Uber Unveils Plans to Cut Costs, Finding Opportunities in FAANG Stocks & Bitcoin’s Price Sinks Amid the Ongoing Sell-Off 5/9/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 9 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show looking at the continued cratering of tech valuations with Leuthold Group Chief Investment Strategist Jim Paulsen. Then, former Uber Chief Business Officer Emil Michael weighs in on the platform’s latest push to cut costs, and Plexo Capital Founding Managing Partner Lo Toney offers his perspective on the current market trends. Next, our Julia Boorstin breaks down a pitch desk Elon Musk presented to Twitter investors outlining his plans for the social media giant, and CNBC’s Frank Holland recaps some of the top Nasdaq movers of the day. Needham Senior Media and Internet Analyst Laura Martin also joins to discuss opportunities in FAANG stocks, and CNBC’s Kate Rooney reports on the impact of the sell-off on the price of Bitcoin. Later, CNBC’s Phil LeBeau explains why electric vehicle maker Rivian shares are plunging to start the morning, and CNBC’s Mike Santoli covers the downside levels to watch amid the ongoing volatility. 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 John Ford. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.0	Good Monday morning. Welcome to Tech Check. I'm Carl Kintania with Deerbosa and John Ford.
0:11.1	Tech stocks are getting slammed once again on this Monday. The third straight day of a massive
0:14.6	sell-off is underway. The NASDAQ has lost a fourth of its gains since the record high.
0:20.4	Another fresh 52 week low this morning
0:22.6	and session lows for stocks overall. The question is, is the climate investable? Where's the bottom
0:27.6	and which investments are the safest? Our first guest this hour says this is not the second
0:33.4	coming of the dot-com bubble despite these cratering tech stock valuations.
0:38.4	Luthold Group's Jim Paulson is with us, Jim.
0:40.7	It is great to have you help us kick off the hour.
0:43.2	And you do write that this is a much more controlled and methodical manner than the dot-com
0:48.3	bust, which makes it less likely to end in a bust.
0:51.8	Can you expand on that?
0:53.8	Well, I just think this whole cycle compared to dot-com,
0:57.5	Carl, has been, you know, less substantial, less enthusiastic, less emotional, and much more
1:05.2	fundamentally driven. And I think that's important. And as you said, the liquidation cycle, even though it's nasty here of late, this is still,
1:14.6	I think, much more, as you said, controlled methodical.
1:17.6	It's more of a rounded top rather than the dot com, which was a pure peak top and collapse.
1:25.6	This one, I think, has been much more slower to unfold.
1:29.4	You know, if you look at the relative price of S&P 500 technology stocks, they've been in a
1:33.7	trading range really flat for the last two years rather than the spike top of 2000 that then
1:39.9	collapsed. So the liquidation's a lot better. I also just find a lot of other differences.
	...

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