dan niles on the outlook for 2,023 and why he sees more pain ahead for google and amazon. is it goodbye for bitcoin? some former fans are leaving crypto for dead. what the bulls are saying and what they are full of later. we got investment ideas you may not have considered that could bring joy to the new year. we begin this special edition expecting the unexpected, surprises we think are ahead in 2023. my colleagues ben levisohn, carleton english and jack hough. wall street is gloomy. estimates for next year, most everyone sees further drops in the stock market and if we are lucky we end 2023 flat. what is the black swan? ben: black swan has to be calm or, gentler year. i have been a gloomy gus with debbie downer tossed in and i still am but you have to look at what could go right, maybe inflation falls faster than the fed expected, growth holds up okay and america makes a rally toward 4800 or hits a new high. jack otter: everyone is convinced jay powell doesn't want a recession but that's better than going down in history as the next arthur burns who allowed inflation to

computing and software thanks to a slowdown in consumer spending and the tech sector here to discuss dan niles, dan, good morning to you. pleased you could be with us what you're saying essentially is that things could get uglier this year and even with the hyperscalers like amazon, google and microsoft. >> absolutely. because if you bfrng where we were so everybody need to buy software, cloud-computing resources and make sure the business survives and everyone is going out and we're going on vacation, et cetera and the sale of goods is slowing down as people consume more services and so now you need less cloud computing resources. you're firing people so you need less consumption-based software and you saw that with sales force, right when they reported they took down for the next quarter of the current remaining performance which is a fancy way of saying what's the momentum of your business people are thinking that will grow 11% and they guided to serve and they're the big bellwether in the space. so i think as companies set their budgets for next year, they go -- we need less cloud computin

i think we have dan niles back with us. fully fixed the audio issues dan, jon has been talking about the consumer side of this picture, but looking to next year you think enterprise could be the next shoe to drop >> absolutely. jon's right. you have to go back three years. so covid hits, everybody gets on the internet, they have to get their businesses on, so they buy a lot of enterprise software, hardware, services, everything they need. you're sitting at home, buying all these consumer kids. as jon talked about, now you're seeing the giveback from that. consumer demand is falling off because what are people doing? now they can go out. they're going to restaurants, hotels, vacation, doing all this stuff. so the revenge spending on these experiences, they bought all the goods they needed. they bought the smartphones, the pcs, the peloton bikes what you'll see going into 2023, as all of these companies are setting their budgets for 2023, they're saying, well, we'll have less employees, we need less software to support them, l

liz: all right dan niles, thank you so much.x founder sam bankman-fried, yes, the crypto guy, making headlines in the past 24 hours, after speaking out about the spectacular collapse of his exchange. will his comments land him in jail? charlie breaks it, next. closing bell, 13 minutes away. dow jones industrials lower by 174, but the s&p is clinging to 1 point of gains and the nasdaq is now made a little bit more of a comfortable move to the upside it's better by 25. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when

this is large, the cartoon deal, you know, to dan has a lot of problems are for eastern sudan, blue nile, southern quarter fan, disagreement makes reference to those. but honestly, the people who are assigning these deals are not very representative of those outside groups and former members of the armed groups to represent some constituencies from that group. also are not party to, this is one of the main groups that needs to be included. so, so this agreement is not plug and play. there is still more work to be done and that does speak to your, to your question on the, the, since this is the agreement. now the hope would be that there could be a more inclusive, broader process. it is unfortunate that a lot of the of the negotiations took place behind closed doors. this should have been a bit more of an open process. and so hopefully there could be some improvement upon it. and, you know, a wider way of people, both in the capital, but also outside the capital. kennedy kennedy brought in and i think what, you know, the degree of success to this deal will depend, i think, what happens be