a lot of fintechs do not share that structure. we are one of the fintechs.t is different about solo funds is this is community driven, people lending and borrowing from each other. it's like a person was a little extra savings giving back to a person that needs it. they are sharing in their own economic outcome. i think that the power of that, also, if you have never seen the natural distress these types of consumers have with financial services versus the trust they have in each other i think this is an example of that. scarlet: peer to peer lending has been brought up often and is perhaps more necessary than ever. thank you so much. rodney williams is cofounder of soto funds. we have more coming on bloomberg markets. coming up, back to the investment world. there was one fund manager able to pick stocks better than the rest including passive indexes. who is he? how was he able to outperform indexes and his peers? all of the date and the details next. this is bloomberg. -- data and the details next. this is bloomberg. scarlet: breaking news on venture globa

fintech is doing well today, too. deirdre, what's going on?been helped by those strong bank earnings indicating a healthy financial environment dealing with some specific names and we saw sofi higher after blair initiated coverage saying fintech can win in a changing financial landscape and adding momentum which saw the price target raise by citi and barclays and that was the fintech performer and the etf up about, let's see, 2.5% almost today and remember, too, sort of the bigger macro environment, too, potentially less harsh regulation will be good for the names. >> that's deidre bosa on the media stocks today. what's happening here? >> meta shares and snap shares up 4% and pinterest and alphabet shares are both gaining about 3% today. most of these stocks are now in the green for the week after falling yesterday on rumors that elon musk might buy tiktok. with those rumors shut down and the tiktok ban is set to go in effect all weekend and tiktok is banned and these companies are expected to gain users and ad dollars and morgan stanley expec

from the outside it felt unfriendly for fintechs and new entrants, now it feels friendly.here is the opportunity for the u.s. to bring competition. there are a lot of banks in the u.s., you look at the prime segment, or the hispanic population in the u.s., there is a lot of lack of access to financial services and high interest rates, so we will consider it. joumanna: there are reports that you are thinking of moving your domicile to britain. you seem to be going against the grain. most businesses seem to be wanting to leave the u.k. as a domicile. david: we have not formally announced anything. what we are preparing is for the next 10 years of growth, growth next 10 years will be about solidifying what we have built in latin america, and expanding this banking model globally. we think this digital banking model is the future of consumer retail banking in the world. it is a model that serves more people, makes them happier, generates more profits for investors. as we think forward, we want to make sure we choose a jurisdiction that might help us from a business perspective

he has a big fan of the crypto and fintech world.effect, is the trump media group trying to create something that elon musk has dreamed about for all of these years? a one-stop social platform with everything, messaging, finance and you name it? sally: we know that trump media is investing $250 million in the effort and that money is in custody by charles schwab which will advise it on investments in strategy and offer separately managed accounts, etf's and other crypto and bitcoin related products. getting into the financial services space is a lot -- is something that a lot of companies have done. x announced that it is partnering with the -- with visa on the digital wallet to be this everything app that musk has talked about. we have seen amazon in financial services as has apple with the wallet. it is a difficult world to enter and a lot of incumbents such as zelle and venmo that holds portions of the market but equally a lot of companies want to diversify their revenue and a lot of companies want to do that. mike: thank you so m

and it's a really hard company in fintech. it's very expensive.hich reports on monday morning. and thank you for those nice words. holy cow. makes me feel good. it's going to be a weekend. got a tough game on sunday. my wife would say, oh, you have a tough game. what are you, like suiting up or something? just shut up. she wouldn't. she wouldn't say shut up. she would just say be quiet because she's really sweet. let's go to jeffrey in massachusetts. jeffrey. >> happy friday. jim. how are you, pal? >> oh, man. yeah. i can't wait till sunday. what's going on? >> not much buddy. a quick question. i can tell the 900 fee to take out the trash or. what do you think? >> you know, this one has been around forever, and it just caught fire. i think it's good. but you know what? i am going to go back to w.m. i think w.m. is terrific and just had a dip and it's a little bit cheaper. that's the one you should go. and we got to speak to jim fish. that's the one you want to be at. let's go to carl in california carl. >> hey. >> the now. >> 7% yield has gotten m

there was a competition not only between the banks and ai, but also the fintech world.take this into account if you think about the profitability boosted generation. tom: given the context of 25,000 jobs just last year, you were talking about 200,000, which jobs are most vulnerable from ai? >> if you follow the industry, the repetitive tasks can be replaced. customer service, you talk to chatbots and robots then the agent. these kinds of jobs will be replaced in the first based -- place, but the time can be used for value-added services. how much new jobs will be created in the next three to five years. tom: do you get a sense that banks understand what they need to be investing in and how much of dry powder they're putting aside? do banks know what they should be adding? >> for the last three years they have been benefiting from high interest rates, so they have good revenues that they can spend on ai. this is an interesting question. this is where we get the survey to understand the priorities. they will investigate some areas. they have to be concerned about the regu

fintech firm sofi and affirm are rising after both stock withs outperform rating and andrew jeffrey citedseeking better and more transport experiences and as a result, sofi is popping here up 6.5% and affirm up 4.33% and affirm ceo joining us tomorrow on the show live. devin energy getting a boost on energy and benchmark going to shout from a buy to hold and 38.53 and benchmark cited improved execution and buy backs and reduced mna and another one coming in and bernstein raising ratings on the exploration and maintained $45 per share target price and shares at $38 and change and up 3.6%. major break news out of middle east and crowds in tel aviv erupting in joy in israel and terror group hamas agreed to gaza ceasefire and hostage deal. the breakthrough comes 15 months after hamas orchestrated deadly october 7 attacks on israeli civilians. we will go live to israel and trey yingst to fox news for the latest. we'll talk to ceo of u.s. military intelligence contractor booz allen hamilton on fox business ux cleeseive in --ex- collusive in insuring positivity in the highly tentative world and

the fintech lender publishing a forecast that seems to be below where the market wants to see. here to discuss the earnings, sofi ceo. i ask you about the forecasted revenue adjusted 24% fourth-quarter but you're pushing us forward in a forecast that isn't as high as the market wanted, why? anthony: two things. 2024 we took a pretty conservative approach to the year in terms of our growth and our profitability. we really wanted to make sure we were able to drive strong profitability in 24 to achieve gap profitability to make sure we reinforced our balance sheet and capital cushion. part of 2024 we committed to a balanced approach to growth through profitability or we would reinvest $.70 of every revenue dollar. we took our revenue forecast for 25 up, we were in the best position we have been since i've been here in the last seven years. calling for 25% revenue growth, strong margins at 26%. we want to invest in the opportunity. we took revenue guidance up. that will require more investment. we have the guidance for 20 to three and 2026. we could drive but we see massive growth

. >> yeah actually, we have ai cross our fintech and capital points tech division completely driven bymanage risks, models very complex also mapling work flow in financial currency root out criminal behavior, bad ashgs, terrorist financing drug traffickers human traffickers work regarded to root out criminalized about you process to report we've automated with genai the investor a huge amount of ai going into making sure we are giving investors the right analytics to support their decisions. >> what is most important for 2025 to see that continued great. >> well, certainly, the environment is great i would say that we have become a strategic partner to the entire industry. and we do feel that they understand that we are a partner we are modern technology to make all risks management elements of their business much more efficient, and more modern that can save a lot of money a lot of them to comply more capital in worth a good partner on that big growth driver for us, additionally in the platforms business index business has been tremendous grower, and the investor analytics business ni

the fintech company said it has seen rapid customer growth as well. >>> in uk home builder news.r winpey said it expects increased build cost pressure amid a changing economic back drop, but says it is well placed to build more homes this year than last. the company said it is seeing an encouraging level of inquiries and is on track to meet its full-year operating profit target as well. >>> and whitbread increased guidance despite falling 2%. strength in germany remained robust with sales up 23% in euro terms. shares at this stage under pressure. >>> in other news, stellantis posted a 9% fall compared to last year. that decline was even more pronounced in north america where shipments plunged 28%. the carmaker says it is normalizing entries and putting it in a stronger position ahead of new launches next year. shares up .50%. >>> renault says the sales jump of 1.3% in 2024 to more than 2.2 million vehicles was helped by strong revenue in the line of hybrids, but the figure was still significantly lower than 2023's 9% increase underlining the challenges of the auto sector next yea

unfortunately with pressure on small caps yields pushing higher gonna fall to largely banks i like large-cap fintech to out performer financials should be a great area to participate overweight i think 2025. >> i won how banks are going to explain this moving yield, what that might mean for their guidance adam. adam: higher yields, it cuts both ways because they can write higher loan base but as there is less demand at higher loan rates, it is a little muddled. maria: china is banning u.s. did she say nays vessels federalize its port home to some of the biggest independent oil imports under u.s. embargo the export imported 1.74 million dollar barrels a day from iran russia venezuela, 17% country imports how does this play into your thinking. >> some supply shops have temporarily helped crude to real seasonally bullish time of thee seeing some worst hit sectors like healthcare energy both rebound this year, is think that is going to prove temporary for a couple reasons one is that u.s. is going to continue to rebuild infrastructure, that is going to cause you know the overall supply to be very high a

a different story with fintech company sophia a sharp decline of 11% on a 2025 profit outlook despitet estimates of the top or bottom line for q4 sophia ceo called 2024 the best year ever for the fast growing company. it is 2025 earnings forecast of 25 - 27 cents per share was lower than analyst expectations of 28 cents, wall street is tough, the stock issue say down 11% to $15.95 also on a downward trend u.s. steel dropping not nearly as badly wanted a third% after the wall street journal reported activist investor encore holdings is prepared to launch a proxy battle to persuade the steel giant to dig plans to merge with japan's nippon steel. they also want u.s. steel david burritt to step down, u.s. steel and upon steel tried to merge and president biden said no go you are to systemically important to the u.s. economy and security. after three interest-rate cuts in a row it looks like the federal reserve will take a probable cause on wednesday despite president trump's direct call for another cut to the benchmark rate. economist and trump advisor judy shelton has quite the opinion o

. >> fintech stronger earnings and growth in the new customer numbers but there down on the forecastetty bad that stock is down 10%. >> merck they won fda approval for priority review of an oral cancer drug that they're working on for patients of a rare tumor ended around the adrenal glands merck is up 1% and the drugmakers the staple companies are much higher today this is a text selloff. you looked for winners and you found them. >> it was not that hard. >> president trump will sign an executive order reinstating service members to reduce charge for not getting the covid vaccine and giving them back full pay, how about that. vice president vance with "face the nation". >> this is a country founded by immigrants because we were founded by immigrants doesn't mean 240 years later that we have to have the dumbest immigration policy in the world. >> more from the combated interview later on this program today, ice conducting migrant raids and blue cities, will sanctuary cities began to back off, that is next. ♪ with the chase mobile app, things move a little more smoothly. ♪ deposit che

2017 i have urge for greater action to provide legal insurgency with respect to rapidly developing fintech products like cryptocurrencies. there have been a few targeted efforts but overall the digital asset market has continued to integrate into traditional financial institutions with a comprehensive regulatory guard rails concerns regarding customer protections, increasing instances of fraud and market abuse, broader market resides and even financial stability are intensifying in the absence of federal legislation. we have seen this before in our history where the large swaths of financial outside of oversight responsibility and we've seen time and time again that it ends badly. american investors small and large have demonstrated egret is to incorporate digital assets into their portfolios. it's order to ensure when they do so the full protections afforded by oversight are in place and that illegal and illicit conduct is swiftly addressed. for the cftc whose role is yet to be determined the crypto area has highlighted the need for our rule set to address the derivative industries curren

2017 i urge for for greater actionrg to provide legl certainty with respect to rapidlyy developing fintech products like cryptocurrencies. there are then a few targeted efforts but overall the digital asset market is conceived inn a great need to traditional carbon without comprehensive regulatory guardrails.. concerns regarding customer protections come increasing fraud in market abuse, broader market resiliency and even financial stability are intensifying in the absence of federal legislation. we've seen this before in the history where we've large swath of finance outside oversight and responsibility and we've seen time and time again that it ends badly. american investors small and large a demonstrated eagerness to incorporate digital assets into their portfolios. f-32 ensure when they do so the full protections afforded by regulatory oversight are in place and that illegal and illicit conduct is swiftly addressed. for the cftc as well as yet to be determined the crypto era has highlighted the need for wilsonn to address derivative industries current course as more entities seek to mo

so they're going to be what's more like stripe or other fintech intermediaries, where they're going tonking like services without really going to the work of being a regulated bank. and so i would think that there is some element of the banking universe. i think community banks think smaller banks, which are going to potentially protest this incursion by technology. >> interesting. hugh, thank you. thank you for bringing us that news. you got it. soon as we head to a break, let's give you a roadmap for the rest of the hour. the fed is kicking off its two day meeting, of course. exclusive results of our cnbc fed survey will be forthcoming. >> plus. >> could open eye become the work of ai? why? one top tech expert says yes. >> and the treasury secretary, scott bessent, making the case for gradual tariffs that rise month over month. but the president planning more sweeping tariffs. we'll talk about what may happen, perhaps as early as this weekend when squawk on the street continues. >> in a world of uncertainty and disruption, how will your investments stay resilient? >> we've been. >> n

every bank, every fintech, every exchange. capital formation, icos were an early experiment with that. a lot of bad activity. the idea behind it showed high demand. i think if we get clear rules a pat to register securities, it could make capital formation more efficient. there is a pilot with hundreds of millions of dollars on stablecoins. they realize this is a more efficient rail they have to move to. it is the innovators dilemma. >> brian armstrong, great to see you. i'm sure i'll see you in new york. >> thank you. >> becky, i'm going to send it back to you eventually. in the meantime, i'm going to tease the ceo of ubs is going to join us. then back to you. >> we are not used to the split teases. >>> still to come this morning, president trump's senior trade adviser peter navarro will us in washington, d.c. to talk about tariffs in the next month. there is a lot of confusion and consternation about what the u.s. will do next. peter navarro will give us clear guidelines and what we can expect. as we head to break, let's loo

. >> new fintech. >> division where we have very deep relationships. >> with the financial industry.p them. >> solve their. >> biggest risk challenges. >> to drive. >> capital markets infrastructure into the future. and it's showing up in terms. >> of. >> how we've. >> engaged with. >> our clients and the results, in. >> addition to the. >> fact that we also have great. great performance in our index business. we had 31% growth in that business. we reached new records in our. trading business, 12% growth in the quarter, 4% growth for the year. so overall, you know every element of nasdaq feels great. and we're growing and we're delivering. >> and i'm. >> i was going to say though, the financial crime management technology part is just like flying. >> yeah. so we had again 22% growth in our financial technology business. i mean, our financial crime management business. and that has been we had a new tier one that signed up with us in the in the quarter. so we're continuing to really grow and expand that business in really cool ways. we've announced that we're going into europe with th

you can take all those fintech stories and this is just the best one.ay, capital one when they merged with discover is going to be really, really fabulous. i'm working a lot on that one. but american express no flies. good quarter. steve squeri doing a terrific job. at one point the stock was down 12. i don't know who does this ahead of the quarter, but when i speak to them, i just think just wow. and their customers love it. they do a deal with gold card and dunkin donuts and lyft on dunkin donuts is gigantic. the deals young people know how to get. they look at deals. you probably get your car. you know, you just use your card. i mean, these people, it's like they got points for everything. i know i utilize, i they got points for this coffee that i had this morning. also there's so many specific cards. i mean, if you fly in delta, maybe. >> you want. >> the delta american express card, not. >> just the american. >> express card, because. >> it really will help you and or so many other. more specific reward programs. >> also ties. >> into burberry's. >

over the last few months we have seen fintechs like stripe and cash app and others across the ecosystemr payments. right? we're actually seeing the technology used. i think bitcoin traditionally has been this investment mechanism or store of value but what we're really seeing a people start to use the technology for cross-border payments, for remittances to buy things. i think that's when we're really going to see this ecosystem grow when we talk about digital assets. on the one hand you have bitcoin, which has been i think this really incredible success story and even in more bolstered by the election, but i think what we're really seeing and i'm most excited about is the technology being used in a meaningful way for cross-border payments and beyond. >> you have a view on what bitcoin ultimately is going to be worth? is there an ultimately? >> i don't. you know, i think we're going to see it go significantly higher. i think things like a strategic bitcoin reserve in the united states and it's not just the united states, i think when countries around the world look at the election, look

playing field between the haves and have-nots and one company trying to do that is g cash, the largest fintechs. as we talk about g cash being a super app, what are the global areas looking to help level the playing field for those. >> what we've been doing is we've been leveraging the technology particularly ai in order to give a proper identity to the underserved in the philippines, more than 90% are belonging to the lower eco-class and therefore more than 50% of them are undocumented so we are working with the government to give them proper identification. in the meantime we are using technology to give them accounts , financial accounts. we help the government increase the -- and that way gives them an identity and a financial account that allows them to transact. the other one is with the transactions they make in our app we are able to score them and give them proper credit score. this -- the huge informal lending in the philippines and it is ironic that the underserved are the ones that are victimized by loan sharks but are also the ones that pay a premium on interest rates. so we are t

certified in 2017 i urge for greater action to provide legal certainty with respect to rapidly developing fintech products like reptile currency. there are a few targeted efforts but overall the digital asset market continue to integrate in the traditional financial and should you should without comprehensive regulatory guardrails. concerns regarding customer protection increasing incidence of fraud and market abuse broader market resiliency and even financial stability are intensifying in the absence of federal legislation. we've seen this in our history where we leave large loss outside of a reserve responsibility and time and time again that ends badly. american investor small and large have demonstrated eagerness into their portfolios. it's her duty to ensure when they do so the full protection supported by the regulatory oversight are in place and the illegal and illicit conduct is swiftie addressed, for the cftc whose role is yet to be determined the crypto era has highlighted the need for the rule for the derivative industry current course as more entities seek from the traditional unfamil