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tv   Best of Bloomberg Technology  Bloomberg  January 7, 2017 6:00am-7:01am EST

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♪ >> i am caroline hyde. this is "best of bloomberg technology", where we bring our top interviews from the weekend tech. all the industry leaders from this week's consumer electronics show, including very diller. ass, tim armstrong joins us ull its continues to m options.
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tesla misses its latest estimates. first, the biggest tech trade show of the year here in the united states. the annual spectacle offers a glimpse of the early tech themes, from home improvement to driver technology. iac webb caught up with founder and chairman very diller. r -- to being a negative drag on you, then you have a very lousy business. it is all today's ridiculous silliness. >> there were some merger efforts in a similar space, cbs-viacom fell apart, do you see that deal being resurrected? >> it should never have
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happened. >> why is that? if you are on the cbs special committee representing shareholders, you are not going to buy viacom at anything but a bargain sale price. if you are on the other side of a special committee, you will sell it at a premium, so it won't happen anyway. >> how would you try to turn around paramount? is there a way it can be done? >> you make a good movies, it turns. it ain't hard. compared to what's going on here and the changes in the world, storytelling on a big screen is very simple. you have a story, tell it, and people either like it or not. there is no tech involved. it is quite binary. tech companies are
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increasingly looking at the content space. amazon has made huge strides in that space. there is a lot of talk about apple getting into the space. content, look, if own content, you want to distribute it everywhere. essentially distributors. they can buy anybody's content. they don't need to own directly the content. if they are going to actually begin to produce content themselves, then that is another thing, but that is something you really have to have non-tech aptitude for. you actually have to have an ability to make editorial choices. >> there has been the deal with lions gate recently. vimeo intoeveloping
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a platform for everybody to use. one of the most recent places we went where we want to put your programming on our platform, and they said yes, and we would do more of that. deals pendingny that we should keep an eye out for? >> yes. look, we are very much now in business, and so weeks, months, years, we are going to be at this, and we think that because we have an independent platform not owned by any totalitarian a chancethen we have because of that independence that we can barrel through. >> when you talk about the online video services, you tend to talk about netflix, amazon. is there a hope it will be netflix, amazon, vimeo?
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>> sure. the truth is netflix is always , unless they monumentally screw it up, they have such size worldwide now that i don't think anybody will be close to netflix, but that does not mean that they take essentially the market share of the world. i just am think anybody will be as large, but there is plenty of room for niche programmers and programmers who have many millions of subscribers. way the cablethe tv bundle is developing? is it dead? are these new approaches is killing it? >> look, we have had for 40 years or so, we have had cable being the only place that you could get a bundle of
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programming. that is ending. now, you can get all you need is an internet connection and you can get à la carte, little bundles, etc. he, so cable just has to evolve, and it cannot, it's base of warehousing everything and selling it for one package price is gone. >> what do you think does work? what are you particularly bullish on? a successful way for the cable package to evolve? >> no, i think cable operators are essentially now in the data transmission business and no longer in the programming business. they used to be in the programming business with very healthy margins, a decrease, and now when you have so many different alternatives, they are in the doubt of business. >> does that explain the
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rationale behind the at&t-time warner deal? i don't know if you think there is a logic behind that deal. >> i just don't think there is a lot of industrial logic behind it, but because i don't think a data company needs to own a technt company or a company, data company, at&t, it needs to own content. it can buy the content at fair market prices. no content i think in this area will be particularly exclusive. ♪ >> still ahead, we will hear from aol ceo tim armstrong that is hopeful the verizon yahoo! deal will go through. we will ask him about the potential hiccups, next. all episodes of bloomberg technology are now live streaming. check us out. this is bloomberg. ♪
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alibaba continues to crack down on fake vendors, this time taking legal action against two sellers of swarovski watches. this is part of an aggressive plan to combat fake goods on the site. it tookreported that 380 million product listings down and close 180,000 store platforms. cyber security is a hot topic from washington to wall street. yahoo! announced last month that it suffered its second major data breach, one of the largest in history, leaving some questions whether verizon will follow through on its acquisition of the company. cory johnson up with tim armstrong from more from the
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consumer electronics show in las vegas. deal for us is strategic towards our 2020 goals. we are hopeful it will close. the process is fled into two aries, one is integration and strategy planning with yahoo!, which has gone well and we have close relationships with them. the second piece is information that has come out about the breaches and what the affect of that is. verizon is handling the breach research with yahoo!, so we won't have any comments on that because yahoo! has not finished that investigation yet, but on the strategy and execution side of things, we are on track and hopeful the deal will close him about we won't know more in the first half of this year, and i think the yahoo! team is doing a thorough investigation, so they will have more to say about it in front of us. that thesessible series of hacks and the public's
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knowledge of them has any effect on the brand and damages the brand of yahoo! in any way? the thingsone of that yahoo! is looking at and continues to look at, the total affect of the breach, and we have a viewpoint on that as well , but from a standpoint of where we sit right now heading into 2017, our strategy is clear heading towards 2020, yahoo! is one piece of that strategy overall, so as we get information about the breach, we will update people on that, but from what our goals are and what we have been tasked with, it remains on track and the breach is a piece of research and information, and investigation still ongoing. cory: i think the size of the business of yahoo! is not properly understood generally. it is such a very big business and so many users.
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when you look at that asset, what do see that holds such about you? the noise and the concern over the breaches tends to dominate the discussion. >> we live in a world where there are hundreds of billions of dollars in billions of consumers coming online digital first and mobile first. yahoo! has one of the largest footprints on the consumer side, has a large advertising business and e-commerce business in asia, so when we look at the combined asset with over one billion consumers, billions and billions of dollars in ad revenue, and a very big footprint and mobile, added with verizon, which is an opportunity with data, targeting, and getting mobile consumers is huge, so there is the breach information and investigation, but from a business strategy standpoint for
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the next 5-10 years, assets coming together represent a unique opportunity and unique scale, and we have gone from company consolidations to industry consolidations, and verizon has been very for thinking, very clear on the execution of where they think the world is going in the media, wireless, and mobile, and we are excited about yahoo!, the team over all, and there is this one issue that needs to get resolved , but i look through that on the integration side to look at the strategy, and i think the strategy remains intact. cory: the strategy of consolidation is different from at&t to verizon. on the verizon side, i see you guys putting together a big pile of assets, techcrunch, yahoo! and all these other pieces of content, where at&t seems to be going big with time
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warner, hbo, that is their content play. i would wonder if you could contrast those two bank strategies for me? >> sure, i know the time warner strategy well. i have a lot of respect for the team at time warner. i don't know their strategy and exactly what their business model is at at&t, but the verizon, i know the model and the plan and the aol plan, which is a bet on where the future is going, which is strong connectivity with 5g and connecting everything and everybody with fiber and speed and wireless connectivity, and the second piece is really digital consumption of content. you don't have to look far and wide to see how much the linear tv landscape has changed to a digital-focus consumer, and if you contrast the strategy out 5-10 years, that content strategy that verizon has put
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into place is a very strong strategy, and after spending 20 years in silicon valley, new york, and across the globe around the digital, we want to put our bed with verizon because we think digital, mobile, and the connectivity 5g will offer is a tremendous asset over all, so you have two big companies, two strategies, and a lot of room for tailwinds in the future of growth, so it will be interesting to see where we end up 5-10 years from now, but i feel confident in what verizon's strategy is and the leadership has done a good job executing long-term strategy, so i don't have any doubt we will be in the running as a big player in the future. caroline: bitcoins rally has a new police on life, the crypto currency hitting multiyear highs as it kicks off 2017. what is behind the job? tesla missed estimates.
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we will dig into what it means for the electric carmaker next. this is bloomberg. ♪
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it was the best-performing currency of 2016, and it looks like that coin still has room to run. this week, it topped $1000 for the first time in three years. we discussed what is behind the pop. percent of what happens on the block chain is bitcoin transactions. there are other things coming, dozens of crypto currencies that have launched, alt currencies. only one has gained traction, e etherium. there's another one called ripple. currency putrypto
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together in conjunction with a whole bunch of banks looking to do some over cited understood work collaboratively to manage a currency called ripple. , and the others front tier is powerful. why is bitcoin so good? it is simple to understand. it is a piece of script that is tradable. that is also a limitation. excitement ofd the block chain is due to the fact that a token or coin in the block chain can not only have a currency value that is tradable, but also preset instructions. you can preload the token with a set of rules to vote your shares a certain way, to get married, to get divorced, under certain concessions with statements preloaded. it is a derivative with rules that are preset.
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you are committed to the rules under certain circumstances and everyone under the contract knows it is self executing and self realizing. there is a lot of excitement on the front tier, not just bitcoin. >> we were talking about movements and twitter and china. china's seems to be a driver of trading in bitcoin. what has fostered this sudden resurgence to three-year highs? currencies are open to deflation? >> that is a very good question. you put me on the spot, i would say it is mostly a speculative turn in fortunes. it was in favor for a while, super hot, not too hot, now it's coming back in favor.
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the chinese and bitcoin are a big part of the puzzle. the chinese are mining so much bitcoin and has so much control of the block chain that there is risk in the community and china could take control of the bitcoin currency. sense thatso a bitcoin is not truly anonymous. if you believe in the revolution of crypto currency, some of the more truly anonymous currencies are the wave of the future. spike in the 20x new win partly due to the fact , butit is coming on line it is still early days indeed. am abellious or not, if i believer that crypto currencies,, is 2017 the year where we see it become more widely adopted and something everyone will know. ? thehe real missing part of
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link so far is when will crypto currency including bitcoin get wide adoption? it is still missing. have not seen many stores taking it yet. >> you used to be able to buy your coffee in bitcoin. why would you buy in bitcoin? nobody knows. now you can't. i do think they are coming as the banks in particular, as the clearing houses particular, start to bless the block chain and have investment funds targeted for the block chain. you will see more adoption, but does it change my day to day life? no. i did find one founder this year , doesn't have a bank account, doesn't use checks, doesn't have a credit card.
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the only way to pay him is through crypto currency. it is the first. to some other big news of the week. tesla hitting speed bumps, missing delivery estimates. last quarter was below analysts .xpectations deliveries totaled 76,000, also below company guidance. cory johnson us to discuss. were, the company said we will deliver this. when analysts said that seems high, no, we will deliver this. they put those numbers in the press release, shareholder's letter. they did not deliver. they delivered fewer model s than a year ago, so sales are falling by any measure.
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,odel x is nowhere near model s and there has been delay for model three. >> what about the model three? this is meant to be the price-friendly version. are we worried about them getting off the machine? cory: they have consistently missed every deadline they have set. we can expect this deadline will be missed, or maybe they make this latest deadline. they keep pushing it back, so we will see if they get to that. we also don't know what the price will be. these deposits are not deposits. they are deposits for a place in line. they are also fully refundable. we expect they might he getting a foot in the door. a lot of people want this car that they have not seen before, but a lot of people want the option to get the car. , not a massive
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concern. cory: it is not until it is. stock. a cult the numbers here are not very strong. you saw a big dip in the stock afterwards. this is yet another company where the short-term trade is not reflect the valuation. the valuation is based on hope for something that has yet to be delivered. it doesn't have generation of free cash flow. even this one is worrisome. a bigs going to be business, it will have to grow. if their main product is selling less, it is bad news. , still most viable company in the world, expansions when looking at india. west is slowing down, the is slowing down, and maybe hitting roadblocks in india. cory: develops for apple are
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interesting in india. they hope to get some concessions from the government in terms of manufacturing costs and taxes. the crooked equivalent is, that is what they got. cricket equivalent is, that is what they got. they hope to get a break, but they are still hiring. they have foxconn coming in with the expectation they will make phone iphones. another contractor apple has used in the past coming into india. they are hiring operations managers, so apple is clearly moving into the market, and they need to to recapture growth in the market. caroline: bloomberg editor at large cory johnson. up, with cyber security concerns surrounding russia
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hear fromcenter, we the former cia director on the president-elect's approach. if you like bloomberg news, check us out on the radio. you can listen on the bloomberg radio app, bloomberg.com, and in the u.s. on sirius xm. this is bloomberg. ♪ wow, x1 has netflix?
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hey, drop a beat. ♪ show me orange is the new black ♪ ♪ wait, no, bloodline ♪ how about bojack, luke cage ♪ oh, dj tanner maybe show me lilyhammer ♪ ♪ stranger things, marseille, the fall ♪ ♪ in the same place as my basketball? ♪ ♪ narcos, fearless, cooked ♪ the crown, marco polo, lost and found ♪ ♪ grace and frankie, hemlock grove, season one of...! ♪ show me house of cards. finally, you can now find all of netflix in the same place as all your other entertainment. on xfinity x1. anything with a screen is a tv. stream 130 live channels. plus 40,000 on demand tv shows and movies, all on the go. you can even download from your x1 dvr and watch it offline.
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only xfinity gives you more to stream to any screen. download the xfinity tv app today. caroline: welcome back to the "best of bloomberg technology". i am caroline hyde. further threats to security of emerging as a major tech concern. they came to a head this week where russia was front and center. u.s. intelligence officials stood firm on their conclusion that russia was behind hacks during the presidential election. they said that only russia's most senior officials could have authorized the actions. we went to capitol hill for the latest. , the three spy
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chiefs, said they had more confidence than in october when they first released a report saying russiaa was behind it. they pushed back against some of the public criticism they have received by donald trump, who said earlier this week that a briefing had been delayed and he thought it was because they had to still build their case. the spy chiefs made clear that they think they have a solid case. they will be presenting the case to the president-elect tomorrow. >> you are talking perhaps of trumps pushed back. he took to twitter once again, and he's talking about his association attention with julian assange, denying that he is in agreement with julian assange, but says he is a big fan of intelligence. we are seeing the tweet right now on our screens, and what about this so-called unhelpful criticism? they weren't as critical of
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donald trump as they could have been. guys speak in a nuanced atoned, and they did not single out trump or his criticism directly. they said public criticism of their work is not helpful, not good for morale. it is something they prefer happened behind the scenes. these people by nature are skeptical community. community,gence spies, they are skeptical by nature and ask a lot of questions, so they are accustomed to that. they are not accustomed to being put in the public eye front and center. we have never seen a time when presidentg liste question their work before he takes office. there is a whole range of issues that the president-elect will have to count on the intelligence agencies for, whether the latest assessment of islamic state, china's moves in the south china sea.
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without that kind of information, a president is essentially flying blind. caroline: meantime, trump and national security. we learned dan coats is said to be trump's leading candidate for director of national intelligence. former cia director jim wilsey spoke to bloomberg. >> this is a minor blip. intelligence business is full of controversy and arguments about assumptions and why did you do this, why did you issue that then, what do you mean by weapons of mass destruction, and on and on. this is a hick up. he's taking ake different tone than past presidents. what is the relationship supposed to be like between the president and the intelligence community? the president ought the presida
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few months into his administration have been taught a good deal by the intelligence community about how things work. it takes a bit of time because some of these areas are fairly technically complex, but as you to doabout them, you get a better job of understanding what we know and what we can draw conclusions from, so it is a kind of an older teacher -student relationship, but the student is the president of the and the holder of a position one might say is the most important and powerful and the world, so it is a different kind of relationship. i have worked with four presidents, and they have all been willing to hear out a different take on things. i have no reason to believe that donald trump won't do the same.
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theink it is important that intelligence community help the new president and not kind of sit back there and criticize him. >> let me take your metaphor there are about teaching. i've heard past presidents talk about the reverence they have for those briefings, how awesome it is to get that information. this metaphor further, is donald trump spending enough time in class? than one way to run a class, seminars, lectures, and the two years i was director of central intelligence for president bill clinton, he never had a morning briefing. he did not like to be briefed and have stuff read to him. he was a speed reader, still a speed reader, and he'd like to go through things quickly, then
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maybe ask questions on the side, write a note in a book of briefings. to trackth point seems what kaplan has in his book. bill clinton did things like that all the time, which was different than taking the morning briefing, but that is how he wanted to work. however the president of the united states, in this case donald trump, once to have information presented to him, people need to accommodate him and not sit back there and grumble to the press. >> let's give him the benefit of the doubt and say he was joking about the matter here. inonder what you would say the intelligence community who does not welcome this criticism from the president-elect, who questions the president's commitment to the intelligence community and the job that it does? pull your cell
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together and get back to work or find a different job. intelligence is important enough, tough enough, and from time to time angry enough, that it is important not to get distracted by small matters. straight.o call it if somebody comes at you, whether it is a cabinet secretary, vice president, president, national security advisor, and tries to push you off of point and you think you are right, you address it clearly. on theve based just couple of meetings i have had trump's ofat donald fair-minded, balanced individual who talks rationally, quite reasonably, about matters in small groups. caroline: coming up, the tech surprise stories of 2017 from fang dominance to yelp m&a. investments that people should
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keep an eye on. this is bloomberg. ♪
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caroline: online publishing company medium is cutting a third of its staff as it announced it is changing its business model. the company has relied on the same model as other media companies to make money, placing ads on articles. in a block pose, he called that model broken. the job cuts full on the sales and business side. we are monitoring the departures at twitter. kathy chen is leaving twitter after eight months on the job. she announced she is taking time off to pursue international opportunities. newwas hired to seek out revenue and other business in taiwan.
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of to tech sector surprises 2017 come on rbc predicting amazon will undergo a major investment cycle this year. rbc says amazon has reached a point where it can shell out big bucks and still boost margins. it said companies using its logistics service rose 70%, and alexa makes waves in new home appliance partnerships. for more on amazon and the rest of his top tech surprises, we caught up with mark mahaney. >> the one big difference between amazon today and 15-20 years ago is aws, the cloud 10xness, which has margins greater than its core retail business. is they have a
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lot more cash with which to make investments, and they are saying quite loudly, we will make aggressive investments, but we believe we can do that and still run the business profitably. that cloud cash cushion allows them to do that. >> it is one of your top picks or 2017 in terms of investment. let's have a look at where potentially the fang's could perform versus s&p. last year, not so pretty. they did lag the s&p 500 as a benchmark. what about 2017? >> 2015 was the year of dramatic outperformance. it is rare to see outperformance two years in a row. that group of stocks rose 80% in 2015. going into 2016, the sector had outperformed, then we have the trump rotation away from goes. i'm not sure how long that will last. we think there are one or two
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interesting stories amongst the names. first is netflix. we believe they can add more subs in 2017 than 2016. facebook modestly outperform the market this past year, but it is dramatically de-rated. it is at a point where we think we can make money on the long side. performed inebook order of their letters. google was the laggard for 2016. google, i want to dig in. finally some of their outside bets could bring in some money? that would be a surprise. when we say surprise, we think it is something that probably won't happen, but odds greater than the market ascribes too. it's multiple has come down because people get skeptical
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about the other bets. what about autonomous vehicles, nest, google fiber, so the market has tuned out that segment, and we think there are interesting bets that when it comes to autonomous vehicles, there are one, 2, 3 winners, but we believe google is one of those. if any of those bets show materiality, that would be a surprise for investors. >> you think the market is too optimistic on twitter. stock has underperformed two years in a row. ee think it could be thi case again this year. the street expects an acceleration of growth this year. a risk.ld be we think there is a scenario under which revenues decline. we are not seeing it in terms of advertiser interest.
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isnow president-elect trump interested in twitter. in-chief, but we have not seen major advertisers embrace twitter. they seem to be pulling away from it. that is a problem. >> despite the tweeter-i n-chief, you stay it is a bit of concern. but maybe trump doesn't change the tech outlook at all. >> there has been a rotation towards new areas. this has been a slow growth economy for a while, so premium growth stocks like the fang names have outperformed. now that the rest of the economic growth seems to be picking up, there is less of a need to pay premium for growth because there is growth in other parts of the economy.
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as to whether trump has an impact on internet stocks, it is unlikely, but we watch out for net neutrality, and then this talk about these border adjustment taxes are putting taxes changing how you would allocate costs to companies, that could have material negative impact on amazon. that. one outside , but willcome to bear he get bought out this year? >> we have liked the company for the last two and a half years, a strategic asset, great playoff local advertising, and possibly local transactions. we think there is a range of readers out there and you have a more willing seller that he year ago. this time you have a seller who is willing to sell. caroline: that was mark mahaney. -- this week, a
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silicon valley startup said it raised $140 million in the fifth and final round as it ramps up manufacturing. the electric transit bus maker expects to go public this year or early 2018. roterra debuted a vehicle that can travel 350 miles on a single charge. for an glitzy unveiling electric car start up, but not all went smoothly on stage. we will tell you why. all episodes of bloomberg technology are live streaming on twitter. check us out weekdays at 5:00 p.m. in new york, 2:00 p.m. in san francisco. this is bloomberg. ♪
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huge week foras a the auto industry.
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here are a few headlines that caught our attention. fiat chrysler unveils a self driving minivan. take care ofwould most of the driving. however, it is a concept car and no guarantee it will ever be built. stake inking to buy as kia. germanust pass a inquiry. it will receive an answer to its application in a month. ford announced it is canceling plans to build a $1.6 billion plant in mexico. instead, it will spend $700 million expanding its is existing plant in michigan. the ceo explained on bloomberg. >> we are the number one seller of plug-in hybrids in the united states, so we want to build on that.
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you can see that from our announcements today. we only talked about seven of the 13 electrified vehicles coming. there is more to calm. another017 has brought glitzy unveiling from faraday future. the company came back with its first production model called the fs91, and they claim it can inpace a tesla model s ludicrous mode. zero to 60 in 2.39 seconds. it is backed by an ambitious billionaire. we discussed with editor at large cory johnson and selina wang. it is interesting to see how many companies are able to work on these kind of technologies.
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to focus on tesla because it is a silicon valley company. whether startups like this are companies like ford and many others are all working on a lot of these ideas. tesla might have pointed the way, but a lot of companies are coming fast into this space. >> the chinese billionaire was there at the event. it was him when there was a embarrassment made, so tell us about the billionaire behind this company. china,s well known in known for being brash, ambitious, sometimes too ambitious. he started out at a local tax bureau and made his fortune and a publicly traded company, which is like the netflix of china, growing very fast. he has quickly expanded into other businesses from smartphones, vr
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headsets, tvs, movies, you name it and he has expanded into it. we are seeing he may have expanded to aggressively. he wrote in an internal memo that they are moving too fast and having trouble raising cash, but he is a brash, well known person in china. apple is angs like slow innovator and we can beat elon musk. out the selfnted parking problem. was firstesla model x unveiled, elon musk could not get the trunk to open. with the other model, he got out and smacked his head trying to show how much headroom it has. demos are hard to pull off. you see every ceo think they have to go on stage and a black turtleneck and introduce their
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products. >> one thing i tend to find it tech conferences is that if the technology doesn't work, neither does the wi-fi. selena, talk about the technology put into this development? is he winning or losing? >> he has put $300 million of his own money into this. finance unique way to his ventures, pledging shares and plowing it into all his ventures. forcan reserve this car $5,000, but it is unclear how much it will retail for when it comes out in 2018. there was year's ces a lot of skepticism around faraday futures because they did not release any car. this year, we got a functioning car, but still have skepticism around how they will make money. it is expensive to produce.
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it is unclear what the business plan will look like. to order, and only $1000 when it came to a tesla. talk to us about what is going on with tesla. it does have a giga-factory. what actuall see productions are. it has a history of missing deadlines and estimates. there is a production issue that will happen to all carmakers. production is hard. tesla said they had problems this quarter. that was the same excuse for missing quotas in the first quarter. hard with this business that is the model x and model s. level,ey get to another they will have to double production, which they have been unable to do, in order to get the levels to produce the model three. >> the shares are popping, up
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more than 4%. factory up running, they have hit their deadline. cory: the factory is running, but how much they are producing is a question. we will see how much they produce and if there is demand for this product. there are dozens and dozens and dozens of competitors. >> selena, what you think about some of these debates going on wins,t comes to ces, who the tech companies or the auto companies? what is the value in selling they make inhat terms of profitability, or where does this billionaires vision go? >> i want to talk about the have a unique vision. i had a chance to sit down, and he laid out this broad vision of what he wants the consumer to experience.
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you have your cell phone and start watching a movie on it, then you may hail an autonomous vehicle where you continue to watch that movie in the car, and car, continued th where you left off, then continue on a tv. from this scenario, cars are an integral part of this vision. that call our, that vehicle, is another place to watch content. let's remember this company started as a software content maker, and all these hardware devices, cars, smartphones, are all just shells to hold their software. it is a very broad vision he has. caroline: that was selina wang. and our editor at large cory johnson. that does it for this edition of "best of bloomberg technology". we will bring you the latest in tech throughout the week.
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tune in each day at 5:00 p.m. in new york, 2:00 p.m. in san francisco. wech our show on monday when were here from eu competition commissioner on the eu's case against apple. that is all for now. this is bloomberg. ♪
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oliver: welcome to "bloomberg businessweek". i am oliver renick. the diplomatic game vladimir putin is playing with the president-elect. of his national anurity advisor, a alleged connection. that is all this week on "bloomberg businessweek" ♪ . . ♪ we are with bloomberg businessweek editor make in

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