Tracking Today’s Sell-Off, Exclusive Interview with DoorDash CEO Tony Xu & “The Contrarian” Author on Peter Thiel’s Influence and Power

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 20 September 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off the morning tracking the markets with CNBC’s Mike Santoli and Fundstrat’s Tom Lee as the September slide intensifies. Next, we hear exclusively from DoorDash Co-Founder and CEO Tony Xu with the company announcing today that users can now buy alcohol directly through the DoorDash app. Later, we check on the markets again with CNBC’s Dom Chu covering the divergences within tech. We also have Northman Trader Founder Sven Henrich to give his take on tech markets amid today’s sell-off. Then, CNBC’s Leslie Picker covers the performance of IPOs this year. We also have CNBC’s Josh Lipton on the biggest movers in the Nasdaq today. Later, “The Contrarian” Author Max Chafkin joins to discuss his new book on Peter Thiel’s influence and Silicon Valley’s pursuit of power. Plus, don’t miss CNBC’s Kate Rooney with a news alert on Coinbase and its crypto lending program. 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. Good Monday morning. Welcome to Tech Check. I'm Carl Kintania with John Fort and Julia Borsden.
0:11.5	Today, tech tumbles as the September slide intensifies. The NASDAQ is now the worst performer.
0:17.2	Our first guest said a correction was coming, but is this it?
0:26.0	Then DoorDash CEO, Tony Shue, as it expands into alcohol delivery, John is in Las Vegas with another exclusive tech check interview.
0:28.8	Later, call at an IPO inflection point with proceeds at record levels.
0:32.5	We'll talk winners and losers and new listings later this hour, John.
0:37.6	Yeah, but we are going to start Carl with the sell-off, and Mike Santoli is looking at
0:42.5	Big Tech's relationship to the rest of the market.
0:45.2	Mike, how does today's drop play in?
0:49.8	John, you're actually seeing Big tax slightly underperform the broader market.
0:54.4	If I look at the heaviest weights to the downside for the S&P right now, what's contributing most of the downside.
0:59.7	You have names like Microsoft, Facebook.
1:01.4	You wouldn't think that they have any real connection or exposure to a big D leveraging in the Chinese property sector
1:07.9	or anything else that you might attribute today's loss to.
1:10.2	Tells me a couple of things. One, this is part of a general kind of step back in equity
1:14.8	exposures that we're experiencing. The big index names are getting hit. And two, we are coming
1:20.5	off a period where you already had a lot of outperformance by the big NASDAQ stocks going into
1:25.8	September. In fact, last year was the same kind of a story.
1:29.0	September 1st or 2nd of 2020, it's this huge ramp in the big Fang plus stocks. They were really
1:34.7	dominating all the upside, very high momentum move. Then you had them come off that peak and you
1:41.2	had a broad market correction of about 10%. Now, this time, it was not exactly
	...

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