tv Squawk Alley CNBC October 11, 2017 11:00am-12:00pm EDT
we're also going to keep a close eye what's going to happen with the fed and minute announcement. definitely financials in focus that does it for this hour of "squawk on the street. let's head back to the new york stock exchange for "squawk alley." >> good morning. facebook headquarters in menlo park, california, 11:00 a.m. wall street and "squawk alley" is live. ♪ ♪ good wednesday morning, welcome to "squawk alley." i'm carl quintanilla, sarah and john ford joins us
and co-founder roger mcnamee good morning to everyone the pressure against big tech is not letting up uk prime minister theresa may making news saying her cabinet is considering regulating facebook, news organizations this has facebook ceo sheryl sandberg prepares to make a trip to capitol hill. google, twitter set to testify next month roger, in this new op-ed you're asking them to go further. mark zuckerberg, if he wants to earn our trust an forgiveness must personally earn it what do you mean by that >> i think the big issue we're dealing with, carl, is that the people who are on facebook are on facebook because they love to have their views reinforced. it's for the just about family photographs, it's not just about vacation photographs a lot is about being around the same people who believe the things we do. one of the
challenges for facebook in the aftermath of the u.s. election is that the people believe that everyone else was misled by the russians and others. they don't believe they were i believe it's really, really important for facebook to contact every single person who was touched by russian propaganda, whether they got a message, saw an ad or were in a group and explain that they -- which is to say both facebook and the user -- were misled by the russians and to do this in a way that's extremely person, individual level. it's the only way that people are going to believe what i'm talking about right now isn't fake news. that's the issue we're dealing with i think it's super important that facebook get directly involved to eliminate bots impersonating humans on their platform this is super, super important they obviously have to provide complete transparency to everybody who is looking at what's going on. it's the investigating groups
have had a lot of difficulty getting all the right information they need. i think this is one of those things they just have to do as patriots. >> roger, a key question, though, is what we can expect facebook, and companies tlik facebook, i guess google, to do in a situation like this i sat down with former head of growth for facebook and asked him if we should expect facebook to have known something like this would happen. i want your take check it out >> you know, the fundamental thing i want to make sure to everybody is technology by design is deterministic in the following way, which is that whatever can be done and whatever is possible will be done and what we need to do is have the moral and ethical discussions around how we prevent the broad implications of how technology can be used not just in positive ways but in ways that are poorly understood.
>> are you saying it's impossible to anticipate everything. >> absolutely. >> so if it's impossible to anticipate everything, roger, what should we expect them to do >> i think, john, both you and chamath make a really important point, which is it is impossible to anticipate. that doesn't mean you shouldn't try. the thing is we now know a whole set of failure modes they didn't anticipate i am quite certain it never occurred to facebook that a foreign country was going to come in and mess with their elections. i'm certain they didn't anticipate that. but the reality is they also had a business model that said, it's not a responsibility what people do on the platform, and i think that was wrong i think they have to accept responsibility they touch 2 billion people every month, 1.3 billion every single day at that level you are responsible for the horrible things that happen on the platform so my point is they must make a sincere effort i do think there's a set of
things they can do, such as going to the people affected and saying, hang on, this really did happen this happened to you and to us together and this is, you know, people believe things now in part because of facebook that just aren't true. it's really hard to get through that facebook has to play a role in that it's never going to be perfect i think the point that chamath makes is that when you put out a new technology, you have to anticipate the things that are going to go wrong. it turns out with these new social technologies, it's much easier to do harm than to do good much easier. so you have to go out there, i think, and just be a lot more careful. you can't just throw things out there anymore at the scale they are at if you're a teeny company in silicon valley, people are going to trust you with your data because they think nothing is going to go wrong. when you're at the scale facebook is at, that's not true. >> roger, i wonder, absent any penalty that comes from congress, let's say, theoretically, they haven't paid
is facebook more at blame for some reason? >> sarah, i think the issue here is they are all to blame the difference is that the facebook platform just had more impact it's bigger, much more personal. people are using it much more for convening around ideas so clearly the russians were incredibly clever. they exploited not just google, not just twitter, every platform that was available the thing about facebook, it reached more people and reached them more personally and reached them about emotional and anger-based ideas, which were really the tools that the russians used to sew discord. >> it's also true it's harder to distinguish what's an ad from what's content can you take a piece of cop tent and pay to have it promoted. if any of your friends happen to like that brand behind the contact it will show up in your
feed besides that sidebar. >> this is a good point. it's magnified that many of the friends forwarding this stuff were actually little robots, bots on the system, not real humans they were impersonating humans i think it's really important for facebook to commit to making sure that no longer can a bot impersonate a human on the site. i think that's incredibly important. there's a whole set of things i've advocated i should do the important thing is, if i were facebook, and i say this as somebody who really likes the people, was deeply involved there for a long time, that their brand is at risk here. they may get away with this. but they shouldn't feel good about it if they do, because the country has been harmed by this, and it's still going on. we saw this relative to the shooter in las vegas afterwards immediately things attempting to link being posted on twitter, attempting to link that person to left wipg things of various kinds, all of which
were just invented we have to watch out we have an election in 12018, another in 2020. we haven't agreed this is a problem yet much less agreed about a set of solutions all i'm trying to do is encourage a conversation i want facebook to be part of this i want google and twitter to be part of this because you know, just trying to make the problem go away may feel good in the short run but not good for their children and children's children. >> speaking of apologies we brought this yesterday mark zuckerberg touring puerto rico in virtual reality he responded to critics who called it tone deaf. my point here is to show how vr can raise awareness and show what's happening in different parts of the world he was trying to share news of our partnership with the red cross that's helping with the recovery i guess i'm wondering, all these apologies, roger, you're talking about some sort of moral
failing. there's for incentive for them to change at least from a user growth standpoint or as i said earlier, a stock standpoint. are they going to apologize for this because they feel bad >> i look at it as i don't expect them to do anything without some sort of external stimulus in this country, as you pointed out earlier, i don't think it's realistic to expect government regulation in this current environment. i think the pressure, if there is any, has to come within these companies from the employees and management teams but more importantly from the users of the systems i think the users have to stand up and say, listen, we need to have a conversation about this i'm not telling them that, you know, they can't be facebook anymore. i'm saying, hang on, guys, let's just step back you're huge. >> is there a problem here, i keep asking people this, maybe it's just an idea in my head, that when you get to a certain level of power, of zuckerberg and some of these others, they
believe so much in their inherent goodness and their intention that perhaps they don't focus enough on the impact of some of the things they do. >> that is so true i look at this, i totally understand how they got here remember, i'm addicted, you're addicted, we're all addicted to social media we check our phones 150 times a day. >> i can quit any time i want to, though. >> you're better than i can. >> i'm just saying the thing. >> yeah. if you're an employee of facebook you're also addicted because your stock price keeps going up, everybody likes your platform, new people are signing up every single day. so i think this thing you're describing happens for completely understandable reasons. i'm simply going, hey, guys -- by the way, i started doing this before the election. i went to them in october of 2016 and just said, i see all the stuff going on in the platform which you cannot explain by normal human behavior somebody is trying to manipulate the platform my goal was that to embarrass
anybody, my goal today is not to embarrass anybody. my goal is to have a real conversation with people i respect and admire and say, guys, i think things got way out of spec here i think we can all agree that the outcome of having a foreign power interfering in our elections and undermining our cultural integrity, that's a bad thing. i think we can all agree about that i think we can all agree these platforms unintentionally played a really big role in that. what do we do about it that's the conversation i pretend like, you know, if we do nothing it's suddenly going to get better it's only going to get worse because people are getting more not less addicted. >> your op-ed is good as usual, roger. everybody should read it we appreciate your time. roger mcnamee joining us when we come back, the wildfires, we'll talk to sonoma county wine growers.
and netscape's new venture and more and intel ceo talks to john ford a little fun at the expense of amazon when "squawk alley" continues. >> i told jeff bezos, i'll say this in public i mess with people's artificial intelligence my 18-year-old daughter and i both share an amazon account amazon ai is not se eturwhher i'm a 55-year-old male or 18-year-old girl .
kroger stock is currently halted pending news. it's in the middle of it's day at the new york stock exchange big news that came out of it is that it's going to put its convenience store business up for sale, exploring strategic options. 784 convenience stores in 18 states $1.4 billion worth of revenue, could be around that announcement we don't know. we'll keep an eye and let you know when it reopens already having a strong day. john, back out to you. >> thank you, sarah. on monday, i sat down with intel ceo brian krzanich at the black enterprise tech connects summit just south of san francisco here we talk about a number of subjects, including manufacturing and his presence on the white house manufacturing council. why that was important and what exactly it was that caused him to quit. take a listen.
>> artificial intelligence is going to penetrate just about everything in your life. if you're starting a business or thinking about a business or thinking about a strategy, you start with the data. artificial intelligence is all about data artificial intelligence is something that is engineered just like any other engineered product, it has to be monitored, it has to be watched there have been metrics that you use to measure whether it's successful and if you don't do that, it will, quote, run amok. we absolutely have an effort to look at any artificial intelligence we apply and make sure it's got oversight, it's got a set of values put upon it that are close to what the intel values are and that we're monitoring it. there are ways we can measure whether it's successful. we use artificial intelligence in almost every one of our factories. >> we also talked about
artificial intelligence, as you just heard let's get to that clip of him talking about manufacturing and merck's ken frazer. >> i was on that council to drive a very important issue, that manufacturing is critical for the u.s. we have to get our manufacturing legs back underneath us. it's a great time. so much manufacturing with artificial intelligence, again, is becoming automated. all of the things that drive costs are almost not geographically important anymore. a great opportunity for u.s. to get back into manufacturing. that issue is being lost by the politics look, this is becoming a political discussion instead of one of manufacturing i'm not a politician, i'm an engineer then when there was a personal tax on ken from merck, i felt like that was the one that broke my personal value. i needed to back away. >> guys, i know you'll recall,
carl, when we talked to brian krzanich at the code conference in may right after the white house had announced the intention to back away from the paris climate accord, he said he was determined to stay aboard. the attack from the president on merck was the straw that broke the camel's back apparently. >> it's interesting to watch ceos with the political calculus knowing the political constituencies they serve. it takes me back to what he said at code. john, good stuff when we come back, more than 120,000 acres have been destroyed as wildfires ravage home and businesses in northern california a live report coming up. dow is up 10
we want to get you up to speed on those deadly wildfires happening in california. for that we go to aditi roy for an update on that. aditi, what can you tell us. >> reporter: we're ne winery in napa, now that it's daylight you can see everything just mangled. this is one of refineries destroyed by the fires that list could grow hard hit sonoma, also neighbor, we talked to one owner of a winery that saw his property lost as well. >> our winery, obviously, is devastated, suffered complete loss of both the wine making facility and also our case room and events center. >> he's the owner of paradise
rich winery this was leveled he does plan on rebuilding and hopes there won't be long-term crop damage. here in napa, dozens of hotels, restaurants and wineries are closed, not necessarily because they were burned but because of the overall impact of the wildfires. those include names that are very familiar to many, iconic in this area. some of those hotels, meadow wood, carneros, silverado resort and spa and wineries also household names for many who are into drinking wine, behringer, that could have material impact. the institute thinks last year california wines sold $34 billion worth of sales overall the industry in california of wine had an economic impact of $114 billion in the u.s. sothere's a lot at stake, guys. >> yeah, an important industry aditi, thank you for more on those wildfires in northern california, we're
joined now by phone from karissa kruse. thank you for calling in what can you tell us about some of the damage and destruction you're seeing in sonoma. >> good morning. it's really hard to even start to assess the damage right now we are still in so many active five zones what we're learning and dealing with, so many of our wine company employees have lost their homes and have evacuated their area, so it's hard to even think about kind of getting in to work. >> yeah, aditi laid out how important just an economic story this, tourism, jobs, industry. where are we at the point in the harvest, and what does that tell us about how much damage can be done as we try to think about some of the impact >> sure. fortunately for sonoma county we are about 90% through our harvest, which we had a high heat spike over labor day
weekend that had a lot of folks grumbli grumbling. what that meant we had to push to get in most of our 2017 vintage into the wineries. so we're very fortunate that about 10% of our grapes are all that's left on the vine. >> i was just thinking in terms of the actual fire itself. there's, of course, the acreage that's been burned but i have to imagine that what remains to be harvested is going to be affected by smoke as well. how does that work >> one thing about sonoma county, we're a very large county we have about a million acres total. only about 6%, 60,000 acres. those vineyards are spread really well throughout our spire county you're going to see some pockets of potential interest or damage but for the most part everyone is working to get the grapes off and get them in a safe place like i said, most of the grapes have been harvested and
protected. >> we're having a little fuzziness on your phone line, karissa. what about insurance are most of the wineries protected against the losses of the crop and some of the damage of soil? >> you know, i think it really depends. this is pretty unprecedented, you know, situation we're in again, hard to know what everyone is individually protected against. >> all right well, thank you for offering some color and some reporting from sonoma, napa county karissa kruse, snok wine growers commission president. still to come we'll talk to ceo of netscape, silicon valley and his new future as he joins us dow barely moved in the last hour or so "squawk alley" back in a minute.
and precious commodities. they're out there but finding them on your own has never been harder. it's why at thomson reuters we provide you with the intelligence, technology, and human expertise you need to find trusted answers. the answer company. thomson reuters. good morning, everyone i'm sue herrera. here is your cnbc update at this hour video so shot by sonoma county sheriff showing intensity of the flames of the so-called tubs fire embers floating above the squad car as the officer drives through the tubbs fire, one of 17 to hit that state as it spread to 2800 acres and destroyed about 600 homes. jetblue says hurricanes will cost the airline more than $100 million in lost revenue and will cut into profits for the third
and fourth quarters. the airline flies to many destinations in florida and the caribbean. supermarket operator kroger meanwhile says it's considering selling its gas station convenience stores saying it will be more valuable if they were outside of the company. the business has more than 780 stores and 11,000 employees. as you probably know the grocery store operators have been under pressure after amazon bought whole foods. in the sports world nhl expansion team las vegas golden knights played their first home game last night. in a pregame ceremony they honored victims and first responders of the las vegas shooting the team also removed all advertising from the sideboards surrounding the ice last night that's the news update this hour back downtown to "squawk alley," carl, i'll send it back to you. >> sue, thank you very much. europe closed about 90 seconds ago. for that we'll get to seema at hq. >> markets responding to
catalonia's decision to stop short of unilateral independence let's look how spanish index performing, up half a percent. catalonia's president is calling for mediation to solve this dispute with madrid. in an address to the spanish parliament prime minister rejecting that idea. he wants catalonian government to clarify whether or not it will push forward with independence plans which he says few want and is good for nobody. also accusing authorities of breaking the law and inciting street protests to create false legitimacy the prime minister has put catalonia on notice it could impose direct rule on the region despite political turmoil, it's worth noting the index up 9% year-to-date, outperforming european stock 600 index up 7.9% meantime spanish ten-year yield moving lower, continuing to pull back from highs shortly after the referendum on october 1st. the peripheral european debt
story is also very interesting high in demand, italian and portuguese ten-year yields falling today portuguese ten-year bond deal hit the lowest level since december of 2015 after strong auction results. we'll finish with currencies, rise in euro on the idea the catalonia crisis has been averted. all the money would say it's not yet resolved jon fortt. >> thank you, seema. new numbers in the battle between uber and lyft. deidra joins me with that. >> reporter: telling cnbc it has delivered it's 500 millionth ride, that's a milestone that speaks to the company's growth to put in perspective uber delivered it's 5 billionth ride this year although it operates internationally. remember, lyft operates only here in the united states but it has been making significant inroads against its rival. look at the chart of market share. lyft upped its portion to 25%
and it's done that by infringing on uber's, 80% at the start of the year and now sits at 0%. also in the second quarter of this year gross bookings grew faster at lyft than uber 25% for lyft versus 17% for uber consider, too, guys lyft took four years to complete it's first 100 million rides and three months to complete the last 100 million this company has doubled down this year, raised more money, expanded to more than 150 cities in the u.s. this, of course, as uber has faced no small number of distraction uber, remember, does have a new ceo. it could be raising a huge round with softbank potentially $10 million this as the ride sharing space overall sees more cash injections just this morning indian ride share announcing it raised more than $1 billion round from chinese tech giant
guys, we're going to be talking to lyft co-founder john zimmer exclusively on "power lunch" later today. jon, it's a big number but when you compare it to uber, it's not that big. >> this is a weird market isn't softbank with ola? they are playing both sides of this you've got this group of ola and dede and lyft and grab and others, anti-uber coalition and softbank says, oh, we might invest over there. we want to invest in uber. >> if conditions are right and that still remains to be seen if they can get enough shares in the secondary market to mat investment in uber uber -- softbank invests in dede dede invests in lyft lyft speculation may take funding from alphabet locked in the battle with uber, nwamuo is. this is convoluted are we going to see more consolidation in this space as massive amounts of money.
>> apple also invested a million dollars in dede. a soap opera thanks sarah, back to you. >> a news alert, in the bond market three-year notes up for auction. what's demand like, rick >> i'll tell you, demand straight up i can't say 1:00 eastern, 11:30 another one coming up at 1:00 eastern in the ten-year. 1.657 was the yield. 24 billion three-year notes graduated, c, charlie right in the middle of the pack let's go through it, shall we? 1.657. what's interesting highest yield in three-year note auction going back to april of 2010 even though we pulled off some of the recent highs 2.8 to cover like spot on auction average, 54.3 indirects higher than 53% 10 auction average that's above directs 7.1 below 9% ten auction average. below your eyes everything, deal
serious oall but $12 billion today. see you in about 90 minutes when we do ten-year note auctions back to you. >> that was exciting get that mid "squawk alley" update. let's check in on kroger because the stock just opened. we told you earlier it was halted for news pending. it was clarification around news release around numbers of convenience store business big news out of kroger came early this morning, the company holding analyst day. they told investors they were looking at strategic options for its convenience store business, which is a little less than 800 stores across 18 states including potential sale they initially said $1.4 billion worth of revenue now they are upping that number to include -- >> gasoline. >> fuel. $4 billion it's more like. that makes it potentially a lot more available if you're talking about a sale up we'll keep an eye on that today.
let's get back to conversation around startups and valuations in silicon valley off what jon and deirdre were talking about joined by special guest john clark founder of netscape, shutterfly, now a new venture called commandescape robert, kick it off. >> thanks for being here you're the ultimate serial entrepreneur this, i think, is your sixth company you've founded. >> right. >> what is commandescape. >> it's focused on a big market of building management it consolidates everything related to operation of the building from heating, ventilation, air conditioning, security, lighting, access control, life safety, and puts all of these in one application, one consolidated set of things wrapped in a cyber security envelope that eliminate
passwords so users don't have to, you know, remember passwords and deal with intrusions as a result of losing the -- >> the cyber security side of this is key. you used part of netscape technology for part of this, right? >> right net skan vented technology ssl, which became known as transport layer security i'll call it tls tls is the way the internet operates all of the internet security operates with tls, the standard of the internet for the last 20 years. >> this allows you not to have toia a password or allow somebody to hack with a password, right? >> right if you go back to 1995, ssl was implemented as a way to allow both parties to authenticate each other the way it got used was the website had to have a
certificate, public certificate. they were required to have one once they had one, they would say we're going to let people use passwords because that's a well-known, understood technology now we live in the world of password hell with all the intrusions and various things going on it makes it very difficult for kurls and busine consumers and businesses to protect on the network. >> are you self-funding this venture or raising mope? >> i have funded it personally along with my partner. we are now raising a small round with some close friends, an old colleague of mine that i'll leave his name out of it at the moment there's a group of people that are going to put some more money in, that's to fund the growth over the next year. >> is a play on commercial, residential or mix >> it's a bit of a mix very high-end residential and commercial because large buildings share all of these features.
it also includes audio and video both for entertainment and video surveillance it's a very comprehensive set of things under one umbrella and one operating environment where they all interoperate and communicate. >> we talk about the internet of things and nest has done, you must think there's some things they haven't done enough of. >> i don't actually think about nest -- let's face it, google, apple, most are aiming at every man market we're aiming at not so every man market and commercial market the nest and various solutions for apple and google are not adequate for a big building. they aren't. they will use wireless cameras they don't ploy certificates in the way we do. not that they couldn't but they have determined that's adequate for the market they are going after, which by the way is a huge market. so we're not competing with
them we're in the upper end of that consumer market and commercial building market including heating and ventilation and air conditioning, which is generally referred to as building management system market. >> you were made more famous by michael lewis's book, new, new thing, held up as poster child of silicon valley wealth and power. you're invested in a lot of the new big titans, amazon, google, facebook what do you think of those companies as investments do you like them as companies? do you think they have too much power? >> i think they are fantastic. look what's happened in the last year i think my return on my technology investment for the last year has been about 50% i'm quite happy with those investments as investments i'm also a big user of google. i'm also a big investor in apple, have been for years i think these companies are terrific investments >> all right, jim, thanks so much for joining us. appreciate it. >> jim, good to see you.
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firm went on bank starts have you to see the number to believe it it's ge's dividend the next shoe to drop for that stock the analyst that says it could happen joins us live next hour carl, we'll see you at the top of the hour. >> see you then, scott, thanks so much. get to rick santelli and santoli exchange rick. >> thanks, carl. if you're a technician we've talked about this many times in the santoli exchange fundamentals hard to get gps a lot of things have been managed, manipulated, use any word you want. tall that should be kind of taking care of, so to speak, on technicals human behavior is what we see in charts and human behavior understands the activity of central banks and their policy i'm not saying it's good or bad it exists at all to that end we had a lot of central bank meetings, some important ones with respect to our firm, minutes today, hinting like ecb or bank of england. so what i've done is look at all the things that seem to have
come to a culmination point last friday, employment friday. let's do to the board. ten-year note yields okay so we're closed obviously on columbus day but on the friday we traded over 240 on intraday basis but we never had the close above 240. as a matter of fact, here is october, here is the election. we settle at 244 we've tried two occasions to get back to it and we have failed. this is very important the next support, i would say the big number is 227. why is it important? that's where we closed 2015. let's go quickly ten-year boones, friday unemployment, 50 basis points you go on the big chart, yeah, we had some work done between 50 and 60 basis points. for the most part 50 is your big number and it doesn't seem this is a pattern that gives me great confidence for me exploding through 50 basis points. ten-year guilt right around 140. they also did it on friday if you look there, we had so
much lower settlement from intradays the 140 level is key boy, you talk about an imagine line, that's it. finally my favorite, the dollar index. you talk about a technically significant market we've talked about 94 even if you look at what happened, we traded well above 94 even. we traded about 9420, if i'm recalling. that was, of course, the 6th, friday when you go to big charts, didn't need a whole year could cut it off in july, 94 failure, 94 failure can't get a prettier pattern than that. what does this mean. for dollar index use that as a pivot. a lot of this information isn't bad things for the dollar, many times strong for euro. this week is different whether you look at the dollar versus the huan, yen, the easiest to follow in a macrosense jon fortt, back to you. >> always the chart artist rick santelli, thanks.
mapbox. >> a lot of people using your platform they say that your platform gets better the more developers use it how exactly does that work without exactly sharing one customer's data with another >> great question. so we're -- we're mapping the world live, literally anybody that picks up their phone that's using maps inside -- inside their apps, we're getting anonymous sensor data back, latitude, longitude, and you know how you use waze to see if there's traffic. you're not looking at traffic but you're becoming part of that traffic and as you're driving waze is benefiting getting information back from you and the map is updating live we took that same approach but instead of building an app we built a set of code that any developer can put inside their own app so now any developer using mapbox can have a live updating map of the world and anybody using it is constantly feeding back to that same app.
>> tell me the state of play in the mapping industry now because five years ago the conventional wisdom was google basically won. apple came out with apple maps it was a dud they would have to spend all this money to fly helicopters over every major city and some people who saying who knows if they will ever catch up. it was just a matter of companies like yours being bought, not necessarily getting into the lead. what's happened over that five years? >> yeah, look, i mean, five years ago the map startup was straightforward. it's a long play it's brutal. i mean, you actually have to go out and map everywhere in the world. the big change, you have a lot more sensors out there right. we have over 350 million people touching our maps and that's making the maps smarter so more smartphones get out. the acceptsors get better. gps gets better and the map gets better there's still -- honestly
there's huge emote to get started. there's only four mapping companies that have a whole set of data in the recalled would. german auto bought here from tokyo maps, tom-tom also on the auto side. those are two companies with a big set of data and sell data and now google. >> now the use of this money say is going to go towards autonomous driving, in-vehicle technology and vv. why is softbank interested in helping you to power that advance? >> oh, no, just how critical location is to that. look, the sensors in the car today help you know exactly where that scar on the road, right in the car knows what's in front of it and what's next to it, but if you don't have a map, that car has no idea where to go, right, so no matter whether it's an oem or tier one, our tech and our maps need to be inside all of this autonomous tech. >> all right well, it is seems like everything -- there's some machine learning aspect to everything these days so certainly interesting to see how the mapping technology sector is
not just 20 people for $20 million the way it seemed like it was eric, thanks for joining us. >> hey, thank you. >> erik gunderson from mapbox. >> j, enonwh we come apple inking a deal with steven spielberg. details when "squawk alley" comes right back because, when you really, really want to be there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies see it- and see it through-with digital.
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apple is striking a deal with steven spielberg's amblin television to recreate the 1970s television show "amazing stories. spielberg will serve as new executive producer for the show which has a budget of more than $5 million an episode. apple shares are on pace for a third straight day of gains. we were talking you're too young to remember this show on nbc. >> but you loved it. >> i did love it. >> and between the money apple is spending on that program the money cbs is spending on the new "star trek" all access some of these media companies are pouring money into internet content. >> content is king. >> yeah. >> we learned it over and over again and now the distribution expands, and it's also part of the old school trend of bringing
back old series. "will & grace" not quite as old. do you remember it >> i think about family dog, that was my amazing stories sketch, that led to things like "the simpsons" i believe but key in this apple announcement is the they don't explicitly say how this is going to be distributed. will it be through apple music where you have to pay $10 bucks a month to get it? will they do it by download? if i'm amblin i wanted to get on to as many people as possible and right now apple music don't have as many subscribers i wonder if there's a push and pull around this hollywood is hard to crack as you know better than the rest of us, carl. >> well, definitely the split between valley and hollywood is legendary but it's getting a lot more narrow all the time by the way, guys, with the dow up six, i couldn't believe this, the dow has had a trading range today of 26.5 points that's the smallest range since
february 16th. got to go back a ways to find a day this narrow. >> perhaps the headline there is it's holding its highs and in record territory, not giving any back was the big one to close higher yesterday as well fueled by walmart i mean, we continue to turn up. >> yeah. >> i got a lot of names making some record highs. >> president trump, watch cnbc because we're covering the market. >> let's get to the judge and "the half. >> welcome to "the halftime report." i'm scott wapner top trade this hour. charging ahead, the names jim cramer says are two of the greatest stocks of our time. why visa and mastercard keep hitting all-time highs and whether there's really still time to get in with us for the hour today joe terranova, jon and pete najarian and carry firestone here with asset management visa and mastercard getting a i lot love today from wells fargo. they resumed coverage or