*By Michael Teich*
Amazon inked a new partnership with American Express, but don't expect the financial industry to be the next area the tech giant jumps into.
"The thing that people misunderstand is that tech companies don't want to manufacture financial products," said Lex Sokolin, Global Director of Fintech Strategy at Autonomous Research. "It's about making the ecosystem and the platform more powerful, and finance is just a feature inside of that."
American Express announced Tuesday it will launch a co-branded Amazon credit card for small businesses. The move accelerates Amazon's foray into financial products and strengthens its position as a lender. The goal, Sokolin said, is to enable small businesses to finance their activities, getting more products on Amazon's platform, and ultimately driving more commerce.
Plus, the opportunity costs of devoting itself to the financial industry are too high.
"Amazon has tremendous high-growth, super interesting, blue oceans to explore,” he said. "They could be investing in building a mortgage business, or they can build artificial intelligence business."
For the full segment, [click here.](https://cheddar.com/videos/amazon-bolsters-financial-prowess-with-new-credit-card)
Markets opened higher this morning as oil prices fall and investors await a decision from the Federal Reserve. Keith Fitz-Gerald, Chief Investment Officer, Fitz-Gerald Group joined Cheddar's Opening Bell to discuss.
Tommy Mancuso, President & Co-Founder of the BAD Investment Company, talks about the likelihood of the Fed decision's decision triggering a recession and the war Ukraine is impacting U.S. investors.
Scott Ladner, CIO at Horizon Investments, breaks down the latest geopolitical risks for U.S. investors and how oil in the near term may push higher amid the commodity supply shock.
In another sign of the pandemic housing boom, a record number of homes are now worth at least $1 million. According to new data from Redfin, 8.2% of U.S. properties were valued at $1 million or more last month, nearly double the pre-pandemic share. Daryl Fairweather, Chief Economist at Redfin, breaks down the data and what it means for millions of American families.
Erik Lundh, Principal Economist at The Conference Board, discusses how the war in Ukraine impacts the Fed's decision on interest rates and what hikes could mean for the U.S. economy.
Angelo Zino, Vice President & Senior Industry Analyst at CFRA research, discusses Russia and Ukraine's role in semiconductor manufacturing and the factors impacting the global production on chips.
Catching you up on what you Need to Know on March 16, 2022, with updates on Ukraine and Russia, a container ship gets stuck in the Chesapeake Bay, Disney employees stage a walkout over the "Don't Say Gay" law in Florida, and NASA completes its first spacewalk of 2022.
U.S. chipmaker Intel unveiled plans on Tuesday to invest up to $88 billion across Europe as part of an ambitious expansion aimed at evening out imbalances in the global semiconductor supply chain.
With the Fed about to the announce a 25 basis point interest rate hike on Wednesday, what exactly does this mean for investors, consumers, and businesses?
Longtime Starbucks CEO Howard Schultz is returning to lead the company on an interim basis after the coffee giant’s current CEO announced his retirement.
