good morning it is 8:00 a.m. at square headquarters in san francisco. 11:00 a.m. on wall street. "squawk alley" is live ♪ ♪ ♪ ♪ happy wednesday. welcome to "squawk alley." i'm jon fortt along with carl

quintanilla. the sfo of square as they double down on bitcoin and then the ceo of intuit as they head into tax season and later reid hoffman as his new spac makes its first acquisition that, of course, involving flying cars. we'll begin with square. shares down this morning after a mixed quarter and a double down from jack dorsey on bitcoin. kate rooney joins us with the chief financial officer of square in a cnbc exclusive kate >> hey, jon, good morning. with us now square's chief financial officer. thank you so much for being here, amrita great to see you >> great to see you as well. thanks for having me, kate >> of course i do want to start with bitcoin. adding $170 million. we know jack dorsey and this has

been a week where bitcoin's volatility has been on display >> well, we feel bitcoin is aligned with our purpose, which is economic empowerment. economic empowerment is about bringing access to financial tools more broadly including to people who haven't had it before, and we think bitcoin is a way that could enable that for the future this investment coupled with our earlier investment in bitcoin is about 5% of our cash when you think of the growth we've been enabling or customers to transact bitcoin for about three years now and we've responded to the feedback we've gotten and have seen the increased awareness. 3 million people are transacting through cash up in 2020. and 1 million who are new to bitcoin in january we're going to be disciplined in our approach and customer led as we see this ecosystem evolve >> got it. i know you called it the

currency of the internet really interesting we had a big quarter for square's cash app. monthly active users 36 million, up 50% stock trading has been a big part of that we've talked about retail trading and the game stock saga. analyst notes about square potentially benefiting from users leaving robinhood. i wonder what happened on your side during that last week in january. what did you see as far as trading behavior on square >> sure. through cashup it's really about opening the and tour for trading. we started that with fractional shares and added news in other ways for people and information about stock trading. educational materials and what we saw in january was very strong performance we set new highs for number of customers using our stock trading platforms for a number of trades and for volumes and it's become a front door in the

cashup 15% who are new were also new to cash app we see customers who transact using our investing products like bitcoin and stock trading are more engaged overall it gives us chance to offer other products and services like cash card or direct deposit to provide greater utility in financial services lives >> hi, amrita. it's jon fortt great to have you. i have a bit of a windup to this question having to do with focus. nearly 20 years ago i was talking to apple when they launched airport and wi-fi and, wow, why don't you lean into this essentially we were told we don't want to become a networking company which later made sense i thought of square as being small business centric but with the growth of cash app particularly during this time when there are a lot of consumers taking financial risk, do you worry about square

becoming too heavily weighted towards that >> our priority for the growth of our platform is, first and foremost, the health and stability of the platform and customers' ability to make informed decisions our platform is all about financial inclusion so that we provide access and, again, consumers can make informed decisions. with the growth of cash app at 36 million active customers we see a diversity of youth cases on the platform. in 2019 we had one product with more than $100 million in gross profit in 2020 we had four. because of the diversity and direct deposit and, of course, the bread and butter peer to peer which during covid has proven to be a life line for so many people. >> amrita, everyone is trying to game out how cfos are thinking about putting bitcoin on the balance sheet, and a lot of

skeptics argue there's no way in aggregate the historical vog tilt clearly you've worked through the process and it would be fascinating if you could tell viewers how you get past that. how you get past the notion it could see a dramatic decline again. >> we think about the long-term arc and our belief and alignment with our purpose, and then we take, as we think about the multiple steps to get to the long-term vision, we experiment and take a disciplined approach. the investment is 5% of our cash and the business that we have related to bitcoin through cash app is about 5% of our gross profit we're going to evaluate on an ongoing basis. we'll respond to the environment but that long-term vision is what we are looking into >> i look at what that business is competing with. i think more of robinhood and the other app that is are engaging with consumers.

in a few minutes we're going to talk with the ceo of intuit which is a business very much centered on small business when we think about your competitors, which one is it more is it more those consumer apps or is it a big company like intuit that has a long-term focus on small business? >> we think what differentiates square is a number of offerings not only within each of our businesses, within the seller business, the offerings against payments, financial hardware and software when you think of having both of those, the opportunities to see overlap and both sides through commerce and the future through both the seller and the buyer, we think we are uniquely positioned to create value and i think we'll see more of that, the connections really differentiate square for the future

>> amrita, john mentioned intuit square is really known by analysts at being great building internally cash app is a very good example of that. after selling caviar it's gotten a reputation from analysts i talked to from being less effective at integrating these acquisitions can you lay out for us how you plan to fold in credit karma's tax business, will that factor into results this year, or have we missed that window for tax season already >> so the tax season is already under way, as you know, and we just closed the transaction. i think we'll experiment this season and you'll see greater integration for the future what this is about which is a free tax preparation service with about 2 million customers on the platform today, what this is about is adding greater utility and each product that we add to an ecosystem whether it's cash app or seller adds greater

functionality and is the tide that lifts the boats for the broader ecosystem and the other products what we have seen with cash apps through the years when customers come under our platform they increasingly adopt other products they adopt at higher rates ultimately that drives better rete retention. we've seen over 130% customer retention for cash app for each of the last three years and that draws returns. we have 6x returns on investment to the investments in our cash app business because of this strong engagement adding to our ecosystem. >> "the journal" has an interesting piece on mastercard/visa weighing some swipe fee hikes in the future. what happened to cash and the potential to come back in a meaningful way and what you

would tell small businesses who feel they're getting squeezed here as cash has been squeezed out. >> look, during the pandemic we've seen small businesses have to adapt in a short period of time we've seen the rise of cashless going up to 13%. the rise of omni channel where you had to have real entrepreneurial hustle for small businesses to meet their buys wherever they are through online, in person, through mobile you've seen the rise of vertical blending what is that a high-end restaurant becoming a grocer, a florist using appointment products to schedule in-person visits entrepreneurs are stretched thin right now and our job to serve these small businesses is to provide them with products to adapt and also to provide them with a scale to be able to

negotiate on behalf with a larger supply chain vendors of the world to ensure we can get them the best rates possible >> amrita, it's kate again bitcoin users are more engaged, drive more revenue on cash app is that price agnostic meaning bitcoin has been in the bull market the past few months can we expect the same user engagement and revenue if it drops by 80% as three years ago? >> we make a spread on the amount that's purchased to bitcoin. the dollar amount purchased and that's generally a factor of our customer spending power, less so than the price of bitcoin. what we have seen which is up 10in a dollars and cents to us, what we have seen is awareness has really built again, with 3 million customers in 2020 and 1 million new alone in january of 2021

as that awareness builds we want to provide that access to those tools for our customers and ultimately our business should benefit from it. it gives us a chance to engage that customer on a daily basis, a weekly basis to provide them engagement and monetization potential. >> got it. we'll have to leave it there amrita ahuja, ceo of square. jon, back to you >> and thank you as we mentioned, intuit ceo sasan goodarzi on the other side of the break stay with us

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welcome back shares of intuit about break even this morning, highs of the session after earnings the turbo tax and quick books maker forecast upbeat guidance for the current quarter which, of course, is tax season with us now first on cnbc is intuit ceo sasan goodarzi. sasan, be good to see you. i want to get straight into the recovery because your small business segment is back to how it was performing, i guess, before the covid pandemic and i was worried about you because you did that big credit karma acquisition right before all of this hit but credit karma outperformed tell us about that >> first of all, jon, great to see you. thank you for having me.

i'll start with small businesses we admire their focus on just doing what's right, their passion for survival small businesses aren't all the way back to where they were pre-covid levels when we look at our base, depending on the states that they are in, states like texas and arizona are recovering well where you look at california and new york are not recovering as well and then there's industries like fitness and restaurants, of course, have not recovered like some of the industries have. we look at within our base there's about 25% of small businesses still down 50% compared to pre-covid levels small businesses are incredible survivors. we need to all collectively do what's right to help small businesses get back to where they were before

in that context it is more important than ever before and it's a lot of what i talked about earnings yesterday, customer acquisition, our charge volume with payments, payroll have come back to pre-covid levels we're seeing a shift to an online world by small businesses to be able to survive and deliver. we are inspired by the execution and the group and this is a time they need us more than ever. >> right let me ask more about credit karma. we were talking to the cfo of square and you did a bit of transaction with them to make this thing happen. their strategy seems to me to be very different from yours. i remember intuit shedding the

man force, refocusing on small business primarily yes, you still have some consumer stuff around tax and clearly credit karma but that's not sort of the foundation of your business the way i see it are you missing the boat because we see square pivoting over to competing with robinhood and what not and that's something that in the past intuit seems to have decided not to do >> yeah, jon a couple of years ago we declared a goal for 2025 where we want to double household savings for anybody that's on our platform and when we look at consumers, that is what inspired the fact that we want to go beyond tax. when you look at our 43 million turbo tax customers that we serve, beyond helping them get their taxes done with confidence and get their maximum refund, a lot of what we learn from them they would love for us to help them make ends meet, to help save money and get out of debt and the vision we then laid out is we want a simple app that can put the power of the consumer

data in their hands and help them connect with financial products right for them and personalized for them, help find ways to put more money in their pocket and then at their fingertip they can get their taxes done by having an expert come in and help them and that really is what really inspired the acquisition of credit karma because with their 110 million members, with our 57 million customers and the data that we can pull together for these customers, we now can help customers connect personalized experiences that are right for them, personal loans, home and insurance mortgage or loans and insurance and then ultimately things like early access to their wages, free checking and savings accounts and ultimately payments we are really creating an app that will allow a consumer to be able to reach financial freedom and we're very bullish with respect to what's possible putting together one app that

truly puts the power in the consumers hands to run their financial life >> a few years ago where the administration was arguing they would simplify the tax structure, you would be able to file on a post card and some used it as a way to justify weakness in tax-related stocks because you wouldn't need software to do something so simple if we're in an era of rising tax complexity or not. >> we're huge advocates of simplifying taxes because it will be easier for the consumer to get their maximum refund. two, it becomes a tail wind for our business and in addition to being able to do your taxes yourself, there are 86 million filers that today will have somebody else do their taxes for them it's a $20 billion opportunity for us if you choose to do it yourself you can and we are advocates of tax simplification

if you need help, an expert will come on to your screen and help you. and if you want to give them all of your taxes and share all of your documents digitally, we'll do your taxes for you. we actually see it as a tail wind especially with live expertise that we provide and you combine that with credit karma and helping customers with things to do with their $88 billion in tax refunds to find ways to save money and get out of debt. >> sasan, i feel like i understand the strategy better thank you. sasan goodarzi, the ceo of intuit >> thanks for having me, jon a lot of interesting interday swings but there's a look at tesla rising this morning looking to break a four-day losing streak still negative for the year. the nasdaq turning positive. the dow with an all-time high

today. more "squawk alley" continues after a short break.

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it is day two of fed chair powell's testimony, this time in front of house financial services steve liesman has been monitoring the q&a and can tell us if we heard anything new. hey, steve >> reporter: yeah, carl, powell just now having been asked if there's arisk of overheating the economy with that big stimulus bill coming down the pike he expects inflation to move up and there could be a surge in spending as the economy reopens, but he does not see that as persistent long-term inflationary and he repeated his dovish commentary. bond markets not hearing it the same way maybe reconsidering. up above 140 this morning as before he was speaking and came back down the other way. powell making additional comments on the prospect of

central bank digital currency. >> we have a banking system and capital markets which intermediate between savers and borrowers and the best markets and i would say the strongest banks in the world we need to be careful with our design of the digital dollar that we don't create something that will undermine that healthy market-based function. >> reporter: powell saying they will have to markets to see the success in quiet ing concerns above 2% we believe the fed, we don't believe the fed. that kind of volatility and stocks this morning also showing up in the bond market, jon >> all right, steve, thank you up next, reid hoffman as the linkedin founder's new spac makes its rsacisiofit quitn.

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welcome back i'm rahel solomon and here is your cnbc news update this hour. an advisory panel is set to meet friday to consider johnson & johnson's single shot covid-19 vaccine. today fda staffers endorsed the shot for emergency use

72% effective in the u.s if the committee of outside medical advisers also recommends the vaccine it could get fda authorization within days. ghana now the first country in the world to receive vaccines through the united nations covax initiative to make sure low and middle-income countries have access to shots. 700,000 doses arrived from india early this morning and a sign president biden's choice for budget director may not get senate approval, the chamber's committees have postponed the scheduled votes on the nomination democrat joe manchin is opposed to her appointment and just moments ago a judge dismissing drunk driving charges against bruce springsteen after he pled guilty to a lesser charge of having alcohol in a restricted area of the federal park in new jersey jon, i'll send it back to you. lots of bruce springsteen news this week.

>> indeed there has been reid hoffman's new spac, flying carmaker jobi plans to start operating in 2024 with the combined value of $6.6 billion julia boorstin joins with us both hoffman and the joby executive chair. julia? >> thanks so much, jon paul from joby and reid from many different things including this spac, thank you so much for joining us reid, you are such a storied investor you've invested in so many different types of companies tell us now why joby >> so joby, we spent months of diligence looking at which are the right kind of company and the right kinds of things, and we found joby to be so far ahead creating the vehicle of the future the tesla meets uber of the air where we can redefine human mobility it can be transformative of commutes and where you live, of

that urgent appointment whether it's medical or something else, and that new society that benefits individuals in society because they've done so much good work on making that flying car that actually is safe and quiet and affordable it was enchanting. >> well, the video we're looking at now certainly is dramatic paul, give us a sense of what this deal will mean for joby, $1.6 million in cash how will you be deploying it >> thanks a lot for having both reid and me on today we're excited about the transaction today because it does give us the resources to do the things we know will be important to get this vehicle to commercialization. commercialization and beginning to lay the groundwork as we said in 2024. it's not really a change in our

brand. >> in terms of 2024, reid, it seems like that's the not too distant future why joby there are so many different players trying to be the future of these air taxis why joby >> what we were most focused on were which of the ones that have flying cars already, who have spent 1,000 hours in the air 1,000 hours in the air is a lot of hours we've had outside demonstration like the air force is picking it as the leading thing, certification with it. and that makes it a reality.

it could be amazing to move into 3d and transform where you can live or how you could commute to work or how you could get to things okay, this is very real and we called competitors and regulators and everyone in order to cross check these folks were the furthest ahead on the technology both in what was needed and what was already flying >> so, paul, reid touched on this a moment ago but usually with mobility in general it's not about the technology oftentimes it's not even about the cost it's about regulators and municipalities' willingness and ability to keep up and establish ground rules for how these things will be used. help our viewers where cities would be on something like this. >> we spent a lot of time ensuring the core specifications of the vehicle, especially the low noise profile of the vehicle, would make it something

they are supportive of in their communities. and it's really the noise profile we think will be the important wedge for high value operation in and around the places people want to go and that's an effort that has taken almost ten years to begin to deliver as i said we're excited about the profile we're delivering with this vehicle and this is the point to engage with communities to build out the support that's important to roll this out >> it's jon fortt. good to see you. you said you've been doing due diligence. late 2020 there was the uber elevate acquisition a lot of people will focus on take us through an investor perspective what joby got out of that and what it already had

that clearly you were interested in before that it didn't need that to draw your interest >> it was another source of important validation because they really want to figure out what would extend its leading ground transport network when you add the third dimension air to it. they were looking at all the different options and part of their selection was these folks are the most likely to very soon with a great vehicle add to the network we already have of redefining mobility within the cities for us part of the thing about making a company is not the flying car not just the fact that it's safe, not just the fact it's quiet and it could literally land in many more places than would be comfortable for a helicopter because you literally talk in front of the joby as it's taking off.

part of the network and demand so people could jump in an uber and get where they need to that was predictive of what we hope it happening in the few number of years before we are flying regularly >> it seems a key thing here before you fly regularly is figuring out the price you told me this would be the same cost as taking an uber, start off the cost and get down to an uber x as anuber that seems impossibl as i see this flying through the air. how big do you think the addressable market can be when there must be a limit on how many things can be flying at once >> we spent a lot of time through the beginning trying to

ensure the vehicle specifications were optimized to deliver economics. for us as an operator and the consumer longer range and greater capacity than some of the other vehicle designs. that model ensuring it could be more affordable was in our mind of day one when it comes to the second question about the adjustable market, the vehicle is suitable for any treatments it's 150 miles with the batteries in the vehicle today that's airports to downtowns that's downtowns to suburbs and nearby cities. that's a broad and addressable trip set and the estimates on the overall size of the market have been as much as $500 billion in the u.s. more than a trillion globally.

>> let's broaden out this conversation now i'll always associate you with scaling businesses the masters of scale podcast and you've done it so many times talk to us about the spac now as an exit and option for taking companies public is it more suited for an earlier stage idea versus the later stage brand, others in silicon valley who are pushing the idea of a direct listing. how do you decide which is appropriate for what >> i think it's different for different companies. the spac and what we're doing with joby is to get a chance for the broader market, the broader community to participate in these transformations of the future part of the reason a spac is so important in the joby case is to say, hey this is going to

transform the way we commute and reduce pollution in gridlock cities of commutes and so the ability for people to understand it, to be able to participate, come along on the journey, if you will, is very important. i do think one of the things we're seeing this year there is an ipo, well understood, direct listings added and spacs say, hey, this is part of your ability to go in part of the venture style of the next phase of growth and that's one of the things that cause us to re-invent and to start doing spacs. >> let me ask you about this period in time for innovation because in my recollection the dot-com bust were really important times for silicon valleys. innovations from investors

willing to invest that had longevity for a long time after. what is the key vision you think will come out of this time we're in right now >> there are so many technical trends there's crypto there are so many different technical potential solutions to human needs and human problems it's boggling how many there are. i think that is a good thing i get the whole what does that mean we can transform human life and human work i think that part of what we saw was to see the inventiveness

during the pandemic, all the technology founders were going even faster. >> reid, you mentioned crypto and i would be remiss if i didn't ask you about bitcoin i remember talking to you about bitcoin maybe in 2015. we talk about the fact that at the time you were late getting into it but you still thought it was worth it you took your time researching whether or not to invest in bitcoin and now, of course, look what's happened to bitcoin since then where do you see bitcoin going from here? will this be a year when we see consumer adoption for institutional adoption what's your prediction >> i think it's nearly certain we will continue to see further adoption of bitcoin. of all the crypto currencies it is the one that has had the most rigorous security testing, the most rigorous participation and examination by the entire world. i think it becomes another valuable thing alongside gold and other kinds of asset

management people tend to blow it off are you going to have dollars and bitcoin? you will have both and just like you have both gold and dollars as well. i think that you're going to see more of it and i think the institutions whether it's moves of corporations or other kinds of things blending it into a portfolio i think just makes investment sense and it's going to be volatile enough that folks who i never want to encourage speculation but i think as part of a ration portfolio it makes good sense >> so, reid, you talk about how you love to invest in platforms and we've discussed the different types of platforms you've invested in over the years. linkedin as a prime example and your interest in the digital currency platforms but tell us what the other areas you're looking at right now what is going to be the next platform that you think will be

transformative that you want to invest in. >> well, so i've been doing a bunch of mobility and joby is the latest but a convoy with trucks, aurora with autonomous vehicles, all of these things are redefinitions of how work and commute and life comes together obviously airbnb was one of my early ones redefining space and kind of how people travel and platforms are also forms of networks recently i think we've been looking a lot about what happens with work and games within mobile things and what new kinds of applications and platforms are there. so, for example, koda, which is like how do you reinvest a notion of a new kind of productivity that allows a team working together those have been things i've been doing. because we're more and more in the network age mobile, cloud,

ai, et cetera, those things, we're going to see all of these transformations continuing to happen as new networks emerge. >> reid, i hope you'll indulge one question that is separate from joby, work from home, remote work has been kicked around for almost a year now but it's been theoretical. we didn't know if or when a vaccine would ever come along. now on the precipice of mass vaccinations, ceos are having to take a stand whether or not to bring employees back what is your view how much that will happen? >> my view is it will happen ceos don't necessarily need to mandate it we're social animals there's a reason we've gotten together and once it starts happening that meetings start happening in person in the corporations as for the hamilton song you want to be in the room where it

happens. i think employees will naturally go, oh, i want to get back in the room where it happens. all kinds of things allow me to collaborate and have pickup. once it's safe and healthy and allowed. i think that reaggregation in the work place will be very natural. >> reid, just a final question -- >> i will finish up here we had a little technical problem with julia there paul, i just want to ask you quickly i realized you were a key founder and maybe the first ceo of pinterest your take on that space right now that is so exciting, social and advertising, digital advertising in general and pinterest has managed to stay out of the controversial side of it how do you expect it to evolve >> yeah, well, obviously super

exci excited about what's happening on the pinterest side of things. the series of combinations over the past year commerce opening up the traditional platforms getting progressively better have kind of created an interesting dynamic where there's now lots of different ways for social advertising and obviously has been an important rip. recipient. >> guys, we're going to have to leave it there but we could continue this conversation with both of you for quite a long time there's so much exciting stuff happening in this space. thank you so much for joining us reid hoffman and paul, we look forward to taking some of those flights soon

>> thanks, julia now deirdre bosa joins us now with the latest on instacart. >> jon, the grocery delivery startup is adding two tech heavyweights to its small board ahead of an ipo this year. the head of facebook app has led groups and many more barry mccarthy joins as well at spotify and netflix and the direct listing having led spotify through its own which was unusual at the time. now they represent the board's first independent members and its first female member. this comes nearly a decade after the startup was created. founder and ceo told me yesterday he wanted to bring in people that were, quote, transformational he also said that he was deliberate in his choices. he reached out to simo who he considers one of the best executives through a cold email and landed on mccarthy by asking

who are the most impressive people in the finance world. meta declined on whether mccarthy's addition suggested instacart was contracted a direct listing and wouldn't talk about ipo plans either instacart was valued at $18 billion and is one of the year's most anticipated ipos. some of the most prestigious names are early backers including sequoia and andreesen horowicz demand has been surging among the pandemic every major grocer has led to recent speculation that it could be considering its own grocery offering m metha told me instacart is focused on empowering them back to you. >> that's a good scoop, "d." a reminder about tonight, by the

way, do not miss our special path forward, a report on the recovery of small business going into the post pandemic period, how much of a boom can they count on in the spring and summer at least. it's 8:00 p.m. eastern time tonight right here on cnbc ♪ ♪ ♪ why do you build me up, build me up... ♪ ♪ buttercup... ♪ ♪ baby just to let me down! ♪ ♪ let me down! ♪ ♪ and mess me around... ♪ ♪ and worst of all, worst of all ♪ if you ride, you get it. geico motorcycle. fifteen minutes could save you fifteen percent or more.

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black history month where representation has not been strong here's west point graduate and founder degas wright on his biggest influences. >> my biggest influence after my family was my military academy at west point. to this day i have great friends from the academy i remember summer of myfreshma year walking around with my roommate and he saw the buildings being gray, but i saw silver because i really wanted to be there. he dropped out at his freshman year and i was able to graduate, and i learned from that experience it's all with your perspective that makes the difference >> for more on wright's story head to cnbc.com, more of "squawk alley" after this quick break.

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with perks from- - [crowd] grubhub. before we close out the hour, we have some exciting news to share beginning in april we are proud to bring you a new hour with cnbc's launch of "tech check" with me, john ford, deidre bossa and julia boorstin and safe to say it will be a home for all of

the tech innovation that we talk about that begins all of the time in april. in the meantime, take a look at the markets and that's a fresh high on the dow at 259 and the re-opening play is firmly in place. s&p 3906 oil above 63 disney all-time high and boeing shares up almost 6%. that's the high for the year cramer's with the judge. let's get to headquarters and the half all right, carl. thanks so much welcome to "the halftime report." the teetering techtrade, is the worst of the selling now over and what lies ahead for your money in that once high-flying space? we discuss and debate that key question with our investment committee and joining me for the hour today are stephanie link, jim lebenthal, joe terranova and the aforementioned host of "mad mo money" there he is, gjim cramer the ten year, very much the story. the yield's dropped a little bit.

we've