What to Expect from Yesterday’s Record Losses, Airbnb CEO Brian Chesky on Travel Demand & Reviewing the iPhone 14 9/14/22

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4.5 • 66 Ratings

🗓️ 14 September 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Mike Santoli and Wall Street Journal reporter Gunjan Banerji taking a look at the markets on the heels of yesterday’s record losses. Then, our Deirdre Bosa shares highlights from her exclusive conversation with Airbnb Co-Founder and CEO Brian Chesky at Goldman Sachs’ Communacopia Conference, and Cresset Capital CIO Jack Ablin offers his take on yesterday’s CPI report. Next, CNBC’s Frank Holland covers the volatility hitting cloud stocks, and our Jon Fortt recaps his Communacopia interviews with the CEOs of enterprise software firms Informatica and Bill.com. Later, our Julia Boorstin reports on the underperformance of Meta, and CNBC’s Sofia Pitt joins with a review of the new iPhone 14. 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.
0:09.2	Good Wednesday morning. Welcome to Tech Check. I'm Carl Kintania with Deerbosa and John Fort.
0:13.5	Today, the morning after, Wall Street's worst day since June of 2020. How should investors be repositioning?
0:19.6	We're going to break down some opportunities in cloud,
0:22.2	chips, and fintech to help you weather the volatility. Plus, what's the consumer telling us
0:26.9	about the state of the economy? We'll talk to Airbnb's chief Brian Chesky in a few moments on
0:31.4	inflation and how that's impacting spending. And then the iPhone reviews are out. We have more on what demand is signaling to investors
0:39.8	about where Apple might head from here. John, pretty interesting day setting up. It is, and we're
0:46.3	going to start with the market. NASDAQ coming off its worst days since June 11th of 2020,
0:53.0	probably more than 5% yesterday. This morning a couple interesting
0:56.0	calls in fintech. Ray J thinks PayPal can surge almost 30% from here. That would take it back
1:02.6	to April levels, writing, quote, we now have increased confidence forward estimates have bottomed.
1:07.8	They go from market perform to outperform. Meanwhile, B of A says SOFI is the name to own,
1:13.6	upgrading to buy with a $9 price target. Also coincidentally about April levels, but the street
1:18.8	not showing the same love for Block. Evercore hits the name with a rare double downgrade on
1:23.8	competition, credit, macro headwinds, specifically pointing to weakness within seller
1:28.7	and by now pay later that pressuring total company earnings.
1:34.3	Dee, we've talked to a lot of executives at Goldman this week in San Francisco, where I just
1:42.0	was a few hours ago, and it's hard to find direction in this market.
1:48.4	It is. And when it comes to the Fintech names, I mean, these are some of the most beaten down.
1:52.1	What was interesting about this call, too, they still like square cash, but that buy now, pay later,
1:57.6	crypto, these are sort of the hottest areas of fintech that's where, or now block got
	...

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