Today’s Tesla Pullback, Circle CEO on Stablecoin Regulation & On Semiconductor on the Quarter

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 2 November 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start off the morning with CNBC’s Phil LeBeau on Tesla with the stock in the red today after Musk tweeted the company’s deal with Hertz has yet to be signed. LeBeau also has the details on EV start-up Rivian, which is slated to go public next week with an expected valuation north of $53 billion. Then, Nuveen Global Equities CIO Saira Malik is here to share her outlook for the tech sector, including why she’s bullish on Amazon and cautious on Apple. Plus, we cover Meta VP of Global Affairs Nick Clegg speaking out to defend the company formerly known as Facebook. Next, Circle CEO Jeremy Allaire joins after the company released a statement in support of the Biden Administration’s call for stablecoin regulation. Then, Margins Editor Ranjan Roy is here with his take on Tesla’s stock moves and Rivian’s upcoming IPO. And later, On Semiconductor CEO Hassane El-Khoury joins after the company reported a strong quarter. 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 Dear Troboza and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:08.1	Good Tuesday morning and welcome to Tech Check. I'm Deerboso with Carl Kintania and Julia
0:12.4	Boorston. John has the morning off. Today, love hurts, especially today. Why shares of Tesla
0:18.0	cratered earlier and why it's kind of coming back this morning.
0:22.1	Then reasons to be bullish on software, fresh buy calls on Salesforce, Workday, Adobe, and more.
0:27.3	Plus, Deutsche's Gold Standard in cloud.
0:30.5	And later, check on their face why those shares are getting crushed this morning, Carl.
0:36.1	Ouch.
0:36.6	We're going to start, though, with Tesla on quite a run, as you know by now. Closed of 8% yesterday. Now giving some of that back after some mixed messaging from Elon Musk on Twitter. Phil LeBose got all of that. Hey, Phil. Hey, Carl, that mixed messaging is the reason for the stock being down, what, almost 50 bucks earlier today, pre-market.
0:56.2	It came back a little bit.
0:57.3	Now it's down, what, about 20 bucks or so, 30 bucks right now on shares of Tesla.
1:02.5	Here's where this started.
1:03.6	Last night, Elon Musk tweeted when asked about the Hertz deal that this was not a signed contract yet in terms of the 100,000 Model 3s that'll be going
1:13.6	to Hertz as part of an agreement that was announced last week. Well, we reached out to Hertz
1:18.2	this morning. A spokesperson says deliveries of the Teslas have already started. We are seeing
1:24.6	very strong early demand for Teslas in our rental fleet, which reflects market demand for Tesla vehicles.
1:30.9	Whether it's a signed contract or not a signed contract, clearly there are model threes that are being feathered into the Hertz fleet,
1:37.7	and the expectation is that's going to continue, though we haven't heard anything from Elon Musk this morning.
1:42.8	As you take a look at shares of Hertz we saw, we talked about this last week, guys. This is the reason that you saw shares of
1:47.7	Hertz pop early last week when Mark Fields, the interim CEO, announced this deal. All of this coming
1:54.1	when there's so much focus on what's happening in the EV market because of an IPO that is
	...

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