| down 12 percent year-to-date the s p 500 | 4.479 | Jump to 11.36 |  |  | 
              
                
                  | could fall below the 200-day moving | 3.279 | Jump to 13.84 |  |  | 
              
                
                  | netflix persists after a 24 plunge on | 4.801 | Jump to 17.119 |  |  | 
              
                
                  | well look i i think the first thing we | 4.4 | Jump to 32.88 |  |  | 
              
                
                  | and think about how rare 2021 was in a | 6.72 | Jump to 37.28 |  |  | 
              
                
                  | typical year you get at least one | 5.599 | Jump to 41.28 |  |  | 
              
                
                  | perhaps as much as multiple 10 percent | 5.6 | Jump to 44.0 |  |  | 
              
                
                  | seven percent obviously | 4.959 | Jump to 51.76 |  |  | 
              
                
                  | last 72 hours um and uh frankly | 6.72 | Jump to 70.32 |  |  | 
              
                
                  | you essentially had almost a two percent | 5.6 | Jump to 133.68 | 
                      
                        
                      
                        PERCENT
                      
                      
                        almost a two percent
                      
                     |  | 
              
                
                  | a two percent uh collapse and then a | 4.72 | Jump to 139.28 |  |  | 
              
                
                  | further two percent collapse the next | 5.52 | Jump to 141.76 |  |  | 
              
                
                  | vix at 35 that's the time whereas a | 6.079 | Jump to 156.16 |  |  | 
              
                
                  | uh to see netflix down 24 in the session | 7.199 | Jump to 171.04 |  |  | 
              
                
                  | roku down 33 year to day is the next six | 5.68 | Jump to 174.72 |  |  | 
              
                
                  | to eight months that bad for for big | 3.92 | Jump to 178.239 |  |  | 
              
                
                  | four percent there will be absolutely no | 4.559 | Jump to 236.4 |  |  | 
              
                
                  | it's this is not the same as 2000 simply | 7.04 | Jump to 252.879 |  |  | 
              
                
                  | very typical for crypto to have 50 | 6.481 | Jump to 437.919 |  |  | 
              
                
                  | you've ranged between call it 28 000 and | 6.321 | Jump to 451.919 |  |  | 
              
                
                  | know upwards of 65 000 on the high our | 6.079 | Jump to 458.24 |  |  | 
              
                
                  | two ranges low to high and then | 4.4 | Jump to 485.199 |  |  | 
              
                
                  | year or perhaps 2023 we think you start | 6.481 | Jump to 489.599 |  |  | 
              
                
                  | that there are only f five days right | 6.0 | Jump to 527.92 |  |  | 
              
                
                  | now of inventory of key chips versus 40 | 7.199 | Jump to 530.08 |  |  | 
              
                
                  | days back in 2019. let's talk a little | 5.28 | Jump to 533.92 |  |  | 
              
                
                  | chip demand is up 20 | 4.72 | Jump to 593.76 |  |  | 
              
                
                  | know they're at more than 90 capacity so | 5.28 | Jump to 604.88 |  |  | 
              
                
                  | and the five days of inventory that you | 5.28 | Jump to 615.6 |  |  | 
              
                
                  | yes so first of all the word i heard was | 4.161 | Jump to 691.839 |  |  | 
              
                
                  | which of course is the future takes two | 6.399 | Jump to 755.68 |  |  | 
              
                
                  | thousand ships in one car | 5.281 | Jump to 758.959 |  |  | 
              
                
                  | is maybe six or seven hundred ships | 5.521 | Jump to 765.279 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        six or seven hundred
                      
                     |  | 
              
                
                  | taiwan from one company in taiwan | 5.28 | Jump to 873.6 |  |  | 
              
                
                  | that one facility | 4.16 | Jump to 972.0 |  |  | 
              
                
                  | they estimate will create over 10 000 | 3.279 | Jump to 974.0 |  |  | 
              
                
                  | almost a billion dollars the tech giant | 4.24 | Jump to 1154.48 | 
                      
                        
                      
                        MONEY
                      
                      
                        almost a billion dollars
                      
                     |  | 
              
                
                  | revenue that jumped 46 | 5.44 | Jump to 1158.72 |  |  | 
              
                
                  | that's down a bit from its 50 jump in q1 | 4.32 | Jump to 1161.44 |  |  | 
              
                
                  | could double within three years so where | 4.96 | Jump to 1173.36 |  |  | 
              
                
                  | leading up to an in route to reaching 80 | 4.16 | Jump to 1181.12 |  |  | 
              
                
                  | billion dollars is the number that | 2.88 | Jump to 1184.0 |  |  | 
              
                
                  | incremental trillion dollars of of of | 5.12 | Jump to 1190.96 |  |  | 
              
                
                  | about 2 trillion | 4.08 | Jump to 1196.08 |  |  | 
              
                
                  | if you take the 100 largest cloud | 5.36 | Jump to 1197.76 |  |  | 
              
                
                  | players uh we're about 290 billion so | 7.28 | Jump to 1200.16 |  |  | 
              
                
                  | that puts cloud penetration at about 15 | 7.12 | Jump to 1203.12 |  |  | 
              
                
                  | here they have about 28 market share | 4.799 | Jump to 1210.24 |  |  | 
              
                
                  | azure it's 20 of the business uh but uh | 6.32 | Jump to 1232.4 |  |  | 
              
                
                  | as you cross over that 40 billion dollar | 5.441 | Jump to 1236.159 |  |  | 
              
                
                  | microsoft business grows from 40 to 80 | 4.321 | Jump to 1244.559 |  |  | 
              
                
                  | billion that's going to change the | 4.161 | Jump to 1246.799 |  |  | 
              
                
                  | is a company that generated 43 | 5.601 | Jump to 1263.679 |  |  | 
              
                
                  | as we're showing 46 revenue growth and | 6.0 | Jump to 1281.28 |  |  | 
              
                
                  | about 50 percent since uh from the highs | 6.479 | Jump to 1313.44 |  |  | 
              
                
                  | in in november uh we're down 20 | 6.16 | Jump to 1316.72 |  |  | 
              
                
                  | the whole 100 cloud 100 it's down 20 | 5.841 | Jump to 1319.919 |  |  | 
              
                
                  | when azure down ticked from 48 | 6.561 | Jump to 1330.159 |  |  | 
              
                
                  | fx adjusted growth last quarter 46 | 4.96 | Jump to 1333.44 |  |  | 
              
                
                  | revenue that was up by about 10 percent | 4.161 | Jump to 1370.799 |  |  | 
              
                
                  | generating close to 70 billion dollars a | 5.36 | Jump to 1437.12 |  |  | 
              
                
                  | of activision blizzard uh with one year | 4.161 | Jump to 1445.279 |  |  | 
              
                
                  | microsoft sitting on 120 billion dollars | 4.56 | Jump to 1452.08 | 
                      
                        
                      
                        MONEY
                      
                      
                        120 billion dollars
                      
                     |  | 
              
                
                  | 352 dollars a share we're right uh under | 5.24 | Jump to 1485.48 |  |  | 
              
                
                  | that about 300 | 2.959 | Jump to 1488.96 |  |  | 
              
                
                  | back to 2004 to 2006 | 6.719 | Jump to 1517.44 |  |  | 
              
                
                  | 17 times | 3.441 | Jump to 1527.039 |  |  | 
              
                
                  | from one and a quarter to five and a | 5.68 | Jump to 1528.64 | 
                      
                        
                      
                        DATE
                      
                      
                        one and a quarter to five
                      
                     |  | 
              
                
                  | quarter between 2004 and 2006 and guess | 5.76 | Jump to 1530.48 |  |  | 
              
                
                  | as a large cap was up over 50 last year | 4.64 | Jump to 1543.44 |  |  | 
              
                
                  | software names microsoft is one of the | 5.041 | Jump to 1558.799 |  |  | 
              
                
                  | like dao joining us for a first on yahoo | 4.08 | Jump to 1596.32 |  |  | 
              
                
                  | dow our 125th year as a company it was | 6.56 | Jump to 1630.4 |  |  | 
              
                
                  | uh full year uh 2021. uh to your | 5.439 | Jump to 1636.96 |  |  | 
              
                
                  | 2022 whether it's gdp growth | 5.04 | Jump to 1651.84 |  |  | 
              
                
                  | know which third party you're talking to | 4.961 | Jump to 1662.159 |  |  | 
              
                
                  | are ranging between plus four and plus | 5.76 | Jump to 1664.24 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        between plus four
                      
                     |  | 
              
                
                  | five percent uh growth you also you know | 4.4 | Jump to 1667.12 |  |  | 
              
                
                  | number is more than five trillion | 5.039 | Jump to 1685.36 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        more than five trillion
                      
                     |  | 
              
                
                  | 2022. and howard um let's get into the | 5.079 | Jump to 1708.84 |  |  | 
              
                
                  | 39 and if you would just explain to me | 3.76 | Jump to 1720.08 |  |  | 
              
                
                  | gotcha so local pricing up 39 | 5.12 | Jump to 1737.12 |  |  | 
              
                
                  | volume down four percent which i think | 4.72 | Jump to 1739.679 |  |  | 
              
                
                  | that volume down four percent is that | 5.12 | Jump to 1747.12 |  |  | 
              
                
                  | maintenance at our facilities we had one | 4.16 | Jump to 1766.72 |  |  | 
              
                
                  | move forward into 2022 you know you | 6.08 | Jump to 1782.88 |  |  | 
              
                
                  | from dao one of the big changes next | 5.199 | Jump to 1788.96 |  |  | 
              
                
                  | production for almost 30 days uh in the | 5.12 | Jump to 1799.2 |  |  | 
              
                
                  | was probably one of the biggest issues | 3.2 | Jump to 1819.76 |  |  | 
              
                
                  | there were two strong months march | 5.84 | Jump to 1824.48 |  |  | 
              
                
                  | as we went through the fourth quarter | 3.521 | Jump to 1833.679 |  |  | 
              
                
                  | head into and through 2022 | 7.041 | Jump to 1842.399 |  |  | 
              
                
                  | at least through the first half of the | 3.919 | Jump to 1866.88 |  |  | 
              
                
                  | our costs in the fourth quarter were up | 3.84 | Jump to 1880.24 |  |  | 
              
                
                  | uh more than 20 percent | 4.48 | Jump to 1882.0 | 
                      
                        
                      
                        PERCENT
                      
                      
                        more than 20 percent
                      
                     |  | 
              
                
                  | and you've got oil brent touched 90 | 4.079 | Jump to 1890.96 |  |  | 
              
                
                  | you guys raising your prices in 2022 how | 4.64 | Jump to 1909.6 |  |  | 
              
                
                  | know it's a tale of a tale of two points | 5.199 | Jump to 1919.36 |  |  | 
              
                
                  | dow up about close to three percent in | 4.4 | Jump to 1959.44 |  |  | 
              
                
                  | taking the time first and foremost here | 2.88 | Jump to 1992.08 |  |  | 
              
                
                  | flat to fiscal year 2019 the last | 4.959 | Jump to 2001.2 |  |  | 
              
                
                  | first | 3.12 | Jump to 2018.399 |  |  | 
              
                
                  | working for us one you know the | 5.439 | Jump to 2055.2 |  |  | 
              
                
                  | market share in 2021 globally was | 5.919 | Jump to 2072.24 |  |  | 
              
                
                  | actually up three tenths of a point um | 5.679 | Jump to 2075.2 |  |  | 
              
                
                  | sizes in the us 40 of the weight sizes | 4.161 | Jump to 2090.159 |  |  | 
              
                
                  | question uh direct to consumer is one of | 5.921 | Jump to 2221.119 |  |  | 
              
                
                  | fifth of our business i i you know we | 7.04 | Jump to 2234.0 |  |  | 
              
                
                  | ended uh 21 at about 36 percent uh in 22 | 7.28 | Jump to 2236.48 |  |  | 
              
                
                  | we're going to grow that to about 40 and | 5.52 | Jump to 2241.04 |  |  | 
              
                
                  | you know we're headed towards 60 | 4.88 | Jump to 2243.76 |  |  | 
              
                
                  | consumer directed consumer has two major | 4.8 | Jump to 2248.64 |  |  | 
              
                
                  | plans to open another 100 doors you know | 4.96 | Jump to 2257.44 |  |  | 
              
                
                  | have an app our app now is in nine | 4.0 | Jump to 2293.28 |  |  | 
              
                
                  | countries we want to take it to about 15 | 3.92 | Jump to 2295.28 |  |  | 
              
                
                  | 26 percent so you know we are | 5.601 | Jump to 2319.839 |  |  | 
              
                
                  | year in um in 2021 we actually carved | 6.161 | Jump to 2350.079 |  |  | 
              
                
                  | revealed its 26th straight year of | 4.321 | Jump to 2433.359 |  |  | 
              
                
                  | record net revenue fifth consecutive | 4.961 | Jump to 2435.839 |  |  | 
              
                
                  | saying we could see as many as seven | 5.04 | Jump to 2460.319 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        as many as seven
                      
                     |  | 
              
                
                  | if there were say seven rate increases | 4.56 | Jump to 2476.72 |  |  | 
              
                
                  | four increase rate increases basically a | 6.08 | Jump to 2485.68 |  |  | 
              
                
                  | 100 basis point shock today to to | 5.2 | Jump to 2488.48 |  |  | 
              
                
                  | almost a quarter of a billion dollars | 4.639 | Jump to 2495.44 |  |  | 
              
                
                  | rates seven rate increases | 5.76 | Jump to 2514.16 |  |  | 
              
                
                  | that it could handle seven rate hikes or | 2.88 | Jump to 2554.4 |  |  | 
              
                
                  | five or six | 2.64 | Jump to 2557.28 |  |  | 
              
                
                  | well i think first of all today uh while | 6.321 | Jump to 2560.079 |  |  | 
              
                
                  | economics 101. so uh you know i i | 6.48 | Jump to 2597.04 |  |  | 
              
                
                  | you know we all learned that i did 40 | 4.8 | Jump to 2608.64 |  |  | 
              
                
                  | let's focus on the business for a second | 3.52 | Jump to 2618.72 |  |  | 
              
                
                  | financial crisis in 2010 | 4.641 | Jump to 2634.079 |  |  | 
              
                
                  | years this is that was your third | 3.44 | Jump to 2705.04 |  |  | 
              
                
                  | off about seven percent from your highs | 4.0 | Jump to 2715.04 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about seven percent
                      
                     |  | 
              
                
                  | had 26 consecutive years of record | 4.48 | Jump to 2738.72 | 
                      
                        
                      
                        DATE
                      
                      
                        26 consecutive years
                      
                     |  | 
              
                
                  | basically under 10. so even though i | 5.44 | Jump to 2766.8 |  |  | 
              
                
                  | first or second year associates pulling | 5.041 | Jump to 2797.359 |  |  | 
              
                
                  | in a 150 000 base and and being promised | 6.0 | Jump to 2799.2 |  |  | 
              
                
                  | does it matter on two uh just staying on | 4.401 | Jump to 2855.839 |  |  | 
              
                
                  | studio i am rather on the third floor of | 5.04 | Jump to 2944.16 |  |  |