congress in this administration to have a valid and substantive concerns with fintech. so why is sba rushing to invite fintech into seven a without limitations of any kind, while simultaneously eliminating many of the programs lending standards? if ever there was a need to press pause on an issue that raises more concerns than answers, it is now. let's reach borrowers by exploring innovative solutions. but sba should not be making changes to the detriment of borrowers, with the integrity of the seven a program. and they stood should not be ignoring valuable resources that already existing community advantage. congress should make it permanent, and fba should be leaning into their existing mission lenders that have requirements and let rule changes take effect that would -- over the past two years, the 70 loan program delivered almost 62 billion dollars to almost 100,000 borrowers, with over 19.3 billion going directly to minority borrowers. let's preserve that impact. thank you, and i will take any questions. >> let me thank all four of our witnesses. very constructive

we have lots of partnerships with fintechs and it's allowed us to be better. we also talked about the macro, of course white says there's cushioning in the housing market but geopolitics and the broader economy are concerning >> the notion that the canadian banks are a proxy for the housing market is a little bit shallow because it's a pretty -- it's not the majority of the lending exposure of any bank that i'm aware of, and certainly not the one that i represent when you look at the structural protections that you have in a mortgage book in canada, there's a lot of buffer for a downdraft in the housing market. we're seeing a little bit of that right now there's a lot of cushion i got a lot of things that keep me up at night - >> so what does keep you up at night? >> the economy generally, as we talk about on -- in conversations like this every day. geopolitics. as far as the platform we're running and the choices that we've made to invest in north america first, i'm pretty confident. >> so, carl, the stakes for bmo's digital products are high. with this acqui

caroline: what so fastening is your background, you have a background in fintech.t was notable in your statement was how people have recently been questioning do diligence being done on some companies and of to help your portfolio companies. is that a dig of what's largely happening in the world of crypto? how are you thinking about doing the diligence on companies in this new environment? guest: i don't think this anything new about the way we do due diligence right now. bain capital has a legacy of being very careful, very analytical and we didn't change anything about that. this market environment is better for us. we can do more due diligence in the way we have always been accustomed to because we have more time to make deals, more time to get to know founders. what was interesting about 2021 was how quickly everyone had to move and that did not play to our strengths. we are known for taking our time and doing our work. this market environment is more comfortable for us and our style of investing. caroline: where will you be doing the investing? are you looking

let's dig more into fintech. american express just introduced business blueprint.re seeing demand coming from small businesses. we are really excited. >> the first is, you will have customers more. easier, integrated ways to manage cash flow. what blueprint lets us do is engage in new ways. they can come onto the platform and login, they could apply for a flexible line of credit, they can take a business checking account. we see this as new benefits. we're are very excited. >> you see it as a significant growth opportunity. where and why? >> we are a big part of small businesses in the u.s.. i talked about the small businesses, they represent about 40% of all u.s. small business card spending. 40% of that, making a payment comes to american express. it's already a big part. post-pandemic. we saw this incredible formation in the u.s., over 5 million small businesses form. want to make sure as many as possible can navigate >> ahead. >> in the near term, the macro picture is bleaker. longer-term, who knows where the cycle goes. i was on the phone with the ceo talking

sonali: what is interesting if you take a look at it, you're seeing a big diversions on it fintech. in at mastercard, but on the other end of things, selling of paypal. paypal was a big seller when it came to the hedge fund industact will it take to bring fast money into a stock like that? you can see mastercard ends up being bought in the same timeframe. there were tech buys. esau alphabet being largely bought in the timeframe -- you saw alphabet in the timeframe. buying more finance names in tech than anything else. but in tech you are watching people get into card companies despite some of the issues we have seen in the broader economic environment. more than they are buying for example let's just take the selling of amazon. ed: sonali basak. dozens of headlines. getting wind of 13f, keeping track is a skill. i appreciate it. speaking of headlines on the bloomberg terminal, some news breaking. the tesla shareholder ross gerber has notified tesla in a letter to the general counsel he is seeking a board seat. ross gerber has notified tesla formerly in a letter that he is seeking a

." >>> let's trade fintech.later sinking after this comedy of errors. reporting a miss on top and bottom lines for fiscal q2, missed on guidance for fiscal q3, and now laying off a fifty of its workforce, about 485 employees. ceo did put the blame on his shoulders, telling shareholders, quote, the root cause of where we are today is i acted too slowly as these macro economic changes unfolded the stock lost 80% of its value over 12 months is there a road back to growth let's bring in wealth advisers founder, todd gordon we've been talking about delinquency risk this entire time how much has the stock priced in the environment we now find ourselves in >> carl, i think they've priced in quite a bit you know, these delinquency rates are moving higher. they are concerning. the affirm platform will come in and say there's no apr on this, but there was a report out that 70% will wind up paying late fees with the macro headwinds increasing interest rates, less discretionary income, those fees people are paying are going

right now on "fast money," retail backing and fintech failed and what impact it could have on the ceo's future plus, a buyback battle royale, warren buffett firing back calling critics economic illiterates or silver tongue demagogues later, tesla's electric action the role retail traders and options are playing and the ai frenzy gets a new friend snap launching an ai chat bot. is this a real use case for artificial intelligence? i'm melissa lee. this is "fast money. on the desk tonight -- we start off with the countdown to g goldman sachs' first inves terror day in three years. it takes place tomorrow. what is is ceo's plan for growth as questions swirl over the collapse of the company's consumer finance business? hugh put out a report today detailing that many of solomon's decisions led to the ultimate failure of the marcus arm. shares of goldman rose half a percent today and are up more than 6% this year. so can solomon deliver a strategy that will get investors back on board? he's got a lot of convincing to do, tim, when it comes to the ability to create durable r revenue streams and

coming up we will bring you the latest news in the land of startups from hydrogen and fintech to ed techand we are keeping it global. as we had to break, i'm watching shares of doordash, pretty strong forecast, beating expectations, cost cutting efforts at that company really seems to be taking hold. doordash and dissipated in 120 million to 170 million in the physical force -- fiscal first quarter. shares up 6.5% in after-hours. this is bloomberg. ♪ for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. ed: time now for the vc round up. starting with baijiu, which is in negotiations w

you can call that fintech.ike like is down about 5%. and much like we are seeing from other hedge funds there's been some moves in big cap tech boosting its shares in amazon and netta but decreasing its exposure to alphabet and microsoft. last honorable mention spotify they initially had about 6,000 shares in the name but they bumped that up to over 500,000 shares, an increase of over 8,000% in spotify. and for all of our viewers keep in mind these holdings are as of december 31st and could have definitely changed in the last six weeks since. kelly? >> all right, kristina, thank you. tiger's cutting exposure to software my next guest might agrie with that move with software and chips set to report in the next week and a half he's warning there could be another shoe to drop chris stennic chief investment strategist at wolf research. what are you worried is around the corner here? >> hi, kelly thanks for having me on. tech is balanced year to date for what we think is non-fundamental reasons. positioning was very

shery: what is happening with the fintech arm? >> not great numbers. we sought losses accelerating, profit down 80%. the amt numbers due lack alibaba by one quarter. small in comparison to the overall earnings of the company. it has been under huge scrutiny from beijing. we still saw it under pressure so after two more years authorities asked the listing. there still waiting the green light, the application to become a financial holding company. if that were approved, it would allow them to restart the preparations to list. haidi: the latest on the alibaba numbers. take a look at the movers we are watching. tell brett metals -- pilbra minerals are up. we will be watching that and also speaking to the ceo a little bit later. watching brambles in terms of the earnings story. very much on the earnings beat but we will be speaking to the ceo of pilbara minerals. shery: still ahead, we hear from a lawmaker on the push for an equality bill to battle sexual and tender discrimination. up next, bull tech tells us why they don't buy the theory of immaculate disi

it is up about 50% this year, moving lower in the fintech area fidelity national. a number of moving parts within the company, and includes a massive write-down. kriti: it really does all come down to the cpi data tomorrow. are now, an exciting segment. formula one unveiling's are heading into overdrive and we are moments away from seeing aston martin's new f1 sports car. it is growing more popular across the globe and right here in north america. we are joined by the executive chairman and owner of aston martin's f1 team and matt miller. they have a new car, a new driver and a new factory. lawrence, walk us through the changes you have made from last year's car. lawrence: last year's car to this year's car is 95% brand-new, less than 5% carryover parts. for all intellectual purposes, it is a brand-new car. looks different, we believe it will behave differently. a major step forward from last year's car. we took a big step for the second half of last year, the plan is to continue on that momentum to fight for the top. we will unveil the car tonight and the new stat

apple has four fintech projects in the works, but only one, apple pay later, is expected to launch this spring. the company has already announced the savings account. bloomberg reports two others haven't been announced. apple pay monthly installments and a subscription program. the subscription plan was supposed to launch with the iphone 13 or 14 but suffered technical setbacks and has led to missed deadlines. mcdonald's will help you find love at first bite. it unveils a special meal deal for two with an ad ahead of the super bowl that has the backing of cardi b and offset. the meal is available for a limited time starting tomorrow. it includes a cheeseburger with barbecue sauce and a large code and a quarter pounder with cheese and a hi-c orange drink. plus an order of fries and an apple pie. the price will be determined by individual restaurants. marcus and laura, i think i'm going with the cardi b. >> i think the offset one. >> i'll take a drink. >> i'll double those fries, too, because i love those fries. i'm sure that's not what they will be having. just kidding. >> thanks, pippa.

now we're getting ready for the fintech names.re going to take a look at what to expect from robinhood and affirm ahead of their results. and during february, we are celebrating black heritage here are the stories of some of our cnbc contributors, teammates, and leaders in business here's 15% pledge founder oauroa james. >> i launched my brand with one simple goal, supporting african artisans i launched with $3,500 and a flee market in new york city and since then have gone on to sell millions of dollars worth of shoes, all made by incredible artisans across the world. in the wake of george floyd's murder, it encouraged me just how little access some of my peers had. black-owned businesses were over 40% likely to close during the pandemic so i launched my nonprofit, the 15% pledge as a call to action for major retailers to commit 15% of their shelf space for black-owned businesses we've partnered with over 20 of the biggest retailers across the country and we're now in the process of shifting over $10 billion to black-owned busine

there are certain statistics on industries, and the industry leaders are, of course, fintech and retailwhich use artificial intelligence technologies to a greater extent in their work with clients. and at a very good level, the agriculture industry , the healthcare industry over the past 2 years within the framework of the federal project for the development of artificial intelligence. we laid some kind of foundation, yes, for development, that is, we launched the personnel program that i mentioned, and we launched grant support for young companies that are developing. uh, certain products last year. we launched several programs, the so-called growing programs, when there is already, uh, a serious team and there is, uh, a fairly finished product that needs to be adapted to the needs of a particular customer. here we also launched such grants we give them. and now, a new, uh, difficult goal, a, which was set by the president of our country following the results. uh, held the air journey conference, at the end of last year. this is already such a massive introduction of artificial intelli

some changes in the c-suite coming as well as aiming at its focus on fintech the ceo joins us next. >tting a bump after raising forecast read more on cnbc.com. ♪ this feels so right... ♪ adt systems now feature google products like the nest cam with floodlight, with intelligent alerts when a person or familiar face is detected. sam. sophie's not here tonight. so you have a home with no worries. brought to you by adt. (vo) verizon has the epic new phone your business needs on the 5g network it deserves. with no worries. boost your team's productivity with samsung's fastest processor yet. switch and save up to $1000 on the new galaxy s23 ultra. now that's epic. on the network america relies on. let us turn now to procore that stock is up 3.5 plus percent so far today, and up 39% for the year last night delivering a beat across the board in q4 guidance coming in above cons consensus. procore ceo tooey courtemanche joins us good to have you for the folks who aren't familiar, you guys are cloud for construction management, and overall, larger customers doing pretty well. some churn with th

strike is famously seeing down, another in fintech.ave seen multiple opportunities come across my desk since the top of the year, down rounds of as much as 75%, relative to last evaluation rounds in late 2021. the opportunity set is there, i think good companies will be able to raise with more moderate down cycle valuations. but the private markets are beginning to catch up with where the public markets amtek -- and tech were for the end of last year. amber: does that apply to ai you see in the private market? ann: ai is interesting, it has quickly become the new metaverse. it is an overused term, poorly defined. it is being used as a prop by a lot of public companies, in my opinion, to try and forge a vision of a path of growth without it being clearly articulated. i am seeing bubblelike valuations around self described ai companies in the private space. for the most part, they are where they were before. amber: thanks for that perspective, that is ann berry from threadneedle. time for the stock of the hour, we are looking at best buy

supporting technology start-ups related to the development of artificial intelligence, big data, robotics, fintechrce. watch the movie, it turned out that the land cruiser is moving, asking the driver again. tell me, is it true, we say, yes, it 's okay, a huge team of tens of thousands of people who do not know what will really happen next. hello. kirill vyshinsky is with you, and this is program typical novorossiya our new name says it all, we talk about the territory that has returned to its historical roots - novorossiya. we will continue to follow the ukrainian processes. we will analyze them. and yet today, in our opinion, it is much more interesting to observe how life in the donbass of the zaporozhye and kherson regions is changing in the new russian regions with the help of a careful look at the history of novorossia. we will try to reveal the originality of her present day, to find in it typical features and recognizable signs of the past. and that's what we'll talk about today. the melting pot of the russian empire on voros as a territory of a social experiment, which gave this experimen

supporting technology start-ups related to the development of artificial intelligence, big data, robotics, fintechwe'll take care of this. it will be the honest detective.

busy you know, whatever it is that most of our friends use in the classroom and then things like fintech and all which alibaba created. i mean in so many using the digital universe, latin america, underserved in that area. their business model for the china has perfected that the private players in china have perfected at home, which they're taking out. and yes, there's the worry that there might, this is this. the surveillance issue is, is, might be a, might be a problem. but if you ask an average african developing issue or latin american country, they will know, i mean, the united states government will get the information. it needs that it needs to get from a private citizen in latin america. when it wants to, the chinese can get it. the russia, the united states can get who cares? one. wow. so rob, what, what a, what a fascinating conversation. i learned so much when i talk to you. thank you so much . i really appreciate it. by the way, conversations like this, i find fascinating. i have a lot. in fact, i have a podcast where i as a journalist, as a latino, as a co founder of a 1000

or that africa annually holds fintech forums and is a global leader and financial technology and decentralized finance or that a 3rd of all resources that the world's green economies and defense industries require are located in africa or that 60 percent of the continents people are younger than $25.00, meaning they are the future of the world. nobody knows this. instead, everybody talks about conflicts, wars, naked kings, et cetera. and if that is the image of africa, we want to create for our public than our paul see towards the continent would never change. so that it will never come 1st and never be considered truly important. and the people will keep believing it's a pure charity for russia like helping the poor in the hungry when in reality, nothing could be further from the truth of what thing is not. how well does russia understand african interests? ah, russia has a very clear idea of when africans interests are the. this is an odd question to ask really. each country has its own interest to consider. what matters, however, is that no country should pursue its interests at the expense

or that africa annually holds fintech forums and is a global leader and financial technology and decentralized finance or that a 3rd of all resources that the world's green economies and defense industries require are located in africa where the 60 percent of the continents people are younger than $25.00, meaning they are the future of the world. nobody knows this. instead, everybody talks about conflicts, wars, naked kings, et cetera. and if that is the image of africa, we want to create for our public than our paul see towards the continent would never change. you should have thought it will never come 1st and never be considered truly important. and the people will keep believing. it's a pure charity for russia. like helping the poor in the hungry when in reality, nothing could be further from the truth of what the only thing is 9. how well does russia understand african interests? ah, russia has a very clear idea of what africans interests are. this is an odd question to ask really. each country has its own interest to consider. what matters, however, is that no country should pursue its i

talked about cryptocurrency a lot innovation in the technology space is not limited to crypto find fintech is another classic example of things that are moving in a positive direction question for the whole panel can you speak to the benefits you see for everyday americans in the digital asset space and the need to ensure that regulation does not stifle innovation. >> thank you so much senator scott for that question. innovation here is something that is moving extremely fast in terms of trying to improve the efficiency for example of the payment system now one thing that is very clear in in the us is that despite us having a state-of-the-art financial system our payment system is lagging behind and what we have seen for example in the context of fintech is the ability to try and make payments much more usable. for example using smartphone technology for example trying to have contactless payments the world that we inhabited 10 years ago in terms of payments is not the world that we inhabit today and yet there are still some problems for example if we you know these are these are things th

three trends that gen z investors are tracking our climate tech, ai and ml, which is a hot topic, and fintechthose are three areas we are tracking. even just this week i have been to bunch of ai companies. a lot of younger founders are building an ai property. ed: gen z vc's founder. thanks so much for joining us. coming up, the indoor cycling phenomenon. no, we're not talking about peloton. stay with us. we will explain a bit more. ♪ every day, millions of things need to get to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing renewable diesel that can be used in existing diesel tanks. and we're committed to increasing our renewable fuels production. because as we work toward a lower carbon future, it's only human to keep moving forward. ed: when you think of indoor cycling at home, you probably think of peloton. there's a new kid on the block zwift, which is some cyclists use when they cannot write outside. this takes you inside the metaverse. tim stenovec took a ride with the company ceo. tim:

we're growing our head count so we're, like, totally the antithesis of tech and fintech and others andat the headlines. i think secondly, though, you know, the whole promise, i've been saying this for ten years, which is we're going to get to a place, where you'll be able to make a payment transaction to any counterparty in the world, at the speed of the internet, at the cost of moving data, which as we know the cost of moving data is essentially zero we're basically there. usdc, on these blockchains, can now do large volumes at a fraction of the penny to a penny or two and so now we need to wire it up to good customer experiences, but we're basically there, so i think the story over the next five to ten years is that any business who marks up payments or intermediates that and that's the core are going to see real margin erosion as that takes place. >> sounds like you don't care whether the fed stops or not i was wondering when does the fed -- what do you think crypto will do when the fed stops or bitcoin? that would be off to the races >> yeah, i think to the degree that digital comm

. >> i'm not as exercised about it, but it's like somebody saying it's a fintech company l. they were a consume are credit business and had exposure >>> coming up, we're keeping an eye on simon properties. the details from the quarter next, and bill ready joins us for a first on interview we'll dig in and during february, we're celebrating black heritage month. >> what i'm really proud of is how gentjamaican folk perseveres we know how to survive we talk what little we have and make big things out of it. working for cnbc provides so much for me. i feel like i've grown up in this company, and what i have today, to give back to the small community at home, i'm just thankful so, when you make it and are successful, try to give back as much as you can. i count on personalized financial advice from my ameriprise advisor. she knows my goals and can help me reach them with confidence. the markets may fluctuate but you're still on track. more than 9 out of 10 clients are likely to recommend us. ameriprise financial. >>> welcome back to "fast money. another earnings alert on simon pr

it is in fintech is an element to sports betting which has exploded in the last five years. >> the nfl benefits. the survey shows 34% of the surveys says legal gambling made it more enjoyable to watch the football game. brian, america has their money on the eagles. the survey shows it is split over which team they will bet on >> obviously that is how it is supposed to be contessa, the betting companies don't care necessarily who wins, but they want to make sure the money is down the middle and they take their cut. what is amazing to viewers and be serious here. i was posting my bets online for information purposes only. i did pretty well. if you have your phone and you are on an app, you can bet on thousands of things. in-game betting. a fumble touchdown? you can get addicted to sports gambling i could see it being very easy a bun button away. what steps are taken to promote responsible gambling you can get hooked on this >> in every state, there are regulations concerning responsible gaming these legal sports books must offer, by law, the tools for responsible gaming if you go on your

there was a little bit of disappointment because they want to scale up the cost and make a lot of f fintech investment costs would be higher than the initial model and the revenue benefits are down the road there is this issue with the valuation and the fact that abu dhabi has a lot of money and looking to make it work from the financial aspect doesn't make sense. >> fillipe, i want to turn your attention to another bank in the sights of the saudi bank credit suisse. the saudi national bank has a stake in credit suisse they posted the biggest loss since the crisis investors were spooked at the scale of the outflows from the management divisions what path do you see going forward for credit suisse? do you see a reassuring path to profitability at this point? >> i think it is too early to say. to be fair, i said in the past, debt restructuring under the new ceo makes sense. credit suisse had to swallow the bitter medicine right now. i think it is different from equity to credit in equity, it is a difficult restructuring. only bearing fruit in 2024 and 2025 and then which is pedestrian and it

to offer certain deposits for customers and there was a recent guidance we were unaware of that fintechs the member bank they are working with, something we failed to do. we immediately complied and amicably resolved the matter. sonali: you mentioned moving on. one thing you told me as you launch this new firm, architect, which is to bring capital into crypto, a space that has been dented as far as confidence, how do you bring investors back into this space? brett: there is truly a wide open space for people with financial experience, with technological experience to build mature, safe tools to access these markets that resemble tools that belong to traditional investors. that is something i think we have a good shot at being able to build for them. sonali: you mentioned wanting to hire your former colleagues at ftx. have you begun to do so? how many are you going to add? does the ftx name have a reputation that complicates things as you go out into the world? brett: i already have five of my former employees hired or in the process of hiring. i am in touch with a number of other ones. t

that quickly leapt to a comparable scale to affirm these other hot fintech start ups and they are certainof the market. that has been one point of strength for paypal. within the scope of overall business, it is relatively small. jon: we just finished a segment on how the money supply grew during the pandemic. during the pandemic, we saw a lot of e-commerce activity, as well. that is something that was helpful to a businesslike paypal. where are the trends taking us on something like e-commerce when it comes to payments? lisa: you are absolutely right, paypal was definitely a pandemic darling. they sought an warmest surgeon business-- surge in business during the early days of the pandemic. e-retail of goods in the united states has been quite anemic, mid to high single digit. visa and mastercard report very good, comprehensive data on those figures. they have been running somewhere in the mid to high single digits in the united states, which is a far cry from where we were pre-pandemic when u.s. e-retail was growing close to 20% on a consistent basis. they no longer have the same secular

lauren: fintech, they're spinning off their merchant payment segment, that is called world pay.ut four years ago, $43 billion. it was never integrated successfully. they also offered soft guidance. that's why that stock i was down 14 1/2%. this is a story if it is actually true. ford is expected to announce it is building a three plus billion dollar battery plant in michigan developed with the china's catl. so, yes, developing batteries, making batteries here in the u.s. for evs but doing so with china. it would create 2500 jobs. we'll see if there is announcement. it is expected today. manchester united, there is a report that qatari investors are preparing an imminent bid for the premier league club, that the money would come from an individual fund rather than a sovereign wealth fund. manu up three or 4% earlier. it is up 4%. ashley: like their biggest rivals, man city owned by middle eastern rivals. >> there is this, white house communication kate beddingfield is the latest staffer to leave. she is expected to take on a strategic role in biden's 2024 re-election campaign. ma

so a lot of people say crypto currency is dead because of the fintech scandals.what sam bankman—fried did was was was a lot more do with being a ponzi scheme. yeah i think he's still denying wrongdoing , so he's not denying wrongdoing, so he's not here to defend himself . there's here to defend himself. there's a less to do with crypto a lot less to do with crypto currency. look, crypto currency is an incredible technological advance . hence the reason that advance. hence the reason that become so popular is because central banks around the world have printed more regular money, and money has its value in its scarcity. the thing something like bitcoin is that it will only be 21 million of. but the best way of valuing the brits coin that we're going to have here that we should be getting very about good or bad . well very about good or bad. well central bank digital currencies are from crypto . i am are different from crypto. i am concerned about the fact that we're taking cash completely out of society and concerned about the extent to which that imposes control

big gains for internet and fintech funds.ble on the hub. >> the arena group becoming the latest to enlist a.i that's all the rage these days the company that publishes sports illustrated and other magazines seeing its stock pop today. but keep in mind the market cap is just about $200 million that is tiny "wall street journal" reporting that arena will use a.i. to help produce pieces for its properties including men's journal, one example would be pulling information from its own library for a list of workout tips i guess generated by a.i., arena group saying it is not looking to replace human journalists neither are we and actual human producer in fact did write this script. >> which hasn't always been the case >> yeah. most of the producers here are human. >> i'm just saying you did do an experiment not so long ago >> very interesting. we end the week with the dow down 200 points. it was lower earlier and higher earlier as well. so what do you know we'll watch for the next hour, the most important hour of trading coming up

promotion that happened in late 2020 one of his peers got it, and he leaves for a place, a welcome backed fintech named one and this sets off a series of disastrous things for marcus waves of people leaving. lack of discipline leading to a boom and bust scenario and things went south. >> one of the things, kelly jump in a second, one of the things your reporting seems to be this, that there were a lot of people who felt that initial credit card deal with apple was very poorly engineered from the standpoint of goldman sachs. >> one of the delicious details in the story for sure is, you know, a meeting which you have a credit card veteran many decades, barclays, citi, one of the folks who got hired to inject retail banking talent at goldman sachs, shows up, finds the contours of the deal which had been verbally agreed to and says -- paraphrase what the hell happened here, who agreed to do this the feeling was they gave away the store to apple and that essentially goldman executives were so eager to get this deal with a tech giant they gave away the store. >> i forget who it was, was telling us in t

i joke with jamie dimon about fintech.and not real companies, but i got to put square squarely in the real company category, and that's because they're going for -- they want their earnings to look like regular earnings. and i salute them because they're not using any phony stuff to get to where they need to go. the cash app is a really good business, very good business >> there are a couple of examples this morning. beyond was the other one, beyond meat, where you had an earnings miss but revenue came in ahead does that say anything about cost management right now? >> beyond kept lowering, lowering, lowering, but they did have fantastic numbers out of europe i mean, mcdonald's in germany and in denmark, i mean, things are going really well for them there. good for them. i mean, they finally have a path toward anything -- something other than oblivion. i think there are companies all over the place that were losing a lot of money tharlt realized they're not going to have any favor on wall street unless they do anything rig

. >>> two fintechs affirm shares dropping after reporting a bigger than expected loss, announcing job cuts affecting 19% of its workforce robinhood on the move, higher by 4.5% despite reporting a top line miss. kate rooney joins us with more on both reports. >> let's start with affirm cutting the full-year outlook, laying off about a fifth of its workforce, expecting revenue $1.48, 1.58 billion. also lower gross merchandise volume it missed its own prior guidance for that metric as well. when it comes to lay-offs, you mentioned the ceo saying and calling this a time of economic turbulence he says affirm will adapt by refocusing the core businesses and really only focusing on the high conviction things: he did say they're closing down things like affirm crypto, not seeing a meaningful jump in delinquencies. those img proved sequentially and were in line with prepandemic levels it's been an extremely volatile stock this year and an extremely shorted name robinhood, eps and that loss was part of the result of what they called a processing error, a mistake on the company on a reverse stoc

. >>> coming up, we have a bullish note on a fintech stock. shares up more than 10% this year so far. it's our "call of the day" next. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. >>> welcome back to "the halftime report. i'm seema mody the white house is planning on rolling back

the fintech company with a primary focus on that buy now, pay later consumer financing trend is losing about roughly a fifth of its value today on the heels of a disappointing earnings report. the company also announcing it is laying off roughly 19% of its workers. down 18% is off session loews for that stock we'll end on hesai this is a chinese company which makes sensors for self-driving cars and it had a highly anticipated public debut today, the company sold 10 million american depository share units for 19 bucks a piece that was the high end of the range. this is one of the more high profile china-based ipos listed in the u.s. since didi's crash a couple of years ago. watch the hesai shares, investor focus. back over to you. >> dom, thank you very much. despite recent political tension, china does appear to be on the verge of a big comeback economically according to the financial times, global investors bought $21 billion worth of chinese stocks in a record start to the year our next guest says china's reopening is helping fuel his optimism on the global economy let's bring in jim

apple has four fintech projects in the works, but only one, apple pay later, is forecast to launch thising. the company has already announced a savings account for the apple card. bloomberg reports two others haven't been announced yesterday. apple pay monthly installments and an iphone hardware subscription program, the subscription plan was supposed to launch with the iphone 13 or 14 but suffered technical setbacks and has led to missed deadlines. >> mcdonald's will help you find love at first bite. it unveiled a special meal deal for two with an ad ahead of the super bowl that has the backing of celebrity couple cardi b and offset. the bale is available for a limited time starting tomorrow. it includes a cheeseburger with barbecue sauce and a large coke, cardi b's preferences, and a quarter pounder with cheese and a large hi-c drink, plus a large order of fries and an apple pie. mcdonald's says the price will be determined by individual restaurants. with your cnbc morning business report, i'm pippa stevens. >> thanks, pippa. >>> well, the science behind love is in the spotlight ahead

that's been a theme for fintech.hrough layoffs and a lot of belt tightening recently. over to affirm, though, more on the lending and buy now/pay later side the main way to measure activity on that platform a key number to watch. also the take rate and loan loss provisions and delinquencies partnerships have top of mind for affirm investors a partnership that expired a couple weeks ago peloton has been a drag on revenue and competition is the real theme on the call apple, venmo and the banks are competing with their own offerings. >> kate rooney, thank you very much we will see you then joe, this is emblematic of these stocks, 18%, 10% of the float short robinhood. those are the stocks that have been running, right? >> i'm not sure how you get away from the challenged fundamentals for these companies. i don't think that you can ignore them. i understand the mentality that's in the market right now where people are looking to rent these names for trading profitability. i have no problem with that. if you're successful

basketball association facing backlash over it ties to china as they sign a deal with the chinese fintechhip. this highlights the nba hypocrisy. jimmy hail i can't fox news radio and fox nation. i saw him just a moment ago plug that coat in to that socket over on the wall. >> that's electric. >> steve: that is a bright coat. >> this deal drives me crazy. new york knicks has enough problem without having spy balloon china more entrenched ha than the nba. the reason people have such an issue with this is no league has lectured us harder about injustice in this country than the nba. the nba loves to call fouls on america but all of these referees swallow the whistle when it comes to china. that he was the scam here. >> steve: sure. >> everybody who tells us we are protecting democracy has no issue with the fact that the chinese communist party is shutting down any support for democracy in ukraine or even something like tibet. >> here's the thing. they love basketball. >> yeah. >> steve: they can make money and the nba can make money so it's kind of like the nba is not really paying attention