'Bloomberg Technology' Full Show (10/31/2022)
>> THIS IS BLOOMBERG TECHNOLOGY WITH EMILY CHANG. EMILY: THIS IS BLOOMBERG TECHNOLOGY. COMING UP IN THE NEXT HOUR, THIS WEEK MARKS THE BEGINNING OF A NEW CHAPTER IN THE ALREADY LONG ELON MUSK TWITTER SAGA. WHAT IS NEXT. PINTEREST'S LATEST EARNINGS BE WAS A WELCOME -- BEAT WAS A WELCOME BRIGHT SPOT.
THE STRATEGY TO REIGNITE THE PLATFORM. IN CHINA, AN EXODUS OF WORKERS HAS DISRUPTED OUTPUT IN A WAREHOUSE. THEY ARE TRYING TO KEEP PRODUCTION GOING. ALL OF THAT IN A MOMENT. I WANT TO TAKE A LOOK AT THE MARKETS WITH ED LUDLOW. WALK US THROUGH THIS HALLOWEEN DAY. ED:
SPOOKY TIMES IN THE MARKET. CLEAR DRAG ON THE MARKET THIS MONDAY, GIVING UP THE GAINS WE SAW IN FRIDAY'S RALLY AFTER APPLE'S STRONGER-THAN-EXPECTED MIXED BAG OF EARNINGS. WE SEE YIELDS PUSH HIGHER. AS WE ARE AROUND 50% OF THE WAY THROUGH THIS EARNINGS SEASON, TECHNOLOGY IS A UNDERPERFORMER. OCTOBER HAS NOT BEEN GREAT FOR.
TECHNOLOGY. LOOK AT THIS CHART, THIS IS THE SECOND WORST MONTH FOR THE NASDAQ 100 RELATIVE TO THE S&P 500 GOING BACK TO 2008. TECHNOLOGY IS CLEARLY FALLING BEHIND AS OTHER PARTS OF THE MARKET TAKE OFF. WE KNOW THESE WERE ABOUT THE IMPACT OF HIGHER RATES DISCOUNTING, THE VALUE OF FUTURE PROFITS. THE CONCERN AROUND A SLOWDOWN IN GLOBAL GROWTH ON THE CONSUMER SIDE AND OF THE SPENDING SIDE.
IT HAS AN INTERESTING MOVE, AIRBNB DROPPING BY MORE THAN IT HAS IN A MONTH. META CLOSING IN THE LOWEST LEVEL SINCE 2017. A CRASH ON THE INSTAGRAM APP. MEME STOCKS, VOLATILITY IN
MEMESTOCKS THIS MONDAY. THERE IS A NAME NOT ON THAT BOARD, FOR THE FIRST TIME THAT YOU HAVE NOT INCLUDED TWITTER ON A TECHNOLOGY MOVER'S BOARD FOR MONTHS NOW. THE COMPANY IS PRIVATE AND WE GOT THE COURT FILING MONDAY, ELON MUSK HAS DROPPED HIS SUIT. EMILY: WE ARE NOT GOING TO STOP
COVERING IT, ARE WE? ED: JUST KIDDING! EMILY: THANK YOU. THIS MARKS THE BEGINNING OF A NEW CHAPTER IN THE MUSK-TWITTER SAGA. HE HAS COMPLETED THE ACQUISITION, FIRE TWITTER'S TOP EXECUTIVES AND TAKEN OVER.
FOR MORE, WE GO TO THE SENIOR MANAGER WHO COVERED TWITTER AS A PUBLIC COMPANY AND OUR OWN TECHNOLOGY EDITOR BRAD STONE. HE HAS DISSOLVED THE BOARD, HE IS THE ONLY BOARD MEMBER AS OF NOW. WHAT IS HAPPENING INSIDE OF TWITTER AT THIS MOMENT? >> THERE IS A LOT OF ANXIETY AND CONFUSION AND SPECULATION RIGHT NOW. EMPLOYEES ARE BRACING FOR LAYOFFS, THEY ARE CONNECTING ON LINKEDIN, A LOT OF PEOPLE ASSUMING THEY ARE ABOUT TO GET KICKED OUT OF THE SYSTEM.
WE NOTE THANKS TO OUR COLLEAGUE, A LOT OF MANAGERS HAVE DECREED LISTS OF EMPLOYEES THAT THEY WERE PLANNING TO LET GO. NOTHING HAS BEEN ANNOUNCED. IT ONLY SEEMS A MATTER OF TIME. OTHER THAN THAT, THEY ARE THROWING A LOT OF THINGS AGAINST THE WALL. YOU HEARD ABOUT REVIVING TWITTER'S OWN VIDEO SHARING SERVICE THAT THEY CLOSED IN 2016. TWITTER WOULD HAVE TO REBUILD IT. THEY HAVE NOT BEEN ABLE TO MAKE MONEY ON THAT WHEN THEY HAD IT. THAT WILL BE A BIG CHALLENGE. THIS IDEA OF GETTING PEOPLE TO PAY FOR THE BLUE CHECKMARK.
$20 A MONTH WAS FLOATED. THEY ARE THROWING SOME THINGS AGAINST THE WALL. ELON MUSK MOST REVISED SUBSCRIPTIONS ARE TWITTER. THAT IS ONE PIECE OF A BROADER PLAN. IT IS VERY EARLY. EMILY: SOMEONE WHO COVERED THE COMPANY AS AN ANALYST FOR YEARS, WHAT DO YOU MAKE OF THIS? WHAT KIND OF A PROPOSITION IS THIS FOR INVESTORS TODAY? >> I THINK IT IS GOING TO BE A COMPLETELY REVAMPED.
I LISTEN TO MUSK CAREFULLY FOR THE LAST SIX MONTHS. I DID NOT HEAR BUSINESS PLANS. HE HAD A LOT OF OTHER REASONS FOR OWNING THE ASSET. IT IS HIS NOW. FROM -- IF THIS WERE TO COME OUT INTO THE PUBLIC MARKETS AGAIN, THIS BUSINESS WILL BE REVAMPED.
IF I MAY STEP BACK, TWITTER DID NOT DO MUCH. IT WAS THERE SEVEN YEARS AND IT BARELY MOVED OVER THE COURSE OF THE TIME. IT NEVER REALLY GAINED A DRAMATIC SHARE AMONGST ADVERTISERS OR MARKETERS. THEY HAD REASONABLE FREE CASH FLOW. THEY COULD NOT BREAK THROUGH BEYOND BEING A SECOND OR EVEN A THIRD TIER ADVERTISING PLATFORM. I HAVE NOT HEARD ANYTHING FROM MOSCOW THAT SUGGESTS HE HAS A PLAN TO BREAK THEM OUT OF THAT.
DESCRIPTIONS ARE LIMITED AS TO A LONG-TERM STRATEGY FOR GOOD STRATEGY BUT THEY DID NOT DRAMATICALLY MOVE THE NEEDLE. I AM SKEPTICALLY WATCHING THIS FROM THE DISTANCE. I HOPE HE CAN IMPROVE THE BUSINESS MODEL THERE.
I AM NOT HOLDING MY BREATH ON THAT. IF HE CAN, WONDERFUL. IN THE MEANTIME, HIS INTENTIONS WERE DIFFERENT FROM IMPROVING THE BUSINESS AND I WISH HIM GOOD LUCK WITH THE REST HE IS TRYING TO DO WITH THE BUSINESS. EMILY: IN THE OUR SUPPER HIS TAKEOVER HATE SPEECH SURGED ON THE PLATFORM AND TWITTER THAT A LOT OF THAT WAS AN AUTHENTIC BEHAVIOR OVER THE WEEKEND, MUST RETWEETED AN ARTICLE WITH -- MUSK RETWEETED AN ARTICLE WITH A CONSPIRACY THEORY ABOUT NANCY PELOSI'S HUSBAND. THIS IS CAUSING REAL DANGERS. WHAT DOES ALL OF THIS TELL YOU? >> THAT WAS A BREATHTAKING LACK OF RESPECT FOR THE FORMER SENATOR AND THE SPEAKER OF THE HOUSE AND HER HUSBAND AND THE FACTS OF THE CASE WHICH ARE WELL ESTABLISHED BY THE CRIMINAL COMPLAINT COMING OUT OF SAN FRANCISCO.
DO THE REALLY BELIEVE THAT THE CONSPIRACY THEORY IS TRUE -- DOES ELON MUSK REALLY BELIEVE THE CONSPIRACY THEORY? THIS IS THE ANIMATING PHILOSOPHY RIGHT NOW. NOT ONLY OF RIGHT-WING REPUBLICANS BUT THE PRO-BUSINESS MODERATES LIKE ELON MUSK AND THEY ENJOY THIS POINTLESS PROVOCATION AND THIS IS HIS MO ON TWITTER. >> WE ARE GETTING THIS HEADLINE. JACK DORSEY CONTRIBUTED $18 MILLION -- TWITTER SHARES TO CONTROL AN INDIRECT STAKE IN THIS COMPANY UNDER ELON MUSK. WHAT DO YOU MAKE OF THAT? WHAT DO ADVERTISERS WHO HAVE BEEN WORKING WITH TWITTER FOR ALL OF THESE YEARS MAKE OF WHAT IS TO COME? THERE IS A LOT OF UNCERTAINTY. >> I WILL GET ON THE SECOND PART. THIS IS KEY.
THIS IS HOW 99% OF THE REVENUE FROM TWITTER IN THE PAST CAME FROM ADVERTISING. I DO NOT SEE A BUSINESS MODEL IN THE FUTURE THAT DOES NOT HAVE A NEW PERCENT PLUS OF THE REVENUE COMING FROM ADVERTISING LIKE IT DOES WITH EVERY OTHER SOCIAL MEDIA ASSET. IT IS A HIGH-MARGIN BUSINESS. THEY DO NOT NEED TO PAY THE CONTENT PROVIDERS. IT IS A HIGH-MARGIN BUSINESS. THEY JUST NEED TO SELL ADS AGAINST IT. ONE OF THE THINGS TWITTER HAS BEEN TRYING TO DO IS MOVE BEYOND BRAND ADVERTISING TO DIRECT RESPONSE ADVERTISING WHICH HAS ALWAYS BEEN THE POWER ALLEY OF INTERNET ADVERTISING. THOSE DOLLARS HAVE GONE TO
GOOGLE AND FACEBOOK AND A FEW OTHER PLACES AND TRICKLED DOWN TO TWITTER. TWITTER HAS NEVER HAD GREAT TOOLS FOR DIRECT RESPONSE ADVERTISERS. THAT IS PART OF THE FIX FROM A BUSINESS MODEL PERSPECTIVE. THAT WILL NOT HAPPEN IN A QUARTER OR TWO. IN THE MEANTIME, MARKETERS AND THE DEBATE ABOUT WHETHER THEY ARE CENSORSHIP OR NOT IN TWITTER, MARKETERS WANT SOMETHING THAT IS SOMETHING THAT IS WELL-REGULATED.
THEY DO NOT WANT THEIR BRANDS PUT UP AGAINST MASSEY CONTENT -- NASTY CONTENT. I THINK THAT IS -- IF SOMETHING CHANGES IN THE MARKETPLACE THAT MAKES IT LESS USER-FRIENDLY, MO , MORE VULGARITY ON THE SITE. I SAW HIS TWEETS TO MARKETERS OVER THE WEEKEND, HE WILL TRY TO AVOID THE PLACE BECOMING A TERRIBLE PLACE. HE DOES THAT FOR PHILOSOPHICAL REASONS AND BUSINESS. REASONS ADVERTISERS WILLFULLY. EMILY: I'M CURIOUS ABOUT THE JACK DORSEY FILINGS. JACK DORSEY STILL RETAINING AN
INDIRECT STAKE IN TWITTER? >> JACK DORSEY IS THE AUTHOR OF THIS WHOLE SITUATION. HE PERSONALLY SOLICITED ELON TO COME BY THE COMPANY. HE LONG FELT THAT TWITTER WOULD DO BETTER AS A PRIVATE COMPANY WHILE TAKING THE PUBLIC -- WHILE GOING PUBLIC WAS A BIG MISTAKE. HE IS A FAN OF ELON MUSK AND HE WANTS TO BE A PART OF TWITTER'S MAKEOVER AND HE CARES DEEPLY FOR THE COMPANY. HE IS PUTTING HIS MONEY WHERE
HIS MOUTH IS. IT WILL BE INTERESTING TO SEE IF HE HAS ANY OPERATION OR ADVISORY ROLE IN THE NEW TWITTER. IT IS TOO SOON TO TELL. THIS IS NOT SURPRISING AT ALL. EMILY: I'M CURIOUS WHAT YOU THINK ABOUT HIM SURROUNDING HIMSELF, ELON MUSK SURROUNDING HIMSELF WITH PEOPLE LIKE DAVID SACHS, A POINT OF VIEW. YOU HAVE AMY KLOBUCHAR OUT THERE SAYING THAT SHE IS WEARING THE HATE SPEECH IS EVEN BIGGER LIABILITY ON TWITTER. CLEARLY WE ARE WAITING FOR THE PLANS TO FORM.
WHAT SORT OF CONCLUSIONS ARE WE SUPPOSED TO DRAW HERE ABOUT WHAT KIND OF COMPANY HE IS GOING TO BE RUNNING? >> EVERYBODY WAS BRACING FOR DONALD TRUMP TO BE REINSTATED ON TWITTER AT THE FIRST DAY. IT DID NOT HAPPEN. I FEEL A LITTLE SHEEPISH FOR EXERCISING RESTRAINT, ABOUT TO GO BACK TO THE POINT, HE HAS TO BALANCE HIS RHETORIC WITH THE REALITIES OF RUNNING A COMPANY AND KEEPING THE ADVERTISING BASE AND KEEPING ADVERTISERS HAPPY AND FOSTERING A REASONABLY SAFE DIALOGUE ON THE SURFACE. THEY TALK ABOUT AN OVERSIGHT BOARD. THERE IS A LOT THAT WE DO NOT KNOW. A SORT OF VETO BODY. THESE ARE ALL REAL SERIOUS, HARD QUESTIONS THAT ELON AND HIS FRIENDS WHO ALL HAVE OTHER JOBS HAVE TO DETERMINE. I WISH THEM WELL.
THESE ARE TOUGH DECISIONS. EMILY: WHO KNOWS. THE CEO POSITION IS OPEN. HE IS THE CHIEF FOR NOW. THANK YOU SO MUCH. THEY WILL STICK WITH US AND HELP US BREAK DOWN SOME OF THE BIG TECH RESULTS WE HAVE SEEN OVER THE LAST COUPLE OF WEEKS. STICKING WITH TWITTER, CHRIS MURPHY SAID ELON MUSK'S PURCHASE SHOULD BE SEARCHER DENIES -- SHOULD BE SCRUTINIZED. HE IS CONDUCTING AN INVESTIGATION INTO THE NATIONAL SECURITY IMPLICATIONS OF SAUDI ARABIA'S PURCHASE OF TWITTER. AMONG THE INVESTORS BACKING THE
TAKEOVER IS AN SAUDI PRINCE -- IS A SAUDI PRINCE WHO AGREED TO A ROLLOVER 35 MILLION TWITTER SHARES WORTH ABOUT 1.9 BILLION DOLLARS. TALKING TECH, ROUGH QUARTERS. THE HISTORIC SELLOFFS, NEXT. THIS IS BLOOMBERG. ♪ EMILY: WE ARE BACK WITH MARK. I HAVE TO START WITH MEDA. -- META. THE MARKET CAP IS LESS $250 MILLION. WE ARE BACK TO 2015 LEVELS.
WHAT YOU HAVE EVER THOUGHT THIS COULD BE POSSIBLE -- WOULD YOU EVER THOUGHT THIS COULD BE POSSIBLE? AFTER THIS COMPANY ACHIEVED SUCH HISTORIC HIGHS? MARK: I DO NOT THINK IT WAS PROBABLE OR I WOULD HAVE HAD A BUY ON IT. THIS COMPANY HIT DISPOSAL OF APPLE PRIVACY CHANGES, COMPETITION FROM -- THIS COMPANY HIT THE BUZZ SAW OF THE APPLE PRIVACY CHANGES AND COMPETITION. THE ISSUES THAT CAME UP, THE MARKET WANTS THEM TO CUT OUT THE METAVERSE. RAIN IN EXPENSES. IT IS A RECESSION. WHEN THAT HAPPENS, MARY DOWN, RATCHET DOWN, EXPENSES TO MATCH UP WITH THE DETERIORATING REVENUE AND THE COMPANY IS REFUSING TO DO THAT.
I THINK THIS LAST PART IS SELLING ON THE PART OF INVESTORS WHO ARE SAYING THAT THIS IS NOT THE REVENUE RESULTS PEOPLE EXPECTED. THE CLINGING TO THIS AGGRESSIVE INVESTMENT HORIZON AND THE MARKET HAS SAID THAT IS TOO MUCH. WE ARE OUT OF HERE. WE ARE SELLING. EMILY: THERE WERE A COUPLE OF COMPANIES WHO HAD A STRONG QUARTERS. APPLE, PINTEREST, INTERESTING GIVEN THEIR ROLE IN THE ADVERTISING BUSINESS, AND META, AMAZON, HAVING A REALLY TOUGH QUARTER REPORTING. WHAT IS THE COMMON THREAD HERE? MARK: PINTEREST REVENUE RESULTS ACTUALLY DETERIORATED. EXPECTATIONS HAVE BEEN SET LOW ENOUGH THAT RESULTS CAME IN BETTER-THAN-EXPECTED. THEY DID WITH MEDA TOO, AND
REVENUE CAME IN A SMIDGEN BETTER-THAN-EXPECTED. IT WAS NOT A REVENUE PROBLEM. THEY DO NOT WANT THEM INVESTIGATING THE METAVERSE WITH THEIR RETURN ON INVESTMENT DOLLAR. WHAT IS HAPPENING IS TO SOFTENING ACROSS THE BOARD. THE TWO MOST INTERESTING PARTS TO ME WERE GOOGLE, THE FIRST QUARTER THAT GOOGLE SAID THERE WAS WEAKNESS IN THE SEARCH. THEY SAID THAT IN SEPTEMBER. SEARCH IS USUALLY CONSIDERED TO BE THE MOST NOT RECESSION PROOF, BUT RECESSION RESILIENCE.
IF GOOGLE IS SEEING A DOWN IN SEARCH, EVERY OTHER COMPANY IS SEEING IT. AMAZON IN THE JUNE QUARTER IS ASKED WHETHER THEY HAVE SEEN ANY SIGNS OF CONSUMER SOFTNESS. THE CFO SAID NO. THEY ARE STARTING TO SEE SOFTNESS. NOT SURPRISINGLY, THEY ARE BLEEDING OVER TO THE U.S.. HOW MUCH WORSE COULD IT GET? WE KNOW IT IS GETTING SOFTER, WILL IT GET SOFTER AND FOR HOW LONG? THAT IS A HARD ONE TO KNOW.
I THINK ALL OF THESE COMPANIES ESPECIALLY IF THEY HAVE EXPOSURE TO THE CONSUMER, MICROSOFT AND AMAZON WITH AWS ARE SEEING THE ENTERPRISE IS STARTING TO SLOW DOWN. DEMAND TRENDS ARE SOFTENING. ANY COMPANY WHO TELLS YOU THAT IS NOT THE CASE IS PROBABLY IS NOT BEING HONEST. EMILY: INTERESTING POINT ABOUT PINTEREST. THE NEW CEO IS GOING
TO BE ON THE SHOW IN A FEW MINUTES. I WILL PUT YOUR POINT TO HIM. I WANT TO ASK ABOUT THE PARTNER ADVERTISING LANDSCAPE AND WHAT YOUR OUTLOOK IS. YOU ALSO COVER NETFLIX IT WOULD REVERSE A DECLINE IN SUBSCRIBERS FOR THE FIRST TIME IN A WHILE.
YOU HAVE THE STREAMERS GOING AFTER A PIECE OF THE ADVERTISING PIE IN ADDITION TO THE SOCIAL MEDIA COMPANIES GOING AFTER THE ADVERTISING PIE. HOW IS THIS ALL GOING TO PLAY OUT? >> I THINK PINTEREST IS WELL SET UP HERE. YOU HAVE A TURNAROUND STORY, AN EXECUTIVE WITH A GOOD EXECUTION TRACK RECORD, THE ASSET MAY NOT HAVE BEEN RUN THAT WILL IN THE PAST. NETFLIX STOCK HAS BEEN A MONSTROUS TALK TO THE UPSIDE,
FINALLY OVER THE LAST COUPLE OF MONTHS. A NEW REVENUE STREAM THAT THEY WILL GO FROM ZERO TO 100. THE QUESTION IS HOW QUICKLY.
THERE IS ENORMOUS DEMAND FROM ADVERTISERS FOR ACCESS TO NETFLIX'S BASE. PEOPLE WHO USE THE SITE. YOU HAVE REACHED, FREQUENCY. ALMOST A PRIMETIME AUDIENCE. AMAZON PRIME, THE AVERAGE HOUSEHOLD UPPER TO MIDDLE INCOME GLOBALLY FOR NETFLIX, THERE IS A LOT THAT BRENT CAN TAP INTO FOR THE FIRST TIME, YOU CAN OWN NETFLIX INVENTORY. THERE IS SOMETHING NEW. IF YOU DO NOT HAVE SOMETHING BRAND-NEW, THEY GET WEAKER IN THE BACK HALF OF THE YEAR GOING INTO NEXT YEAR. IT IS THE ADVANTAGE THAT
NETFLIX HAS. SO AS MEDA, I THOUGHT -- SO IS META. I THOUGHT THERE WAS SHOW MORE DISCIPLINE THAN THEY HAVE LET ON. EMILY: YOU HAVE BEEN COVERING TECHNOLOGY FOR TWO DECADES. DO YOU THINK WE ARE SEEING A REAL INFLECTION POINT HERE? IS THERE FURTHER TO FALL? HOW LONG DOES IT TAKE BEFORE THIS TURNS AROUND? MARK: TWO THOUGHTS. WE HAVE A NEGATIVE INFLECTION HERE. TECH IS BIGGER THAN IT WAS DURING THE LAST CYCLE OF 2008
AND 2009 WITH THE GREAT FINANCIAL CRISIS. THOSE WERE THE SAME THING. IT IS MUCH BIGGER. IT IS MORE CYCLICAL THAN IT WAS BACK THEN.
OUR FIRM, WE ARE THE OVERALL ADVERTISING, IT WILL DECLINE INTO THE SINGLE DIGITS. THE DIGITAL ADVERTISING WILL BE FLAT UP 5%. ANOTHER INFLECTION POINT I AM INTERESTED IN WILL HAVE TO COME BACK TO, THAT IS AI.
WHAT MIDDLE AND ALPHABET IS DOING -- WHAT META AND ALPHABET ARE DOING, THEY ARE SPENDING ON ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING. BILL READY HAS BEEN VERY THOUGHTFUL ON THIS TOPIC. I AM FASCINATED WITH WHAT WILL COME OUT OF THIS. THE MARKET IS LOOKING AT THE AI
INVESTMENT AND THE CAPITAL EXPENDITURES. GOOGLE AND META PROBABLY KNOW WHAT THEY ARE DOING AND WE WILL SEE A RETURN. I DO NOT THINK THAT IS PRICED IN. THE GOOD PROVIDE INCREDIBLE LONG-TERM BUYING OPPORTUNITIES. THE STOCKS GO DOWN BECAUSE OF MY CAR OUT OF A RECESSION BEFORE THEY START MOVING UP BECAUSE OF ARTIFICIAL INTELLIGENCE -- BECAUSE OF THE RECESSION BEFORE THEY START MOVING UP BECAUSE OF ARTIFICIAL INTELLIGENCE. EMILY: WE APPRECIATE YOUR PERSPECTIVE AND YOUR HISTORICAL PERSPECTIVE GIVEN HOW MANY YEARS YOU HAVE BEEN DOING THIS.
>> HIGH WILL BIRTHDAYS GET AN EDGE WITH HIS ELECTRIC CARS? WHEN DRIVERS PUT THE PEDAL TO THE MIDDLE OF THEIR OTHER PERFORMANCE CARS, THEY GET EXTRA FROM THE BATTERIES. AXIAL FLUX MOTORS. MERCEDES AND FERRARI ARE TURNING TO THESE MOTORS TO GENERATE PORK AND BLAZING 0-60 TIMES. THEY ARE SMALLER THAN RADIAL MOTORS USED BY TESLA AND OTHER EV MAKERS WOULD PACK A MORE POWERFUL PUNCH IN HOW THEY GENERATE THE FLUX THAT TURNS THE WHEELS OF YOUR CAR WHEN YOU PRESS THE ACCELERATOR. AN OXFORD BASED MANUFACTURER WAS ACQUIRED LAST YEAR BY MERCEDES FOR AN UNDISCLOSED SUM. THE ACCELERATION AND HIGHER TOP SPEEDS USED TO BE ACHIEVED BY ADDING ENGINE CYLINDERS AND MAKING TRANSMISSIONS MORE EFFICIENT.
MERCEDES WILL DIFFERENTIATE PERFORMANCE MODELS FROM HIS OTHER EV'S USING THE HIGH-END MOTORS. THERE IS SO COMPACT THAT MERCEDES COULD PUT ONE ON EACH WHEEL OR A ONE ON EACH AXLE SO THAT THE DRIVER CAN GET THROUGH CORNERS EVEN FASTER. THIS IS HOW WE MOVE. FOR MORE STORIES LIKE THIS,
FOLLOW US ON YOUR FAVORITE PLATFORMS. EMILY: ELECTRONIC ARTS WILL DEVELOP THREE VIDEO GAMES INSPIRED BY MARVEL COMIC BOOK CHARACTERS. I GET THE COMPANY ACCESS TO THE MOST POPULAR ENTERTAINMENT FRANCHISE IN THE WORLD, THE FIRST GAME EA IS MAKING IS BASED ON IRON MAN. THE MAIN CHARACTER IN ONE OF THE FIRST HIT MARVEL MOVIES. STANDING OUT A MISTY WRECKAGE,
EMILY: WELCOME BACK TO BLOOMBERG TECHNOLOGY. LET US GET BACK TO THE MARKETS AND SOCIAL MEDIA STOCKS ON THE MOVE. ED LUDLOW IS BACK. ED: IT WAS A POCKET OF WEAKNESS WHEN IT CAME TO SOCIAL MEDIA SHARES. META CLOSED THE LOWEST LEVEL SINCE 2015. DOWN TO 7000 INCIDENCES OF
PEOPLE SAYING THAT IF GRAHAM HAD CRASHED AND IT WAS DOWN. IT WOULD SUSPECT THAT THEY PRESSURE ON THE STOCK COMES FROM THE DISAPPOINTING NUMBERS. PINTEREST HAD ITS BEST DAY IN MORE THAN TWO MONTHS LAST FRIDAY AFTER A STRONG EARNINGS. IT HAS A STREET LIKE WHAT THEY SAW, GETTING UP SOME OF THOSE GAINS IN THE MONDAY SESSION. PINTEREST REALLY INTERESTING. LOOK AT THE STOCK YEAR TO DATE RELATIVE TO META AND SNAP. ACTUALLY, RELATIVE TO ITS PEERS, PINTEREST HAS HELD UP REALLY WELL. I'M INTERESTED IN WHAT THE
STORY IS HERE AND WHAT INVESTORS SEE IN PINTEREST RELATIVE TO META. THAT SAID, IT IS STILL DOWN PRETTY SIGNIFICANTLY YEAR TO DATE. I'M HOPING YOU CAN ASK WHICH DIRECTION THE STOCK GOES FROM HERE. EMILY: I WILL INDEED. THANK YOU. PINTEREST HAS BEEN OUTPACING HIS PEERS, POSTING THIRD QUARTER RESULTS AND AN UPTICK IN MONTHLY USERS AFTER THREE QUARTERS OF DECLINE. A DECREASE IN DIGITAL AD SPEND WHILE MARKETERS WORRY ABOUT ECONOMIC UNCERTAINTY JOINING MEAT NOW FOR MORE IS BILL READY, THE PINTEREST CEO. HOW IS IT THAT PINTEREST BUCKED THE MEDIA SPIRAL THAT WE SAW WITH SNAPCHAT AND OTHERS? >> THANK YOU FOR HAVING ME. I FEEL REALLY GREAT ABOUT HOW
OUR TEAM PERFORMED IN Q3. WE ARE DOING SOME THINGS THAT ARE DIFFERENT FROM THE REST OF SOCIAL MEDIA. I THINK YOUR STARTING TO SEE THAT GO THROUGH ADVERTISERS. WE ARE OUTPACING AND ACCELERATING MARKET AND GROWING FASTER THAN OUR PEERS. WE ARE TAKING SHARE. PART OF THAT IS THAT WE ARE A POSITIVE PLATFORM.
WE DO NOT HAVE POLITICS OR PRESENT THEIR PERFECT LIFE. IT IS A PLEASURE PEOPLE GO TO FIND INSPIRATION. PEOPLE GO WITH AN INTENT AND PURPOSE. THAT IS A UNIQUE THING IN THE SPACE BOTH ARE WHAT THE USERS GET AS WELL AS WHAT ADVERTISERS GET. IT IS A FULL FINAL ADD SOLUTION.
ADVERTISERS CAN BE IN THE FUNNEL AND MEET USERS AT MULTIPLE POINTS ALONG THEIR JOURNEY. THE BRAND NATURE OF THE PLATFORM , THE USER GROWTH RETURNING, THESE ARE ALL STARTING TO CUT THROUGH. YOU SEE IT DEMONSTRATED IN OUR RESULTS. EMILY: LET US TALK ABOUT WHAT ADVERTISERS GET.
WE ARE SEEING A BROADER ADD PULLBACK. HOW MUCH OF THAT PINTEREST GAME DO YOU GAIN? DO YOU GAIN AN MARKET SHARE OR NOT AS WE HEAD INTO A PRONOUNCED LONG-TERM ECONOMIC DOWNTURN? BILL: IT IS CLEAR WHEN YOU LOOK AT OUR PERFORMANCE, WE HAVE BEEN GAINING SHARE. WE ARE A SMALLER PLAYER SO I THINK THERE IS MORE OPPORTUNITY FOR US TO PICK UP SHARE. WE RAN A DECELERATING AD MARKET. THE MARKET LOOKS TO STILL BE CHOPPY. WE ARE MAKING SURE THAT WE SHOW UP WITH GREAT VALUE FOR OUR ADVERTISERS.
WE ARE DOING THAT AROUND HELPING THE ADVERTISERS MEET THE USERS THROUGH THE FULL FINAL. I THINK THAT IS QUITE UNIQUE. WHEN YOU COMPARE US TO OTHER SOCIAL MEDIA PLATFORMS, THEY HAVE A LIEN BY ENTERTAINMENT MODE. THE USER IS THERE FOR SOME OTHER PURPOSE. WATCH A FUNNY DANCE VIDEO OR A FEW PICTURES OF THEIR FRIENDS. PEOPLE COME ON PINTEREST LOOKING FOR PRODUCTS, MORE THAN HALF ARE THERE TO SHOP. THEY ARE THERE. GET USERS AT THE UPPER MID AND LOWER STATE OF THEIR JOURNEYS MEANS WE ARE ABLE TO HELP THE ADVERTISER CONNECT ACROSS THOSE AND HELP PEOPLE UNDERSTAND WHAT THEY WANT BUT HAVE NOT DECIDED TO BUY.
EVERY CMO HAS BEEN APPROACHED BY THEIR CFO ABOUT DRIVING PERFORMANCE. SOMETIMES OUR RESULTS ARE A SOPHIE'S CHOICE. THEY OFTEN RUSH TO THE LAST CLICK. THEY WOULD NOT TELL THEIR BRANDS TO WORRY.
WHAT PINTEREST IS DELIVERING WE ARE FINDING REALLY RESONATE WITH ADVERTISERS IS THE ABILITY TO TELL THEIR BRAND STORY IN A WAY BECAUSE WE DO HAVE THE LOWER FUNNEL ASPECT OF THAT AS WELL. WE CAN CONNECT ACROSS THE USER JOURNEY. EMILY: OBVIOUSLY, INVESTORS ARE EXCITED ABOUT THE IGNITION OF GROWTH HERE. WE HAD MARK MAHANEY WHO COVERS PINTEREST EARLIER IN THE SHOW, HE SAID EXPECTATIONS FOR PINTEREST WERE LOW. HE IS OPTIMISTIC ABOUT YOU COMING IN AND BRINGING A NEW PERSPECTIVE ON HOW TO MANAGE THIS COMPANY. WHAT ARE YOU DOING TO ATTRACT
GEN Z AND HOW? WHAT IS THE EVIDENCE THAT IS WORKING? >> WE RETURNED THE USER GROWTH, WE RETURNED TO USER GROWTH, THEY ARE DOING THAT BY LEANING INTO THE UNIQUENESS OF THE PLATFORM. YOU THINK ABOUT IT AS A POSITIVE PLACE WHERE PEOPLE GO WITH INTENT AND PURPOSE, IT IS UNIQUE. IT IS ALSO QUITE UNIQUE IT IS A PLACE PEOPLE GO TO EXPRESS THEIR CREATIVITY. WE ARE LEVERAGING THOSE THINGS AND LEANING INTO THEM MORE AND GROWING ACROSS SOCIAL MEDIA AND IT REALLY LEVERAGES THE UNIQUE HUMAN DURATION THAT HAPPENS ON OUR PLATFORM TO DRIVE BETTER AND MORE PERSONALIZED EXPERIENCES FOR OUR USERS. TO GIVE YOU A TANGIBLE EXAMPLE, YOU CAN A LOT OF PLACES TO FIND EVERY ADDRESS. WHEN YOU THINK ABOUT HOW TO PUT TOGETHER A GREAT OUTFIT AND WHAT HANDBAG AND SHOES AND ACCESSORIES MAY GO WELL WITH ADDRESS, WE ARE DOING A LOT OF MACHINE LEARNING AS MANY OTHERS ARE. THAT IS ONLY AS GOOD AS THE
SIGNAL IS ACTING UPON. IF HUNDREDS OF MILLIONS OF PEOPLE WHO COME TO OUR PLATFORM -- WE HAVE HUNDREDS OF MILLIONS OF PEOPLE WHO COME TO OUR PLATFORM TO TELL ACCESSORIES MAY GO WELL WITH ADDRESS. IT IS WRITTEN MACHINE LEARNING ACTING UPON SIGNALS FROM HUNDREDS OF MILLIONS OF PEOPLE WHO ARE TELLING IT WHAT GOES ALTOGETHER. THINKING ABOUT HOW TO PUT TOGETHER A GREAT HOLIDAY PLAN FOR WHAT A GREAT MEAL MADY BE. IT IS COMPLETELY UNIQUE ACROSS
THE SPACE. YOU DO NOT SEE IT ANYWHERE ELSE. PAIR THAT WITH MACHINE LEARNING AND ADVERTISING ABILITIES EIGHT IS COUNTING THAT SHAPE IS CUTTING THROUGH TO USE IT -- PAIR THAT WITH MACHINE LEARNING AND ADVERTISING ABILITIES IT IS CUTTING THROUGH. EMILY: THINK ABOUT WHAT IS HAPPENING AT TWITTER, IT IS UNCLEAR WHAT THE BUSINESS MODEL WILL BE AND WHETHER ADVERTISERS WILL STICK AROUND. HIS TWITTER AN-- IS TWITTER UNDER ELON MUSK AN OPPORTUNITY TO TAKE SOME OF THAT MIND SHARE? IS IT A DIFFERENT PROPOSITION? BILL: I CANNOT COMMENT ON A SPECIFIC LAYER BUT WHEN YOU COMPARE PINTEREST MORE BROADLY, I WOULD SAY WE ARE AT A UNIQUE INTERSECTION BETWEEN SOCIAL SEARCH AND COMMERCE. IT IS DIFFERENT THAN OTHER
PLATFORMS. WHEN YOU ADD ONTO THAT, IT HAS A POSITIVE NATURE OF OUR PLATFORM WE HEAR FROM USERS THAT IT IS THE PLACE THAT THEY FEEL UPLIFTED AND INSPIRED WHEREAS OTHER PLATFORMS ARE SEEN PEOPLE SHOUT THEIR POLITICS OR -- SEEING PEOPLE SHUT ABOUT THEIR POLITICS OR IT CAN LEAVE THEM FEELING ANXIOUS OR DEPRESSED. THEY FEEL LIFTED UP ON OUR PLATFORM. WE ARE LEANING INTO THAT. IT IS A BRAND SAFE SPACE FOR ADVERTISERS. THAT IS SOMETHING THAT ADVERTISERS HAVE UNDERSTOOD ABOUT PINTEREST. USING IT CUT THROUGH MORE -- WE ARE SAYING IT CUT THROUGH MORE SOCIAL MEDIA. EMILY:
HOW HAS YOUR GOOGLE BACKGROUND COME INTO PLAY? HAVE YOU HAD ANY VIABLE MOMENT ON HOW TO MAKE THAT CONNECT TO SOMETHING THAT YOU BUY MUCH MORE CONCRETE? >BILL: WHILE PINTEREST IS A FULL FINAL PLATFORM, HISTORICALLY IT HAS BEEN A STRONGER FUNNEL. PEOPLE FOUND THINGS INTERESTING ON PINTEREST, THEN THEY HAD TO GO SOMEWHERE ELSE TO ACT UPON THAT. PART OF WHAT WE ARE DOING IS MAKING SURE THAT AS PEOPLE FIND THINGS ON PINTEREST THAT WE ARE LEANING INTO THAT INTENT TO MAKING THINGS MUCH MORE ACTIONABLE. WE WANT TO MAKE IT SO THAT EVERY IMAGE OF EVERY PRODUCT YOU ENCOUNTER ON PINTEREST BECOMES PALPABLE.
-- SHOPABLE. SEO I WANT THAT SAME LOOK, WE ARE MAKING THEM MORE S HOPPABE. WE THINK THERE IS A LOT MORE OPPORTUNITY TO GO THERE. IT IS BEEN A PLACE WHERE THE PLATFORM WAS NOT AS STRONG AND WE ARE MAKING A MUCH STRONGER OVER TIME. THERE IS GOOD PROGRESS OVER
TIME. GOOD PROGRESS THERE, A LOT MORE TO DO THERE AND AS WE DO IT, THAT WILL BE BETTER ENGAGEMENT FOR USERS AND ALSO REALLY GREAT ADVERTISING OPPORTUNITIES FOR OUR PARTNERS. EMILY: YOUR COLLAGE APP HAS SEEN GOOD TRACTION. ESPECIALLY IN THE UNITED STATES, HELPING WITH ENGAGEMENT AND ACTIVE USERS. WHAT IS THE LONGER-TERM VISION THERE? HOW CAN YOU INTEGRATE WHAT YOU ARE LEARNING FROM SHUFFLES INTO THE BROADER EXPERIENCE? BILL: WE HAVE BEEN QUITE EXCITED ABOUT THE PROGRESS WITH SHUFFLES , ARE COLLAGE MAKING APP THAT HAS REALLY RESONATED WITH GEN Z. IT IS INDICATIVE OF HOW THERE ARE A NUMBER OF ADJACENT USE CASES WE CAN EXPLORE WHAT PINTEREST. WAILING INTO THE
UNIQUE NATURE OF OUR PLATFORM WE HAVE PEOPLE WHO LEAN FORWARD, LOOKING TO EXPRESS THEIR CREATIVITY. SHUFFLES IS ONE EXAMPLE OF THAT. IT IS ONE EXAMPLE OF HOW WE ARE CUTTING THROUGH WITH GEN Z. ALLERGAN'S USER BASE HAS MORE THAN DOUBLED SINCE Q3 OF 2019. FOR THIS QUARTER IT WAS OUR FASTEST GROWING DEMOGRAPHIC. PINTEREST HAS BEEN CUTTING THROUGH GEN Z USERS.
A LOT OF THE REASONS ARE IT IS A POSITIVE PLACE. IT IS AN OASIS IN A PLACE OF SOCIAL MEDIA. THEY CAN COLLABORATE WITH FRIENDS VERSUS HAVING TO WORRY ABOUT BEING SHOUTED DOWN. IT IS FELT AS A SAFER AND MORE INSPIRING SPACE BY MANY USERS. THAT IS RESONATING WITH GEN Z
AND AS WE GIVE THEM MORE POOLS LIKE SHUFFLES, WE THINK THERE IS A LOT MORE WE CAN DO TO SERVE THAT AS A GREAT AND UP-AND-COMING DEMOGRAPHIC. EMILY: WHAT HAS BEEN YOUR INSPIRATION? WHAT HAVE ALL OF THESE LEARNINGS AND THINGS YOU HAVE SEEN LED TO? PRODUCT IDEAS AND OTHER INNOVATIONS YOU MAY BE THINKING ABOUT? BILL: I WOULD SAY I AM INSPIRED BY THE TEAM THAT IS HERE AND THE WAY THAT THEY HAVE EXECUTED. THERE IS A LOT MORE FOR US TO DO BUT WE HAVE A TEAM THAT LOVES PINTEREST. THEY ARE
REALLY INTENT ON DOING SOMETHING VERY DIFFERENT FROM THE REST OF SOCIAL MEDIA AND SOMETHING THAT BEN AND I TALKED ABOUT A LOT BEFORE I JOINED, SOMETHING HE BELIEVED DEEPLY. UPON COMING INTO THE COMPANY IT HAS BEEN HUGELY INSPIRATIONAL TO ME TO SEE HOW MUCH OUR TEAM REALLY CARES ABOUT BUILDING PINTEREST AS A POSITIVE PLACE THAT IS DIFFERENT FROM WHAT YOU SEE IN THE REST OF SOCIAL MEDIA. THERE IS A TON MORE TO DO. THAT IS WHY I JOINED. WE WILL MAKE SURE TO BUILD MORE
INTO ACTION AND MORE OF ALL OF THESE THINGS. BUILDING A POSITIVE PLACE ONLINE THAT GIVES USERS A REAL ALTERNATIVE TO THE VITRIOL OF THE NORM OF SOCIAL MEDIA. I THINK THAT IS MASSIVELY INSPIRING AND OUR TEAM DOES AS WELL. EMILY: ALL RIGHT, THE PINTEREST CEO. THANK YOU FOR JOINING US. WE APPRECIATE THE EXTENDED CONVERSATION.
A NEW TEAM IS TAKING A CRACK AT INVESTIGATING WHETHER AND WHETHER THE STABLECOIN EXECUTIVES COMMITTED A CRIME. THAT IS NEXT. THIS IS BLOOMBERG. ♪ EMILY: A JUSTICE DEPARTMENT PROBE INTO THE STABLECOIN TETHER IS GETTING A FRESH PAIR OF EYES AFTER A CONCLUSION. MATT, IT IS UNUSUAL TO REDIRECT AN INVESTIGATION LIKE THIS? WHAT IS THE DOT LOOKING INTO? >> THE JUSTICE DEPARTMENT HAS BEEN LOOKING INTO TETHER ABOUT A VARIETY OF STATEMENTS, FOR INSTANCE HOW MUCH MONEY THEY HAVE TO BACK THE STABLECOIN AND WHAT THEY TOLD BANKS WHEN THEY WERE TRANSACTING. THIS INVESTIGATION STARTED WITH THIS HAS MOVED TO PROSECUTORS IN MANHATTAN.
THEY ARE LOOKING FOR ANY BANK FRAUD VIOLATIONS, GIVEN THE SIZE OF THE TETHER, IT IS THE THIRD LARGEST CRYPTOCURRENCY BEHIND BITCOIN AND ETHEREUM. THEY WANT TO MAKE SURE THAT THOSE -- WHAT THEY HAVE TOLD THE BANKS AND THAT IS ACCURATE. EMILY: REMIND US WHAT IS TETHER? THE THIRD LARGEST CRYPTOCURRENCY, THE CREATORS HAVE SAID IT IS BACKED BY THE U.S. DOLLAR. WHAT DOES IT MEAN TO THE CRYPTO ECOSYSTEM? >> IS AN IMPORTANT AND UNUSUAL PART OF THE ECOSYSTEM. IT IS DESIGNED AS A STABLECOIN. IT IS A STAND-IN FOR DOLLARS. THIS WAS IN A TIME OF THE INDUSTRY WHERE THERE WAS NOT A LOT THAT WAS STABLE. THEY WANTED TO KEEP YOUR CASH
OR DOLLARS IN SOMETHING THAT WAS NOT GOING TO MOVE DRAMATICALLY. IT BECAME A CRUCIAL PART OF THE MARKET. OFTEN FOLKS ARE GOING TO BE TRADING BITCOIN WITH TETHER OR ETHEREUM AND TETHER. IT HAS GROWN TO ALMOST $70 BILLION, A MASSIVE FUND. THE COMPANY HAS COME INTO SOME OTHER REGULATORY PROBES FROM OTHER AGENCIES. THE CFTC OVER THE AMOUNT OF MONEY AND CASH BACKING THEIR STABLECOIN.
IT IS AN ENORMOUSLY IMPORTANT PART OF THE MARKET IN HOW IT FUNCTIONS WITH TRADERS BEING ABLE TO USE IT TO MAKE A SPEC WOULD HAVE BETS ON OTHER CRYPTOCURRENCIES -- TO MAKE SPECULATIVE BETS ON OTHER CRYPTOCURRENCIES. EMILY: WHAT ACTUALLY HAPPENED HERE? >> BUT IS UP FOR THE DOJ -- THAT IS UP FOR THE DOJ TO DECIDE. THE JUSTICE DEPARTMENT IS SAYING WE HAVE LOOKED AT THIS AND WE HAVE DECLINED TO PURSUE ANY CHARGES. THAT REMAINS TO BE SEEN. EMILY: ALL RIGHT, THANK YOU SO MUCH FOR THAT. WE WILL FOLLOW YOUR REPORTING
TO STAY UP-TO-DATE ON THIS INVESTIGATION. A SURGE OF COVID CASES LEADS TO A WORKER EXODUS AT THE WORLD'S LARGEST IPHONE FACTORY. HOW APPLE'S MAIN PRODUCTION PARTNER IS WORKING AROUND THE SPREAD. THAT IS NEXT. THIS IS BLOOMBERG. ♪ EMILY: WORKERS AT A PRODUCTION PLANT IN CENTRAL CHINA, THE LARGEST IPHONE FACTORY IN THE WORLD ARE WALKING OFF OF THE JOB. DIPPING INTO THEIR SAVINGS TO
ESCAPE ANOTHER COVID LOCKDOWN. ALL OF THE DETAILS. IN YOUR STORY, YOU PROFILE AND WOMAN WHO IS LITERALLY WALKING 25 MILES AND QUIT THE JOB TO GET OUT OF THERE? TELL US ABOUT WHAT IS HAPPENING. >> WHAT IS HAPPENING IS A COVID SPREAD THAT HAPPENED, 200,000 PEOPLE IN CENTRAL CHINA, AND MAKES THE MOST IPHONES. AFTER THE LAB, WE HAVE SEEN TRASH PILING UP IN DORMITORIES NEAR THE CAMPUS AND ALSO PEOPLE WHO ARE GETTING INTO A QUARANTINE SOMETIMES AND MARKETING MEALS, HOT MEALS IN TIME. SOMETIMES THEY ARE JUST ONLY GETTING. BREAD FOR MEALS BECAUSE OF ALL OF THESE ISSUES, SOME WORKERS HAVE DECIDED THAT THEY WANT TO QUIT AND GO HOME.
THAT IS BECAUSE OF A LACK OF TRANSPORTATION AND ALSO STRICT COVID CONTROLS THAT ARE IN PLACE IN PLACES. WORKERS HAVE TO WALK BACK TO WHERE THEY COME FROM. IN THIS WAY THAT WE REPORTED, THIS HAS TO BE A NINE HOUR WALK TO GET HOME. EMILY: THE RIGID AND BRUTAL HOURS AT A PLANT HAS BEEN WELL-DOCUMENTED. WHAT IS FOXCONN DOING TO GET AROUND THIS? AS IT IMPACTING SUPPLY AT ALL -- IS IT IMPACTING SUPPLY AT ALL? >> WHAT IS HAPPENING IS THEY ARE RAISING WAGES BY ALMOST A THIRD AND THEY ARE ALSO TRYING TO GET BACK CAPACITY ELSEWHERE ONLINE TO MAKE SURE THAT THE SUPPLY WILL BE MINIMIZED.
-- THE IMPACT ON SUPPLY WILL BE MINIMIZED. THE WEAKENING DEMAND, APPLE IS CANCELING ORDERS FOR NEW IPHONES THIS YEAR. THIS IS AN ECONOMIC HEADWINDS ON ONE HAND AND ALSO GIVING THE NUMBER OF WORKERS REQUIRED, IT IS NOT AS MANY. I THINK IT IS WE NEED MORE TIME TO FIGURE OUT WHAT IS THE IMPACT OF THE COVID INCIDENT IN CENTRAL CHINA. EMILY: TALK ABOUT HOW THIS FITS INTO THE PRESIDENT XI JINPING HAS BEEN HANDLING COVID MORE RECENTLY AGAINST THE BACKDROP OF WHAT HAS HAVE BEEN HAPPENING WITH THE CHINESE COMMUNIST PARTY? >> AFTER THE PARTY CONGRESS ORIGINALLY, PEOPLE WERE EXPECTING THAT THERE MAY BE INDICATIONS THAT CHINA CAN COME OVER COVID AND FOCUS ON ECONOMIC GROWTH. THAT IS NOT HAPPENING.
FOR INSTANCE, IN HUNAN, WHERE THE FOXCONN IPHONE CAMPUS IS LOCATED IN THE LOCAL LEADERS, THEY ARE SAYING THAT THEY NEED TO PRIORITIZE ZERO COVID AND IMPLEMENT COVID COMPANY MEASURES. I THINK IT WILL BE A BIT DIFFICULT AND CHALLENGING FOR CHINA TO COME OUT OF THEIR COVID AND IT IS HARD TO PREDICT WHEN THIS MAY BE COMPLETELY GOING AWAY. EMILY: YOUR STORY IS WORTH A READ, READING ABOUT THAT AND MANY MORE. THANK YOU. I DOES IT FOR THIS EDITION OF BLOOMBERG TECHNOLOGY, MAKE SURE THAT YOU TUNE IN.
OUR CONVERSATION WITH THE UBER CEO AFTER THE COMPANY REPORTS RESULTS.
2022-11-01 11:53
