his outlook for the sector, and our Julia Boorstin covers the latest on the broader pullback in ad spending from the Sun Valley conference in Idaho. Later, CNBC’s Kate Rooney breaks down the role of FTX CEO Sam Bankman-Fried in helping to stabilize the crypto ecosystem. 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.

0:05.9

Listen in.

0:09.2

Good Thursday morning. Welcome to Tech Check. I'm Carl Kintanio with your Drubosa and John Ford.

0:14.0

Today stocks are headed higher, despite Fed Minutes suggesting more rate hikes are ahead with growth

0:19.1

names on the comeback as a recession in the cards

0:21.4

and what about the consumer evercour's got some worries and we're going to talk to the analyst

0:25.5

cutting estimates across big tech today and why he says a slowdown could be ahead plus a lot more

0:30.7

on the street's biggest calls this morning from ibn to sofi to ad tech we'll discuss it all

0:36.2

john and there were a bunch of firms cutting numbers at least

0:39.2

for Q2 today. Yeah, we're going to talk about it all, but we're going to start with the markets

0:43.8

rotation back into growth a bit, re-embrace a risk a little for now. Senior markets commentator

0:49.9

Mike Santoli joins us with that. Hey, Mike? Yeah, John, a loose embrace for the moment,

0:55.4

but definitely a piece of the story of this pickup we've had in risk appetites over the last

1:00.5

several weeks. The overall market up six or seven percent. You see a few of these kind of tech

1:05.9

names, leaders that had a real following on the street, these kind of innovators. This is just on a five-day basis.

1:12.3

You see, 13 to 18 percent gains in Roblox, Etsy, Rivian.

1:17.4

Obviously, seems like a big deal.

1:19.5

It seems like a lot of money coming in to try and pick these up at lows.

1:22.8

But take a look at how they appear over a one-year span.

1:25.9

And there's so many charts that look like this,

1:28.6

a real aggressive peak in the latter part of 2021, and really this sort of long and relentless

1:35.4

grinding decline. So over there at the end are those 13 to 18 percent gains. Now, there's

...

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