Uber Reports Cybersecurity Incident, California Files Antitrust Lawsuit Against Amazon & FTX CEO Sam Bankman-Fried’s Growing Crypto Empire 9/16/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 16 September 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with New Street Advisors Group Founder and CEO Delano Saporu offering his outlook for softening demand across tech, and CNBC’s Eamon Javers reports on a cybersecurity incident affecting Uber. Then, California Attorney General Rob Bonta joins to discuss the state’s new antitrust lawsuit against Amazon, and Incisive Ventures Managing Partner Martin Tobias weighs in on Adobe’s plans to acquire design platform Figma. Later, our Julia Boorstin covers how tech and media companies are positioned for a decline in advertising spending, and CNBC’s Kate Rooney shares her interview with FTX CEO Sam Bankman-Fried on his growing crypto empire. 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.
0:09.0	Good Friday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Deirdrebosa.
0:13.2	Today, recession warnings abound as the CEO of FedEx says the consumer is slowing, what that means for an already battered tech market later on this hour.
0:21.4	Plus a big tech check on Amazon down double digits in a month.
0:25.0	And now facing this lawsuit from the state of California, we'll talk to the AG about the move there.
0:30.2	And then finally, a look at Uber as shares are down on news of this widespread hack.
0:34.7	And some say their profitability picture is not as clear as it seems, John,
0:39.4	as the market is re-rating to 3850.
0:42.1	Yeah, and as you mentioned, Carl, big reason for that. FedEx plunging this morning after the company
0:46.9	blamed macro weakness for its disappointing revenue forecast, new CEO, Rar Supermamium,
0:52.5	issuing a strong warning on demand with our Jim Kramer last night.
0:58.2	The U.S. consumer has, you know, definitely spending less. But, you know, the U.S. has been somewhat insulated because the U.S. dollars, you know, is the currency of choice for the world.
1:10.4	And there's some insulation there but you know
1:12.5	i do see the u.s slowing down too seems to be getting cold despite the insulation macro concerns
1:17.1	also hitting names like apple down let's see just over 2% today despite that iPhone 14 launch
1:24.7	other big tech laggards this month, meta, down roughly 18%. Microsoft and
1:29.5	Alphabet, not far behind. The latter tracking for its worst week since early July. D, we've
1:36.4	been talking on this program about, you know, beyond interest rates, it's time to start talking
1:41.8	about demand. And here we have a clear warning on
1:45.9	demand, not just at the kind of working class, you know, lower salary consumer, but across the board
1:54.6	and across the globe. And there's been so much concern about the earnings season that we're going
1:59.2	to be heading into. Have estimates come down enough? So I guess the question for FedEx, right, it's an economic
	...

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