another earnings interview, anthony noto, the ceo of sofi will join us in about 30 minutes. investors like the q3 guide. interesting mix of results today, jon >> yeah, carl. we'll start with paypal. shares higher after a beat across the board raising full-year guidance as well revenue up 9% year over year the company did report a net loss compared to a nearly $2 billion profit in 2021 a big focus on cost cutting, expected to reduce spending by $900 million this year, $1.3 billion in 2023. one area they are sharing, the other big news driving the stock, investment from activist elliott. a day after revealing a pinterest position, they've amassed a $2 billion stake in paypal last fall it was rumored those two companies were exploring a merger which had me scratching my head, carl. i wonder what elliott is going to do now with a piece of each of these you mentioned a few minutes ago the big pop in fin tech overall. but it's interesting what's driving that at this particular moment it's not excitement over crypto or the flows from retail investors and meme stocks. it seems to be

thank you for the time. >> thank you, sara >> anthony noto, ceo of sofi, which is off the lows. >>> after the break, bank of america saying one group in particular is getting squeezed even harder than the rest by rent inflation we'll bring you the big picture on why that matters, next. >>> later, tom lee will join us for the market zone with his latest thoughts on stocks, inflation, coinbase which reports after hours and much more wee t 'vgothe dow coming back a little bit, down 60 points >>> in today's big picture, the u.s. consumer is hanging in there. despite worries about recession and inflation. bank of america institute just released a new report based on data like debit and credit spending money flow increased 7%, about the same as june meantime card spending per household is up 5.3% from last year when you factor in sky-high inflation it's actually under pressure so those higher prices are driving it higher. higher rents are hurting, especially younger consumers the median payment for gen z is up 6% in july and just 3% for baby boomers bank of america is still pretty positive abou

let's bring in sofi ceo anthony noto. anthony, welcome back to the show. listen, congratulations and i do have to ask, are we getting over our skis by asking when you might reach the holy grail of profitability? >> hi, liz, and thanks for having me. you know, we think about profitability coming in different stages. we're committed to dropping more and more profitability to the bottom line. we think about reinvesting 70% of incremental revenue and dropping 30% to the bottom line. we're on track to do over $100 million for the full year up from $30 million last year. but more important than the free cash flow, free catch flow helping grow the company and we'll use over the coming quarters. there'll be some volatility in cap backs and other metrics in time but achieving positive for eight consecutive quarters and next step is positive free cash flow. elizabeth: there's steps and yes, liz, you're getting ahead of your skis. that said, i'm interested in focusing on the hunt you have to land more customers, and you had a very nice customer build. you've got that

another earnings interview, anthony noto, the ceo of sofi will join us in about 30 minutes.ng mix of results today, jon >> yeah, carl. we'll start with paypal. shares higher after a beat across the board raisingll

investor ron barron this morning on "squawk box," saying this could be a chance for a lifetime anthony noto, thanks for being with us. >> thank you both, thank you >>> still to come this hour, is apple flashing warning signs for the entire market? plus, peloton taking another leg lower, we'll get more on that quarter coming up as "techcheck" is just getting started. nurse mariyam sabo knows a moment this pure demands a lotion this pure. gold bond pure moisture lotion 24-hour hydration no parabens, dyes, or fragrances gold bond champion your skin >>> gut check on nvidia, up 2.25% or more. on august 8th the company warned it would miss estimates. this morning shares reversed early losses, down about 40% for the year. >> jon, big question among investors is whether apple is overbought stock is up roughly 20%. growing nearly four times the s&p's rally, and while we could see a pullback, our next guest notes the stock has been on an upward trajectory for years. joining us this morning, sven hendrick people are having a field day with the chart for this rally. what's your overall take >> we talke