with us to discuss cnbc tech correspondent steve kovac and oppenheimer, and steve, let's start with you what is the company saying are they expecting another lawsuit from the doj and i can walk you through what we do now. there have been reports about the doj's investigation into antitrust activities by apple for about two years now, and it largely focuses on the app store and apple's market power there particularly the fees that apple takes from other developers including some competitors in other services like music, for example. we've heard companies like spotify and the dating company match complain about these fees saying it's unfair especially when apple competes with them in certain areas and apple for its part has been trying to lower the fees a little bit on some of these developers some people think in response to all of the scrutiny they've been getting from antitrust and by and large it's the larger ad companies that are complaining about this and stand to benefit. by the way, seema. they are actually head of the united states and looking into these issues they pass the digi

economy from all angles to tell us what's really going on steve liesman is listening to ceos and steve kovacm big tech and bob pisani following the money on wall street steve liesman, we begin with you. >> thanks, tyler the message from the c suite is more mixed and nuanced and somewhat upbeat than the predictions of recession that we're getting while walmart and best buy have offered sobering negative use, there were a host of other ceos we've had on our air who have found the consumer spending just fine >> if you look at the business itself it's smoking and it's doing really well. >> we're seeing good activity across both the consumer and commercial portfolios, and i think that bodes well for the environment we're in right now >> the summer has been a blockbuster. our forward bookings into the fall looked very strong. we see steady recovery in business travel. >> earnings overall up a decent 7.7% compared with a year ago and all s&p industry sectors are beating on revenue and seven of 11 are beating on earnings goldman sachs, writing in the commentary this morning and management guidance i

steve kovac with a preview steve?the total value of the transactions being done through affirm. it was about $4 billion last quarter so we're expecting to see growth there the better affirm does and then transactions costs, this huge expense every quarter for affirm guiding to up to $355 million and well over a billion for the entire fiscal year and finally, broadly speaking, any insight into the consumer like retailers and payment companies this earnings season, where is the consumer at? is there a pullback in consumer spending and what kind of consumer spending and then finally just looking forward in about a month or so, jon, we'll get apple's apple pay later. going to be built in, every single iphone that has apple pay and it's a huge business for apple, really digging into the wallet and affirm is this single feature whereas this is more of a broader ecosystem on the iphone they will have to compete with >> steve, thanks and the ceo at new street advisers and a cnbc contributor. i mean, it's down a lot but it's a

out smaller players attempting the best rivals, but now that growth seems to be slowing down our steve kovac more >> hi, steve. >> hi, tyler i spent a few hours playing during the pandemic, too they're warning tough times ahead for the video industry video game spending falling then% according to research firm mpd and that showed up in companies like take two interactive and activision, pandemic darlings like roblox are growing quickly and there are tough comparisons from the first two years of the pandemic and take-two interactive providing disappointing guidance for the rest of the year and it's not just the drop in consumer spending, these companies do a lot of business in europe and asia where foreign exchange winds are the worst nintendo and sony both missing estimates for the quarter and sony cutting profit forecasts for the full year by 16% and just monday we heard nvidia demand weakening for graphics chips used in consoles and gaming computers and some are planning ways to diversifying revenue outside selling digital items to players for example, roblox dave pizuki. one are the sub s

steve kovac joins with us a deep dive on the newest leg of the creator economy.e a listen. >> reporter: samuel jordan may seem like your typical 23-year-old. his morning starts with coffee he checks his phone. but pretty soon he gets to running his million dollar metaverse fashion business >> in 2019, i made $30,000 creating items on roblox and i thought this could be a serious career and then in 2020 i made $600,000 designing digital items on roblox and 2021 i made over a million dollars designing items on roblox. >> roblox is growing faster than ever before. >> reporter: roblox is the virtual world of choice. it is an open world gaming platform that claims more than 54 million daily users jordan's been in it since he was 11 >> at that age, did you think, wow, this is going to be my career a decade from now >> not at all. >> reporter: today, it is his full time job. he sold more than 25 million digital clothing items and accessories, hats, earrings, wallet chains, that players buy through a virtual currency called robucks and creators turn back into real dollars

distribute vaccines around the world including kovacs, which is basically an abject failure so he gave me some time i spent three days once in china with steve schwartzman at this unbelievable conference where we had an hour at the great hall the people with xi jinping and an hour with the premier league coach young, so i saw him up close. he took us to go see the schwartzman scholars the others. i don't want to give away, you know any sourcing jamie diamond i've bumped into over the years at davos. i've spent a little bit of time with him and then i've just studied these guys, but you know, the thing that was striking to me, i mean, you're a documentary film picture day. this is how much stuff is just lying out there unprocessed. i mean schwartzman's memoir came out as i was writing the book so he was going off and doing these virtual events all around the country telling the same stories over and over again. and that was just fascinating. i mean, he he told a story at one point about how like he talked. he managed to get hold of the dean of admissions at harvard when he he wasn't accepted. he tried to talk his way in you know off the wait