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tv   Best of Bloomberg Technology  Bloomberg  September 15, 2019 7:00am-8:00am EDT

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taylor: i'm taylor riggs in for emily chang. this is "best of bloomberg technology." we bring you all the interviews from this week. coming up, the oracle ceo takes leave. mark hurd announces he will take a leave of absence for health reasons. we discuss what it means for the company. apple ceo tim cook the stage in cupertino tuesday, unveiling new iphone models with new colors and three cameras.
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details on those products and more like the apple watch. and linking up, we check in with linkedin ceo jeff weiner and his thoughts on the company three years after microsoft acquired the site. we begin with one of our top stories. oracle announced wednesday mark hurd, the ceo, is taking a leave of absence for health reasons. this, after the company disclosed the move along with quarterly earnings earlier than they said were to be released the company did not specify what issues hurd faces were how long his leave will be, but the executive chairman, larry ellison, released a statement saying, "oracle has an extremely capable ceo ending the extraordinarily deep team of executives, many with long tenure at oracle. we will cover marc's responsibility during his absence with support from the rest of our strong management team. i spoke with our bloomberg senior intelligence analyst and
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global executive editor tom giles. >> there have been signs over the last year that he may not be him unwell, so what was not expected was the is the -- was the announcement today. because they hadn't announced up until now, there was a question about whether they would and whether he was getting well or not, so it took us a little by surprise, the timing. taylor: i want to bring you in, you heard larry say that he will take over. does this change the direction of the company? >> no, it doesn't. oracle is a very stable business, and a very large applications business. the key risk for oracle, the key story for oracle remains how soon they can get database customers on to the cloud.
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that remains the same. i don't see any changes because of the shift. taylor: oracle was known on shifting the composition from hardware to software, hurd touted getting 50% to software. how did he do? tom: it has been a mixed record for oracle the last several years. their stock price has been over 20% gain this year, because a lot of investors are looking at that stat, that -- at that staff, that deep bench. they are starting to see signs the shift has taken root. it hasn't been even, there have been quarters were people really doubted. today's numbers, we will talk about in a minute, looking a little light, so it hasn't been super even. however, you are seeing that when customers do shift to the
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cloud, there is where the growth is coming from. the legacy business, traditional software, has not been growing as much as has been needed. but when you look at the stock price, you are seeing the investor base give them the benefit of the doubt. taylor: anurog, talk to me about earnings. margins look healthy. what was your take away? anurog: there was a site -- there was a slight slowdown in the applications business but we saw a expanding, we saw buybacks. overall, i wasn't very surprised by the numbers so far. the key issue remains how soon some of the new database products of dachshund -- product adoption goes. taylor: tom, what does a $15 billion buyback tell you? they have nowhere to invest or their shares are undervalued? tom: a little bit of both.
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are there large-sized acquisitions you can make? oracle over the years has been a big acquirer, and they have made big acquisitions. it seems to me that there is not a lot in the pipeline right now that they want to take aim at, but they have a lot of cash. i wouldn't rule it out. $15 billion shows a vote of confidence they have in their stock, and when you are announcing the ceo is taking a leave of absence, you want there to beat a vote of confidence among management. larry said in the statement, they have confidence in their bench. very capable, very well-regarded, and larry, even though he handed over the reins, has never strayed far from having a hand and how the company is managed. taylor: anurog, did cloud services revenue meet your expectations?
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>> there was a slight slowdown in applications but overall it is lumpy. unlike adobe or office 365, these large-enterprise deals for somebody like oracle could take time. nothing is surprising from our side, generally in-line quarter for us. taylor: tom, how is oracle set up among china and tariffs. what is your broad take? tom: right now, a lot of companies in the tech sector are going to be affected by tariffs. a lot of it has to do with areas such as hardware. oracle has not been one of the companies we have looked at and said, this is going to be a huge hit for them. we talk about apple, some of the other companies, chipmakers for example. oracle, that hasn't been a big area of overhang. i would be curious to hear what anurog has to say about that, but the tariff issue is going to hit a lot of other big tech players besides oracle. taylor: was the revenue miss not related to tariffs? anurog: i don't think so, but
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enterprise software spending has little exposure to china. but when you have macro shocks in china, people pullback enterprise spending. you don't need to upgrade if you don't have to, because you can go another six months or so before getting that new server updating to a new set of software. that is where we have started to see some cracks in software growth, with some companies such as oracle desk talking about weaknesses in europe right now, that is leading to enterprises spending less on software. taylor: anurog, we know all the glitz and glam is in software. how is hardware doing? anurog: the hardware business for a lot of vendors has been weak. that has been the story for a while. people have been delaying hardware upgrade cycles because whatever money they have, they want to spend it on the next digital generation, security products or cloud products. so people take money from
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hardware and spend more on software. taylor: tom, key take away from the earnings call, all about the ceo? tom: a lot about the ceo, why they didn't disclose it sooner than they did, there will be questions along those lines, who will be in charge of responsibilities mark was in charge of, how concerned they are about his health, how long he will be away, and certainly, cloud, cloud, cloud. that is what comes back to. as people move more to the cloud, that is something that affects spending on hardware, which has not been a real strength business for them. taylor: number one talking point from the call you want to hear? anurog: i want to hear what the new transition is for the new
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database products. that is an important thing for us because that dictates how soon people will adopt to the cloud. any new applications business, bookings numbers, those would be two areas we are looking at. ♪ taylor: that was anurog rana and giles. i also talk to others who wait in after the announcement. >> my reaction first is for a speedy recovery for mark. he is in my thoughts and prayers. if you really think about the team, the three work more effectively than anybody envisioned a three some woodwork. but larry and safran worked together 25 years. i know all three very well. safra is world-class off the charge. larry has always been involved in the vision and engineering side. i think they will navigate through this. i don't think they will have major issues. they have got a deep company, a
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lot of capabilities, and larry and safra are world-class leaders that are very actively involved. our thoughts are with mark for a speedy recovery. taylor: talk to me about your relationship with mark hurd at cisco and oracle. how was that relationship? john: relationships with oracle and hp have always been strong for me. i have a lot of confidence in hp. they helped me when i moved to silicon valley to understand the valley when i only had 400 people at cisco. people got us confused with the food truck company, a new plant there helped a great deal. their new ceo, antonio, is amazing. i have a lot of confidence in the direction of hp. they did a nice job on the turnaround. in terms of safra and larry, i've been very close to them on political issues in terms of positioning tech for good in the world and they are very strong
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leaders. i would always bet on larry and safra and mark together and i would bet on larry and safra in the interim. they have got a deep team. as an investor a think they will navigate through this very well. taylor: that was jct ventures ceo and founder john chambers. coming up, weworks ipo woes. where the company is looking to make changes at the top, but will it be enough to save the ipo as investors seem worried? we discussed next. ♪ -- later, why apple is betting its wearables will transform the health industry. that, plus highlights from the big apple event day in cupertino tuesday. this is bloomberg. ♪
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taylor: welcome back to "best of bloomberg technology." i'm taylor riggs.
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this week brought a flurry of technology from the ipo front, including wework and pellet on with plans for a public food company debut. to break down the technology ipo landscape, i asked our bloomberg source how wall street was interpreting the ipo parade. >> truly amazing. we have reported for a couple of days that they boosted the price range from $12 to $14 and the price now is where it will price. two days ago we had more optimistic sentiment around some of these big ipo's. a lot of these that upped their pricing did very well this year. we'swork -- wework was tumultuous, but those were considered one-off in the market that was really value and growth. taylor: talk about pellet on, which seems to be -- talk about peleton.
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they are out on the roadshow. >> peleton is kind of like everybody else. two days ago everything was ok, they were up, the nasdaq was up, suffer them to fall so much has cast a cloud over a lot of these listings that are about to happen. investors want to see a stronger bottom line. revenue growth is not going for a lot of these countries and we have the ceo's of investment banks think so, the first time all year is something we have been hearing. taylor: what changed? sonali: for one thing, investor sentiment. but what value stocks instead of growth stocks. there wework cloud that is over everything i was well, people are looking for not only companies that are showing a stronger revenue growth,
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stronger online, but also governance they are comfortable with as well. the late stage of an economic cycle, people worry about the overall environment and people start at some point to get more cautious as well about what they are investing in. taylor: when we talk about cautious, you earlier talked about how the nasdaq was higher. we saw another ice -- another ipo, smile direct club. how did they end up doing? sonali: they ended up down 25%, something we haven't seen since 2008. we haven't seen a company since 2008 that priced above its range and then dropped in the first day of trading. we had uber dropping its first day but huber was priced at the lower end of its range. we are waiting for cloud flare pricing tonight. whether or not a price is in this range that they have already increased doesn't
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indicate whether they will trade well tomorrow, which is something i think is scary for investors. taylor: and another thing that is scary for investors is all about weworks. what happened? sonali: we are waiting to see if they kick off the roadshow monday. bloomberg has reporting all week that the evaluation could be as low as $15 billion. to put that into perspective, this year goldman sachs was thinking it could be worth $65 billion, which is over the $47 billion' valuation early this year. so we are watching valuation go way down. we are in a situation according to sources where softbank is considering more private capital injected into the firm to help turn it around to a place where it can go public in a way that would be more pleasing to investors, but all of that is still up in the air. it has yet to be seen how they get the ipo done. taylor: there was also news that
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wework is considering a slew of changes, including the founder's wife from the succession plan is that enough? sonali: we will see. they still have the voting shares adam newman has, which gets him 20 times more power than the other investors. it depends on how they change their corporate governance. its going to be a big deal for how investors view the stock. if softbank ends up taking a bigger stake in the firm, they already have a bigger stake than newman, so who controls the company? softbank or adam newman? the wife stepping back from succession planning is one thing, but there are a lot of corporate governance challenges they are facing in trying to clear up before an ipo. taylor: if you take a look at the landscape of the ipo's, who is to blame? is it the bankers' fault comfort the companies' lack of profitability, the market's fault? sonali: people like to blame bankers quickly for pricing an ipo to high. normally in an ipo, institutional investors like the pop, venture capitalists like it
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to be stable. this market is a tough one. these ipo's traded very well, they traded up. but now we are in a situation where all of a sudden then the blink of an diet is just not working for them anymore. ♪ taylor: coming up, delivery game on. a luxury e-commerce platform ramps up competition with amazon by shaving a day off its free delivery service. we will hear from the ceo, imran khan next. if you like bloomberg news, check us out on the radio, the bloomberg app, and in the u.s. on serious. this is bloomberg. ♪
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taylor: is two day free shipping good enough? there are shop doesn't think so. the company announced fair shop doesn't -- fair shop doesn't think so. the company announced it is cutting its two day delivery to one day.
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but is it enough to compete with amazon? to discuss his fair shop ceo imran khan, former chief strategy officer at snap jack maker snap. imran: we believe company first, customer second, shareholder third. how can we make custom me -- customer life better? we saw the positivity from customers and we wanted to make things better. that is why we launched free, one-day shipping. it will get to you within one business day. taylor: how are shareholders responding to the increased cost this will cost the company? imran: if customers are happy, they will keep coming back, they will become very loyal customers at that will drive lifetime value of the customers.
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we are reorienting our company. we are a very young company, less than one-year-old, but the way we are reorienting our company, it is long-term and how we think about long-term value of customers. we believe that by giving happiness to customers on databases by getting them the product faster, having the best selection, best quality, best customer support, for example, we put a customer's separate phone number on the top of the site. by doing so we increase the lifetime value of a customer. we really focus on that. that will create long-term shareholder value for the business. taylor: amazon and walmart have come out recently with one-day shipping. how do you compete? imran: we have to recognize that e-commerce is a very, very large
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market area if you look at retail sales in the u.s., $5 trillion, only 10% of that is online. retail is one of the biggest market opportunities out there. so we don't think it is a zero-sum game. there are multiple players who will serve the customers and we are really focused on how we can serve our customers better. we are focusing on categories like men and women fashion, home and beauty, we recently lost kitchen and just refocused on how we can serve our customers better. we leave the market is big enough for multiple players to do well. taylor: that was verishop ceo imran khan. most competitor -- most gamers in the world consider themselves competitive gamers. intel just announced another big e-sports tournament in tokyo around the 2020 olympics. for more on the technology, opportunities at landscape, i talked to players and the ceo of super league gaming thursday. ♪ >> when you are entering a brand-new marketplace, very nascent, don't know how to
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define the edges of the pie of how big the market space can be, many investors see it as a fad until they have children or grandchildren that game. and then the light bulb goes off. they realize gaming isn't something you grow out of anymore, that they are spending just as much time watching other people videogame as they are gameplaying themselves, and this is something that is becoming increasingly multigenerational. we are very uniquely positioned as the rare, pure e-sports plate listed on nasdaq. most of the activity you are saying is private investors. they do have high valuations. it is all those frames. when it is an early-stage pace -- early happen stage space, people worry about a bubble. projections for e-sports is that it will be a 3 billion-dollar
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global marketing 2020 three. errani $3 billion business for bp 10 years ago, and i would not get out of bed if that was just what this was worth. it really goes back to, gaming is how people want to spend time as a primary entertainment interest at we are figuring out how the category can -- how big the category can be. taylor: your ipo six months ago, how has it been being a public company? ann: i believed i would wake up in los angeles at 6:00 a.m. and stare at my stock price every day. i'm delighted i don't have to do that. i have a lot of supportive come along-holding investors who are excited about our delivery and they tell me, don't look at the stock price day today, just deliver what you said. it is a strange thing that happened. we have an experienced
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leadership team, top talent from game publishers like take-two, endeavor, former wi my emg -- wmi emg. people got a big jolt of adrenaline the day we went public. with all that transparency going public, it feels and powering. we sit around the table now went to talk about opportunities that we would not have dropped off when we were sitting there in the small, private-down space. you have a lot of adults who are taking it seriously, that our credibility is on the line. we know there was a lot of money to be made in e-sports and we are determined for super links to be the leaders in proving it. taylor: that was super linked gaming ceo ann hand. bloomberg technology was all over the apple products and
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services event tuesday, from new iphone models to apple watch to services like the subscription plan for apple tv plus. we have got you covered. that is next. ♪ and bloomberg technology is livestreaming on twitter. check us out on technology and follow our global news network on tictoc and twitter. this is bloomberg. ♪ devices are like doorways
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taylor: welcome back to "best of bloomberg technology." apple launched its new hardware at its annual product launch tuesday in cupertino, california. among items unveiled, a new apple watch and a low-cost ipad, and a bunch of announcements about new services, apple tv plus and apple arcade. most analysts like the apple tv plus subscription price of about five dollars a month, competitive to other streaming companies like netflix and disney. but all eyes were focused on the freshest versions of the iphone. [applause] >> this is the iphone 11 pro. these are the most powerful and
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advanced iphones we have ever built in a stunning new design. taylor: apple unveiled the iphone 11, iphone 11 pro and iphone 11 pro max. the iphone 11 is $50 people than the iphone x are at $700. the iphone 11 pro price will hit that same $1000 mark as the 10. idc program vice president brian reed and bloomberg's mark irvin joined me to discuss. >> this was another apple event, but nothing earth shattering. it has been a while since apple came out with an entirely new hardware product that changed the game. the surprise was around pricing. pricing of td plus, apple arcade, $50 price reduction on the iphone 11, but in terms of hardware functionality, i think to write home about. taylor: brian, talk to me about the iphone. it still makes up a decent amount of topline for the
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company. what was your take away? brian: i agree with mark. not to beat the drum, but the storyline today is about pricing. on the hardware side, you mentioned the $50 price cut from where we were with the 10 r. them leading with services partnerships that came out with arcade and getting to lower costs, iphone pricing and watch pricing, it shows they see that we pushed the threshold of the average consumer pretty high on price points, and they have to be cautious of that. they are making sure the base grows and i think they are doing a good job on that. taylor: are they maxed out at $1000 for the iphone? brian: i don't think we ever maxed things out because starting points are what the highest points i -- i never with
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the highest points get to, so we are talking about $1500 or $1600 for the highest configurations. so they will continue to push things but i think they are realizing the audience who will actually pay the price to use those features is probably smaller than it was when their highest iphone price was $800. it is a changing of the times. it is not apple only that is being affected by that. their main competitive's at the top of the market, samsung and huawei are both being affected .the same way. is it -- it is a change in times, but i think we will find price points that fit well with a $1000 iphone. taylor: on my terminal at g tv in white we are looking at the average sales price, starting to rise a little, but in the right-hand column is the number of iphones sold, which is slowly dipping. what does that tell you about where we are in the cycle? mark: there really has been a combination here of rising prices and day decrease in
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innovation. the changes here are all about the camera. if you go to the apple website about the iphone 11 pro, 95 percent is about the new camera functionality. that is what the last few years have been about. last time we saw a breakthrough change was the iphone x two years ago. as prices come down, i think prices will rebound -- i think things will rebound in about 12 months. taylor: what do you think about this no longer being just an iphone, but a camera that has audio capabilities. brian: it has been more than a phone for quite some time, but its a good question. i think the features they introduced, some of which have, some people say night mode has met up with what google has done and so forth and that's great, but i think what is important to recognize is what the average consumer actual does with their camera.
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not just with apple but some of these others, some of the features they are integrating, a lot of that is done through software, not just modules and megapixels and so forth. i don't think everyone is utilizing that to the full benefit. having said that, everybody wants the latest and greatest, so its important that they continue to innovate. they have been a market leader in photography and continue to be so. taylor: that was ryan reath and mark irvin. apple also debuted and always-on display that never sleeps as part of its series five watch unveiling tuesday. apple says it continues to pursue ways to pursue health, as ceo tim cook pointed out. tim: i'm excited about the
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research the the impact of the research app can have. it gives all of us an amazing opportunity to participate in health research that could lead to innovations to improve our health of the health of future generations. taylor: i spoke with creative strategies principal analyst caroline mellonasi. >> a lot of people complain from the get go that was a feature consumers wanted, especially consumers wanting to switch from a traditional to a smartwatch. today was about moving the envelope on the health side and really hearing apple clearly that this is an area where they want to stay for the long run, and creating a health research app speaks to that. taylor: his pricing at 300 300 $99 competitive or expensive? >> $399 is competitive, and even more competitive is the price point for the third-generation apple watch. we get carried away by the latest models, but when you look
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at this line, its more obvious that apple wants to get consumers that are part of their in-store base to venture into new devices. so you might be an iphone user and have yet to find out what the value add of an apple watch might be? -- might be. a $199 price point is an easier way to get you to dried than $399. taylor: so the $199 for the three that they lower today, you think that's a good thing? >> absolutely. it is getting the entry-level more interesting for consumers. we had a bit of an impasse on the android side as far as android where end devices coming to the ecosystem, outside of fitbit, which i'm sure today is going to look quite worried about that 199 dollars price point. we haven't seen a lot of uptake on the watch forum factors. there are a lot of fitness bands out there, but not so many watches.
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taylor: you mentioned fitbit. i was looking at that earlier. how concerned should other wearables be today? >> i think they should be quite concerned. apple watch has become the smartwatch the rest of the injury is looking -- the rest of the industry is looking at. and that $199 price point is a competitive, with a price that -- with a device that doesn't really feel like you are compromising on your experience. that is the core part. you are not getting a device that you feel doesn't give you the key features that you want. so why not try and see what it can do for you? taylor: talk to me about integrating services and doing health research.
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what about the future of health and apple excites you? carolina: that is the next level, and not just something apple wants to do for the goodness of the human race [laughter] so to speak, as far as making us all more healthy, but it is really a good way for people to seek value from the ecosystem out of level -- ecosystem at a level where it impacts their lives. it is not about entertainment or having a gadget, but having a device that can make a difference in your life. they played a video and the keynote that spoke -- they played video during the keynote that spoke to that, people that had heart arrhythmia highlighted to them by having the watch, and being able to get to the hospital on time and prevent something that would have changed their life forever. that is very, very powerful. ♪ taylor: creative strategies principal analyst carolina.
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the intersection of technology and medicine was the focus of wired for health. we will introduce investors who are disrupting the industry and big ways, next. it has been nearly three years since microsoft and linkedin linked up. my exclusive interview with linkedin ceo jeff weiner next. this is bloomberg. ♪
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taylor: this week bloomberg technology explored medical technology in a series we called wired for health. 21 years ago, we saw the first robot assisted part bypass surgery.
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today virtually every operation in the u.s. uses robotics. where will the next 20 years take us in terms of innovation and disruption? deloitte med tech segment leader gwen snyder says by two thousand 40, health care as we know it will no longer exist. he joined us money to discuss. >> by 2040 we expect the health care industry to be different, one where the customer manages their own health care and data and a system that focuses on prevention and wellness more than a cute intervention, and also that businesses are going to take on very different roles and they have in the past. taylor: from your research, my take away is that the consumer is taking their health back, wearable devices, power over their data, what technology is driving that? glenn: its the same technology driving a lot of consumer-driven control. we shop online, control our shopping experience, control our banking experience, consumers want to control their health care experiences too.
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it is a combination of pervasive sensors that are going to be in us, around us, measuring our health and environmental data and then radically interoperable data, where we basically combined that data and draw insights from it, and present that back in a consumer-friendly manner. taylor: you talk about no more silos between biotech, venture-capital, big pharma, health care companies. how do you see those working together? glenn: there is a lot of collaboration. a recent research study we did said 80% of med tech companies expect to be doing substantial collaboration over the next few
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years, so that is going to be par for the course. collaborations within the industry as well as collaborations with high-tech players, for instance, who are bringing great capabilities around ai and data analysis that are crucial for this next wave of health care. taylor: ai's a big buzzword, people are awaiting 5g to power ai. glenn: today there are over 250,000 clinical studies that occur in a year, and any physician or individual can't absorb that information. the beauty of ai is that it can digest all that data and make sense out of it. so many times, our health is a function of sudden correlations and biomarkers and biomedical factors, and ai can pick up on that. taylor: on this program, every day it comes up about data privacy. what is the valance between -- the balance between big data and more data is good, versus the
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chance we are all going to get hacked? glenn: the key is people are going to need to be able to control and give permission as to what they want their parties to analyze. there is great benefit to society and us as individuals to have companies that can analyze all this data, but we need to know who is -- know how it is done, who has it and how it is being used. taylor: if the future of health care is disrupted by metal coal technology, investment will adjust as well. our management has identified a disruptive platform that should generate $50 billion of wealth creation and revenue over the past -- over the next 50 years. they are to nomex revolution, next generation internet, and mobility at the surface. ark invest ceo cathie wood joined me to discuss areas ripe for investment. >> of the five, the most underestimated today is dna sequencing. it is the topic you are
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exploiting here today, taylor. dna sequencing is exploring, and we think -- exploding, and we think it is a lumen that that is responsible for 95% of all the dna sequenced around the world. it re-engages in terms of cutting the cost and price well below $1000 per human genome. we are going to see explosive unit growth. we think that if illumina were cutting costs at the rate we believe technology will enable, 40% a year, think about health care, a declining cost curve 40% a year, the number of whole human genomes that will be sequenced will move from 2.4 million globally last year, and that is half of all the whole human genomes ever sequenced in the history of all time, to 100
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million in five years, when we believe the price will be as low as $100 per genome. taylor: that is a fascinating statistic. i'm glad you brought that up. how important is that statistic for you as an investor and me as a consumer, getting that under $100? cathie: we think its very important if we are going to start analyzing each human genome in terms of the mutations. our genome is comprised of 3 billion lines of code, effectively. and they knew take should -- and a u.k. shen is like a
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programming error, and it is the earliest manifestation of disease. it can start when we are born. it may not be full-blown until we are adults. wouldn't it be nice for our genetic counselors, that is a new job that is developing momentum, to identify our mutations from one exam to the next, and to identify cancer in stage one? that is the promise of dna sequencing costs dropping to $100, and even lower in time in the information explosion we are going to take advantage of. taylor: with full this into your world of investing, you have a genomic etf, arke. what do you see within these companies to allow you to take advantage of that next revolution? cathie: illumina is the category killer in terms of dna sequencing and is foundational to everything that needs to happen. invipe is one of the most important molecular diagnostic testing companies that is driving down costs.
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from $1300 protested has gotten that down to $250, and offers tests commercially for $450 to $500. what we are seeing invitae doing, they are offering tests for free to discover pancreatic cancer or huntington's disease or epilepsy, more about those diseases. and what is happening is that pharma companies are paying invitae to deliver those free tests so that they can get those details anonymized and learn more about diseases so they can find cures for these very difficult diseases. so lots of collaboration among pharma, biotech, molecular diagnostic testing companies, dna sequencing and so forth. taylor: with an etf end investor interest, who are your investors? do you get institutional interest? cathie: it is across-the-board. we manage funds across the board. we have many retail investors.
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they really helped us start that fund, and now we have institutional investors moving into our etf's. it is very interesting to watch sovereign wealth funds who are trying to learn more about the health care systems and health-care breakthroughs, so they can improve lives for their own countries. they are even moving into our etf's, because they can treat our etf like a stock, and it doesn't have to go through a lot of due diligence and go to the chief investment officer. these are younger advisors who are very excited about what we are doing. ♪ taylor: that was cathie wood. still ahead, linkedin operating
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in mainland china. we discuss its operations in the second-largest economy amid u.s.-china trade tensions. my exclusive ceo -- my exclusive interview with ceo jeff weiner. this is bloomberg. ♪ himhim taylor: it has been just over
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three years since microsoft announced intentions to buy linkedin. it became reality a few months later and more than $26 billion later spared the job listing website says it posts 20 billion openings and 100 million applications each month. unlike facebook, twitter or youtube, linkedin is one u.s. tech company that operates in mainland china. i spoke to company ceo jeff weiner monday and asked about
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doing business in china. jeff: it is still early in the day for us in china. by operating in china, our vision is to create economic opportunity for every member of the global workforce. other companies who have a different sense of purpose or mission or objectives probably find it difficult to do business in china, because it is inconsistent with what they are trying to accomplish, whereas creation of economic opportunity is something every country in the world can get behind. our operation in china is very early days. we have an account team in place. we have grow to focus -- greater focus there on local markets, trying to understand cultural differences, and we are going to continue to invest. taylor: with trade and tariffs, do you feel pushback in china? jeff: not with regard to the
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nature of our business. for a company like microsoft, some larger tech companies, there are different applications. but by virtue of the fact that we are a professional network, tariffs aren't impacting us to the same extent. taylor: there is a lot of talk china maybe wouldn't hurt any tech company on trade or tariffs to set up more red tape, rules, boundaries, limits, and that would perhaps be their way of putting more backlash on u.s. tech companies. do you feel any of that? jeff: i don't know if that is anything new per se. when you decide to operate in china, it is important that you
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are prepared to comply with the law in china in a host of different ways, whether that is new regulation, additional friction, the competitive landscape in china is intense. we continue to see that operating there is very different than operating in the united states, and that is part of our commitment to being in business in china. taylor: we have seen more and more probe investigations into big attack over monopoly, data privacy, how have you managed to stay out of those headlines? jeff: we made a commitment roughly a decade ago in terms of putting our members first, our most important codified value, maintaining trust of members. without that trust, our ecosystem doesn't exist, the business doesn't exist. we put together first principles with regard to how we leverage data dating back 10 years. those first principles were about clarity, consistency and control. and as a result of not just talking about that, but walking the walk and codifying that early on in terms of how we prioritize, develop strategies, execute it, where we would make changes, that has served our members and the ultimate -- and the company very well. taylor: that was linked in ceo jeff weiner. that does it for this edition of
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"best of bloomberg technology." tune in each day at 5:00 p.m. in new york and two :00 p.m. san francisco. bloomberg technology is livestreaming on twitter. check us out and be sure to follow our global breaking news network on tictoc on twitter. this is bloomberg. ♪
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at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. in honor of my dad, who was alzheimer's. i decided to make shirts for the walk with custom ink, and they just came out perfect. - [announcer] check out our huge selection of custom apparel for every occasion. you'll even get free shipping. get started today at
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emily: 10 years ago, travis kalanick and garrett camp launched uber cab, an elite black car service in san francisco. within five years, uber had a shortened name and completed one billion rides. two years after that, the number grew to five billion across 600 cities and 70 countries. it became one of the fastest growing start-ups ever. services ballooned to cover nearly all modes of transportation -- carpool, helicopter, even water taxi. but all that growth came with many challenges. regulators and taxi drivers protested uber's expansion.


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