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tv   Bloomberg Technology  Bloomberg  June 23, 2023 12:00pm-1:00pm EDT

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>> this is "bloomberg technology." with caroline hyde and ed ludlow. ed: i ed ludlow in san francisco. caroline hyde is off today. coming up, a warning from e.u. to twitter. crackdown on disinformation or face the consequences. we bring you our interview with the internal market commissioner . plus tech executive dissent on the white house. ceos of apple, google, microsoft
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and openai dined with the president and india's prime minister. san francisco driverless feature. behind the scenes of my experience using the autonomous vehicles becoming a reality for thousands in the citi. first a check the markets. nasdaq 100 down this friday. we are down on track for biggest weekly drop since march. the we can -- the week in march when the banking crisis once unfolding. echoing what we saw in 1999, right before that bubble, strategist by bank of america writing investors actually could start to flee technology stocks. they cite data from global data, $2 billion of outflows in prior trading days through june 21. there could be a shift where you extrapolate and take a look at the most names in their red on
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the index. bitcoin has hit its highest level in one year. there has been momentum but a sharp gain sees as above 31,000. it goes back to june 15, the surprise blackrock filing for exchange etf. it is a remarkable turnaround for what we have seen in this particular digital asset or token but crypto more broadly giving the industry issues. names we are watching. the details of the meeting between those technology ceos, president biden, and prime minister of india to the downside we see apple softer. tesla interesting. john almost two percentage points. -- tesla almost down to percentage points.
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the company tweeting about a fire at their facility in phoenix niccala say they expect foul play. from public markets, took her niece to put more resources towards addressing's -- twitter need to put more resources towards addressing this information. we discussed the matter with thierry brenton you commission. >> we believe this is what he wants to do. i propose to all of them between twitter to run a stress test in the headquarter to make sure though understand what they have to do to be ready. he accepted. he is the first one to accept which is a good sign.
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my team spent two days and reviewed many programs. they want to put in place. i think this going in the right direction. i do not have to comment there is some work to be done but the program are well identified. you mentioning -- code of conduct is different. there's a difference between a voluntary code. voluntary code by definition is voluntary. for this specificity in digital space, it is important now to have rules. it is difficult because you need to convince everyone, convince
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your house, your senate, it is complex. it only way to do. >> what was your impression of the new ceo at quarter -- at twitter? >> i think she was very engaged. i it is our first month in twitter as a ceo but she was attending the meetings and she gave me the feeling that she is definitely willing to do everything it takes to comply with our rules. ed: that was european commissioner internal market commissioner thierry brenton. for more rejoined by the editor that connected the interview. you and i have been covering twitter for years. what is a stress test of a social media platforms like twitter?
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>> he told me that he spent the last couple of days looking through and seeing what he toldy does twitter have built into his systems to comply with the rules that will go into effect in august on disinformation and harmful content and twitter does not currently do that. that does not matter to him. he says i do not need -- i asked do you trust that given how they have been permissive of certain content set the take over, do you trust he is going to follow through with this? they have declined to comply with voluntary disinformation code as he was talking about. he says i do not have to trust. i need them to be ready to follow the law when it goes into effect. that is all that matters. his message is if they do not comply with this law, they do not get access to the eu market
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anything that is a big enough incentive to follow through on what he is coming here to san francisco to say is going to be important. ed: my understanding the commissioner has been busy while he has been out here taking other meetings with other technology names. sarah: he's meeting today with san altman of openai. mark zuckerberg of meta anderson wink of nvidia. he's not just talking about the digital services act. he's talking about the ai regulations he wants to put into effect. that is not a law yet but that is going to require a company -- companies to think about how they are building their ai. he was to encourage them to not bill it in directions he thinks would be bad for society such as social monitoring, grading
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people based on their social media habits or facial recognition. there are some forms of ai that he seems that things will be harmful. vicki put regulations early enough, -- if you want to put the regulations early enough, they will invest in those areas and they will put -- this race to build a air products they would put their money into things that are better for society. ed: thank you. it is not the e.u. just visiting the shores we also have visitors from other nations, india's prime minister modi wrapping up his time in the u.s. with the state and at the white house where tech leaders from apple to google to microsoft descended on the president's home. it is interesting that the biden administration pulling two things together, modi's visit and technology executives.
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>> what you're seeing is the entire tech sector saying we need to protect ourselves given the geopolitical strife that is happening with china and india looks like a compelling alternative. tentative steps right now but in all areas ai's, semiconductors, defense. all sorts of partnerships and deals for they are looking to fulfill what they and demonstration say is a push towards friend shoring. instead of off shoring and sending reduction to china, cutting down some of their vulnerabilities are going to a country that looks more friendly to the u.s.. ed: you have the dinner last night. our understanding is there will be more meanings -- meetings this morning with that group of technology ceos. sam altman has been to india. there has been emphasis on what apple is doing both in the market but also in supply chains. makes you think about
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relationship between u.s. and india strategically which is your domain. how does the u.s. view india as a technology partner supply chain partner and geopolitical partner in context of asia? nick: it is confusing and in some ways the ground is shifting because for a while the u.s. has wanted to approach india as much more of a strategic partner probably as a counterbalance to china but on the other hand, india has not necessarily been willing to play ball. they're not willing to say were going to form some big strategic alliance with the united states, we have other interests. they have not condemned russia's invasion of ukraine. they have taken a much ambivalent stance. they see themselves of a representative of what modi called the global south. they're not necessarily interested in being this shoulder to shoulder partner with u.s. but they do want to
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bring in u.s. money, u.s. business, advance their own economy. they are eager to play the role. you see tech companies coming in and saying this is a partner where we could be safer forus then china given the problems china has postponed u.s. companies and also intellectual property theft and other issues making them reconsider their connections to china. ed: fascinating. we have e.u. here in bay area and ndc -- then d.c. and president biden interacting with that sector. coming up, we have actress halle berry talk with me about gut health from a "bloomberg technology." summit. do not want to miss this one. this is bloomberg.
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ed: a biotech company specializing in metabolic health there is micro products predict halle berry joined the company as an equity investor and director earlier this year after prioritizing her on metabolic health with the products. i caught up with her and cofounder and ceo at the bloomberg technology summit yesterday.
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it was an interesting conversation. i said, how did you get into this? she basically saying i had some problems. i use a product, it worked and i became an investor and i am all in. she described it as her second act. she still acting but now this is the first step into her becoming an investor, director of a company and may be something more. she promises she will come back. ai also at the center of the discussions we were having at the bloomberg technology summit. here is what some of the speakers weighing in on the future of a i had to say from cybersecurity related to calling for democratization of the technology. >> we think this technology, the benefits, access, belongs immunity as a whole. >> generative ai opportunity is huge. we do not know all the different applications they're going to come up.
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we are seeing within the past six months is a revolution the number of companies coming up with these cases. >> will also see ai coming more and more to the forefront, both to help folks stay productive and from a security perspective. >> if we do our job right, i think it should bolster our leadership position in the cloud. >> it can protect a lot of's stuff. >> we have to ask ourselves are rehab with the rope we're going down because we are about accelerate that road. if you want to make course correction now is the time to do it. this is why discussion should not just be about ai but about what kind of world we want to live in, what do we want to do with this technology. ed: you know what, let us get more the conversation go back to that conversation with halle berry and calin cut live. >> what was it like watching and
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growing a business and including raising money for a capital firm in other -- even an intersection of medicine and food. . i am fascinated by the origin story of this company. colleen: when you start you do not necessarily know what you're taking on. we knew that the micro biome is a new frontier in scions. our first investors were the mayo clinic because they agree there something interesting about the gut and how we can tackle diseases surrounded. that was it. micro biomes is a new organ. it never targeted before they can help people with a myriad of diseases. from there we step forward. i think we have a vision like that about looking at shelves of
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probiotics and saying we are not in their. we are a technology company using data sequencing metabolic maps, high-end manufacturing. we ended up attracting the kind of investors that like to see world changing and category and retract the kind of talent that was to get involved in something that they see that is different than anything else they have experienced. we have been fortunate in that it seems from a scion standpoint there is an obvious opportunity and will be surrounded by amazing people who see that vision. ed: a part of your role is think about future investors and growing the brand. scale it for me. how do you take this out and get it in more lanes for cell and more consumers? halle: it all starts with communication. talking about it and getting them to get interested in the bread, to go try it and see for
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themselves. we always talk about do not take it because i say. i would love people to try it because i asked them to the may decide for themselves. that's how you start to scale it. it really does work. it s not one of the products that have a pretty package. do not have such a pretty package when i came along. i said, you need to put it in a pretty package. things that scale -- sometimes it is marketing. it is a pretty bottle and us consumers were often drawn to that. now knowing she's got this world-class product here i said to her it has to look like that. it is very much a part of how we buy as consumers. ed: what is the future? ipo? raise more money? so to a bigger player -- sell it to a bigger player? how do you feel at that -- about that at this stage? colleen: today we started the company to the infinite future,
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the company has been centered and grounded into how do we help people so now we are helping people and what i think about the future how do we get to hundreds or thousands of people to millions of people and that is what it is all about. if you create a product people love and forgive benefit to the world, all of the other financial stocks will fall into place. -- stuff will fall into place. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company.
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ed: holding its annual investor day with the company projecting up to 900 million dollars in 2026 revenue. where joined by todd and joined the coany. how does fastly use artificial intelligence to improve its products? >> super top of mind for everyone. just like every other company especially psychotic -- companies -- especially tech
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companies use artificial intelligence to improve our offerings. what really is interesting for us as opportunity to bring our customers ai workload into the age. will partner closely with providers with those models are trained and running and first model at the edge has the power to deliver best in class, next-generation ai user experience and user experience will be focus on. we are excited about this new focus on ai. ed: the edge cloud the market is going to be hard. how much of the market are they going to allow you to have? todd: aws, gcp our core cloud technology providers that operate these massive core cloud
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technologies. every one of our customers uses a central cloud provider. we do not compete against those folks. margie that is great. we believe -- largely that is great and we believe deeply in multi-cloud infrastructure with use the resources leverage the edge cloud for super licensee's variances to drive content for the use experience the speed, performance is important. it is why we are focused on fast, safe and engaging user experiences. ed: the market love this number you're putting out for 2026. i want to hear what you are doing right now. what a screw driving growth for you now in this quarter -- what is driving growth for you now in this quarter? todd: we are pivoting fast horse aggressive customer acquisition, driving growth across our business and financial rigor,
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not just topline growth, by improving our bottom line as well. what is driving the change in so many ways is a refocus on delivering the best user experience for platform unification so customers have a simpler experience into end and experience into end and they can really partner with fastly by just on one product line, but across our portfolio. that makes our sales team land and expand motion easier as they expand from content delivery security to compute observability. it is amazing. we just launched a new partner program where systems integrated partners can take to market not just content a security but our whole portfolio. the striving deal with frustration and the top of our pipeline and setting us up to change the growth and acceleration of the company. ed: your core business is content delivery network. it is such a mature market.
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how do you navigate a mature market? todd: innovation is the key. we are innovators at fastly. the legacy technology is not happening at the fastly right now. it is not with customers come to fastly four. where delivering just not static content but the most real-time delivery, most dynamic and engaging content. it is my computer is an important part of our business and it is always been embedded within content delivery. it is our people streaming real-time events, dynamic content they want engaging application experiences. those are customers that come to fastly. i believe over time every organization in the world will fit into that category. ed: fastly ceo todd nightingale good to catch up out of new york. coming up later start up lunar energy watching why and home energy system -- one in home energy system. both ceos coming up next.
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here and san francisco this is bloomberg technology. ♪ avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh bridgett is here. she has no clue that i'm here. she has no clue who's in the helmet.
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ed: welcome back. we're going to get quick check on the markets. the story of friday tech lower. nasdaq 100 lower .7. it is on the claim on the -- lots writing of how investors are pulling out of the technology sector. the worries about what we saw in parallel with 1999. there is a narrative. semiconductors underperforming. removing into bonds. -- we are moving into bonds. 3.74 on the 10 year.
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bitcoin trading at its highest level in one year almost 31,000 u.s. dollars. also that related to momentum as he etf space and what blackrock did in june 15 filing. there is news flow element to what is happening. i'm taking a look at tesla down 1.43% on the day. on track for his biggest weekly drop in six weeks. emphasis on pulling back on the momentum in ai content. and also coming off significant highs. let's focus on energy business. that is what i want to talk about a bit. intesa former head of energy found it start up linn energy he set out to bring sustainability and convenience to the average u.s. household. the company is launching its first product all in one home energy system.
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it is tapped sunrun to help with solar panel installation. joining us for more details on how the system works is lunar energy ceo kunal girotra and mary powell ceo also run -- of sunrun. let me ask you this, why did you need sunrun to make this happen? kunal: thank you for having me on the show. does a great opportunity. sunrun is the largest installer in the country. renewable energy is on the rise. the future of solar does not shine at night so you need batteries to help with the transition from solar energy to battery energy. ed: it is also a technology question. tesla is doing everything. energy storage. solar. where was -- where this mentation to go down that route? kunal: yeah.
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accordingly of those hold batteries. he was of the carbonized homes which emit 20% of greenhouse emissions we need every home in the country to have solar and battery and these products are not there today where they are plugging in play and they should be like consumer products. lunar energy has designed systems from the ground up to make every home solar and battery in easy and seamless manner. such that consumers want affordable clean energy. energy bills are rising. power outages are rising with severe weather around the country. consumers have spoken. they want a simple, affordable, clean energy and lunar's first system load control system allows every homeowner in california and the rest of the country to have this service and we're excited to partner with sunrun who is going be our first installation partner to install and bring these products to the
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masses in the country. ed: mary, welcome to the program. ceo of sunrun. from your perspective, how does it help you? going to customers and saying we will give you the seller but have you checked out the energy storage solution as well. mary: we are so excited about this opportunity to be partnering with lunar. we are strategic partner of lunar. we're why the original investors because we see massive opportunities around storage in united states. sunrun is not just leading solar company, we are the leading company in america providing solar plus storage that can help support not just our customers around the country, but the great. one of the reasons i am so excited about lunar is they have really created that next level storage device that can really
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integrate in sophisticated way with the grid and help us make a more reform -- affordable, reliable grid for all of u.s. ed: frustration some americans have and a place out in your dishes over the world is that you install -- districts over the world and you install solar and places like california where the sun does shine, it is great but often the electricity goes back to the grid you compensating with a grid you compensating with a credit. it is not a self-contained system. how quickly do you see us moving to genuine households that can run independently from electricity perspective? mary: we are there. this kind of technology just accelerates that capability. at the end of the day one of the things we are most excited about isn't about providing opportunities for customers to fully defect from the great just
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what your question -- from the grid. it is way more powerful what we were able to prove is that we can create a more resilient grid by leveraging the assets on so many groups around america by harnessing that solar energy, storing it and dispatching it when the grid needed to most. look at what is happening in texas right now and imagine a future as we accelerate were all of those homes in texas can be helping to support the grid and make it more affordable and reliable for all. we go way back innovating in this space. he is just been put together an amazing team that is going to really help accelerate this customer led revolution to away more affordable resilient way to power homes and the american grade. -- american grid.
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kunal: imagine a future where you have a million homes with home batteries. you suddenly have 10 gigawatts of power available for the grade at any given point of time when it needs it. what is that mean for the grid? does not need to build dirty plans to provide peak energy when energy crisis is the most. think of solar and home batteries. we are gunning for the future where every home in america has solar battery and is a part of a distributed and decentralized grid. the product is there. you will see that we can -- it is a win-win for the planet. it is a win-win for the consumer and for the electric grid. ed: tesla. as the market opportunity
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big enough the partnership can grow business alongside tesla offering essentially the same thing? kunal: i think so. there are 75 million homes in u.s. and only 4 million have solar and a quarter have batteries. tesla is a great company. lunar is going to be great. i think we need more companies. the reason we started lunar is three years back was looking around the space and there are so many companies providing next best electric car and very few companies focus on the home. that is why the opportunity was so great. i think sunrun is a fantastic partner to start our relationship with and will be enrolling a lot of other partners as we expand in coming years. ed: thank you ceo of lunar energy kunal girotra and ceo of sunrun mary powell. coming up, which companies were really saved after the fdic stepped in to backstop silicon
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valley bank's deposits? a new document tells us more about the top 10 customer balances that felt lender. plus, a conversation about terms ai impact on health care with pande. i got to go back to bitcoin. women talking throughout -- women talking about -- the token as bloomberg is writing about on the terminal and out of tom, a part of the story is recovery from the scandal in the industry. some of it is more short-term momentum, go back to june 15 and blackrock piling on bitcoin related to etf seems to be adding momentum. a sharp jump this morning. we are at 38 -- 30,000 for the talking. this is bloomberg. ♪
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ed: the document from the fdic which the agency said it mistakenly release unredacted in response to bloomberg news freedom of information act requests provides for the most detailed glimpses into the banks biggest customers and it turns out the decision to guarantee all accounts above the 250,000 federal deposits wrestling meant helped bigger companies that were in no real danger like sequoia capital. what did the document we obtained from the fdic actually tell us? >> illicit out who the top depositors were with silicon --
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it listed out who the top depositors were with silicon valley bank. it are big companies that did not need that aid. the top of the list was circle. they had $3.3 billion of the reserves for usdc with svb so they top the list. you mentioned had sequoia capital with $1 billion. they have $85 billion in assets under management. that is a small fraction of what they had at svb. ed: this were the most read stories on the bloomberg terminal and dotcom. even though i have it in the past where learning so much about -- it happened in the past where learning so much. why does it matter what is contained in that? >> it is a reminder that the tech industry is spilling the collapse of the bank. changes have been made. it is not going to be the same. they're not going to have the
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same countable banking relationships they had prior to svb's collapse. i think this -- even though it happened in march, it shows the impact. it shows -- tells us we need to keep tracking and the tech industry is not going to be the same moving forward. ed: we were at the bird technology summit yesterday. the svb story put into question the health of silicon valley. what if you make of the health of silicon valley? i had conversations where people were saying talent is here. access the money is here. this is great. others are saying san francisco is a dead. it was difficult to discern the mood music. >> it was refreshing to see people at the conference. there were great conversations. i think people were excited and happy to be there but i think they're still this tense undercurrent. people are worried about the fate of san francisco. there are people who are not back to work or they moved out of the city including the
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talent that powers the tech industry. there are questions ahead as to stuffed bears moving forward. ed: terrific reporting. generative ai's latest craze in the tech world but not necessarily in health care industry. vijay pande is trying to change that. he's been thinking about ai potential impact in health and medicine for years. we sat down with him earlier this week to discuss the intersection of artificial intelligence and health. >> prior to joining i was a professor at stanford and in many departments in chemistry, computer science and the result of that was almost 400 papers, seven patents and three books at this intersection. what we're seeing is something i've been waiting for for decades. >> the skeptic says you're jumping on the bandwagon. you yourself have been looking
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at this area for a well. give me examples in theater of health care, area of health care where a large language model or foundation model can improve a process. vijay: to kick it off these large language models are exciting. they can act as an interface where you can talk to the computer in a way you could not before. it is worth emphasizing ai is much more broad than that. it can impact drug design. we can develop new drugs faster. i can impact how we think about health care, allocate out -- allocate health care and resources. these go beyond large lenders models. ed: you phrase it as specialized ai is that going as forward to say ai doctor or ai back office? vijay: i think you want both. the beauty of ai back office is you can solve problems not critically relevant but important and still huge topline
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and bottom-line issues for companies but in time as a i get smarter becomes a specialist we get to the more critical areas were maybe it is not ai doctor, maybe it is someone who helps the doctor. is that one doctor seen 80 pages a day maybe they could see 10 or 20 or 80 -- 8 patience a day maybe they can see 10 or 20 or 80. ed: how does vijay pande make money? what is exit strategy in this world because you encounter regulatory headwinds and need for approval. everything about in the context of drugs, medicine, trials, how does that all square as venture capitalist? vijay: resisting is the ai and health care we have this robust regulatory infrastructure. we know what we are going to get. the regulators are excited about ai. we talk to them they see a i can
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do things for human health and they want to see how they can change regulations to allow ai to be able to have its greatest impact. ed: big firm. there are many partners who are interested in artificial intelligence. how do you work together and how do you stay in your lane medically, bayou and help? vijay: i found of the life signs and health care fund. anything in the area of life signs will fall into our team -- life science will fall into our team. this basement was a sick detective for decades and ai is making dramatic change -- ed: that was vijay pande. i want to go back quickly and correct something i said earlier in the program. i said tesla on the weekly basis had his biggest decline in six weeks, it is down modestly on
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the week, a 10th of a percent is what i should have said it is down on a weekly basis for the first time in six weeks. the snap a five week again street and there still some of the session to go. this is bloomberg. ♪ ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with global secure networking from comcast business. it's not just possible. it's happening.
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ed: tiktok political troubles
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seemed far away in cannes during a week industry extravaganza in southern france. many said they plan to send more business to the platform. deloitte the auditor of indian tech form quit according to a letter seen by bloomberg and confirmed by officials. the latest setback for the start up it is at his offices surged by antique -- anti-laundering officials. an early morning fire broke out at nikolas headquarters epic and is electric big rigs. the company which expects foul play said no one was injured in the blaze and that an investigation is underway after a vehicle was seen in the area of the trucks prior to the incident. san francisco are getting
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used to seeing electric cars cruising on the street would no one in the driver seat. i had to see it for myself. i've been making my way around it using mostly rights -- rides from alphabet. from seeing -- what about writing in a driverless seat. this is my first time. step one you can track the car progress and it arrives and next unlock the doors with the app and get in. do not forget your seat belt. the writer starting by touching a screen in the car or app. along the way it is pretty smooth. cruise is also offering driverless rides. bloomberg's emily chang has done that. the time the car place safe
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travels below the seat limit -- speed limit and sometimes take white briefs and signals randomly to change lanes or try to change it for no clear reason and a lot of road users you do get frustrated and honk. but pedestrians do not seem to notice that no is and the driver seat or they do not care. i get to ocean beach and i decided it is too cool so we change plans and go to the app and let's go to twin peaks and get dropped off. off. waymo cannot go all the way so just meet near and the app tells me how to work the extra path. wait times vary on where you are. there's no fee but waymo shows us what the trip would've cost. it is not ask for a tip. the service runs 24/7 but the wait list for san francisco is more than 80,000 people. ed: you can read more about my story and what it's like to write in autonomous car on bloomberg terminal and bloomberg.com. a final check in on bitcoin.
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we have been talking about bitcoin trading at its highest level in a year now back above 31,000 u.s. dollars. the longer-term story we are writing about on this friday morning is getting over some of the scandal in the industry we have seen. shorter-term june 15 regulatory filing for blackrock seeking etf. a sharp spike. no headline or catalysts per se but we do see these kind of swings in the price bitcoin. what a week. that does it for this edition of bloomberg technology. you can reap cap everything from the show our podcast wherever you get your podcasts. we are on apple, spotify and of course on bloomberg.com and bloomberg business app. from san francisco, this is
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