Squawk Pod: Bets & the economy with the CEOs of Wells Fargo & Fanatics - 09/10/25

Economic Outlook & Tariffs - Wells Fargo observes stable consumer spending year-over-year across wealth levels, with lower-income consumers spending savings accumulated pre-pandemic [4] - Middle market customers across the country express satisfaction with addressing trade inequities, accepting uncertainty for a more competitive environment [5] - The market initially overestimated the impact of tariffs, with ultimate levels being more moderate and businesses adapting, leading to a better environment for banks [6] AI Impact - AI's impact on job count is still early, primarily seen in technology and coding, with companies focusing on productivity rather than headcount reduction [5] - Oracle expects cloud infrastructure revenue of $18 billion this year, a 77% increase, driven by AI demand [1] - Oracle signed four multi-billion dollar contracts in the latest quarter, including with OpenAI and Google [1] Fanatics Business Performance & Strategy - Fanatics' gaming division aims to contribute 40% of the company's profits within five years [1] - Fanatics is now the third-largest player in the US sports betting market, experiencing rapid growth due to a better value proposition [7] - Fanatics plans to distribute $1 billion in fan cash next year, aiming for lower margins but higher volume through customer loyalty [8] - Fanatics' collectibles business is projected to exceed $3 billion, driven by securing rights from sports leagues and player associations [10] IPO Market & Fintech - Online lender CLA priced its IPO at $40 a share, valuing the company at $15 billion [2] - The IPO window is now open, reflecting animal spirits and major averages closing at new highs [2]