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tv   Bloomberg Technology  Bloomberg  May 13, 2019 5:00pm-6:00pm EDT

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♪ i'm carol massar and this is bloomberg technology. coming up in the next hour all week long, we are looking at the best of boston's tech hub has to offer. we discussed what is on the cutting edge in some of the city's biggest industries. the trade war escalates. trump tweet threats and china hitting back. we break down the biggest movers
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on one of the most volatile days for the market this year. one of the biggest losers of the day was over. can the company shake off the skepticism around it? we're coming to you from boston this week, traveling around the city and showcasing the innovation, diversity and power of the regional tech economy in boston. boston known worldwide for its higher education, 70 top science programs. an area where 49% of adult have college degrees, 40% of which are in science or engineering. we are at the massachusetts institute of technology. last year, the school announced a $1 billion announcement in ai investment and education. we will have more on that later on, but first we have to get to our top story. u.s. stock turn in there were stake in four months as global
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trade tensions enter the forefront. tech was certainly among the worst performers with apple and uber standing out. let's go to pimm fox in new york. no doubt about it, this is a tough day for the bulls. pimm: no doubt. what happened to apple today -4uld also be connected to a 5 decision at the u.s. supreme court. it have to do with the amount of money that apple remits to those developers that offer up their apps on the itunes app store. this ruling could affect apple, amazon, facebook. any company that has apps or third-party software they sell online. the way it works right now, this is an $80 billion a year industry. it's projected to increase to $160 billion by 2022. the idea is that apple takes a 30% cut and then remits the
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remainder to the actual developers. the suit that will now go forward contends that is too much and that apple has to change its ways. carol: that certainly is what we are watching. we will get more on the legal side of that in a moment. the legal implications for apple. talk to me about the market selloff we saw. i think i saw at one point maybe utilities were safe on the selloff. talk to me about how broad-based this day was. pimm: i think only about 48 issues in the s&p 500 managed to have a gain today. the nasdaq composite is down 3.4% to follow the technology theme. the technology-heavy index. you have seen the s&p 500, was hich actually up this year. the s&p 500 having its worst day since january.
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a lot of this can be tied not just to the back and forth over the trade talks between the united states and china, but also the ending of earnings season. we have seen this repeatedly. the move higher in equity prices going into the earnings season and afterwards we see a backing off. it might be an issue of profit taking and having all of this negative talk about the trade negotiations is not a big help. carol: going to leave it there. thank you so much. we saw the tech sector taking the biggest hit. uber down another 11%. u.s. supremed the court has ruled against apple, allowing consumers to press ahead with a lawsuit that accuses the company of using its market dominance to artificially inflate prices at its app st ore. greg has more details from washington. consumers 5-4 ruling,
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can press ahead with a lawsuit that accuses apple of abusing its market dominance and overcharging for apps. the case turned on a decade old supreme court decision that said only direct purchasers can super damages -- sue for damages. apple says it is really just a middle man connecting app developers with users. the supreme court disagreed, saying consumers buy apps directly from apple. apple said it is still confident it ultimately will prevail. the company says it is not a monopoly by any metric. by letting the suit go forward, the supreme court opened the company to the prospect of hundreds of millions of dollars in damages. the ruling puts more pressure on apple to reduce the 30% commission it charges developers. that commission was a key focus of the lawsuit and will be going forward. google simile charges as much as 30% in its google place for an might be affected as well. ,t might open other companies
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like amazon.com, to new consumer lawsuits as well. one final note -- the ruling produced an unusual breakdown. justice brent kavanaugh joined the liberals in the authorities and wrote the opinion. justice neil gorsuch was the lead dissent. carol: coming up next, robot recyclers. how m.i.t. is using robots to increase recycling and keep the planet clean. that is next. and, if you like bloomberg news, check out all on radio. you can listen on the bloomberg app, bloomberg.com, and in the united states on sirius xm. this is bloomberg. ♪
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carol: before last year, china imported about 40% of u.s. recyclables. however, the recent report and import ban on over two dozen recyclables have researchers predicting that there will be millions of waste left with nowhere left to go. student that m.i.t. have developed a robot that can identify and sort recyclables. it can help really sort through the pilot that is out there. take a look at this. ♪ carol: for more than three decades, china has been one of the world's biggest importers of plastic waste. last year, china closed its doors to dozens of foreign
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recyclables. importede ban, china about 40% of the united states' recyclables and researchers estimate the new policy could leave 111 million metric tons of used plastic with nowhere to go. a team of researchers at nit looking to sort through the pileup. students at m.i.t. computer science and artificial learning lab developed a robot that can identify and sort recyclables. soft, rocycle, it is a teflon hand that uses tactile sensors to detect the size of an object. from there, it can determine if it is made of metal, paper or plastic and establish a path. recycling centers are task with a costly process of sorting and separating waste. u.s.ximately 25% of all recyclables are so contaminated,
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they must be sent to landfills instead. the team says it can tackle the problems of today's single stream recycling systems. it also provides a safe alternative to human labor. the device can be punctured by a needle more than 20 times with minimal damage. one complication -- replicating human intuition is no easy feat. while it can accurately detect stationary materials 85% of the time, its success rate drops over 20% when objects are placed on a moving conveyor belt. companies are building their own robots using camera and computer vision, an estimate the technology could cut recycling cost by as much as 50%. reducing contamination is a top priority for the u.s. could a robot be a step in the right direction or will america have to find a new dumping ground? now we want to welcome
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the director of the m.i.t. research lab that created the recycling robot you just saw. daniella, so nice to have you with us. so nice to be here. daniella: we are so delighted to host you today. carol: we think about artificial intelligence. we think about robotics. have we just scratched the surface? where it is it -- is it all going? daniella: it is such an exciting time in the field today. think about the fact 20 years ago, conservation was a task reserved for experts and now we depend on computing so much, we don't notice how we depend on it. the next wave of technologies, ai, machine learning and robotic technologies will do so much more for us. carol: like what? we have been hearing that for a while. binsla: imagine carbon that will take themselves out. imagine automated infrastructure that will ensure the garbage is
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taken away. systems like rocycle enabled the correct sorting of all of that garbage so that it is environmentally good. produce that shows up on your doorstep delivered by drones. assistanceelligence that ensures you optimize your life to live well and work effectively. imagine transportation systems with no accidents. imagine personalized treatment plants. imagine all of these possibilities that remove the routine work from us and ensure that we have time to think critically, think creatively. carol: what do you say to people who hear this and say this means the replacement of so many different jobs? is that where we are going or is it more the case of robotics working side-by-side with humans? daniela: i hear a lot of anxiety
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and concerns about a.i. i have worked in this field for many years. i want to assure everyone that the concerns around an a.i. apocalypse are greatly exaggerated. but, we have to understand the fears of those who are not sure what this technology can do. it starts with understanding important to provide people with alternative viewpoints. this starts with understanding tools.i. and robotics are created by the people, for the people. like any other tool, they are not inherently good or bad. it is what you choose to do with them. we can choose to do so many things, like removing road accidents. offering personalized medicine. ensuring people can communicate instantaneously matter what might which. carol: we are starting to see a
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trickle of the impact of a.i. and robotics on our society, but how soon before we feel a much bigger impact? daniela: we already have tremendous impact because with a.i. technologies, medicine is getting so much more precise and personalized. we see the potential of optimized transportation systems that deliver goods to people much more efficiently. in the future, we will see so much more. carol: you guys work with so many different well-known companies. toyota, microsoft, google, ibm. they have all opened up major facilities in cambridge in the last few years. talk about the collaboration between academia and the private world. daniela: it is really critical that academia and the private world get together to solve some of the world's greatest challenges. by working with companies, we understand where the pinpoints are and we can direct the
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science towards those same points. we can also show companies what is coming around the corner. what the technologies that will disrupt are coming. carol: i think about self driving cars and if you go back five years, tesla came on the scene, people really started to take it very seriously. they pushed everybody to move forward. what are some of the technologies that we're not quite yet talking about yet but will be a big deal around the corner? daniela: around the corner, we will see a whole different category of robots. today, robots are inspired by the human face. they are either arms, humanoids or robots on wheels. in the future, we will see robots being able to work side-by-side with humans. robots are made out of soft materials. robots made out of a variety of materials, whether it is paper, silicone, plastic. carol: what will it move to?
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daniela: more variety of machines and more variety in the scope of the machines. carol: i have been walking around seeing students repair in groups. what are you doing to prepare students of what they will need to do in the future in terms of robotics? daniela: we are offering a wide range of important classes. machine learning is a very popular class. last year, hundreds of students took machine learning. we are offering free classes online and offering new blended disciplines and academic degrees that enable students to cotrain in technology and something else. we just launched a degree in occupational urban science where we are training students in technology and policy. carol: really fascinating what you guys are working on. thank you so much. really fun to be on campus. daniela rus, director of m.i.t.'s computer science lab. coming up next, we will take a
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look at boston's biotech scene. why third rock ventures bets big on gene editing technologies. this is bloomberg. ♪
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carol: boston is home to a number of biotech companies ranging from small startups to billion dollar pharmaceuticals. alexis borisy, partner at third rock ventures, is no stranger to the boston biotech scene. the company holds 28
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boston-based company's in its portfolio. so nice to have you here. tell us, you guys have been around since 2007 and you've got out on a mission for personalized medicine. it has been more than a decade. what has changed in your thinking and approach to personalized medicine? alexis: 10 years ago, it was a hope. we have multiple medicines that have been approved from some of our companies. it is working. carol: that is good. alexis: that is great. it is remarkable how much broader the toolset has become. it used to be traditional drugs. today, it is beyond traditional drugs. we have gene modifying gene therapies and self therapies as well. the tool you can use to make these breakthroughs has just matured incredibly. carol: changed dramatically in terms of traditional pharmaceutical to what we could do today. how quickly does all of this --
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stuff has started to come to market. how quickly do we see a dramatic disruption in terms of how we treat patients? alexis: we are starting to have the first gene therapies approved now. the first self therapies approved out when just 10 years ago, they were really a sparkle in people's hopes. that is remarkably quick. where there is one or two today, i think we will be seeing dozens of them over the next 10 years. carol: i want to ask about -- yo u raised a lot of private capital for a biotech. what is next for relay? alexis: it is another major interesting trent, having the life sciences intersect with technology. copy digital power with wishing learning. we are able to do things today where a decade ago we might have hoped for, but we can actually do them now which means we can use the computational power to design drugs against biological
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targets that we have known we wanted to create a drug against for the last 10, 20 years, but have not been able to. now, weekend at -- we can and we can do it really quickly. a drug against a target that we have known in the field has been important for several decades. relay was able to do it in the course of two years. carol: remarkable. so everything goes much more quickly. what is the next step for relay? is an ipo soon on the horizon? alexis: relay has been fortunate with the amount of private capital that it has raised. it will move some of its programs forward, its scale because the potential is so large. one can imagine an ipo at some point. carol: i want to ask you what you think the main risks are to the industry now, especially when we have a congress, a washington that is really focused on reducing the cost of health care, specifically the cost of pharmaceuticals.
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i think of some of these treatments, they will not be in expensive. is that the danger? alexis: i think you put your finger on it. it is interesting we are in a time with technologies that is offering cures, and they are not in extensive. people are frustrated and maybe deservedly so to some degree, in some ways. in this moment of time, you worry that washington will take a blood solution or blunt instrument and caused unintended damage to the entrepreneurial ecosystem. carol: what excites you about biotech right now? alexis: we are creating cures. when i first got into this business, that was a word you said softly because you do not want to lose your credibility. people did not believe. today, actually can. not for all diseases. still a lot of hard work to be done. but, where we do, we are beginning to offer therapies
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that really make a huge difference. that is the best thing. carol: think about all the money you have raised. an ability with companies to stay private. in terms of investors, can you talk to us about what kind of returns you have seen? alexis: we have been very fortunate at third rock. our for several funds have led the industry and have had incredible levels of returns. it has been good. carol: and it is ensuring you that more money is coming in? alexis: correct. carol: i think about big pharma and big biotech, they have been pretty active right now. another wave of consolidation. what kind of terms do you think they are looking for and what do you watch in the industry? alexis: an interesting statistic that was recently published that set for new drugs being approved, more than two thirds of them originate now in small biotech. alexis: hasn't that always been the case? alexis: no, go back 10 years, 20
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years, it was the reverse. 20 years ago, it mostly came from large from a suitable companies. 10 years ago, two thirds from big pharma. now, two thirds originate from biotech. another stat, last year, 50% of the new launches were being commercialized by the small companies as well. it shows you the power of the entrepreneurial ecosystem. carol: in terms of measuring the -- machine learning, the use of data, we are getting smarter with it. 30 seconds left. where does it lead us to in terms of modalities and treatments? alexis: i think the great power where we take machine learning is intersecting with life-sciences. hopefully it will take us to where we don't understand the disease today. places like alzheimer's that we have not solved yet. two, can we imagine the future with the productivity of the industry is so much higher, as that of having 40 or 50 drugs approved a year, it would be 100, 200. carol: thank you so much.
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alexis borisy of third rock ventures. coming up, we are talking tech. mit funded venture is taking a more patient approach to investing. that is coming up next. ♪
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carol: this is bloomberg technology, i am carol massar at m.i.t.. forget speedy turnarounds for your investing. that is what the engine ceo katie rae's preaching. she is focusing on something called top tech for her venture firm that was cofounded by our hosts at m.i.t.. great to have you here. i have to ask you about the market volatility today. out thenvestors freaked cousin of the u.s.-china trade talks. fun.nk about your
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some of the funding comes from m.i.t. and some comes from other. do you worry about market volatility impacting the flow of funds? katie: you worry a little bit, but i can't control that. we think about the long term. we are making 5-10-15 years out. the market blips, we don't worry about them. we do worry about the china-u.s. competition. affecty how that will the ability to tap the world markets. i don't have control over that. we have to work with what we have. carol: you say a founder of a inpany tapping world markets the trade flows. that's important way to look at it. tell us about the work you guys are doing. breakthrough,on next-generation technology. all of our biggest problems, how
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are we going to provide clean energy? how are we going to save the world? how will we see -- cure disease? we see next generation infrastructure and technology that will allow us as a species, to blossom. those are the areas we spend time looking at, what are the true breakthroughs? what could be not two times, but 10, 100, 1000 times better? carol: what do you think you have that will be dominating in the next few years? aren't even that we talking about that will dominate our personal lives? katie: i think most of our energy will be clean energy. we will make it in a clean way and we will know how to store it. up of our companies come energy, their building long-term battery storage for wind and solar. we can only use solar for part of the time, and you can't power the grid for that. if you could store the energy, you can power the grid with wind
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and solar. i think we will be at a point that we will know that we will be able to create that positive energy with fusion. that is one area we look at. but also, how will we produce our food? how will we have less waste out of our food stream? the volume produce of food we need for people? all of it is being developed in these labs. people are really thinking about how we feed our cows so that ?hey produce less waste how do we create -- beyond meat went out last week - how do we do that-up beyond all types of food? carol: are you trying to attract more funds to do even more? other flows coming in? visit u.s. or foreign investors? katie: people are interested around the world. we primarily have u.s. investors. did do, your first
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seven investments in september-- date. 17 investments to we did a company called solino bio, they are doing a platform that will be able to regenerate cells to cure all types of different diseases in your body. we have done things like asi, which are putting up whole new satellite systems in space that will allow data to come back down from space rapidly. think about all that opens up with data. thate working on things will speed up manufacturing and biotech or in production of metals. we look at all kinds of things. every day, i have an incredible world working with people inventing truly extraordinary things. so much of what is going
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to come out of your lab will be things we will be talking about in 10-15 years. thank you so much. katie rae, the engine ceo at m.i.t. we also want to take a little bit talking from tough tech to biotech. boston is arguably the center of the biotech world. among all of this competition, mentor not stands out -- moderna stands out. they focus on making drugs based on messenger rna and creating their own therapies. they went public last year and it turned out to be the biggest biotech ipo ever. i caught up with the company's , and we talk-- ceo about what changed since that ipo. >> the big difference is we used to share data all the time in real time with everybody.
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that's the biggest change. carol: you are sharing more data. >> we are sharing less data. we have to be careful of when we share data. carol: because you are publicly shared company. what has changed in terms of the work you are doing and the perception with your partners? has anything changed along that line? stephane: it is mostly the same. we have worked with the same partners for many years. it goes back to 2013. 2015. we have a long-term investors. it's the same for us. carol: i guess what i wonder is, there is something different, right? a difference between being privately held and publicly held, because you to answer to investors. there was only -- over $7 billion out of the gate. are you getting more pressure from investors who are saying,
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they understand the biotech world, things take a while, but you are public. hadhane: for many years, we high-quality investors. the story has been the same. we believe we have technology to build a new class of medicine. we can do medicine that cannot be done using old technology like small molecule, traditional pharma or biotech products. what is unique about messenger an is that is in -- it is information molecule. when we inject a human, we give them an instruction for themselves to make the medicine. because of this, we have a platform. because the human genome has been sequenced, and we know all of the instructions for all of the protein in our bodies, we can take that information into
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all technology. quickly, we can give an instruction to your body of making the protein you need. carol: when you say quickly, how quickly is it proceeding? takesnd of pharmaceutical several procedures in different stages in terms of testing. i think about the valuation, and at some point investors will say, are we in stage three? where are we in the process? stephane: you want to think about two things. one is research. before it is ready to go to clinical trial. in the labs, we work very fast. the human genome is -- has been sequenced. time to have every invent the product. it is the same every time. 1's on software.
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carol: the same process in terms of going after the protein. stephane: correct. in of those drugs that are process use the same manufacturing process. every drug, you have to invent how to do it. you can't go very fast. carol: can we make the assumption that the efficacy will be the same in every process, even if the process, in terms of howyou deal with in individual's body, but with can we ensure the efficacy is the same? the thing that is interesting, is because you make your own protein and it is a protein known to your body. carol: custom medication. stephane: correct. are not inventing a new molecule.
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many drugs like lipitor or prozac, those are being invented. inject an instruction at your body, it is to create a protein that you are already making. carol: this will not come as a new argument, because a lot of people had challenged you. it's a holy grail. the idea of using the body to to deal withtment some disease or ailment. people have been working on this for such a long time. what you think you have the magic stuff -- what makes you think you have a magic stuff? stephane: we are resting on the soldiers of -- shoulders of giants. we used the next gen sequencing. we use machines to sequence the human genome. we are using machines that are giving us information that we can use for technology.
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there is a lot of technology that has come together. i like to say that 10 or 15 years ago, we didn't have that. carol: that was moderna ceo. up, what industries and trends are supporting and changing the workplace. we will hear from one investor who was working with companies who are trying to change the status quo. this is bloomberg. ♪
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>> let's take a quick break from our coverage from boston and had to san francisco and checkup with emily chang.
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tough day in the markets. emily: indeed. we will talk about that. work shifting series, we have been talking about the changing nature of work, but what about the investors who are looking at the trends that will define the future of jobs and the workplace? death we are joined by an investor who is made early investments income like door --. -- door dash. i want to talk to you your investing approach. you say you are an anthropological investor. what does that mean? >> all investors approach these early-stage investments in different ways. when i say anthropological --esting, i mean starting to starting with how consumers want to use and products, and what products and services that need to exist to support those human behaviors. emily: everyone wants to talk
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about the future of work, but no one knows what it looks like. what is your vision for that and how does that impact the choices you are making? annie: the topic of future of work is nothing new. how people work, when they work, from what locations do they work, it is all up in the air right now. exciting and can transform how we all spend our time. when i think about the future of work, i think about less how people are compensated and more of how people spend their time. i look at investing in this category probably. -- broadly. the first is the technologies themselves. this is where most of the conversation about the future of work has been. ai, or autonomy. the second bucket will be how do you invest in the downstream effects of those products. the third would be the platforms are marketplaces that are enabling people to find work. uber would be a great example.
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if you think about the first bucket, many jobs are going to be made more efficient. sometimes there is the conversation that would they will be replaced altogether or fundamentally changed. earlier this morning, i was looking at statistics on the number of farmers in the u.s. a couple hundred years ago, 90% of people in the u.s. were farmers. today, it is about 1%. it doesn't mean there are fewer jobs in total. there are far more. the nature of those jobs has changed dramatically. i think it is more likely we will see forms of artificial intelligence that are working alongside people to help them do their jobs more effectively for many decades before we will see jobs replaced. emily: it's interesting, because you are the head of strategic operations of uber freight. you have also invested in autonomous tracking. --tracking a job you think
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being a truck driver will exist in 20 years? annie: yes. emily: how will technology offset the number of people who are required to drive a truck? annie: trucking happens to be a passion topic of mine. drivers --of truck truck drivers represent 1% of the population. it's a common job. the average truck driver is in their mid-50's and drives a long-haul truck. it looks very different if you are driving a truck or car through the seats -- streets of san francisco or any major city, then it does driving through a state in the middle of the country. human beings, and the nature of how complex that driving is is very different. to do ae if you are cross-country road trip, you are probably on cruise control, when i have done it, the eastern half of nevada, for example, versus never on cruise control in san
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francisco. you worked at huber for one year, working on a freight, but what is your take on uber ending 24% down for the last two days, two days into being a public company? annie: it's not the start anybody would hope for. call whento make any you are two days into trading. the future of uber they will be able to and how innovate from the core businesses they had today. if you look at amazon, when they first started out, they were selling books. they don't just sell books today. they have amazon web services, tools and services for s and b's , prime, none of those businesses existed when they started. what will they were like -- look like in -- down the road? it's anybody's best guess.
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emily: what will the rest of the markets look like in six months? we are dealing with the trade war. a lot of companies got hit today. uber, among the worst. than the broader market. there must be some skepticism about the business model. as an investor that is backing him is that a potentially enter the public market, how are you concerned -- how concerned are you about the environment? annie: my job at red point is an early-stage investor. the future of how large those businesses can become is a so far in the future that what the markets look like six months from now has little to no influence on the kite -- types of come is we are investing in today. emily: we will be watching to see where you put your money next. thank you so much. carol? carol: very good point there going to haves ridesharing in 10 years, maybe
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it would not be in amazon. the ceo, who i spoke to on friday is trying to sell this idea of uber as a platform, that it could be something like amazon, with scooters, self driving, but the question is, is it an $80 billion company or $200 billion company? carol: right. time will tell. emily, thank you so much. emily chang incenses go. still ahead, holding off the hackers. carbon with the ceo of black. that is coming up next. this is bloomberg. ♪
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carol: on a day when increased trade tensions sawtek stops -- stocks tumble, one company went out. carbon black ended up 3%. the ceo is joining us now.
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nice to have you here. said you can expect that, but it is interesting to see the nervousness in the markets. it all has to do with u.s.-china trade. company that a sells around the globe, how does it impact what you are doing? is a cyber security company, we have an interesting relationship with certain nations around the world, particularly those that are very active from a cyber standpoint. it is statistically shown to be the number one nation across the globe that is driving cyberattacks. china is anship with different relationship and many other public companies across the globe. we don't actively sell into the market. we are hoping many -- helping many countries protect themselves -- companies protect themselves. carol: we have these trade tensions, because you are not selling into it, it doesn't impact you, but how does it
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disrupt the world order and nervous -- investor nervousness and corporate nervousness? patrick: as i tell our employees, we are building a company for the long-term. our company -- our stock will be impacted by things we control and can't control. it's certainly disturbing to see all that red. that will impact companies that are going to buy my product eventually. an impact on other public and private companies, it will impact is eventually. we saw an optimistic outlook for the second quarter in terms of revenue. where is growth coming from? what parts of the marketplace are driving it? patrick: we gave a consistent outlook in quarter two. carol: analysts thought it was up. patrick: they did react positively. we are building for the long-term. this is a company that matters and cyber. i think cyber is one of the most
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interesting spaces in tech right now. everything around us, we come back to cyber again and again. if you look at all the news on facebook, cyber is in it. the geopolitical issues, cyber comes in. it is an important area. a companyew guard of that is looking to change it and make it better and more effective. we are building value. carol: we are constantly talking with someone in the cybersecurity space. it is one of the number one concerns among the corporate community. how do you compete with some of the big guys out there? how do you compete? patrick: some of those providers work in a different part of the market than we do. that's 800 billion dollar market going through fundamental change. we do provide a platform that does compete with some of the traditional players. other public companies like symantec and other providers. , we weree compete is based on one core principle, which is if you look where the world is going in the long-term,
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you need to leverage the power of data to find out what is happening. we leverage data in a way that allows us to see and stop the adversary in ways traditional products cannot. carol: when you leverage data to fight against those adversaries, that happens instantaneously. when you have malware coming in, you have what, a fraction of a second to stop it, what do you have that enables that to happen? carbon black is analyzing 500 billion security events every single day. you cannot do that with people. you have to do that with a number of techniques. we leverage the computing capability of the cloud and then we apply ai and machine learning models and it allows us to see patterns across the globe to help many companies stop the bad guys. carol: there is so much going on. hatcher, thank you. -- patrick, thank you. that will do it for this edition
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of bloomberg technology. we do have a lot more coming up in boston throughout the week and tomorrow, we will dive into the world of sports. we will be at reebok's headquarters in sitting down with the celtics owner.
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paul: welcome to daybreak australia. i'm paul allen. shery: i'm shery ahn. we are counting down to asia's major market open. ♪ paul: here are the top stories we are covering. wall street tumbles as china hits back on tariffs. president trump warns beijing not to go too far. stocks fall the most since january. investors seek safety with gold up the most since february. the yen

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