in fintech. this staggering fact shining light on the reality of investment in fintech landscapes and it points to a reason why the information will persist and is growing today. i offer three thoughts on why obstacles persist in diverse fintech. first, investors stands to coin people they know in our country with. over 70% of esusu investors are women or black venture capitalists. they understand esusu's mission and generate outsized returns from being with us since day one. second, due to the implicit or unconscious bias, many esusu investors did not consider people of color speak and says what rivers. personally my cofounder night have sleep with 226 investors before we get one to bet on us. third, investors may struggle to relate to the problems entrepreneurs of color and immigrants to seek to self. a world paid venture capitalist, made of personal experience, being credit invincible or under bound. a sort of that seeks to address this problem are likely to be less of interest to them. with t

institutional banks that could add a fintech company? we were just talking about fintech.rt of a, i don't know, a matchup that you see in the cards possibly >> i mean it's possible. but i still look at these valuations, melissa, and they're still pretty high and what do you get for them, right? you've got a declining subbase, if you will. so i think that these companies have all been investing in technology i think, again, bank of america is the standout. and so they can make a tuck-in but they have such size and scale now they can just groew de novo what they ave they have been making so many small acquisitions and some really good growth initiatives on this front. >> you mentioned morgan stanley in the context of diversifying away from the yield curve and that does look like where the strength in the banking sector right now is the companies that are not dependent on loans they're not dependent on deposits they can sort of trade they can do other things away from that all. i'm wondering if there is another bank that might fit that in your view >> well, and that's why mor

can count limit run fintechs on your -- women run fintechs on your fingers. some specifically targeted the represented founders. this is not translated into later state funding. it can be capital-intensive. in my experience it is because few women investors are enrolled to write bigger checks and because this is a pretty guarded, raising early-stage capital can sometimes make it harder for women ceos to get the next round of funding. as research indicates this is poor bias on the assumption that you are not good enough to get funding from the guys. women run businesses provide as good or better result than all mill teams. the implication is significant given that financial services are our economy's lifeline. i will give you a thought experiment. do you think it is a coincidence with a 98% of mutual fund assets managed by men and 86% of financial advisors being men that women report they are not well served by the industry. or that when i was running merrill lynch, and then trusted their financial advisor more than their doctor. women closed their account aft

can count women run fintechs on your fingers. the good news is that there is an influx of capital in early-stage funding. some specifically targeted the represented founders. the bad news, this is not translated into later stage funding. it can be capital-intensive. in my experience it is because few women investors are enrolled to write bigger checks and because this is a pretty guarded, raising early-stage capital can sometimes make it harder for women ceos to get the next round of funding. as research indicates this is poor bias on the assumption that you are not good enough to get funding from the guys. women run businesses provide as good or better result than all mill teams. the implication is significant given that financial services are our economy's lifeline. i will give you a thought experiment. do you think it is a coincidence with a 98% of mutual fund assets managed by men and 86% of financial advisors being men that women report they are not well served by the industry. or that when i was running merrill lynch, and t

well, at least fintech fintech. we have completely replaced.earned to work with any technique, and not use the technology of applications that are downloaded from the app stores, if you any devices. here, on the contrary. uh, even these situations led to a new push in the development of financial technology. we have qr payment and e-sbpp technologies. yes, we are learning now. yes , the world of pay already knows how to use e to make it possible to pay through phones that run on the operating system. it's contactless. here in devices that work under the operating system. eos will now be able to make very easy qr payments. that is soon. well , there's still a little left. i think i can't say. yes, you can again have a plastic card. yes , leave at home and rather unusual walk again with a plastic case. and, as it were, she will always be with you as a whole. and vtb, uh, what is the goal for the second half of the year, but we have not changed the goal, here we are growing, we are growing, we are in the client base and in the scale of our activit

there's so much innovation to be had with fintech even though we are seeing a downturn in fintech i think temporarily. i think it's what e-commerce went through in 2007 and rebounded back and today we will see amazon as a massive player, i think we will see a couple of amazons in fintech as well. >> you guys raised so much money in such a short amount of time and of your biggest backers was softbank which is known to push the envelope on valuation. they invested in that round nearly $46 billion for klarna. how much encouragement did they give you and in retrospect was it too much too quickly? >> well, look, i think they have been fantastic backers and supporters i think the market was shifted here, right? there was a different environment 6 to 12 months ago and now we see a different perspective and people are looking for different things i think every investor out there right now is kind of change that go perspective to me, however, i have a very long-term view of what we're doing. i want -- i've been doing this for 17 years, you have to remember that. fortunately i was 23, i'm only 40 s

about the creation of a classical bank by the ministry, it is not about creating a platform or a fintechmake life easier for consumers. neo-bank - this is not a bank, this is a fintech company, we already have about 10 such neo-banks, the most famous of them are monobanks and in my opinion, just now the market for these neo-banks is quite strong. it is quite large. there is a huge choice of consumers . integrated with a lot of banking applications and with those banks that have non-banks such platforms and with those that simply work classically and there are no problems when working with banks to go through the action and in general i am not a supporter of creating any state platforms state banks some even state ones fintech companies, this conflict is an interest. well, it is simply not a classic function of the ministry, in principle, you know, the minister of digital transformation, mykhailo fedorov, has already confirmed this. he wrote in a telegram to himself that we will not create a bank. we create solutions and give entrepreneurs there, ordinary people, the opportunity to live b

that is, a neobank is not a bank, it is a fintech company that we have had for about 10 years of suchhe most famous of them is monobank and in my opinion, the market of these neobanks is quite strong. it is quite large. there is a huge choice of consumers. the action is already integrated with a lot of banking applications and banks that have non-banks have such platforms and with the fact that they simply work classically and there are no problems when working with banks to go through the action, and in general i am not a supporter of creating any state platforms state banks, some even state fintech companies, this conflict of interest well, it is simply not classical the function of the ministry, in principle, you know this was already confirmed by the minister of digital transformation mykhailo fedorov, he wrote in a telegram to himself that we are not creating a bank we are creating solutions and providing entrepreneurs there ordinary people have the opportunity to live better and work better. this is necessary, mr. mykhailo, very briefly . tell me if you are for or against this i

we talk a lot about fintech in terms of crypto and buy know, pay later, which is fine.eresting how digital and mobile payments are changing the rules of entrepreneurship in emerging markets. guys like adolfo babatz have a front row seat, guys. >> they have some fantastic blue chip investors including softbank, goldman and general atlantic among others. so they've got that edge, but what is their edge in terms of service over the big guys like or square? >> well, being on the ground, understanding local american appearance, local services that they need, adolfo used to work for paypal and was in charge of managing mexico before he went and started clip decided that some of the things he wanted to do, paypal wasn't moving as quickly as he wanted to and that's part of what inspired him to start the company. >> amazing jon, thank you very much jon fortt in today's working lunch. >>> coming up, all fun and games. cruises, casinos and beer stocks are high tayerod we have those details, next. what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund tha

back to you guys. >> anything related to crypto but also some of the fintech stocks, kate, making a moveds beyond crypto i know we had some good credit card data from the top issuers in earnings, like jpmorgan, citigroup and bank of america. what else are you hearing? we're seeing some double digit moves in some of these stocks. >> you're spot on when it comes to fintech i think the expectations were so low and have been so low for some of the lending companies, buy now, pay later, that that has been baked into the stock price. anything that points to the opposite or points to things even being normal has been a great sign for fintech and has really helped these stocks, upstart especially today. >> but some of them like paypal very exposed to that stronger dollar so beware some of these warnings that we're starting to get. kate, thank you. kate rooney. >>> the travel stocks are rallying for a second day in a row led by the cruise lines which are among the biggest winners today in the s&p 500 on the cruises, the cdc announced it will no longer track covid cases on these ships. it's not ju

and electric vehicles. >> fintech, which is paypal, has been one of the worst performing stocks you'dly be hard-pressed you mentioned roroblex call it 10% out of the money that's a decent amount of the upside especially given that these are about three weeks out, look four weeks out into the future that's a pretty strong activity. and then switching gears over to lucid technologies, e.v.s. just like tesla, lucid very popular with the crowd that would like to keep driving by gas stations instead of driving in to fill them up this one is not nearly as far out of the money though. july 18 calls with lucid trading $17.11, but both of those, pretty strong activity, and we thought enough we'd highlight for you this morning, frank. >> jon, always nice to see you thanks s for being here. >>> before i let you go, we'll take one last check of the futures. the dow down very slightly the nasdaq also down we've got a couple of hours ahead before the close that does it for us here on "worldwide exchange. "squawk box" coming up next. and advice s can help you build a future for the ones you love. th

fintech companies rely on capital to turn innovative visions into

you can see that with fintech, absolutely in wipeout, down 70%, 80%, and that's the one that will makeyou can feel confident that they will keep lending through whatever is to come, and they'll keep lending afterward, and they're not going to lose their business during the course of that lending because of new regulations that they now have to abide by. so i think jim's going to end up being right on these names from today's prices, but i also think it's going to take a while, and you could get more pain from getting benefit. if you're an investor, you have to live with that. >> i think mike mayo set it well in overtime forus us the other day. i think jim's making that case for us too. >> mike mayo, but -- hold on mike mayo is reverse green eggs and hachl, like sam i am, wouldn't like them in a box. mike mayo will be bullish to banks at any price. >> i know what you are saying. >> i love mike. >> i know. i was trying to go to break there, but thank you. >> i'll go now. >> there's sunshine and roses. what's it signaling for the semis? there's another one for wall street bank. a lot of p

to come, we're still watching what it means when venture capital buys public tech stocks and the fintech name to stay away from "tech check" is just getting stte ard. welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take care of the how. so tell us - what's your why? ♪♪ there's a reason comcast business powers more so tell us - what's your why? businesses than any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle. >>> let's get a g

because you are. . >>> welcome back one name bucking the earnings trend this morning, fintech playererv after beating top and bottom lines and one of the rare names rising guidance for the rest of 2022 fiserv provides technology for small and large businesses and financial institutions, not consumers so interestingly, the same inflation concerns hitting walmart and the rest of retail this morning just show up as top line growth for them fiserv results also giving hope for one key client set to report this afternoon visa, but, dee, it's not just whether people are spending, but what they're spending on that eventually has an impact on the market. >> yeah, and certainly visa and mastercard, as well, benefit from more travel spending. visa down less than % this year, major outperformer you have to wonder if in this market is that for perfection? we'll see. >> indeed, and it sort of explains why you can have am ex-be so bullish on spending because of the travel exposure but yet get a warning like walmart's. goldman making a rare double downgrade on paramount we'll find out after the brea

the price target to $7 explain why you took this action today, dan. >> it's not a bank, it's not a fintechjust think we want to -- i think long term there's more potential. we want to give it like a reasonable time given where multiples are so that's marking it to market but our call today is very simple the valuation has actually gotten to a point where even financial -- conservative financial investors who didn't like sofi because they screened it as too expensive now see this as being reasonably priced you've got all the optionality of high fico lending, deposits and things that are not priced in. >> i think that that's the key, what you just said when i think of sofi, i think if the credit cycle is really turning here, which it is, how would a sofi hold up, and you're saying it's more resilient than people think why? >> 100%. that's what most people don't appreciate it's got about a 740 average fico loan. if you look in the past recession pscycle, i think peop don't appreciate that the personal loan borrowers are very high fico which is very different from these other names that people

>> real quick, weiss >> i think the bloom's off the rose on fintech in that they're not as competitiveher spots. if i were looking at what's happening with bitcoin, and it's not the same mod skpel and see of these companies filing bankruptcy, i'm not suggesting that the fintechs trading public are going to as a depositor, i'd want to be with bapgnk of america, goldman i'd rather be with the others rather than take my chances on companies that are losing money. i think you'll see market share go back to the big banks. >> okay. thank you. bryn >> yeah, so we've actually had a pretty decent position in an etf called ssval, it's a small cap value factor based strategy. 46% of the etf are regional banks, and you know, small regional banks, and so it's down for the year but relative it's done much better and so i think if brian moynihan is right, if the consumer is okay, if we don't go into a recession, that is our way to play that regionally versus with a multinational or a big bank like a jpmorgan or even a goldman sachs. >> okay. got a couple of good promos to tell you about too two big i

real estate fintech divvy is helping homebuyers rent-to-own their dream home without the hassle of aage. it has secured over 2 billion in funding from d.c. firms, tiger global management and joining me now in a fox business exclusive is the divvy homes ceo adina. it's great to have you here in particular because with mortgage rates rising we're seeing a lot of the first time homebuyers getting priced out. they could come to you and you could help them rent-to-own. explain the model. >> well first of all, thank you , cheryl, for just having me here. it's an absolute pleasure. yup, so divvy is a way to provide access to homeownership who maybe can't get it today and that's because mortgage prices have increased, because they haven't saved up the down payment, whatever the reason we're here to support them so the way the program works is there is a rent-to-own program. we underwrite our customers budgets and we'll say here is a budget for a $400,000 home in your local area, go out shopping the customer then picks out the home, pick out whatever home they want. we buy it on their behalf,

the big fintech company specializes in housing and lending.t now, thanks in part to analysts at wells fargo who have now upgraded the stock to an outperform from a neutral rating they like among other things the valuation that we've seen compressed, right, because on a year-to-date basis we've lost about 40% of its value so rocket company's catching a bit of a bid there joe, those are some of the analysts' notes coming up. one that's getting a little bit more traction is this big call from goldman sachs adjusting their base case and bear case scenario we'll continue to watch those apple shares in the premarket as well >> joining us now for more on the markets, head of derivative strategy at rbc capital markets. always good to get your insight from the derivative side of things, the options side of things maybe you can even help me with the vix. if i'm counting on the vix going to 40, i'm going to be waiting a while, i think, amy, no bottoms until the vix gets into the mid to high 30s, what's the problem? >> yeah, you know, people have been pre

. >> you have had a 60% or so to clamber so have many fintech players here.navigate that turmoil and public market? you very recently decided to go public. >> we are sticking to our strategy. we found great success despite the fact that our student loan business has been negatively impacted. we can only grow 50% last year. we will increase our profitability. we are seeing really strong growth in products per member. hopefully that will get value on the appetite for risk and long-term orientation. it is hard for investors because you're not really sure if we will have a soft landing or a more challenging economic environment. we are making sure we understand what we are prioritizing. >> i want to pick your brain a little bit on cryptocurrencies. you have a lot of young customers that are looking at ways of borrowing, saving, spending, investing. you announced new crypto product . you see pausing withdrawals or otherwise that have impacted the consumers really deeply. how do you think about consumer protection in this space? >> our strategy is to be one stop sh

the retail investor the one that wants to be building wealth, how do you think about that from a fintech effective? >> there was a lot of energy around that in the last couple of years. the reality has set in there were plenty of individuals that got burned. they were chasing what i see as a free lunch. the realities are setting in. i am hopeful that consumers will want to continue to purchase a paid as -- participate as retail investors. this is critical for broad wealth creation. that being said, chasing the trends, people are feeling the pain of that right now. i think that will probably color and shape how they invest going forward. caroline: it is always fascinating to have someone like you on. coming up, the chips race between the u.s. and china is heating up and it's not the only point of tension between these two countries. this is bloomberg. ♪ caroline: the house and senate have passed the chips act. it now goes to president biden's desk to be signed into law. the u.s. is tightening restrictions on china's access to chipmaking gear. according to two suppliers. washington is acce

caroline: you were in fintech, and one key name from where you and i originally hailed from in europeana, a huge downgrade in terms of its overall market valuation. as the previous leader of businesses in this time, have these companies raised enough previously? how are they helping their employees, who kind of audit the moment? karl: it is an interesting question. you have to consider your amount of capital, your ability to run. the companies that have a lot of capital on the balance sheet, whether they are private or public, have the highest potential to see through this time. you just have to manage the business through this time. once you get through it, hopefully the market turns and you begin to see the benefits of building and running a solid business. but your question about employees especially at the earlier stage, where in this market as well there is very low unemployment -- employees do have a lot of options to think about moving around and think about what they want to do companies are thinking about layoffs, some kind of tightening , the earnings potential. one really i

the scope of the sectors has also increased now with pharma and biotech, consumer fintech, crypto, theket for growth is already slow. we think it will remain that way but we will be patient. >> talk about the global trends you are seeing. how are you seeing the slow down impact start india? are these macro conditions playing out different around the globe? >> i think we see the macro conditions playing out differently across sectors and differently across countries. even within the u.s., consumer has seen impact early on. so much similarly with countries, i don't think we will see over session. the country is growing at about 7.5%. the central bank is used to the level of inflation there. that has an impact on the financing environment for startups. >> the blockchain encrypt our different things and we have seen the crypto market take a nosedive. we are in the middle of a crypto winter. nobody knows how long it will last. >> when we believe in the future of something, we don't try to time it. in early 2000's, we believe venture capital would be global. that was not a widely shared view

why do you need it when you have fintech?re questions about whether it is the security or currency or commodity. look at what happened in el salvador and the idea of using it as legal tender started to define it as a currency in some ways. our other networks like lightning network taking off in another in a big white as company start to use it more? to his point, the price fluctuation has been very scary. another aspect, this comes as other currencies like the dollar a rallying putting other emerging markets in what my sources call severe stress. if that is already an issue not bitcoin under pressure but other currencies, then you have a dual issue for countries like el salvador. emily: el salvador's government, why are they doubling down even though the prices is under so much pressure? why are they touting this success? >> from our interview yesterday with the finance minister, he sees it as a new technology that has potential in the future. i also think of the things he told us was that it has brought in some levels of tou

. >> certainly the asset price decline was a strong sign that crypto and frankly a lot of fintech, thingsy too light on use cases and there is a lot of handwaving going on both on use cases and financial modeling that was suspect. emily: tell us a little more about his view on this market downturn. clearly he is more optimistic than the markets would suggest but is he right? >> he puts protecting customers above all else within this industry. he is looking to swoop in and help people out. he believes this is an industry with extremely strong long-term prospects. while he sees opportunity in terms of buying up companies and bailing out others, he thinks that by helping these companies, he can be sure that customers' assets are safe. emily: are you expecting his acquisitions free to continue? >> ftx and ftx u.s. are both focused on raising funding. they are in talks with people, that is unique because venture capitalists have really cool down on the industry in light of crypto winter. so, it is fascinating to see that he still has competence to raise funds at high valuations. he is eyeing a

. >>> fintech firm klarna is looking for more capital it is 1/7th the value from a year ago klarna toldill not comment on fund raising. we caught up with the ceo of klarna last month and steve asked these questions about the company. >> that is unheard of. it gives us a strong recession proof model. we havehave seen that in the uk as we move to more returning customers that we are familiar with, we see a massive swing those coming on board in the u.s. and that is reduced numbers you see and we are seeing more customers coming on board. i think you're wrong, sir. there is a recession proof model. we look to meet this ninflation era. >> global volume fell in the first half tech was the top sector for deal maki making global listings fell sharply the worst hit is 85% year on year >>> volumes in the u.s. fell in the previous year from previous highs in early 2021. leslie picker filed this report. >> reporter: we had an onslaught of factors during the first half of the year, a little more than 2,000 deals signed of the that is less than half the 4,700 from 2021. this is part of the reason wh

. >> certainly the asset price decline is a strong sign that crypto and a lot of fintech, things areht on use cases and there's a lot of handwaving going on on this case is and financial modeling. emily: talk about his view on this market downturn. clearly he is more optimistic than the markets would suggest, but is he right? hannah: so he is protecting customers above all else within this industry. he is looking to swoop in, help people. he believes this is an industry with extremely strong long-term prospects. while feces opportunity from buying companies, bailing out others -- while he sees opportunity from buying companies, bailing out others, he thinks he can remain -- he thinks he can make sure customers about the assets remain safe. we know ftx and ftx you as our focus on raising funding -- ftx u.s. are focused on raising funding. venture capitalists have cooled down on the industry in light of crypto winter. it is fascinating to see that he still has confidence, he can raise funds at high valuations. he is also eyeing assets of distressed companies. emily: you've got elon mus

sectors we invest in has also increased with pharma and biotech in addition to enterprise consumer, fintech crypto and so i think we are seeing a lot of opportunity in these areas. the market for growth is already slow and we think it might remain that way but we will be patient. emily: talk about the global trends you are seeing. how are you seeing the slowdown startup in india. is it similar to what we are seeing in the united states or are these playing out differently around the globe? >> it's really interesting question. what we see is the macro conditions play out differently across sectors and across countries. even in that u.s., consumers could see impacts really early on. enterprise, not just yet. sectors like biotech will have different dynamics. in india, i don't think we are going to ca recession. what we are seeing, and we have been used to inflation again, the central bank is somewhat used to managing that level of inflation. but what we are seeing is an outflow of foreign investment as capital moves out of riskier countries and that has an impact on the financial environment

people take it for granted but you are seeing in a lot of the fintech companies, take a look at clarr last valuation was at $50 billion and this one at seven. people are going to come back and appreciate the good nice consistent predictable return. >> do you think these banks have de-risk to enough and brought down their value enough considering the uncertainty in the environment? chris: i think they have done more than enough. i cover the private equity-based alternative asset managers and you can really see it if you cover both sectors. you can see basically all the risk has migrated, not all of the risk but the huge portion of the risk has migrated off that balance sheet. and in two credit vehicles and private equity vehicles that are managed by the alternatives. in 2009, the companies i cover, back in 2006, the companies had about $4 billion of credit assets. today that number is close to $1 trillion. those were all risk assets that used to live on bank balance sheet. they don't have room on that anymore. >> how do they fare in a recession, not the mild recession we are talking a

>> executives from ant have signaled jack ma is willing to give up control of the fintech company.hares of alibaba today, alibaba owns about a third of ant. they are down because there is concern if jack ma were to step down, if there was a change in the structure of ant shareholding and leadership, that would undermine and push further back a potential listing for ant. the market is looking for any potential fundraising the company could do when that happens. tom: the phone call at least, maybe the in person meeting coming up. coming up, amazon surges post market after giving a bullish revenue forecast and posting sales that beat estimates. apple also climbs on the back of iphone demand. we will look at the numbers next. this is bloomberg. ♪ manus: it is "daybreak europe." tom? tom: let's get into the big tech earnings. amazon shares jumped in after hours trading after better-than-expected second-quarter revenue. apple's iphone demand helped the company top estimates for the quarter. joining us now is not block some from bloomberg intelligence. what stood out to you? >> on amazon

speaking to congressman stephen lynch earlier, who just shared a hearing on combating bro culture in fintech talked about things like the sec potentially regulating or taking a closer look at executive teams of tech companies. what would you like to see from congress? what could congress do that could make a difference? guest: it is unfortunate that congress has stepped in and that we are not self-regulating and doing this ourselves, because we are very much capable. it does feel like we are on a positive trend, but i would like to see all of this cold out when you see bad behaviors, having women on your show, you are a great example of raising other women up. but there are conferences where it is only male panelists for only male speakers. so when we see that kind of behavior, it is important to call it out. emily: tegan kline, cofounder of edge & node, thank you for sharing your perspectives. much more ahead. stay with us. this is bloomberg. ♪ emily: a few other stories we continue to watch -- amazon was dealt a blow in federal court after allowing a female employee to move forward with a

we know about fintech.ancial technology it is early here as well, julian explain to the audience what insurtech is >> insurance is one of the largest industries in the world. we are looking at $5 trillion industry i don't know if you know of a protection gap uninsured risk of another $20 trillion a to the altar get market of $25 trillion it is untapped by technology there is a huge potential. banking disrupted. insurance is up next >> you know, this is, julian, whatever people think about it, it is a tough industry to crack. they are deeply ievngrainedengr. some have been in business for hundreds of years. what is the secret of breaking into the old school club >> insurance, as you say, is one of the most crisis resistant industries in the world. i like to say insurance companies are the oldest companies in the world only second to breweries beer seems to be more crisis resistant than insurance there is a huge potential in terms of disrupting that industry that is stuck in the pre-internet ear ar era on the

[inaudible] up next, a hearing examining the barriers to investment to women and minorities for fintech, this house financial services committee task force hearing runs just over one hour. >> welcome, this hearing is centered understanding obstacles on fintech i recognize myself to give a opening statement. the

4% and the one that has fallen by the most, tech and tech adjacent, we're talking about paypal so fintechn one of those hard-hit areas and remember there was a time we were talking about paypal as rivaling the market value of some of the big banks out there. was it on track to kind of get up there well, that move that we've seen now lower has it up by 6% so far today, even though as you can see it's lost three-quarters of its value over the course of the last year. it's been a steady decline so as we talk about stocks that could see more volatile bounces, it's not that anybody is trying to call a bottom we know that's a fool's errand but some stocks that have had a precedent of being very high and have lost a lot of their value now and are big on some of these up days, that's going to be where you look so you look at the list and say to yourselves which stocks have been there before, will they be there again and make the fundamental arguments for why the valuation may or may not be relevant at this point. >> dom, how much of today's action is a recalibration from a bet that the fed has to

winner in terms of acquisition of new customers, suddenly resolute and other european pinups in the fintechorld, they had doubled down on offering crypto for example to bring in new users. with the fallout in valuation there as well, are you likely to see products moved away from? or will they remain committed to them? andrea: i think that what they will stop doing is just delivering on a new products. i think as we look at companies like klarna, they shift away from the core focus that they have and honed in on. it is by now pay later for example, and instead focus on creating value from their existing user base, which is something we are excited about. generally, companies realize where their public comps sit and they want to ensure that they are creating their own market position, away from those public comps. seeing that their growth can continue, while honing in on the products that have always been proven to be successful for these companies. and so, i really love how sebastian, the ceo of klarna said on twitter that what does not kill you makes you stronger, because it is a business

s&p is down 16 it's been a brutal year for the fintech companies, especially in that buy now, pay laterlarna and stripe seeing their valuations slashed. earlier that the klarna ceo told deirdre bosa about prioritizing growth in this environment. >> we have a billion dollar growth business in europe and we have established a massive business in the u.s. with 30 million users and tons of transactions now it's all about just turning it back to profitability which is something fortunately we know how to do. >> certainly they're changing their tune, as so many of these companies are on profitability can they continue to expand, and do you think klarna with that massive slash in valuation is unique or a sign of what's happening out there? >> i think it's a sign of what's happening out there. their new valuation is more in line with what we've seen in public comps like a firm we've seen big here in the u.s it has experienced being profitable but can it turn on those levers here in the united states it's a much more competitive market they are not yet profitable here, they are still in growth m

paypal had a stumble fintech got overheated and shopify a similar story where e-commerce seemed to fall the question is are we going to continue to see this divergence. they are up today but not making too much of a dent there is selectivity in the market and i guess we'll have to see if it will be a catch-up move or something in between >> internet retail zooming etsy is at the top or bought am it's up 6% near the tomorrow but still down >> it's a supercharged kind of consumer cyclical plus the digital economy play >> mike, thank you we'll see you in the market zone >>> you heard from micron ceo sanjay mehrotra on the chips bill which passed forward in the senate let's bring in commerce secretary gina ray raimondo it's great to have you back on the show welcome. >> nice to see you >> what is the time line from here for passage >> so last night was a big vote, big bipartisan vote in the senate, as you said. the senate will take another vote later this week on to the house next week and then the president's desk. it's a train coming down the track now with great momentum. we just have to

also fintech finding a spark, all seeing gains of 3% to 5.5% but remember a lot of the names are downt over to a cnbc news update >> good afternoon. the manhattan district attorney has moved to drop the controversial murder charge filed against bodega worker alba who killed a customer during an argument where the customer shoved him and went behind the ku counter. alba's supporters claim the killing was self-defense the d.a.'s office found that they could not prove that the defendant was not justified in his use of deadly physical force. >>> the federal judge overseeing steve bannon contempt trial denied the request to delay the trial for one month. this is months after he was charged with two counts of contempt of congress for refusing to comply with the january 6 committee's requests >>> and youtube announcing that it is partnering with shopify to let viers purchase products without leaving its website. the company said it is planning to expand shopping features to its live shorts and long form video. tonight on the news, federal agencies are expecting an executive order declaring a

that hand starting to partner with anything on crypto and instead of competitors with some of the fintechome collaborators so i see continue continuing to grow their market share and i think that's going to be a strong quarter who didn't spend money in the second quarter we all traveled. >> each if you spent it on groceries and gasoline unless you were looking for the discount anyway, victoria, we'll leave it there. appreciate it. kate, thank you so much. our kate rooney on both of these names for us let's round things out with shares of chipotle down 22% despite the upbeat outlook there's 24 buy rates on the street will this quarter be a reality check for them or not? let's bring in kate rogers were that story kate >> onlifts are looking for eps of 9.04 on ref niece of 2.2 billion for chipotle in the send the quarter. same tar store sales projected to increase which 10.9%, a very big jump for the space chipotle has been a name that's touted its pricing power in the past, so we'll be looking to hear fritz executives on continued price hikes and how much room they believe is left to run fo

. >>> fintech company stripe is cutting its internal valuation by 20% this follows klarna's valuationher buy now, pay later company making headlines is affirm that is getting a pop after announcing a new partnership with seatgeek. joining us now in an exclusive interview is affirm ceo and founder max levchin. max, it's great to have you back on the show. welcome. >> thank you great to be here. >> i feel like some of these announcements with these retailers like seatgeek or amazon was a huge one, the market gets all excited about the announcement and then totally forgets about it and starts fretting about higher interest rates and inflationan the consumer explain what the significance is, why these announcements are so important as far as future revenue. >> if i could explain the stock market here, i would probably be in a different job but fundamentally, we're really focused on driving long-term value for our shareholders, executing on our vision, making sure we are staying on track with our mission every time i have a chance to announce a really exciting partnership, it's certainly a

we are seeing fintech raising $650 million, mostly from existing investors.tion. haidi: it seems like softbank always manages to hold the worst play out over the last few years. unless you are softbank, you look at two years ago, we had the fund manager slashing we were valuation from $47 billion in 2019 to $2.9 billion. the dollar amount is much smaller. as you say, the reputational risk is incremental, it perhaps could be valued at a lot more. you can read more about this, you can find all of the opinion views on the bloomberg terminal. lots of great reads there. let's get you a check at the headlines. we are getting divisional results later. apple has introduced a security tool for the iphone and other devices to prevent cyberattacks for high profile users. it offers protection against spyware attacks. the news feature will be part of the upcoming hour. gamestop jumped in after hours trading after announcing a stock split in the form of the dividend. the poster child for meme stocks . moves as each stock will have a lower price tag. coming up next, the aut

talk about intel, broaden that to the tech picture at the moment, a lot of green, whether fintech or chip sector. intel has been ugly here to date. why are you sticking with this one? >> that is a lot of the reason why. the stock is 50% almost low last year. five-year low. 4% yield. p-e ratio is barely in the double-digit territory. they win from the chip bill you talked about a couple minutes ago. it is a long-term story. they're doing a lot of investment but i'm betting with them. liz: we have ford earnings after the bell. when you think about the chip picture as it pertains to the auto sector what do you predict, what do you think is going to happen there? >> look, i think we went through a long period where car companies couldn't get the chips, so they couldn't get cars off the line. we're having somewhat better supply now. so they're doing a bit better. those stocks have gotten hit hard. i think that is another place to do some shopping. liz: bob, it is excellent, impel len commentary to have as we wrap up unbelievably wild session. thank you so very much. [closing bell rings] w

there are opportunities in areas like fintech, a.i. and real estate. to be honest, it is slowing down across all the sectors. opportunity wise, we are looking at early-stage. there is a statistic that 60% of fundraising in the last quarter was for early-stage deals. that is telling us that actually investors will put money in the bear market, looking into the longer term and putting it into early-stage deals. david: in terms of ticket sizes, is that evolving to be a smaller amount? i guess that is under the values of this, you can slice and dice. they don't have to give up a big portion of the company? guest: that right. to your last point, in the last few years, valuations were at work it has. you could raise capital and not give away as much equity. so you today try to do it and he will not get the valuations you want and you are probably giving away more equity than he wished. that is why agile fundraising. instead of raising the $1 million, you get an investor who says i will give you 50k. do it with agile fundraising methodologies. there are 2, 1