uTube Clinches Rights to NFL Sunday Ticket, FTX Founder Sam Bankman-Fried Extradited to U.S. & Finding Opportunities in Fintech 12/22/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 22 December 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with Evercore ISI Head of Internet Research Mark Mahaney explaining his decision to cut price targets on Amazon and Alphabet, and CNBC’s Steve Kovach reports on YouTube clinching a media rights deal for NFL Sunday Ticket. Then, CNBC’s MacKenzie Sigalos shares the latest on Sam Bankman-Fried after FTX’s founder was extradited back to the U.S., and General Catalyst CEO Hemant Taneja shares his outlook for investing in AI and fintech. Next, we circle back to Sam Bankman-Fried with Guidehouse Partner Alma Angotti, who served as special counsel for both the SEC and FINRA. Later, CNBC’s Dom Chu covers the impact of the strengthening dollar on global tech stocks, and Wall Street Journal Senior Personal Technology Columnist Joanna Stern looks at all the tech hardware that was discontinued in 2022. 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 CNVC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:08.8	Good Thursday morning. Welcome to Tech Check. I'm Carl Kintanilla with John Ford here at the New York Stock Exchange.
0:13.7	Deirdre's got the morning off today. Stock's taking another leg lower, obviously. Tech, the worst performing
0:19.1	sector. Nasdaq's down more than 2%. We're going to dig
0:21.9	into this ugly end to the year. Sam Bankman-Fried back on U.S. soil, extradited from the Bahamas,
0:27.8	as his former colleagues plead guilty to criminal charges will fill you in on the latest
0:32.1	with the crypto fallout. And leading the declines today, chips take take a dive, Micron falling after that disappointing
0:39.4	quarterly result. We're going to break down the landscape in semis, John. Man, what a turn today.
0:44.3	Indeed. Let's start with the semis at the core of today's sell-off. The SMH down four and a half percent.
0:52.3	Micron falling this morning, actually not as much as a lot of the others after it missed
0:57.6	on the top and bottom lines, lower than expected guidance. It also announced a restructuring
1:03.3	plan for 2023 that includes reducing headcount by 10%, suspending bonuses company-wide,
1:10.4	cutting salaries, CEO Sandra Marotra, placing the blame
1:14.1	on lower demand in most markets, and customers bloated, yes, inventories.
1:20.0	Micron, not even the worst performer, as I mentioned.
1:22.4	Lamb Research down about 9%.
1:24.5	Applied Materials, Nvidia, KLA, down sharply as well.
1:28.6	Carl, this in a way, isn't a surprise.
1:30.4	We've been talking about inventory for weeks, months even,
1:34.6	because you have this oversupply situation developing
1:37.4	and then questions about demand, not just from consumer,
1:40.2	but increasingly from enterprises.
	...

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