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tv   Bloomberg Technology  Bloomberg  June 23, 2017 11:00pm-12:01am EDT

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alisa: i'm alisa parenti from washington. let's begin with a check of your bloomberg first word news. the number of republican senators opposed to the republican health care bill has risen to five. >> this bill is not the answer. i am announcing today in this form, i will not support it. alisa: president trump delivered on a campaign promise, signing a bill to make it easier for the department of veterans affairs to fire employees. the measure was prompted by a scandal at the phoenix v.a. medical center, where some veterans died waiting for care.
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a military chief will seek a six-month delay before letting transgender people in list according to the ap. service leaders rejected army and air force are west for a two-year way. the defense secretary will make the final decision. the supreme court will issue the last opinion of his nine-month term on monday. the court has six arguments waiting for decision. global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. i'm alisa parenti. this is bloomberg. "bloomberg technology" is net. -- next. ♪ ♪
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emily: i'm emily chang and mrs. "bloomberg technology." blackberry back under pressure as shares dive less than a year after it went all in on software. we will break down the first order miss that ended the canadian company's 2017 winning streak. suddenly change in china. we have highlights from the biggest stories this week in tech. as more portfolios in africa start to diversify from oil, we take a closer look at the emerging. our deep dive into the bc climate on the continent and how it stacks up against the competition. first, to our lead. blackberry shares plummeting more than 11% in friday trading. the company getting a speedbump in its quarterly earnings report. the company missed analysts estimates for total revenue. before today, blackberry shares had risen this year. most of its revenue now comes from software. joining us in the studio, cory johnson. and from toronto, garrett did think.
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why is the stock down so sharply after what has been an ok year? >> they had a great year, 60%. still a pretty good year from blackberry, of more than 50%. the reason they had such a great year is because people started finally treating them like the software company they've become. they have gotten rid of phones completely. they no longer have to handle that manufacturing risk. people aren't worried about that anymore. investors said, it's a software company. let's value it like a software company great when you are a software company you have to get your growth targets and meet expectations for quickly growing software, which is what they weren't able to do this order. emily: gerrit, i did speak to john chen, the ceo, several
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months ago. take a listen to what he had to say. >> so we are recommitting more towards the licensing of software, i.t. know-how, two other people. and then we are depending on relying on technology streams. we have one keeper, i promise people. gerrit: we didn't get any numbers specifically from them. it is designed in-house, but it's not manufactured by them. you know, major chinese manufacturer of phones. even if that phone does really well and everyone says, finally the keyboard android phone we've been waiting for, it's not going to make a big difference for blackberry's bottom line. emily: we always knew this would be a difficult transition for blackberry. john chen said as much as well. what is your take on whether they can pull it off? cory: they are pulling it off. you have to ignore the prophets this quarter.
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there was a one-time gain of nearly $1 billion. qualcomm actually won $980 million. that all went into earnings this order. there's no affiliated cost with that. the result is that this quarter looked a lot better than it really was. if you look at the software growth on a year-over-year basis, percentage gains, you can see that the growth has been really bumpy. when you look sequentially -- bigger sales in the fourth quarter. on a sequential basis, you can see the decline down 1% on order over order gain on software sales. that is concerning for this business. they need a business to grow. they spend billions of dollars in acquisitions. they planned to do even more. but they need to have growth, not just a survivable business.
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the concern among investors is, is this all we're going to get from this business as the hardware revenue goes away. emily: what kind of acquisitions could he make? cory: -- gerrit: it was highly hinting to them and told us when we went to talk to him that he will be doing acquisitions and he will be doing it to grow revenue. going back to the strategy cory was referring to when they were buying revenue, they will try that again probably over the next 12 months. and he did say it's not on the product side, it's more on expanding their market opportunities. one potential for that could be going out and buying other companies to compete with qnx, small companies that make operator auto systems for cars, just sort of expand their market share in an industry they are already quite deep into. emily: all of this as we are about to mark the 10th anniversary of the iphone, showing no signs of slowing down. cory: it's amazing to see the changing of the guard here. it's worth it for technology investors to think how much can change. how dominant nokia was 15 years ago in the cell phone business and now it's completely gone.
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and how dominant black or he was straight when the iphone came out, no one imagined this phone without a keyboard could be a competitive. -- blackberry was. when the iphone came out, no one imagined this phone without a keyboard could be competitive. there's this great chart on my bloomberg terminal that one of our colleagues put together, g #btv. 3872. you can see the number of blackberries being sold in the blue and revenues in the white line coming down and down and down. the businesses collapsed. similarly, and i was surprised, looking through my model today, their service revenues also collapsed. revenue directly attached to every blackberry device sold. those are gone as well. the business that was there is gone, and it didn't really get replaced with anything. the cell phone business is a new business but infinitely smaller than the blackberry of yore. emily: gerrit, thanks so much for joining us today. cory, i want to ask you one more thing, and that pertains to google, giving up one of its most debated ad formats, popups inside gmail messages that's ken messages for content.
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the decision comes from the top of its cloud unit -- scans messages for content. the decision comes from the top of its loud unit. -- cloud unit. cory: i think what's really interesting is this google cloud effort. everyone in the cloud business, amazon web services, oracle, rackspace and others, are worried about what google will do in this space and how big google could become because of where they sit in the tech infrastructure. what's very interesting is what type of client they might get. there's a theory out there that says eventually you will have a fortune 500 companies go to microsoft -- big fortune 500 companies go to microsoft azure. microsoft has the lead there as the second largest cofounder. the uber and airbnbs will build amazon -- with amazon web services. what this suggests is google is going after the microsoft customer. emily: all right. cory johnson, our editor at large. thanks for joining us.
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coming up, he will take you to the conference in berlin. -- we will take you to the conference in berlin. this is bloomberg. ♪ emily: one of europe's biggest tech gatherings, the annual noah conference, just wrapped up in berlin. lumber ask caroline hyde was there -- bloomberg west caroline hyde was there. caroline: you can't avoid it, edited dominate discussions at the conference. -- this is bloomberg. ♪
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♪ emily: one of europe's biggest tech gatherings, the annual noah conference, just wrapped up in berlin.
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bloomberg's caroline hyde was there. caroline: brexit, emily, you can't avoid it, edited dominate discussions at the conference. i got his to some of the keys -- key speakers there in berlin. >> we think this is a temporary. we are already starting to see this event. in france you have a liberal government elected comprehensively in power. reading what is happening in the u.k. and the u.s. is not representative of the long-term orientation for civilization. caroline: do you think brexit will affect the u.k.? >> everything that has to do with regulation. european investment funds which invest in all the venture funds in europe, just that investments in the u.k. are not in the eu quarter anymore, so the
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percentage these funds can invest in the u.k. dramatically will shift. >> i would say so far, no real difference. but in one year, two years, three years from now it's tough to say. >> brexit and trump were very helpful for european development because a lot of europeans said, ok. let's take a break great let's go into a different direction. there is a new and alternative form of political leadership, and it can be new and fresh without being, let's say, populist or libertarian. caroline: an optimistic note being played. you can't go to a bloomberg technology conference without a car being presented. i spoke to the ceo of porsche's digital about the presence of the company not only in germany, but also in silicon valley, and got to discussing perhaps the
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future of the digital push for the luxury carmaker. it seems as though tech giants or where he sees the competition, not rival automakers -- not rival automakers. but it seems as though porsche is not too keen to embrace the sharing economy just yet. >> typically you aspire to the , ownership of a porsche. it is something we want to preserve. there's something aspirational there. there isn't another product that young kids hang a poster on the wall. fascinating, if you think about it. [inaudible] that's something we want to preserve. there's the car itself, and there's ownership and mobility around it. then there are other things that are more lifestyle oriented. to me that is the lifestyle we want to focus on.
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you're actually standing, blurring the line of the core industry you are in. you go into different areas, new segments, we are doing this by combining physical assets. it might represent the lifestyle. so, that means, we want to help you organize your weekend. you want to do this before you think about having a need. and doing this in a premium, inspirational way because we know what you want as a customer. caroline: i get an a car and it tells me where i can go, what i can buy. >> even before. if it's a nice weekend the car can tell you, it looks like nice weather this weekend. we can actually look at other ways of how we can enhance your life, even meeting people who are like-minded and exchange information on a professional level. caroline: who do you work with when it comes to the technology giants? >> we work with all the big guys currently, we talked to a lot of
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them. we are looking for innovators. we want to be on the road of orchestrating all these aspects. we want to porscheify your experience. it is a really cool and wild idea. i'm a firm believer that information we consume it today will not be the way we consume information in the future. create an experience around it rather than how we do it today. we want to change that completely. in terms of the data, at the end of the day it's the customer. we only get permission on behalf, to unify some of this, orchestrate it, practice it in a meaningful way. that's very important to us. caroline: plenty more great interviews from the noah conference straight you can check them out online, go to coming up on.
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--bloomberg.com. go and have a look at perhaps the interview we did with the analytics giants. emily: bloomberg's caroline hyde from berlin. coming up, we take a look at the working relationships between vc's and entrepreneurs. this is bloomberg. ♪
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emily: on the heels of uber's ceo taking a leave of absence and resigning, another silicon valley figure is set to be taking a leave of absence after allegations of ms. conduct -- misconduct. he announced his indefinite leave from binary capital, in a statement provided to an online
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news publication. this follows a report of allegations of sexual harassment which report 6 women had uncomfortable encounters with him. three of those women spoke to information on the record. gina, great to have you today. i should start by saying that he has several statements, the latest of which was to say i'm sorry about my behavior is a categorical understatement. still i need to say it. i am so, so sorry. i have personally spoken to all the women's named in the information report. they confirmed their account to me. one of the entrepreneurs told me it is just behavior that is so appalling and for us it was as if we don't say something and this happens to other women, it is kind of something we could have prevented." we are not going to speculate on the facts here. what is your reaction to this
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story? >> i would love to believe we are sitting at a moment where there is a sea change happening and the things that up until this point where the positives about venture capital or the way tech companies have been run and startups have been run, there's a pause and a moment to say, actually, we need to get more people involved for these -- for this industry and these companies, and new companies and innovation to happen, and it can't happen if there is sexual misconduct in sexual harassment at the core of a dynamic with women, women of color especially, and i believe this is the first step and it is certainly not the last. emily: you are a woman who has money in the industry. have you ever had an experience that has made you uncomfortable? what has been your experience? >> absolutely. i know very few women who don't have an experience that either
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made them uncomfortable or that was a friend of theirs. but i think there is something really important to flag in this conversation, which is every woman, myself included, wants to talk about their company. i would love to sit here and talk to you about the amazing work we are doing as a staff platform for people creating their own social networks. the fact of the matter is that as a female entrepreneur, there is a tax that i am paying because of this bad behavior that i didn't do it, and i think the opportunity here is to say enough. that's what has been wonderful to see today and yesterday, the men in this industry saying that this is on acceptable. it's unacceptable that the ceo of a $70 billion company, and it's unacceptable as a general partner in a $300 million fund. emily: the tweets to that effect
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started rolling out a few hours after the article dropped. reid hoffman, cofounder of linkedin at greylock posted extensively about this today. he said he was outraged, and he actually talked to you about what can be done. and you suggested some sort of hr function or code of conduct governing the relationship between venture capitalists and entrepreneurs. currently there is no framework for that. you and i have talked about this. gina: one of the things that has always sort of shocked people as an entrepreneur when i have said, yeah, because there's no hr department. if i am propositioned in a fund-raising dynamic, or after i have taken money from someone, who do i go to? am i going to go to the other partners? maybe. but now i'm in a he said, she
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said at a moment and a time when my competition is actually recruiting and raising more money, and building and innovating. so now i have to go and deal with that? no. i'm not going to go deal with that. so i actually believe that -- this is only step one. and as we start to say that there is a code of conduct and a set of behavior that would happen in a big company, we are only going to get better from here. emily: how does something like that get reinforced or enforced at all? gina: the good news is that there are experts at this. i'm not one of them. i'm building software. but what i do think is really important is that up until this moment, it hasn't even been clear what is acceptable and unacceptable.
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in the first up is saying, this is unacceptable. the second step are people like reed or mike naples or thin barnes, all of these people stepping up and saying, this is not acceptable to us and if you let us know that something is going on, we will take action. emily: the very same week travis kalanick after taking a leave of absence has resigned, this after a long investigation by the former u.s. attorney general into allegations of sexual harassment. a woman named susan fowler came forward several months ago. i have no words. but, do you think these kinds of consequences will actually lead to a better silicon valley? gina: i think addressing sexual harassment and unconscious bias and conscious bias, for that matter, will lead to a better silicon valley. emily: the counterpoint is that for many years, some people say travis kalanick behaved unacceptably or created a culture that wasn't acceptable. gina: follow the money. i think the real story of uber
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today is the fact that travis didn't just resign. he's on the board, and what he extracted in return for resigning as ceo is to remove bill gurley from the board, if reports are correct. he is still actively involved in finding that new ceo. he's the shareholder, i believe, that has the most control. i don't think the uber story is over. emily: the founder and ceo, he will have you back to talk about your company, i promise. thank you for joining us. coming up, just in the last hour, spacex successfully fired a falcon 9 rocket for the eighth time this year. we dig into the state of elon musk's space ambitions, next. this is bloomberg. ♪
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alisa: i'm alisa parenti in washington. you're watching "bloomberg technology." is your bloomberg first word news. it back to a and's in the wake of the grenville tower fire. being emptied after firefighters said they could not guarantee the safety of residents. in the meantime, theresa may says her thoughts are with the public housing residents being evacuated. she tweeted her support to emergency services to continue public.uard the
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earlier, the british prime minister spoke in brussels, calling the proposal for the rights of eu citizens and the u.k. fair and serious. >> other leaders have reacted positively to me on the offers we have made. alisa: but the eu commission president says it is about reducing eu citizen rights. says that almost all 3 million eu citizens in the u.k. will be able to keep living there after the breakup. a rejection of the trump -- the yuan secretary-general will with congress to urge a rejection of the trump cut to u.s. peacekeeping. the trump administration proposes cutting funding by 50%.
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the u.s. says a key islamic in anman was killed airstrike. he was involved with financial contacts to move millions of dollars into and out of islamic state territory. turkey has rejected a key demand , sayingal arab states it has no plans to shut its military base there. the demand was one of the listed ultimatums from saudi arabia and others. qatar has confirmed receiving the 13-point list of demands from kuwait that is mediating the dispute. they have 10 days to comply. is putting on a show with 100 meter races on a track
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floating on the seine river. high divers will be plunging into the river. paris is competing against delay to host the olympic games. global news 24 hours a day' powered by more than three 700 journalists. i am alisa parenti and this is bloomberg. ♪ emily: this is "bloomberg technology." there were a lot of tech related headlines grabbing your attention this week. after months of scandal, the ceo of uber is out. several tech leaders traveled to the white house to meet with donald trump. take a listen. >> it is the beginning of what will be a long process, but the initial indication is it was a pretty collegial atmosphere. donald trump talked about how he is working hard with congress to
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make some concessions on h1-b visas or immigration more generally. that is a positive move. tim cook made some comments we will hear in a second. it is beginning of a big process, there is a lot of work to be done. jared kushner talked about six months to approve changes on government websites. a lot of work to be done. i think they have started to do it. emily: let's take a look at what tim cook had to say to president trump. >> the u.s. should have the most modern government in the world, and it doesn't. it is great to see the effort that jared is putting in working on things that will pay back in 5, 10, 20 years. emily: tim cook did not join the presidential council by choice.
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he does not think they are terribly productive. he said he thinks it is important to work with the administration whatever your politics are. what did you make of what he had to say? >> he is showing there are areas where we will make concessions. we disagree on immigration, we disagree on the environment. but he cares about veterans issues, and that is one of the things jared kushner wants to modernize. tim cook and the rest of tech will work with trump where it matters most and benefits them. emily: we have to talk about uber. big week. >> every week. emily: travis kalanick resigned this week. >> that is the biggest. it is kind of crazy. the ceo of uber has resigned. bill gurley is the steward on the board, instrument on -- it still until --
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instrumental in a lot of the recruiting, and in the process to get rid of travis has also stepped off. a mind blowing week. emily: you wrote a great piece on the "game of thrones" political maneuvering. bill gurley was the one who got investors on board to deliver him this letter asking for the resignation. tell us more about what happened. >> what he could not do on the board, get the board to oust dravis, he got a coalition of investors, including fidelity, five investors altogether. he had his partners hand-deliver the letter to travis, saying your investors have turned against you, you need to resign, there are legal issues. you have put the company at risk, you need to step aside. emily: we know they had another board meeting yesterday. what is the latest? where are they now? >> in the scheme of bloomberg dramatic board meetings, not the top of the list. but some new people are on the board, and they are beginning
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the search process to find the ceo to replace travis. emily: it seems like there is not any one specific waiting in the wings to take the job, whether it is the ceo or coo job. it looks like they are starting from scratch. >> there is not a clear favorite. no strong internal candidate. it is a matter of finding some well-liked, high-profile executive who has run a big organization already who can step in and help recover the brand and organizational prowess. emily: the search for the new ceo will dominate the headlines. one last story, tesla making an agreement with the chinese government to produce vehicles and shanghai. what can you tell us? >> big change from the way they make their vehicles now. it would be a big break from tradition.
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but this is a big market for tesla, and they face the 25% tariff when they bring cars that are manufactured here. that puts them at a disaffected. they are more expensive in china than here. that gets the cars closer to the public, and there is a lot of demand. emily: tom giles and eric newcomer there. now to out of this world. spacex today successfully firing a falcon nine rocket for the eighth time this year. the next one is scheduled in two days. the company is on track to achieve the 24 total missions it targeted for the year. spacex has positioned itself as a driving force in the new age space race. joining us with more, dana hull. what is the significance? >> this was the eighth launch of the year, and last year they only did eight total. this is a ramp up.
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it is significant because of spacex has a lot of missions on its manifest. a want a pattern of launching rockets once every two weeks. elon musk of said launching rockets is getting kind of boring. it kind of is. remember last year, they landed on a ship for the first time. that was a milestone. today, they landed for the seventh time. all of the efforts they put into rocket reusability have become hard for the course. emily: it was not always so boring. they have had failed launches. are they behind them? dana: there is always a potential for failure, the launch community understands that. the last was in september, and they were able to return to flight pretty quickly. it feels like they have their
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mojo back. they have more launches scheduled this year than any competitor. emily: what does this mean for customers? dana: cost. we don't have a lot of visibility into what they are charging, that they are reusing boosters that have been flown before and offering probably a discount to customers. will satellite customers show confident flying on a reused rocket? launch missions will really come down in cost. emily: they are doing a slightly different things, but where does this put spacex in the private space race with virgin galactic and blue origin? dana: spacex has more customers and launches. everyone is working on reusability but spacex is proving they can do reusability with paying customers. emily: what is next? dana: a launch on sunday in california. 10 satellites. another in early july and later
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this summer, we are supposed to have the first test flight of their heavy lift rocket. emily: we will be watching this weekend. always great to have you. more problems for toshiba. it's shares have been demoted to the second section of the tokyo stock exchange after shareholder equity slipped into negative territory for the latest fiscal year on friday. toshiba ask for an extension for its earnings report. it has been rocked by multibillion-dollar losses in its nuclear unit. it is selling off its chip business to raise cash. coming up, how funding for startups on the continent compared to around the globe. this is bloomberg. ♪
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emily: ireland is said to be seeking ways to protect itself
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against losses stemming from holding back $14.5 billion of apple back taxes. this according to two people familiar with the matter. they want to make sure they are not left on the hook for the drop in the value of funds during the appeals in the eu court. last year, the european commission slapped apple with a multibillion dollar bill. the commission said ireland granted unfair deals that reduced the companies corporate tax rate. meantime, a lot has been said about africa's emerging tech scene you'd with all of its promise, actual investment is still lacking. in 2016, only $129 million was invested in all of african tech startups, less than silicon valley raises in a single round. the financial services lab aims
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to come in to this. it supports tech businesses in developing countries. it recently announced a $250,000 investment in four separate startups that service all of africa. joining us is the lab director. talk about the initial investment. jake: thanks for having me on. the initial investment, we have four new companies we are adding to our portfolio. they are based in kenya, two of them, one doing micro-insurance with satellite data, and one that is online lending. we have one in ghana, doing interesting things with identifying people for financial services, and finally there is one in the united states serving africa and south asia, and they are creating natural language chatbots to help people use financial services more naturally. emily: it is still a drop in the bucket compared to the kind of numbers we see in silicon valley. why is that?
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jake: some of it is history. africa is one billion people, a largely young population, rising incomes. a lot of interest in new services and technologies. a lot of new infrastructure is in place, new mobile networks and the adoption of mobile phones has going gangbusters the past few years. but the longer history, there have been challenges in the past with governments and exits and investments. i think investors are still thinking of africa the way it used to be, where is we see it as an emerging opportunity with a lot of new consumers hungry for products. emily: tell us about the start of landscape, what sort of trends you're seeing and how develops trends are. jake: a lot of the investment that is happening is kind of clustered around a few specific markets. nigeria, kenya and south africa. the trends are ones where they are often applying technologies to bring down the cost. if you want to serve low income people with financial services
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in small packet sizes, small insurance contracts, micro-payment transactions, small loans, the cost have to be super efficient. a lot of the companies that are successful are finding ways to drive down cost per user. emily: what is the most promising trend in african tech right now? jake: wow. i definitely think the emergence and adoption of smartphones. the population in africa, roughly speaking of, there is maybe 50% or 60% of the population have a mobile phone. not a lot of them are smart phones, but smartphone usage has doubled in the past couple of years. there is a really strong basis of four connecting people with dish all services. emily: among the challenges, energy and power, things that are very important to operating
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a business. there are days long blackouts at a time. how do you handle that? jake: people get creative. there are generators all over the place. half the households in nigeria have their own generator. people create failsafes and backups. one of our advisors has created an off grid solar power solution that uses mobile technology to finance it. that is popping up all over kenya in giving people off grid solutions. we see a huge opportunity were a lot of people see a risk. a lot of entrepreneurs are stepping in to fill the gap in creating businesses to sell them for structure services and creative solutions. emily: what is the involvement of the bill and melinda gates foundation? jake: the lab was started as a
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partnership, and the foundation was part of that. they are interested in supporting the application and development of cutting-edge technologies to the problem of how do you bank the last 2 billion people on the planet who don't have financial services? they are finding things like satellite imagery, language services, to help with that. emily: thank you so much for joining us. we will keep our eye on you. coming up, interest in ai technology has exploded in the last year. investors are taking notice. brian cohen gives his perspective. this is bloomberg. ♪
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emily: facebook is looking at raising additional office space in dublin. the company is considering 75,000 square feet in a business park where google and cisco have offices. they already agreed to rent space earlier this year. venture capitalists are pushing a lot of cash into artificial intelligence. more than doubling the investment into fertile reality in 2016 according to data. more than $2 billion have been invested in machine learning technology this year. founding partner at new york venture partners spoke with scarlet fu at the bloomberg panel about the interest in ai. >> i guess everybody wants to get back on the ai track. it has always been part of the conversation for a long time. it has become vogue. you can get a job as a data scientist immediately at a quarter million dollars a year. it is a lot of ai, there is no
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question. machine learning is everywhere. it will continue to be everywhere for a long time. is it real? that is the question. i think ai is when you're doing a lot of number crunching, and many people right algorithms and think they are doing ai, but they are not. ai is huge and continues to grow. it is the next, shiny thing. because it is so hard to pick and choose, people invest in it because they can you'd there are all of these new funds. i don't believe in funds. i think angel investing is a contact sport. i want to get close to the
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entrepreneurs. there is a rise of funds were people don't think they have the time, and i get it. that they lose out on so much by putting money into a fund, and funds generally have to invest. scarlet: i look at some of the other areas that have been hot, wearable devices, augmented reality, internet of things. it is over? brian: i don't hear about it anymore. it is just like, bye. scarlet: what is next? brian: we try to use our crystal ball. is it cars? mobility? we seem to have that sort of, kind of solved. biomechanics. extensions of our own bodies. not robots, which is a possibility, a possibility for a long time. but maybe man-made becoming robots. what was it on "star trek?" the borg.
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we will start adding pieces to our bodies. i really think that. i want to take a closer look at that. we want life extension. people like larry ellison, they are getting older and are not happy about it. ray kurzweil and the singularity. we are not happy growing older. we want to be happy and replace body parts. i think that will become a big opportunity. emily: scarlet fu in conversation with brian cohen, chairman of new york angels.
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that does it for this edition of "bloomberg technology." this weekend, we will have an eyewitness account of the meeting at the white house. have a wonderful weekend. ♪ qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
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