it is jon fortt.nking in this moment about stitchfix and katrina lake who previously was the youngest woman to take her company public she also faced some barriers in -- with dealing with male investors, right and so often when i've talked to female entrepreneurs they have said what we need beyond more startups by women, which we certainly do need, we also need more female investors to create an ecosystem that's healthier, that's looking at different types of data, that's more welcoming to all kinds of ideas. how does the spac that you guys are launching fit into the broader ecosystem that sort of needs to be built out? >> it's a great question and thank you for asking it's certainly something we're focused on and a big reason that katherine and i launched powered brands was really to, well, first of all, to build an incredible company we think should exist but, secondly, to inspire other female leaders and founders to take their companies public and to, in doing that, create wealth across the cap tab

it's jon fortt great to have you.a bit of a windup to this question having to do with focus. nearly 20 years ago i was talking to apple when they launched airport and wi-fi and, wow, why don't you lean into this essentially we were told we don't want to become a networking company which later made sense i thought of square as being small business centric but with the growth of cash app particularly during this time when there are a lot of consumers taking financial risk, do you worry about square becoming too heavily weighted towards that >> our priority for the growth of our platform is, first and foremost, the health and stability of the platform and customers' ability to make informed decisions our platform is all about financial inclusion so that we provide access and, again, consumers can make informed decisions. with the growth of cash app at 36 million active customers we see a diversity of youth cases on the platform. in 2019 we had one product with more than $100 million in gross profit in 2020 we had four. b

i'm jon fortt with carl quintanilla and julia boorstin we're seeing in semis it's having an impact one our chip intake is limited we'll check in with former tiktok ceo kevin mayer, his new spac aims to keep us in. why pot stocks are surging and what reddit has to do with it and we will break down twitter's quarter after that stock pops post earnings. carl >>> i'm really not too far away from all-time territory, it did get above 69 shares after that on the top and bottom line to spark the warning. kindred ventures, kanye, good to see you again. >> good to see you hello. >> there was so much pearl clutching post election about the disappearance of the former president from the platform and worries about engagement did dorsey do a good enough job of pushing back against last night? >> oh, man, what an unbelievable result twitter you can't help but think of as one of the big three or big two of social media. i think great companies change the narrative ahead of the fundamentals in this case the fundamentals have caught up i think twitter has done a good job. better ad server, direct respo

happening right now with the start to the year and what's happening in michigan in particular >> it's jon forttr take on travel as a category heading out of the time that we're in and the sort of bets that are smartest to be placed on that category? >> jon, i don't know if we have any amazing specific insight i do believe anecdotally more than anything that there is pentup demand. i look at myself and the people i interact with. pentup demand for getting out and traveling. i think there is a decent chance when it happens, the question is when, when it happens we will see a big bump in things like travel and hopefully like mgm with people saying i can finally get out. i want to enjoy myself and mgm hopefully is a beneficiary of that >> i'm curious as you look at acquisitions in all of these phases if you think you're going to be facing more competition from the spacs there have been so many spacs this year all chasing startups to take public and a lot of them possibly in the same space as you're looking, what will that mean for your opportunities? >> when you have a huge amount of can pital that

i'm jon fortt with carl quintanilla and julia boorstin ahead this hour, whose side is robinhood on theof robinhood, reddit and melvin all testifying to congress at the top of the next hour and then it's a rollback for walmart shares this morning as the stock falls post earnings the ceo will join us in a cnbc exclusive at 11:30 we'll begin with facebook calling australia's bluff taking a different tack from google banning the sharing and viewing of news down under australia is trying to do here arguably makes sense facebook values news content because it creates engagement. if facebook now has to pay to link to news content, it might have to place a value on different types of news content perhaps some vetting of news sources getting to this whole misinformation thing does australia have the stomach to really let this play out because, i mean, facebook is not a democracy. it's an authoritarian company. and people in australia, around the world, love facebook >> people love facebook, jon, but, you're right, this is facebook calling australia's bluff. what's so interesting here facebook i

i'm jon fortt with carl quintanilla and julia boorstin a big, big hour ahead.-founder and ceo evan spiegel joins us in just a couple minutes later this hour another exclusive with the see receive of peloton we'll start with the veolatilit in the meme trade with gamestop. you know how percentages go. these aren't the actual numbers, if you drop 50% one day and you rise 50% the next day you're not back at break even you're only halfway there. >> indeed although, john, the highs of the session today have taken out yesterday's highs so it is a truly volatile mix gme bouncing off of 5109 we're back in an environment you're looking at a stock behave the way stocks sometimes do and that is bouncing off averages. >> that's right, and i think the other question that we're going to be examining with gamestop is whether or not it was really retail traders driving that volatility jpmorgan issuing some data showing that institutional investors were actually driving a large portion of that trading activity next week and, jon, it really seems like this might be the start of a

. >> jon fortt able to join us nice numbers, but no doubt you are more keen to reflect on this pretty on the change of the ceo? >> andy of course has been at amazon for nearly 25 years and he founded amazon web services in 2003 and now, i have talked to him many times about the founding story of aws, about his relationship with jeff bezos i think it's interesting that just a few months ago the head of amazon's consumer unit, which is the more traditional amazon.com part of the business -- he stepped down. now andy jassy is being elevated to this position it goes to show just how important this cloud business has become to amazon overall of course was born out of the core needs of amazon's e-commerce business and the thought that, boy, they could use this same infrastructure and the same flexibility that they needed to change the game for enterprise software and enterprise infrastructure in general. now that expanded in so many directions they are innovating in hardware, driving a lot of what is happening not just in the enterprise but even in the chips business this move from amazon i

i'm jon fortt with carl quintanilla and deirdre bosa hedge funds prepare to get grilled on the hill. gets a $74 billion valuation, and it triller. apple's legal win in north dakota deirdre? >>> well, jon, that's right. the state senate there voting not to pass a bill that would have required app stores to allow software makers to use their own payment processing software and avoid the fee, the commission charged by google and apple. let's bring in the co-founder and chief technology officer and a proponent of the north dakota bill good morning thanks for being on with us. >> thanks for having me on again. >> i know you were prepared to set up an office in north dakota if that meant avoiding those 30% commission a number of other states are looking at similar legislation what do you think the chances are of this passing elsewhere? >> i think the chances will keep increasing people will learn more about the issue. i don't think every other state will be as intimidated as north dakota was it was truly remarkable to see one of the main reasons why north dakota senators didn't want to vot

i'm jon fortt with carl quintanilla and deirdre bosa this hour ted sarandos of netflix, airbnb is up,h is down. we make sense of the quarters and adam jonas explains his sleeper ev pick. gamestop continues to rally. tech tries to bounce back. deirdre? >> yeah, gamestop up from the low $40 range at the start of the week they're trying to recover from what has been an ugly week for them remember, these names led a big 2020 fuel by the pandemic. take a look at this week they are deeply in the red and so far this year the qqq has struggled to stay positive that's where we'll start with managing partner, good morning to you >> good morning. thanks for having me >> so we are nearly two months into 2021. how are you reading the market action tech in particular is a sell-off a chance to buy the dip or do you think ridesing yield will continue to fall on valuations >> the macros are going to continue to weigh, but long term we remain bullish. we look at this as a buying opportunity. >> okay. and i mentioned gamestop at the top. over $120. what a remarkable week it's been what are you reading i

i'm jon fortt with carl quintanilla and deirdre bosa stocks at record highs, but we're keeping our eyeamestop and the wall street bets phenomenon. that short squeeze that put wall street bets on the map for so many people appears to have played out at least the major part of it i think a big question now is what's next? it will be harder to shock the shorts with the next squeeze and where there's more winning strategy to come out of this phenomenon it could go other way and dogecoin doesn't count. >> are you sure it doesn't count? >> beanie babies, deirdre. it's digital beanie babies >> hey, hey, for a while beanie babies were worth something. >> for a while >> of course dogecoin started for a while. we don't know how long they will last, gamestop and aig this is one of the most highly valued cryptocurrencies. you can argue whether it is a cultural product a or a financial asset but with a we're seeing now suggests this isn't straightforward and it does highlight at least some of the power of these stocks or assets we'll have to call them now. >> indeed or the general reddit rebellion

i'm jon fortt with carl quintanilla and julia boorstin this hour consumer apps have dron tons of attentiont year whether it's investing in social media or audio. now there are shake-ups across the board. vlad the apologizer, more on the robinhood's regretful tone in the gamestop hearing, we'll look at what to make of australia's strong stance on social. and canada joining in. and we'll talk about bitcoin hitting a trillion market cap. take a tour inside clubhouse with joanna stern. we're going to start with a look at the new retail investors. robert frank has more. robert >> reporter: good morning, jon more than 10 million americans opened new investment accounts last year, the largest in recent history. a new study shines a light on who they are and how they actually trade now the study was by the finra education foundation and the university of chicago. they looked at people who had opened investment accounts for the first time in 2020 most were between 30 and 59 years old, so they're slightly older than that 20-something day trader we hear so much about they're alsomuch more racially di

i'm jon fortt with carl quintanilla and julia boorstin tesla making more money from bitcoin than carsan stanley makes a snap decision and the akri moan our first guest is an early investor in facebook who last week writes in "the washington post" america has experienced curbing dangerous industries we can do the same with tech elevation partners co-founder is back with us roger, good to see you it has been a while. this clash between facebook and others is kind of asymmetrical in the sense democracy is mark zuckerberg runs that company very clearly and can push his perspective and then politicians, policymakers have to get their whole country in line if it means suffering short term in the news feed, right >> that is exactly correct facebook attempted to position what was going on in australia as a tax on links to news. in fact, it's an attempt to apply antitrust law in one of the few ways that a country of the scale of australia can apply it which is by essentially saying, i'm sorry, but if you're going to use your power we're going to make you reimburse those who are harmed and the

i'm jon fortt with carl quintanilla.ig hour ahead fintech pioneer max levchin, co-founder of paypal, will join us as his new company affirm posts its first earnings since going public and then a new era for paid content, well, microsoft says maybe tech firms should pay for news. we will begin with disney, touching new highs after a quarter led by streaming closing in on the $100 million mark for disney plus. julia boorstin joins us now to break down the results hi, julia. >>> well, jon, disney plus growing to 95 million subscribers well surpassing its original guidance four years early along with hulu and espn plus, that direct subscription base growing to 146 million driving the revenue up 73% in the quarter while that division's losses fell by more than half. the company wouldn't update its expectation. now it says it's going to break even by 2024 >> we've been especially pleased with the success of our direct-to-consumer business. and our recent strategic reorganization has enabled us to accelerate the company's pivot

i'm carl quintanilla with jon fortt.ing gme out of the corner of our eye this morning obviously shares are in focus, back in the green slightly, 10%, after the extreme volatility in the trade. we are going to begin with amazon we mentioned the address of the original location in the cold open as bezos says he will step away from the ceo role to become executive chair handing the reins over to andy jassy, a name you will hear a lot more and, jon, you know well, as we talked this morning about his installation and what it means for the future of that giant >> carl, the first thing this means is it shows the importance of aws to amazon as a whole and just about every year for the past five i have asked andy jassy whether amazon is going to spin out the cloud business. he always says no. and now he's in an even stronger position of influence with that no jassy is a type of founder himself after being bezos' right-hand man and chief of staff, he's the one who pitched the creation of aws. and jassy has been running aws since t

i'm jon fortt, and here is what is ahead, will the february rally continue the stocks are off of the highs after setting new highs earlier, and we will look at what could derail the momentum and where to put the momentum, and also, apple's private chief engineer says they will be voting in the state in less than an hour from now could destroy the iphone as we know it. the state senator who introduced the bill is going to join us. and also, the real estate plumbing is clogged and would you wear a facebook watch? that is ahead on rapid fire, and dom chu has numbers. >> i love my analog watch, and i won't give it up any time soon. and what is losing steam technology is a laggard in the midday trade, and the dow industrials is up 75 points, and you see it here. at one point, the dow industrials up 16 point, and at the lows down roughly 11 points and hovering around unchanged in the middle of the daily trading, and the nasdaq is unperforming down 0.2. and so one place is continuing to be one outperform ser the financial sector and loved for the better part of 2020 and prior to that. and l

back to you, jon fortt. >> that is a lot of smart stuff on bonds, rick santelli. >> and now to the important national story, the deadly winter storm leaving millions in texas without power and sending the energy prices higher. brian sullivan is going to join me with the latest. brian, what is going on? >> well, i wish i had better news. the latest is bad. 1.3 million people in texas without power according to power outage.us. 3.3 million and those are probably households and multi million more people, because those are electricity customers. the situation is so bad that the mayor of houston suggests that you boil all water that you might consume or even bathe with. now, if the stove is lectric, you can't boil anything, because you don't have any flame, and if you have gas, it might work otherwise, and some are worried that the water is contaminated, but houston is 2 fourth largest metropolitan area in the united states. nup up in austin, not much better. aed the primary energy provider said that folks should not expect to get power back for another day or two longer, or longer is the words t

i'm jon fortt with carl quintanilla and deirdre bosa this hour twitter shares are flying higher.rt world embraces crypto. and the gamestop trade gets sweet again, but we're going to begin with a news alert on the munger games as robinhood responds to the berkshire legend's criticism kate rooney explains kate >>> hey, jon robinhood responding to charlie munger's criticism about the startup, luring in rookie investors into the market. we have a statement here from robinhood. the company saying that in one fell swoop an entire generation of new investors has been criticized and this commentary overlooks the cultural shift that is taking place in our nation to suggest that new investors have a, quote, mind-set of racetrack bettors is disappointing and elitest. they go on to say it should be celebrated they're seeing new market investors, and that's beginning to diversify this is also a previously untapped generation of new investors. charlie munger the 97-year-old investor, warren buffett's right-hand man he essentially said retail traders are being enticed by brokerage firms like ro

. >> i'm jon fortt, and here is what we will have today a conversation with john williams about the fed and everything to asset purchases, and should the joke currency doge coin be taken seriously and why it matters to the market, and the chip industry and how it is affected by the weather. and we begin with dom chu. >> and not from the macro perspective, but the industrialized markets. and showing real life, the dow industrials are here up .25, and the s&p 500 up roughly off of the highs of the day, and the nasdaq is holding steady at 13.88 level, and currently up 0.10 of 1%. so jumping up looking at the hot spots of the market. and checking out the shares of palantir, and this is roughly off of the highs of the session so far, and the big data analytics had a big earning report, and disappoint there, and the six-day losing streak that saw it lose 34% of the overall value is popping up here, and remember that ark and cathie wood made some investments and they announced that, and then a little bit of activity with palantir mentioned in the wall street's reddit forum, and that is going t

. >> i'm jon fortt, and here is what we will have today a conversation with john williams about the fed

i'm jon fortt, and here is what is ahead, will the february rally continue the stocks are off of theighs earlier, and we will look at what could derail the momentum and where to put the momentum, and also, apple's private chief engineer says they will be voting in the state in less than an hour from now could

eastern time is bumble a flash in the pan or is it the future of dating jon fortt's here to weigh inink? >> yes, bumble is the future of online dating because online dating for the longest time has been toxic think about that the dominant approach has been a digital meat market where men are hunters and women are hunted big money. they estimate the global dating market ex china is $10 billion in four years. i know what you're thinking, bumble's a cute concept but the women led thing is niche they're about scale, tinder, match are always going to be bigger true online dating isn't a social network, it's a marketplace. in marketplace quality and curat ion mean more. i'm not saying that bumble is the next apple, but what whitney has built upending the dating meat market is going to lead to loyalty, margin and an ecosystem the others can't, well, match. >> that was an incredibly persuasive case for that, jon. but it's not like bumble is the only dating out there with the counter cultural approach. there was eharmony, coffee meets bagel. >> true. on the other hand, we should bring a healt

is it a sign amazon shares have topped jon fortt is going to share both sides on this week's on the othere right back. >>> welcome back, everybody. let's talk markets joining us is schaar man rosamani she's goldman's investment officer for wealth management. i know we've been watching all of this volatility been concerned about what's happening, been concerned with some of the stocks what have you been hearing from your clients >> well, clients are very focused on the long term we try to encourage our clients to think of investment horizon as a long investment not short day to day clients are asking us about what's going on with some of these stocks, a stock that goes up nearly 27 times, nearly 30 times in the span of a month and then down 60, 70%. clients are asking us about the impact of these stocks, what does it do for volatility, what does it do for how they should look at their portfolios our recommendation to our clients is to stay focused on the long term and to think of their core assets. since the trough of the global financial crisis march of 2009, we have recommended clients s

should more countries follow suit jon fortt is here to weigh in on "on the other hand." >> this is acould get paid for this. let's start with the baseline truth that accurate information has value. facts have value not just when you click on them. for facebook and google there is significant value being able to display the link and photo to a news story even if people never click. google biden stimulus. there's a reason you see a bunch of links even though you're probably only going to click on one. people want the assurance these platforms have access to real time truth, not just algorithm authority. assigning a link to get the facts is a step in the right direction. as much as global society has gotten drunk on conspiracy theories, professional news organizations are the area of truth out there. >> so, jon, you think these forced payments from internet giants could save the parts of journalism -- at least parts of the journalism business? >> well, on the other hand, the incentives are completely screwed up here. facts have value, yes, but so does distribution. let's get this part c

i'm jon fortt with carl quintanilla and julia boorstin a big, big hour ahead. couple minutes later this hour another exclusive with the see receive of peloton we'll start with the veolatilit in the meme trade with gamestop. you know how percentages go. these aren't the actual numbers, if you drop 50% one day and you

i'm carl quintanilla with jon fortt.of the corner of our eye this morning obviously shares are in focus, back in the green slightly, 10%, after the extreme volatility in

i'm jon fortt with carl quintanilla and julia boorstin we're seeing in semis it's having a

i'm jon fortt with carl quintanilla and julia boorstin and, boy, we have a lineup this hour that's enougherd will join us later this hour with that ipo on deck. sonos pumped up the volume in the latest quarter patrick spence is with

i'm jon fortt along with carl quintanilla. the sfo of square as

i'm jon fortt with carl quintanilla and julia boorstin this hour consumer apps have dron tons of attentionere are shake-ups across the board. vlad the apologizer, more on the robinhood's regretful tone in the gamestop hearing, we'll look at what to make of australia's strong stance on

i'm jon fortt with carl quintanilla and deirdre bosa hedge funds prepare to get grilled on the hill.ller. apple's legal win in north dakota

the amazon cloud business is taking over as chief executive in the third quarter of this year j jon fortt to jassy. >> they've been talking at the annual aws conference for years. so many interesting thoughts about jassy. he's been with amazon since 1997 he's not a founder, of course, that's clearly jeff bezos. but he is a founder of aws itself also interesting he is one of the first to work with jeff bezos in this technical assistant role that he really developed into more of a chief of staff-type role when i was talking to him a few years ago, he told me when jeff bezos first approached him about taking that role, jassy turned it down.