Stephanie Flanders

points and in terms of the absolute move it's intel we're off by 15 look the context is it's up prior to today 50 on the month on the year and it had a rapid run up but the manufacturing issues the issues with basically yield on some of their chips and not managing to make the most of demand for aipcs and indeed in cpus that's a letdown to the investor base at best investor base at

Okay, some deal news.

Capital One has agreed to purchase fintech startup Brex for $5.15 billion in a 50-50 cash and stock deal.

It's the largest acquisition for the bank since its purchase of Discover, which closed in May of last year.

Here to discuss is Pedro Franceschi.

Brex CEO.

Pedro, let's get into it.

I mean, the obvious question to many last night was the timing.

But $5.15 billion is a pretty steep discount to the valuation you raised money at in 2022, which was $12 billion.

What do you think that signals, the timing and also the value you agreed?

Yeah, thanks for having me.

We're really excited about this news.

And this is a really special combination.

First, as you mentioned, it's the largest bank fintech deal in history.

And really, the way we thought about this is really this unique one plus one equals three scenario.

So, of course, at Brex, we build corporate cards, expense management, banking products, bringing financial services and software together.

And then Capital One is really the original FinTech.

They brought technology and data together for the first time and have been a huge source of inspiration for us.

And as we started to think more about this together, we really saw this very unique combination of bringing Brexit's technology, product, and platform

with Capital One's scale, brand, distribution, and balance sheet and materially accelerate our go-to-market and our product development to a level that would be unmatched to a standalone private company or even a public company for that matter.