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tv   Bloomberg West  Bloomberg  September 30, 2016 6:00pm-7:01pm EDT

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comes days after congress enacted legislation allowing above filing in such cases against foreign governments, overriding a veto by president obama. saudi arabia denies any connection to 9/11. texas has formally stopped providing aid to refugees. they havebbott says federalo meet -- the government has failed to meet demands for stricter refugee venting. federal investigators have questioned the engineer of a transit train that crashed in hoboken thursday, leaving one person dead and hundreds others injured. investigators say they also the recorder that can indicate how fast the train was going. the ntsb says the investigation could take up to 10 days. on sunday, voters in colombia are expected to approve a peace plan that and save 52-year-old war with rebels. it calls for rebels to hand over their weapons to the united nations.
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eligible forey are reduced punishment from crimes. global news 24 hours a day, powered by more than 2600 journalists in more than 120 countries. i'm mark crumpton in new york. "bloomberg west" is next. ♪ , and this isgiles bloomberg west. coming up, our tech ipo's roaring back? down nutanix's first-day search. we will take a look at whether there is cause to be feeling bearish. and intel dips its toe into the
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wearables withs a pair of smart sunglasses developed by oakley. what people wear them? we will give them a try. but first to our lead. , sharesy of trading skyrocketed more than 130%, theng it the best debut of year. tech ipo's have been few and far between. nutanix, new chantix -- filed to go public earlier this year. alex barinka said down with the ceo. i was ready in january, but the oil prices haven't. -- happened. riope, the is scale is there. people want to see open books, and being public is the way of doing that. alex: so you priced above the range you preached in the course
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of the roadshow. the stock today is trading up. how do you feel about it on your debut day? >> to me, what matters is the next six to 12 months and the long-term guidance. like a baby was born, i'm not interested in the height and the weight, but more importantly if it is healthy. alex: we have seen some of these offerings that preceded you. trade more than 200% higher than the listing price. is there some kind of embedded concern about living up to your valuation post ipo day after -- post ipo day? >> the market in the short-term is a working machine, but in the longer term it is a waiting machine. what happens in the short-term [indiscernible] time actually takes care of that area -- takes care of that. of theou guys were one
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early movers in this hyper converged space. you saw sales increase in 2014, 90% in 2015, 80 4% and your last fiscal year -- 84% in your last fiscal year. what will you continue to do to boost that number? investors were liking that growth. thisthink the key to all is repeat business from existing customers. [indiscernible] depth of thehe relationship and the customer really comes. just keep doing the basics. to stay healthy, you run, avoid sugar, things like that. you are doing something highly differentiated. it is hard to do, building software that. -- building software. it is about charming men. the customers -- charming the,. the cost -- charming them.
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the customers love us for what we do. been you have not yet profitable. you are still posting that losses. how long can investors expect that to take? -- the certain thing building revenue, that only gets recognized overtime. in terms of operating profitability, it does not show, really. but we grow with enough guardrails in mind. guardrails like, we could fit ,nternal targets for cash flow and guardrails for operating profitability and so on. you have not been a company that has grown at all costs. -- we have not been a company that has grown at all costs.
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you were one of the first in this space. we are seeing the biggest players, even the cisco's of the world, start to creep in. how do we differentiate what you are doing so you continue to gain customers? stack.on't have a full storage software, operations management software, all of that is required to build what people are calling the enterprise cloud. a lot of companies say, put something in here, but something in there. what we are saying is you have to have the entire stack. was nut ceoanix -- nutanix ceo speaking with alex barinka. chair ofined by the
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blumberg capital. thanks for joining us today. >> thanks, tom. tom: a big, momentous day today. what did you see in the outset that made you think, this is the right investment for us right now? a classic silicon valley story. three immigrants arrived from india, they get great jobs in google, oracle, and they came to us with literally no customers, no bronco -- no product, three guys at a business plan. no employees. but they had a vision, and they a look in their eye that said, we are going to achieve something really big. what they outlined to us is a way of bringing web scale architecture, that is using very smart software on top of commodity and increasingly lower-cost hardware, to the rest of the world. google, facebook, and other great companies have higher near this style, and the cofounder's
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we want to bring that to , small companies, governments, and large enterprises. tom: we did not see a lot of pivoting from the early days to now. >> when you say pivot, it's more of a cornucopia. their vision started, and it has grown. they grew in a very nice progression. surged 130%,tocks great for those of you who are hanging on to the stocks right now. did the company leave too much money on the table? are read being too conservative -- are we being too conservative, given the environment right now? their strategy was developed by the investment taking team, the management, and the board. what i can say is i am a super happy shareholder. to this greatent valley we lived in, silicon
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valley, the american dream being realized over and over. it shows how fast companies can grow. they can go into 80 countries under seven years and have thousands of customers. it is kind of an astonishing story. i think the difference between now and 2000, when companies went public, is that companies emphasizesnutanix this really well, it is real revenue. hard technology. tom: why now? what is the signal that now is the right time? >> november and december of 2015 saw a lot of turmoil. there were oil price crises, down to earnings numbers. the volatility of wall street as a negative impact into the world of private companies. even though nutanix was doing
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well as a company, the market conditions were not favorable. we held on, no one pressure them, and it was a great call. you hearing questions from your lp's -- we would like to see some of these folks come to markets and realized some gains -- how much of that is happening? >> the interesting thing in our case is that we were able to self stock in the secondary theet -- sell stock in secondary market about a year and a half ago. that gave us some breathing room. it is not just marked up on paper, we can actually return some capital to you. way more than covered our investment costs. all of this is now gravy. super exciting. i think our investors understand that venture capital is a long-term game. the holding cycle of about seven years is about average ticket to an ipo. much concern is there when you do a secondary? it's a bit risky, right?
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you don't want to send the signal of lost confidence. how do you strike that balance, and how do you avoid the appearance of losing confidence? >> we did it in conjunction with and clearing with the founders and management before we did so, and it was a small portion of our holding. i think it is very important that people understand that regulatory manners have changed the way wall street works. it is much harder to go public, so many companies have to stay private longer. they have cash flow needs for the founders. they want to buy a house in the bay area, pretty pricey. some of them sold as well, not huge amounts, but enough to get by. we returned enough to make them happy. for 2017,utlooks especially given the uncertainty around the election? >> here's the thing. technology world seems to be more of a constant man a variable. it is growing. we are seeing a credible disrupt
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-- incredible disruptive power. people are saying to buy only from startups, rather than the legacies. i think tech innovation is more of a standard than a variable. tom: thanks so much for being with us. david blumberg, founder of blumberg capital. thanks again. coming up, wedbush securities downgrades alphabets, giving the stock it's only sell rating on the street. we will speak to james dekes about why he is feeling bearish. tech giants are dominating the rally with strength not seen since the bull market started in 2009. oflying 12% since the end june, four times more since the next best group. more of "bloomberg west" coming up next. ♪
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tom: turning to output that, which just got its first analyst downgrade to underperform, the only sell rating for the stock. a wedbush analyst says that google search analytics could come under pressure as mobile technology helps marketers go directly to consumers. he joins us to discuss in more detail, along with bloomberg news reporter mark bergin. >> hey, tom. tom: yeah. all right. james, thank you so much for being with us today. tell us a little bit about why you have taken this somewhat bold bet and downgraded alphabet. does: it basically has to with three technology trends which could lead to what i see as potential risks to the
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business model of paid search. been, it trend has think, over the past year, a more rapid shift in monetization of paid search, especially on mobile, through addition of ads and changing the mix of the traffic to being more paid traffic as opposed to organic traffic, so to some extent, the business becomes more like an advertising engine as opposed to a search engine merely supported by advertising, and one potential risk is that reduces the moat between that type of experience and other advertising engines, which might be better for advertisers and consumers. consumer'srend, the ability to build -- to control ip delivered ads.
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the obvious example would be the rise of ad blocking, which was not that substantial in many markets, depending on the data that you look at. it could be a quarter of the user base that has installed some form of ad blocking. this allows consumers and sensitizes them to take control of their ad experience and potentially control the ads they are exposed to. the last trend is the rapid acceleration in payments platforms, and what that digitallly allows is connection between your exposure to an ad, whether you shop for a and pay for all purchase a product, therefore allowing people to pay directly to consumers to engage with ads, regardless of whether they actually buy from that particular appetizer, but simply whether they buy at all. that's what i call the attention market.
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that is the risk to the paid services business model. tom: james, alphabet has been aggressive in to moving into new markets, trying new things. aren't you at all optimistic about their move into some of these other businesses? james: i think some of the moves they have made have more focused they give more clarity as to where they are some ofg in terms of their longer-term initiatives, versus some of their core businesses. paidact remains that search remains far and away the most important driver of the actual financial results of a company that investors depend on. it continues to be a company which is 90% advertising revenue , and the most profitable part of that advertising revenue is paid search. i do not see their current initiatives trading -- changing
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dramatically over the next couple of years. i would like to bring mark bergin into the conversation. this is his first appearance on "bloomberg west," and you are just now starting to cover google for us at bloomberg. speaking of new products, next week we are going to see google some new hardware. tell us a little about what you know coming down the pipe. the nexus launch, which has historically been their reference design brand -- they are showing android phone makers , this is what we want a phone to look like. it is important for google. they are competing with apple, and there has been a lot of pressure on the high-end. theird is key strategy to mobile advertising. james pointed out a lot of their search business depends on having a strong presence with android. heard moreday, we from diane greene about their cloud initiative.
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tell us more about their expectations for what diane greene is doing, and whether they have a chance against amazon and others. on lasthey came november. it's been about a year. the first goal with the sales team is to have all these disparate apps for work. it has taken a long time. there is a sense inside the company that historically it has , a consumerring product company. it has never been an enterprise company. amazon and microsoft are well ahead. thank you both for joining us. coming up, it looks like qualcomm is ready to make a major acquisition, but is in xp the right fit?p we will bring you the latest. this is bloomberg. ♪
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tom: qualcomm finally looks ready to make a big deal, with bloomberg confirming qualcomm has held several talks with targets, including nxp semiconductors. to shore up a key market in a rapidly consolidating industry. joining me is bloomberg's ian king. take you for being with us. what is qualcomm looking for? ian: several options, as far as we understand. behind thisforce is, do they want to make a transformational decision, do they want to use that $30 million they've got, or do they want to stay the course with what they have been doing until now, which is incremental -- we need this technology, we need that technology? that is our understanding of what is going on. tom: what does nxp do for qualcomm. .> it is route one into silicone
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qualcomm is already trying to do that. it is pretty much the biggers -- the biggest maker of chips. tom: where is pressure on qualcomm coming from? is this the rising cost of making the chips? >> that's a good question. on the one hand, they have that huge chunk of cash and they want to do something with it. the other hand, it's a classic case that we have seen too many companies be good at one market and make a brilliant living in that market, in this case the smartphones, and then things slow down, competition comes along. what do you do next? you take money you have gained in the one thing you are good at and make a big bet, or do you stay the course? news today atthe bloomberg about there being multiple potential targets. something about nxp that makes
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it attractive is that it has an overseas location. taxmuch of the burden of plays into why qualcomm might he looking at nxp in particular? good point. in general, they have a lot of cash overseas that they have never wrote back. they don't want to pay double taxes. if you can effectively use that cash to buy something that didn't bring see revenue, obviously that is expected use. obviously, if something is going on with the u.s. tax codes, maybe you reconsider. tom: we have just broken some news saying that nxp is working with catalyst to explore a sale. what does that mean about nxp and its position here? >ia i'm glad that just happened while we were talkingdn: -- i'm glad that just happened
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while they were talking. this confirms nxp is a potential seller. they have somebody in place to deal with. we understand that they have spoken to several potential bidders that averaged out and said, are you interested? tom: bloomberg's ian king, thank you. ian will be joining us later in the show to talk about how intel has joined with oakley to make some classes that make -- make sunglasses that can talk to you. next, scott sandel. this is bloomberg. ♪
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mark: let's begin with a check of your first word news. the united states is considering sanctions against russia over syria. state department spokesperson
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mark toner says that moscow still has not taken steps to end the violence and aleppo. >> we have not definitively that door. we have not definitively suspended our diplomatic relations regarding syria with russia. , because wee verge have not seen them take the kind of actions we are looking to see them take. mark: russia says for a credible cease-fire to begin, russia should separate the moderate opposition from al qaeda's branch. president obama joined leaders around the world in jerusalem for ceremonies for shimon peres, who died this week at 93. the president: the next generation of leaders to complete his vision of peace between israel and palestinian. was buried next to another
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israeli prime minister, assassinated in 1995. the commission on presidential debates says there were problems with donald trump's audio during the first debate. according to a statement on the website, the commission wrote "there were issues with donald trump's audio that affected the sound level in the debate hall." trump had said on monday night that his microphone was faulty. security department official tells the associated press hackers have targeted the voter registration systems of more than 20 states in recent months. month warned state officials to improve their election security after hackers targeted systems in illinois and arizona. u.s. officials say election systems are generally not connected to the internet, making it harder for hackers to alter election outcomes. a warmancis has received welcome from the leader of the georgian orthodox church, who calls him a dear brother. relations between the church and the vatican have been strained. in 1999, tensions were so high urgedhe orthodox church
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its a full to stay away from a mass of pope john paul ii. hope francis issued a rebuke on friday, insisting that the republic had sovereign rights. the italian police have found two van gogh paintings that were stolen from an amsterdam museum in 2002. they were hidden in a farmhouse of an organized crime syndicate in naples. they are "in relatively good condition. " the coatings were considered -- the paintings were considered among the most important artworks in the world. global news 24 hours a day, powered by more than 2600 journalists around the world. i am mark upton. this is bloomberg -- mark crumpton. this is bloomberg. west.his is bloomberg i'm tom giles, and for emily chang. tradingsurged in their
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debut friday, after the software maker raised $230 million in expanded ipo. it joins a number of smaller tech ipos in recent weeks. said, 2016 has been the slowest year for u.s. tech ipos in seven years. joining us to put the environment in perspective is any a's had a tech investing, scott sandel. thanks for being with us today. huge day today, nutanix' surge. talk about tech ipo's. >> it is a great day for tech ipo's. these things come in cycles. in the beginning of a good cycle, you have to have something encouraging for other investors. what happens is the first penguins that drop off the iceberg into the cold water offer something attractive, and they offered an attractive price. that's why these shares surged
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131% today. we saw truly elite couple of weeks ago, also a really nice outcome. all the investors and wall street are thinking this is a good time to get back into ipl's. after four or five of these nice things, they will decide they can't afford to live without them. tom: you have been through this many times before. do you think we will get to a situation where the founders and advisers will see these big stock surges, and they will say, we are leaving too much money on the table, we should be bolder and more aggressive? interesting. people often think it's the venture capitalists and the founders that want to take the company's public. i find that is not the primary driver. a lot of the companies that are ready to go public today, and i think there is a terrific backlog, don't need to go public, because in a recent couple of years they can raise significant amounts of capital, both to fund their business and to provide liquidity for
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founders and early investors. that is not the reason they want to go public today. what ultimately happens is the employees want to go public. they also find value in the credibility of being a public company for the benefit of being an enterprise customer. tom: how much is lt playing a role in this? has been a really long haul given that so many companies are staying private for so much longer. >> i think it depends. isbably for some firms, that a big issue. it is not a huge issue for us, but we are mindful of it. rlp's have been patient with us for long periods of time. they want a return, and we will give it to them. they won't do that in a way that puts the companies at risk. you have to put the company's interest at first, and if that's done, it works out well. tom: you seem optimistic going forward. do you think we will see fewer
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of these secondary transactions that are aimed at kind of unlocking liquidity, giving employees a little more money, like we were talking about earlier? the ceo wants to buy a house, etc.? that willlly think continue, but it will continue for companies had earlier stages of their development, and it will continue because it has worked well in this cycle, meaning that this early liquidity has enabled companies to be patient, to stay private longer, which is where innovation happens. once you become public, it is harder to continue making those aggressive steps. tom: we are talking about the outlook going into 2017. there is a lot to be bullish about, today's performance among them. on the other hand, there are potential negative catalysts. there is war overseas, the election. what kind of role do you see them playing, and how might that kind of change? there are firms that probably
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wanted to go public now that wanted to go out before the election for that exact reason. it is too late to make that decision today. that would have to have been made a few months back. it's anybody's guess what the election will do, but the stock market seems to be diving pretty well despite the election, and we know who the candidates are, and we don't know who the outcomes are going to be, and the stock market is still happy. that is a huge factor. tom: based on what you know on the candidates -- on where the candidates stand in relation to venture capital firms, is there one that you think would be better for the world you operate in? >> for my personal preference -- nea does not make political statements -- as one of the magic partners, i would refrain from telling you what my personal vote would be. tom: but in terms of looking objectively at the same, can you tell me a little bit about what
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you think would be a more optimal outcome? it's sort of depends on your view on who would manage the economy better, which is more of a personal reflection. donald trump a businessman, i actually think hillary would do a better job with the economy. i think it is a consensus, so it is not just a personal opinion. there have been recent surveys of ceo's and things like that that have heavily drawn the conclusion. we talked about, despite the bullishness in the market right now, there are some non-vc that really clout a lot of money into the market, who kind of her friend, held back a little bit. how has that changed the investing environment? what does that mean for late stage investors? market has pulled back. because those actors are no longer present in the marketplace, things have slowed down. but you have to remember, the
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venture industry has raised nearly record amounts of capital for the last couple of years. what it really boils down to is the good companies can get funded, and they can get funded from high quality sources, which is what you want to see. what you don't want to see is when there is too much capital, things get funded that don't want to get funded, and that is ultimately destructive. tom: i would like to hear your thoughts on a couple of companies. is 2017 the year they take the plunge? that.m not able to say these two companies are both doing spectacularly well. both could be public at any time, and it will be up to the board to decide when the time is right. tom: a couple of the technologies you are most excited about, where you are looking in your partners are looking at where to invest down the road? we have a very broad investment mandate across all of information technology, health care.
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one of the things i am excited about is the technology platform created online and by the cloud. it is enabling people to start businesses outside of technology. i last count, we have 36 separate industries that have funded companies. think of casper and the mattress industry. who would have thought of funding a mattress company? it is doing well. metro mild is changing the landscape for auto insurance. there are things happening everywhere you look. sandell, head of take investing at any a. thank you. china's two largest ridesharing services have made investments within days of each other. one raised $100 million from
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hillhouse capital, among other investors. coming up, the average age of a u.s. worker's 42, but in silicon valley, it is closer to 31. we will discuss the tech industry's age bias, next. and don't forget to tune in this weekend. we will bring you the best interviews of the week, including entrepreneur and investor reid hoffman. his thoughts on where silicon valley stands on the 2016 presidential race. that's on saturday. ♪
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tom: the widow of steve jobs has taken a stake in film company anonymous content, behind films such as opening spotlight" and "the revenant." she will help anonymous parties more socially conscious films. theses of silicon valley have an ideal candidate, a blue flame. that's a young person in their 20's with lots of energy had no kids. this is one example of how silicon valley is becoming increasingly young. well the average u.s. worker is 42, in silicon valley that is more likely to be 30 one. joining me to discuss age bias in the tech industry is david mariani. david, thank you so much for being with us. why hasn't gotten to this point to thisas it gotten point? why is silicon valley worse than other industries?
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it comes to investment in venture capital, i think there has been an overemphasis on youth as opposed to age. if you look at pattern matching, which is what these good vc's are good at, they tend to follow each other, and they end up investing in a lot of young startups with first-time ceo's who are swinging for the fences. tom: the idea is that maybe young people are more likely to take bigger risks, is that it? if you are married, you have kids, you are thinking about college or your second house in the hamptons or this, you are less likely to kind of tucked in for the long haul and wait for a payoff down the road, is that the idea? big part of it. they are looking for a home run, a billion-dollar outcome. a very prominent vc in the valley spent two hours in a room with two harbors, and the
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questions they were asking me, what is your goal, to buy a yacht or an island? not my goalthat's lead all. my goal is to build a big business and release all the problem that i have been suffering with as a customer for the past 10 years. it is very frustrating, because i see companies who would get a product thatg is not a product i would buy, andbecause they are young because of that bias, they are the ones who get funded. tom: employees are doing interesting things to get around this by masking themselves, if you will. can you talk to us about what employees are doing? david: ultimately, people recognize experience. at any company, you have to have the right balance. youth brings energy, and brings -- it brings new ideas
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and willingness to take risk. seasoning brings its own experience and set of pattern matching. it also makes it much easier to hire and build teams, because you actually work with people, you know the people who work with, who's good and who's not, and you can bring them along. think that youo have to be able to sell to a company that is a company that you likely have worked for, or at least in the industry. you have to be able to use the product and have used the products you are trying to sell into. it is hard to do that if this is your first job. tom: do you see this spreading outside silicon valley? as more industries try to be like the tech industry, they want to be lean, they want to be innovative -- the uc been kind of adopting some of these same strategies, -- do you see them
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kind of adopting some of these same strategies, and what is the risk? david: when you hire people, you hire people like yourself. how bunnies with young management teams will hire younger people and perpetuate that bias. something specific to silicon valley. i don't think you will see that outside. you will see some of the excesses, like focus on catered lunches, dry cleaning, and massages, things that don't help customers at all, but are things highly funded startup companies will sort of indulgent -- sort of indulgen in because they think it is competitive. tom: what are things employers should be thinking about to avoid these biases? david: it is about the right land. bring young people into the organization, especially in new or positions,
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so they can grow and challenge you and bring in other ideas. you you can't really -- but can't really substitute for experience. that is so important, to have lived and failed and know not to repeat those mistakes. , thank you soani much for being with us today. headlines we are watching just now, google is said to be working with lazar to consider a bid for twitter. it is not clear whether google will actually formally make a bid, but we are watching for developments and will bring you the latest as we get it. coming up, sunglass maker oakley and intel have turned up to -- paired up to change the way you work out. we will give you the details next. this is bloomberg. ♪
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tom: oakley wants to change the
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way you work out. the sun glassmaker has collaborated with intel to announce the radar pays, a new sports-focused out where that features things like built-in headphones. credo, andis chris bloomberg reporter ian king is back with us. thanks for being with us. what do these spectacles do, besides making ian king look amazing. this is the first active eyewear that has a coaching system built in. we set out to find real problems solve for our consumers. part of our strategy was to work with lifestyle and consumer and buildand held -- products that solve they need. what we found was that writers and cyclists need help to achieve their best performance, and that's what radar pays does. tom: what will i be hearing in my year?
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it streams music. any music on your phone can't be -- can be played through these glasses. the real thing here is you set a goal. whether you want to do free for running to get stronger, lori have more endurance, or you want to run your first marathon, you distracts herand performance before and after your workout. what you will hear our statistics that are important for you. whether you are pushing too much, not enough. just to keep you in those workout zones and keep you the best athlete possible. tom: what else do i have to have hooked up? >> you don't have to have anything but your phone for radar pace to help you. but anything you already have -- it basically integrates through bluetooth. how do they work? few days i have
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tried them, i have turned into a world-class athlete. no, in terms of setting them up and using them, you have to put the work and to have it working as effectively as you would hope . in terms of the technology, the voice recognition is really difficult, and the slightest bit of background noise tends to fall apart. these are surprisingly good, i have to say. are our intel chip reporter. tell us about the technology behind it and how it fits into intel strategy. n: i don't want to speak on behalf of intel, but the push is, look, intel makes chips for pc's, it is very profitable, but in the future everything is going to be connected and computed. we need to be in it. they are pushing lots of products like this to try to spread the use of intel's chips and brought in their base of
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sales. tom: what is the market opportunity we are talking about? this combination of eyewear with more advanced technology. is one small component of our mobile strategy. depending on i you look at it, multiple billions of units in the next decade. talks about, what we set out to do is build experiences, and end to end experience. when you look at where intel is ,oing, everything is connected from your device, to your phone, to the connectivity of the cloud . it is seamless for users. these are on sale october 1, in stores and online. tom: do you have projections in terms of the number of units? christopher: we are anticipating gangbusters sales, based on the initial feedback. we will see how that works
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out. thank you so much for being with us today. us.k you for joining that does it for this edition of "bloomberg west." ouronday, do not miss conversation with former twitter ceo dick costolo. this after google is working to consider a bid with twitter. we will keep you up to speed. that's all for now from bloomberg san francisco. this is bloomberg. ♪
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>> from our studios in new york city, this is "charlie rose." charlie: we are in washington, and we begin with politics. according to "the new york times ," hillary clinton has a 72% chance of winning the presidency. the general consensus is that donald trump struggled in the first debate on monday, as clinton put him on the defensive. nielsen ratings estimate a record-breaking 84 million viewers watched the debate. the focus is now shifting to the second debate in st. louis on october 9.

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