'Bloomberg Technology' Full Show (10/17/2022)
>> FROM THE HEART OF WHERE >> INNOVATION, MONEY, AND POWER COLLIDE, IN SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG TECHNOLOGY" WITH EMILY CHANG. >> I'M CAROLINE HYDE IN NEW YORK AND FOR EMILY CHANG THIS IS "BLOOMBERG TECHNOLOGY," COMING UP THE NEXT HOUR NETFLIX KICKS OFF BIG EARNINGS. WILL STOCKS CONTINUE TO FALL EVEN AFTER EARNINGS, THE TURNAROUND TODAY. KANYE WEST BUYS THE SOCIAL MEDIA PLATFORM THAT IS EMBRACED BY CONSERVATIVES, TOWARDS TWITTER WITH ALLEGATIONS OF POLITICAL CENSORSHIP. WE WILL HAVE MORE ON THE INVESTIGATION INTO THE CRYPTO. FIRST AND FOREMOST REALLY GET STARTED WITH THE MARKETS. THE STOXX SURGING MONDAY
TRADERS SNAPPING UP TEXTURES AHEAD OF KEY EARNERS, ED LUDLOW HAS THE KEY MOVERS. EMILY: IT WASN'T -- >> IT WAS AN INTERESTING SESSION, TECH OUTPERFORMING, FOR ALL THE FED SPEAK AND ECONOMIC RISK WE ARE TURNING OUR ATTENTION QUICKLY TOWARDS EARNINGS. THERE WAS A BROADER RISK OFF -- WHAT IS INTERESTING IS WE WILL EASE INTO IT A LITTLE BIT. LOOKING AT THE MARKET CAP IN THE TECHNOLOGY SECTOR COME THIS BE 500 REPORTS THIS WEEK.
IT IS A SLOW START -- THE S&P 500 REPORTS THIS WEEK. IT IS A SLOW START, THEN AS THE WEEK GETS GOING WE HAVE THE MEGA CAPS WITH THEIR NUMBERS. WHAT IS CLEAR IS THAT EXPECTATIONS HAVE COME DOWN, EARNINGS REVISIONS HAVE PICKED UP STEAM IN RECENT WEEKS. THERE ARE TWO WAYS OF LOOKING
AT COME UP WITH THE OPTIMISM YOU SAY WITH A EARNINGS REVISION THE BAR IS PRETTY LOW IN TERMS OF HAVING TO CLEAR HURDLES. AS WE SET THE INTRO THE SHOW, WHERE YOU GO IF YOU HAVE A BEAT OR A MESS -- MISS? THE MEGACAP'S LEAD THE CHARGE, TESLA UP 7%, A SIGNIFICANT GAIN, NOT ENOUGH TO REVERSE THE LOSSES WE SAW FRIDAY. WHEN IT DROPPED 7.6% FRIDAY. NETFLIX PERFORMING 6.5% GOING INTO THIS EARNINGS SEASON. IT IT WOULD WHEN YOU GET YOUR HEAD AROUND, EXPECTATIONS ARE LOW BUT AT LEAST WE START THE WEEK RIGHTLY. CAROLINE: LET'S HAVE A TALK ABOUT THE ON-AGAIN AND OFF-AGAIN, RISK ON, RISK OFF VIOLENT MOVES WE SEE IN THE MARKET AND IF THE VALUATIONS ARE READY BUYING OPPORTUNITY.
DAN MORGAN IS WITH US, BEFORE WE GET INTO THE NITTY-GRITTY OF THE EARNINGS OF WHAT YOU EXPECT, JUST THAT THE LEVELS, THE WHIPSAW THAT WE SEE DAY IN AND DAY OUT, DO YOU THINK THE EROSION IN VALUE DOES MEAN WE ARE AT A BUYING POINT FOR GROWTH STOCKS? >> I DO NOT KNOW IF WE CAN PUT THE FLAG IN THE STAND AND SAY WE ARE AT A BUYING POINT. REITERATING WHAT WE SAID EARLIER, GOING INTO THE UPCOMING THIRD QUARTER THE CONSENSUS IS CALLING FOR THE OVERALL TECHNOLOGY SECTOR TO DROP IN EARNINGS 7%. SEMICONDUCTORS THAT WE HAVE TALKED WITH NVIDIA, MICRON IS EXPECTED TO DROP 14%. THE EXPECTATIONS ARE SO LOW THAT IF HER THEY DO HAVE ANY GROWTH AT OF ANY OF THE TECH STOCKS COME INCLUDING NETFLIX IF IT IS TOPLINE GROWTH THERE WILL BE HAPPY. WE HAVE TO WORK THROUGH THESE FED INCREASES BEFORE WE DRAW THE LINE IN THE SAND AND SAY HERE IS THE INFLECTION POINT AND WE CAN START FEELING POSITIVE ABOUT TECH. CAROLINE: THE MACRO DICTATES THE MICRO AT THE MOMENT, LET'S TALK ABOUT NETFLIX. ARE YOU EXPECTING ANY STEER ON
RESILIENCE FROM THE CONSUMER RIGHT NOW? >> YOU HAVE TO BEAR IN MIND THAT COULD -- NETFLIX HAS REPORTED TO CONSECUTIVE QUARTERS OF NEGATIVE CONSUMER GROWTH. WE KNOW THEY'RE TALKING ABOUT GOING TO A NEW PLATFORM IN TERMS OF ADVERTISING REVENUE, HOW THAT WILL AFFECT THEM THEY HAVE BEEN WORKING ON PASSWORD SHARING ISSUES. THE BIG BOGEY FOR CAROLINE -- FOR NETFLIX IS QUARTER, THE CONSENSUS FOR THE FOURTH QUARTER SAY LOOKING FOR 4 MILLION NEW SUBSCRIBERS. CAROLINE: WE ARE STILL BULLISH ON THE ADVERTISING IDOLS. -- MODELS. I AM INTERESTED IN TESLA THAT
IS RETAIL MOTIVATED, WHAT DO YOU LIKE TO SEE IN TERMS OF GROWTH WHEN IT COMES TO COMPETITION LIKE MERCEDES? >> WE DO NOT FOLLOW TESLA, IT IS AN AUTO STOCK IT IS NOT FIT IN OUR BRACKET IN TERMS OF TECHNOLOGY. I DO NOT HAVE MUCH TO ADD. CAROLINE: APOLOGIZIES FOR THAT. IBM, FOR EXAMPLE THIS COMPANY HAS BEEN IN GROWTH MODE, WOULD YOU LIKE TO SEE THE CORPORATE SIDE OF DEMAND STAY RESOLUTE? >> IBM IS INTERESTING BECAUSE THEY HAD A GOOD NUMBER IN THEIR LAST QUARTER, THE SECOND QUARTER, COMING INTO THE THIRD QUARTER THERE ARE CONCERNS ABOUT HOW WAGE GROWTH WILL IMPACT THE CONSULTING BUSINESS. THEY ARE EXPECTED TAKE ON A PERCENTAGE POINT NEGATIVE IMPACT -- 8 PERCENTAGE POINT NEGATIVE IMPACT FROM CURRENCY. IF YOU LOOK AT THEIR MODEL THEY GENERATE 75% OF THEIR BUSINESS FROM SOFTWARE CONSULTING AND 50% OF THE REVENUE IS REOCCURRING. THEY ARE A VERY HIGH CASH FLOW STOCK. SOMETHING YOUR LISTENERS CAN
LOOK AT, THE DIVIDEND IS OVER 5%, ITALY -- IT IS ONLY DOWN 13% YEAR-TO-DATE WHERE THE S&P IS DOWN 25 PERCENT. CAROLINE: WHAT HAS BEEN INTERESTING, OVER THE LAST COUPLE OF EARNINGS SEASONS, SNAP HAS BEEN DICTATING LEADING INTO META-AND GOOGLE WITH THE ADVERTISING MODEL. THEY HAVE BECOME A BELLWETHER. DO YOU EXPECT THEM ON THE UPSIDE OF THE DOWNSIDE? CAROLINE: YOU'RE RIGHT, -- >> YOU ARE RIGHT, EVERYONE FOLLOWED THEM, SECOND QUARTER REVENUES WERE ONLY UP 13% AND THEY GUIDED FOR THIRD QUARTER REVENUES TO BE FLAT. SINCE THEN THINGS HAVE IMPROVED, THEY'RE LOOKING FOR REVENUES TO GROW 6%. THEY HAVE HAD CHALLENGES AS YOU KNOW IN TERMS OF THE CHANGE IN PRIVACY WITH APPLE. THEY HAVE ALSO HAD COMPETITIVE
ISSUES WITH TIKTOK. YOU ARE RIGHT, THEY ARE A COMPANY THAT WILL DICTATE WHAT HAPPENS WITH ALPHABET, TWITTER, AND META-IN TERMS OF ADVERTISING REVENUE ONLINE AND HAVE THE HEALTH OF THE BUSINESS IS GOING. CAROLINE: OF COURSE YOU HAVE TWITTER EXPOSURE AS WELL. IS TWITTER GOING TO BE ANYTHING BUT THE STORY OF M&A? OR ARE YOU FOCUS ON FUNDAMENTALS? >> IT IS A TOUGH COMPANY BECAUSE THEY DO NOT SEE TO EVER GROW THEIR SUBSCRIBER BASE. IT IS VERY FLAT.
YOU HAVE THE HYPE ABOUT ELON MUSK WANTING TO BUY THE COMPANY AND CHANGE IT AROUND. IF YOU LOOK AT THE GROWTH TRAJECTORY HAS BEEN BENIGN COMPARED TO SNAP, META-, OR ALPHABET OVER THE LAST FIVE YEARS. THEY STILL HAVE A LOT OF CHALLENGES, NOT ONLY IN THE OVERALL ADDED SPEND MARKET, EXPECTING TO SLOWED TO 16% FROM 36% LAST YEAR. THEY HAVE ISSUES AND HOW THEY ARE STRUCTURED. THEIR AVERAGE USER TIME IS ABOUT TWO MINUTES COMPARED TO FACEBOOK OR META THAT IS 30 MINUTES. GIVING YOU AN IDEA OF HOW LONG PEOPLE STAY ON IT AND LOOK AT IT IS USUALLY A QUICK INTERCHANGE.
IT WILL BE A TOUGH QUARTER, I EXPECT FOR THEM. CAROLINE: WE WANT TO THANK YOU SO MUCH FOR YOUR EXPERTISE, YOUR YEARS OF EXPERIENCE OF MANAGING MONEY AND GETTING INTO THE RIGHT STOCKS. WE THANK YOU. TALKING ABOUT TWITTER, SOME SOCIAL MEDIA FOCUSED ON CONSERVATIVE VOICES, KANYE WEST BUYING PARLER, WHAT IS HIS VISION OR THE SOCIAL MEDIA PLATFORM IT WAS THAT TELL US ABOUT THE CHANGING OF THE GUARD SOCIAL MEDIA IN GENERAL? WE WILL TALK ABOUT IT WITH THE CEO OF PARLER'S PARENT COMPANY GEORGE FORMER.
THIS IS BLOOMBERG. ♪ CAROLINE: KANYE WEST HAS AGREED TO BUY PARLER. THE SOCIAL MEDIA PLATFORM HAS BEEN EMBRACED BY CONSERVATIVES WHO HAVE LEFT TWITTER OVER ALLEGATIONS APPLICABLE CENSORSHIP. THE PEARMAN -- PARENT OF PARLER IS GEORGE FARMER. HE IS JOINING US NOW FROM THE FUTURE UNDER YEA. FIRST AND FOREMOST, WHAT DOES HE BRING YOU? YOU WILL STILL BE DOING THE UNDERLYING TECHNOLOGY IF I AM RIGHT. WHAT IS HE BRING IN TERMS OF
LEADERSHIP AND OWNERSHIP? >> I THINK HE BRINGS A VISION TO THE PLATFORM THAT IS MUCH NEEDED. YOU HAVE SEEN THE RISE OF PERSONALITIES SURROUNDING SOCIAL MEDIA APPS. ELON MUSK ON TWITTER OR DONALD TRUMP UNTRUTH SOCIAL. -- ON TRUTH SOCIAL. PARLER LOOKS TOWARDS ACHROMATIC
-- A CURVE AS A -- A CHARISMATIC LEADER. HE WILL BE A NECESSARY GRADE OF TALENT TO THE PLATFORM. WE ARE EXCITED TO WORK WITH HIM. IT PUTS US BACK ON THE MAP. IT IS SOMETHING WE HAVE LONG ASPIRED TO BE BACK ON. CAROLINE:
WERE YOU WORRIED ABOUT NOT BEING ON THE MAP? WERE YOU LOSING MEMBERS OR USERS? >> I THINK IT IS FAIR TO SAY THE COMPETITIVE LANDSCAPE HAS BECOME MORE COMPETITIVE. WHEN PARLER WAS FOUNDED IN 2018, IT WAS THE ONLY WHAT I WOULD SAY FREE SPEECH IS A BUSINESS SOCIAL MEDIA APP AROUND. IN THE INTERMEDIATE YEARS, LANDSCAPE HAS BECOME MORE COMPETITIVE. IT NEEDS A CHARISMATIC PERSONALITY, AS MUCH AS I WOULD LIKE TO SEE MYSELF AS A CHARISMATIC LEADER IT IS A DIFFERENT GAME WHEN IT COMES TO OUTREACH AND PRESENCE IN EXISTING SOCIAL MEDIA APPS. KANYE, YE'S PRESENCE ON INSTANT MEDIA -- INSTAGRAM IS GLOBAL.
HE CAN HELP ACCELERATE THE BRAND GROWTH AND GROW THE PLATFORM INTO SOMETHING HE WANTS IT TO BE AS WELL AS TO COMPLEMENT THE EXISTING TECHNOLOGY AND EVER STRUCTURE. CAROLINE: WHAT DOES HE THINK THE PLATFORM AND BRAND IS? HOW LONG HAS HE BEEN A USER? HOW DID THIS ALL UNFOLD? >> THE DEAL REALLY TOOK SHAPE QUICKLY OVER THE LAST COUPLE OF WEEKS. IT IS BECAUSE HE HIMSELF HAS FALLEN VICTIM TO THE CANCEL CULTURE NARRATIVE THAT DEPLATFORMED HIM FROM TWITTER AND INSTAGRAM. HE HAS BEEN A PROPONENT OF FREE SPEECH FOR A VERY LONG TIME. I THINK THAT THE SCALES FELL FROM HIS EYES IN REGARDS TO BIG TECH TEMPERATURE AND ALASKA -- CENSORSHIP OF THE LAST COUPLE OF WEEKS. THAT IS WHEN IT BECAME IN
EARNEST, AND TOOK OVER THE LAST -- AS I MENTIONED IN THE PRESS RELEASE IT WILL BE CONCLUDED IN Q4 WE WERE QUICK TO GET THE STATEMENT OUT TO GIVE A STATEMENT OF INTENT OF WHERE THE PLATFORM IS GOING. CAROLINE: I AM INTERESTED, IT HAS BEEN -- HE HAS BEEN DEEP PLATFORM TO -- DEPLATFORMED BECAUSE OF ANTI-SEMITIC POSTS. HOW DO YOU HAVE THE RIGHT LINE OF FREE SPEECH AND HATE SPEECH? >> WHO IS IN THE POSITION TO MAKE THAT?. MY QUESTION RESPONSE, IF I MAKING THAT DECISION WHAT RIGHT DO I HAVE TO MAKE THAT DECISION? , PART OF OUR COMMUNITY PLATFORM THAT OUTLAWS GORE, VIOLENCE, DIOXIN, ARE STRIPPED FROM THE -- DOCK SING, ARE STRIPPED FROM THE PLATFORM IN THEIR PUT UP. BEYOND THAT, PARLER IS A FREE SPEECH SITE AND WE ARE LEFT -- WE BELIEVE IN MAXIMUM ALLOWABLE FREE SPEECH. MOST SPEECH ACTUALLY CURES BAD
SPEECH IN SOME WAYS. TO SHOW A BAD IDEA IS A GOOD IDEA IS THE BEST WAY TO KILL A BAD IDEA. THAT IS KIND OF WHAT WE BELIEVE. CAROLINE: IN TERMS OF IDEAS OF THIS DEAL, HAS BEEN NOTED BY MANY THAT YOUR WIFE, CANDACE OWENS, IS SOMEONE WHO HAS BEEN HELPING CERTAINLY -- CERTAINLY CONVIO -- KANYE WEST HIMSELF HAS COME TO HER MOVIE, HOW MUCH DID SHE PLAY A PART IN THE ROLE OF THIS DEAL IN SOME WAY? >> MY WIFE IS A INTEGRAL PART OF MY LIFE, BE DIFFICULT TO DIVORCE EVERYTHING WE DO WITH EACH OTHER. WE ARE A TEAM.
FOR SURE SHE HAS ABLY SHIPPED WITH KANYE -- HAS A RELATIONSHIP WITH KANYE. THEY TALK ABOUT CULTURE. I WOULD NOT HAVE HAD MY INTRODUCTION TO YE IF IT WERE NOT FOR HER. THE NEGOTIATION OF THE DEAL ITSELF WAS LEFT TO ME, I AM MORE THAT ASPECT OF OUR LIFE. THE TECHNOLOGY ASPECT OF THE BUSINESS ASPECT, SHE HAS HER OWN SUCCESSFUL IS THIS VENTURES -- BUSINESS VENTURES. SHE IS SUCCESSFUL IN HER OWN RIGHT. IT WAS NEGOTIATED BY ME. CAROLINE: WHAT ABOUT DEALS IN THE FUTURE? WE SAW AN AMUSING TWEET PUT OUT BY ELON MUSK, HIM AND YE BECOMING A TEAM WITH HIM AS TWITTER AND YE WITH PARLER.
WHAT DO YOU MAKE OF THAT? IS THAT THE FUTURE YOU WANT FOR THE COMPANY BUILT? -- YOU BUILT? >> I WAS HIGHLY ENTERTAINED TO SEE THAT TWEET. STRATEGIC PARTNERSHIPS ARE ON THE TABLE, ABSOLUTELY. I SAID THIS MORNING IN A COMMENT THAT I GAVE, WE ARE AT THE END OF THE BEGINNING OF THE START OF THE PATRIOT ECONOMY. I THINK IN THE LAST FIVE YEARS YOU HAVE SEEN A MASSIVE LAND GRAB IN TERMS OF COMPANIES LAUNCHING AND TRY TO TAKE POSITIONING IN THE SPACE.
YOU SEE IT IN BANKING, SOCIAL MEDIA, PAYMENT PROCESSING, EVERYTHING FROM INSURANCE TO COFFEE. TO EVERYTHING IN THE WORLD. WHAT IS HAPPENING NOW IS THE SPACES QUITE CROWDED AND YOU WILL SEE CONSOLIDATION. YOU WILL SEE MORE M&A IN THE SPACE. CAROLINE: YOU MIGHT BE BOUGHT? >> THE DECISION IS NOWYE'S. THERE IS ABSOLUTE POSSIBILITY
HE COULD TURN THE COMPANY AROUND AND SELL IT AND MAKE IT PART OF SOMETHING MUCH BIGGER. IN TURN HE MIGHT BE LOOKING FOR ACQUISITIONS HIMSELF. THAT IS A DISCUSSION I'VE YET TO HAVE THEM. I THINK IT IS VERY EXCITING.
CAROLINE: GEORGE, APPRECIATE THE TIME, PARLER TECHNOLOGY'S CEO. WE HAVE BEEN TALKING ABOUT SOCIAL MEDIA AND THE LANDSCAPE, PEOPLE TELL -- PETER TILL HAS BEEN BACKING SOME OF THOSE. A GERMAN START UP HAS GOTTEN A BIG BACKING FROM ELON MUSK, RECEIVING FUNDING. HE SAYS IT IS LEAPS AHEAD OF THE COMPETITION THAT HAVE SUPPLIED 42 DRONES TO SUPPORT THE UKRAINE ARMY. INSTAGRAM HAS LATCHED THERE -- SLASHED THEIR VALUATION.
HIS UNICORN STATUS KILLED IN THE -- MIGHT GET -- I NEXT GUEST THINGS THAT. THIS IS BLOOMBERG. CAROLINE: OUR NEXT GUEST SAYS BY 2024 WE WILL HAVE REDEFINED THE TERM UNICORN. ENTERING A DARWINIAN ERA FOR THE TECH SECTOR? HE IS BEHIND GOPRO, HOTSPOT, RAINMAKER SECURITIES, WHEN THE LARGEST PLATFORMS FOR TRADING SHARES OF TECH COMPANIES -- PRIVATE TECH COMPANIES. FIRST OF ALL, TALK TO US WHY UNICORN DOES NOT MAKE SENSE AS A TERM? >> THANK YOU FOR HAVING ME. IF YOU LOOK AT THE END OF BETWEEN 21 WE HAD ALREADY -- THE END OF 2021 WE HAD A THOUSAND UNICORNS.
REPRESENTING AN UNPRECEDENTED SIZE LEVEL OF COMPANIES. THERE ARE SOME COMPANIES THAT YOU DESERVE A ALIEN -- BILLION PLUS MARKET CAP. THEY WILL BE LARGE ONE-DAY. A GOOD PERCENT OF THEM WILL -- GOT WAY OUT ASKEW WITH THEIR VALUATION. INVESTORS WERE LOOKING FOR THE NEXT SNOWFLAKE. THE PROBLEM IS THERE A VERY FEW COMPANIES THAT CAN ASPIRE TO THOSE TYPES OF HEIGHTS.
THAT IS WHY WE WILL SEE A LOT OF THESE COMPANIES NOT SUSTAINED IN A CORN STATUS IN THE FUTURE -- IN A CORN STATUS IN THE FUTURE. >> DO WE SEE THEM FADING? IS THERE MORE AND IT -- M&A? WHAT DOES DARWINIAN IS HIM LOOK LIKE? >> THERE ARE FEWER COPIES OF THE SIZE AND SCALE AND MARKET LEADERSHIP THAT WILL GO PUBLIC. A LOT OF THESE COMPANIES THAT UNFORTUNATELY THERE I WAYS AND'S WERE SET VERY HIGH.
THERE -- THEY'RE BUSINESSES WERE GIVEN A LOT OF CASH TO GROW, GROW, GROW. THEY WILL STRUGGLE TO EVER BECOME PROFITABLE. THERE ARE A GOOD NUMBER OF COMPANIES THAT FIT IN THAT CATEGORY.
THEY WILL BE LOOKING FOR A HOME. I THINK THE PRIVATE FINANCING MARKETS ARE DRYING UP FOR SOME OF THESE COMPANIES. THEY WILL BE LOOKING FOR A HOME. THE GOOD NEWS IS MANY OF THEM HAVE GREAT PRODUCTS. THERE WILL BE A VERY VIBRANT M&A MARKET IN THE NEXT TWO YEARS. CAROLINE:
M&A, BETTER VALUATIONS FOR THE BUYER AT LEAST. AS A SELLER AND A TALENT MEMBER IN THESE COMPANIES THAT IS ERODING MARKET VALUES. PEOPLE THAT ARE BEING PROMISED CERTAIN EXITS, LIQUIDITY MOMENTS, BEING PAID IN SHARES, WHAT DOES THIS LOOK LIKE FOR THEM GOING FORWARD? >> IT IS A BIG PROBLEM, SOME COMPANIES ARE BEING PROACTIVE ABOUT THAT. INSTACART TODAY LOWERED ITS VALUATION AGAIN.
THE BAR FOR A NEW EMPLOYER EXECUTIVE COMING IN AS MUCH LOWER. IF THE BAR IS HIGH, THE OPTIONS AND SHARES WHEN YOU JOIN THE COMPANY WILL BE OUT OF MONEY. I THINK YOU WILL SEE A LOT OF REPRICING OF INTERNAL OPTIONS TO KEEP EMPLOYEE MORALE UP. THE LESSON YOU WANT TO DO IS
WORK FOR A COMPANY THAT IS WORTH 10 BILLION, BUT WITH YOUR OPTIONS IS ONLY WORTH A A BILLION. YOU WILL SEE A LOT MORE OF WHAT INSTACART DID TODAY. CAROLINE: DO YOU SEE FUTURE UNICORNS BEING BORN IN THIS AREA? MANY THINK IN THE TOUGHEST OF TIMES THERE ARE SOME BORN OUT OF THEM. WILL THIS BE AN ERA OF INNOVATION OR ONE OF STEALTH AND LOWER GROWTH FOR THE TIMING? >> I ABSOLUTELY WILL HAVE MANY NEW UNICORNS THAT ARE BORN DURING THIS PERIOD. ONE OF THE THINGS THAT COVID DECELERATED WAS THE -- ACCELERATED WAS THE ADOPTION OF NEW TECHNOLOGY. A LOT OF LEGACY TECHNOLOGY IS BEHIND THE TIMES.
IT IS CREATED AN OPENING FOR INNOVATIVE ENTREPRENEURIAL BUSINESSES TO SEIZE THE DAY AND THE MOMENT TO START IS IS IS THAT ARE THE PATH OF PROGRESS. THE NEXT GENERATION WHERE TECHNOLOGY IS GOING. I THINK NOW IS A GOOD TIME TO START A COMPANY. WE WILL NOT SEE AS MANY UNICORNS AS WE DID IN 2021. CAROLINE: WE WILL NOT GET START ABOUT DECACORNS. THANK YOU VERY MUCH.
WE WILL TALK ABOUT THE NEED FOR MORE DIVERSITY IN THE WORLD OF BC, -- VC. THEY WILL TALK TO US, BUT WOULD LOOKS LIKE ON THE GROUND RIGHT NOW. MEANWHILE WILL BE GETTING BACK INTO THE WHAT THE MARKETS MADE OF THE DAY. S&P 500 HAVING THE BEST MONDAY OF THE YEAR. STAY WITH US. TECH STOCKS ARE PERFORMED AS WE LOOK AHEAD TO SOME OF THOSE EARNINGS. WE PICK APART NETFLIX ON DECK FOR TUESDAY.
FROM NEW YORK, THIS IS BLOOMBERG. ♪ CAROLINE: THIS IS "BLOOMBERG TECHNOLOGY," I AM CAROLINE HYDE IN NEW YORK LET'S GET BACK TO THE MARKETS. LET'S GET BACK TO THE CHIP MARKET IN PARTICULAR. AT THE LOW COMING HAVE THE LATEST IN TERMS OF SEMICONDUCTOR DELIVERY TIMES.
>> THE DATA COMING FROM SUSQUEHANNA FINANCIAL GROUP, 26.3 WEEKS, DOWN OR DAYS FROM THE PREVIOUS MONTH. IT DOES NOT SOUND LIKE -- 4 DAYS FROM THE PREVIOUS MONTH. IT IS THE BIGGEST MONTH ON MONTH DROP IN LEADTIMES, SINCE THE FIRM STARTED RECORDING THE DATA. THERE ARE STILL POCKETS OF TIGHTNESS AND SUPPLY ACCORDING TO THE CONFIRM.
PARTICULARLY MICRO CONTROLLERS AND AUTOMOTIVE SPECIALIZED CHIPS. YOU SEE THE CHART WE ARE AT ELEVATED LEVELS. THIS IS A MARKET WHERE SUPPLY IS AN ISSUE. AT LEAST WE ARE NOW HEADING IN
THE RIGHT DIRECTION. AT THE SAME TIME WE HEAR THESE WORRYING SIGNALS ABOUT DEMAND, AMD THIRD QUARTER SALES ESTIMATES MYSTIC THE QUARTER BY -- MISSED THE QUARTER BY BILLION DOLLARS. INTEL WILL BE LAYING OFF A THOUSAND WORKERS BECAUSE THE DEMAND FOR PC CHIPS IS DROPPING OFF. THERE HAS BEEN SO MUCH PAIN IN THE SEMICONDUCTOR SECTOR, FROM THE EQUITY MARKET PERSPECTIVE SO FAR IN 2022. THIS IS A KEY EARNINGS PERIOD WHERE WE WORK OUT WHAT THE BALANCE IS. WHERE WE NET OUT FOR AN INDUSTRY YOU AND I HAVE BEEN GLUED TO FOR A GOOD TWO YEARS. CAROLINE:
CERTAINLY HAPPEN, THANK YOU FOR KEEPING US UP TO MOVES -- UP-TO-DATE ON THE MOVES OF THE DAY. LET'S GO BACK TO THE NEWS IN TERMS OF VALUATIONS IN THE PRIVATE PART OF THE MARKET AS OF YET. LET'S START VENTURE CAPITAL. WE WILL TALK ABOUT GENDER, EQUITY WITHIN, LACK THEREOF, THEY JUST ANNOUNCED $200 MILLION NEW FUNDING ROUND, THE LARGEST RAISED TO DATE. IT IS BRINGING ON STEPHANIE.
AS EQUAL PARTNERS, SHE JOINS ME ALONG SIDE HER PARTNER MELODY. CONGRATULATIONS ON THE HIRING, THE BEEPING UP ON THE TEAM, THE 200 MILLION -- BEEFING UP ON THE TEAM COUNTED $200 MILLION, LET'S TALK ABOUT THE SEED FUNDING WITH SMALLER CHECKS BEING PUT TO WORK. IS NOW THE TIME TO SEE GREAT BUSINESSES BEING BUILT? >> WE ARE PRETTY EXCITED THERE IS NOT A BETTER TIME TO BE INVESTING IN EARLY STAGE COMPANY AT THE FORMATION STAGE.
AS ALWAYS WE ARE VERY EXCITED TO PARTNER WITH FOUNDERS AT THE CONCEPT STAGE, OR FOUNDERS THAT HAVE GAINED A LITTLE BIT OF TRACTION POST LAUNCH. WITH THE NEW 200 MILLION UNDER COMMITMENT ACROSS THE EARLY-STAGE SEED FUND AND THE OPPORTUNITY FUND WE CALL ALL ACCESS, WE CAN PARTNER WITH FOUNDERS ACROSS THE EARLY-STAGE. CAROLINE: WHAT IS SO IMPRESSIVE AS THE PREVIOUS 100 MILLION INVESTMENT ECHO, YOU PUT YOUR MONEY WHERE YOUR -- VEHICLE, YOU PUT YOUR MONEY WHERE YOUR MOUTH IS. THIS EXPERIENCE, THIS PROOF POINT WAS WHAT ATTRACTED YOU TO JOINING NEXT VIEW VENTURES. HOW DO YOU REMAIN AND BUILD ON THOSE COMMITMENTS BEING A KEY FOUNDER OF ALL RAISE? >> ABSOLUTE COME AT THE END OF THE DAY DIVERSE TEAMS INVEST IN MORE DIVERSE FOUNDERS. OUR TEAM AT NEXTVIEW IS STILL REPRESENTATIVE. WE CAN BE MORE REPRESENTATIVE
OF WHAT WE WANT TO SEE IN OUR INDUSTRY. AT THE END OF THE DAY IT WAS IMPORTANT FOR ME TO JOIN A TEAM THAT ONLY DIVERSE ITSELF, BUT ALSO VALUES THAT IN THE FOUNDERS IT INVESTS IN. DIVERSITY MEANS MANY THINGS COME UP BACKGROUND, ETHNICITY, RACE, GENDER, AS WELL AS GEOGRAPHY. CAROLINE: I WAS INTERESTED, MELODY, WHEN
YOU SEE A DOWNTURN, HOW IT TENDS TO AFFECT WOMEN BUILDING BUSINESSES. WHEN I LOOK AT THE MACRO JOBS DATA, WITHIN THE NUMBERS YOU SEE WOMEN TO BE THE FIRST 1 -- LAST ONE IN AND FIRST ONE OUT. THE PARTICIPATION RATE ERODED. ARE YOU WORRIED ABOUT PEOPLE BACKING AWAY FROM THEIR COMMITMENTS MADE IN 2021 TO BACK DIVERSE LEADERS? >> IN TIMES LIKE THIS THERE IS DIFFERENTLY A RISK OF GOING BACKWARDS. VENTURE AS AN INDUSTRY IS FAIRLY INSULATED AND RELATIONSHIP DRIVEN. DURING TIMES LIKE THIS THERE IS A CHALLENGE, FOR A LOT OF INVESTORS, HOPEFULLY NOT, THEY MIGHT GO BACK TO THEIR INNER CIRCLES AND FOUNDERS THAT LOOK MORE PROVEN ON PAPER. IT IS SOMETHING WE WANT TO BE CONSCIOUS OF, HOPEFULLY THE INDUSTRY AT LARGE CAN REALLY TRY TO PAY EXTRA ATTENTION, ESPECIALLY DURING TIMES LIKE THIS WHERE IT IS EASY TO FALL BACK INTO BAD HABITS. CAROLINE:
INDEED, ALWAYS, STEPHANIE, THIS WAS MEANT TO HELP ACCELERATE AND SHINE A LIGHT ON PEOPLE OF COLOR, WOMEN BUILDING GREAT BUSINESSES ACCELERATE AND GROW THEM. HOW ARE YOU FINDING THE NEXT EXCITING INVESTMENTS? YOU WILL BE BICOASTAL WITH NEW YORK OFFICES AND SYMPHYSIS GO ARE YOU LOOKING ACROSS THE U.S.? GLOBALLY? HOW ARE YOU FINDING THESE LEADERS? >> I AM PROUD TO SAY WE ARE LOOKING ACROSS NORTH AMERICA.
TAPPING, OBVIOUSLY, INTO OUR DIVERSE NETWORKS THAT WE HAVE WITHIN THE NEXT VIEW --VIEW TEAM. WITH THE FOUNDERS WE WORKED WITHIN THE PAST, AND THOSE WE CO-INVESTED WITH, WE HAVE THE OPPORTUNITY IS NOT JUST THE MARKETS WHERE WE ARE BASED, BUT ALL CROSS NORTH AMERICA. GREAT IDEAS CAN COME FROM ANYWHERE. NEXTVIEW HAS INVESTED IN A BROAD GEOGRAPHIC FOCUS SINCE INCEPTION. HOWEVER WE HAVE SEEN A BROADER
TREND IN THE MARKET, AND A POST-COVID ENVIRONMENT WHERE COMPANIES ARE BEING BUILT WITH MORE AND MORE DISTRIBUTED TEAMS. IT IS NOT SURPRISING TO ME THAT WE SEE EARLY COMPANIES START IN MORE AND MORE PLACES AND WE CONTINUE TO BE AN OUTLET FOR FOUNDERS TO TAP INTO THE MAJOR FUNDING MARKETS. SAN FRANCISCO, NEW YORK, BOSTON WHERE WE HAVE HOME OFFICES. CAROLINE: ARE THERE PARTICULAR INDUSTRIES THAT ARE ATTRACTIVE TO YOU AT THIS MOMENT IN TIME? PARTICULAR AREAS OR PROBLEMS THAT BECOME MORE EVIDENTLY NEED TO BE FIXED? >> WE TALK ABOUT AT NEXTVIEW WE TALK ABOUT AXING BROKEN USER EXPERIENCES ACROSS EVERYDAY CATEGORIES AND HABITUAL MOMENTS. WHETHER IT IS AT WORK OR HOME WHERE PEOPLE SPEND TIME. THERE ARE A LOT OF INTERESTING CHALLENGES RIGHT NOW, ONE EXAMPLE COULD BE EVERYBODY IS DOING A HYBRID WORK FROM HOME AND GOING TO OFFICES. THERE IS A LOT OF EVERYDAY
WORKING MOMENTS THAT CONTINUE TO BE REDEFINED AND MADE BETTER. SIMILARLY THERE ARE LOTS OF CHALLENGES AT HOME IS IN THAT SAME CONTEXT. WE TALKED ABOUT WOMEN EARLIER, WORKING PARENTS AND MOTHERS ARE STRUGGLING TO JUGGLE BETWEEN HYBRID WORK. DOING THINGS LIKE THIS ON THE
SCREEN AND THEN TURN AROUND AND HAVING TO DEAL WITH CHILDCARE. CAROLINE: I HAVE SEEN CAMEOS LAST WEEK OF A COUPLE OF KIDS COMING IN. IT IS STILL THERE. >> YES, FISHER. -- FOR SURE. CAROLINE: I LOVE THAT YOUR FOCUS IS ON THAT, IT IS VERY REAL. I AM WONDERING WHAT THE BAY AREA IS LIKE RIGHT NOW, IF YOU PUT -- IF YOU FEEL THAT PUSH PULL RIGHT NOW.
PEOPLE WANT TO BUILD BUSINESSES IN OTHER PLACES THAN SAN FRANCISCO? >> I THINK THE DIFFERENCE HERE IS THAT IT IS A GREAT PLACE TO BUILD A BUSINESS, THE BARRIER TO BUILDING A GREAT START UP IN TERMS OF ACCESS TO TALENT AND ACCESS TO CAPITAL IS BE -- IS MORE DISTURBING IT. IT IS NOT SHOCKING THAT I SEE MORE COMPANIES BUILT AND MORE EMERGING TECH MARKETS. THERE IS STILL A TREMENDOUS AMOUNT OF ENERGY AND DOLLARS HERE. BOTH AT SEED AND FOLLOW ON DOLLARS.
IF YOU THINK OF MELODY AND MY JOB AS SEED INVESTORS WE ARE WRITING THAT FIRST EARLY CHECK INTO COMPANIES. FOUNDERS THEY GET A BUSINESS OFF THE GROUND AND RUNNING. FAR IN A WAY WE ARE NOT THE LAST A CHECK OR LAST CAPITAL INTO THESE COMPANIES. THE REALITY IS THERE IS A LOT OF CAPITAL CONCENTRATED HERE. AGAIN, I THINK FOUNDERS WILL
ALWAYS BENEFIT FROM HAVING ONE MORE NOTE, ONE MORE ACCESS POINT TO THE CAPITAL. CAROLINE: WE LAUGH ABOUT, THE KIDS COMING IN, US BEING IN A COLD PLACE. WE ARE LUCKY, WE ARE ABLE TO WOULD -- ABLE TO AFFORD CHILDCARE. WE ARE PRIVILEGED WOMEN ABLE TO LIVE INCREDIBLE LIVES. I'M CURIOUS HOW YOU FIX
PROBLEMS ACROSS SOCIOECONOMIC DIVIDES. AFFECTING ALL AREAS, NOT JUST WOMEN OF COLOR, THE SOCIOECONOMIC VARIETY AND THE WOMEN THAT WE SEE IN THE U.S.. >> IT IS A BIG JOB, WE TALK ABOUT THIS CONCEPT, THE EVERYDAY ECONOMY. WITHIN THE TERM WE THINK OF ALL DIFFERENT TYPES OF EVERYDAY PERSON.
WITH THAT RAYMOND IN MIND, WE ARE REMINDING OURSELVES EVERY DAY -- FRAMING IN MIND WE REMIND OURSELVES TO LOOK FOR EVERYDAY SOLUTIONS NOT JUST FOR ME, BUT EVERYDAY USERS. OUR ENTIRE ASSET CLASS TO THINK ABOUT FINDING SOLUTIONS NOT JUST FOR, I CALL IT COASTAL ELITES, REALLY TRULY FOCUSING ON MASS-MARKET PROBLEMS AND LEVERAGING TECHNOLOGY TO BETTER THAT. CAROLINE: STEPHANIE, TO THAT POINT IS THERE ANYTHING THAT EXCITES YOU AT THE MOMENT IN TERMS OF WHAT IS BEING SOLD FOR THEM YOU THINK WILL BE A $10 BILLION BUSINESS THAT SERVICES NOT JUST THE WEALTHY, BUT THOSE EARNING LESS THAN $50,000? >> TO MELODY'S POINT AT THINK TECHNOLOGY ALLOWS US THE ABILITY TO BUILD COMPANIES AND PROVIDE EFFICIENCIES AT SCALE. IF IT CAN LOWER THE COST FOR SMALL BUSINESSES, INDIVIDUALS TO PUT MORE MONEY WITHIN THEIR HOMES, BY BEING ABLE TO GET PAID FASTER. MAKE THEIR DOLLARS GO LONGER BY BETTER ACCESS TO CREDIT. ALL THOSE TYPES OF SOLUTIONS
ARE THE THINGS WE'RE LOOKING FOR AT NEXTVIEW. IT IS THE EVERYDAY ECONOMY. INVESTING IN COMPANIES THAT SERVICE A SMALL SET OF THE POPULATION ARE NOT TO BILLION -- ARE NOT MULTIBILLION-DOLLAR COMPANIES. WHEN WE THINK OF IT, IT HAS TO ADDRESS A VERY LARGE GLOBAL POPULATION. CAROLINE:
SOLUTIONS IN A VERY LARGE TOTAL ADDRESSABLE MARKET, WANT TO THINK YOU VERY MUCH FOR PUTTING SO MUCH THOUGHT ACROSS THE BOARD WHEN IT COMES TO INVESTING FOR GOOD. CONGRATULATIONS ON THE NEW FUND AND INDEED THE NEW TEAMBUILDING. SAN FRANCISCO, MAYOR OF LONDON BREED -- MAYOR LONDON BREED IS PREPARING TO MOVE BEYOND THE TECH DOMINATED LANDSCAPE.
ACKNOWLEDGING THAT MANY REMOTE WORKERS WILL NEVER FULLY RETURN, LIFE AS WE KNOW IT BEFORE THE PANDEMIC WILL NOT BE BACK. THE COMMENTS NOW SHOW A SHIFT, AFTER MAYOR BREED SPENT MUCH OF THE YEAR TRYING TO LURE PEOPLE BACK TO THE OFFICES AS RETURN OFFICE RATES REMAIN STUCK AT PERCENT -- 40%. COMING UP. THIS IS BLOOMBERG. CAROLINE: IT IS TIME NOW FOR OUR DAILY CRYPTO REPORT A LOT IS GOING ON WITH FTX. IT IS BEING EYED BY TEXAS RIGHT NOW, SHE IS HERE TO BE -- TO EXPLAIN WHAT PART OF SBF'S RECENT DOINGS THEY ARE LOOKING AT.
>> IT IS TIED TO A DEAL, THIS IS ALL REVEALED IN THEIR VEIN OF PURCHASE OF ASSETS. TEXAS REGULATORS SAYING THEY SHOULD NOT MOVE FORWARD WITH THAT $1.4 BILLION PURCHASE OF THOSE ASSETS. THAT IS PARTIALLY BECAUSE OF THIS DISPUTE OF IF THESE ARE SECURITIES ARE NOT. WHEN YOU LOOK AT YIELDING ASSETS THAT ARE BEING UNDER FTX PURVIEW. IT IS NOT JUST FTX TRADING IT IS ALSO SAM BANKMAN-FRIED THEY ARE LOOKING AT.
YOU HAVE THAT QUESTION, WHO IS OVERSEEING THE YIELD PRODUCTS THAT ARE UNDER THE PURVIEW OF ALL OF THESE LARGE EXCHANGES THAT ARE IN RECENTLY GETTING BIGGER IN THIS GAME. CAROLINE: SO THE WHITE KNIGHT HYPOTHESIS BEING PUT UNDER THE SPOTLIGHT FOR A LARGER EXTENT. >> IT IS INTERESTING TO LOOK AT WHAT THEY SAY IN THE RESPONSE OF THIS, THE APPLICATION FOR LICENSE THAT HAS BEEN PENDING AND THEY BELIEVE THEY ARE OPERATING FULLY WITHIN THE BOUNDS OF WHAT THEY CAN DO IN THE INTERIM.
YOU KNOW THAT FTX HAS BEEN OPERATING IN THE BAHAMAS, SEPARATELY IN THE U.S., SEPARATELY AND JURISDICTIONS AROUND THE WORLD. HOW DOES TEXAS AS A REGULAR FALL IN LINE WITH WHAT IS HAPPENING ON THE BROADER SCALE GLOBALLY WITH THE FTC AND SEC? CAROLINE: LET'S TALK ABOUT THE EYEING OF THREE ARROWS CAPITAL. >> THE FTC AND CFTC, ARE LOOKING TO SEE IF THEY SHOULD HAVE REGISTERED WITHIN THE UNITED STATES. EVEN IF YOU ARE OPERATING ABROAD, THE LOCATIONS OF THE FOUNDERS HAVE BEEN UNDISPUTED THEY HAVE BEEN UNDER -- STATEMENT HARD TO REACH IN THE BANKRUPTCY.
THEY NEED TO BE PAYING CERTAIN CREDITORS BACK. YOU HAVE THE -- PEOPLE FAMILIAR OF THE MATTER SAYING THEY ARE LOOKING AT IN PARTICULAR WHETHER THEY HAVE VIOLATED RULES BY SLEETING INVESTORS -- MISLEADING INVESTORS AND INVEST -- REGISTERED IN THE U.S. IN THE FIRST PLACE. HOW INVESTORS GLOBALLY ARE TREATED WITHOUT CERTAIN CLOSURES AND REGULATIONS. INSTEAD OF CERTAIN PRODUCTS BEING SOLD HERE WE'RE LOOKING AT THE VERY NATURE OF HOW THREE ARROWS HAD OPERATED IN OF ITSELF. CAROLINE: BRING US UP TO SPEED TO WHERE WE ARE IN THE WHOLE LIQUIDATION PROCESS. THIS IS NEVER BEEN DONE BEFORE,
CERTAINLY NOT AT THIS SCALE, WITH THESE NEW TYPES OF ASSETS AND SECURITIES. >> IT IS INTERESTING WHEN YOU TALK TO PEOPLE ABOUT -- WHO HAVE INTERACTED WITH THREE ARROWS, WILL THEY GET THEIR MONEY BACK IN THE FIRST PLACE? WHO IS ODEON WAS THE PART OF THE CAPITAL STRUCTURE? >> THE WATERFALL IS NOT AS CLEAR. >> EXACTLY, THEY HAVE BEEN APPOINTED AS AN INTERMEDIARY TO WORK ON THIS. EVEN THEY HAVE NOT BEEN ABLE TO ACCESS THE FOUNDERS IN THE FIRST PLACE.
HOW DOES A BANKRUPTCY PROCEEDING HAPPEN GLOBALLY WITHOUT THE FOUNDERS BEING ABLE TO COME UP TO THE TABLE? CAROLINE: YEAH. ZOOM CANNOT WORK FOR EVERYTHING. >> TWITTER EITHER, TWITTER IS HOW THEY HAVE BEEN APPROACHED BY MANY OF PARTIES. CAROLINE: DEALS OLD-SCHOOL, DO NOT MISS BLOOMBERG CRYPTO EVERY TUESDAY FOR MORE OF A DEEP DIVE. COMING UP WORDS OF WARNING COMING UP FROM CHINESE PRESIDENT JINPING, BOWING TO -- VOWING TO SPEED UP RELIANCE CAROLINE: CHINESE PRESIDENT XI JINPING PLEDGED HIS NATION WOULD -- TO DEVELOP STRATEGIC TECHNOLOGY, UNDER STORING THE CONCERN -- THIS IS ALL THE 20TH PARTY CONFERENCE OF THE CURRENT ADMINISTRATION.
LET'S BRING IN BLOOMBERG'S DEBBIE WU FOR MORE ON THIS. THE GREAT GATHERING IS UPON US, THE GREAT PUSH FORWARD IF XI JINPING WERE MEN CONTROLLED THE NEXT 10 YEARS AS WELL. IN THE -- WILL REMAIN IN CONTROL FOR THE NEXT 10 YEARS AS WELL. WHAT ARE WE HEARING WHEN IT COMES TO THE U.S. CUTTING OFF KEY TECHNOLOGIES? >> HE SAID SUNDAY CHINA WILL CONTINUE TO INNOVATE TO REACH TECH AND SELF-RELIANCE. THE BILLION DOLLAR QUESTION IS IF ASIAN CAN PUSH FORWARD WITH ITS EFFORTS -- BEIJING CAN PUSH FORWARD WITH ITS EFFORTS AFTER THE NEW RULES.
THE NEW MEASURES WASHINGTON IS STARTING TO HIT AT CHINA'S TECH DEVELOPMENT IS BROUGHT. U.S. COMPANIES LIKE AN EQUIPMENT SUPPLIER HAS BEEN ENSNARED IN THIS NEW RESTRICTIONS. ONE OF THE BROADEST IS ABOUT THE RESTRICTIONS FOR U.S. PERSONS TO ASSIST WITH CHINA'S
CHIPPED ABOUT -- CHIP TECHNOLOGY MOMENT. -- DEVELOP IT. WE TRY TO GET A BETTER UNDERSTANDING ABOUT. CAROLINE: DO YOU THINK THIS IS GOING TO BE A LARGER PROBLEM ON CHINA'S ECONOMY AT THE MOMENT? THEY ARE BEING PERCENT BY COVID LOCKDOWNS -- BE SET BY COVID LOCKDOWNS. HOW MUCH OF A WORRY, ON THE LIST OF THAT THEY HAVE, IS THE LIMITATION OF U.S.
EXPERTISE AND INDEED TECHNOLOGY? >> IN THE NEAR TERM, THIS IS NOT GOING TO CAUSE A MAJOR PROBLEM FOR CHINA'S ECONOMY. IN THE LONG RUN THIS WILL SLOWLY EFFECT AGING'S AND -- BEIJING'S AMBITIONS TO COMPETE WITH THE U.S. ON EMERGING TECHNOLOGIES INCLUDING ON ARTIFICIAL INTELLIGENCE AND SELF DRIVING TECHNOLOGIES. IN THE LONG RUN THIS COULD POSE
A PROBLEM TO CHINA'S EFFORTS TO SELF DRIVE IT'S ECONOMY WITH CUTTING EDGE TECHNOLOGIES. CAROLINE: IT HAS CONTINUED TO BE A DETERIORATING SITUATION BETWEEN THE U.S. AND CHINA. WILL THIS BE SPEEDING THIS UP? HOW DO YOU FORESEE REFLATE -- RELATIONS UNFOLDING BETWEEN THE TWO KEY ECONOMIES IN THE WORLD? >> WITH THE LATEST U.S. EXPO CONTROL MEASURES IT IS CAUSING SOME ISSUES BETWEEN THE RELATIONSHIP OF THE TWO GREAT POWERS. THERE ARE ALREADY REPORTS THAT
BEIJING IS STONEWALLING U.S. EFFORTS TO SET UP AGENDA FOR THE UPCOMING MEETING BETWEEN XI JINPING AND BRITAIN. BIDEN DOING THE G20 SUMMIT. WHETHER THIS WILL HAVE MORE FALLOUT FROM THE U.S. MEASURES INCLUDING MAYBE BEIJING WILL CONSIDER RAMPING UP PRESSURE ON TAIWAN. IT REMAINS TO BE SEEN. WHAT WE ARE SURE OF, THE
DETERIORATING RELATIONSHIP BETWEEN BEIJING AND WASHINGTON WILL MAKE INVESTORS FEEL MORE JITTERY ABOUT THE MARKETS. CAROLINE: IT IS BEING REFLECTED AMANDA CHIPMAKER STOCK -- IN MANY OF THE CHIPMAKER STOCK PRICES AT THE MOMENT. WE WANT TO FIGURE FOR YOUR EXPERTISE. -- THANK YOU FOR YOUR EXPERTISE.
THAT DOES IT FOR YOUR. -- THIS EDITION OF BLOOMBERG TECHNOLOGY. . YOU DO NOT WANT TO MISS TOMORROW WE WILL HAVE A KEY FORCE -- VOICE. WOMEN IN THE WORKPLACE AS THE ANNUAL REPORT COMES OUT.
DO NOT FORGET TO CHECK OUT THE PODCAST YOU CAN FIND ON THE TERMINAL AS WELL AS ONLINE, ON APPLE, SPOTIFY, I HEART. AMID WHAT WAS A BUMPER DAY ON THE DAY MOVE FOR STOCKS ON THE GROWTH AREA FOR TECHNOLOGY STOCKS WE LEAVE YOU WITH PREPARATION FOR A MORE VOLATILE ONE TOMORROW. WE BRACE FOR EARNINGS FROM NETFLIX. FROM NEW YORK AND FROM SAN FRANCISCO. THIS IS BLOOMBERG. ♪
2022-10-19 16:38
