dealing in eco -- digital ecosystems, what applovin and ironsource are dealing in is fintech. how discoverable is your app not only placing ads inside your app but placing ads on behalf of your app to get it discovered in other places, right? so that is something that as facebook is trying to construct this digital ecosystem so it is not controlled by apple and google's whims, as others are trying to build this out it is going to be an important ecosystem to build out in part these are assets that need to come together in a way to enable that >> yeah. that was a really interesting insight. i heard that on the replay i think that's actually spot on. if we think about what these ecosystems are doing in separate instances at the moment but -- for applovin an ecosystem that is a platform for development will be able to monitor -- there are a lot of aspects with fintech when we think about the ability to monetize, manage one's business you can obviously see the ability to expand out into other areas as well. maybe there is an opportunity for a buy now pay later financing of virtual

pedro: when we look at the rate fintech is growing out, over $30 billion of fintech payment volume inhe second quarter north of 80% year-over-year. it is soon to surpass the commerce side of our business in terms of site. whether that is over the next two or four quarters, it's harder to tell. but, we are at the cusp of the point where more of our business will be coming from the fintech side than the commerce side. shery: fintech borrows significantly from goldman sachs in order to expand. you see more investment going forward are are you staying put? given your other investments are already paying off? pedro: one of the most successful lines we have been developing is the credit line. it is a big driver of adoption of our fintech services. over 40% of our users have -- are getting access to credit for the first time. through our platform. and, a lot of these facilities we have with our financial services partners are to fund the growth in the credit business. it has been a significant driver in cad -- and catalyst, more induction of our wallet on the merchant side. it helps commerce

as we look across the more speculative fintech names, they had a real down trend right until the end,hrough the end of june, or was it -- yeah, end of june. >> end of june, yeah >> beginning of july now it is kind of a nice one-month marker for example, affirm is up close to 90% in the past month similarly so, there's more going on perhaps than just today's short squeeze. there's also this risk-on environment. >> exactly you are seeing it in tech stocks, paypal as well block, which reports earnings later today, a lot of the beaten down fintechs had a pretty nice rally in july. there does seem to be a little bit of a reversal, potential a better risk/reward as the valuations came down fintech across the board is getting a boost here and some of the crypto-related stocks which had been hit the hardest out of the entire fintech sector, coinbase included. >> you know, kate, it is funny people are going back and reading the q2 call with larry fink from blackrock a few weeks ago in which he said the crypto asset has witnessed a steep downturn, but we are still seeing more interest from inst

. >> quite the gap there money is still flowing into fintech. 20% of total globals vc funding. first six months of 2022 while deal activity is up, are investors ready to get back into the public markets as well morgan stanley's james, where it is going -- the private fintech companies we talk about have either had down rounds or marked down valuations internally. >> the money is still flowing largely into consumer payments area, and different parts of the ecosystem. specifically the part that enables the payment types, integrate with operational software, to your point, you're not seeing quite as much, especially with rising interest rates, and a tightening generally, you're not seeing as much going into things like consumer credit oriented fintech. we're seeing falls in the area of b 2 b or business to business payments, core consumer piece of the ecosystem is attracting massive amounts of capital. >> the big elephant in the room, james, is apple. not sure if you saw it this morning there was a journal article with amazing stats 75% of u.s. phones have apple pay activated, up

what is your outlook on the fintech environment -- the fintech landscape and the environment that youruccessor will be walking into? jason: we had a great first half, remain cautious in the second half. you are right, depend on the experts you talk to, we are in a recession, not in a recession, the recession is coming. it is not clear where we are headed. we had 3% year-over-year growth, $1.7 billion in cash. a lot of options, whether it is investing more in the business, and are higher. but there is a lot of uncertainty. we have a blue-chip base of customers who continue to perform well we are building out more and more business around the world and investing in our product, people, future. emily: i appreciate you joining us. thank you for sharing some of that with us, and we will be watching to see how this shuffle plays out. marqeta ceo, jason gardner. coming up, a conversation with the newly appointed ceo of pinterest. he is with us for an exclusive interview, next. this is bloomberg. ♪ emily: it has been one month since the executive shuffle at pinterest. last month co-founder ben

it seems to be fintechs acting more on the fin side than the tech side. sofi able to flex its bank muscles. paypal being really disciplined about costs and people being excited about possible combinations >> you're right. it's been less about ai judgments and the ability to refine your loaning practices, for example, through technology. you're right about the cost savings, looking at $1.9 billion in cost savings, revenue up ten. truist goes to 108 on pay poll if there's a marriage in the future one day, jon, i would have to say this would be one of the most telegraphed partnerships we've seen. >> obviously, though, it's one of those may-december ones in a way i guess. i get that people are trying to lay off this whole transaction thing for pinterest where you get a little bit of the mix of the search-led intent and a little more of the programmatic. pinterest isn't growing at a particular rate. i'm not convinced. i know people are trying to sketch out that narrative. for more on paypal let's bring in web bush's melissa cotry. i wonder how you see this pay

not enough talking about b2b fintech.in consolidation mode and does this help you there >> i think the answer is absolutely, jon, which is to say our thesis all along is that b2b is the next area and is ripe for disruption and that's what we intending to do. silver lake has extensiv experience in those markets. i don't think there's anyone who has a longer term vision of where technology is heading than slp, very consistent with our point of view. to have a partner like that unique with us, to look at those additional markets and focus on new tech rather than legacy tech is a critical part of our thesis. >> jeff, the deal of course is the story of the day maybe next time we can talk a little more currency and macro a lot of lingering questions there throughout the course of the rest of the year, but it's good to have you thank you. >> thanks, carl. it's great to see you. >> if you missed part of the show, don't fret you can follow and subscribe to our podcast. listen any time anheywre tech check is back in a moment you ne

we invested in a fintech company but look at one of the largest uk-based fintech companies in the marketthen my sleeper. the publishing company platform called automatic they power 40% of all websites on the internet and they have a direct competitor to shopify in their commerce business that they have. so, yes, investments are happening and we're able to get great companies at huge discounts from distressed sellers. and we love it >> well, that whole coin base and crypto discussion is one for another day. thank you very much for joining us here is where we stand right now in the market. we have a little less than half an hour left of trading. the s&p down 0.6%. hovering at these levels glass nasdaq 1.2%. drifting south pretty much originally a little rally after the fed minutes and then some digestion, maybe the focus on inflation, people realized it wasn't that different of a message from the fed after all energy is your only positive sector up 1% a devastating drought in the southwest is threatening this year's cotton harvest. up next the big picture on the impact that could have on s

we're a diversified fintech. so we operate in a lot of different businesses we have three segments that we report lending, four different products, home loans, school loans, student loan or financing as well as personal loans. to the best of my knowledge, i believe upstart is only in unsecured personal loans or unsecured personal loans here are much higher quality. the income of an individual on average is $140,000. the credit score is very high, an average of 740. so we're servicing the very high end within that one product they're operating in and have seen strong credit performance there. we also have a segment that consists of checking and savings. checking is the only place you can get a 1.8% interest rate with no minimum deposit or restrictions also our credit card product as well as some other properties. then we have a big technology platform business and we're biddle out the fintech so we're a fairly diversified company. it's what's allowed us to deliver strong growth. as i mentioned four consecutive qua

we will be talking with outgoing ceo jason gardner as -- looking for his or her placement as fintech- saying he is no longer the right person to run the coming for the next phase of growth. who is javier? the facebook veteran is now meadows new coo, why he is being called the anti-cheryl. let's look at the markets, it seemed to rally yesterday but maybe went a little too far. what are investors thinking? >> there was a day that lacked any sort of nature catalyst. -- major catalyst. a lot of the red on the screen and the equity market has been higher, it turned a corner the nasdaq 100 down .7%. apple who really zeroed in on apple right now, such a significant impact on the market given its waiting on the major indices and that has been the topic of discussion. it has been doing relatively well coming off the june lows. we are talking what to ideas, apple stock is at a record high compared to the s&p 500, they have come up there june low, but apple is doing even better. it's waiting as a percentage of the s&p 500 is at a record high. it is having a significant drag on the market either

one of the biggest fintech companies in europe. up, europe faces the risk of blackouts, rationing and a severe recession if russia further slashes gas deliveries. this is bloomberg. ♪ tom: welcome back to the open. european stocks turning lower by 0.2%. a lot of that will be linked to the energy space. european governments debating whether to introduce a eu wide price gap. the power price setting system is no one are functioning properly and needs reform but the process of implementation has yet to be agreed. >> we have been working on a price gap, raising a lot of technical difficulties. we are not opposed to the idea, but it seems quite difficult. tom: the french finance mr. speaking the -- the french finance minister speaking. what we know about the plans from the eu and the nord stream 1 shut down? >> we know europe is drawing up plans short-term emergency intervention to try to lower power prices. then also a longer term reform of power pricing. the main idea behind that is to try to split electricity from gas costs. really tr

we are building at the aws of intech -- syntax -- fintech.ally benefit in different environments and in this environment, we are seeing great trends in personal loans, investing in strong demand on credit card and strong demand for technology services. >> you have the student loan moratoriums at the end at the end of this month but it is unclear what the biden administration will do. will it extend that pause? what are you preparing for their ? does the work continue? >> yes. it does. our outlook assumes the student loan moratoriums continues throughout the entire year and also that the president does provide forgiveness at about $10,000 for individuals. if that actually happens and it is definitive, we could see a little bit of benefit but we are not counting on it. we assume that it will continue through the end of the year but once the government makes a definitive statement, people can make choices. now, they are doing nothing. they are not benefiting from refinancing before rates go higher. they are not sure if they should refinance or a

a lot of fintech companies have been hammer.you're looking at, obviously the crown jewel, which i think now is cash app. the start of the business that's been growing the most. operational growth up to 624 million in q1, 26% that's the strong part of the business on the downside, which investors can be focusing on is obviously you know, economic downturn. after pay acquisition still has to play out. we're holding here better evaluation than we're seeing a while ago so investors could be holding here >> what happens to cash app if the consumer slows down? is it sort of protected in some way because of the nature of it and what the user base is or does it take a big hit >> i think it has a little bit of insulation as opposed to after pay. a lot of their revenue on the cash app side is from services direct instant payments is the biggest portion. i think those continue if consumers have issues. i think still see strong margins and profits on that type of business as opposed to the after pay side of the business i think that side of

buy-out fund as of july i spoke with avalara and how the current macro environment makes the b2b fintech firms valuable >> inflation probably doesn't affect what we're doing as much because, you know, transactional taxes is a pass-through tax. as they're upgrading all of their -- as they're upgrading all of their pricing, you know, being age to do taxes automatically, i mean, is a big advantage for them it just makes life simpler they don't have to research what the tax rate is and change it every time they're doing it. >> julia, part of what he's talking about there is tax and compliance software automating that doing it in a low code way and making it available to other types of financial software. that's what avalara is about and no matter what happens with inflation, people need to buy stuff. people need to transact. we're seeing similar stuff out of visa so interesting to me that private equity would be moving on this right now because it's something that people are going to need long term. >> yeah, what do they say? this is death and taxes, two things you can't escape. you've been

though shares higher it's our call of the day we'll find out what the committee thinks now about fintechwe'll do that next ♪ ♪ the thing that's different about a vrbo vacation home. you always have the whole place to yourself. no stranger at the dinner table making things awkward. or in another room taking up space. it's just you and your people. because why would you ever share your vacation home with someone you wouldn't share your vacation with. ♪ ♪ this is xfinity rewards. wit our way of showingn't sha our appreciation.ith. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >>> there's a bullish call on paypal the stock got upgraded to buy. elliott management to push for more cost cuts amy raskin, i feel like this stock, man, i feel like it's gone from loved to loathed nobody here owns it today. the valuation has come way down. the analyst who made this call was on, i think it was "techcheck" before us, pointed out the stock is trading at

deeper into fintech, also things like data.reas like home services and velcro software that we are relatively early in speaking with developers on moving from off-line to online. there are plenty of good avenues for growth and many of these things have been done already and more established western markets. paul: all right. joe dische, property guru cfo, thank you so much for joining us. let's get a check at how markets are tracking at the moment. let's go to annabelle. annabelle: let's take a look at the tech stock space this morning because it is one of the biggest laggards. particularly korea. we can see the kosdaq slumping, outpacing the losses we have seen for the broader kospi index. really an indication of concerns about what we heard from jay powell at jackson hole that high rates. taiwan is closely correlated to what we see in korea. both of those have a very high correlation from the u.s. and a very heavy tech waiting. a drop of nearly 3% of them are -- at the open. we saw the two year yield reaching its highest since

. >>> coming up, fintech's epic week getting even more interesting today as coinbase, look at this, surgesa new deal with blackrock. it's up more than 10%. we'll talk with a coinbase analyst about the news and what he recommends doing with the stock next. >>> coinbase is the second top searched ticker on cnbc.com. the 10-year yield still in the top spot it's a bond rally. the yield is 2.67. tesla is up there half a percent into its shareholder holding alibaba and then crude oil dropping below $90 we'll be right back. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. like any family, the auburns all have... tindividual priorities.ng some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gr

other fintechs getting slammed as people worry about the credit risk what's the current line on these companies? >> i mean this is one of the growth areas of the market that fall out of favor. there's a number of factors here one is delinquencies as the economy softens and inflation rates go up, there's a fear that customers, especially the younger ones of buy now, pay later could miss payments or not be able to reach them. there's also the question of cost of capital for the affirms, for the buy now, pay later companies. it goes up as rate goes up and growth and gross payment volumes, right they have seen enormous growth over the last few years but if e-commerce returns to pre-pandemic levels, something max did talk about, are they going to continue to keep that revenue up if you look at affirm's latest quarter, revenue has been flat over the last three quarters so it does raise questions about how much you're paying for this growth, especially unprofitable growth, mike. >> it strikes that he that affirm's point, not only were they early in this whole market but they have a better un

still talking to regulators about a fintech holding company license. no progress. haidi: we saw meituan rising. >> that is right or that was a big story yesterday. reuters reporting tencent would -- perhaps as much as 10% of its stake because of this ongoing regulatory scrutiny. beijing widely believed they want big flap arm companies that invested so heavily in so many of these companies that became big in their own right through the last decade. in this antimonopoly crackdown that is still persisting even though the government officials and regulators have talked up the need to and the strength of the platform economy. there are still all these pressures. tencent's chief strategy officer when asked about this report, he said it is not accurate. meituan and tencent were up overnight. the other companies we talked about that are owned partly by tencent, kuaishou is listed here. they all fell because there is still regulatory pressure and there could still be pressure on tencent to hive off the shares. haidi: our chief north asian correspondent with the latest. let'

yvonne: let's bring in fintech analyst francis. what is your take so far?ncis: it is above a year on year basis. the ratio has been coming in. i want to give our audience a reminder, these banks [inaudible] that could be one of the reasons we see the ratio more contained. rishaad: it is the bank earning season. which thanks will report earning most affected by property in china and the problems therein? francis: the banks, many are exposed to mortgages. we have seen agricultural banks close. we do see a difference in the property loans quality. mortgage quality is still intact. banks have also disclosed their mortgage ratios. they are still in conversation. the banks have already eased, that is what i have seen. yvonne: beyond the property and impact exposure, you're still talking about rate cuts, credit demand that has collapsed. when it comes to net interest margins, can i see more compression? francis: for the banks which have already reported their numbers, they are guiding more than margin compression. which makes sense, because the last year has been

>> right the playbook is i'll go to a fintech or hedge fund or go to the buy side i'll go to asset managerse are probably all places that are harder to get to. coinbase for instance. you have to distinguish between junior bankers in demand at a lot of places because they are not compensated that well. if you are a 45-year-old or partner at goldman and make $5 million or $10 million a year. your skill set to be useful as a cfo or treasurer somewhere head of business development really, are the places going to hire you and hire at the same c comp all of your options no matter where you are on the spectrum will be diminished given where we are in the cycle. people sitting at the desks want to survive until they see the businesses coming back in the fourth quarter if there is a glimmer of hope in the fourth quarter or first quarter that businesses want to keep head count and be primed and ready when the business returns. >> lydia and hugh, thank you both for the news. i'm sorry for those people who are hearing this news and may be impacted we will talk more about it soon. joe, hold on to your

fintech that is still really in the red-hot griddle is affirm. i didn't think affirm was nearly as bad as the market thinks it is, but it's trying to gain traction upstarting i thought was worse than what the market said and affirm was better. david? >> there is upstart. >> upstart at 26 preannounced, and -- >> it hasn't really -- no. it's been right around the same. it was a squeeze there for a bit. that's right yeah >> we didn't get to do the metaverse. i did the joe rogan thing so they could play the metaverse thing. >> oh, yeah. on the other side. >> always time spacs. >> we'll talk about pmi in a moment get it on jim's cnbc investing club sign up and find out more at cnbc.com/jointheclub 10-year 3.12, we hit multihighs earlier this morning we're back in a moment >>> welcome back to "squawk on the street." rick santelli here live at hq with shortly breaking news on chicago pmi. just to refresh viewers' memories, our last look at 52.1 for july, was the lowest in almost two years going back to august 2020, and it's hitting the wires at 52.2, ve

why crypto when fintech does the job? we already have digital payments to some degree.look at the data from it, it's interesting because you saw cryptocurrency, transaction volumes surpassed that of visa. it's come down more this year. which will win out at the end of the year and which technology will be dominant? the skeptics in this letter attest to the idea that bitcoin and blockchain more broadly is not the solution to these problems. emily: there's a lot of complicated dynamics at play. we reported on the revolving door between the crypto industry and capitol hill. you have crypto companies making big donation to head of the midterms. you have crypto lobbyists shaping policy. is there enough skepticism on capitol hill of this industry? sonali: i think time will tell how much there is a push or pull. you are asking a question where it seems like there's a lot of lawmakers that go out and in a regime where the head of the sec has -- sec has been cracking down on enforcement issues in a way we haven't seen and the tensions boil over. where's the support with someone

i am thinking about fintech were crypto. most of these businesses are highly unregulated.hey are usually run by younger people who have not had experience running through a recession. i think they are at very great risk. people will tell me all the time they contracted 70% or 60%. are they de-risk? you can't have a stock's but not fundamentally. there is nothing that prevents these businesses from contracting further. >> good to have you with us. we are hearing the record is $4.2 billion of net trading revenue in the first half of 2022. we had a lot of market volatility. this coming from people with knowledge of the situation. the revenue surge about 23% a year earlier. the citadel has posted 10 consecutive quarters of net trading revenue in excess of a billion dollars with eight of the surpassing $1.5 billion. they seem to have done pretty well. we do have plenty more to come up daybreak australia. this is bloomberg. ♪ >> a quick check of the latest business flash headlines. the delacorte has billed that twitter does not have to hand over names of employees as elon musk b

this is a fintech that europe is at a bit of a problem with.ay though, the stock is getting marked down around 4%. a lot of it has to do with internal restart of travel, they've whole lot of factors to bear in mind. interesting to see the company cutting marked down so aggressively on the back of that down by rent 4%, this is a really interesting space right now for europe because it's sort of technologically -- technology arena. that's really weighed on the technology sector today down by around 4%. let alix: get to the story -- alix: let's get to the store you were talking about. delivering a shock rate cut. despite inflation going to a high, the lira at a record low. tim, is there any world, any theory where this cut makes sense. tim: the central bank of turkey has as much credibility as the management of man united. that's a state they are in at this state. they have 80% inflation and it is rising. and they cut rates so mine is 66%. who would hold lira assets at this point. certainly not, there's no sense in it at all. this is about erdogan

interesting, during the pandemic, what we saw is a lot of private equity and venture capital money going to fintechere is a lot more alternatives now than getting a college degree. universities are trying to say i need to create more flex ability, more affordability, more career job relevance in my curriculum. what we are doing to help is we work with over 200 of the top universities like google and meta and ibm and we basically help universities offer industry like her credentials. when you get your college degree, you also get a certificate from google or ibm or microsoft or somebody else. >> some people think this is great. other people think this is not the way that they should handle this. what do you think? >> it reflects a huge and globally unique problem the u.s. has had. over a trillion dollars in student debt. how did we end up with a trillion dollars? students were able to borrow money, to buy a fairly expensive college experience that did not lend them a job. make degrees more affordable, make them more tailored to working adults who can't quit their jobs and move to a campus. also, mak

other fintechs also lower. sector is struggling because the economy is slowing and rates are rising and that pain is going to be pretty persistent. that's what we heard today. hbo is a runway hit and game of thrones prequel house of the dragon renewed for a second season. more than 20 million people have watched the first episode according to nielsen. parent company warner bro's discovery said house out of the dragon saw the biggest turnout since game of thrones. t-mobile and spacex are partnering on a phone that would work in areas with no cell coverage. t-mobile ceo joins spacex founder elon musk in texas yesterday and they plan to roll out the program next year starting with text messages and eventually moving on to voice and data and send and receive and talk anywhere pretty amazing. t-mobile is down 2.8%. well, the 2022 college football season is set to kick off across the pond tomorrow. the nebraska corn huskers will face off with a northwestern wildcats in the college football classic. this will be the f

level, and retail investors are going to have a louder voice at the table through the innovations in fintech beyond that have happened in the last couple years. tom: democratizing this space is so important, if that actually is what is happening. i would love to see that, more retail investors involved and informed. but that cap is still very wide. you are giving information to your clients, but they have short attention spans, they want it right sized. the guys and the girls on the other side, sometimes hedge fund managers with deep research and insights and algorithms and software that your clients will not have access to. guest: that is true. on the other site, we have to ask ourselves, what is the alternative? in the current environment of incredibly high inflation, do we want retail clients to leave their money in cash on their savings accounts? or do we want them to invest their money in order to at least somewhat counter these extortion -- for lack of a better word -- inflation rates we are seeing? i think that is generally a positive trend that retail clients are getting more and mor

. >> we'll see if fintech is still something that has cache over time sameer, in terms of the macro implicationsit might drive more inflation, others that it would refresh household balance sheets, is there really a play in this from the macro side? >> it probably does kind of put a little bit of confidence back in the consumer's mind-set a lot of things weighed on it whether it be wages, gas prices. this should ease some of the pressure on the lower end of the consumption bracket. it feeds back into the conversation about making the fed's job harder because now you're getting consumers feeling better again >> there is a push/pull. thank you very much. we'll catch you again soon, i'm sure we have two big software stocks both in the green today and part of the summer bounce the last few months snowflake up 23% salesforce up 15%. both since mid-june. frank holland joins us for more. frank, what will investors be watching when salesforce reports? >> when it comes to salesforce revenues increase by 21% eps declined by 31%. operating margin and q1 guided operating margin for the full year the street

--fintech --this is bloomberg. ♪ yousef: this is bloomberg daybreak: asia least. manus: u.s.s escalate.

been talking about unity and iron source and app loving and the idea there's an economy, there's fintechund digital goods and ee merss ive environments sure this idea we'll all be spending time in "ready player one," i don't buy it >> scary thought. >>> one rare name in the red today, online retailer, the realreal, a forecast cut hitting things there raising a real question for other beaten down competitors like stitchfix and poshmark. bubbles bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. when tired, achy feet make your whole body want to stop, it's dr. scholl's time. our insoles are designed with unique massaging gel waves, for all-day comfort and energy. find your relief in store or online. to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahe

pull-through from earnings this week we'll get uber, lyft, doordash, airbnb and gaming, activision ea and fintech, paypal and block could get insight. jon, 150-plus s&p names. a third of the consumer. today is pivotal. >> yeah. kicks off a pivotal week after another pivotal one. temptation, a lot of big names mega gaps, thinking, this week, no big deal. it is a big deal got, you just mentioned paypal, block, trillio robinhood risk-on names benefiting, had been throughout july, questions about what's going to happen in august and can that momentum continue who knows? guidance here might have something to say about it. i'm particularly interested to see what amd does tomorrow lisa su on "squawk on the street" wednesday morning as well the overall pc industry, the state of decline, perhaps, but is she able to eeekke out a bet story than we heard from the likes of intel we'll see. >> yeah. talked about that with cramer this morning specifically gaming. what that's done to both nvidia and amd. you know, semis, number of cross-currents really confusing now. whether it's pcs and gaming and crypto being

>> we've long talked about cyberas a safe haven in fintech. it was nice to see best buy with inventories down year on year, not a lot of retailers have done that if you think about what nvidia said with the gaming market a chance to correct maybe that's beginning to happen. >> could be an opportunity. >>> meanwhile, all eyes on ether for the latest addition of crypto world, the currency associated with the -- more ahead of next month's anticipated merge, in essence the merge will change the block chain from a proof of work platform rather than using computers and a lot of energy to solve complicated problems, the system has investors deposit coins into a shared lottery pool. one participant is chosen at random to verify the exchange and rate the rewards the move away from mining is expected to cut down energy usage, this is key, by more than 99%. cy hope this drives currencies back to previous highs we have yet to see a turnaround with bitcoin, back below 20k, jon, i think the most important thing, the energy consumption, but also transaction

. >>> we'll turn now to shares of toast, the $10 million fintech company up 10% this week but still off the highs. to restaurants, ordering to payroll and with more than 60,000 locations using tech this could be a barometer for investor sentiment on cloud and the consumer dom chu has more of the story. dom? >> toast shares have been toast, i guess is the best way to put it, since their public debut last september as we come close to its one-year anniversary as a public company, what many consumers call an unbelievable product that totally enhances that dining out experience has yet to really captivate the eyes or stomachs of investors toast is still, by the way, not a profitable company estimates right now are for it to post a loss of 12 cents a share on revenues of $651 million. it has only had three prior earnings reports on books and it was down big in the first two of them that stock fell 18% back in november of last year. post earnings it fell another 18% in february of this year and then it rose a modest, relatively speaking, 5% in may on the heels of earnings this time around the

p 500 we'll put up some of the dow stocks we have consumer names are up, procter & gamble is up, fintechsmega-cap tech sectors are up fractionally and look at the other group and the consumer discretionary and this is a group that's been a leadership group and the autos is up and starbucks is up fractionally and these all have had really nice moves. what's down? the stuff people love is down, because oil, as kelly mention side down $90 as kelly mention like schlumberger and they're high-beta names and nobody care because this is an inflation proxy and they're loving it when the stuff goes down and the bulls are right and winning the battle against inflation and it's coming down transports and other group related here and they've had a tremendous run particularly with the logistics companies, hunts, kirby, robinson and expediters they got a great run reesecently and that's down an lawful lot. china allows the housing data and the nhp housing market index was 49 the low of the since, like, june of 2020, and we still are pushing on the door of 4300 and a lot of people are getting forced in w

the markets lately, you know, so many different types of financial products that are out there as fintech firms target consumers. you wonder, to what degree he's getting involved in that as well. >> yeah, dee made a great point just about the marketing to the retail consumer, bloomberg had data out last week, guys, spending on crypto investelevisn ads in the month of february, super bowl month, was like $84 million. in july that fell to $36,000, dee. they went through this wave of hypermarketing and we're going to see we're probably still trying to gauge the effects. >> remember the super bowl, ad after crypto ad. >> yes, indeed and they keep going. well, we are getting the director's audio figured out, let's pay some bills while we do that eche" will be right back on the other side of this break. ♪♪ ♪♪ take the world by cloud. accenture let there be change. >>> joining us now, consumer financial protection bureau director rohit chopra. rohit, i hope you can hear me at this point, director. >> i can, yes, i can. >> you can, fantastic. now, i want to start off with the statement you recent

months ago, you would have opposite reactions, snowflake feels pressure from consumer internet and fintech companies in may they adjusted their outlook for that, salesforce was doing well, they waited three months to sort of adjust their outlook for -- i think what you're seeing is fraying at the edges of demand right now. i think the longer-term trends around, you know, the shift towards digital, you know, the shift to cloud, these are longer-term trends that are continuing to play out but companies are getting more conservative in terms of their spending in the near term. and when you look at snowflake and salesforce, you're right, they're two different type of companies, snowflake is a high growth company in the early stages of its maturation salesforce is moving as you rightfully said, they like to talk about getting more mature, but they are becoming more of a garp story to a certain degree for them it's not only about growth, it's about margin expansion, it's about the buyback. so they're somewhat apples and oranges but you're seeing snowflake got ahead of the demand issues. salesfor

turning now to fintech, a firm share plunging this morning on the heels of the latest results, revenuet, but that guide getting some attention, it is cautious, and joining us now, in a first on cnbc interview, for a closer look at the quarter, the founder and ceo max levchin, good to see you, want to focus on the guide to start, because that's getting a lot of attention. what about the state of the consumer and perhaps the retailer is leading you to be as conservative as you are? >> first of all, we're actually not being all that conservative, if you compare on a two-year basis our forecasts o 60%. almost 40% at the midpoint. these are what i would consider, i think what most people would consider to be exceptionally strong growth company numbers. we are lagging a year when we launched amazon, and scaled up shopify to its fullest scale, you know, so far and so we're obviously comparing some outstanding numbers, and the conservatism in my guide, if you want to look for that, isn't coming from our ability to continue growing a business, which we think extends decades, but the fact that i

. >>> restaurant fintech player toast seeing big gains after raising guidance the stock is now up some on the week xtjos o chris comparato inus ne don't go away. >>> let's get to the stock-making a huge comeback, toast beating on the top and bottom lines, raising the full year outlook. shares up double digits. up 43% in the last month alone let's bring in the ceo chris comparato. thank you for being with us. what a quarter i wonder if you can give us any data from the last few weeks since that quarter ended, regarding consumer sentiment, has it stayed strong in light of the numbers this morning >> yeah, good morning, deirdre thank you for having me on again. we had a strong quarter, and when you look at what we're seeing for signal, our team executed really well in the field to capture market share. consumer sentiment is strong restaurants are busy restaurants have been resilient and we're seeing demand in our customer base. so no material signs of weakness in the restaurant space. and that bodes well for the business >> chris, what are you seeing in terms of dining -- dine in versus t

video from a recent congressional hearing looking into why there aren't more women and minorities in fintech like square or stripe, and the woman testifying is miriam hawke. i asked how do you testify in congress just in case you have to go before congress. what is that like? do you get invited to testify before congress? how does it work? >> you always say thank you for the question and you're always addressing the mechanics at chair or chairwoman or congressmen and remembering that formality that you're not used to. >> you can get more tips on our podcast sand hill road anywhere you find podcasts, apple podcast, stitch or spotify. >>> movie theaters all over america will start charging $3 a ticket for one day, that's september 3rd. it's national cinema day, a day they just made up just right now. 3,000 theaters across the united states will participate and we're talking big chains cinemark and amc. amc does a deal soda and popcorn is $5, that's $8 to go to the movies and have popcorn. >> my anniversary is on sunday. >> happy anniversary. >> thank you. woo hoo. >> i bet you get more than $3

when you say higher growth trade are there any particular areas you're talking about we talk about fintech. i just cashed out some money yesterday. that is not going anywhere we look at health tech telemedicine is what it's called. >> it l health. >> there we go telehealth i had a doctor's appointment last week. the doctor just called me on a zoom type thing. that is not going to change, only grow. you're saying from a one to two-year horizon one point of view but if you are a long-term holder isn't tech the place to be right now some of this stuff is so sticky and is just not going to change back >> well, i think that's right. my view has been the second half of the year you do want to go back to tech trade because a lot of the consumer discretion and cyclical trade is likely going to slow down as we see the consumer slow down i think that's why you see the inflows back to some of the technology names to your question, frank, about where exactly in tech i would expand that greatly. i'm actually getting interested again in some of the themes and thee matichs that have not worked at all thi

, the fintech etf, the ar arc innovation. lesson here is a lot of stuff was heavily shorted and left for dead. can you have some more lift. and credit markets are confirming what we're seeing in terms of equity strike, this idea of a soft landing looks plausible for the moment we've obviously got job numbers, six or seven week, though, until the next fed meeting, which is relevant, giving the market a chance to breathe a bit. >> i woke up to a piece, mike, why the u.s. stock rally is starting to look more like a new bull than a bear bounce. and they're quoting some guys from ned riley no, i'm sorry. ned davis. >> you said ned riley >> he's another guy. this is ned davis. the advance is broadening out. there still could be a problem and still get the new lows, but at this point it's getting broader, and that could be positive >> yes, a lot of the triggers that you did see in turns of these breath signals, 80% of all stocks getting to a 20-day high, just an aggressive push. we'll show you a real bit of depend rushing back into

if you think about it, china has dismantled their fintech industry, they have gone after the educationve the gaming industry which is seen as a vice by beijing. therefore, with the amount of revenue we have, some people may say that it may not be enough to sustain six. in that case there is the risk of them reducing the number. shery: ben lee, it was good to have you with us igamix , management and consulting managing partner there. hong kong hsbc is under increasing pressure to spin off its business. we will hear from the bank next. this is bloomberg. ♪ shery: we will be watching hsbc shares at the open in hong kong. they already rose in london and in the previous hong kong session, after they pledged to return to paying dividends. the bank executives will face investors today amid increasing pressure to spinoff their asian business. we spoke to one executive about how the company is pushing back. >> there is only i think one portfolio globally that we are paying close attention to, which is really the offshore book of our china commercial real estate exposure, $12 billion. one-third

as an investor and if you look at say paypal's friendly even though it's a you know, a financial a fintechut something like an uber does not have it has a menacing tone. it has a you know, it's a name that means things and other languages that aren't necessarily, you know equated with goodness. and so it's you know in some ways. it's like it's interesting to see that that story may have carried on through a lot of the investors since many of the people in this book go on to be great outstanding us. he actually, you know in other settings, but also to me mentioned that he said, you know, we always thought paypal was friendlier the next calm and he said i believe like facebook was more genial than my space which felt a little bit more selfish uber sounds a little medicine relative to lift which has a sort of like, you know quality of sort of uplifting quality. i think of the you i i like the etymology of how things come to be and so for me understanding where the name came from was was interesting. i think it's also interesting that in spite of all of the talent in this room at the time righ

coming up next, hong kong's fintech companies, with just 50 employees of its stock growth, making itn goldman sachs. details just ahead. this is bloomberg. ♪ >> here's a quick check of the latest business flash headlines. blackrock tubing up with coinbase to make it easier for institutional investors who big points. they will allow them to manage their exposure to the crypto exchange. blackrock says the focus is on bitcoin, and coinbase shares up. evergrande says it will receive an $818 million refund after canceling a contract to build a football stadium. the refund will be transferred to the escrow account, with funds used to settle debt. they are expected to take a loss of $185 million minus the refund. one of the world's most successful investors cutting ties with amsi, -- became worth almost four times more than goldman sachs. it's a wild time for a company that only has 50 employees. let sheds more light on this. what we need to know about this company, what is going on here? >> that is information out there about the company, nothing that could remotely justify this kind of ru

fintech, financial management, investor management, ghd and everyone is trying to gather it up in all jurisdictions and understand fully that fund management -- the final incentive in the whole value chain. with fund management, you can bring the custodians, the whole value chain. that is the reason why we need to do something very quickly. >> you talk about the need to boost capital flows. how can that be done? we have stock annex, bond connects. chris to be honest, in hong kong, we have a lot of great opportunities. production act and connect, they have already become the channel of choices for foreign investors to get things to the final markets. we want to enhance them so that there will be more flow into the china market. foreign investors only account for three or 4% of the china capital markets. we want to scale that up to double digits and these channels can definitely be enhanced. the wealth management is an excellent scheme. but currently it's still very prescriptive and very prohibitive in terms of planning. we are talking very closely with the regulators about this. they a

we are seeing the stock losing around 70% since the ipo with fintech on ant was pulled in 2020.means investors are willing to pay a lot less for the stock. we had seen them willing to pay about 25 times earnings. now down around 12 times. more broadly, it has been an earnings recession on the tech landscape. in the hang seng tech index, in particular, earnings forecast firmly in negative territory. take a look at the next screen. the bottom of that is the big question. one of them saying we could be at the end of the earnings revision cycle and the reason for that is we are going to see regulations stabilizing. that will be supportive of what we see in e-commerce, as well. haidi: getting back to the fed and central-bank leaders pledging to continue their aggressive fight to cool an inflation rate at a four decade high, even if it causes the risk of inflation. let's bring in gina martin adams. what does it look like, given we have had about 70% of earnings coming through. wasn't as terrible as -- the guidance has not been that great. a great deal of uncertainty, given the fed piv