tv Bloomberg Technology Bloomberg December 2, 2021 11:00pm-12:00am EST
>> from the heart of where innovation, money and power collide, in silicon valley and beyond, this is bloomberg technology. emily: i am emily chang in san francisco and this is bloomer technology. the apple falls. why demand is slowing for apple's most popular device. omicron keeps popping up around the world but there is a new treatment that could fight it.
and shoppers are scooping up all those one affect -- one-of-a-kind gifts. the ceo of etsy joins us to talk about how he makes sure that everybody has a very happy holiday. let's get a look at the market. another volatile day. >> we went from the biggest today decline. volatility is associated with omicron. this is a pocket of weakness. you can see that recited in the nasdaq 100. a very tech andy -- tech heavy index. this was in positive territory. a lot of that to do with apple. on a day when we were really in risk on mode, there were something encrypted currencies across the board.
other important news came around u.s. listed chinese companies. this is -- this pared back some of those losses to trade at the lowest level since may. the sec coming out and saying it has a plan to look at these chinese companies listed in america and take about whether they fit the rules, the parameters of what is required to be a foreign company listed in the united states. apple says that demand is disappearing. it is not quite there. it was not just apple underpaying but lg intertec gets more than 50% of its revenue from apple and it fell more than 8% in korean training. a lot to unpack there. applicant make enough iphones because of supply constraints. that is a hard one to follow.
quite interesting that they are saying that demand is dropping now at a time when you with think it would be spiking ahead of the holidays. what does that say about the iphone? ed: about losing patience, right? i've been doing holiday shopping. you go on to any e-commerce platform, and you look -- out of stock. out of stock messages up 260% from the same period in 2019. do not even try to buy it. don't wait for it. emily: you always get the questions over whether folks should wait or not wait. i want to get to bloomberg's mark gurman, who has been reporting on the story. why is demand for the iphone falling now, of all times? mark: this is a combination of factors. we have a decrease in consumer spending. we see gas and food and other things that you want to buy on a normal basis increasing. people are trained to hold onto their money. there have been a lot of stimulus checks.
there are issues that are preventing people from having cash to buy a new iphone. the iphone 13 is a modest upgrade over the iphone 12 and the iphone 11. but that is sort of covered up by long lead times, long lines at retail stores, supply chain issues, as well as various discount deals from apple and the carriers, which made buying the new iphones, even with minor changes, a lot easier than in years past. emily: why are people holding off buying next year's iphone? i'm sure you get the question all the time -- should i wait or should i buy it now? mark: it depends on who you are, whether you need a device. it is not a black or white answer. i think if you have an iphone 12, there is little reason to upgrade to the iphone 13. i personally did it because i got the rebate offered between
apple and the carriers. even if you are coming from iphone 11, if you did not think the iphone 12 was worth the upgrade, there is no reason to upgrade to a 13. if you have an iphone x or earlier, i think it is a solid upgrade for you. i think there are a lot of people holding out for the iphone 14. people know the ways these upgrades work. if there is a modest upgrade, the following year is going to be much larger changes. i think people are holding off for the iphone 14. there has been a lot of discussion of a full double iphone. and there are a lot of carrier rebates starting to run out. emily: what does it mean for apple earnings and the holiday story? mark: tim cook has already said they are going to have a year-over-year increase in
revenue for q1. that means they will top $111.4 billion. analysts are looking for $117 billion for the quarter. i think tim cook would not have said that number on the call if he was not more than confident that this was going to happen. i think regardless of the demand, regardless of the supply, you have to go with what tim cook said. he is expecting growth year-over-year. that growth may not be as big as what apple expected. there is a $6 billion decline from what they could have made in q1 come up with supply chain issues. we know there is some demand that fits that picture as well. one reason this quarter may be strong but not as strong as it could have been. emily: gurman, thank you as always. do not forget to subscribe to mark's weekly newsletter at bloomberg.com. in other news, u.s. antitrust officials are suing to block nvidia's proposed takeover of
chip designer arm. the ftc says this would harm competition in the semiconductor market and would give nvidia control over computer technology and designs rival companies rely on to develop competing chips. arm is owned by softbank group and licenses technology to all the major chipmakers, including nvidia's competitors. coming up, we are joined by josh silverman, ceo of etsy. he will talk about the meeting with president biden to discuss supply chain issues, and the hottest items selling on the online marketplace. ♪
emily: etsy, the global online marketplace, is hot off the heels of the week's busiest shopping week. shares rose leading up to black friday, but have since retreated, down over 50% after the last seven days. josh silverman shared his take on why traditional retailers are struggling to navigate supply chains, and why he things etsy is thriving despite it. i will bring in etsy ceo josh silverman himself. you are coming off a really busy few days, black friday through cyber monday. talk about the trends you saw and how it came off. josh: the team spends all year getting ready for this period, so it is a really exciting
period for us, and we are really pleased. first of all, we are not seeing a rise in out of stocks. we are seeing that in lots of places. etsy right now, 50% of search queries have 1000 or more relevant search results. and virtually all, about 95% of search queries, have at least 100 relevant search results. we are not seeing any rise in out of stocks. we are not seeing any rise in stores going on vacation. and we are not seeing any rise in postal delays of things taking longer arriving late. we are really pleased with how things are going so far. emily: you met president biden at the white house earlier this week to talk about supply chain issues. doing the right things to doing -- to alleviate the supply chain challenges, what is going on? josh: it is an honor to spend time with the president, representing small businesses, and in particular, etsy's 5 million sellers, and making sure micro-entrepreneurs have a seat at the table. the president does understand the role of small business and
is a passionate advocate for small business, make sure that we are looked after in this economy, as well as everyone else. what i spoke with him about was the critical role of infrastructure to make sure that small businesses have a level playing field when competing against the big guys, and for us, really that means things like the u.s. postal service. one out of every four etsy sellers lives in a rural area. an hour sellers -- and our sellers lie on the postal service. the pump -- the for-profit sellers can move to routes that are profitable. usps is unique in having to serve every postal address in america. we talked about the importance of making sure the usps is well-funded and well supported. i think the president does understand that and is supportive. the other thing we talked about is broadband. one out of every four etsy
sellers -- broadband is not ubiquitous. we advocated for broadband support as part of the infrastructure bill. happy to see that. i would say the president was highly engaged in the conversation, wanting to know what he and the administration could do to make sure things were running smoothly. emily: i do shop on etsy, and there were a number of things i could not get through traditional retailers this holiday season that i ended up owing to etsy four. think i have a few things coming from lithuania just in time for the holidays. how are the supply chain issues impacting etsy sellers and etsy itself? josh: etsy sellers tell us they are less concerned about the supply chain this year than they were last year. throughout the year, you found great products from great sellers. there is some wonderful -- in lithuania, i would not be surprised if you were buying
linen or apparel. have great sellers in lithuania that are doing that. emily: yes. [laughter] josh: 95% of people are buying from within their own country. in the united states, 47% of the sellers bought all their raw materials from within their own state. the supply chain is very local, and it is handmade. because of that, we tend to hear less issues about the supply chain. we encouraged our sellers to stock up early. most of our sellers were stocking up in july and august, telling us they felt good coming into the holiday. that is not to say there are not individual sellers who might sell out. but with over 5 million sellers on etsy, if one seller sells out, it is highly likely that someone else will be ready, willing, and able to step in and sell another great product. emily: etsy has been a pandemic winner, but the stock has been dropping since we learned about omicron.
what is your take on that? what do you think this new variant means for etsy and the trajectory? josh: we live in a really dynamic environment. it is hard to say what the variants are going to say. i don't want to pretend to be a public health expert. this time last year, stores were closed. covid was spiking. hospitals were overflowing. many states were incomplete lockdown. -- were in a complete lockdown. over the holiday season, people had few choices and had to turn to etsy is one of the few places that was reliably selling during the holiday season. fast-forward to 2021, and almost all stores are open. people are moving about very freely. we projected in our guidance at the beginning of november that we would see a strong fourth quarter with robust growth on top of the 118% growth we had
last year. what that tells me is millions of people came to etsy, or came to etsy more often, over the past year, and they really liked what they saw. even now, with so much more choice, they are choosing to come back to etsy again and again, and purchases per buyer is actually up 20% year-over-year, as we reported in the third quarter. we feel great about that. emily: shop a fight earlier said there has been a big shift -- s hopify earlier this week said there has been a big shift to online only sellers. has there been a shift? josh: we don't see it as a zero-sum game. many of our sellers choose to sell on etsy and on their own site, and in many ways it is the best marketing for etsy. they often don't realize how hard it is to attract traffic and rise above the noise until they go and try to do it themselves. so each of our sellers individually is a blade of grass
in a thunderstorm, trying to get attention from consumers, trying to get trust from consumers. and that is really the role of etsy. etsy's job is to build a brand that means something, that attracts close to 100 million buyers who are coming because they want something that is artisanal he crafted, -- artisanal, handmade, because they want a connection with the seller. they trust etsy as much as anyone. what you trust -- that makes everyone better. that is the role of the platform. emily: to get a sense of which way the winds are blowing, what is the number one holiday gift selling on etsy this season? josh: a bunch of things are selling well.
people are getting together in person. we are seeing things like barware and having a drink together as a family. with family pajamas, getting a matching set, that's very popular right now. and table stakes. -- tablescapes. place settings are up. things about being together in person are really on the rise, which is wonderful. emily: that makes sense, given the tablecloth i just purchased from lithuania for a holiday gathering. what country do you see the most purchases in? if it is the united states, what country outside the united states? josh: the united states is indeed number one. the u.k. has been phenomenal. etsy has really come into its own in the united kingdom since the beginning of 2020. it has become a real household name. that is really exciting for us. we are also making great progress in germany, which is another market that is just enormous potential. emily: and what is your most searched item overall, holidays aside? josh: during cyber friday, we were seeing 200 searches per
second. personalized gifts were the most common. what that says to me is people are coming to etsy to find something that is made just for them, and just for the recipient of the gift. emily: i am seeing more and more unique items on the site. what would you say is the most interesting thing you sell? [laughter] josh: we could go for hours on that. i can say a trend that is really hot right now are handmade wooden puzzles that have your child's name on it. that is really popular. if you were going to go to the weird and esoteric, we could be here all night. it is a treasure chest. emily: josh silverman, ceo of etsy. thank you for joining us, giving a view on what is happening over the holidays. coming up, grab goes public. south asia's company falling sharply in the first day of trading. i spoke to the co-founder about
close. will grab ever be able to turn a profit? i spoke with grab's co-founder. take a listen. >> we chose the path that enables us to get to the most important objective, which is to get the best investors, based on the pipe investors that were attracted to the long-term growth opportunities we see, and the very low redemption rates. we are actually extremely happy with the outcomes we have achieved. emily: you have turned grab into a super app delivery, payments, but also ride-hailing. how worried are you about the resurgence of covid and omicron right now? >> i think a critical part of grab's growth trajectory over the last two years has been the strategy that enabled us to be very resilient to the covid
challenges. to share a bit more about what it is, inc. about grab as uber and venmo all in one. from when you wake up until you go to bed, you are able to get your breakfast, pay for meals, buy groceries, and more. why that is really important is because it enables us to share strategies with the largest driver partner network in the region, which enables drivers to decide if they want to transport people, deliver food or groceries seamlessly in the app, and therefore enables us to very quickly pivot from mobility to deliveries over the last two years. with this super app strategy, we are very confident we can continue to serve the needs of southeast asia's users and our partners, despite what ever challenges covid continues to throw at us.
emily: losses widened to 900 and 88 -- 988 million dollars for the third quarter. when do you expect grab to become profitable? >> a bit of context. a large portion of the last quarter's results were because of non-cash expenses. there were more than $700 million of it, much of which will no longer be required with what we just went through. for us, as an important thing, growth and profitability are not mutually exclusive. you have seen that consistently from us over the last two years, where we have consistently developed very high topline growth while also making very significant progress on our bottom-line profitability. for example, our mobility segment is already segmented with market-leading margins. our delivery business, which is only three years old, also is
positive for various markets that we have. ultimately for us, what matters in our portfolio allocation strategy is that we will continue to invest in areas that we see tremendous opportunities in, and very strong momentum behind. emily: the cofounder of grab. you can catch the full interview on bloomberg.com. rapid grocery delivery start of joker raised $267 million from investors. the company now has a $2 billion valuation. joker aims to bring customers groceries and other consumer goods in minutes. it operates 200 micro fulfillment centers. coming up, it was first detected less than two weeks ago, but there is already a new drug showing promising results fighting omicron. the ceo behind the new treatment joins me next.
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emily: i'm emily chang in san francisco. new cases of omicron spread around the globe. mark ludlow, what are you looking at? mark: i want to focus on the s&p. we had the biggest drop over two days since october of last year. stocks rebounding broadly during thursday. but i remember back to friday, the omicron variant. investors saying we need more data, we need to understand
where the cases are, how they are working -- this is at a time where the data broadly is not great when it comes to covid. come to the bloomberg terminal and let's use new york city as an example. new daily cases are back at their highest level since january. tracking shows the curve of how covid cases have been operating in major cities. it is winter and it is hard to track. the other part of the news cycle we are looking for is treatment. we want to know about vaccines. we want to know about possible treatment. interesting to hear the news about deere on tuesday. the shares absolutely surged in premarket, up 20% on news that the covid antibody treatment was effective against omicron. in regular trading, we are up 12%. i the end of the session, we are down 2%. investors are living with this volatility, living in the moment, baking in the headlines, but what they really want is the data.
they are asking, how much do we know about this variant, and what is the solution? emily: we are going to talk about data right now. i want to stick with the covid-19 treatment and bring in the ceo and director of biotechnology. you have promising new data on a new covid treatment. tell us what you discovered, and how did you find it so quickly, given that the variant is so new to us? >> it is not new since the omicron variant. this is an antibody we started working on in february of 2020, that was originally approved under emergency use authorization in the u.s., and now is approved in many countries around the world treat covid-19. it does reduce hospitalization by 79% in the phase three trial.
it works quite well. as new variants arise, we and other companies who make antibodies test the new variants to see if our antibodies still will neutralize it. we have done that for every variant that has arisen -- alpha, beta, gamma, the whole litany of greek alphabet strains , including delta and move -- an d mu. our antibody continues to control them. omicron, which has only been available to be examined for a couple of weeks, you can look at the dna sequence and you can tell whether there is something that your antibodies are unlikely to work on. you may be sell from other -- saw an announcement from other companies that their antibodies were unlikely to work. when we look at it, we see the mutations that are in the omicron variant.
we have tested most of them, almost all of them, individually. we know that our antibody retains activity against all of them. what we don't know is, when you put them all together in the same virus, whether the we will retain activity. we expect that to be the case, but until we demonstrate that experimentally, we have to caveat that. emily: you have been doing most of the testing in a lab. are you going to start testing this on actual human cases of omicron? george: yes, it is being used in the u.s. and in many countries around the world. it is one of the three antibody treatments that has been purchased by the u.s., and is being shipped to places around the country. as omicron continues to expand in the u.s., if that does happen, of course we will update on omicron. and we are working with authorities in the country of south africa. we would like to get our antibody tested there as well. emily: given this promising news, is the united states government potentially expanding its purchase agreement with vir for more of your treatment?
george: i think right now we are optimistic about the ability of the drug to contain the omicron variant. we will have data to confirm that -- or not, but hopefully to confirm that -- within weeks. i think once we have those data, there will be a lot of interest from governments around the world. emily: president biden today announced new measures to fight omicron. let's take a quick listen to what he had to say. pres. biden: we are expanding our booster campaign to provide booster shots to all eligible adults. our docs and scientists believe that people who get the booster shot are more protected than ever from covid-19. emily: do you think that with the u.s. is doing now is enough? george: no. [laughter] he is right. everybody should get vaccinated.
all vaccinated people should get a booster. that is the best we can do. if everybody in the country did that, we would have much less of a problem. you know, i think we need much let's say more drastic remedies here. not necessarily social ones. we do need social ones. masking is a good idea. i don't understand the controversy. it's not that big on imposition and it does reduce transmissibility. but distribution of drugs, distribution of the antibodies, distribution of test kits -- i think that was also part of his announcement, the test kits increasingly available. all of that should be done. all of that. and there needs to be close coordination, i think, with the industry and the government. this new omicron variant that has everybody so upset probably
is not the last one. there will probably be other variants that come down the pike, and we need to be ready. we know enough to know how to be ready. the industry, the biotech industry, the pharma industry, and the government have to come together and work carefully, as they have been. but i would say in an expanded way, to make sure not only we get covid under control, but that we are prepared for whatever the next pandemic is. emily: thanks for giving it to a straight. the ceo of vir. we will be following how your treatment and some of the new data plays out. coming up, speaking mandarin to kids around the world. the singapore-based education company is gaining momentum in the midst of a massive crackdown on chinese ed tech companies from beijing. we speak with the company executive about plans to expand. ♪
emily: it is a surprise that allies the automaker with a climate plan. toyota is vowing to sell only zero emission cars in europe by 2035. the company set an intermediate goal for half its sales in western europe to be zero emission vehicles by the end of the decade. with the chinese crackdown on tech companies and for an ipo's, the u.s. government is closer to kicking chinese companies off u.s. stock exchanges for not complying with disclosure requirements. where the u.s.-china relations go from here? one answer -- better communication and understanding is critical.
lingo ace teaches mandarin chinese to kids in the u.s. and around the world. it just announced $160 million in new funding from tiger global and more. the chief strategy officer is with me. thank you for joining us. in town from singapore. marshall: wait to be in the studio. emily: you just raised 150 million dollars. how do you plan to use this new funding? marshall: we are super excited about the funding. it happened over the course of a series of b and series c round over the last six months. we are a business that we feel we are playing an important role now in the world, enhancing communications by teaching mandarin to kids across the world. and with the investment now that we have, we have some of the leading investors in the world. stay small correction. it is not sequoia china, but
sequoia based in singapore and india, tiger global, i will ventures -- folks that are not only some of the top investors in the world, but some of the top investors in ed tech. tiger global was one of the first investors and some of the top education companies in the world almost 15 years ago. owls ventures is the largest ed tech venture fund in the world. in terms of where we are going to spend the money, the u.s. market is the largest market for our business. we and any company now in the tech sector know that talent is key. we have just started building our team over the last several months. we have over 20 people here in silicon valley. we haven't officer who is really excited to be with the team over the last few weeks, working with them in person. and we are looking to scale our operations here in the coming
months. in addition, we are going to be looking to enhance our learning experience. mandarin is an incredibly hardly which to learn, as everybody knows. we are making it -- is an incredibly hard language to learn, as everybody knows. we are going to continue to invest and make sure we put the best products out there. emily: any plan to expand beyond chinese? marshall: we have launched english in southeast asia. you mentioned the ed tech crackdown in china to start. there are a number of companies that have been teaching english globally, focused on the english market for china. that can't happen anymore. now, when it comes back to talent, we have a tremendous opportunity to take advantage of some of that hole in the market to be able to recruit talent that has been building the largest scaled english language learning companies in the world, and be able to target southeast asia and other markets across the world. emily: this crackdown on ed tech has been catastrophic for a lot of ed tech companies in the region. has that benefited lingoace? marshall: it is early to say.
this happened over the last few months. the head of goldman sachs's education franchise in the asia-pacific region for the last few years had covered all of these countries -- companies and was working on a number of ipo's before leaving to join lingoace. "catastrophic" is a strong work, but these companies have literally had the market and opportunity evaporate for them. most of them have to shift their business models right now. i would never count them out. they are going to adjust and going to look for new opportunities. we do see this overall being a net benefit to our business as we continue to expand and recruit talent. emily: given that you worked at goldman in san francisco and hong kong, what do you think of the crackdown on tech by the chinese government? who wins? who loses? marshall: i think at this point in time there is a lot of changes happening in china. there is a lot of reforms. clearly, the government is
looking to focus the human capital and the financial capital in the technology industry in china around certain core verticals, and certain areas where they want there to be further growth. so i don't think the technology industry necessarily is going to not exist in china. they are going to continue to innovate. they are going to continue to build new business models. but i think it will focus in different areas. emily: i recently spoke with a longtime tech executive who worked in both china and the united states. he had this to say about how he thinks this crackdown will play out. take a listen. >> it is likely that the chinese ai companies will see china as the primary market. the u.s. ai companies will probably not be able to get into china. chinese ai companies probably won't be able to get into the u.s.
this is not necessarily my preferred situation, but the geopolitics is such that the chinese ai companies will sell to china, american ai companies will sell to the u.s., and they will both compete in other parts of the world. emily: meantime, you have this tit-for-tat playing out between the u.s. and china, china making it more difficult for chinese companies to go public in the u.s. and other foreign countries. how does this end? marshall: it is interesting commentary, but he is talking about in ai. it is happening in other segments of the technology industry as well. for our business, being that we are based in singapore, and serving a broader global market, it is a really interesting opportunity for us. i think we are special because we are able to leverage a lot of the innovation and business models that are being developed in asia more broadly, being able to bring that innovation to the rest of the world in really
interesting ways. as dr. lee said, many companies will not be able to do it. emily: you see u.s.-china relations entering a very tense chapter in global history. where do you think it goes from here? marshall: i think as president biden and xi jinping discussed a couple of weeks ago in their meeting, the virtual meeting, i think we all recognize that china is increasingly important in global affairs, and will continue to become increasingly important. that is not just a u.s.-china story. that is a global story. every country around the world is looking to adjust to this changing dynamic. at the end of the day, but we are trying to do not only by teaching chinese, but teaching english and moving into other verticals in the education ecosystem, is really to build bridges, build understanding, and we have grown 4000% in the last two years. we have literally kind of gone
from nowhere to being a very sizable business. i think what we see from that is just the demand from, by the way, over 100 different countries, for families that are looking to invest in their children's future, so they do have the ability to build these connections and build better understanding. emily: it is a coincidence that you are here today, on the same day that your app went public. i'm curious what sense you can give us of the pulse of tech innovation happening in singapore. it is one of the fastest growing economies in the world, one of the fastest-growing digital economies in the world. there is a lot to watch. marshall: i just moved with my family from hong kong to singapore five weeks ago. just to see what is happening there in terms of the amount of capital innovation that is coming to market -- part of it is because singapore sits in the middle of the east and west, right? it is benefiting from a lot of
these trends. i think grab is a great example. as you discussed earlier, being a new model that may not fully exist in the united states -- exactly. for the last couple years, anybody in silicon valley recognizes that asia is not only innovating from a technology perspective, but also from a business model perspective. we are seeing that with grab and a host of other countries -- companies across singapore. it is exciting to be part of building that ecosystem. emily: we will watch it with lingoace. marshall roslyn, thank you. coming up, stable coin explained. why investors are paying attention to this particular brand of cryptocurrency. and as we had to break, let's look at doc you sign shares tumbling -- docusign shares tumbling, with concerns whether the e-signature company can continue to grow as businesses resume in person operations. ♪
emily: in washington, the house passed a stopgap funding bill to keep the government operating. in the senate, republicans try to delay action over objections to federal vaccine and testing mandates. the vote was largely along party lines as gop members urged opposition of the measure which would fund agencies through mid-february. the temporary funding bill faces a slowdown in the senate that could trigger a brief weekend shutdown. goldman sachs is exploring
bitcoin backed loans, according to coindesk. they want to avoid touching the cryptocurrency directly. they expect more traditional financiers to pile into the rapidly growing asset class. silver gate and signature both announced it coin based -- bitcoin-based cash loans. let's go to the rise of stable callings, considered the backbone of the crypto universe. eddie explains why not just investors, but also governments, are paying attention. ed: the sheriff's about to take on crypto's wild west. imagine being able to print dollars on u.s. soil, and doing so without being regulated. stable coins are part of the backbone of the cryptocurrency universe, together accounting for $120 billion. they are used as a place to park your money while bitcoin and ether are volatile.
but they all have in common is that they try to hold an unchanging value in reference to some other real world currency, like the dollar or euro. until now, there has been very little oversight. the biggest, tether, said until 2019, for every one of its units outstanding, it held a dollar in reserve. in february of that year, it said it may also be backed by cash equivalents in other assets. that makes it like a money market fund, except it does not have to publish which assets it owns, as regulated funds do. the problem is that this can create a feedback loop into the real economy. if there is a run on tether, it may affect money market instruments, which may create a liquidity crunch in other debt assets, and that could mean
systemic risk for financial markets. this is why the u.s. securities and exchange commission is paying attention. chair gary gensler has taken a hard line on cryptocurrencies in general. he is part of the president's working group, along with jerome powell and janet yellen. but new york's attorney general, letitia james, has gone further. in february, she required tether to end all trading activity with new yorkers. tether claims that a virtual currency was fully backed by u.s. dollars at all times. that was a lie, she says. so right now, the sheriffs are looking for a fight, and the wild west is about to be tamed. this is decrypted. for more content like this, follow us on your favorite platforms. emily: bloomberg quicktake's eddie van der walt. that does it for this edition of bloomberg technology.
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