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tv   Bloomberg West  Bloomberg  May 16, 2016 11:00pm-12:01am EDT

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shery ahn: the supreme court has compromised on the obama contraceptive case. justices agreed unanimously to send the case to lower courts, saying both sides may be able to resolve the dispute. the court passed up a free-speech case in its own front yard. that move leaves in place and appellate ruling that you can bar protesters from the premises. president obama honored 13 law enforcement officers who risk their lives in duty. he presented the medal of valor in the east room. three santa monica california officers for their response to a 2013 rampage on the community college rambus were honored. voters go to the polls in oregon and kentucky tomorrow.
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hillary clinton visited a union training center in louisville. sanders won last week's primary in west virginia, a neighbor of kentucky. after beating 5000 to one odds on their march the premier league championship, leicester city celebrated what is being called one of the greatest achievements in professional sports history with a victory parade, cheered on by a grateful city. global news 24 hours a day powered by our journalists in more than 150 news bureaus around the world. from the bloomberg news room, i am shery ahn. "bloomberg west" is next. ♪ emily: i am emily chang, and
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this is "bloomberg west." coming up, the oracle logs on. warren buffett comes out swinging with two big bets on tech. we will break down the berkshire-apple connection. apple turned heads when it jumped into the passenger seat with didi. we will have details on a potential ipo. amazon is reportedly working on its own private labels for things like baby products, snacks, and household items. there is a launch planned for next month. first to our lead, warren buffett, the oracle of omaha, has disclosed a $1 billion stake in apple, announcing it bought 9.8 one billion shares sometime in the first quarter. buffett has historically stayed away from tech, saying he doesn't understand it. in late 2011, buffett acquired a 5% stake in ibm. shares are down some 20%. apple shares popped on news of buffett's buy, but the road ahead for apple isn't shiny.
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carl icahn just disclosed he no longer has a stake in the company. joining us to discuss, shira ovide from new york as well as reporter noah bureau how. i will start with you. what buffett has said is one of his two investment managers made this investment and didn't consult him on it. what do you read into this big bet on apple? noah: there is nothing nefarious going on. buffett has two deputy investment managers. he in trusts of them with $9 billion each of berkshire's capital that they go out and get to invest in a way they see fit. what we have seen is one of these guys, they happen to be younger than buffett who is 85 -- of these deputies is in his 40's, another in his 50's -- one of those guys liked what he saw and put $1 billion to work for apple in the first quarter.
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i spoke with a lot of investors today, and some of the themes they were hitting on is that apple has a ton of cash. it was trading at a pretty low multiple, and so investors that like good value, maybe there was some opportunity there. emily: the two investment managers we are talking about, todd combs, ted weschler. it's interesting that the one tech bet buffett has made hasn't panned out. all tech isn't all the same, but given the history of ibm, how does that and your thinking around this investment? shira: obviously, the ibm investment was buffett himself, and this apple investment isn't. that ibm investment has been one of berkshire's worst investments. buffett bought it at a high point for the stock, and since
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then, ibm has basically turned in quarter after quarter after quarter of revenue declines. the stock price, as you said, is down about 20% from the point buffett disclosed his investment. he has made one not very good investment. let's hope that todd and ted make a better deal with apple. emily: buffett has made many great investments and a few not great ones. the question is, is apple the next candor morgan or 21st century foxy? noah: it certainly seems like it is more in that range. you know, maybe it does well. the one thing we can say about ted and todd is they have similar long-term horizons like buffett does. they are going to be less interested in apple's next quarter results then they will be in where apple is a couple years from now. one theme i heard repeatedly from investors i spoke with today is that they are likely
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going to let some of these bets that apple has beyond self driving cars or other things they have in development play out. that is where the opportunity lies. emily: of course, they just made an investment in didi, the uber of china. we are going to get to that later in the show. i also want to talk about yahoo!. buffett is backing in a group bidding for the struggling company's assets. i want to bring in m&a reporter alex sherman who has been covering the slow march of yahoo!'s sales process. what do you make of the fact that buffett would be supporting this bid? he says it's not a perfect -- personal stake, but i am providing financing. alex: it's a little uprising on the face of it from what we just talked about. i can answer this question in two ways. maybe yahoo! isn't a tech
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company. maybe it's more of a media company. warren buffett does have a history investing in media companies. he invested in directv not too long ago. it's possible that warren buffett listens to dan gilbert's pitch. dan gilbert and buffett have a relationship. may be buffett decided, look, give me enough protection, and if gilbert is working with ex-yahoo! folks, they may decide the stock, the core business is worth zero. maybe they convinced him the company isn't going to go bankrupt, and therefore, it was a decent investment for him to make. on the other side of it, we can't really explain what yahoo! is. if tech investments in general are off limits for warren buffett, you would have to understand why yahoo!, of all tech companies, would be something that would intrigue him.
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emily: noah, buffett did help burger king takeover tim hortons. he put $5 billion into goldman sachs. does yahoo! make sense in the context of those investments? noah:noah: sure. the way to look at this is it's a financing arrangement. berkshire has a huge balance sheet, and buffett brings his reputation to the table. it lens instant credibility to anyone who is trying to buy another company. because of that, he is usually able to get incredible terms, and it's a way for him to put some of berkshires money to work for not so long and for some money. emily: as you said, he is lending his name to this potential deal, and you have not been optimistic about the future of yahoo! if you think about it as a media company as opposed to technology company, may be buffett has more
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experience making media bets -- maybe buffett has mark's parents making media bets, but he seems to think there is some hope here. shira: as no less said, i think this is more about backing dan gilbert then it is making an investment that on yahoo! buffett doesn't make bad deals like this come even if you think back to the financial crisis. he invested in companies like bank of america, goldman sachs at distressed points in those companies' history. he negotiates terms favorable to him. i suspect a similar arrangement would be worked out where buffett gets his money back or gets some kind of dividend or some other kind of sweetener that an ordinary investor without his gravitas could never get. emily: what is the likelihood of this actually happening, and b, how quickly can we expect the sales process to proceed?
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alex: on the first point, we should note that this could be a footnote in history. this is not an actual investment yet. i still think verizon is the favorite to buy yahoo! it's possible that buffetts presents might boost verizon to pay out a little bit more. a sale is weeks away, i have heard. it's not days away. how many weeks, i'm not sure. at some point, there will be a deadline, final bids will come in, and likely at that point, verizon will have the opportunity to say yes or no. if it isn't verizon, the gilbert and buffett and private equity firms involved are the next level tier buyer. emily: alex sherman, shira ovide, and noah buyohor. thank you all for weighing in. looking at some of the filings of major investors, david tepper's shed his apple stock,
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while bridgewater associates cut its investment by two thirds. carl icahn exited stakes in six companies, including apple, last month. coming up, could didi chuxing be the first ride-hailer to go public yet go we will break down on how -- breakdown how apple's investment could pay off. our next guest discusses why one city could snatch the title of the world's most innovative tech hub in the near future. ♪
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emily: to a story we are watching, facebook ceo mark zuckerberg has invited a group of conservative leaders for a meeting at the company's headquarters in menlo park. according to the associated
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press, attendees will include radio host glenn back, former white house press secretary dana perino, and donald trump campaign advisor barry bennett. this after reports that facebook employees are more involved in choosing stories for the trending topics section than we have been led to believe. next contractor claimed facebook would downplay conservative stories. facebook responded by saying the trending topics section is governed mostly by algorithms, not humans. according to a trade association for publishers, 43% of social media users to know where the stories they read on facebook originally appeared, underscoring the power facebook has in shaping what we consider to be important news. facebook has not confirmed additional details of the meeting. turning to apple, tim cook taking to twitter to make a public display of his latest investment. the apple ceo hailed a cab with didi chuxing in beijing, this after apple made its $1 billion investment in the company last
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week. it may not be long before apple can cash in on this investment. didi is targeting a u.s. ipo in 2017, but the timing will depend on the outcome of its battle for market share with uber in china. the latest funding round valued didi at 26 billion dollars, while uber comes in at $65 billion. didi does have the china advantage. the company claims it controls 99% of the country's mobile-hailing market. didi is denying these ipo claims. first of all, let's start on the ipo. what do we know? >> the report is from us, 2017, we could be considering an ipo in new york, depending on the competitive environment with uber.
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there is definitely some wiggle room. emily: didi has denied the report. eric: it is still pretty speculative, but it sets up a timeframe for when we should be thinking about an ipo. emily: you just spent several weeks in china, and i know you use both services. what did you think? >> i think it's pretty clear that there is one service that needs to work on quality a little bit. uber does have some ways to go in terms of quality. emily: how so? >> drivers arriving on time, knowing the city. didi has a little bit more of an edge because they are supposedly paying higher wages, therefore getting drivers who know the city better. these are all telltale stories in beijing. people tell you where a lot of drivers come from, far away, and they come to the city for the first time. they don't really know the city. there is a lot of work to be
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done. emily: i was in beijing, and i used both services. i didn't see a huge difference, but i think if we had gone further out to the city edges, it probably would have been more difficult. what do you make of apple's investment? cyriac: i think it is probably a smart move on apple to get into the chinese market. the service will benefit from it, as well as, we all know there is a government investment in uber, in didi in china. use got this situation where you've got a government investor, and you've got apple trying to get along with the government in china, as well. they are common investors in the same company, and then you've got this interesting trifecta of baidu and 10 send an alibaba -- tensen and alibaba. that compares to the didi part, which is apple and the chinese government. an interesting lineup.
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this is politics at a very high level. emily: when the president of didi was here, we asked about the relationship to the government and how open are regulars -- regulators to the idea of a car sharing service. >> the chinese government has been more and more open to us. the supply issue is the top issue in general. the chinese government understands, we need to utilize the existing resource to put into the system so people can travel. emily: china's government has made it impossible for companies like facebook and twitter and google to succeed in china. could they do the same thing to uber? eric: i think here there is a huge economic need to this when there is a lot of economic anxiety in china. this is an industry that is creating a lot of jobs. that is to uber's advantage.
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this isn't one of these critical industries. it's not a media company. it's about transportation. wilbur sort of hopes it won't get categorized the same way facebook and other countries are. emily: as someone who has run a private company, do you think didi should go public in 2017 or as soon as that, or should they continue to raise money? cyriac: i think it depends on their international plans, whether they only want to focus on china, or whether there are other markets. it also depends on, at some point, what is the financing need? they are supposedly burning, both of them, uber and didi, $1 billion a year. cyriac: they are both burning a lot of money. that is just in china for uber. uber is probably approaching or going above $2 billion last year in losses.
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they are losing a lot of money. for uber, it is more than just china. emily: you are going to continue to discuss your trip to china with us after the break. eric newcomer, thanks so much. up next, after three weeks, a grilling 24 chinese start-ups. cyriac is back on the city that could steal silicon valley's reputation as tech hub. ♪
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emily: on today's funding board, asia's biggest internet company tensen is likely to raise as much $4 billion in a syndicated loan. last month, the company hired banks to aim for a $1.5 billion loan but has seen strong demand. the update highlights a theme among china's internet giants. we have reported by do is seeking a $1 billion loan, and alibaba was seeking as much as $4 billion last month. these companies are taking
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advantage of the funding opportunities. still with us to discuss china's tech startup scene versus silicon valley's is angel investor cyriac rhoding. you were in beijing for three weeks. you talked to a lot of entrepreneurs. one thing peter thiel told me when he got back from china that he is scared of the chinese tech community, because he thinks there is so much power. should we be afraid? cyriac: i'm not scared at all. i think it's awesome. the best thing we can do for silicon valley is to get some impulse from the outside from time to time. it's important we don't become totally self absorbed and believe this is the only place in the world something is happening. when you go to china, go to beijing, you can sense the entrepreneurship in the air. what i loved about it and what i was inspired by was the openness, the friendliness, and
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i have to say, the raw authenticity of entrepreneurship. what entrepreneurship should be is to create something great out of almost nothing. emily: do you think it will be the next silicon valley or adjacent? cyriac: i think it's a competitor. i'm european by background, so it hurts me to say that, but i have to say i don't think there is any other place in the world besides beijing, not even china, that is a true competitor in the next decade to silicon valley. india might be the only contender, but what is going on in beijing is very impressive. the engineering talent from the top to universities -- two universities and the sheer amount of money available, and then the entrepreneurs and the hunger to move fast, and most importantly, there are 1.3 billion people in china.
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most of the argument is, they don't have the money to spend. what do you think about how many smartphones are in the united states? 190 million. in china today, 530 million. in three years from today, over 700 million. that group has enough money to have a smart phone. most of them have never had internet access before they get a smartphone. everything is new to them. they love it. emily: one of the guys making smart phones in china is hugo barra who used to work at google. you talked about your midnight meeting with hugo and the long hours that these entrepreneurs keep. we also had our own midnight meeting with hugo barra. you talk about work ethic, and it's intense. cyriac: it's intense. there is no work-life balance as we know it. there's something called 9-9-six in chinese startups. it means from 9:00 a.m. to 9:00 p.m. six days a week. for founders, top executives, it is more like 9-11-6.5.
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in other words, there is no private life. im not a defender or proponent of working like crazy. who is a good leader when you are always tired and don't even know your kids? what is inspiring and impressive is the amount of hunger and dedication and drive that is behind that. that is great. emily: you do have one quick criticism, the get rich quick mentality. cyriac: the most recent batch of entrepreneurs is driven by financial returns quickly, and that will not work when the next wave comes, which is innovation-based startups of verses cloning. you need to focus on other things that drive you, and that is coming out. emily: thank you so much for
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joining us and sharing your travels. we will be talking about amazon upping the ante on private labels, putting the heat on big-box retailers. ♪
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simon: asian stocks seeing their best day in a week, u.s. equities boosted by gains in apple and higher oil prices. a disclosure that warren buffett's berkshire hathaway placed a billion-dollar bet on apple has boosted stocks. great trainings close to six months high. the biggest money manager has had out on the monetary policy. in an exclusive interview, the blackrock ceo says negative alsoare having -- he says abenomics is still searching for its so-called third arrow. the aussie dollar jumping half a
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saidafter the rba inflation was behind this months surprise rate cut. the first reduction in the year comes after the cpi fell in the first quarter for the first time since 2008. annual core growth slowed to the weakest on record. and those are the headlines, told over 2400 journalists in 150 news bureaus around the world. let's get the latest as japan comes back online for the afternoon session. here's juliette. juliette: a good a good day across the region, coming back online and holding onto gains. a weekly gain helping things along, nikkei 225 up, heading on to its lunch break, the shanghai market, which has been underperforming. we had a switch out of consumer related goods, so off the session lows and, encouragingly, we have seen the hang seng back
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into the black after a choppy last hour. trade, you can still see petro china is among the best performers on the hang seng, and that is following on from this rally we saw in crude oil prices, goldman sachs upping its forecast monday for crude, the wti contracted to $50 for barrel in the near term. buying coming through, asx 200 certainly being supported not only by energy stocks of material stocks with the likes of iron ore also rising. you can see a number of key players in the mining space, the australian share market higher. generally strong, the cost figure slack, we are seeing the one rise along with what we saw in the crude price as well. we've been talking about the aussie dollar, having that massive spike when the rba minutes were released. because we have interest rates
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at that record low, it is unlikely we will see another rate cut soon from the rba, but you can see that very strong rise, aussie now under 73. that's the state of play across asian markets. ♪ emily: amazon is upping the ante, planning to roll out privately-labeled goods across our range of categories, like perishable foods and household items like laundry detergent. these plans have been in the works for several years and could appear on the site by the beginning of june. under brand names like happy belly and mama bear. how big could this business be for amazon, and what does it mean for the competition? i'm joined by our editor at large cory. mark, i will start with you. have you heard anything about this, and how big of a business could this become? mark: it has been building up
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for a few years. they had something called elements. emily: with baby wipes. mark: also with linens, pillowcases. emily: they also have a fashion line. mark: it is one of their fastest-growing businesses. they have had some history with this. the upside for amazon, it's higher margins. anything that brings margins up is a good thing, and extends the appeal of the prime service. these products are available to prime subscribers. in the u.s., there are about 50 million. emily: companies as big as walmart have their own private label brand. it's par for the course when you are a big real -- retailer. cory: i think what is interesting, as mark mentions, it's a lower margin for them, but maybe they don't take that margin. maybe they have lower prices. this would allow them to gain market share. the risk with a private label is, are you offended the people
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for whom you are trying to sell their goods? amazon has been in the drivers seat, and one wonders if this might affect those relationships. emily: what about some other risks? with element, they plan to make diapers, but they pulled the diapers from the market. when you are making things like food, that carries additional responsibility, right? mark: there will be more product risk, but i like what you just said, cory. the famous quote attributed to jeff bezos is "your margin is my opportunity." he could look at the margins that other white label companies have and take half of that and take the rest as lower prices. it would be classic amazon style. yes, there is more product risk, but this company is pretty good at managing a lot of different operational risks. they will have a couple misses like fire phones, but generally, they have been right. emily: what does this mean for
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amazon vendors? cory: they gather so much data with the way their vendors sell stuff. they have been making lots of goods without any kind of label when they have seen opportunities for a lower price and to take some margin. the risk is that some of the sellers are going to get ticked off and pull their business or make the pricing a little bit higher. amazon is there together data. think about tied soap. for other canisters of tied soap they have sold, they have learned so much about those customers. the people of procter & gamble won't be thrilled about them making a competitive product. emily: what does amazon have on other competitors? mark: the problem is going to be, where are those other vendors going to go for liquidity? you could go to ebay, but last time i checked, they are showing no growth. there are very few brands that have that kind of pull to go directly to customers. amazon is a low-customer service channel for retailers and
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manufacturers. the amazon customer is extremely well educated, and they are in and out. emily: could you hazard to guess as to how big in dollar terms this business could be? mark: a private white label business, we are doing $100 billion in sales annually. it's hard to know how much of this will be incremental. it's not like it's going to draw away from third-party sales on amazon sites. emily: as a percentage of nantz, it's a question of how many products they are going to launch. what is interesting is they are drawing a lot of products. one wonders, are they going to take a margin, or are they going to lower price and not take a margin? is there a new philosophy happening at amazon? are they going to continue to run retail on a no-profit basis?
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emily: any idea how successful amazon echo has been? mark: very successful in our household. emily: my son loves it. mark: i think this is the way into amazon fresh, into groceries. it's an extremely efficient consumer experience when you can have one of these in the kitchen and say, "alexa, order," and then go through the list of what you want for your refrigerator. emily: when a three-year-old can ask a knock knock choke and get an answer at any time, that's a success. corey johnson, mark mahaney, thank you both. let's take a look at the shifting sands of health tech. wireless carriers tried to get into the space, thinking a move towards telemedicine would open up new revenue streams. instead, it's tech china and
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sleeping into the space. take a listen. >> the u.s. telemedicine market could double in more than 30 years. initially, the large telecoms companies, the likes of verizon and at&t, were poised to benefit, but now, it's apple and alphabetic who are deepening their investments. alphabet uses technology to address existing disease. it is working with novartis on a smart contact lens that monitors glucose levels. calico, another division of alphabet, is developing new drugs with much of its research focused on aging. investing arm gv committed $153 million to help startups -- health startups in 2015. apple is developing an ecosystem of health apps. health kit comes preloaded on iphones, paring with fitness devices so users can monitor their data.
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research kit enables iphone users to participate in large medical studies. these bets haven't paid off yet, but we will be watching for when they do. emily: a news update -- twitter just named deborah l. lee, chairman and ceo of the two networks, to its board. lee has been ceo for more than a decade at viacom. she is the first african-american on twitter's board. lending club says it has received a grand jury subpoena from the u.s. department of justice, lending club saying "the company intends to cooperate with the doj in a regulatory filing." the company plunged 51% last week after the surprise departure of its ceo. lending club stunned shareholders by announcing the founder had resigned after internal reviews. coming up, google's annual developers conference is this week.
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last week, we learned about marshmallow. now we are looking for details about the newest operating system. ♪
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emily: a legal battle between the managers of the harvard-linked venture-capital firm the x fund has entered a new phase. hugo van buren is suing his partner for a breach of fiduciary duty, defamation, and fraud. among the claims, van buren alleges that he amended files. i asked chung about the infighting in the x fund. >> the thing that happens in a lot of the firms we work with, when you are growing fast, things sometimes get broken. it's unfortunate the way things turned out.
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the good news is we are moving forward. emily: on friday, the x fund's factors voted to allow chung to continue funding in startups. now to the busy week ahead in tech, i want to kick things off with google hosting its annual developers conference, google io. also on the agenda, facebook ceo mark zuckerberg will be hosting conservative leaders wednesday at the company's headquarters, discussing allegations that trend in articles were biased against right-leaning news. salesforce will release quarterly earnings after the bell wednesday. here with me to break it down, tom giles and jack clark, who covers google and cerebral -- salesforce. what are we expecting? jack: we are expecting virtual reality.
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the nickname of the new operating system, this one is n. emily: we are voting for nutella. jack: we're also going to get more on their artificial intelligence plans, how they plan to integrate that into products. emily: in terms of virtual reality, what more are we expecting? i have tried google cardboard. it leaves a lot to be desired. jack: we are going to get more fleshed out strategy from them. we have been hearing talk that there is going to be its own dedicated headset. we are going to get virtual reality integrated into android, something beyond cardboard. we are getting a new headset from lenovo. a bit of anything and everything. emily: on to this meeting that facebook's mark zuckerberg is having with conservative leaders on wednesday, tom, that is quite a big step.
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tom: they have got to be really careful about the message they are sending to their user base. this is everybody. facebook is not a place where just conservatives or just liberals hang out. it is this melting pot that is very much a cross-section of the u.s. think about the people you are friends with, people you knew in high school, but you may not have much in common anymore. facebook has to be careful about any suggestion that they are not welcoming to a wide swath of views. this report from gizmodo has not been doing them any favors. emily: what do you make of the fact that mark zuckerberg himself is sending these invitations and presumably going to be at this meeting? tom: he will be at the meeting from all outward appearances. it just underscores to him the urgency, and it also shows -- you saw this escalation. it started out as this report, and the initial response was,
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no, this is automated. there is little human involvement. there was an update to that that showed there was more human involvement than you might have thought, and finally, mark zuckerberg comes out. in the midst of all of this, you have had conservative lawmakers weighing in. emily: mark zuckerberg is saying, we are going to take a look at this closely, which is indicating that maybe they didn't know what was going on. tom: he has taken a very personal involvement in it. it's hard to say how much he was involved, but he is showing he's going to be personally involved. emily: what is the latest facebook is saying about human versus algorithm? tom: it's a combination of the two. the statements show that there is very much a human element. wednesday, facebook is going to have to show -- it has been talked about in the conservative media as this padding on the
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head, and in no way can mark zuckerberg come across as condescending when he sits down with these conservative leaders. emily: salesforce, what are we expecting? jack: we are expected to hear far more about the cloud and more about the internet of things platform, which has been a big initiative for them lately as they try to expand into new markets. emily: wednesday is a big day. we will be all over it. thank you so much for giving us a preview. our bloomberg news reporter jack clark and executive tech editor tom giles. you can check out bloomberg's full coverage of google's developers conference on wednesday. cory johnson will be live from mountain view with the latest, and for more of our best longform interviews, check out our "studio one points zero -- "studio 1.0" podcast we will hear from peter thiel. unsung cloud and itunes, check it out.
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emily: on this date in tech history 70 years ago, the world was introduced to a tape recording, which went on to shape the entire home media business. in 1946, jack mullin had attendees of the annual institute of radio engineers conference in san francisco asking the question, is this program live? he switched between a live jazz combo and a recording, stunning the audience. engineers learned about mullin and his magnetic phones. bing crosby was the first performer to record a radio program on tape. the highest-paid female executives in the u.s. hail from the tech sector. or call ceo safra catz came in as number one, -- oracle ceo safra catz came in as number one.
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alphabet's cfl ruth pour it follows her with a $4.1 billion package. dropping to number five after holding the top spot last year was apple's retail chief, angela erin. she earned just under $28 million for 2015. speaking of women in technology, facebook coo sheryl sandberg spoke publicly for the first time since her husband's unexpected death just over a year ago. addressing the graduating class at the university of california berkeley, sandberg shared her moving story of hope, resilience, and finding gratitude in the face of loss. >> it is the greatest irony of my life that losing my husband helped me find deeper gratitude, gratitude for the kindness of my
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friends, the love of my family, and the laughter of my children. my hope for you is you can find that gratitude, not just on the easy days like today, but on the hard days when you will need it. dave's death changed me in very profound ways. i learned about the depths of sadness and the brutality of loss, but i also learned that when life sucks you under, you can kick against the bottom, find the surface, and breathe again. i am sharing this with you today in the hope that on this day in your lives, with all the momentum and the joy, you can learn and life the lessons i only learned in death, lessons about hope, about strength, and about the light within us that will not be extinguished.
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emily: such a moving speech and worth checking out the full thing online. i know it took her a lot of courage to do that. sarah frier, our reporter who covers facebook, what was the mood like? sarah: my little brother was graduating, and i got to hear from him how powerful the speech was for everyone. honestly, there were people crying in the audience, relating it to their own lives. this is a powerful message of resilience. how do you deal with the worst possible thing happening to you, and this is something that sheryl sandberg is actually considering turning into her second book, which would be an incredible new storytelling of her life. in "lean in," she was championing women in the workforce. she rallied a global community around that. this would be a story of
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resilience, teaching people to just figure out how to get through tragedy. emily: on that note, one of the themes i pulled out was her evolving stance on leaning in, which has become more complex now that she has had to go through this. she had a really moving post about single mothers on mother's day. i think it's a significantly evolved message. sarah: i think she has definitely learn from having so many conversations with other women and men about challenges in their personal lives. i think "lean in" spark to this global conversation, and now she is having to deal with an aspect of balancing motherhood and work after losing her husband, which is just a completely different experience, and she wrote in "lean in" about how dave goldberg, her husband, was her rock, her person who really champion her decisions in the
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workplace. emily: i will be reading if indeed there is another book, but in another story you broke today, twitter will soon stop counting photos and links in its 140-character limit for tweets. links currently take up 23 characters. it took me 15 minutes to write a tweet today that had a link and a photo, and i am so happy about this. quickly, what does it mean? sarah: it means jack dorsey is trying to make the service easier for people to use. this is something i am seeing. today at twitter, there was a lot of joy for this moment for people don't have to edit their tweets down. emily: finally. sarah frier, thanks for that story and bringing us that good news. thank you so much for joining us. that does it for this edition of "bloomberg west." tomorrow, microsoft chairman
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john thompson will be joining us to that is all today from san francisco. ♪
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a saudi secret revealed. admits howfinally much comes from react. not as much as one might think. the sovereign wealth fund is undergoing a major overhaul. oil is trading at a six month high. ahead of official data that should show u.s. stockpiles

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