they can enter into bank fintech partnerships. when they enter into bank fintech partnerships, they are subject to the oversight of the state and federal banking system. they overdraft and other things -- and to your point, they can go pursue their own charter, their own banking charter, whether it be through the occ, through and i l c, or other means. i would say many of our member companies seek that. unfortunately, there is not necessarily -- it's been a very slow acceptance of having special purpose or other types of national bank charters. many fintech companies are asking to be in a more regulated space to be able to fit the purposes of what they're trying to -- for the various different regulatory bodies for us to be able -- and understanding of what these partnerships look like. >> the other panel members can quickly address that. >> thank you for that question. i agree it's a big problem, the hodgepodge of state regulations when it comes to fintech. fintech only really works on a national basis, right? to make the economi

fintech companies doing this. some general good perspective of this. and send recognition that the system will work. ultimately, we will not get to a workable solution without a regime that puts people first and reorders. we have a financial system where the less money you have the more it costs you to access your money. paul: let me go to an entrepreneur about this. policy people, do you see people, you think differently. you look at this from different angles. ram, what from your opinion, should government do to make this disruption nationwide? what can we do to get these kinds of innovations through a regulatory structure into the hands of working americans? ram: one is to recognize how innovation and tech can be a force for good. the things that we already see with our own product, incomes are going up. we also see a lot of non-financial benefits. people are celebrating anniversaries and birthdays on the right days. recognizing that innovation can be part of the solution. i think the second thing, the data also shows that. the other piece is to be

as we've seen fintech adoption has surged over the past few years. nine in ten consumers use financial technology to manage their finances. consumers confirm it saves them time and money. 73% say, it help them make better financial decisions and 71 say, it helps reduce financial stress. today, unfortunately, americans are more likely to report they are worse off financially than they were a year ago. with prices rising, millions continue to struggle to make ends meet, and cash flow stress makes it difficult for many americans to cover essential costs, waiting on a biweekly or even monthly paycheck. fortunately, fintech is creating new tools for consumers to improve their financial security. financial innovation allows a single mom the ability to buy medicine for a sick child, or a parent the ability to purchase new school supplies that better fit their household budgets and finances. i will focus my remarks today on a few particular areas of fintech innovation in the buy now, pay later and earned wage access bases. by now, pay later, the n p l, is an

this union between banks and fintech, it sounds difficult to see when the bank ends and when fintechins. regulation is an issue. how will this impede on your strategy? >> it doesn't really. we are regulators in every country. we do business around the world. regulatory clarity and the ability to follow those regulations is a big component of why we are successful in where our clients want to work with us. fintech is a very large client of ours. we see the acquisitions more as capabilities especially in the technology space that allow us to accelerate around technology, rather than anything else. with that, we haven't had any issues getting the reglet tory approvals for those. haslinda: are you looking for more acquisitions? it's a pretty exciting time. >> it's a great time and a very large and complicated region. where looking both for acquisitions and partnerships. we've done two dozen partnerships with fintech, including this region. we think there is more. when you look at each one of the local markets, you look at china, india, singapore, there is just so much competing in those

before these fintech solutions emerged, you got what where you lived. if your town has nothing but payday lenders or banks with overdraft fees, that is where you went. this is providing geographical freedom for people to get out of these cul-de-sacs and get their continuous pay. ida: to your point, with technology, things are going to be disruptive. in the cycle of technology, inclusion to the wnd the better well-being has been a nice to have historically. until the forces of disruption align around that being and objective. fintech should be at the table along with the overall question of how much do people make, where it is routinely positive cash will come from? technology should be at the table. a lot of the problem solvers are there. but it will not happen by accident. inclusion doesn't happen by accident. this doesn't happen unless we take a leadership position on that. and that is not a partisan position. that is one for every constituent. paul: i am watching the clock, let me ask you this. aaron: you asked for a solution. every bank should be re

that has affected the way in which the fintech sector is growing and it affects investment in fintechy. emily: given that you work at so many big tech companies and you are more recently the head of virtual-reality at facebook now meta, we have seen this big shift in the public market, investors seem to be really skeptical about this whole metaverse thing. facebook's market cap is now 1/6 of apple and that was a very different story when you worked there. do you think this whole metaverse pivot was the right call for mark zuckerberg? >> it's is usually important question. i do believe that virtual and augmented reality are in the future as the next major computing paradigm. i think it was the right call. the rate of investment is where we could spend some time debating. should it have been half of the investment level that has been so far? history has kept us objective here. as a society, we are going to go through the competing paradigm shift in the next 10-15 years. the companies that have made the early investments in the platforms in the core technologies are going to be the ones,

now you can do everything remotely using a mobile phone, but, at the same time, speaking fintech, therecertain, and certain, as it were, zones that are still in the discussion zone. it is related to the blockchain so-called cryptocurrencies and recently literally written. this government talked about what import export operations. can be considered from the point of view of carrying out all transactions using various blockchain mechanisms, and in general, the direction is associated with such crypto assets that require certain regulation, therefore, the president of our country, vladimir vladimirovich putin, spoke on this topic, so we are waiting for regulatory documents. well, tatarstan could become a stronghold, including, uh, in the area of ​​financial decisions. and by the way, on this day a large industry event will be held through the central bank of the russian federation and i am sure that in general financial financial sector in the area of ​​it. he is very strong, and the foundation that pulls up other industries. thank you very much for the interesting detailed dialogue. than

the move will help jpmorgan chase fight off threats from other fintech firms. deal marks the latest fintech deal with the bank buying five startups since late 2020 >> silvana henao, thank you. >>> turning to markets and technology stocks in the sector looking to keep rebound going nasdaq snapping the three-week losing streak last week with it and the nasdaq 100 climbing 4% the best weekly performance since july let's bring in nancy tengler at laffer tengler investments nancy, whether it is dead cat or whether it can fizzle out like this over the last 12 years, technology led to the upside is this time any different >> i don't know, dom i hate to be consensus i think there are times when you really want to chase cheap some of the stay at home names down 70% and there are times to stick with reliable growth this is the time not to chase cheap, but stay with reliable growth we like a number of names in the cloud and cyber and chip space that's where we are putting our focus. i think you will be rewarded growth that came in last quarter for many of the companies wa

democrats in congress have pejoratively branded all bank-fintech partnerships as rent-a-bank schemes. last year, they overturned an occ rule that provided regulatory certainty for these partnerships. unfortunately, by attacking legitimate bank-fintech partnerships, democrats risk restricting access to needed credit for lower income consumers. and the cfpb, under director chopra, has repeatedly demonstrated hostility to innovation in consumer finance markets. for example, he's replaced the cfpb's office of innovation witr a new office of competition and innovation to advance his efforts to involve the cfpb in antitrust and competition law, which is outside its jurisdiction.. he also sidelined the office of innovation's programs to foster responsible innovation, such as no action letters and regulatory sandboxes. i'm also concerned the cpfb will bring this reactive, anti-innovation perspective to its scrutiny of new financial products. already, it's made public statements that suggest hostility towards bnpl and other products. all of this hostility to new financial products is further e

needs to be more supportive in terms of innovations in the fintech space. of place right now? how do you find signs of improvement? deepti: there is regulations that have been happening over many years. we have a situation where the rbi indicates that a dozen more things will need to happen. the prime arrangements between fintech and the balance sheets curb realities, and when these become too high, the rbi will make moves on the balance sheet lending. i am told the latest guidelines that were announced as late as last friday, with or something like that will continue to be allowed. however, this does not take into consideration what has been going on throughout the year. we want an approach to doing this. yvonne: and the rbi last week had talked about trying to curb lending in the official apps and restrictions in november. how do you think this will resonate among some of the big names in that sector? deepti: the rbi will cover a lot of cost-cutting issues that have been plaguing the system. within the digital space, we have different unfair business prac

first off, we saw one of the most successful fintech companies, the largest neo-bank in the world gorecently. there is another stat that relates to the investment climate, which is what is happening with mobile payments in brazil. it is a skyrocketing example. the central bank launched these new, instant-payment rails a couple of years ago, called pix. it is in some ways very similar to upi in india, which everyone talks about. . but what is interesting in brazil is that pix got to $1 billion a month in the year, which is a quarter of the time that it took upi to get to that similar transaction level in india where they have 16th the population of brazil. it changes consumer habits and makes it easier for e-commerce, online to off-line and off-line to online patterns to play out. that has affected the rate of which the fintech sector is growing and it also affects investing in fixed tax specifically. emily: given that you have worked at so many big-tech companies and you were more recently the head of virtual reality at facebook, now meta, we have seen the big shift in public markets

if it's outside the banking system and a fintech open system, it's invisible to us. that's where the scams occur. we have no regulation once it gets outside of the banking system. >> madam chair, thank you for your indulgence, i yield back. >> thank you very much. the gentleman from wisconsin, mr. steil, it's recognized for five minutes. >> thank, you madam chairwoman. i want to bring us back to inflation, the american people are getting clobbered by higher costs every day. if some of the financial minds of the country backed by a whole array of economists and experts that are looking at economic data. as we see 40 year highs of inflation, 8.3%, people are finding it harder and harder to buy the things that their family needs. i think a lot of this was avoidable, and was a result of bad policy choices here in washington. i would love to get your flavor here as to what policies are driving inflation in our country, you can help families who are struggling to get by. mr. dimon, if i can, the 1.9 trillion dollar reconciliation bill has been described as inflationary, ex

making a big bet in new york city opening a new office here in part because of growing sectors like fintech and crypto and a new partner for their consumer team. michael mignano joins us now michael, it's great to have you. for those that don't know you are a founder, anchor, ran their talk business. a leader in podcasts why are you doing venture now and why in new york city >> yeah, thank you so much, sara thank you for having me. like you said, it's a big day for technology startups. and the new york tech ecosystem. we announced i'm joining lightspeed today, we're opening up a new office in new york city and, yeah, we think new york city is an amazing place to have an office. we view it as the hub to the rest of the world. when founders from all over the world come to the u.s., they often stop in new york and having started the company here myself, anchor, i can tell you it's a really great community and great ecosystem. i'm really excited for the next chapter of my career and to invest in lots of amazing companies with lightspeed. >> are people going to be working in the office? >> you k

and when we first talked she told me she believes the next wave of fintech apps will tap into consumerogy not to market to us but to help us save >> we see kids from really young age engaging with technology in ways that i would never have imagined when i was a 7-year-old right? and understanding that especially in the space where i am, which is financial technology, historically financial technology was very functionality driven but that was for a different generation i truly believe the big winners right now and in the future are going to be the players that understand consumer psychology and are able to build products that deliver to a customer that's constantly evolving >> and daniela joins us in studio today it's our first in-person working lunch. welcome. you got a seed stage startup that's really pretty countercultural in fintech right now but at an important time because debt's becoming more expensive. and you come at this from an interesting perspective. you started out in design and marketing, right >> yes i started in marketing but really that background gave me the basis to

there is very little funding going to minority fintech principles, in terms of pushing their projects forward. it's really deplorable, in terms of, i think, it's less than 5% of the money that goes to minority heads of fintech firms. concerned about that. so, i'd like to hear about your efforts in both regards. >> so, on hiring, starting with who works for our company. women are more than half the workforce, 49% diverse from the top the company to the bottom. managers, 42% women, 42% people of color. this is a 30-year effort of continuing to work and watch how the hiring flows through, to get the representation of society. the team has done a good job with that. in addition, we have committed to hiring 10,000 people of all ethnicities from lower or moderate income neighborhoods. we completed, that we said five years but did it in three years. we completed another 10, 000, in addition working on job initiatives and boston and other cities where we try to get kids to come work for companies like ours and my colleagues companies, great companies that offer great benefits a great starting

this is called fintech, and digitalization.nse, this is the creation of digital platforms that will make it convenient to work with them and that will not be burdensome for people and for business. this is a very important element. well, security is security. it concerns every person. this concerns personal savings and the reliability of their savings. well, also all technological solutions and cybersecurity, without which we are now in the 21st century. nowhere to answer our question minister of finance, anton siluanov said that the upcoming budget, which was discussed will be one of the most difficult in his professional career. why is there today the scale of the sanctions imposed against russia? federation and attempts by unfriendly countries to block our work, our exports, our imports, ah, logistics uh corridors of their own financial security. uh, mean, uh in the direction of activity, all this poses difficult tasks for the formation of our budget, and it will not be easy, but believe me, we will discuss it professionally

shery: still ahead, a founder and ceo joins us to discuss the fintech landscape and the acquisition ofan commercial bank. china's covid zero policy is draining funds posing a fresh threat to the economy and bond investors. more, just ahead. this is bloomberg. ♪ shery: the president of the world bank is calling on policymakers to address rising prices by focusing on production rather than just monetary policy. speaking with us, he sounded a warning about hiking rates to tame inflation. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> central banks have more tools than just the interest rate hikes. one way for the government and central banks to go is focus more on production, have you get more things out of the economy? it means you won't have to do rate hikes. >> how does that work? you need to bring down inflation. you're going to see the economy getting hit hard. investing to make the economy more productive plays out over years. >> that's true. investors look ahead. if you can create the

we will look at everything from software to fintech to health care.s in climate tech, so energy and food which are two areas where innovation could help drive improvements for everyone in society, which is difficult now with the energy prices and supply chain. the european ecosystem is self-sustaining at this point. there are a lot of u.s. and asian investors committed to investing in europe which means innovation will be allowed to emerge and grow. we think with growth and when you are trying to scale to the global stage, there is still an opportunity, which is what we are excited about. tom: you touched on valuations, do you think they have bottomed, or is there more downside? carolina: i loved sharmin's discussion of this. there are a range of guesses from people smarter than me about what could happen with interest rates and the economy which will have a direct impact on companies that are not profitable, so their future value is dependent on future cash flow which is greatly discounted. it is really hard to tell which is why we focus on the long-

where crypto and fintech merge.t this moment, most of what has gone on in crypto has been driven by speculation. where do the real-world applications come in? emerging markets. removing middlemen. getting money to rural areas. we are still thinking about where do the ideas of today that may not have been applied well get applied in real-world situations tomorrow. climate is another area. emily: sheila patel. thank you for sharing your thoughts. elizabeth holmes claims a key witness in her criminal case visited her after the verdict and expressed remorse about testimony. the former lab directors showed up at her home and said hers testimony was -- his testimony was twisted by prosecutors. this is just weeks before she is scheduled to be sentenced. coming up, the creator economy is booming. how this industry is changing the face of entertainment. we will talk about that, next. this is bloomberg. ♪ emily: taking a deep dive on the creator economy which has experienced a massive boom. a slew of platforms like spotify, i

my colleagues just wrote a great piece about where crypto will go from here and were crypto and fintecherge. in this moment, most of what is going on in crypto has been driven by speculations. where do the real-world applications come in? bernie seen blockchain's getting money to rule errors and so on. -- rural areas and so on. emily: ok, sheila patel thank you for sharing your thoughts with us. meantime, elizabeth holmes claims a key witness visited her after the verdict and expressed remorse about his testimony. she alleges a former lab director showed up at her home and says her testimony had been twisted by prosecutors. she is now asking for a new trial. this is just weeks before she is being scheduled to be sentenced. emily: taking a look at the creator economy which has received a massive boom over the last few years along with platforms like spotify, tiktok. of course, you two. every minute, at least 500 hours of footage is uploaded to youtube. let's break this all down with a content creator who has his own coaching program that helps influencers build their brands and mark, who

invest intact, fintech, consumer brands and also has exposure to some industrials.e will talk about all of this. if we are headed for a really difficult time in europe, a higher energy prices, rationing we are worried about a recession, what does that do to consumer brand growth? >> we have to choose the battle. it's not just one, it's way more complicated. stepping back a little bit with investment companies but expected in europe, they should prepare for that whether. diversify your businesses. we manage a billion or so euro. we are in private debt and real assets. so that makes us ready to weather whatever we have ahead of us. to your question, we don't know what we have ahead of us. a number of brands and companies are absolutely making their way out and continue to go very fast. in the way of digitalizing and marketing themselves. alix: does it have to be in relation to a certain type of pocket spender or region or do you have to be a better manager? >> we have to be a better brand, long-term brand with better value, answering with the consumer really wants. we

when you think about blockchain itself, there is a huge debate in the fintech community, in the bankingee. is blockchain the best technology to really be used to communicate among all of these entities? is it the safest and most secure? at the end of the day, this is a way to kind of put the network together. they are responsible for the safety and security of that data. there are some applications that can really be helpful in the future. clearly, tracking that data, seeing what is possible in terms of money laundering and fraud within their own firms. have to make that decision if blockchain is the best means to do it. emily: fascinating. thank you for breaking that down. some of this is wonky stuff. as always, we appreciate it. coming up, how is the world doing when it comes to achieving equality and ending poverty? things are slow. really slow. we will hear from belinda gates and jamie zimmerman of the -- melinda gates and jamie zimmerman of the gates foundation next. this is bloomberg. ♪ emily: melinda french gates says the pandemic has stalled progress on critical issues like pove

. ♪ emily: let's take the temperature of an e-commerce company and a fintech landscape in latin americah pedro arnt he is the ceo of mercadolibre, one of latin america's largest companies. thank you so much for joining us. mercado libre is referred to as the amazon of latin america. i'm curious of your outlook, given the economy, record inflation, how is that impacting your outlook and your customers? >> hey, emily, thanks for having me. a similar situation to inflation across the region as the u.s. two contrasting elements are, first of all, latin america is historically a region with higher inflation. we have spanned the countries where inflation is running at 60% like argentina. so, both the consumer and companies and managers are more accustomed to cost, and managing their businesses through inflationary times. it's a contrast to developing markets where you guys had grown accustomed to inflation. the second piece is, because we are in an earlier stage of e-commerce penetration, many of the pandemic gains are not be given back, now that consumers are moving back offline. continue to

wednesday, we will hear about the future of fintech. don't forget to check out our podcast.d it on the terminal and as well as online, apple, spotify and iheart radio. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates or bloomberg lp, its affiliates or its employees.nnouncer] the folg is a sponsored program that is furnished by shriners hospitals for children. (cheerful music)

you mentioned square -- this is pie in the sky, future, a way that you guys work with a fintech. they claim that they now have so much information about their customers that they can give a more accurate loan, they can tell whose credit worthy, and that they are giving many, many loans but i turned on by the sba. is there something -- some way to partner with that to kind of use that capacity in the increased accuracy and get a better performance? >> yeah, so, yes. that is underway and for example under the hood, so to speak, in the back in for the restaurant revitalization portal, we integrated a fintech provider called plaid. vlad and they will this at the election and discretion of the borrower to integrate through api with flat to validate their bank account. if you wanted to forego that, we did a manual review to validate the bank account. going back to what was not done in covid idle where you could switch your bank account in 2020. we were able to offer speed with certainty. in addition, we integrated the 40 506 t process in line, in the application work flow leveraging el

for cash bleeders turning his eye towards mobility names like uber, lift and doordash as well as fintech firms like coinbase and robinhood. coinbase is up 9% as is asana, but the mobility names have lost a third to three quarters of their market value joining us now is ranjan roy is it a matter of bleeding or whose model is working and whose isn't. some of these on an operating basis are doing pretty well. doordash is a grower operationally. >> yeah. these companies have been growing, but we are at that moment that these companies that have bled cash over their entire lifetimes, the one that exemplify that cash growth bleeding model, if you look at q2 to today, things are flat, kind of up a bit mid-july to mid-september, everything looked okay we were getting positive surprises on the earnings side then the september 13th cpi print hit. then all hell broke loose. i think for these companies, to me the most important business statement that was made was in may when it was said expenses and costs would be gone after. the fundamentals look okay but since then, you have seen every ceo talkin

we will hear about the future of fintech. don't forget to check out our podcast.t on the terminal and as well as online, apple, spotify and iheart radio. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ haidi: good morning and welcome to daybreak australia. annabelle:

jpm is trying to get bigger fintech with five purchases so far.n: every day. i think that is reasonable in this globalized world that we live in. stuart: it is. obviously you need financial technology to handle it and that is what jpmorgan chase is doing. susan: tells me with yields up and banks higher, obviously they make more money off their loans in the future. but there could be a economic recovery taking place with technology also higher as well. stuart: an early indicator, wouldn't that be nice. thank you, susan. randi weingarten deflecting the blame getting called out for her role in school closures. she blames the shutdown on trump. we're all over it. you're looking live at edinburgh, scotland. a procession underway. queen elizabeth's coffin being transported, to st. giles cathedral in the city. interesting point here, soap opera lovers, prince harry and princess will not there. what does it tell you about the strife in the royal family? i will ask douglas murray next.e ♪e ollowed me everywhere. so i consolidated it into a low-rate persona

>> it's a great question, i think a question every investor should be asking about, all fintech and techcks. when i look at those two specifically, wouch the reasons we like them not just the near term because it's very uncertain but long term is because we think they will be winners because of the capacity and strength of their balance sheets, and we don't see the need to raise capital. if anything, your robinhood is right on the verge if not already cash flow positive they took some hard steps, made head count reductions over the last few months here on the flip side, they're going to benefit from higher interest rates some of they have $6 billion in cash, but are moving into cash flow positive. that's going to be a catalyst for them i think coinbase has 5, $6 billion in cash as well with a lot of liquidity, and so they're operating at a modest lorks almost intentionally to grow their business we think that they can tighten that even further if the price point takes another drop from here so no doubt it's a difficult operating environmental here at the moment, but those are two firms t

fintech, over this quarter, to date up 16%. internet related stocks up 14% cybersecurity up 10% three of the best performing industry groups. three of the lagging industry groups, if you will, because the nasdaq overall has risen 11% since those lows we saw, we have to look at semiconductors, software, cloud computing stocks each of those groups have been positive but it's been underperforming the overall market watch cloud computing, software, and semiconductors the stocks that have led the way higher, the theme is it's maybe bluer chip brand names within that technology trade that have seen steep fall-offs over the last years that have bounced the most, we're talking about e-commerce names, financial economy names like paypal and other names like netflix on streaming video. you can see the downtrend we've seen so far. it's that up trend over the last couple of months that has some traders looking at whether or not, deirdre, this is a snore where you buy the dibs on some of those blue chip names that have sold over over time >

this morning which is really exciting is to be innovative on the platform and going out to talk to fintech organizations or tech organizations that are innovative and want to be really good to integrate the technologies into the platform and even not doing a whole company acquisition we can further the innovation. >> through partnerships. >> yeah. >> speaking of acquisitions and this morning, your peer at jpmorgan talked about a 50% drop in investment banking fees in q3 are you seeing the same and expecting the same guidance? >> we are seeing definitely a moderation of activity but a lot of really good conversations between bankers and clients. at times like these where sometimes i think and it is true with all client businesses is when there are difficult times even if there's a lower level of activity you can cement the good client relationships and you can really -- clients are much more engaged and we see with the advisers and prospecting activity goes wrong because it's true with investment banking and advisers why when clients who haven't been prepared for difficult markets like this

can see where they're going with that and buy now pay later a huge area of growth for apple in the fintechion plan, that just keeps people locked into the apple ecosystem, boost that is all-important services business and keeps iphone sales steady. if this is priced right and can keep people upgrading automatically every year that's good news. >> cook is going to be busy next week flying from code and then back to cupertino for the presentation >> a huge apple week >> and at a very good time, right? the markets certainly want to hear from cook >> as apple goes, so goes the market they need a little boost to make everyone feel more optimistic. >> steve kovac, thank you very much i'll see you next week in person again. >>> and coming up, extreme weather events and concerns wl lkwater scarcity weilta to the ceo of water technology company about how the company is working to fix things around the globe and our financial planning tools can help you reach them. that's the value of ownership. [zoom call] ...pivot... work bye. vacation hi! book with priceline. 'cause when you save more, you can “n

. >> what about fintech overall? obviously valuations have been hurt affirm is just one name.cquisition of a payments company. they're trying to compete. how do you see the competition playing out over the coming years between the terrific banks like a jpm and some of the growing newcomers? >> we are in square, we are in stripe, we are in affirm but when have you seen an incumbent clearly dislodge a new player with a modern infrastructure that doesn't happen very often so, i bet against jpm and in favor of an affirm or a stripe i think those are very solid, long-term bets, in my view and you have to take the long view i'm less concerned with quarter to quarter variations other than good opportunities to buy if one believes in the five-year picture. >> you don't think there will be a convergence at some point where jpmorgan could acquire one of these big players you think it's one at the expense of the other >> i'm more interested in the case where one of these things acquire jpmorgan yes, i'm only joking but it does happen, you know tesla has large enough market cap to buy any

there's the paypal, the finteches of the world you have multi-capable banks like jpmorgan.le in terms of trading side, and then the big regional banks, which should do well in terms of interest rates. but i think now you're starting to see moves in some of the banks that should do well. the question is, what do you see over the next year and i think they will not perform as well as these other three groups. >> let's get to tesla now. that stock bucking the market pullback on reports the company had called for an all hands on deck atits warehouses to fulfill a surge to end the quarter deliveries tesla is a key holding in ark innovation etf. >> we're pretty excited about the next five years. i think this year there will be almost 8 million evs sold around the world. we think that goes to 60 million in five years. and we think tesla is in the driver's seat. >> let's bring in phil lebeau for more phil, we hear this at the end of every month, every quarter, that is. >> yes, we do. >> all hands on deck so - >> i don't think that's the reason the stock moved higher today, melissa

we're talking semi-conductor stocks into a lesser degree fintech stocks the ticker smh for chips are now down 27 and 57% respectively i've put up the year charts here, because what we have in trading today are both of these etfs hitting frech 52-week lows. again, the semi-conductor stocks, as an overall index, hitting 52-week lows that may not bode well for the rest of that tech trade. it's something to watch for sure and then the stock of the day, it has to be apple we've got bank of america analysts cutting that stock to in essence what is a neutral rating they've also cut their price target at the same time, you've got rosenblatt's security analyst upgrading the stock to a buy b of a thinks that this is no longer as much of a safe haven trade as it once was, and it could be, you know, subject to weakening consumer demand. rosenblatt says their channel checks and surveys think that there is more robust demand for the iphone 14 than some people are expecting. net net, though, the stock is down 5% and right now, brian, because of that 5% drop, it is the single biggest laggard in term

. >>> let's turn now to fintech. earlier this week we had the klarna ceo pulling no punches talking about his growth rate compared to buy now pay later rival, a firm said he was incorrect in what he said right here. >> affirm publishes numbers like, you know, last week, and we see that we're growing double their pace at -- in revenue, and we're growing faster than the gmv, we are the biggest provider of these hosts in the u.s., and we're extremely, extremely happy with the results that we're seeing in the u.s. market. >> well, affirm was listening to that they said, hey, look our weighted average loan life is four to five months. they're growing faster than klarna, they say, they say that gmv growth for klarna in q2 of calendar 22 was 22%, affirm grew gmv 77%. this is partly a matter of klarna is big in europe, and has a large gmv there, but they're growing fast in the u.s., where they're smaller, and so depending on what you cherry pick, right. >> cherry pick, exactly. and -- maybe this is an indication that buy now

fintech company backed by wal-mart will introduce checking accounts too. thousands of walmart employees and a small percentage of online customers will be undergoing testing with this in the coming weeks live from the nasdaq market site. i'm jane king, back to james. thank you very much, jane. >> a mexican form of art has made its way all across the country. paying homage to dreams and the world of knight nation. it combines various mystical creatures. they look fantastic there. in the video we have reporter christine flores actually traveling to the chicago metro area to see what it's all about. >> they're big. colorful. >> sculpted, from various mystical creatures. not to mexican art liberty can is this incredible. >> creation. the comes from make equal 20th century. may be matching creatures have been brought to life for decades by mexican artists in more recently are tools. popularized by the disney movie coco. they are imaginary creatures that came into existence. 3 dream had by or does mean that is in mexico city sometime in the 50's them >> was very

in the world where you can buy with little valuation enough small companies to create much larger fintechsarger a.i. companies, much larger cybersecurity companies. >> we keep hearing higher rates are bad because it makes money more expensive when money was flowing, it was cheap, basically free. just do a deal because no matter what the return is, it's more than you're getting on zero percent. are we going to have to be smarter now? >> absolutely. what we're seeing now is the conversation which we had always talked about, is not raising a lot of money, profitability. we're now seeing the vcs going to the portfolio companies, you haveprofitable how do we get an acquisition, how do we get profitability faster than we have ever seen before >> adrian mendoza, appreciate you coming on. see where this vc market goes. have a great day >> thank you >> up next, with a little more than three months until the holidays, travel demand is sure to pick up after the summer staffing issues are the airlines ready for the surge? are you going to be sitting at newark airport for eight hours again? phil lebeau

clean energy, fintech, some tremendous value in the themes that are going to be huge drivers. lisa: i want you to elaborate. you said you would be buyers of 10 year treasuries at 3.5%. do you think this is the new peak and they cannot continue to lose more value, yields up further? david: no, we would never say that definitively. part of the fixed income space right now -- if we do go into recession next year, we would expect bond yields to follow. there is absolutely not a risk free trade but a lot of our clients had very short duration. clients have been waiting to leg into better yields over the longer term. here they are. i think for the right portfolio looking for that stable return, this is now an option as they had not been in the previous decade. jonathan: david stubbs of jp morgan. that positive correlation between equities is pretty toxic. the curve is 4%. lisa: how much more can you actually see yields rise on the front end if you have 4%, 4.5% fund rates? almost baked into expectations if you look at the futures trading. what is that mean for the curve inversion? d

how does fintech play into a proposition like pinterest if at all? >> i think there is going to be a lot of opportunities for us to play across the funnel and so we're much more interested in solving shopping than buying. i think buying has been a more solve problem in e-commerce. in many ways you could say the first 20 years of e-commerce solved buying and killed shopping we want to solve the shopping part of the journey. how do you walk the bizarre, get inspiration, discovery, but then connect to a great buying experience we operate across the full funnel so i think there will be opportunities to engage across those. >> thanks for being with us today. >> thanks for having me. >>> meantime, guys, market has obviously settled on this level for now. s&p, 3980 or so. dow is down 900 points nasdaq as we said earlier, 4% decline. if this holds, this will be the seventh one-day drop of 4% plus for the nasdaq this year don'gowat ay. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more t