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tv   Bloomberg Technology  Bloomberg  May 6, 2019 11:00pm-12:00am EDT

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emily: this is "bloomberg technology." coming up, trade tit-for-tat. among the worst performances after a tweet seemed to escalate the trade standoff between the u.s. and china. after several high-profile debuts, the highest ipo in years is this week. uber's public offering. putting the app back in apple.
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the company looking at introducing a slew of new features at the developer conference. president trump fresh off saying that a trade deal with china could be coming within weeks is once again tweeting threats of raising tariffs. sunday, the president took to his favorite social media platform saying he's prepared to raise tariffs by this friday. apple stocks falling by the news on friday. chip stocks falling as well. micron, nvidia ending the day in the red. we have bloomberg tech resident apple watcher mark gurman. in the studio, ian king. apple shares had been on a roll. this was after they reported earnings, iphone sales stabilizing. is this trade issue the only thing driving apple down today? mark: i think so. i don't think there's anything that apple investors are more scared of than this standoff
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with china. over 95% of apple products that they get the majority of the revenue from are built in china. anything having to do with exporting out of china to the united states, building products and selling them in china, those are sensitive topics to tariffs and of course sensitive to investors because of that. we have had a few quiet months. these tweets from president trump over the weekend really shook investors this morning. i think that is where you are seeing the stock fluctuation coming from. emily: trump's top negotiator saying china is apparently backtracking on some of the things they agreed on after an optimistic round of talks. that seems to have angered the president. one of the tweets he shared in the past few days, the u.s. has been losing, for many years, $800 billion per year on trade
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while china loses $500 billion. i have this chart here which shows the widening trade deficit between the u.s. and china. what does this mean for chips? ian: arguably, the u.s.'s greatest weapon. arguably designed, made here. china is the biggest market. absolutely dependent on importing semiconductors, predominantly from the u.s. they have been sort of pretending everything is ok for the last three months or so. the index is up 30% or more this year. everyone has been kind of assuming that it will all work out in the end, it will all be fine. a day like today, when it appears things are heating up a bit, people are rightly concerned about what that will do for earnings. emily: we are getting new
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headlines coming out of the white house. the u.s. saying it will raise tariffs after china reneges on -- a big change in direction according to treasury secretary stephen mnuchin. obviously we are getting more headlines as they are coming in at this moment, but not good for apple or many tech companies which have been the hardest hit by this news. mark: this is significant news. we will have to take a look at the details, the types of devices and products impacted. we will have to see when these come into effect. apple was able to sort of work around tariffs for a period of time around the air pod's, apple watch. that is what we will immediately jump on and look at, products
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like the iphone, whether they could be impacted. of course we will impact you after we take a close look at the announcement. emily: the u.s. planning to raise tariffs on chinese goods on friday as a result of beijing backpedaling on some commitments. however, a chinese delegation will still be going to washington as planned this week with talks set to happen on thursday. friday, u.s. trade representative's saying they had been making substantial progress but now there seems to be a big step backwards. there are some other complicating factors here. security concerns are adding a layer of tension to the relationship between the united states and china. ian: that is absolutely one of the underpinnings. the semiconductor industry is getting what he wished for, but in a way that it didn't help it would happen. for years, arguing that chinese competitors have been unfairly taking advantage, stealing things, borrowing things. the trump administration has been pretty tough on that.
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action against companies, particularly while way. huawei. the net effect, what might that have been terms of our access to the market. the market is enormously important for them. a lot of companies this year, particularly chip companies, talking about how chinese businesses down and how that is impacting demand for their products. there is a concern that the chinese could be pressured or find more impetus. emily: down around the 2% mark now. it could be a rocky few days. talks thursday and friday. we don't know for sure what the results will be but the u.s. saying that tariffs will be raised as of friday. ian: we have seen the white house put out deadlines the day after talks were scheduled with the hopes of using that as a
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leverage point or negotiating tactic to sort of put the other side up against the wall here. i would not be completely shocked if we get another headline late thursday or friday. we will have to see what happens on thursday and friday to know for sure. emily: thanks so much. we will continue to watch the fallout on tech. we do have some more details on those talks coming out of washington. president trump's train negotiator saying the u.s. plans to raise tariffs on chinese goods on friday, accusing beijing of backpedaling. what is the very latest that we know? what is the latest from this latest round of negotiations? >> we have heard they are confirming the news that we broke this morning that china had done an about-face on some
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of the details of the trade deal that mnuchin and lighthizer thought was set in stone. all of a sudden, the chinese decide they want to renegotiate some of those terms and that is something that caught the u.s. trade team by surprise. he was not happy. they were ready to move on to the next level of the trade negotiations and all of a sudden, china decided to change their mind. he got upset and decided to send off those tweets. mnuchin did say during a briefing to reporters that they are not looking to the markets to validate or invalidate anything they are seeking to do. they just want a good deal. in the u.s. economy is strong enough to handle anything that comes out them. so far, we see the chinese vice premier is still expected to come to d.c. this week.
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emily: it is probably going to be a long few days for u.s. stocks. what can we expect next? >> we heard from mnuchin that 90% of the deal was complete. they heard that the chinese were backpedaling on some of their promises. we do not know what is next. as long as he still wants to come to d.c., he should be leaving in the next few hours to make it to d.c. on time. we would expect possibly an announcement of a meeting between the two presidents. so far, mnuchin said, lighthizer said, and trump has said that on friday, at 12:0 1:00 a.m., those a.m. those tariffs will come into effect. we will see whether there will be any backtracking on that threat.
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emily: what is the likelihood that this decision gets reversed. saleha: in washington, you never know where we will be heading. one trump tweet could say, we've decided not to go through with the tariffs. this threat is not an empty one. the president is not afraid to follow through on his words this time. emily: coming up, it is a big week for uber as it continues its roadshow and heads to the public market. but, will the debut live up to the hype? you are listening on the bloomberg app,, and in the u.s. on sirius xm. this is bloomberg. ♪
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emily: shares of lyft fell at the start of a crucial week. drivers are threatening and cash a massive strike in the next few days. the company reports quarterly results on tuesday. rival uber is no doubt the most anticipated tech ipo to happen in years. while goldman sachs missed out on leading the company to the public market, only year after uber has started offering rides, goldman's bankers made a wager using the firm's own money that could have a potential $6 billion windfall. a top of the range of stock price for uber.
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if that happens, goldman stands to reap a staggering 12,000% return. the ridesharing company is expected to price on thursday afternoon and start trading on friday. the cofounder of the venture capital firm in uber's rival lyft. what is it like being on the other side analyzing other companies rather than running and worrying about your own? >> it is a different job but it is fun. we invest in -- it's very different scale from the kind of public company but it is such a for tile ecosystem right now. cash fertile -- fertile ecosystem right now. this year, so many ipo's, whether it is uber, airbnb, lyft, zoom, all-around network affect companies.
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building, investing, finding these great entrepreneurs. emily: truly merged with zillow as staunch competitors. do you think they can continue to operate independently? >> for sure. there's a massive demand for this service. from a regulatory perspective, it will be impossible for them to merge. truly a and zillow, a close situation from a regulatory perspective, but it will be impossible now for uber and lyft to merge from an antitrust perspective. emily: what is your view on lyft versus uber. pete: i don't have any investment but my partner made an early investment. i think, when you look at the kind of fundamentals, uber, as a larger business, is the more interesting strategic position.
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selection in terms of options for its drivers as well as consumers, and its global reach. emily: uber doesn't have as much founder control and part of some of the issues it had with its actual founder. the ceo doesn't have that kind of control, the current ceo. lyft does. is that intriguing from an investor perspective? pete: some investors view founder control as a net -- found control as a net negative. this is a long-term journey. the future will not be driven by market share. it is going to be driven by autonomous. that requires big, big bets. i think the fear is that they recognize that that is a long term position for the company. we actually didn't have founder control of the company whereas i
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saw when i joined zillow's board, they did have founder control and that long-term thinking, that kind of pure focus on the consumer, was a net benefit. it should help lyft in the kind of near-term what they are up against formidable management. software backing -- these are very experienced executives focused on scale operations, which is somewhat different from the team at lyft. they are awesome guys, but this is a very different rodeo. emily: can they make money? lyft is losing half as much money as it makes. uber is losing millions and
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millions of dollars. you talk to any driver anecdotally and they complain that they are not making money. they are still doing it, but they complain. pete: my uber this morning was exactly that. his take-home has gone down and down. you look at the financials and they are losing billions. supply meets demand at the right price. i think there is so much demand out there. supply will match that demand at a certain price. i think, when you look at the scale and growth of lyft -- uber has $11 billion in revenue. the operating scale will be significant. you look at the scale as you are growing so quickly.
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there is the new management team, huge amounts of inefficiencies. they will work out those inefficiencies over time. long-term, with autonomous, i'm confident they will be profitable. emily: if you were planning to bring your company public on friday and president trump was planning to raise tariffs on friday, how much would you be freaking out? pete: i remember vividly the pricing discussion. you got bankers on one side, your board on the other, management team on another side. emily: there's two ways to look at that. lyft got a lot of money for itself. the prices going down but now they have all that cash. pete: there is certainly a negative sentiment around it. the bank has reduced the pricing on the most recent ipo with zoom. certainly with uber, they have done similar pricing.
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i think it would be a kind of heated discussion. they are not going to try and optimize the maximum cash. this is a company that is trying to create exciting momentum. emily: what are some other opportunities you are looking at? pete: network effects, a range of different categories, whether that is financial services technology, even computation technology. we could see building platform business out of that. a whole range of companies in years, a bunch of them going public as well. emily: thanks so much for stopping by. coming up, how apple keeps walking that fine line between wooing outside competitors and competing with them. we will have a preview of the conference next month. we will have a preview. this is bloomberg. ♪ ♪
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emily: bloomberg has learned apple is planning a plethora of new absent features at its development conference next month. so, what can we expect? mark, you have some new reporting about what apple plans to unveil. mark: for this year, apple is going to be focusing on a few things. one is the health capability of its devices. the new apple watch will come out in the fall. that will make the apple watch more independent, improved performance for the iphone and ipad, as well as new apps like calculator, audiobooks, improved health tracking, messaging, mail and maps on the phone. it is basically a lot of little things across the board that add up to a big year-over-year update. ios 13, of course mac os 10.
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emily: there have been increasing concerns about apple's power running the app store and having apps of its own. senator elizabeth warren has proposed breaking up companies -- do you think that will play into it at all? mark: that is not something they will mention. this isn't particularly new. even apple having its own mac apps from the early days before the year 2000. it is being increasingly talked about now because of the comments from senator warren and the spotify conversation. you saw the screen time thing. parental guidance apps were using technology that could be intrusive. it is an interesting perspective.
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emily: they unveiled the tv streaming service, the news service, gaming, a new credit card. what else could we see besides these apps? could there be something unexpected? mark: i don't think so. we do know there's going to be the mac pro and potentially new displays to go along with it. they are consumer bashes at the end of the year, september for iphones, october for mac and ipads. these new software platforms will set the stage for those other devices in the fall. i think those on the pro user side could be excited from these announcements. a really big focus this year for the app ecosystem. the iphone changes this year just don't seem that breakthrough. they do this on an annual basis
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so it is really hard to judge the scope of upgrades in june. emily: if there is anything unexpected,, i know you are doing your best to figure out what that is. bloombergs mark gurman for us from l.a. coming up, tweeting against twitter. the president expresses his fury with the social media platform again. later, vice media's challenges. we will hear from the ceo. this is bloomberg. ♪ ♪
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emily: this is "bloomberg technology." i'm emily chang in san francisco. we started the hour with president trump and twitter, and that is where we are starting the half-hour. only this time, the president's ire was directed at facebook and twitter, claiming that they are silencing conservative voices. "i'm continuing to monitor the censorship of american citizens on social media. this is the united states and we have what is known as freedom of speech. we are monitoring and watching closely." this comes after the latest decision by facebook combating decisions to ban far-right provocateurs and conspiracy theorists like alex jones for
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violating its policies on hate speech and promoting violence. to discuss, we have tim o'brien. and in the studio, kurt wagner. we have talked about this when it happened last week. now the president taking some new interest. it's interesting given that he is met with jack dorsey, the ceo of twitter. kurt: one of the things he tweeted was we are in the u.s., we have this thing called freedom of speech. the thing about these companies, they are global companies. they are building rules and guidelines for people all around the world. oftentimes, you will see that they kind of have these blanket policies because they are supposed to apply not just the people in the u.s., but to people everywhere. emily: private companies, so
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they get to make the rules. kurt: if you are facebook, you get away what is more valuable. is it having total free speech at the risk of people feeling offended and alienated, and then they don't want to use the platform after that? there are rules people have to abide by. emily: many folks think that facebook conducted this soon enough. another tweet from the president. "the wonderful diamond and silk, two conservative commentators, have been treated so horribly by facebook. they worked so hard. what has been done to them is very sad. it is getting worse for conservatives on social media." tim, diamond and silk are two commentators that are supportive of president trump. you wrote a biography of the president before he became president. i know you have some particular insight into how he thinks. what do you believe is going on in the president's mind at this moment, to the extent anyone can know? tim: a couple of things going on. to the extent the president is arguing for a principle, that the social media platform should be agnostic and not target
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anyone's speech, and if they do, it amounts to censoring. what we have to remember is he also tweeted he did not think that msnbc, cnn, "the washington post" should not be allowed to publish on twitter. he is not arguing from a position of free speech or freedom of the press. he's defending his advocates and targeting his enemies. that has to be on topic when we are talking about the president. when we are talking about the social media platform, i think they are entering into adulthood here. they want to be considered as technology platforms and not publishing enterprises. the reality is they are putting published material into the public realm. that has always been subject to regulation, whether it was radio or tv or newspapers.
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at some point, social media companies will have to come to terms with the reality of that. it comes with a different set of regulations and a different set of responsibilities. these two things are colliding with one another. emily: i want to go back to facebook's statement last week when they banned these folks. they said they always ban people that promote or engage in violence and hate. it is what led to our decision to remove these accounts. the word "always" is key because if you go back to even just five years ago, weren't these policies incredibly crude? i heard something if it was not naked or hitler, it was just fine. kurt: there were breast-feeding photos taken down. historical photos of bombings left up. a lot of people picked up on that word "always" and pointed out this is not exactly how it has worked and it has always been complicated. we have seen facebook say we don't want to be the arbiters of
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truth. we don't want to be the ones to decide what should stay up and come down. in november, they said they would create this oversight committee that when you have content taken down, you can appeal to an independent board. we have not seen that coming to practice yet, but they have announced plans for it. this is them trying to say we don't want to have to make these decisions. emily: i sat down with senator marsha blackburn last week and asked her about this very issue. she has been supportive of the president. she has also been critical of the crackdown on conservative voices in particular. here's what she had to say about this issue. sen. blackburn: what we have to realize is in silicon valley, a lot of people have a more liberal bend. that is their preference. they bring that into work. they are building these algorithms and then they probably tilt left instead of being down the middle.
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we know they don't tilt right. emily: now, she is making an important point, tim, that the people who were building the algorithms inevitably, they impact those algorithms. clearly, this is an issue that is getting increasing interest on both sides of the aisle. do you think this is something that will be a big deal in this election? tim: i don't know if it will be a big deal in the election. it is always a healthy thing for us to discuss. we have to be careful about the terms we are using. i don't know if this is a conservative versus liberal speech issue. the constitution has always regulated the type of free speech we are entitled to. we are all entitled to have free political speech. we are not entitled to stand up in a movie theater and scream "fire." one of the distinctions facebook was trying to make is that it felt some of the people it decided to censor were
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trafficking in violent rhetoric. that is not classically conservative rhetoric. it is not classically liberal rhetoric. they are trying to police violence or aggression on their platforms, which is in their rights. i think it is something senators from both parties can get behind. i think this idea that laura loomer and milo are representatives of conservative speech is a little bit cut by half if they are also trafficking violent rhetoric. i think that is an important decision to make. emily: this is not the last time we will talk about this. tim o'brien, kurt wagner, thank you both. coming up, despite calls for change, the gender gap in silicon valley is wide open. we will highlight some of the women trying to close it. we will discuss, next. this is bloomberg. ♪
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emily: a spacex dragon capsule has docked with the international space station. it arrived monday morning, carrying 5500 pounds of equipment and experiments. it will stay there for about a month and will return to earth, carrying samples. the world of silicon valley has created endless success stories, but from venture capitalists to startups, they have been mainly focused on men. as the industry comes the terms with its own gender gap, one author is highlighting the women who have made an impact. julian guthrie, author of "alpha girls," and theresia gouw are with me in the studio. thank you for joining us.
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julian, you have written many books. i know you are familiar with the tech industry. i assume you have had some assumption when you walked into this. i'm wondering as you were on your reporting journey, you found out things that just surprised you. julian: the whole thing surprised me. i came out of my last book. you referenced elon musk. that was very male-dominated, the last two books. this was surprising to me because you hear so much negativity. and it exists in silicon valley. i have found these astounding women who had succeeded and i wanted to know how they did it and what the world looks like for them going after deals, sitting at the table, meeting with entrepreneurs, going out for funding. it surprised me how strategic they were in their success and how it is possible to kind of increment your way to success as they did.
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navigating before they could pioneer. i was really wowed by that. the stories about girls are very personal. personal lives, professional lives. how women juggle all that we do. you are not in your head. whole thing surprises me. how women succeed, what the terrain is like, what the outcomes are. and, there are these really important success stories, notably teresa right here, and how they did it. and they're back stories were so inspiring. emily: theresia, i learned things i did not know about you and i feel like i have interviewed you and talk about this many times. you obviously work in a male-dominated venture capital firm. he went on to start your own venture capital firm. i'm curious what sort of strategizing you did along the way. the times you knew you were the
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only woman going into a room and did something intentionally because of that. theresia: i think that there is -- i would say the biggest thing is being aware of that. she says it very well in the book. sometimes you need to think about that as a strategic advantage. earlier in my career, i would realize if i was going to some big tech conference, it was a potential positive. everybody is inundating the same entrepreneur's, if i could say something smart about their business, the chance they will remember me instead of someone else named joe or bob is higher. viewing it as an opportunity. emily: there are many women who could have probably succeeded in silicon valley if the playing field was more level. what do you think it was about the women you highlighted that enabled them to succeed in an area that was so male-dominated? julian: i think it was what theresia has shown.
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looking past possible slights and possible barriers, or very real ones, and looking beyond that. having a sense of humor was always super helpful. being really optimistic. finding an area of specialty like theresia did in cybersecurity. being very quantitative. really knowing your stuff. working harder than any guy in the room. those were some of the commonalities they had. and they love the industry too. they love tech, they love venture capital. they love being part of that dynamic ecosystem that is silicon valley. so, in those ways, they had optimism and perseverance, of course. emily: you are now part of this new movement. you and your partner have gone on to start a new venture capital firm. melinda gates has invested. there are organizations like all raise, women from competing
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venture capital firms that have come together to improve the representation of women. do you feel the change happening or do you still feel like we are stuck in the past? theresia: first, i would start with i have always felt like there has always been a more secret underground sisterhood in tech. going back -- the early pioneering days of the events that sheryl sandberg would host at her house. the beginning, me and others, we would not say exactly what we are doing until dinner. it was super helpful for us. now, it is not only out in the open, but the male entrepreneurs see it as an advantage, the fact that we have this different network for recruiting, deal sourcing. i think it is wonderful to see it be so public.
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we would not be anywhere without our male allies. julian writes about them in the book. but i also think julian's book is a lot about venture capitalists for venture capitalists that happen to be female. to me, she wrote a story about people outside of silicon valley who came in, had no proven past, and found their own way. hopefully, that will appeal to a broad range of entrepreneurs and people who dream. emily: in the middle of my own reporting process when i was writing my book about women in tech, the momentum changed and people started talking about -- the me too movement was happening. i had to do a bunch more interviews and call a lot of people. how did that change your reporting process? the fact the conversation sort of -- maybe it was underground before, but it exploded out into the open. julian: i thought it would make
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the women less reticent, more willing to speak out maybe about injustices and wrongs. with this book, i found that was the most challenging thing because these women have succeeded by being unflappable and expecting perfectionism, especially among themselves. but, to show their vulnerabilities was very difficult. i think it is hard. they worked so hard to get where they did and it was not easy. i write about those things in the book. it was still something where they had to exceed expectations. it was hard for them to be vulnerable, even post-me too. that was another surprise for me. emily: theresia, you have been investing for a long time. i'm curious on an update on aspect. what you think is hot. i want to hear your investing, where you think the puck is going. theresia: i don't know if this is where it is going.
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i have been doing cybersecurity investing since 1999, 2000, when it was a small little backwater. fortunate to have some of those companies go public. that continues to be a big area of investment and interest. there is also quite a lot of activity, i'm sure everybody talks about it, in terms of ai machine learning. we do quite a few things in the fin tech space. companies like chime are also in the portfolio, in addition to others using machine learning and cybersecurity. we are starting to see some interesting applications of machine learning, potentially in digital help. fintech and cybersecurity, the really boring stuff where a lot of the money is continues to be a hot area. emily: what is your outlook on the recent ipo's and upcoming ipo's? uber, lyft, pinterest. theresia: i think all of those companies are doing very well.
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i think this will continue to be a very good time for growth tech ipo's throughout the rest of the year. emily: is it impacting your investment strategy? theresia: we invested at a very early stage. these are companies that are five, 10, 15 years after that investment timeframe. those of our companies that are further along, it does show them that the market is open now. five years later, they are in a later stage. it is impacting those companies from four, five years ago, not so much the new ones. emily: theresia invested in trulia earlier in her career so good to have you and pete reunite. julian guthrie, author of "alpha girls." and theresia gouw, great to have you back here. still ahead, starbucks makes its premiere in "game of thrones."
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why the twittersphere is blowing up, next. there you see it. it's a coffee cup! ♪
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emily: one of the world's largest asset managers will begin buying and selling bitcoin. bloomberg has learned that within a few weeks, fidelity investments will offer trading in the cryptocurrency, but it will be limited to institutional customers. a show that is dark and full of coffee. hbo's "game of thrones" may have only two episodes left in its historic run, but in the newest episode, the fantasy world found a new beverage for its
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otherworldly cast to imbibe. coffee? it seems the crew forgot to remove what looks like a modern-day disposable coffee cup in front of emilia clarke's character. no doubt, one of historic movie gaffes. only this time, the mother of dragons. to discuss, we have our entertainment reporter, anousha sakoui. i watched the first half of last night's episode and i totally missed it. so, either someone, a lot of people totally missed it, or this was intentional promotional advertising. which one is it? anousha: that is a conspiracy theory because "game of thrones" has so many different partnerships. makeup brands, scotch whiskey. maybe it was some kind of starbucks partnership. hbo is only saying in a joking response that it really was a mistake.
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it was meant to be a herbal tea. starbucks' response says they were surprised that was not a dragon drink. this is the kind of starbucks drink you could order. a dragon drink. yeah, it just happens on a lot of shows. you would be surprised. there have been other scenes where you can see daenerys' hair is different in the same scene. it does happen, surprisingly. emily: we have that tweet from starbucks. it is good advertising for starbucks because i did not know starbucks had a dragon drink. whatever. another "game of thrones" gaffe. amazon prime leaked the episode before it actually aired. what happened? anousha: there has been some accidental leaking of the show.
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it's unclear how this happened. these shows cost a lot of money. estimated about $50 million, with makes you wonder how something like this happens. especially when you go over that starbucks clip, it is not easily missed. it is there for quite a little while. something like a leak is hugely problematic for a show like this. they have not said anything about it yet, so we are yet to find out how that happened. emily: are there a couple of entertainment folks in big trouble today or what? anousha: they seem to be making light of it and the show is pretty much over. i mean, as you said, this happens. there is a lot of pressure on these shows. it even goes back to "ben hur," the film. there was an outtake where one of the soldiers is wearing a rolex. if you go back to the first
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"star wars" film, you can see one of the stormtroopers banging his head. that does not get caught. it happens a lot. you don't appreciate as a viewer sometimes how much pressure these productions are under. when you're watching game of thrones, these are some real, huge set pieces they are putting together. some of it slips through the cracks. i don't think they are firing anyone, but who knows? emily: no spoilers here. i'm sure you already know about the coffee cup by now. thank you for stopping by. that does it for this edition of "bloomberg technology." on tuesday's show, we sit down with melinda gates to talk about her new book. we are livestreaming on twitter @technology. follow our global breaking news network, tictoc, on twitter. this is bloomberg. ♪
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manus: this is "bloomberg daybreak: middle east." tariff given selloffs. chinese stocks advance after dropping more than $480 billion yesterday. manus: no cuts from kaplan. the fed president tells bloomberg, u.s. interest rates are in the right place and don't need to be lowered. istanbul'serun of order for the defeat of president erdogan is threatening damage to the economy. manus: we get the rba rate decision 30 minutes with bets on account of their highest in years.


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