Tech Traffic, Burrito Budgets, & Rep. Ro Khanna 10/26/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 26 October 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Now that the “Davos in the Desert” has wrapped up in Riyadh, Representative Ro Khanna (D-CA) discusses America’s role in the global energy markets, and California’s plan for taxing residents, taxing tech, and taxing the oil companies. For the first time in Alphabet’s recorded history, YouTube’s revenue declined. The platform’s shrinking ad budget could be a warning for the rest of the industry. In other tech earnings reports, Microsoft beat analyst expectations but offered weak guidance, pointing to waning consumer interest. Visa’s CEO and CFO both told investors on the company’s quarterly call that consumer spending and employment are strong and stable, despite potential for a future recession. Plus, Chipotle mentioned waning traffic in its own report, as inflation pressures consumers. In this episode: Ro Khanna, @RepRoKhanna Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:02.6	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pod.
0:08.4	Go West, young man.
0:10.7	I like to cut at your gym.
0:12.1	The promise of the golden state with Congressman
0:14.3	Rowe-Connick. California just surpassed Germany as the fourth largest economy in the
0:20.2	world. So obviously something we're doing is working. Silicon Valley's
0:23.5	representative on innovation, taxing you, taxing tech, and taxing oil companies that make
0:29.2	a windfall. When people are making record profits and folks are paying in my district six bucks at the pump in other places
0:36.4	380 or 450 then having a tax and giving a rebate makes sense make sense. Plus, Tech Profit stumbles YouTube feeling the pain of a slowing ad market.
0:46.5	It's the first time since they've started rolling out YouTube's numbers, I think, in 2019
0:50.6	that you actually see any sort of a slowdown.
0:52.7	And Chipotle exceeds expectations
0:55.4	on Wall Street and for one diner in particular.
0:58.0	You would buy every Mexican restaurant stock.
1:00.4	Yeah, would I now have, like, my retirement would be set because of Chipotle?
1:05.0	All that and more, it's Wednesday, October 26th.
1:09.0	I could be the Mexican food billionaire, because the worst is great.
1:13.0	Squawk Pod begins right now.
1:15.0	Stand back you by in three, two, one, fuel please.
1:19.0	Good morning everybody.
1:21.0	Welcome to Squawk box here on
	...

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