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Early Start With Christine Romans

at web push securities. so let's talk first, i guess, but the big tech earnings. better than expected. what is happening here? >> it is not roses and champagne, but this is much better than feared. really holding up in terms of tech, cloud, digital advertising, and this really is putting fuel in the tech rally. i think it is a green light from here in terms of tech stocks. >> nasdaq up 17%, so having a good year. we're talking about gdp of only 1.1%, signs of slowdowns elsewhere. but you're saying the companies have cut costs aggressively this quarter and they are looking ahead. >> perfect combo. they were spending money like 1980s rock stars and now cutting costs and growth is not just stabilized but an uptick. and i continue to think many investors are under investing in tech, it is a scarcity of growth and with the ai arms race, more and more tech betting on that. >> and let's talk about that

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Asia Business Report

tech. ~ ., in terms of what we see in big tech. ~ . ., .,, . tech. what about the 'ob cuts? is the tech. what about the 'ob cuts? .s the pain * tech. what about the 'ob cuts? is the pain over? _ tech. what about the 'ob cuts? is the pain over? i_ tech. what about the job cuts? is the pain over? i think - tech. what about the job cuts? is the pain over? i think 70 - tech. what about the job cuts? is the pain over? i think 70 or| is the pain over? i think 70 or 8096 of the — is the pain over? i think 70 or 8096 of the cuts _ is the pain over? i think 70 or 8096 of the cuts are _ is the pain over? i think 70 or 8096 of the cuts are over, - is the pain over? i think 70 or 8096 of the cuts are over, but| 80% of the cuts are over, but these tech companies are spending like 1980s rock stars. they have cut costs. that is something investors want to see. they want to see them rip the band—aid out. i think ultimately it is put the bottom of the stocks, including meta, amazon and others.— of the stocks, including meta, amazon and others. let's stay in the us, _ amazon and others. let's stay in the us, because _ amazon and others. let's stay in the us, because shares - amazon and others. let's stay in the us, because shares in l in the us, because shares in first republic and falling nearly 50% as investors question its future. the falls came a day after the mid—size us bank said customers had pulled more than ioo—billion—dollars from their accounts during last month's banking panic. first republic had been seen as one of the banks most at risk of failure, after a series of bank collapses raised fears of a crisis in the sector. that banking crisis has been, of course, one of several economic challenges faced by the us presidentjoe biden since taking office. and now that he has confirmed he's signed up to star

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Early Start With Christine Romans

the month of february. meta has plans for more. and the hnasdaq up 10%. almost feels like the more we hear about tech layoffs, the more investors lininke the companies because they are getting lean. >> and these tech firms were spending money like 1980s rock stars and now you are starting to see the layoffs. and that is good in terms of preserving the bottom line. it starts the next cycle. and better than fear for tech. that is why you are starting to see a risk on here. >> and some of these companies added tens of thousands of workers over the past few years and now they are kind of recalibrating. it is not as if they are cutting a whole bunch of meat on the bone, they are cutting some of the jobs that they had add add. >> microsoft since 2019 added 75,000 employees. and they cut 10,000 in terms of recent layoffs. so these companies a lot of them have more cash than some

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CNN This Morning Weekend

this month alone, nearly 39,000 layoffs in tech. the ramp up in hiring over the last few years was driven by e-commerce and americans investment in tech. with inflation and fears of a recession, companies are cutting back and course correcting at the cost of people's jobs. as one analyst put it, these companies were spending like 1980s rock stars, and now the cinderella ride has ended, for now at least, because many of these companies are investing in other areas like artificial intelligence and they'll be hiring again. for the foreseeable future we could see additional tech layoffs. one point of perspective, tech represents 2% of overall employment. compare that with leisure and h hospitality which represents 11%. last week's claims came in at

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CNN Newsroom

this from happening again. >> okay. let's hope it does not happen again. let's turn to google. making some big cuts. why are they saying they are doing this? >> they are the latest in a string of big-tech companies who are laying folks off. they are saying that they hired during a time when it was a very different economic landscape. they say things have changed today, that folks are not spending as much online, not accessing technology as much, but they join the list of amazon, meta as well as microsoft who just announced yesterday they were laying off 10,000 people. one analyst put it to me this way, that the tech companies were hiring like 1980s rock stars. the cinderella ride is about to be over, but it's important to note that tech represents 2% of the employment in the u.s., something like hospitality and leisure represents 11%, and we know a lot of hotels, restaurants are still having trouble hiring. they are not laying people off. so tech while an important part of the labor market doesn't paint the whole picture for us.

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