>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg's headquarters in new york. ed: and i'm ed ludlow in san francisco. caroline: coming up, we push ahead to the advertising event of the year and sit down with the head of the company shimming super bowl 58.

you guessed it, paramount ceo rob bakish. ed: we sit down with the head of partnerships at x as the social platform announce a deal with the w w e. caroline: and we take a look at the state of sports betting and sit down with fanduel ceo amy howe. just apart from the anticipation, let's get back to what is happening in the world of markets. we currently are seeing the nasdaq managing to outperform the rest of the benchmarks today. we had some easing of concerns about inflationary pressures coming out from the government statistics, but we look ahead to what tuesday is going to print. for now some relief. the nasdaq drives higher. some of the big names on top today, s&p 500 really with the psychological level here. we are above that 5000 level again. managing to move higher on this week. i'm looking at the 10-year yield pushing up four basis points.

the bond market still selling off even as those government inflationary pressures did manage to ease concerns. you're still trying to digest $120 billion worth of bonds so this year, so big auction week. and we are still trying to take that down. let's take a look at what is happening in other risk assets. it is another big week for crypto. bitcoin rallying. we are now at 47,000. flows in the etf space helping out. ed: it is the end of what has been a busy earnings week. two names behind me, pinterest and affirm moving to the downside. pinterest is interesting. sales missed but it had topline growth. it's active users still continue to grow, but there is a lot of readthrough concerned with what we are seeing with snap. they have pegged to their strategy on direct response ads, or you go on pinterest, maybe you are decorating your home, getting married, whatever it is, they want to amplify the opportunity to click you and buy something.

there were down significantly after hours, like 20%, but they announced a deal with google which made the street feel better. you are saying, google is global and there is a chance you take the images on pinterest and google's technology takes you through to a buying opportunity. a firm is also lower. they said transaction volume this year is not going to be with the street expected. that has some nerves going. we are to speak to ceo match later in the show. -- max levchin later in the show. tko doing a deal with x is a weekly series of short form debbie debbie emagin's. debbie debbie produces the content, x is the distribution. we will hear from -- we will hear why they did that, as well as the super bowl, which is the dominant theme of the show today. caroline: it is a theme, but so too are these markets, so too are these deals on content.

let's go to the macro little bit with megan horneman. we are talking about content at the moment. we are also more broadly talking about where the investor's mind is that when it comes to content producers and technology more broadly. can we still anticipate a reason to be buying into heady evaluations when it comes to tech, and s&p at five -- 5000. megan: we are looking at valuations that are top-heavy. what you are looking at is this drive ford in these names, specifically that fear of missing out. investors are worried about missing out on that next evolution we see from technology. while this is a long-term theme you think this is a price that you should be willing to pay for it. at this point it is a little bit expensive. i think there can be some consolidation as we go forward. ed: economic data has been really important for this show.

historically may not have focused as much on cpr revision, but we are, because of the point you make evaluations, and what will or will not happen with the fed rates. is that how you approach the technology sector, his sensitivity to rates in particular? megan: sensitivity to rates, but also valuations. we are seeing rates move higher and technology side. that is why it is part of this fear of missing out that investors have. they are going to miss out on this tech rally. i think from an interest-rate perspective there is risk there, and what is going to take some steam out of this rally his winner gets a bit more realistic view on what the fed can do. we have great cuts priced in as early as may. i think that is more aggressive. inflation is coming down, but it still is above the fed's target, and what we are concerned about from the macro level is the dovish tilt the fed took in december has now reignited the

economy, and it is putting a risk of reigniting inflation, and we are seeing that was some of the economic data we have gone in the past couple of weeks. ed: i want to linger on something the cooper ceo told us in the last couple of days, which is basically all around the world they see the consumer being really strong. in the bit that maybe we didn't cover as deeply as well is, they are also seeing increased corporate spending on their platform. i thought that was an interesting proxy for the global economy. how do you feel right now about where we are globally, consumer strength, corporate spending? all of the things we have had anxiety about for the last couple of years? megan: from the consumer standpoint you have to remember, they are spending, but they are spending because the labor market has been strong. the labor market is always a lagging indicator, and we have seen in this earnings season a lot of layoffs. we are waiting to see how that filters into the employment market and how that filters into the data. that is a bigger concern we

have. the other thing from the consumer standpoint is, they are spending on credit. credit card debt is rising. along with that you are seeing not only auto delinquencies, by credit card delinquencies rise. i think the consumer is still stuck in this mentality that the fed will come in and save the day at any sign of weakness. this is what we have been dealing with for the past couple of decades. this is not the case anymore. we are in an inflationary environment where the fed has to be very careful on what they articulate to the markets, as well as with the economy can handle from the inflation standpoint. caroline: very briefly, we very easily default talking about equities. bond markets are bigger, and we have had a lot of treasuries taken down this week. what about corporate debt, particularly the tech space more broadly? megan: i have to be honest, corporate debt has surprised me as far as how well it has performed. because you have been seeing defaults rising, and defaults are expected to continue to

rise, yet spreads in the corporate market, in investment grade, or extraordinarily tight. this is, again, i think people chasing for yield. i don't think going for that is something you want to do. especially when you are looking at spreads that are so tight. ed: megan horneman, ceo of verdence capital. this is bloomberg technology. ♪

caroline: welcome to our tv and radio audiences worldwide. super bowl 58 almost upon us. big day for sports fans and add

lovers too. how are you going to watch checkup across paramount properties. cbs, nickelodeon for the kids even. to join us -- joining us to discuss, paramount ceo, bob bakish, live from las vegas in anticipation of sunday. i'm interested in nfl on cbs. you have had a regular season. the are anticipating record eyeballs for sunday. about those ads? you may be raking in as much as $700 million. is that right? bob: it has been an incredible season for the nfl on cbs. we set the high watermark for ratings since the property returned in 1998. set the all-time record for divisional playoff game, and, to your point, we set the high watermark for ad sales for a super bowl. it is looking like on sunday we will set an all-time viewing number, with any luck. it is an incredible year to be

the nfl on cbs. caroline: from a technology perspective, how much of a feat is it to be able to put this across all of your properties? to have spongebob doing his thing, whether it is on nickelodeon, but also to be consuming it via cable and streaming? bob: the infrastructure around the super bowl to ensure that the world's audiences can see it, is extraordinary. the number of cameras, remote cameras, etc., i think it is 140 or something like that. do your point, we obviously have the main feed on cbs here in the united states. we have the first-ever alternate telecast of the super bowl on nickelodeon, which is going to be super fun. to your point, on tech, we are going to do all of the graphics and enhancements real-time. we did the last nickelodeon game, last year, we did that

very quickly, but it was not real-time. the tech canal is lot -- now allows us to do it real-time. so that is cool. of course we have it on paramount plus streaming simultaneously. a lot of you behind the scenes, but we are feeling great about it, and we have been doing super bowls longer than anyone else, so we will get it done. caroline: let's talk about beginning when else. let's talk about how while sports content is so hot right now and everybody wants to think about how we can offer through a streaming product, i look at disney folks and warner bros., the announcement this week. you have shown, and i think about how super bowl 2021 was how you announced paramount plus, and the breath of content, but how do you tackle the focus on sports coming from rivals? bob: so, we love sports here at paramount. obviously it is a key component of cbs. i think about it as a slice of the wheel. it is part of our programming offering. same with paramount plus. we talk about paramount plus as

news, sports, and a mountain of entertainment. i want to emphasize that we like a broad product. we have looked at sports-only place in digital, both standalone and with partners, and we continue to believe that brodd is better. we see that in people coming in for sports properties, subscribing for things like the nfl. but if you look at the sports viewer on paramount plus, believe it or not 90% of their engagement, time spent, is spent with non-sports programming. so bring them in with sports, that the key to the model is elongated and entertained with other stuff as well. we firmly believe that leads to accessing a bigger market, and it is better for the business model. so, we like broad. caroline: ed: from bloomberg television and radio audience around the world, we are speaking to paramount global ceo

bob bakish. bob, what you were saying about the profile of the consumer on the platform. i use the platform for champions league football, and you had such a long season. you have your in studio talent component, but also the ability to show multiple games in the same evening. you have choice. and at the end of the season you have a big finale. the nfl kind of works the same way. you had a great regular season, as caroline points out, or proportionately for your business what is more important? the big standalone single event this sunday, or the traction you get over the duration of the season? bob: so, a couple of things. as we said, the nfl this season set a record for cbs in terms of viewership since 1998, which is pretty extraordinary. and clearly the divisional playoff game, which also set an all-time record, was important. but it is the ark of the whole thing, and frankly there is nothing like the super bowl in

the world. obviously that is a big event for us. shouldn't -- you mentioned uefa. the season is going to start right off the -- right after the american football season, and that is also a great product for fans of paramount plus. and we just extended that deal, and the new format for uefa includes a more, exciting playoff format. so, again, great product, and we do see people consuming that product alongside entertainment products. so, we love sports. love the nfl. we love uefa. and beloved as part of paramount plus. caroline: interesting what you said about the consumption of non-sports content. you talked about uefa following the super bowl. how much will you be putting into advertising this weekend? you can say, this is why

paramount plus is offering in the coming weeks and months? bob: great point. we are using the super bowl as a showcase for paramount global. i'm sitting here at our cbs sat on the strip in front of the bellagio. we had cbs mornings going from here today and yesterday, and we have other properties operating here in vegas. we are also using the super bowl as a promotional platform. so, you see a new pluto brand campaign. you see paramount plus spots. you see the bob moon -- bob marley movie opening for valentine's day weekend. we are showcasing paramount global on the biggest weekend in the world. frankly, it is great to be in vegas. it is electric. caroline: bob, people see a lot of value in your content. people therefore see value in your company, and we know there has been reports of a $40 million offer for the business. are you for sale?

bob: look, as a management team and our board of directors we are focused on shareholder value creation. it is the most predictable route to that is execution, so we are laser focused on execution. driving paramount plus, elongating earnings in the traditional media sector, opening movies, etc.. in parallel we continue to look at other options, as we have been, including transactional ones. again, a lot of activity, but i think what is important about it is, it really shines a light on the incredible value of paramount global. we have unmatched content engine in terms of our studios, production, whether that is episodic series or films, as well as irreplaceable libraries across demographics, whether it is kids with lodi and, adults, etc. it is an extraordinary asset. we are focused on maximizing the

value of that accent day today through execution, but also continuing to look at other routes. caroline: this is a sensitive one. we have had analysts say they were just too many players in this space, and you have to be huge, you can't even just be medium-sized. from your perspective, with paramount plus and streaming, are you getting to profitability? i know you have your earnings around the corner, but how soon can you deliver that? i know you spoke to that in the third quarter, for example. bob: i would tell you a couple of things. one, that narrative is out there. there are people at that point of view. but i would point to our third quarter call where we continued to show paramount plus is a growing service, continues to have the most net adds of any streaming service since we launched. on our third quarter call we talked about the fact that we expect -- and i have to be careful with my word choice, because as you point out our call is in two weeks. we expect 2022 was our peak

streaming investment, not 2020 three, which we guided too. that says we are ahead of the past -- on the path to proper -- to profitability. i will have to leave it at that until our earnings call in a couple of weeks where we will have more to say. ed: a global ceo has the powers -- has to parse a lot of data. quantify the impact of taylor swift on this super bowl. bob: look, taylor is obviously a phenomenon. she is a force in music. for all of us who have seen her to her, it is incredible. and she is without a doubt incremental to audience on the nfl. there is different port -- different points of view on how incremental, but she is a great addition, widening the net of the nfl viewer even further. you're looking forward to having her here in vegas this weekend. and i think it will be just an incremental thing. but the main point is, the nfl

on cbs and paramount plus is an extraordinary property. as i said, we set the high watermark for super bowl in terms of ad revenue. it is looking like we will set the high watermark on viewing. and is taylor part of that? she probably is an incremental part of that. but it is great. caroline: i'm tuning in for harsher too. paramount ceo bob bakish, it is great to speak with you. bob: thank you. ed: coming up, x is teaming up with the debbie debbie for a weekly series. we hear from brett weitz next. this is announcer: -- this is "bloomberg technology." ♪

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x. brett weitz outlined it for us earlier. >> we are in market here in the next five days with assets to start selling the show. we have a lot of interest. x is what i would say is the home for wrestling fans, but we are going to go very big when it comes to what this offering is. the idea of catering to an audience, last year alone we had 59 billion impressions when it came to wrestling. so the idea that we can super serve this incredible content to, you know, an audience that is there, that is vibrant and waiting for cannot be more exciting for us. we are ready to go. katie: when does this turn profitable? how many partnerships do you need to make money off of this? >> that is a great question. when we have worked with nick

khan and his team, trying to figure out what the mechanics are financially, we are going to be playing these episodes once to twice a week on x. they're going to be on platform in perpetuity. we will start making money over the course of the year. we'll see how the financials work out, but the investment we are making in the content really is, at some point will become profitable in the next couple of years. ed: i think there has been a lot of news this morning coming out of x. you also have the super bowl and that -- bet-related stuff. what verticals do you expect to move into? your background is in wrestling over at turner and other things, but there is a difference here between pure sports, live entertainment, and then you are doing a lot of news as well. >> we are. and i got here four months ago i

went on a listening to her and tried to figure out exactly what the audience was looking for and what consumers wanted. it is news, it is entertainment, it is fashion, sports, and wrestling. when we look at the portfolio we have an incredible relationship with all of our port -- sports partnerships. have 1000 publishers through our amplified business. content creators. we are going to build out a great content business, but also start to serve original contents to an audience we believe is worthy of wanting it. so when we went after don lemon and tulsi gabbard and jim rome we knew as we filled out this kind of bespoke content this is exactly what the audience and consumers on x are looking for. ed: caroline, what have you got? caroline: i don't call you edward nearly enough. coming up, we will break down tucker carlson's interview with vladimir putin.

that is next. meanwhile, check in on some asian trading shares. goto looks like a big move, but it was only chatting up a little bit at the moment. all of this on the back of news of coming together for the business. we are currently trading at 5.08. this is "bloomberg technology." ♪

caroline: welcome back to "bloomberg technology." ed: it is friday. let's check in on the markets. on a weekly basis, the nasdaq 100 on track for its fifth consecutive week of gains. that matches the run we thought the end of 2023. i know we have been checking in on that s&p 5000 level. the nasdaq 100, it is this higher concentration of technology names we talk about most often. the mega caps, right through those stretch valuation software names. on a year-to-date basis it is

the likes of nvidia and meta that have driven that game. now we are focused on what the fed will or won't do. friday's session is also about social media. we have pinterest reporting earnings. as we reflected on growth of 12%, missed estimates, monthly active users did well, but as always look at snap, down .5%, this theory is building out the very big social media companies are doing well or advertising-based companies, and in this moment there are concerns. meta had a blowout quarter where the ai story was going through to the advertising story. the legacy story, also got alphabet up, 1.8%. if you're good around their ai story of late. those things are still in place. the big do well, the small we are worried about. caroline: let's talk about one of those key players that is ultimately still finding its footing under new leadership and is airing all different types of

content. x has just had vladimir putin saying his country has not achieved its objectives in ukrainian. nvidia, putin told the former fox news host he could consider negotiations if the u.s. stopped supplying weapons to kyiv. this is the first time the russian leader has given an interview to western media figures since the invasion of ukraine. the interview was published on x . let's talk about this with jennifer, professor of communications at syracuse university. -- jennifer graco, process or -- jennifer gry gill -- jennifer: i think you put it well. it is airing different types of content, and i just saw your last clip too, you know, the head of partnerships at x has been going on a listening tour. i guess i was going on a listening tour last night.

i had kind of a hard time finding the interview on x. i'm not sure was really a story about that platform, though i do think there is value in discussing that musk commitment deplatforming this video. but i also found on youtube as well. so, i don't know. i think there are some other forces going on here too. because it deftly was unusual content, right? this is not something you normatively see in american discourse. i think there is a lot of factors. i think it speaks to the nature of the internet. it is a come ticket space, though it has these norms, right? but something different kind of pierced through over here, and it may also involve, like, older technology too. like, the dot-coms, the websites. you know, tucker carlson's

website seemed to play an important role in that. we don't have any insight into really how many people viewed this, because there are not analytics on things like older platforms like that. caroline: and to that end, i think you are referencing in the break that you can see how many people have viewed a pinned post, but how do we know how many minutes of that has been consumed? we are left to, ingesting and smaller parts of it, how does that make us more salad rather than looking more broadly? jennifer: i would say the norms, at least in the west, discourse coming from the east is, we are getting it through memes, through news stories in our press. the difference here is, it was kind of interrupted. it was unfettered information coming through in the two-hour block.

so, for me, again, that was what felt like something that was different, and maybe discussing a bet, the discourse had changed. so, you know, we will see what the market thinks of this. ed: for me it is worth discussing both the science and art behind video content on social media platforms, right? i was a pretty long interview. and we on this show, caroline and i, we post clips of interesting conversations on x, reels, and youtube. the basic science is that the attention span of the viewer is limited to that much shorter bite, or they seek out something very long. what did you learn about duration video on the x platform from what happened last night? jennifer: i think some people were bored. kind of, with the history and

two hours is a long clip. but just the fact that a two hour clip was available, and that there may have been an audience behind it, even what carlson brings to this, so, for me it was really understanding how -- we try to make sense of it, honestly, but it is almost like a new-media formula that is rooted in, the internet. so, musk provided a platform that acts a little bit like the broadcast, and gets, you know, out to people. and then carlson had the access, but also his own audience. he delivered attention to this topic. and also access to a source. putin was the source, right? but really, for me what was interesting was that, at least in the united states, you don't really have access, freedom of information to stuff like that.

two hours of putin. so, color what you want, propaganda, it's obviously meant to influence, but we don't usually have that type of access into information coming directly to americans, but it also went out to other people in the world too. i don't think it was just us as an audience, but i do think that, again, you are seeing discourse on twitter, x today. what i think a lot of people are having a conversation about, maybe, even having discourse, you know, with others publicly especially. you will not see that kind of stuff on social media. maybe in a coffee shop or a kitchen table. it feels like there is a silent audience and communal, don't know how big it is, but i think people listen last night. caroline: silent audience want to dig into ahead of the election, of course. jennifer grygiel, professor of

communications at syracuse university, we thank you. ed: another story we have been tracking, astronauts from turkey, italy, and sweden returned to earth on friday, ending a private three week mission to the international space station. their cap shall's past -- splashed down off the florida coast this morning. the country has paid about $55 million apiece to elon musk's company and ask him to finance that mission. coming up, fanduel ceo amy howe joins us next as football fans get ready to place their bets on the big game. that is coming up next. this is "bloomberg technology." ♪

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ed: it is super bowl weekend, and the big game between the san francisco 49ers and kansas city chiefs is going viral. on google trends searches for both teams have skyrocketed, with questions like, where to buy new jersey, to which super bowl is this one? boiler, it is super bowl 58. usher is getting a big boost as fans google his hit single, the most searched for since his slot was announced. the romance between taylor swift and travis kelce is also in focus. will she be at super bowl 58? finally, there is a battle for tbi balls by tech appetizers. snape's debut super bowl ad hopes to convince users it's platform is safer and more authentic than others. and uber is reuniting ross and rachel from friends in a commercial for uber eats.

as we discussed earlier, for the first time the game will be streaming on paramount plus. caroline: meanwhile we have to talk bets. to talk about how people are doing super bowl weekend ahead of it, fanduel ceo amy howe. it is great to have some time with you. i think of last year and the almost 10 million bets placed in the united states. how many are you anticipating for this particular game? amy: what i can tell you is we set new records, -- every year we set new records and issue will not disappoint. this is going to be one of the biggest years. it is a matchup between the chiefs and 49ers, but if you go to fanduel you have an opportunity to bet on 600 different markets. as you can imagine there is a ton of popularity around the player props, particularly travis kelce, but also patrick mahomes and krista mccaffrey. and forget, you still have an opportunity to decide if rob

gronkowski is going to make his redemption cake, and if you picked correctly you will get a share of $10 million in bonus bets. there is something for everyone this year. ed: i am a fair weather 49ers fan. of course i will watch the game, but it raises an interesting point in terms of betting. how many people do you see come in and place a bet just for this game that might have otherwise just set out the rest of the season? what kind of short-term spike in new users do you see visiting your platforms? amy: super bowl is the single biggest acquisition moment, right? one of the things that is wonderful about it is you get a ton of recreational users who are first-time to sports betting and what they are getting exposed to is the excitement of it, right? the game within the game. it really elevates the experience. so, there really is something

for everyone. one of the things that has been great about this year is with so much discussion around taylor swift it has drawn a lot of women to the platform as well. about 33% of our new activations are women, which is really exciting and demonstrates the breadth and power of what we are doing every day. caroline: that is fascinating. talk to us more about demographics. many would say -- and i don't not know if it is the cynical view -- that the legalization in the united states is because of viewership. ultimately younger people are placing bets and now coming to view it far more cross cable and also across streaming. how much are you seeing an older generation versus a younger generation on your platform? amy: the honest answer is we are seeing both. what happens is, when states started to open up in 2018t mord a younger male audience, but as we are now five to six years in, since the supreme court decided they would let the states

legalize, we were getting a much broader, much more recreational user. i think a big part of that is the role that we have a phenomenal partnership with the nfl and nba. and we are making it accessible, exciting, and most of our betters are betting less than $20 on the platform. but it makes the actual experience that much more exciting. ed: let me show you something real quick. this is a chart summing up the swift effect or swiftie effect. total instagram followers monthly for travis kelce after that september 24 attendance, ok? you get the data. are people literally betting on whether or not she will turn up? or are we going more specific on that? what is she going to wear to the game? you know, what is more likely, a super bowl ring? these are real things that people talk about, by the way. amy: they are real things. in canada, in ontario province you can predict whether travis

is going to propose to taylor swift at the end of the game. in the states, unfortunately, there are no prop bet's on taylor swift, but what i can tell you is, ever since taylor swift was on the scene a number of player prop bet's for travis kelce has more than doubled. so, she has certainly brought a lot of new engagement and betting activity on travis kelce in particular. caroline: engagement of a different form. fanduel ceo amy howe, brilliant to spend time with you and good luck over this weekend. coming up, we will break down more earnings results. we are joined by a firm ceo max levchin. this is "bloomberg technology." ♪

ed: ok, affirm shares are down around 13%, putting them on track for their biggest drop since october since the by now, pay later forecast for annual transaction volume slightly missed estimates. a firm ceo max levchin joins us now. that seems to be the micro fergus -- focus, the transaction volume. should the street be concerned about -- concerned about that? max: no, i'm afraid i can't give

the street that credit whatsoever. he had a blowout quarter. every number top to bottom increased. her estimates going forward are showing no signs of slowing down or weakness or anything of the sort. i really argue with the market, but i think we worked too hard and accomplished too much too well. ed: we are just showing the highlights from the quarter gone. top line, you be considerably, matching what the street wanted from a loss per share. what was the biggest factor on the topline growth of all of the different products you are offering? max: i think across we did extremely well. we posted just really strong season. outpacing the average.

we bragged about 400,000 active cardholders, we have 700,000 actives and growing rapidly. now, there's quite a lot of things that contributed to the growth, and overall across-the-board we did well. caroline: can i dig in more on the value. ? ultimately you called it out in your earnings and said we have posted the fastest year-over-year growth rate in over a year, and you are saying, we can show how we can operate our business with excellence. then give you this moment to speak to an investor and analyst community that is saying they are slightly worried about what they think is a gmp deceleration for the second half of 2024. you say it is the guidance is the floor. what more can you say to an investor base that for some reason is determining this as a slow down are worried? max: i think the best way i can

speak to our investors is posting more results. in the form of -- trust me, i am not a crook it is always met with skepticism. the results more than speak for themselves. the blowout growth is the exact number that we were gunning for. we don't want to change our guide and strategy at all. caroline: a lot of analysts can see that. truest saying we were surprised by the magnitude of the slowdown. bloomberg intelligence saying they see momentum and do not see a slowdown. tell us about the momentum and ultimately a u.s. consumer that feels rubbish about the economy, but the economy still continues to go incredibly well. what are you seeing from a determination to spend and spend with you? max: the shared wallet across

our many partners is generally happy. u.s. consumer, i think, you know, if i'm allowed to speak on behalf of the u.s. consumer, are feeling differently than they are acting. there are folks that are having a hard time paying their bills. you can see that in the credit card industry building up. delinquencies have increased. none of that is true for us. we posted another quarter of flat year on year delinquencies. those are all measures of our excellent credit math. affirm consumer, the ones we lend to, are doing fine. without, i might add, late fees or gimmicks. the industry is starting to show fines of cracking, and folks are maybe overextending. i think that is probably what is

playing on consumers' minds. that said, the holiday quarter was good for us. saw engagement from regional buyers that went to our online partners and bought tickets, all the way to cardholders that use the card for everything from data spends to give back. so, our ability to help folks borrow, and most important thing, because we don't charge late fees, because we don't compound interest, our incentives are profoundly aligned. if they cannot play us -- pay us back on schedule we will make less money. our growth is driven not by the fact that there is a lot of demand, but demand for a firm's specific product. ed: so, i understand that. you and i have talked a lot about by now, pay later, but also the other products you offer. this week what caroline and i heard from ceo's, consumer is

strong, but as you have pointed out, credit card is becoming a notable data point to track. how does that impact you? max: obviously we watch the history data like everyone else. our work has done very well for us, and when we lend money we take into consideration their performance across other borrowing, such as credit card, etc., so we know the confirm -- the affirm consumer is able to pay us back. that is shown in our numbers. you can see them more frequently than our quarterly numbers. so, we feel quite good about the segment that we serve. i think there are folks that are starting to running out of the pandemic savings. elsewhere we are able to -- borrowers successfully. caroline: max levchin, a firm

ceo on the back of their numbers. that does it for this edition of bloomberg technology and the week, and we have a big weekend. will you be watching some sports, ed? ed: super bowl recap, on our podcast. he them basically everywhere. there is the examples. happy super bowl weekend. this is bloomberg. ♪

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sonali: from new york city for our viewers worldwide, i'm sonali basak "bloomberg real yield" starts right now. ♪