On this episode of Okay, Computer, Dan and Guy Adami discuss if the current market slump will prove similar to the recession of the early 2000s (2:00), the outlook for IPOs in 2023 & why Databricks may be the key company to watch (8:00), the global glut of chips and its impact on semiconductor stocks (12:00), growing pressure inside the Biden administration to force a sale of TikTok’s U.S. operations (15:00), Third Point CEO Dan Loeb’s market predictions for 2023 (18:00), how Tesla’s plunge is squeezing far more than just Elon Musk’s die-hard fans (21:00), and if valuations will bottom out in 2023 (24:00).
Check out the stories and tweets discussed in the episode:
-Unlimited Funds CIO Bob Elliott’s Twitter thread about the early 2000s recession
-The Information: Instacart, Databricks, Arm Could Lead the IPO Market Out of Its Freeze
-WSJ: Chip Inventories Swell as Consumers Buy Fewer Gadgets
-WSJ: TikTok Security Dilemma Revives Push for U.S. Control
-Third Point CEO Dan Loeb’s Twitter thread on his market outlook for 2023
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Show transcript:
Dan Nathan: [00:00:00] Welcome to Okay, Computer. I am Dan Nathan. I am here with a very special guest that Okay, Computer listeners have gotten to know this year. Guy Adami my co-host from On The Tape, Guy, you were the first guest of Okay, Computer to start this year out and you are going to be the last guest. What do you make of that? [00:00:56][56.5]
Guy Adami: [00:00:57] That’s sort of I’m sort of like just, you know, I’m the if I’m a yodel, in other words, like the outside. [00:01:03][5.9]
Dan Nathan: [00:01:03] Please don’t yodel, please. [00:01:04][1.1]
Guy Adami: [00:01:06] Chocolate The all the insides, the good part and the outside is sort of they put on there for a sort of packaging purpose. [00:01:11][5.0]
Dan Nathan: [00:01:11] Oh the yodeling pastry, that’s what you’re talking to. [00:01:13][2.1]
Guy Adami: [00:01:15] By the way, I love Metallica. It’s as I’ve said a number of times that okay computer album I think was there best one. [00:01:20][4.8]
Dan Nathan: [00:01:21] Let me just say this. Okay. So obviously referring to Radiohead and obviously the name of this fine podcast is a play on a 1997 album by the aforementioned Radiohead here. So you’ll continue to make that comment, but you will also be. [00:01:36][14.8]
Guy Adami: [00:01:36] And infuriate you. [00:01:36][0.3]
Dan Nathan: [00:01:37] You will also be in agreement with another Georgetown Hoya grad, Kara Swisher, who came on the podcast early this year and said, I hate the name. She literally just flat out said that. So thanks a lot, Kara. I hope you’ll come back. And I do hope she comes back because she was a fabulous guest. She’s also been a guest for us on on the tape, and Guy I got to think a lot of people this has been a fun year on okay computer when we came up with this idea in late 2021, the idea was like the intersection between Web two and web three that a lot of great contributors Rick Heitzmann of FirstMark, Katie Stanton of Moxie, Meltem Demirors, Packy McCormick. I mean, the list goes out. We’ve got a lot of really great contributors on the podcast here, but as the course of the year went on, it was less web three and more web two. And you know, it’s interesting, we’re starting to hear a lot of predictions about 2023, and a lot of them don’t include some of these ideas about crypto and web three. Thoughts on that, because you’ve been in the markets for a while. I joke quite frequently how long you’ve been in the markets, but we’ve seen things come and go. Do you think some of the seeds that have been sown with crypto and some of these kind of web3 concepts, are they going to be here to stay? It’s just that we’ve just had the blow off top of this cycle of the mania as it related to those topics. [00:02:51][73.9]
Guy Adami: [00:02:51] I’m sure people have made this comparison, so I’m not the first, nor will I be the last. But I think what it reminds me of obviously is sort of the lead in basically the Internet bubble in 98, 99, 2000, when obviously a lot of these things were completely out of control. I think a lot of people understood that. They were talked about all the time. A lot of it went away for a few years. But, you know, you understand that the Internet is still here. And I think that’s what we’re seeing now. I think they were much ballyhooed. Obviously, valuations got out of control. It doesn’t mean they’re going away. I just think we’re in this sort of ebb tide where, again, people aren’t talking about them nearly as much valuations have come down considerably, but it doesn’t mean they’re not going to be here for the foreseeable future. So I would submit this is probably a healthy thing. It’s not all that pleasurable going through it, I’m sure, for a lot of people who are involved, but it’s eerily reminiscent of what happened probably 22 or so years ago. [00:03:43][51.6]
Dan Nathan: [00:03:43] Matter of fact, kind of just hated the hype and the mania around Internet stocks in the late nineties, and everybody knew it was a bubble. No one thought it was going to be able to persist in the way that it did based on valuations and based on appetite for risk. I think it’s really important to remember that the Internet bubble, let’s say, as it relates to the stock market, you know, VC was not nearly the size that it was then that it is now. But the Internet bubble, no one thought it really popped in the spring or summer of 2000. You know, everyone was kind of wanting to buy the dips, but it became very evident in 2001. It became evident for most of 2002. And this kind of leads me to my next topic, in a way, is that until you reach this period of despair about the optimism that used to exist and what exists at the moment, and the people that were practitioners or builders in that prior period until they’re just done with it, they can’t take it anymore. You really hit bottom and I think the sentiment around crypto in Web3 is kind of similar. Which brings me to this, this really interesting thread I saw on Twitter by a guy named Bob Elliott and he’s at the Unlimited Funds and he tweeted this out and Nick put it in the show notes. Here it was. Most investors today have not experienced a normal recession. It’s important to remember that they typically take a long time. A few charts about the 2000 cycle end to end. It took three years. The full equity market index peaked in March of 2000. The last bottom was March ’03. And so there’s a lot of great charts in there and there’s a lot of really good analogs for what has happened over the last few years. But I think the most important thing to understand about the last few years is that March 2020, the subsequent bear market we had and the recession was an anomaly. It was a black swan. So talk to me, Guy, about your history, dealing with market cycles and understanding how asset bubbles basically like we just talked about, how they kind of pop and then how they bottom. [00:05:36][112.6]
Guy Adami: [00:05:36] Think about the similarities between these two periods of time. So again, you saw what’s going on in the late nineties. I think it was pretty clear to everyone. You had the bubble, the bubble burst, and then subsequently, obviously had the events of September 11, 2001, that obviously took us to the next leg lower. And it took a few years to work that off. So what are we seeing now? I think a lot of people correctly would say all the things we saw were unsustainable. Then subsequently you had COVID. To your point, though, I mean, it’s mirroring. People want this to end quickly, but there’s typically a lag effect. And now on top of all of that, you have a central bank that instead of being accommodative is anything but. So it’s a bit of I say it all the time, a bit of a witch’s brew here. And I think people so much want things to happen quickly and bottoms to be put in quickly so things can get back on the rollercoaster to the upside again. The problem is things don’t happen that fast. Now, I think the good news is I do think things happen faster than they did 20 or so years ago. But when I say faster, I’m not talking about weeks, you know, it still takes months, if not longer, to sort of flush this through the system. And on top of that, again, you have now not only the US Central Bank, the Federal Reserve, but global central banks acting in kind. So it’s going to be very hard for things to accelerate as quickly as they did a few years ago. And I think you just have to be patient here to your point. [00:07:00][84.1]
Dan Nathan: [00:07:01] It is pretty fascinating. You mentioned interest rates and that’s what’s really different this time is the pace in which that they have gone up off the lows after this pandemic. Right. So the Fed took unusual action to lower interest rates to zero in a very short period of time. And over the last year, they basically raised Fed funds from zero to over 4% with expectations that they get above 5% early next year. And it’s interesting, guy, though, that as rates have come in, as the Fed had kind of signaled the pace of hikes is going to decline, which we all figured at some point that’s going to have to happen. It coincided with a massive rally off of the lows in the stock market from mid October. Right. And so here we are now we’re seeing the ten year bottom. But I think last week or two weeks out, about three and a half percent and it’s up a bit. And what’s getting hit really hard are high valuation tech stocks. And that’s a really big part about this is like we cannot bottom until there is some clarity about interest rates because the higher interest rates are is the more that you have to discount valuations, which is one of the reasons why I just kind of kind of have to talk about this. If we’re looking to read the tea leaves, what are some things that could kind of signify that we’re near a bottom? Well, IPOs in 2020, two guys from 2021 were down like 90 some percent. Those are the sorts of numbers what you see at ten has got to get up about that. And there was an article in The Information last week that really caught my attention here. It was about what would be the leaders to kind of in 2023 or what are the expectations for big tech IPOs. And this was Instacart, Databricks and Arm Holdings. Okay. And this Databricks is really interesting to me. And I want to read this quote here, because this is one that is a competitor to Snowflake. And we know that Snowflake was one of those 2021 IPOs that was trading at a multiples sales that no one thought was sustainable. But for some reason, a lot of investors were buying in the public markets until rates started going higher and then the thing got creamed. It still is expensive. And so here’s a quote from this Information article. Executives at Databricks, which sells cloud services and software for companies to manage large datasets, have recently told investors the firm intends to go public in 2023. In 2021, in August, the company raised money at $38 billion. But here’s the deal. This is the kicker, and this is where I think the disconnect is. Databricks appears confident about the valuation, holding up fairly well recently trimmed its internal valuation by 7% Guy. So they’ve trimmed their valuation from August of 21 at $38 Billion by 7%. In August, Databricks reported 1 billion of annualized recurring revenue, so that places it at above 30 times sales. Is that how the market will bottom? And is that how a new bull market is going to form in some of these high growth tech areas? I just think that. [00:09:45][164.6]
Guy Adami: [00:09:46] No, I think the fascinating thing about private companies is they obviously see what’s going on to their competition, they see what’s going on in publicly traded stocks. But so many of them think that they’re the outlier. Right, they’re impervious to this. You know, I see what’s going on with everybody else, but we have figured it out, which is why you can say we’re only down 7% from that prior valuation. At a certain point, the market decides. Right. And if they want to do another raise, at some point it’ll be the market decides what their valuation is. But subject to that happening, they could pretty much say whatever they want in terms of the valuation, but everybody thinks it’s the other guy or gal, the reality, it’s everybody. And I think until those private market valuations start getting marked down in a meaningful way and 7% is not meaningful year over year at all, meaningful is 25 to 30, if not more percent. To your point, you’re talking about. A company that’s still trading north of 30 times revenues. It’s expensive. Snowflake at one point was a $400 stock. It’s trading $137 right now and it’s still a $44 billion company. So even though the stock has taken a significant haircut, it’s probably still expensive in this environment. And so I think private companies still have a bit of hope in them. And I understand it, but it doesn’t mean they’re right. [00:11:00][74.7]
Dan Nathan: [00:11:01] Yeah, well, the other ones I mean, these are great examples in the article that they list because they’re talking about Instacart, the valuation there. And when you think about DoorDash, I mean, DoorDash is down 67% its a company that also went public in 2021, is down more from its all time highs. The other one was Arm Holdings. Softbank was trying to unload that. Sell it to Nvidia still. You know, you and I talk about this name all the time. This is a 300 plus billion dollar market cap company that trades at 12 times expected next year’s sales. That’s not earnings sales. So Arm is going to be one of these big 2023 IPO candidates. And I just think that, again, that story, those three companies in particular really signify to me that we are not near a bottom if that is the expectations for the IPO market to come back in 2023 at those valuations. [00:11:49][48.4]
Guy Adami: [00:11:50] And it’s again, not coincidentally, DoorDash. I mean, I could rattle off probably 50 names, but since you brought up DoorDash, it’s not coincidence that it topped out basically at the end of November of 2021, around $250 or so, the same time the Fed pivoted. And here we are talking about a $49 stock that still has a $19 billion valuation. So all these publicly traded companies have clearly taken their medicine, probably more medicine left to be taken. But these private companies, for whatever reason, still feel they’re somewhat impervious to what’s going on to their competitors that just have three letters or four letters attached to the name and trade on exchanges. It’s really interesting, but the point you’re making is extremely correct, that until they take their medicine, until they have their sort of come to Jesus moment, I don’t think the market can fully bottom. [00:12:39][49.1]
Dan Nathan: [00:12:40] Here’s a segment I think is really important because this is meant to be like an early cyclical sort of sector and this is semiconductors. It was article in the Wall Street Journal this morning. This is Tuesday, December 27. Chip inventories swell as consumers buy fewer gadgets, and they’re highlighting some of the quotes that we’ve heard from Dell, we heard from AMD that we’ve heard from Nvidia, that we’ve heard from Intel. And it’s interesting to me that Nvidia is down 50% on the year. Intel is down about 50% of the AMD is down a little more than 55% on the year. Now, some of these have varying degrees of valuation issues. Nvidia is probably kind of the one that sticks out like a sore thumb. And we just mentioned that they were trying to buy arm and that thing got blocked you know Intel amd Taiwan semi these are all very reasonable valuations but the expectations for future growth are not there at a time where on the other side of these tight supply chain issues. Right. We were talking about this, I think on the podcast, on fast money, all the double ordering. It’s likely to go swing the other way here. And here we are, Guy. And, you know, in a cyclical area like this, okay, when you have swelling inventories, which is what the Wall Street Journal article calls it, that is no bueno for valuations because you cannot bottom until you see tight inventories matched with the expectations for an upcycle. And if you look at 2023, it looks like we’re going to have fits and starts in the global economy, especially as it relates to China and what the turnaround of Zero-Covid means. But also, I think the reorientation of supply chains and what a lot of countries are thinking about as it relates to the reliance on China and what globalization over the last 30, 40 years have meant, now it is an issue of national security. [00:14:21][101.3]
Guy Adami: [00:14:21] And the demand component of this equation as well. When demand is falling, you just go back, you know, I encourage people to go back and listen to read the Micron report, you know, when they reported earnings and some of the things that came out of that and talking about basically and I’m paraphrasing again, but demand falling off a cliff and you’re seeing it with NAND prices and DRAM prices at all that as well. That’s not particularly bullish. And I think a lot of people look at these and can speak to them on valuation. The problem is for a lot of these stocks, the exact wrong time to be buying these stocks when valuations are at their lowest. It’s somewhat counterintuitive, but that’s worth seeing. And if you look across a broad swath of these names, yes, you can make a compelling argument on valuation. The problem is you’re going to see margin compression without question and you see earnings slowdown and you see revenue slowdown. And that’s not a particularly healthy brew for a very still cyclical sector, which for a period of time seemed to lose the cyclical moniker, only to get it back in spades here at the end of the year. [00:15:22][60.5]
Dan Nathan: [00:15:22] Yeah. So we’ve spent some time talking about this tit for tat with the U.S. and China, and it really started a few years ago with Huawei and part of the trade war and listen and this is not ending any time soon. I think this is something that you and I have spent a lot of time talking about. But, you know. It seems like there’s an increasingly loud chorus for the US. Obviously we have this kind of advanced chip band for a bunch of our U.S. companies selling to China. It seems like when you think about on the digital side of things, that some of our largest social media companies are software companies that are obviously based on the Internet. They don’t have access to the Chinese markets. And yet TikTok has taken the West by storm. It’s one of the fastest growing social apps. President Trump I think you and I both agreed or former President Trump wanted to do a for sale of TikTok to a U.S. and to do so wouldn’t be controlled by the Communist Party. And I think you and I talked about this. We had Mark Mahaney on from ISI Evercore last week, and we were talking about what would happen to, let’s say, Meta or Snap if the U.S. banned TikTok from the U.S.? I’m not sure that could happen so quickly. You know, a for sale might be something that might be palatable in the intermediate term, but that would be a very good thing, right, for Meta and Snap. Thoughts on that because again, you know, here is the headline from the Journal today or the quote, The proposal for a for sale has arisen in discussions by the Committee on Foreign Investment in the US Interagency Government Panel that has been negotiating with TikTok for more than two years. And then the Pentagon and Justice Department representatives on the panel are among those supporting a for sale. For sale might not do anything. It might just put it in the arms of a US sort of friendly owner of this thing. I’m just curious your thoughts as we go into 2023, because a lot of our social media companies have massive issues that are related to just kind of the economy and the recession and what happens to performance based digital ads. But the situation with TikTok is clearly a headwind also [00:17:17][114.7]
Guy Adami: [00:17:17] There are a lot of politicians here and this is crosses party lines seem to be resolute in their want for TikTok to go away. I don’t know what that looks like, but then you have to ask yourself, what’s the retribution on the back side of that from the Chinese? Obviously, they’ve banned some of our companies. There doesn’t seem to matter all that much to us. What would happen if we did it to them in a meaningful way with something as important as TikTok? Now I think the knee jerk for both Facebook and Snap, some of these other social media names, I think they go up in pretty much a straight line. But again, what does that mean for US-China relations? On the other side, an already strained relationship I think gets worse. So what does that mean then for the broader market? And I think you have to take all these things into consideration. So there’s so many weird things that have happened this year, 2022 when you see a season finale, you want it to be clean and you want the next season to start fresh. But the reality is that’s not what happens in markets. These things carry over and nothing has been. Figure it out. I worry that things get worse before they get better. Specifically with US-China relations, which are already probably hanging on by a thread. [00:18:25][68.4]
Dan Nathan: [00:18:48] We’re not in the prediction business here, guy, and we just kind of call it like we see them in the markets and things change every day. But it is interesting to think about how 2023 might be different in the markets then, let’s say 2022. And again, you and I have been unusually bearish for a whole host of reasons for the better part of the last, let’s call it two years. And I don’t think it’s over yet by any means. I know that you don’t think so either. And again, that’s why we keep highlighting some of these situations. But here’s a guy that I think has been very successful in the markets is Dan Loeb. He runs Third Point a hedge fund that used to be activist, but they find themselves in a lot of different situations. And he tweeted this the other day, Guy, and I want to get your take on this. This was on December 26. I tend to be more of a bottoms up analyst, but 2023 should prove to be a year of a battle of two narratives rates and inflation on one hand, versus GDP growth margins and ultimately earnings on the other markets will be further determined by participants outlook from current company performance versus 24 and beyond. I don’t think camping out in the last decades, darlings with rosaries in hand, hoping for a comeback will be the winning strategy. We have already seen the revenge of the value nerds, I think more to come. So this is interesting, Guy. I want you to key on this. I don’t think camping out in the last decades darlings with rosaries as hands. I don’t know if you have rosaries in your hands right now. Hoping for a comeback will be a winning strategy. Talk to me about that, because, again, we have seen a rotation into value. We’ve seen a rotation into defensives. I just don’t think that leads us to the bottom in the stock market in 2023. So thoughts on the darlings, I guess? [00:21:38][170.5]
Guy Adami: [00:21:39] Well, it’s basically and I know you know this and I’m sure the audience as well where but he’s talking about technology and what he’s saying is to think you’re going to be able to get anywhere close to the returns that you’ve gotten in technology over the last decade and 2023. I think it’s foolish to think that there are other people that have come out and said the same thing. They think technology takes the next leg lower in 2023. And again, if valuations matter, which they clearly have over the last 12 months, they’re not going to be immune to it. They haven’t been immune this year, not going to be immune next year. So when a guy like Dan Loeb says something like that, he’s telling you how he’s setting up. When you hear somebody like David Tepper and now more and more people coming around that ways of thinking that 2023, although you might get that bounce early in the year, it’s going to be tough slogging as well for a lot of these names that despite the fact that have come off anywhere from 40 to 80%, lot of those names are still expensive and maybe in some ways more expensive if you really want to get down to brass tacks, although that’s somewhat counterintuitive. So again, when the guy like Dan Loeb talks, you don’t have to agree with them, but you have to listen to them. [00:22:45][66.7]
Dan Nathan: [00:22:46] The last thing before we get out of here, I think that this is going to be the story of the markets of 2022, and that’s an obvious statement here. But it’s Tesla, it’s Elon Musk. It’s all the unusual positive sentiment. I mean, as we’re talking right now, this is midday guy on Tuesday, the day after Christmas here. And shares of Tesla are down eight and a half percent. They’re down 70% on the year. I mean, this is really astounding. This was a year ago the stock hit over $1,000,000,000,000 market cap here. And when you think about this and I think this is really important for all of these people out there who think that Elon Musk is this tremendous visionary, this tremendous operator, and he may be some of all of those things, but he has now lost investors two times as much money over the last year as he had made them since Tesla’s IPO in 2010. And what’s really important about these last two years is that the stock was added in late 2020 Guy the S&P 500. So it’s not just fundamental people who believe in Elon Musk and his vision of the future who bought Tesla shares okay over the last two years. But as everybody who owns the S&P 500 mutual fund or ETF, the tracks or anything, and to me, that’s what’s so important about this story, that unusual, positive sentiment about him is something that has always felt unnatural to me. But now it’s starting to hurt mom and pop, who basically don’t know Elon Musk, don’t know Tesla, don’t know EVs, don’t know Twitter, don’t know space, X, don’t know boring company, don’t know Grimes, don’t know any of that crap. Okay? Like, don’t know all the memes that he spends all the time tweeting about or whatever. And now it’s hurting people who own the S&P 500. [00:24:28][102.4]
Guy Adami: [00:24:29] There are people that don’t know the symbol of Tesla stock, that own Tesla stock, and they’re going to see it in their returns. And I think it’s going to be eye opening for a lot of people. But again, in terms of Tesla, it’s still, to your point, a $350 billion company. And this seemed to be a bit of a desperate move, in my opinion. But last week we saw Elon Musk go on a Twitter spaces, which I think had over 50,000 or so participants, if I’m not mistaken, and basically say that he had no plans to sell Tesla over the next 3 to 5 years. And I’m paraphrasing again, and that seemed to reek of desperation. I mention it because that was the day that Tesla again made a new 52 week low around 124, I think post comments. The stock could rally to $129. As we’re sitting here right now, it’s $113 stock. So when you see things like that, to me that’s a desperate act of potentially a desperate person right now. [00:25:24][55.7]
Dan Nathan: [00:25:25] You know, we spent some time in the start of this conversation talking about the comparisons to 2000 or the lead up into 2000. And everyone, you go look at Bob Elliot’s tweet thread about the 2000 to 2003 recession and what took place because I think a lot of what’s gone on in 2022 is just an unwind of some of just the easy money policies. You spent a lot of time talking about that Guy over the last few years and the sort of activity that it creates by investors who are pushed out of the risk curve. We have even talked about housing. We have even talked about lending models like Buy Now, Pay Later. I mean, think about all the malinvestment. We haven’t even talked about Meta. I mean, Metas stock is down 65% this year. It’s lost hundreds of billions of dollars, a market cap also. And again, you know, like this is one that I think is really fascinating because is this the Yahoo! Or the Qualcomm of 2000 guy? And when we think about a Snapchat, is that 90%, the list goes on and on in the public markets of some of the similarities that we recall talk about like Roku and Roblox. And all of these things are meant to be the next thing and they’ll all come unwound this year. And I think that’s really important. It’s the only way we can kind of get towards a bottom in 2023. Unfortunately for a lot of you out there, we’re still holding on to this ARKK crap and some of this stuff is like it probably gets worse before it gets better. And stocks that are down 70 or 80% can get cut in half again. And that is the lesson from ’01 and ’02, and I just don’t think we’re there yet. Guy. [00:26:51][86.5]
Guy Adami: [00:26:51] I think there’s a general hope that somehow the Federal Reserve comes to the rescue in the form of potentially lowering rates next year. And there was a school of thought earlier this year that the end of 2023 we’d actually see Fed rate cuts. I think that’s somewhat been taken out of the market on the back of some of the things Jerome Powell talked about, you know, in terms of the duration with which rates will stay elevated again. So if you think the Fed is going to come to your rescue here, I don’t think it’s necessarily going to be in the form of an equity market that sells off, the Fed comes to the rescue if the credit markets deteriorate. We have not seen any signs of that happening or some other black swan event were to take place that we can’t predict. So if you think the Fed has your back in terms of an equity market, I think you need to think again. [00:27:40][48.2]
Dan Nathan: [00:27:40] Yeah. And the last thing is here that the Fed is really hoping for unemployment to go up and we’ve seen a lot of layoffs across tech starting to see it of VC backed private companies earlier this year and then it made its way to some of these large platform companies. Right. And that’s probably going to increase next year. And the longer that rates stay higher. To your point, Guy, is the just the more room to the downside on both private and public market valuations. And I suspect a lot of VCs and a lot of VC backed companies are going to start to take some aggressive marks early in 2023 to get that out of the way and kind of set up for a better second half, 2023 into 2024. So those are things that, again, we’re going to be looking for here on Okay, Computer. We’re going to bring them up with some of our great contributors and co-host here, Guy. Danny, thanks so much. You’ve been an amazing part of. Okay, Computer. You spent a lot of time talking about crypto and web3 and private markets, and we get a lot of great opinions from people who are really experts in the private markets. But there are few people that know more about public markets who are talking about it the way you do or as accessible as you do. So I really appreciate you being here, breaking down all of the things that went on in the public tech markets in 2022. And we hope that you become an active contributor in 2023 Guy. [00:28:56][76.4]
Guy Adami: [00:28:57] I think Radiohead should sponsor Okay, Computer, they’ll be smart to that or put out T-shirts or some sort of swag. I love being both the Prolog and the Epilog to okay computer this year and maybe we’ll do it again next year as we start the season. Maybe with me just coming in for a few minutes. But obviously I think it’s an incredible podcast. Your co-hosts have been amazing and it’s such an important series of topics in 2022, and they’re not going away in 2023 either. [00:29:26][29.9]
Dan Nathan: [00:29:27] Matter of fact, we want to thank our sponsor Current, and they’ve been a presenting sponsor for all of 2022. And I think some of our regular listeners have gotten to know Stuart Sopp. He is the CEO, co-founder of Current, and Trevor Marshall, who is the co-founder and CTO. Those guys have both been on the podcast and we are moving into their studio. Yeah, we are Guy Flatiron, Union Square. I don’t know what you want to call it there and we are going to be broadcasting daily from there. Okay. Computer on the tape and of course our market call. So thanks to current, thanks to Stuart and Trevor and the whole team over there. We look forward to a huge 2023 for okay computer and thanks a lot Guy Adami, happy new year. [00:30:06][39.3]
Guy Adami: [00:30:07] To you as well. The irony of working in Flatiron and using one of my hair is not lost on me. [00:30:12][5.7]
Dan Nathan: [00:30:13] All right, fair enough. See you next year, pal. [00:30:13][0.0]
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