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the president spoke during a meeting at the white house with the u.n. secretary general today. mr. trump also praised his leadership in the organization. damage estimates from california wildfires are rising. officials said today 7700 buildings have been destroyed by the blaze. the number has gone up as they assess damage from the series of fires that broke out earlier this month. the fires have killed 42 people and caused more than $1 billion worth of damage. yes house speaker paul ryan says the republican tax overall plan includes a fourth bracket for the wealthy. it has not been decided whether the top bracket will remain at the 39.6% rate. he says it will be finalized in a number of days. it has been one month since hurricane maria devastated puerto rico. only about 20% of people on the island have power. the governor is pledging to get that to 95% by the end of the year.
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the hurricane struck at a bad time. electric power authority their file for bankruptcy. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti and this is bloomberg. ♪ ♪ emily: i am emily chang and this is "bloomberg technology." up, s&p 500 on a six-week winning streak. tech helping to ignite the boom. is it sustainable? we will identify potential headwinds on the horizon. tech ipo's are back on the menu southeast asia's most valuable startup leading the charge in new york. earnings on cap with major
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players lining up reports for next week. we will preview the biggest companies. u.s. stocks closed out friday's session at record highs, new record highs, the fourth straight positively for the nasdaq. what can slow down the gains? michael regan and david joining us from new york. michael, does the tech rally have room to run? >> i think if you look at the forecast growth rates for your main tech companies, they are so strong that the valuations almost seem reasonable in most cases. i like to look at the peg ratio which compares the p/e ratio to the long-term forecast earnings growth. if you look at anyone from facebook to apple, google, they all look reasonable. amazon is kind of an outlier.
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i don't think you can find a valuation metric for amazon that looks cheap. the high valuations are not necessarily scary when you look at the forecast growth rates. the one risk people are talking a lot about now is regulatory risk, especially with the hearings coming up on capitol hill about russia's involvement with facebook and google and twitter during the election. i don't see it being a big risk to their business. but i do think it will be something interesting a lot of people will be curious to see how it pans out. david, asthat note, they get ready to appear before congress, that has not seemed to impact the business at all. yet they are answering serious questions about russian meddling on their platforms, the advertising model, as well as fake news. ira khosrowshahi -- david: have been surprised there has not been any response from wall street on the regulatory scrutiny directed at facebook
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and some of the other companies. i will say i think the russian thing is just the tip of an iceberg. the real issue has to do with the nature of targeting on facebook and whether or not it is a media company or not, given it is funded by advertising and will allow any ads to run that somebody wants to pay for. if that were to change, it could affect facebook's revenant. that could affect profits and valuation over time. the question is the scale of these things. they are hard to analyze from here. i think there will be economic impact of the regulatory onslaught. it is not just scrutiny. it is a building onslaught facing facebook and google. emily: that will be in the spotlight november 1. do you think we will see reaction in the stock as we get closer? >> i think it all depends on what comes out of the hearings.
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it is the lawyers for the companies appearing. the c.e.o.'s are not on the hot seat. i would be curious to see if congress says we do want the c.e.o.'s here, to hear their side of things. a lot depends on how these lawyers perform, if they give congress the information they need. if there are surprises that come from the hearings. i think russia is just one of several regulatory risks you have to look at when it comes to big cap technology. president trump has made it no secret he is not a big fan of jeff bezos and amazon and feels they are not paying the taxes they should. some lawmakers have brought up the idea of antitrust when it comes to amazon. you read what the antitrust experts say and it does not sound that there is a strong case for that because they are not dominating any single business within retail. they are not dominating the
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cloud. who hasve a president made it no secret he is not a fan of the company. if i were to pluck out one major regulatory risk for any of these stocks, i would look at amazon especially because it has been sort of ignoring valuation metrics. investors don't care with the p.e. is. they don't care what the price to sales is. they are in it for the long haul. there watching amazon gross sales and market share. it is an interesting time to come up against that sort of risk. that has been the story of the company the last several years and it comes to investors. the amazon/whole foods deal did not get scrutiny at all. david, mark zuckerberg and sheryl sandberg will not be testifying before congress because that is also the day facebook is holding its earnings call on november 1. we also have google earnings coming up. do you expect to see any impact
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on the actual business when we look at the numbers for this quarter? david: i don't expect to see any impact on the numbers for this quarter to speak of. as i said before, i think we will see economic impact on these companies, particularly facebook, long-term. i think it is a mistake for zuckerberg not to be appearing before the senate intelligence committee. i think to send the lawyers is diminishing the significance of the investigation. i would almost take a bet that within six months, zuckerberg will be testifying in front of congress in some fashion. probably larry page as well. that is the way things are headed. emily: next week, what are you looking for when it comes to the stocks? >> when i look at the cap tech, far and away the leader of the stock market this year, the s&p technology index is up 37%. facebook is up 32%.
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there are some jitters around the stocks. we have seen big pullbacks in tech stocks this year only to see them recover quickly. the market is on edge for whether the theme of reflation, higher inflation, higher interest rates will take hold. that could cause a little rotation in the stock market. i am not sure it would cause a big drop in tech stocks. but it might cost them that leadership position in the market. investors seem to be on edge trying to decide whether it is a good time to rotate into the more value stocks, financials, energy companies, out of tech. that has been a back-and-forth drama we have seen all year. i suspect it will continue. emily: mike regan, i know you will keep us apprised next week. david kirkpatrick, c.e.o. of
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techonomy, you are sticking with me. u.s. stocks were not the only thing setting a record on friday. bitcoin also closed at a record high. at one point, crossing $6,000. the digital currency has gained more than 500% as investors continue to shrug off the potential for increased regulation. coming up, are tech stocks overvalued? we will post the question to the light street capital founder. "bloomberg technology" is live streaming on twitter. check us out. this is bloomberg. ♪
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emily: a stock we are watching, paypal rose to a record after beating estimates for earnings and giving a strong forecast for the end of the year. the digital payment company has been campaigning to expand the service beyond websites and is getting a boost as more retail sales look to compete with amazon. users can now send and receive money via facebook's messenger app. tiger cubs are some of the hottest hedge fund managers around and have become influential tech investors. light street capital is probably the hottest of all. thanksd is up about 50% to stakes in uber, amazon, netflix, and alibaba. alistair barr sat down with the to ask ifd president
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the tech market boom has gone too far. >> the trends, the major trends of the largest tech companies are taking advantage of our going on many years. it is still early in the penetration for e-commerce and mobile e-commerce and all the things that drive facebook and amazon and netflix and google. while the stock prices have done incredibly well, those prices have not kept up with fundamentals. >> what about things like this russian ad investigation? there have been a lot of headlines for google and facebook. is there anything involved in that they give you pause about the way that companies make money? >> with new technology and self-service, there are risks, business risks with that. we have seen in the past if you look back to google as it was growing up, and ebay as it was growing up and growing into its
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teenage years, that there were challenges with people listing items for sale that were not appropriate for that community or with google there was click fraud. there were verticals in industries they did not want advertising on their site. they had to find a way to filter those out and protect the buyers and sellers on the sites from that kind of behavior. particularly when we look at this russian controversy, you look at the amount of advertising spent by these russian sources and you compare that to the total advertising done on the site, political advertising let all sorts of official channels in the united states, and it is a small fraction. overnk this is something time the companies can adjust to and block from the site. >> light street invests a little
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bit in private companies. i wanted to ask about uber. they are in the middle of possibly a big deal with softbank. how do you feel about uber now and ride-hailing in general? >> ride-hailing is incredibly early. i was just speaking with someone from general motors. by their measurements, ridesharing is only about .1% of miles driven in the united states. you look at the amount of value that uber and lyft have created in those businesses and we are at .1% penetration? that is tiny. the ability for these businesses to grow 100 x from here is very more.ver a decade or the runway in front of us is tremendous. softbankhat we know of and the deal that might be coming, they're going to put new
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money in the they are also looking to buy some uber shares from existing shareholders. i assume you would not be selling? >> powershares are not for sale. we would be buyers on this price. we would like to increase our investment in uber. it is the dominant ridesharing company in america for sure. i think they have rationalized their spinning here and abroad. we think it is going to be tremendous investment opportunity even from the valuations discussed today. >> when you look at the surface on how much they are losing even though they have cut spending aternationally, do you think the core it is a profitable business? >> for sure. they are real-time matching buyers and sellers in the market that is massive. we are just scratching the surface. today, we are using uber and lyft as incremental demand
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adding on to our transportation options. but as the millennials grow up and as our cars get to the end of their lives over the next seven or 10 years, i think people will make different decisions about whether they buy a primary car and certainly secondary car and how they use ridesharing to fill in those opportunities to get around. >> what about -- there is a great tech investment story you are following. are there any tech companies you feel you could become less enthused about were companies losing out on these trends? >> the great thing about the tech industry as a hedge fund is there is always creative destruction. always market share. it can be market opportunity. one example i would give is you look at the rental car industry.
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we have done a tremendous amount of work talking to business travelers and consumer travelers about their intention to spend on rental cars going forward. many of them when they can will use uber or lyft to replace rental car transactions. in the old days, they would go that way. this is a real opportunity for uber and lyft to take market opportunity. capitalhe light street president speaking with alistair barr. coming up, another day, another tech ipo. what isdiscuss happening after a quiet summer. you can watch us live on the bloomberg terminal. you can play along with the charts on air. this is for bloomberg subscribers only. check it out at tv .
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this is bloomberg. ♪
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emily: after a sleepy summer, ipo's are coming back. southeast asia's most successful is trading under the ticker se after another debut earlier this week which rose more than 30% in its first day of trading. david kirkpatrick still with us. looking at this particular company, a company that licenses is yourom tencent, what take on the optimism? david: is a company can replicate the success tencent
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had in china and other parts of asia which seems to be the basic gamble and success thus far, it is a good bet. tencent owns a big chunk of this company. a lot of whated has begun to prevail in asia with gaming where you play for free and by out on things. that is what it does in southeast asia. they have other businesses. gaming is the primary. i think it is a fast-growing entertainment. if you have tencent's endorsement and encouragement, you could not have a better ally. emily: over the next few months, it looks like there are more tech ipo's on the calendar after a fairly quiet summer. should we read anything into the slowness of the pipeline up until now? david: i think there is some ambivalence about whether it is the right thing to do, many c.e.o.'s of startups -- among
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many co's of startups that like the idea of not having wall street breathing down their neck. investors in the end 10 to prevail. i think you will see a lot of companies that may have been dragging their feet will end up going public. there are a lot of great companies beginning to go public now. that may shift the psychology. emily: stitch fix has filed for ipo. we have a look at the numbers. our columnist called it the anti-silicon valley startup. it is profitable quiet, there is no drama at this company. i spoke with the c.e.o. about some of the revenue numbers a few months back. take a listen to what she had to say. early on unit
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economics and making sure we would be in control of our destiny. to be able to service the andomer the wave we want to do it in the way i felt was right for our financial situation, i think has served us well. there are a lot of investments we have made and others we will make in the future. emily: stitch fix had almost $1 billion in revenue over the last year. they are an online personal styling service, of which there are many now, david. what are the prospects for stitch fix? david: they are huge. i think this is another one of the heroically good companies. i think katrina lake, who i don't know, i would like to get to know her, she is a spectacularly good c.e.o. she made a big bet early on, on artificial intelligence. interestingly in this company's case, it has helped them grow and grow their employment despite the image we often have that ai and automation will
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cause jobs to go away. they have 3400 stylists who work with the recommendations that come out of the ai when making final recommendations to the customer. it is an amazing business. the customer does not know what they will get that by $1 billion worth of it because the company figures out how to send them the right thing. something you might not like because you are a shopper, but it is a good thing for a lot of women an increasingly men as well. emily: it has a lot of fans. bill gurley also an early investor in uber was an early investor in stitch fix. one of the most fascinating stories about stitch fix is they got a lot of no's from investors early on. do you think stitch fix is long some -- long-term sustainable given what has happened with other subscription services? david: the reason i think it is
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sustainable long-term is the intelligence with which they are approaching the automation part of the business. this is the future of business, the intersection of ai and human work. i think as long as they continue understanding you have to have human touch with that software can help you make the right decisions, i think they can grow a lot. they have only been around since 2011 and are a billion dollar company. emily: david kirkpatrick, you will be with us after the break. lyft made headlines this week with its $1 billion funding round led by alphabet. we will talk about the deal and preview earnings next. this is bloomberg. ♪
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see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. of the first word news. president trump says the united nations has potential but it hasn't been "used over the years
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as it should be." the comments came as he welcomed the u.n. secretary general. james mattis met friday with senator john mccain, chairman of the armed services committee. lawmakers are demanding answers two weeks after an ambush killed four u.s. soldiers. mccain was frustrated with what he says is a slow response of information from the trump administration.he threatened to issue a subpoena. sarah huckabee sanders is criticizing a democratic congresswoman over clashing with it, -- with the president. the kelly rejected claims president was disrespectful to the family of a man who was battle.n of theainly, the series
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comments intended were misunderstood. that is very unfortunate. as the president has said and general kelly said, who i think has a very deep understanding of what the individual would be going through, his comments were very sympathetic, very respectful. that was the spirit in which the president intended them. mark: the british prime minister says there are still -- there is still a way left to go in brexit talks. she spoke friday in brussels. >> i'm optimistic about where we the relationship with the european union. it is not only in the interest theritish people but across 27 remaining members. mark: they agreed to begin discussing whether joint
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position should be on future relations and trade so they can be ready if sufficient progress is made before the next formal summit in december. the french president says despite the positive signals talks,e press -- brexit we are far from reaching the necessary financial commitments before we can move to phase two and start talks on a future trade relationship. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. crumpton. this is bloomberg. ♪ ♪ this is bloomberg technology. and aet sides with lyft showdown with uber.
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ly -- they value lyft at $11 million. they are in a better lawsuit. joining me to discuss this is our guest hosts for the hour. what is your take that google is after all these years knowing they have a big stake in uber? as if theylook at it are hedging their risks. the ridesharing businesses are growing like crazy and they want to have a hand in both. obviously, they are not making a bigger bet on lyft than on uber. they had a lot of conflicts. there is a little bit of emotional subtext here. i think both companies will be
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good investments long-term, and i suspect they do too. emily: i interviewed the president of gm. gm also made an investment in lyft and they are now talking with uber. take a listen. >> a lot of options. we can go to market through our own network capability, we can go to market through different partnerships. all options are open. emily: those in response to a question as it whether they would partner with lyft or capitalize on uber's weakness. he said all options are on the table. >> what you are seeing are these big companies, softbank, alphabet, gm, they want to pick a winner. they want to pick a winner in ridesharing. it has really come down to uber ad lyft as we have known for long time. the fortunes of these companies have changed dramatically.
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through genetic of people over the last several months. the new ceo is trying to find its footing. big legal battle between uber and alphabet. alphabet and google cannot stay behind uber. you also have the possibility of lyft cooperating in various ways down the road as you see lyft avoiding getting into self driving. maybe that is the vehicle -- no pun intended -- into that area of the business. i think this is alphabet putting a stake in the ground, saying we are backing lyft. are a champion. softbank, on the other hand, putting its weight behind uber. emily: meanwhile, with tech earnings coming up, including alphabet, amazon, twitter. what are you watching? >> amazon, we will see the first
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full month of whole foods. how much of a difference does that make to the bottom line? a more important business will be amazon web services. they continue to be a real contender in that field, one that is really dominating in many ways. microsoft and google also want to take a big bite of it. -- they areu continuing to the pressure on amazon. that will make a big part of their bottom line. google is facebook, the story for all the new businesses they are getting into and it is down to digital advertising. you will see another big gain in the global digital advertising market. google and facebook dominating that. it is a matter of how much is taking up the market.
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emily: prepared to testify before congress, david, you recently wrote a column about amazon and google, "too big to tolerate, too big to stop." passes, itas time becomes more evident that these companies are an entity we have never seen before in any economy. it is a new phenomenon in capitalism that companies would have such an amazing global weight across the economy of the power, andso much yet be so completely ungoverned by any entity aside from their own management. i think that is fundamentally strange. inch company situation is slightly different. i think we will see over the coming -- each company situation is slightly different. i think we will see over the coming decades a major shift in social attitudes where it will
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be evident the companies have to not onlyed by society, by themselves, because they are utilities of the classic sort that cannot be allowed to make decisions on their own. emily: twitter has been in the spotlight in particular around harassment, sexual harassment issues. we arepany is saying, going to be more transparent about this. we have failed. we need to do better. do you think they actually can and will? >> i think they're less well-equipped than other companies for self policing. bot problemt a historically. it has not been in their interest to get the fake accounts off the site. marketplace to be a of ideas -- they want this to be a marketplace of ideas. these are not real people like you and me.
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historically, that has been in their interest to get growth and some of it has happened through these fake accounts. they have been late to the game in terms of getting them off the site. none of the groups wants to be highly governed, highly regulated in terms of disclosures. facebook fought against that historically. i do think it is coming that we will see more regulation. the question is, how deeply will that affect their businesses? we talked to a lot of investors who continue to buy into the tech basis -- thesis. they say it is not changing. ther is growth, whe digital advertising or in the cloud, the regulation will be in the margins and we will not see it at the impact -- see 80 impact on the bottom line. emily: all right. we will leave it there.
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they really more information about their workflow. we will see if how they are dealing with the problem yields a different result. thank you, as always, for joining us. bloomberg lp is creating a breaking news network for twitter. will bring you a conversation governor.llinois that is next. this is bloomberg. ♪
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emily: the state of illinois released in list of 10 potential sites they released to amazon. the project could bring 50,000 jobs to the state. one of those sites is a planned 62 acre campus for innovation. the governor and the university of illinois announced plans for
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the center in chicago. earlier, julia chatterly, of an ed why this would be the perfect choice for amazon's second headquarters? >> we're fortunate, this is one of the greatest research institutions in the world. the students and faculty have found dozens of the most -- have founded dozens of the most successful companies in the world. whether it is youtube, paypal, oracle, netscape, even tesla motors have been founded or cofounded by university of illinois students. as we expand the engineering andol and the university the central part of the states, will open a major new facility
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in downtown chicago. the pipeline of brilliant technology and computer science students are right here right next door to where amazon can use them both to recruit new employees but research innovative new services and products. it sounds absolutely fantastic, but then i look at the finances of the state in your cutting financing for higher education, you have billions of dollars worth of unpaid bills. how are you going to pay for this? >> it will not be that hard because it is mostly going to be done with private donations. a $3i have kicked off billion capital campaign. we have many businesses who would like to partner with the institute. this will be privately financed fundamentally. such an exciting initiative. not only will the school be involved, but university of chicago, another world-class
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institution, as well as northwestern institution. thate the only metro area has three of the most elite research universities in the world. harvard and m.i.t. have transformed new england, stanford and berkeley transformed california, we have three universities that can transform illinois and we will make it happen. julia: talk to me about what we are seeing. we have seen a succession of disappointment. we had the potential for a foxconn factory, we have the massive toyota factory, several jobs that went to other states. why would amazon be different and how do you go to amazon again and say do not worry about future tax rises as a result of the finances of the state here? far and awaywe are the best location for amazon's next headquarters. far and away. -- we areutstanding outstanding for any headquarters.
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our people, workforce, transportation, university system, our airport. there is no greater airport anywhere in the world. we have every attribute that amazon is looking for, and i believe we are going to win this competition hands down. julia: talk to me about the finance. you have a big bond offering next week, $4.5 million. how are investors responding? >> they have been very strong. i cannot comment too much because it is in process. when i became governor, there were many billions of unpaid bills. we had a huge backlog. eleanor has been running deficits for decades -- illinois has been running deficits for decades. we have innovated new union contracts with 18 of our government unions based on merit
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pay and completely different work rules. we are transforming state government. one of the things we're doing is refinancing the old on bills. many by law have to pay interest of 9% and in some cases 12%, but we can refinance that and save hundreds of millions of dollars at lower interest rates. that is what we're doing right now. onea: the credit ranking is above jumk. do? more can you >> we are transforming the state, as i mentioned. the have been mismanaged for 35 years. iran for government as a person. government as a businessperson. we have seen major changes in a short period of time. still works to be done, no question. good financial discipline and tricking the number of levels in
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layers -- shrinking the number of of levels in layers of government and cutting regulations. up, casper's partnership strategy after a deal with american airlines. what else is in the pipelines? this is bloomberg. ♪
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emily: softbank is it said to be planning a second ones that -- fund that could be larger than it vision fund. it has tentative plans for a mission fund that could be about $200 million according to the wall street journal. hope -- they hope to launch a new fund every two or three years.
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casper announced a partnership with american airlines. the startup provides pillows and blankets to people sitting in first or business class. we asked if the company is looking to add more partnerships. >> we look at any touch point that someone might have with sleep. sleeping on an airplane is often a difficult undertaking. we saw the opportunity to work with american airlines and improve the way people can be on planes. we will continuously look at other areas where customers have intersections with sleep and see what we can do to improve that. >> what are some examples of that? philip: global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. hotel >> philip: hotels are another one. it impacts your quality of sleep and performance. there are ways to improve quality of sleep a hotels, as well. >> online mattress sales have
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boomed. where would you say your market share is right now? philip: we still think the almond percentage of share in the category is relatively small. it has grown tremendously fast. we think that growth will continue. pulling sharee from the traditional brick-and-mortar. the idea that customers have to mattress store is antiquated. we want to educate consumers that the paradigm is of the past and we are a smarter way to buy mattresses and sleep products. cut out a lot of those inefficiencies. can you give us some color on what the supply and distribution model looks like? philip: we know our customer, with the customer wants. a lot of the customers are buying around moving homes or when the kids are out of school. we want to make the experience as amazing as possible, so we
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work with our manufacturers. the products are being improved from intel we're getting from our customers. we love that one to one relationship with our customers. we are able to hone in the products and make them providely comfortable, the best night of sleep possible and do it in a way that is easy and unlike anything you could have done before. >> this is primarily a digital brand but you have a partnership with target. how important is that off-line sales channel? philip: sales have been phenomenal. we never talked about her cells of digital only brand. we started digitally first and experience.ur .com but customers want to touch and lay on the products. we are excited to continue to do more things off-line. >> therezie the partnership with target going long-term? philip: we think it will help
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build awareness in front of the 30 million guests that go through their doors every week. we see target as one part of the pie. the also do pop-ups where we get to talk to our own customers and service them and make sure we are creating the best experience possible. >> target considered acquiring casper. with you make of that? -- what do you make of that? where do you foresee the company? philip: we discussed with them and worked on the commercial arrangement with target for some time. we got to know the management team well and they got to know us. it was the meeting of the minds were we saw the opportunity within the consumer landscape. sleep is an important part of the consumer journey. we think it is becoming the third pillar of wellness. when target asked what they can do to help us, we decided the
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best path was for them to lead the round of financing. anis the goal to become independent sleep brand or do think it will fit into larger corporations?know, we think we will have a larger right philip: feature -- philip: no, we think we will have a large and braves future ahead of -- bright future ahead of us. >> what areas are next? philip: we had a business we lost about a year ago. europe has been doing phenomenally well. you can buy casper products in germany, austria, switzerland, and france. we will continue to build more progress in the u.s. and canada . boutithout asia -- what a
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asia? philip: we love to enter their but no immediate plans. three.philip krim -- there. that does it for bloomberg technology. on monday, we will be speaking about the role of tech firms and the big tech giant that is about to launch. check us out online. that is all for now. this is bloomberg. have a great weekend. ♪
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♪ announcer: from our studios in new york city, this is "charlie rose." >> bitcoin, the most significant , and cruises of records. it fell as much as 9% in the past few days. the rise of a worldwide debate over the future of digital currency. here to discuss bitcoin are three experts. wood, the reporter

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