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tv   Best of Bloomberg Technology  Bloomberg  November 26, 2016 6:00am-7:01am EST

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all our the controversy surrounding facebook and twitter rages on in the aftermath of donald trump's election. how the companies are changing their tune. trump doubles down on his promise to scrap a major trade deal. what that means for tech companies in china. the silver industry scrambles to figure out what the new administration means for renewables.
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the debate rages on, did fake news on facebook help sway the presidential race? mark zuckerberg told dave kirkpatrick this. > personally, i think the idea that fake news on facebook, of hich it is a very small amount of the content, influenced the election in any way, i think is a pretty crazy idea. emily: but after a lot of backlash, zuckerberg seems to have slightly changed his tune. he wrote on facebook, the bottom line is, we take misinformation seriously. we believe in giving people a voice, which means erring on the side of letting people share what they want whenever possible. we asked dave kirkpatrick what he thought of facebook's evolving tone.
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>> he would still say -- i don't think you would use these words again, but it is a crazy idea that trump won because of fake news on facebook. i think what has happened as a result of a huge push back from all kinds of corners, including the u.s. president, the lead editorial in "new york times," and other places, they are taking this seriously at facebook. what i found impressive, given the pace which developments are oing, is zuckerberg on saturday was outlining a series of specific steps they are starting to take to think about ow they can change the way the algorithms work, the validation of news works. they are going to make concrete changes. there is no questions. emily: stronger detection, easier reporting, third-party verification, warnings, rating the quality of articles.
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are these changes enough? should they be doing more? should they have more human editorial judgment involved? >> i think the question of whether human or algorithms, meaning software, can do a better job is not really easy to answer. it is very possible, given the volume of content facebook has to deal with, that there is no choice, but that algorithms have to do the heavy lifting. that doesn't mean they aren't going to need people. they have people. it has been reported about these thousands of people in the philippines and elsewhere that basically are looking at things all the time, posts by individuals that are also false or harmful, making very quick judgments. we're going to see people involved. whether they should have an editorial department and journalists get involved, my gut is they should have some
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people like that involved at the policy level and possibly at the big picture decision-making level, but they are never going to be able to use those people for every fake new story identification. there's too many things to identify. emily: bloomberg did interview a facebook vice president in ondon. take a listen to what she had to say. >> we want to make sure people are seeing the information that matters most to them, and if they don't want to see that information, they can choose to block it. emily: what about a potentially bigger problem, that facebook and twitter have created an infrastructure in which we can live in our own little bubble, interact, and only see news from people that we like, and people whose views we share, is that potentially a bigger problem? >> i think it is.
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i would say most users of facebook would say it is something they experience. i asked zuckerberg about that in the interview on stage and he said that the problem was more that people get the contradictory views in their news feed, but they don't read them. one could argue they need to do something a little different to maybe put a brake on that. the problem, and i think your colleague said some smart things the other day on your show, they really want to do what is best for the user. if they think it is affecting the user experience, they are going to improve it. that is their bread and butter. probably it is starting to affect the user experience. that gives them huge incentives o take action. emily: you can hear more about facebook's news controversy on ur podcast, "encrypted."
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find new episodes on itunes every tuesday. twitter is also under pressure for the way it handled hate speech. last week, twitter switched on new features to help users filter out abusive content and took direct action by suspending a handful of accounts. as social media grapples with the balance of free speech, we discussed the controversy with another founder taking a stand. dan is a former reddit exec who founded a platform which monitors online abuse. >> we think about it as a culture problem. of course there's technology involved in helping us detect and prevent these kinds of things, but the biggest thing we think other companies have forgotten is what we're dealing with is a culture. we raise enough money so that we can spend a long time in
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private data, so we can raise communities. i think you will see on twitter, reddit, facebook, what you really have is a culture of hate. you have a culture of harassment. they are really encouraged and they are really spread far and wide. emily: how do you actually change that? i'm sure redit didn't start out thinking they would be breeding a culture of hate, and neither did facebook or twitter. these networks sort of become what the users often want them to become. >> but you have to focus on it from day one. i know that, that these other platforms really didn't. what you focus on as a startup is growth at all costs. especially when your business model is one of advertising, you are forced to focus on growth at all costs. when you have something that is really proving to exponentially
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grow your platform overnight, you go with that. if that happens to be harassment and hate, you are incentivized to go with that. we're trying to set up a different business model, one that is in line with the communities, one that is in favor of the communities, so we are forced to make decisions against these things. we can't solve the problem that there are jerks online, but by merely trying in providing the tools for community leaders and members to help us help them, we are going to be in a better place. at least that is our belief. emily: friday night, the cast of "hamilton" delivered a message to vice presidential lect mike pence. the star saying, we are the diverse america who are alarmed and anxious that your new administration will not protect us or defend us and uphold our rights. resident-elect trump said that
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vice president-elect pence had been harassed. how do you define, and more importantly monitor, what may or may not be harassment? some eople felt hat the cast of "hamilton" discussed wasn't harassment at all. >> there's always a gray line that is hard to trade. we're lucky that in a community platform we have a hierarchy, so we have community leaders, community members, and we are able to service problems like that in a more organic way. you have real problems on twitter that the rules aren't applied evenly. a lot of the things you see donald trump doing, you saw also milo doing, and he was banned when trump wasn't. we intend to enforce our rules equally, whether they are stars or not. harassment is harassment. but we recognize that is a hard
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gray line. we are focused on scaling our teams appropriately to our communities. emily: and what about president-elect trump himself, who certainly has not taken a break from twitter at all, to the surprise of many. you've got a survey that came out today, saying most people would like him to shut down his ersonal twitter account. how should trump be behaving? >> i think he should be banned from twitter. if he were doing what he does on our platform, he would have been banned many years ago. he is calling for harassment. it is not proper behavior. emily: you think jack dorsey should ban donald trump from twitter? >> i think he should have a
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long time ago. emily: still to come, with billions of dollars on the line and the president-elect promising to unravel a trade deal six years in the making, we will focus on the future of the u.s. and china's trade relations. after a year of megadeals, does the new administration signal a change in the m&a pipeline? we'll discuss next. this is bloomberg. ♪
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emily: trade continues to be a hot issue in washington. president-elect trump made clear this week that he plans to follow through on a campaign promise to unravel the transpacific partnership, a key policy of the obama administration. >> on trade, i'm going to issue a notification of intent to withdraw from the transpacific partnership, a potential disaster for our country. instead, we will negotiate fair trade deals that bring jobs and industry back on to american shores.
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emily: just last week, president obama met with leaders who vowed to fight protectionist policies in peru. >> when it comes to trade, i believe the answer is not to pull back or try to erect barriers to trade. given our integrated economies and global supply chains, that would hurt us all. rather the answer is to do trade right, making sure it has strong labor standards, strong environmental standards. emily: perhaps some conflicting messages from the u.s. for more on what this means, we caught up with the brookings institute vice president of government studies in ashington. >> he's doing exactly what he said he was going to do, pull out of the tpp. this is going to create problems for our allies and it also creates a great opening for china.
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at the recent conference, china is trying to exploit this possible move by the united states to tell countries in that region, we will create a free-trade zone with you. emily: we've got numbers showing how much is at stake. the u.s. importing $480 billion worth of goods from china, exporting $150 billion worth of goods. lulu, you are on the ground with the leaders of chinese businesses? what is the reaction within china? what our business leaders aying? >> chinese tech companies care a lot about how trump's policies will be. you might be wondering how this will affect the companies that are largest. alibaba has said essentially that if trump wants to create more jobs, and they are assuming that is a priority, they will need to work with chinese companies like alibaba
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that are investing in the u.s., and trying to acquire more products from the u.s. as chinese consumers upgrade. they said that silicon valley is trying to bar immigrant workers in the future. china is more than happy to take those workers. emily: president-elect trump in this latest video message also continuing, it seems, to support the promises he made on visas and immigration, saying, i will direct the department of labor to investigate all abuses of visa programs that undercut the american worker. david, we are starting to see some potential policy intentions take shape. what do you make of it? >> a very smart leader once said to me that there's a global battle underway for influence between china and the united states, and every country around the world is
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looking at the two systems, one very top-down and autocratic, one democratic and highly capitalist, to see which one gets the best benefit for its people. i think a lot of trump's proposals don't factor in the global impact of his actions on that battle. as darrell and others have been explaining, it is really great that china may gain the advantage is some shortsighted actions we are about to take. in terms of impact on tech companies, i think there are positives and negatives. emily: darrell, how likely is an actual trade war in the traditional sense of the word? trump's people have said that china's actions add up to an undeclared trade war.
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how would this be different? >> i think it would be devastating if the united states did start a trade war. trump has talked about imposing tariffs on goods from china. he has accused that country of manipulating its currency. if he were to do something like that, we can guarantee there will be retaliation from china. the risk is that this whole infrastructure that has supported globalization is just going to fall apart. it becomes a catastrophe for many different countries. emily: what companies in particular, and let's focus on china, what companies would feel the effect of this the ost? >> like i mentioned earlier, alibaba is focusing on expanding globally currently. u.s. is one of its core targets. for them to go into the u.s. in the future, they need to procure products. they are targeting u.s. customers.
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trump policies could affect them. tencent, not so much. in areas they would like to expand, hollywood movies, that is an area that would likely affect them. we're already starting to see a push back there. emily: a lot of folks i've been talking to have said the bottom line is that trump is a businessman and he will recognize that the relationship between china and the united states is very important. do you think ultimately we will see a softening of the rhetoric and a softening of the actual policies put in place, or do you believe he will take as hard a line as he says he will? >> i would hope there would he a softening as he starts to realize what some of the negative consequences are going to be.
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it is going to be difficult to it is going to be difficult to bring manufacturing jobs back to the united states. it is much cheaper to produce those products in china. the thing that i worry about is, when you look at his initial administration appointments, he has appointed real hardliners to some key positions. that suggests he's not going to soften some of these positions. emily: david, closing thoughts here. there's also a contention that trump may not understand how many jobs would be created if apple moved manufacturing of the iphone or even part of it back to the united states. we had alex webb on, saying it wouldn't create that many jobs because automation is so good now. where do you see this actually going? >> those were amazing statistics that alex mentioned efore. itosts $.75 an hour to have a robot do a job, four dollars an hour in china, and $40 in manufacturing in the u.s. f those numbers are right,
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there's just no way that we can bring a lot of manufacturing back without either not creating jobs or dramatically increasing consumer costs. if people want things to cost more when they go to walmart, fine, bring some of those jobs back and create a bunch of manufacturing jobs in the united states. i don't really see how this is going to play out. it is one of so many things that, as i said earlier in the show, it is pretty hard to predict right now. trump's rhetoric seems to be directly contrary to logic. emily: dallas darrell west, lulu chen in hong kong, and david kirkpatrick in new york. still to come, everything you need to know from the two hp earnings reports this week. we'll break down the numbers next. plus, the addictive home decor site houzz is looking to india for its next big growth spurt. we will catch up with the c.e.o. later this hour.
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this is bloomberg.
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emily: the hardware company hp inc. and the fast-changing enterprise company hpe both have with the results tuesday. we brought in crawford for the top takeaway.
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>> similar to what you saw on the call, meg talks a lot about remaking hewlett-packard enterprise. they are really a company focused on the enterprise infrastructure space. what people need to get their heads around is the infrastructure is changing. you have to build out the cloud. you have to build out private data centers. as you talked about on that clip, this kind of industrial internet of things. there's so much data at the edge that hewlett-packard wants to capitalize on. what make talks a lot about is building a different size overhead structure, building a different infrastructure, to support a company at is not as big. you are seeing that as the company hits its one-year anniversary of transformation. they've gone through a lot of restructuring. what we're starting to see now is this new enterprise infrastructure-focused company emerge and make business choices around, how do they capitalize on better margins within that really core infrastructure space that can be quite competitive? emily: when hp split, not a lot of people saw the election of donald trump coming, and a discussion about m&a yesterday with david kirkpatrick, he suggested that bigger could be safer in today's unpredictable environment. do you think two hp's are better than one hp with donald trump running our country?
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>> i really can't comment on that. what i can focus on is what you are seeing emerge in these companies. i spent a lot of time with hewlett-packard. and hewlett packard ntersurprises. -- enterprises. if i could sum it up in one word, it is focus. this company really has a lot more options. the sales team is more focused on what they are selling. the products, the time they can spend on crafting the portfolio, that kind of stuff is stronger. you really saw that in the hewlett-packard, the pc and printer companies. you saw the personal systems group growing 4%. that is faster than the market. that is on better execution and etter product. as far as what person is in charge, meg did mention, she didn't see the election had a big impact on near-term results.
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longer-term, it is tough to tell. emily: what sort of progress do you expect to see with regard to hpe and the cloud, given the giants that are amazon, microsoft, and google? >> what hpe is going to focus on is helping companies that still support hybrid cloud infrastructures, the absolute best infrastructure, and they re going to go after the highest margin pools there. hp also has significant relationships with folks like microsoft and they want to have profitable deals in that usiness. that is where you want to benchmark them. can they be profitable overtime, supporting the public cloud? that's really a big part of their strategy. emily: still to come, after years of megadeals from microsoft, linkedin, verizon, yahoo!, will we see the same
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appetite for tech m&a with trump in the white house? we'll discuss next. and if you like bloomberg news, check us out on the radio. you can listen on the bloomberg and app, bloomberg.com sirius fm. this is bloomberg.
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emily: welcome back to "best of bloomberg technology." is a donald trump presidency good for the u.s. stock market? that is the question investors are weighing in. volatility will have a big impact on whether the ch unicorns decide to go public. carter mac shared with us his outlook for tech ipo's to come. >> i think a lot of the bigger companies are multinational in scale and the policy, trump's policies, generally anti-trade, those kinds of things are
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really affecting people's viewpoints of the bigger companies. the amazons, the microsofts, the i.b.m.'s. since those are the largest market cap companies, affecting the whole industry. emily: facebook, google, netflix, all down since the election. do you think that will keep up with that once we start to see more certainty, that could change? >> i think it can change. i think the tech sector will probably join this rally at ome point. i think we're going to talk a little about ipo's. i think the backdrop for ipo's is good. people looking for high-growth in the market today, we see a lot of growth in technology, especially in cloud-based software platforms, and other companies that don't necessarily have as big an impact from these global economic issues. emily: 2015, 2016, pretty dry
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years for tech ipo's. now we have two political surprises with donald trump and brexit. ompanies that were perhaps waiting for some more certainty may not have gotten it. what does that mean for 2017? >> we were saying before the election that the backdrop for ipo's has been good over the last six months. we've had low volatility in the market, five months of inflows into equity funds, generally good performance. for the ipo's that have come out in 2016, the average is up about 35%. in technology, the average ipo is about 45%. people are making money by betting on new companies in the po market.
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the october, a couple of weeks before the election, we really saw an uptick in the ipo activity. as the election got closer, people got more uncertain. i do think we are set up for a much more robust ipo market in 2017. emily: how many more ipo's? >> hard to say. the backlog of confidentially filed deals has gone up significantly. emily: snapchat. >> that's right. there was a deal yesterday, in the cyber security space. there a lot of companies that are filed confidentially jmp securities is an active underwriter. we saw a number of companies select underwriters and get on file confidentially in the fall. we know there's a lot of companies lining up to go public in the first quarter of
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017. emily: what about m and a? will companies get more inquisitive? >> the backdrop has been good. we focus on the middle market. our own m&a advisory business is up dramatically this year. we focus in tech and health care and financial services and real estate. we've seen a steady increase in m&a activity. we don't really see that slowing down. a lot of the companies we deal with will benefit, at least from what we are hearing the policies will be, lower regulation, lower tax rate, companies that are more domestically focused, so don't have some of the issues around stronger dollar and trade olicy. we think it is so far generally positive. emily: david kirkpatrick suggested yesterday that bigger is safer or potentially safer under president-elect trump. would you agree?
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>> the market doesn't necessarily agree with that right now. russell 2000 is up 11%. that is the area where the market has been rallying. there is more uncertainty for large global companies that have businesses in asia and across the world, with the potential for trade wars and other negative consequences. emily: any specific sectors within tech where you expect to see activity? >> we're seeing a lot of activity in cloud-based software. that is an area we cover. we're on an ipo which performed quite well. we expect to see a lot more activity in that area. emily: that was carter mack.
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staying with tech, this week's semantech agreed to buy the identity protection company lifelock for more than $2 billion. bloomberg's intelligence analyst and david kirkpatrick joined us for more insight on the deal. >> right now symantec is addressing the problems it has with its flagship norton product, which has been bleeding sales. growth has been hard to come by. what they are trying to fix is a revenue stream from a compan lifelock, and it hardly addresses the problem they have in the consumer segment. the bluecoat acquisition was targeted at the enterprise segment. emily: let's talk about the challenges they face. symantec has struggled because it security software was loaded onto pcs, then the world went mobile. how well-positioned is symantec
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to compete in a world where there are a lot of mobile threats? >> absolutely right. the security landscape has changed completely. you have seen the rise of a lot of smaller point solution endors who have done well. they have scaled themselves up to $400 million, $500 million. they are not integrated platforms, except for palo alto networks. i think what you're going to see is a lot of these vendors being acquired because their growth is slowing and they can't address the overall problem. for a company like symantec, they are putting the pieces ogether. you don't know if the product synergies are there. emily: david, it is interesting to see these first m&a deals take shape. now that we know donald trump will be in office in january, this deal may have been in the works for a long time. what do you expect from m&a under donald trump? >> i think there's a lot of
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reasons to expect tech m&a to row. one is, if the repatriation of overseas profits is allowed, which almost certainly is going to happen in some form, that gives these companies a lot more money to spend domestically. they are already buying companies overseas. it makes sense to see that as a actor. like i've said already, we are entering a very uncertain environment. the more uncertainty there is, i think business leaders like to be big. they think that makes them feel little safer. that might be another force towards more m&a. i also think the pace of change continues to accelerate. these big companies can't invent everything themselves. symantec buying an identity management company is very smart. identity management is one of the big challenges.
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they didn't develop themselves. they got it from somebody else. emily: lifelock has had some interesting run-ins with the fcc over false advertising. they made bold claims about protesting customers' dentity. they have had to actually pay money back to consumers. do you think symantec simply decided that bigger is safer and are willing to deal with these issues? >> absolutely. the fact that they already have a 4 million customer base, it goes to prove that the revenue stream they are getting from lifelock is steady. it helps them fix the consumer segment problems they have been trying to address the last two years. t is a very good idea for them to pursue this. the only problem for symantec is they don't have the bandwidth to produce more deals like this. their debt could be downgraded to junk. it doesn't leave them with much room to pursue more deals like this. emily: bloomberg intelligence analyst mindy saying and economist ceo david
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kirkpatrick. still to come, the solar industry grapples with what a trump administration means for renewable energy demands. we will speak with the biggest provider of home solar loans in the u.s. next. this is bloomberg. this is bloomberg. ♪
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emily: in the weeks following onald trump's election, energy analysts have tried to guess what the incoming administration means for renewables. trump campaigned on promises to bring back: mining jobs and scrap clean energy initiatives. this week, we got another hint. >> on energy, i will cancel job killing restrictions on production of american energy, including shale energy and clean coal. creating many millions of high-paying jobs. that is what we want. that is what we've been waiting for. emily: but questions remain, like what will the trump
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administration do to tax credits that help homeowners install rooftop solar panels? we caught up with someone at the heart of the industry, mosaic ceo billy parish. whose company is the largest u.s. provider of solar energy for u.s. consumers. >> it has been good to hear from the transition team that they don't plan to target renewable energy tax credits. that makes sense. solar is one of the most popular things in america right now. 89% of americans support solar. that is about 85% of republicans, 95% of democrats. solar is creating jobs at 12 times the pace of the rest of the economy. it is one of the few bright spots. i don't think he's going to take -- go after it. emily: this is a guy who believes climate change is a hoax, or has suggested as much. there's concern about whether
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tax credits will be rolled back. how concerned are you? >> i'm not that concerned. ultimately, this is about which sources are best for the country and the economy. right now solar is cheaper than other forms of electricity. most of the action is taking place in the states right now. the market has taken on a life of its own. don't think there's much he could do to slow down solar. emily: is there any upside? >> there's a lot of interest in investing in infrastructure. solar and transmission infrastructure are needed. we are hoping some of the tax credits could be used to further deploy clean energy. emily: you raised another $250 million. you've got solar city providing a similar service. how do you see yourselves maining a leader? >> we work with almost the entire industry.
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we provide software and loan products to almost every major installer in the country. when they are sitting with someone who wants to go solar, they are using our application to get that customer instantly approved. we don't compete with solar city. emily: how does a solar city tech merger impact you are the ndustry? >> we were excited to see those companies come together. we worked with both companies. we financed tesla's power wall as well as solar city's installation. it is a positive thing, a stronger company together. emily: do you buy into the decision of a sort of end to end energy service for the consumer? >> i do. i think most consumers benefit by going solar. anyone who's driven a tesla knows that is a better car than most other cars on the road.
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if you can bundle these things together into a single offering to a consumer and cross sell to tesla customers, i think there's something there. emily: the world's first cyborg olympics is underway in zürich. 66 teams from around the world have paired up scientists, cutting-edge robotics, and physically disabled people, to push the limits of assistive technology. heck it out. >> 66 teams from across the globe have come to zürich for a unique competition. in a true blending of man and machine, people with physical disabilities are competing head to head. it has been dubbed the world's first cyborg olympics. the rules of the games are simple. robot assists, neurologists,
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and other researchers, are paired with competitors that have been robotically enhanced. races are based on different disabilities. the fastest time wins. competitors are grouped as closely in ability as possible to avoid unfair competition. technology can be conceptual or off the shelf. it just has to be safe. the mission, to improve technology and better integrate those with disabilities in everyday life. i've come to the arena to meet with the team from imperial college london. kevin has a cutting edge robotic arm after an industrial accident more than three decades ago. his mechanical arm has dramatically improved his life. he's competing in the arm prosthetic race, where he will perform household chores. >> you can see the twitch going.
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decide what level i want. it is instant. >> the university is using his experience to identify limitations of current technologies. the team hopes to develop a commercialized device. lso on the team is johnny, who broke his neck in a trampoline accident when he was only 16. he can't move his legs, but by placing electrodes on his skin, he can pedal a modified bicycle. >> hamstrings and my glutes as well. it comes out in these wires here. this fires the muscles in a sequence and enables my legs to go around. >> the electric shock would buckle you or me, but he can't feel it.
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the university is building a.i. that will monitor things like how tired his legs get. it is not just an even to see who can run the fastest or jump the highest. it is using tech for everyday tasks. johnny blitzed his qualifying race. he starts strong, but quickly alls behind. the california competitor has some of the most advanced technology in the world. johnny comes in second, but his coach couldn't be happier. >> excellent. really pleased. >> the research has brought implications. scientists believe studying people with severe handicaps can lead to breakthroughs. there are no cash prizes for the winners, but that is not
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the point. it is about pushing the limits of science. emily: up next, the hot home decor startup adds a new market to its global expansion plan. the ceo talks to us about whether an ipo is in the cards. this is bloomberg. ♪
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emily: uber is the latest to start capitalizing on india's currency crunch. they are launching a car booking service just for weddings. customers can prepay for rides for wedding related travel. uber hopes the option will appeal in india, where it is common for thousands to attend lavish weddings. turning now to houzz, the
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online home decor startup looking to india. india would be its 14th market after moving to singapore, australia, and japan already. the ceo joined us in studio to discuss what opportunity she sees in the indian market. >> india has been a great market for us. we already have a prominent community in india. we have over one million community members that are coming to the platform every month and more than 40,000 professionals that are already active in the platform. there was strong demand from this community to localize the platform for them, as well as our users all over the world that are interested in india and everything that comes from india, from ideas to products, materials. we felt like it is right time to go. emily: it is obviously a huge market. how much business do you think
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it will drive? >> i think it is going to be very prominent. like every country we launched, we're going to be very focused, localizing the experience, making sure we provide the features and technology and content exactly as needed by these industries. the monetization and business will follow. it's going to be big. emily: there are obviously strong local players. amazon is making a bet on india. what do you think gives you the edge? >> basically, houzz is the only player that provides one end to end solution, everything people need, from the inspiration and ideas, to the great professionals, to product and materials. folding it all under one roof is something only houzz can provide, as well as the global community. we find it powerful when people can collaborate, hire people from different places, as well as access product and materials.
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emily: you have raised over $213 million. what is your take on the broader environment right now? a lot has changed. how do you think that president trump will impact the overall environment in general? >> in general, i think it's a good practice to build an independent company. then all the options are going to be open to you. we always did that. we know how to build very lean companies. this is how we built it originally. this is how we kept growing it. when you have the ability to choose whether you want to raise or you don't want to raise, everything is open. in terms of what's going on with the election, i think what we've seen in the industry and
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what we're hearing from our omeowners, first of all, the plans for renovation are starting way before the actual execution. 6, 9 months before. many of these plans are being executed now based on things people built a long time before the election. we are asking, why are you renovating, why are you decorating, why are you doing something to your home? the number one priority we are hearing is, to improve our quality of life. no president, no election, is going to interfere with that. this is the secure place where people feel like they have full control, full power to build something they love. emily: you mentioned your husband. he is the president. what have you learned about working together? how has your relationship
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evolved? >> we learned that having a cofounder that you truly trust and you know very well is very powerful. and we do know each other very well. we've been together more than 20 years. trust is a big thing. you need to learn how to put the boundaries between home and work. as the company grew and our kids grew, we had to reinvent ourselves every year. but it is a fun adventure. emily: that does it for this edition of "best of bloomberg technology." the best of it. we will bring you all the latest in tech throughout the week. tune in every day on tv and live streaming on twitter. that is all for now from san francisco. this is bloomberg.
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carroll: welcome to bloomberg businessweek. >> we are coming to you from inside the headquarters in new york. carol: is building more pipelines the answer? oliver: paul manifold is back. the campaign manager for president-elect donald trump never really went away. plaques and how the military is handling cyber security training. liver: all of that, ahead. carol: we're here with the jim ellis. i want to start with the global

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