the cfpb being guided by elon musk's doge could be a boon for the fintech sector. ceo last month that he was optimistic this could lead to some positives for the field. what are you seeing? how could you see this play out? more startups coming back in, expansion? bruce: i think it is still early days to see exactly what it means. certainly the cfpb was a very strong regulator, and probably more tilted to consumers and focused on kind of controlling what took place in both the banking sector and near banking sector, so i think having a change and new leadership there will naturally be positive for banks and for fintech sector, but it is still early days. i think one of the things that we are focused on is, what happens to the supervisory responsibilities on the consumers that still remains with the agencies can even doubled up between the cfpb and agencies in terms of supervision? that needs to be rationalized. so a lot to play out on that front, but yes, i think fintechs are kind of looking forward to see how this plays out. romaine: all right, bruce, we've got to

great sectors of innovation around overall technology emerging tech companies, healthcare companies, fintech companies to plan a nice big flag and give broader capabilities around equities and equities research to the rest of citizens. so that was really the start of it. i'd like to joke with mark that his timing was impeccable or not so much since we did that deal we haven't seen a whole lot of deal flow in terms of ipos but that's coming i assume every year this time of year you say this is the year so hopefully this actually is the year but you know you have to be opportunistic and then when first your public failed we try to get involved. we were invited in to bid on the whole bank. we saw that as a great opportunity for us to take on all of first republic but in particular the wealth and private banking expertise that they had become famous for. jpmorgan is a little bigger than us so they won the bidding but actually the talent didn't really fit into that jpmorgan model very well. so we were successful in securing a lot of the talent here in san francisco and out on the peninsula along

so fintech to us screens as a really attractive growth theme. really strong performer for the last two years, but the theme everyone wants to talk about is ai. so when you really get into this, you have growth at a reasonable price for this stock. we think the market in the next three years is pricing in like 13 bucks of cash flow. analysts think we're probably going to get something more like 14%. this company has great operating leverage, really good cash conversion conversion and should actually expand margins by 125 basis points this year. so put that all together. that's another really good fundamental story in this market we think you can buy into. >> all right. so you think this is garp. and that's what everybody's looking for especially right now with the market a bit frothy. but on the other side of the coin, some people are looking at alternatives outside of equities. we had an earlier guest that was suggesting tips suggesting tips, treasury inflation protected securities. do you think right now is the time to invest in bonds, specific

but i agree with the overall sentiment that we want to be a leader in innovation and ai, in fintech, in cryptocurrency, you can pick apart the strategy, but the end goal seems spot on. >> good having you on. we'll see you soon, jeff. thanks, scott. all right, that's jeff richards. amazon shares sinking amid the broader sell off today. talked about anthropic earlier. let's send it to kate rooney now for more. kate. >> hey scott. yeah. >> so amazon really taking a hit today on this. >> tariff news. stocks down almost actually now more than 4%. that's about double the losses. >> we're seeing from the rest. >> of mega-cap tech at this point. it is a knee jerk reaction. the story here investors are expecting good just overall to get more expensive on amazon's e-commerce side of the business. that could slow down sales and hit what has been a really solid margin story at amazon. so north american margins, which is pretty much the whole e-commerce business, those have been expanding in previous quarters. they had gone negative. if you think back to sort of the covid era, they'd gone through

great sectors of innovation around overall technology emerging tech companies, healthcare companies, fintechcompanies to plan a nice big flag and give broader capabilities around equities and equities research to the rest of citizens. so that was really the start of it. i'd like to joke with mark that his timing was impeccable or not so much since we did that deal we haven't seen a whole lot of deal flow in terms of ipos but that's coming i assume every year this time of year you say this is the year so hopefully this actually is the year but you know you have to be opportunistic and then when first your public failed we try to get