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tv   Bloomberg Technology  Bloomberg  January 3, 2022 5:00pm-6:00pm EST

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announcer: from the heart of where innovation, money and power collide -- in silicon valley and beyond, this is bloomberg technology with emily chang. emily: i'm emily chang in san francisco and this is bloomberg technology. a hot start to 2020 two for tesla -- shares surging after the electric car record smashed earlier records for deliveries.
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will the company keep up momentum? not a verdict but a big development in the elizabeth holmes trial. the jury is deadlocked on three of the 11 counts. what does that mean? we will bring you the details. and the 5g delay -- the u.s. wants to postpone the rollout due to concerns the airwaves could make airplanes laissez. verizon and at&t vowing to launch their 5g services anyway. we will tell you but the latest with a showdown with the faa. u.s. stocks starting 2022 at a record and apple hitting a new record as well -- a $3 trillion market cap. it was brief, but it happened. >> not only did it hit 3 trillion but it puts the s&p 500 and drove nasdaq gains as well, but it was not alone. tesla coming out with very big news. your primary drivers for the s&p
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500, tesla coming out with a record number of deliveries. i want to show you what that looks like not just in terms of an 80% rise year over year but compared to its other competitors, this is the market cap per vehicle sold for tesla and usually when you compare to other automakers, ford has about 20,000 market cap per vehicle sold. for tesla, the number is one point 3 million. this is including their new share price and it tells you how big of a company tesla is and explains why we are not lay driving the s&p 500 but nasdaq higher intraday. but i want to end with the big story on everyone's mind that determines the path 2022 is going to take. that is the omicron variant.
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the seven day moving average -- you can see the big concern is how long will it take to encompass the 300 million population of the united states and how quickly will that pass on? whether the south african story or u.k. story is a roadmap for the united states will dictate the market for 2022. emily: new york city might expand its vaccine mandate to require boosters. mayor eric adams spoke on just his third day on the job. mayor adams: if we need to do it, we will adjust and do so but we need to come around. this is the new reality we must face. our city and school system must open. we can't just lose two more years of education for our children. emily: public-sector employees
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in new york are required to be vaccinated. the private sector mandate went into effect requiring employees to get a second dose before they can enter the workplace. so much news about the virus every day. today, there's indication from the fda about a variant specific booster. talk about what we can expect there. alex: this was a remark from an official at the fda who says they are thinking about it. this is something that has been in discussion and we are looking down the road as the pandemic goes on, we probably have to think about boosters specifically of this disease continues to advance and how it affects things like the mandate for work is unclear at this point, especially if that's the kind of thing we are going to start seeing down the road. emily: how are americans responding? we know at home tests are in
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short supply. what else? alex: there's been a big boom on masks. articulate masks that are better than your typical cloth mask that you are seeing. n95 masks, k n95 mask, the things that you typically see ad at medical setting are flying off the shelves. people are stepping their game up on masks as well in cities where they are seeing bigger cases and that's because there's a better understanding of how this virus is airborne and having a better filter in front of your face is a better chance of keeping you safe. emily: it feels like covid is everywhere over the last few days. what does it mean for the biden administration? what new steps might we see the president take? alex: there is increasing pressure from the white house to act. biden ran on doing better, saying the previous
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demonstration fell flat on its face and they would do better. there's a lot of pressure for biden to make sure he has testing right and making sure they are seeing an impact. it's a central part of his legacy and i think there's a lot of pressure to use the resources congress gave him and the resources of the united states to make an impact to get these problems worked out. i think we are expecting them to react better and find a way to tamp the cases down using the power of the federal government. emily: thank you for those updates. i want to stick with vaccines -- starbucks saying by february 9, its u.s. employees must be vaccinated against covid or test weekly. the new rules apply to staff and cafes, plants and distribution centers according to a message from north american president. starbucks is requiring workers to disclose their vaccination
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status by january 10. tesla shares jumping as much as 10%. this after the company reported a quarterly record for deliveries, more than 300-8000 vehicles worldwide. much better than expected, driving total sales to more than 930 6000, 80 7% higher than 2020. why did analysts get this quarter so wrong? >> that is a very good question. this was a huge beat and looking at bloomberg's terminal, a lot of analysts have not updated their model since october. as the months go on, elon dropped some hints on twitter, we are not going to focus on the quarter to may be just that was his way of sandbagging, maybe people just read that the quarter wasn't going to be strong. we are talking about 45,000 more cars but it's a huge beat and
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you are seeing the stock react accordingly. emily: what is the conversation happening among investors starting off the year? >> i think for so long, the question about ev's was demand. you would hear over and over two things -- are ev's ever going to go mainstream or are they just going to appeal to a niche audience? the second was tesla makes them, but the competition is coming. and what you are seeing now is clearly the ev revolution is here, demand is incredibly strong. not just for tesla, but the car ford has. there's not a demand question. but that conversation is now more about supply. can these automakers make enough of these vehicles? do we have the factory capacity to build these things? the competition really isn't between electric vehicles and electric vehicles, it is can you
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get more people to switch from driving a gas powered car two an electric car? you are seeing in countries like norway and the u.k. that adoption curve is looking more like a hockey stick. emily: tell us how tesla keeps up with the coming competition. there are other manufacturers making cars on the road and there are more electric cars and new models to come. dana: true, but tesla has opened new -- two new factories and have the capacity to make more new cars and these other manufacturers. rivian just announced they are going to build a factory in georgia. that's great but the factories not online yet. tesla has new factories coming online this year. the other piece that is important is the supercharger network. tesla invested very early on in its proprietary charging network which gives it a huge advantage
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over every other automaker. you buy a tesla, you go to a supercharger and it's like you're locked into the ecosystem. emily: how important is china as a market to tesla? dana: china is huge. for a long time, tesla's biggest markets have been the u.s. and china. it will be interesting to see if china begins to eclipse the u.s.. we know the factory in shanghai is more capital efficient than the one in fremont. all the cars exported to europe are made in china. tesla is expanding an opening more service centers and showrooms in china and after some bad publicity earlier this year, just what the grand recognition is in china is going to be very key. emily: thank you for your reporting there. coming up, can bitcoin make a
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comeback in 2022? we will talk about where the latest largest cryptocurrency is headed after a rocky finish to 22 anyone. this is bloomberg. ♪
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emily: will bitcoin come back with a bang or should we bundle
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up for a crypto winter? to talk about that and more crypto this year, everyone is asking the question after a rocky year end, what is your production for bitcoin? sam: none of this is financial advice and no one knows for sure and if anyone says they know for sure, that's how you know they don't know what they are talking about. the thing that makes me optimistic is more regulatory clarity in the u.s. and globally, which i think could help a ton and institutional -- i think those are related to each other. emily: let's talk about institutional adoption. how much do you see that accelerating? sam: a lot of that depends on what happens on the regulatory front. but especially if we feel like we are getting clarity, that
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could come in a tidal wave or in a trickle. i don't expect a tidal wave in the next three to six months. it just takes time for institutions to on board new lat forms to new asset classes. it's going to be a long process over a few years. but it could be really enormous. every large branch institution i talked to -- pension funds, they are all buying this sector. many have started breaking ground on their activity, but it is slow and it just takes time. emily: speaking of time, bitcoin is not a spring chick. bitcoin network launched exactly 13 years ago today i believe and you yourself just testified on capitol hill about cryptocurrency and regulation. what are you preparing for?
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is this going to be the year real regulation happens? sam: i don't think it's all going to come one day on one year, but there is going to be a lot happening. a lot of that has been preparatory. we've seen a lot of government announcing they are building a regulatory framework over the next year. we have seen a lot of them make statements about crypto and all the major regulators in the united states and lawmakers are investing heavily in their knowledge of the sector. i think you will probably see the first batch coming out in 2022 and you see some clarity on stable coin regulation, probably some stuff about market regulation and i would not be surprised to see some asset issuances. i would guess that's going to stretch over into the next few years. emily: there was a whale alert
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on twitter that he million dollars in tether was transferred -- what does that tell us about the market? sam: it wouldn't surprise me. there's a billion dollars a day that comes through that, it would not shock me. it is one of the most transacted digital assets in the ecosystem. some people sometimes look at stable coin -- some people see it as inflows coming in. some see bitcoin or theory him going bearish as a sign of sellers coming in, but it could just be arbitrage that happened across platforms. anyone instance like that isn't
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necessarily that meaningful, but it could mean buyers. emily: the other big trend is the metaverse and so me are ecstatic are speculating about what the intersection of crypto and the metaverse actually looks like. what will the role of crypto currency in the metaverse be? sam: i think in fts in video games is one of the largest. there are billions of users of video games worldwide and i think that's starting to see digital assets making an appearance there and i think it's going to happen over the next few years. i think social media is going to start to interface with web three. that could be a rocky process and we haven't seen that many concrete steps. facebook rebranding to meta is a step in that direction.
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i expect we will see a cooling-off relatively speaking of some of the pure nft activity that we have seen unless and until we see some names and players and partners from another space, but i expect that to happen and that will be supercharging the next piece of growth. emily: ftx has made a name for itself whether it's baseball, basketball, the super bowl commercial, talk about the value of this and where do you see it going? sam: the biggest things we're looking at right now is basically getting your name out there. starting to build out a brand -- this is less about trying to immediately grow the user base. it's much more about letting people know who we are. we are really excited about a
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number of the partners we've made who are on the stream right now and have been really great to work with. we are new as a company. we are a few years old, substantially newer than many players in the industry. we are not a household name for a lot of people in the same way a lot of other players are. step one of that is us trying to communicate who we are. emily: thank you so much for joining us. we will see where those partnerships take you in the year to come. coming up, unlike baseball, twitter's policy allows you up to five strikes and you're out. republican rep sedative marjorie taylor greene was the latest to be criminally banned from the platform. details on that, next. this is bloomberg. ♪
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emily: another politician permanently banned from twitter and temporarily suspended on facebook -- republican representative marjorie taylor greene was booted from twitter sunday after repeated violations of spreading information about covid-19, including false claims about extremely high amounts of vaccine deaths. facebook suspended her for 24 hours. what do you make of the different approaches from twitter and facebook? >> it follows a pattern we've seen in twitter having a lower
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tolerance for this kind of thing. they outlined their five strike policy when it comes to medical misinformation where facebook said they didn't actually have a policy in place. they were just suspending her for 24 hours. this is similar to the approach they took with former president donald trump after the january 6 insurrection when his postings on social media encouraged his supporters to come to the capitol building that day. twitter ended up permit lee banning the former president and facebook suspended him for two years. emily: what's going to happen now and what are you hearing in terms of reactions on capitol hill? anna: it's going to be interesting to see this plays out. greene is a marginal finger -- marginal figure, but this is just going to fuel arguments for republicans that these tech
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platforms sensor conservative points of view. this is something we have seen as a potent campaigning issue and a fruitful way for republicans to raise money. that's going to be increasingly the case this year as we head into the midterm elections in november. emily: meantime, you have some alternative platforms cropping up. are we expecting this to get any traction? anna: this is where we saw the statements from marjorie taylor greene -- he posted the telegram which is a platform with less rigorous moderation and allows politicians and public figures to have their own channels. she's also active on another alternative social media platform touted by conservatives, but it doesn't seem like these alternatives are going to get much traction in the broader public but it could contribute to the balkanization of the social media space we have conservatives and
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right-wing users leaving platforms like twitter, facebook and even google's youtube and moving to some of the more social media sites including parler. emily: as we head into the midterms, what are you going to be watching in terms of this battleground? anna: the thing that will be interesting to see is how this big tech backlash changes as we get closer to the election and after we see the results of the election. republicans are well-positioned to take back the house of representatives and that could shift the legislative tactic in washington if republicans were to control one or both chambers of congress heading into next year. emily: thank you for that update. coming up, big tech in 2022 -- continuing to see strong investor demand after alphabet, amazon, and apple power stocks through a third straight wedding year.
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where is this year headed? we will discuss. this is bloomberg. ♪
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emily: welcome back to "bloomerg technology" i am emily chang in san francisco. apple making history with the stocks hitting the $3 trillion market valuation for the first time ever and bring back kriti gupta for more. talk to us about what this means. kriti: it really does signify something good for the macroeconomy because apple can be a macro proxy where you start to see the foot traffic into its
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stores, the genius bar, you've seen a lot of their consumer goods spent on luxury goods. apple has served as a gauge for the broader economy in terms of the strength of the consumer. that is what this chart shows up at the correlation between apple and the stock market. if apple goes higher, the stock market does, too. the correlation did briefly dip. if apple was higher the stock market was the contrary in indicator but we are seeing a correlation back together which shows you once again that apple is serving as this broader macro story. it is not just today. it has been doing that all of last year, 2021. it was the second biggest driver for the s&p 500 right behind microsoft. let me tell you what was dragging the s&p 500 down in 2021. that is also a tech story. fintech on a lot of that crypto exposure dropped, dragged, it was a weight on the s&p 500. we look at disney, the best of
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both worlds, recovery trade because of its cruiselines and parks, and its streaming platform. either way the strategy did not work. this was the second biggest weight on the s&p 500. you can see how tech has pulled the s&p 500 in both directions. that's bring it back to apple, $3 trillion, what does it mean for the s&p 500? every time it hits a trillion dollars, apple tends to drop, dragging the s&p 500 down 20% at bear market that we saw in the fall of 2018. 22020 right before the election we saw the big tech stocks dragging the benchmark down 10%. if it stays above the $3 trillion market cap, what happens for the s&p 500? emily: let's try to answer that question we will stay on this $3 trillion milestone and bring in up principal analyst.
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ben, is it worth it and will it stick? ben: i definitely think it is worth it and i think it will stick. if you look at lot of the investment consensus out there i think a number of large banks h ave put somewhere around a $200 per share estimate on to apple which shows you increase confidence in all of their categories. i think when you look at apple's historical performance as well so many of their businesses have tended to do well even in times of economic hardship, not that we are in that now but i think people are looking at the role consumer confidenc play in i think apple continues to be there pretty safe bet for growth and just look at a number of their growth business opportunities. not just iphone, you have wearables, air pods. the mac started become a growth business that we're interested in to see, i'm bullish on the mac. investor confidence is at a
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significant high for apple and big tech companies. i think it will stick and i think apple is a really safe growth bet for a lot of funds. emily: when you look in the near term, would you protect drops like we saw after 1t and 2t? ben: you still might see a little bit of variation. i am not sure we will see significant drops because people know the product cycles are really strong. it will be interesting to see the commentary that comes out around apple december earnings and just get a sense of what any kind of supply chain, which is really the biggest impact, the potential volume as to what is going on in the semiconductor supply chain, i think demand remains strong for their products. we see that. a lot of big funds are saying that. i would not expect a huge drop. i do think there is some level of drop that happens but i think the stock continues to grow well over the next year. emily: big tech in $2.5 trillion in market value just in
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the last year. microsoft, alphabet, apple. where do you see that going in 2022? ben: the big story is going to continue to be these large tech firms and their dominance in the markets they play. if you look at the names you mentioned with the exception of apple which is the rarity in terms of their overall cap ex spend. microsoft, you got apple and amazon spending $30 billion in capex, it makes it hard for anyone to displace incumbents when it will require that level of finances to go into not just cloud but new consumer hardware, vr and ar headsets are expensive big bets. that is why they're so much investor confidence because they have the capital to be patient and the capital to develop these companies and enter the right products into these markets and satisfy any demand. i think that is why you are seeing the consumer confidence
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and your guys' numbers have shown, they outperform many of these other indices and stocks in the market, investors are going to gravitate to those bets that are returning them in the consistent yields they are looking for. emily: what are the other tech stocks -- one of the other tech stocks we are following -- i know you have been looking into semis? ben: i am super bullish on semi conductors. a lot of semi stocks are being undervalued. if you just look at the baseline. you have got nvidia, and, mar bel, broad comm, they will drive the next industry of innovation. so significant and we rely, every new category talk about automotive, next gen iot, smart cities, industrial iot, ar, vr, you name it, the summoned -- the semi conductors are going to be the driving force. intel's an interesting one to
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watch. if you look at their pe it shows you there are a number of investors who are not sure that the cap ex that will spend over the next four years to get parity with leading edge and get back to leading the industry is going to be worth it but i think their product strategy is sound. they have got a really good line of getting into gpu's to create competition with nvidia could be significant. there are great stories around semi conductors that i think people are sleeping on. interestingly, a lot of funds are underweight in terms of their portfolio for semis. i think there is a lot of room to grow and a lot of innovation ahead that gets me. emily: then there is the metaverse. the oculus vr headset was a big seller over the holidays. who is going to win the metaverse, and is it that big a deal? ben: metaverse is one of those terms i am sure has plenty of
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people talking about different visions of the metaverse. it is really really challenging. my caution to everybody in the industry when i talk, looking into the category, building for the category, you have got to be careful about how early it is and what lessons we learned now, because oftentimes you are early to a category you learn the wrong lessons, they are not the right lessons or trends lines or consumer demand that we see. as interesting as oculus is and the concept of the metaverse, we do not know what it is. there might not be one winner. there might be many. it might be much more control. facebook may have a platform. google, microsoft, apple may have a platform. to some degree we do not know how much they might interrupted in -- inter operate in the way that pcu's and smartphones operate. there will be some interesting challenges i think. the jury is still out on what consumer engagement looks like with vr yet.
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yes, oculus was a great seller. facebook has a quality product with oculus. how long are consumers engaging in these experiences, 20 minutes, 30 minutes, an hour? do they use it for more than six months? these are a range of questions we have to develop and it is early in the cycle. there is a ton of innovation that can happen driven by semiconductors that have to get a lot smaller than they are today to create the kind of immersive experiences we all hope that can fit on our heads in a pair of glasses. big breakthroughs and technologies are needed but there is reason to be excited about the same time i think we have to be reasonable in our approach of how -- this category will sell. emily: credit strategies ceo, good to have you back on the show. thank you for the breakdown. microsoft offering a fix for a year change bug. the bug causing some email
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messages to become stuck due to what it said was a date checking failure. the company says the problem was not security-related but they did not say how widespread the issue was. coming up, a warning from major airlines. the new 5g service rolled out by at&t and verizon could interfere with aircraft electronics. why wireless carriers are rejecting calls to postpone the rollout next. this is bloomberg. ♪
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emily: at&t and verizon have rejected a u.s. request to delay this week's launch of a new variation of 5g mobile but airlines say might interfere with aircraft electronics. the ceo's say they would be willing to pause deployment for six months near certain airports. tom shields joins us with more. is this new version of 5g actually dangerous, and dangerous to airplanes in particular? todd: that is the multibillion-dollar question. it's5 as we have come to know it in recent months but it is 5g on a new set of airwaves. these airwaves until recent years were used by satellites, weak transmissions. now they are used by 5g on towers near airport and aviation interest say that the signals from these 5g could interfere with altimeters, devices that check the altitude of the aircraft in the coming months. so, it's a he said/ she said
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situation. at&t and verizon insist there is plenty of separation. the hazardous interference won't happen. here we sit days before deployment. emily: and 5g did not happen overnight, so were the airlines and the telco's not talking to each other? todd: it is kind of an odd thing. apparently not too much. most of the discussion took place at the federal communications commission with a big fat document over many years and there is not a lot in it from the aviation interests. there was some early on and the fcc that set this up said, aviation hasn't presented us with a compelling case that there might be trouble here, but we will listen to more as we go along. some talks between aviation until the communications kind of fizzled out. the auction went ahead. the fcc sold the right to airlines for $80 billion to the
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wireless people and that is one reason the wireless interest are so interested in going ahead. it is a big investment in a big step in their evolution to a new generation of communication. emily: well, you know, in a situation like this one would think you would err on the side of caution. how do you see this working out in the next couple of days? todd: right. it is supposed to light up on wednesday. we have got some vague indications of a solution and that the wireless companies in a letter sunday to transportation secretary buttigieg and to the faa administrator said they might pause near airports which is where you have their landing approaches, closer to ground that you need your altimeters to be most accurate. they might pause it there. if on the other hand the aviation side de-escalate or does not escalate further which is taken to mean, please don't sue us, let's reach a last-minute deal, that may be unfolding in the coming days. emily: bloomberg's tom shields.
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thanks so much for joining us. we will stay posted on that story. jurors and the elizabeth holmes fraud trial were told to work through an impact into liberations after a jury told the judge they were struggling to agree on three of the 11 charges against the theranos founder and we just got a breaking headline that the jury has sent another note to the judge moments ago. i want to bring phil rosenblatt on the phone who has been at every single day of this trial. what does this mean? >> as you just said we have another note. i'm going to go to hear what that is about. we have got a lot of movement suddenly in this case. the note earlier today indicated that they are at an impasse on three of the 11 counts. now, did not say they have decided that they have a verdict in the other eight counts but reading between the lines, that is probably what is going on. i'm kind of expecting that we
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are going to have a decision in this case may be as soon as this afternoon. emily: i just got a note from the court saying that no will be read at 3:10 p.m. pacific, 25 minutes from now. is there anything we can glean from the amount of time this story has taken to deliver -- this jury has taken to deliberate? they are on their seventh day. they have asked very few questions of the judge what, if anything can we infer about their decision? >> they did ask for one important piece of testimony, which was a playback of recorded investor call -- when i was with homes is making a pitch for her company to investors, that was recorded surreptitiously. that was a key piece of evidence. so, you can kinda put together how they might be figuring this out. the counts roughly breakdown to, into allegations that she
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defrauded investors on one part and patients on the other. you could see how the investor case is a stronger case, and they may have decided that, either against her or as an acquittal and that the patient counts are more confusing and that is what they are asking about. i don't know that. no one knows that but we are going to find out very quickly i think maybe in 20 minutes or so. emily: now, there are 11 counts under consideration here. if she is found guilty of only one count, what does that mean? >> if she is found guilty of one count, each count is, with each count, if she is found guilty of a single count she faces up to 20 years in prison for that single count. that would be a win for the prosecution and a win for the government. they would take that. they would not be happy with the. they would have to decide
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whether or not to retry her on the other counts if there is a mistrial if they lost. but i am guessing not. i am guessing that they would take that as a win. emily: so, you know, in terms of one of the more interesting parts of this case is the amount of time this case has dragged on, four months, big high profile trial. jeffrey epstein and guillain maxwell has come and gone. one thing you heard that was interesting, there is no hurry. you do not have to rush. seven days into deliberations to christmas and new year's, he is saying, take your time. what do you make of that? >> what you're seeing is the judges can't interfere with the jury's deliberations. that is why we do not know more about these counts, even though the jury has come back and said we're stuck on these three. he's not allowed to even ask what those three are. he is not allowed to metal.
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-- to meddle. he's deferring to the jury make giving it time and space to make a decision that is also consideration on the appeal. the judge does not want her lawyers to find something wrong or the prosecution to find something wrong with what he has done. he's saying that, and that's what he has to do it of course, he is the only one saying that, because there are all kinds of reasons why everyone else wants this to finish quickly, not the least of which is the virus. we're all hoping nobody gets sick here. and a verdict is reached before something bad happens. in that respect. emily: we are also all in the middle of a covid surge. i will let you run into the courtroom. again, that note going to be read in 20 minutes. the jury has sent a note to the judge. the jury that is deliberating the fate of elizabeth homes. we're going to find out what they have said there momentarily. coming up we get a lot more on apple's latest milestone, plus
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find out why cex is still pushing ahead is more big-name companies pull out of in person attendance. that is next. this is bloomberg. ♪
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emily: let's return to our top stories. apple briefly rising above the $3 trillion market cap. we did not miss this. what's your take? >> if you wait too long you may have missed it because it only lasted for a few minutes. obviously, this is a major milestone for apple. the u.s. co., technology giant, any company to ever hit the $3 trillion market gap. it is a testament to how the company has grown since tim cook
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took over. steve jobs like to say in the past that he was proud he could take a small table and set every apple product on that small table. a lot of these companies, hp and samsung had tons of products so -- there are several different types of ipads, apple watches and air pods now. they have been expanding the product line to get new users and that is one of the big reasons why they have grown so much so quickly. emily: well, 2t just last year. we'll have to see if 4t comes this year. i want to ask you about ces, because we had a couple more high profile pull outs. pelonton saying they are not going to the in person event. who is going to be at ces and why are they still hosting the show? >> i have three big names, samsung, qualcomm and soni. those are the three big remainders.
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samsung will launch a new phone later today. we will see new chip announcements from qualcomm and a slew of new tv's from sony. so, lookout for those but most companies are either not participating or sharing their product announcements from home. emily: does this say anything about the future of the show or is this purely a covid-related slump? >> i think there are two goings-on, it is covid-related for safety purposes but two these companies know they do not need ces to get news out, they are able to reach consumers and media and consumers online. emily: we will be watching what remains of the show through this week. tomorrow we will be speaking with the president of the consumer technology association, gary shapiro. he'll ces ces talk to us about. also want the show, renée james, ceo of a semi conductor company. that does it for this edition of "bloomberg technology." i'm emily chang.
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this is bloomberg. ♪
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♪ >> good morning. i am paul allen in sydney counting down to asia's maker jor marczyk opens. >> our top stories, investors brave risk despite the virus threat. treasury yields surge. omicron cases soar worldwide but more studies suggest that the


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