and what's ahead for fintech player upstart? i'm putting the ports head-to- head and review where i come down. so stay with cramer . >> don't miss a second of mad money. follow @jimcramer on x peer have a question? tweet cramer. send jim an email to madmoney.cnbc.com or give us a call at 1-800-743-cnbc . miss something? head over to madmoney.cnbc.com. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo your business needs a network it can count on... get your business online in minutes even during the unexpected. power's out! -power's out! power's out! comcast business has got you covered, with wifi backup to help keep you up and running. wifi's up. let's power on! let's power on! -let's power on! it's from the company with 99.9% network reliability. let's power on! power on with the leader in connectivity. get wifi backup for your business, or get started with

>> we are not thinking about that with fintech.but a lot of the traditional payment network. it's funny to say this, old school fintech. we like paypal and mastercard or hub spot. these names still have a lot of operating leverage. deregulation still helps them as well as they battle against traditional banks and that ecosystem. >> what keeps you up at night, drew? a drop in consumer data. rates may not come down as fast as initially expected next year and then tariffs, too, which i know some sectors are more vulnerable to. >> the two for us are rates and inflation. when we think about the cyclical themes e like for next year, a lot provide defense. we expect a volatile bull in 2025, but we're not all in on defensive themes here because we're worried about rate sensitivity longer on. we are looking for rate sensitive higher quality names that are not that rate sensitive. >> what's your top holding quickly going into 2025? >> i'll give you a couple of the mag seven. we do like amazon. we do like meta. we do like google. you can see

however, this is important because it is fintech. independent, it is majority owned by walmart and we don't care so much about what valuation is today, as what it could become. because you just have to go a year and a half back with jamie dimon reading's annual shareholder letter thoughts about the competitive threat and the extraordinary benefits that firms like walmart and apple have if they encroach on their turf, if they go deeper into financial services. why is that? the actress to a loyal customer base that runs into the hundreds ons and the enormous resources at their disposal. so with walmart were to put its heart and soul into it, it might not be big right now, you're talking about annually 200 million dollars, but it could be something. sonali: you think back to the old morgan stanley days, stocks and socks. you think about ben sears model with morgan stanley. do you think that walmart risks going too far in that direction? >> i don't think it is a risk. the bigger question, do we see a future where 10 years from now jamie

the former ceo of paypal, bill harris, now runs his own fintech. he's up next with a judgment.at syracuse university, this week's guest on my everyone talks to liz podcast drops tomorrow. turned her, are you ready, ms. greater syracuse beauty queen crown into the start of an acting and singing career. boy was it a tough climb. eventually, she climbed to reality tv as one of the real housewives of orange county. look it was just a battle to initially make a living in her career. today she's a huge multi million dollar success but now, heather du pseudomonas brow is fighting just as hard for her children. you've gotta listen to this it's going to make you sit up and take note. my brand new podcast episode drops tomorrow listen on apple, google, spotify, iheartradio wherever you listen to your podcasts. folks we are coming right back with so much more and yes we are talking about private credit and we'll explain it all talk about the afirm deal and more. stay tuned. i'll be home for christmas. you can count on me. please have snow and mistletoe and presents under the tree. right n

before is a commissioner but has gone on to advise fintech, crypto companies. tell us a little bit more, other than crypto. how else is he going to be facing the financial markets? like: i'm glad you brought that up because he is far from a one trick pony. he is a seasoned regulator. one of the analysts are colleagues spoke to after he was named referred to him as the godfather of conservative capital markets ideology, and that is a big statement, but he will be coming in with an agenda to make broader changes at the agency which oversees a markets report to investors and how companies report to investors and markets. and we will be looking possibly for changes in disclosure rules and and easing up perhaps of some of the heavier fines we have seen -- fines we have seen the s.e.c. impose under gary gensler. that is something atkins has singled out in the past that we can look for him to try to target again in the future. caroline: mike sheppard with all the context. we thank you. for more on broader implications for the crypto market, catherine darling is with u

we will look at what to expect from crypto, the exchanges, and fintech. plus, another 2024 ipo seeing big gains, service titan is up 51% since going public on the nasdaq a couple weeks ago. one industry watcher says the ipo window is opening back up and there is a strong list of candidates waiting their turn. we will dive into who is next in line, when the exchange returns. >> this is the exchange on cnbc. (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com jen b asks, "how can i get fast download investment objectives, risks, charges, expenses speeds while out and about?" jen, we've engineered xfinity mobile with wifi speeds up to a gig, so you can download and do much more all at once. it's an idea that's quite attractive.

back to the fintech side of things.has said they are able to use ai to save it and its customers money this holiday season. let's dig into it with klarna ceo sebastian siemiatkowski. great to have you in the studio. how are you all in on ai klarna? updating financials using a generated ai version of you. how are you trying to signal that productivity can be limitless? sebastian: i am of the opinion ai can already do all the jobs we ask humans to do it is just a question of how we use it. when i met sam and talk to him about this, we sent a lot of jobs will be threatened. one of the jobs people like the least are lawyers, ceos and bankers. let's replace our jobs of first. we are trying to play into the narrative. caroline: you already played into it by articulating how many customer service reps you do not have to hire going forward. you seem easy-going about ai replacing you but how do your employees feel? sebastian: we stopped hiring about a year ago. we were 4500 and now we are 3500. we have a natural attrition. 20% l

in that case it shows the extent to which fintech at its most basic level has been able to actually,ow, get through many, many levels of industry that were actually not even there. because the financial industry has not been very robust on the african continent. so, mobile money has ensured that you can leapfrog that. but camino, from that perspective you can use the most basic phones for some of the most basic products you can make available. because in terms of sophistication the level of sophistication in terms of technology is not the same everywhere. >> or data access. >> absolutely. so, we found it -- we were able to use it -- it is applicable across the african continent. in south africa, where mobile telephony is high and you have access to a lot more sophisticated phones, you are able to make access to a number of products with the use of ai to consumers that are using, whether it is our e-commerce platform or any of our platforms , our payments platforms, our classified landforms. to access our products. >> you have talked a lot about focusing on solving the needs of your e

we hear from the boss of fintech giant robinhood, who tells us donald trump's vision on crypto and aiill be a massive game—changer for the economy. all that i had today. let's start here in the uk, where the bank of england has held interest rates at 4.75% today. however, the bank seriously considered cutting interest rates in december as it forecast that the uk economy failed to grow at the end of this year. while the bank voted to keep rates unchanged, three out of its current nine members wanted to reduce the rate to 4.5%. the split opens the door to a rate cut as soon as february when the bank next meets. joining me now is jackie bowie, managing partner at chatham financial. always good to have you here. no surprise in the outcome. some surprise about the split. the vote was not unanimous. that it's right. earlier this morning, a lot of the market economists were out, expecting it to be 9—0 or eight one, very much more of the members voting in favour of the whole position, so the 6—3 was certainly a surprise. when you see the comings the bank of england made after the announcement

the lawsuit, filed by the consumer financial protection bureau claims walmart and a fintech firm called branch messenger illegally forced walmart gig worker drivers to branch messengers, deposit accounts to collect their pay or they would be fired. it allegedly resulted in workers paying more than $10 million in fees since 2021 to transfer their pay. the lawsuit also says the two companies misled workers about same day access to their paychecks. walmart and branch messenger deny the claims. explosive allegations coming out of the bankruptcy case for the diocese of oakland just before filing for bankruptcy last year. victims attorneys are accusing the diocese of transferring more than $100 million to a separate nonprofit. attorneys for abuse survivors say it's a clear example of how the diocese is trying to hide money from hundreds of alleged victims now suing the church. let's bring in our investigative reporter, candice nguyen, with the story. you gave a statement inside. was there anything you'd like to say to victims who couldn't make it today? just over a week ago, oakland bishop mi

we hear from the boss of fintech giant robinhood, who tells us donald trump's vision on crypto and ai

>> in crypto and fintech, m&a, all of the things clamped down on during this administration. lot of acquisitions in the tech space could she sees softer regulations on the space. the u.s. government is potentially being a whale. there is a bill that could require them to buy bitcoin. it could create risks like volatility. gold might sink and bitcoin might rise. there are a lot of things happening in the space. interesting because now a lot of companies own more bitcoin than others. caroline: crypto regulation is looming over lawmakers in washington. the future of tiktok is also up in the air along with president-elect trump's threats to impose tariffs on chinese goods. a key investor in bytedance, you have been building that up in the secondary market. want to understand how much -- i want to understand how much weight you think it is on it. >> for us, in our base case we assumed the u.s. business would not account for anything and we thought it would be banned. what you see trump saying is it may go the other way. what people say and do in washington on both sides are very d

visa faces unprecedented competition including from new entrants and technologies from fintech, big tech, and foreign players. consumers and merchants can choose from an expanding list of alternatives that do not rely on payment networks like visa so process transactions. these include digital stored value wallets, buy now/pay later platforms, ach, and a growing number of pay by bank solutions. visa also vigorously competes against cash, check, and other payment card networks and several additional credit and debit options. government regulation should encourage innovation, security, and consumer choice. the credit card competition act, however, would remove consumer control over their own payment decisions, reduce competition, impose technology-sharing mandates, and pick winners and losers by favoring certain competitors over others. these policies would stifle innovation, create significant inefficiencies, undermine security, and would allow merchants to override a consumer's choice in how they pay. visa shares the committee's goal in ensuring the payment's ecosystem remains competitiv

economy for the financials we are looking at because we want to focus on the companies that are in the fintech space. that is the opportunity that we see in 2025. >> what is your take on cryptocurrency? specifically bitcoin crossing the $100,000 mark? should some portfolios have allocation to cryptocurrency? >> great question, frank. i had a conversation with an investor the other day. we are seeing crypto should be part of our investors' portfolio, but at a very small allocation. maybe 1% and no higher than 5%. we are looking at this as a money market type investment or currency investment. that's what we're seeing. we're starting to ease into positions with cryptocurrency. >> do you hold the asset or the etf? >> it's going to be mostly the etfs. >> thanks for bringing the pick to us today. one is manhattan associates. year to date, up 40%. what makes you so bullish on this stock in particular? >> what makes us bullish is that he has done a great job of focusing on the operating efficiency. the estimates have increased to 30% during the year. what they do is they focus on the supply chain sof

there's fintech and eaton, makes electrical components for the data center and that's a company synonymousing payrolls and isn't that when the fed is cutting rates and it makes minimally invasive mostly for the heart and someone says it builds a better mousetrap, a superior company. what an anomaly. what about citigroup with the total group of 45% to sneak into the billion dollar club and last, but not least, we have a cybersecurity company that cnbc investing club members know all too well up 37%. micron semiconductors and high bandwidth, 18% and it's up 11%. a huge journey undertaken, but both micron are high and the whole thing might be a bit of a comedown for them. i know we're experiencing a heightened market with expectation running so hot. you can't believe that a presidential rally or let's say an end of the year rally and a stock shortage rally are all in play for once. many are part of a sell-off that seemed to affect the year's best performers and i don't know how long it will last and maybe great buying opportunities already. when you get this much money buying in, you can see

sofi, these are the new fintech ideas, you're talking about. >> absolutely all have caught a bid andtention to robinhood. it's amazing what vlad tenev was able to do to be in with the big boys base robinhood is brokerage, borrowing, credit cards for everyone and you can buy crypto. it's showing all of these companies show you that the financial institutions, that were mainstream flagship were doing something wrong, so what i want to pay attention is to afirm. it's like layaway. charles: buy now pay later. >> right but the retailers don't worry about it. they knew what they were doing. charles: i've got subscribers in sofi, hood and afirm. i'm again a little worried on the firm, i'm going to hold you to it. >> it might be acquired, because they have such distribution and such name recognition amongst buyers. charles: a company mentions a.i. and the stock takes off. i've not seen anyone talking about a.i. in pharmaceutical so you always stay a step ahead of the curve. obviously i guess rxrx. what is that? >> recursion pharmaceuticals. maps over 3 trillion different biologics and the di

justice department and federal trade commission announcing a civil enforcement action against the fintechompany. dave and its ceo for allegedly violating federal law. the agencies claim the company lured users to its personal financepp by advertising cash advances of up to $500 that many would never receive. the complaint is seeking unspecified fines and repayments for customers. with your cnbc morning business report i'm bertha coombs. thank you bertha. well, after eight years, multiple legal battles and numerous tabloid headlines, the divorce of brad pitt and angelina jolie is finally complete. jolie initially filed for divorce in 2016, citing irreconcilable differences. in 2019, the couple received a judgment which meant they were legally separated but still married. all of the six children the couple share now legal adults except their 16 year old twins. 615 the numbers are in. you helped us raise millions to feed families across the bay area. we teamed up with safeway for our annual nourishing neighbors campaign. the goal was to beat last year, and we did through the holidays. donors

the justice department and federal trade commission, annnnouncing a civil enforcement against the fintech company dave and its ceo for allegedly violating federal law. the agencies claim that the company lured users to its personal finance app by advertising cash advances of up to $500 that many would never receive. the complaint is seeking unspecified fines and repayments for consumers. and lauren scott, just want to remind you all markets will be closed tomorrow. they will also be closed in observance of the national day of mourning for president carter on january 9th, next week, thursday as well. in the antime, wishing you both a feliz a prospero ano nuevo. happy and prosperous new year. same to you. same to you. yeah. hopefully you start the new year with a day off. perhaps. bertha. bertha. thank you. well, the numbers are in. you helped us raise millions to feed families across the bay area. as you know, we teamed up with safeway for our annual nourishing neighbors campaign. the goal was to beat the total from last year. and you know what? we did it through the holidays. donors raise

ma's speech addressed the next 20 years of the fintech company.ties ordered an overhaul of the business model. the company reorganizationed units and expanded businesses with a.i. powered products both in dining and ride hailing and healthcare. jack ma went underground and there has been a lot of questions why he did so. to see him pop up like this. >> we have seen him, but i haven't heard him speak. he spoke to a student group at one point. we haven't heard him speak to issues. >>> when we come back, new rules following the deadly florida condo complex in 2021 having a big i believe mpact on the ket. >>> as we head to break, bitcoin is at $98,395. "squawk box" will be right back. >> announcer: executive edge is sponsored by at&t business. next level moments need the next level network. that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don'

we have fintech headed by a nigerian working on the continent having created a unicorn.ricans looking at africa and local talent being developed. romaine: always a wonderful conversation. we will catch up with you in 2025. over at development partners about investing in emerging markets and investing in africa. quick check of what is going on in the commodity space. interesting year for oil. we talk about how crude oil started the year with a 15% rally. relatively unchanged during the day, down 4% on a day-to-day basis erasing all of those gains. coffee and gold down on the day but sitting on phenomenal gains on a year to day basis. kriti: very fastening -- fascinating. how are you prude -- pricing that uptick. romaine: romaine bostick, a lot more coming up on bloomberg surveillance stay with us. ♪ ♪♪ ♪♪ ♪♪ let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. con

anything but we have seen the action on overdraft fees, the lawsuit against walmart and one of their fintechssome of the other motions in place including the crackdown going after banks because of the zelle fraud. some old-school gop members are not happy about it, but i also find a very interesting strand here is there really are two different types of gop right now. there is one where the faction of populism has been gaining ground and hold and you can argue it is coming straight down from the president. for that group, an agency like the cfpb going after the overdraft fees, going after things like zelle fraud, you would think that would be encouraged. but the anti-regulation gop faction would see something likely cfpb as anathema. interesting to see which faction in the administration wins. >> i had dinner with a high school buddy of mine who is one of the top lawyers in the city. he hates his job. all he does is complain about his job. i am mike, then leave. he said the biggest change will be mina con at the federal trade commission. getting anybody can be a boon to m&a lawyers and banker

to spend sometimes with the ceos of the big banks it's crazy, we're being over regulated and the fintechs trying to basically do the same thing we're doing without all of the regulations that come with being a bank. you know, who is right? which should it be? >> well, i think there's -- i think in my examples, if you look at public companies why are there more private companies? because it's too expensive and painful to be a public company. if you say why are there so many big banks? because it's too expensive and painful to grow a small bank. that's all at the heart of too much overregulation and misdirected regulation that goes beyond simple safety and soundness. fin technology should be able to partner with banks in a safe and sound way and allow their knowledge of ai or fin tech applications to find new customers or serve customers better or do compliance in a more effective way. that ought to be available to small and medium sized and regional banks because that will make them more competitive, give them more options to compete with the largest banks in the country that have their ow

a lot of fintech, venture-backspace is.l bellwether that is not a household name or anything, but the service tighten filed last week for an ipo. they are looking at a good-sized ipo, it appears. they are the kind of company that is venture-backed, that has its hand in home repair and construction -- caroline: yeah, mike, and we spoke to the founders of that company on the day they listed over on the nasdaq, it went incredibly well. maybe a bit too well in terms of how it managed to sail through its price. we thank you so much. we are going to be digging into these markets a low bit more. this is bloomberg. ♪ paul: all right, i'm paul sweeney in new york city. this is a special edition of "bloomberg markets," simulcasting on radio and television. looking at the market, we are selling off, off the lows. the s&p 500 is off by 1.2%. nasdaq, down 1.8%. if you look at what has taken the nasdaq down, the top five contributors are nvidia, microsoft, apple, amazon, tesla. each of those names are down two .4%. the 10-year treasury y

. >>> we will end on robinhood the fintech platform is named a top pick while the start of the year was tailwinds. shares are slightly lower but up 225% so far this year. for more on that head over to cnbc.com/pro subscribers get full access to the details and analysis behind big calls and stories of the day. andrew, big names the market this morning back over to you guys. >>> when we come back a multibillion dollar investment for the world's first commercial fusion power plant, it's going to selleck trisity to the grid in virginia. we have virginia governor glenn youngkin and the ceo of commonwealth fusiosyemn sts. both will join us in just a moment don't go any where are with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone beeps] wow, it can alert you?! and you can even track your goals. manage your diabetes with confidence with dexcom g7. the most accurate cgm. ♪♪ learn more at dexcom

the cfpb basically sued walmart and branch messenger which is its fintech partner saying they requiree drivers even knowing they have that lawsuit they are dealing with hence the move lower today. they allege the drivers were charged fees for transferring money unfazed daily and monthly limits on the -- limit withdrawals on their earnings. the last sector group of stocks i have been focus is the makers of devices of sleep apnea. for every loser, there's a winner and for every winter there is a loser, the approved eli lilly's drugs that bound to treat sleep apnea, hence the move slower and the names. eli lilly rose 4% on this. >> taking a look at the bond market. we did see a lot of action and selling across the curve. the 10 year yield is up by six basis points. the two-year option today came in pretty solid. $69 billion. tomorrow you get the five year and thursday seven-year, $114 billion over the two days. higher yields, 4.58%. you think we will have some triggering happening and all that. vonnie: we will be keeping a close eye on that tomorrow. one more trading session before chris