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tv   Bloomberg Technology  Bloomberg  July 20, 2022 5:00pm-6:00pm EDT

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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.
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emily: this." coming up, tesla shares jumped after better-than-expected results showing the carmaker is getting production back on track. tesla making more ev's in june than any other month and the company's history. we will dig into the numbers. netflix shares rally after the semi giant lost only one million instead of 2 million subscribers. could this shift in investor sentiment we markets as earnings rollout? and it is game on for the influencer marketing house. a board member via spac. why now? all of that in a moment. i want to get to stocks rising in part lifted by netflix seemingly seeming in the right direction. taylor begs here to break it down. this is when there's a one
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million subscribers is a good thing. >> we are managing to turn that around and it did leave the market here, 20 think about technology, a performer, outperforming the stocks index. the russell 2000 also a big outperformer. it was another day of green on the screen. coming off of yesterday, which was a broad-based rally as well. it has been one of the best post earnings reactions on a broad-based index of where we are so far in this earnings season going back since 2009. we have come down so hard, you think netflix, by the way, finally getting a positive post market reaction. that is something we are watching after in the middle of this quarterly earnings season. you mentioned individual stock names. netflix was one we were watching, managing to do pretty well. we are looking at carnival,
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lower by 8% on the section, announcing a share sale, selling some shares, and that is pushing the shares lower by a percent -- by about 8%. mccallum announced a re-opening for the casino. then tesla was a big one. i know you are all over the story. was much higher earlier. coming off those gains a little bit. you are up 0.5%. the numbers look pretty good. emily: we are going to talk about that more now. taylor riggs, thank you for that update. i want to bring in steve westly, also former longtime member of tesla's board. i know you are liking what you see. investors seem a little lukewarm. what are you thinking? steve: it is great news for tesla. everybody thought it was going to be a soft quarter. there were supply chain issues,
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closing the china facility. we saw 254,000 units delivered, 53,000 increase year-over-year. big surprise was revenue and profitability. they hit $16.9 billion. the biggest news is largest car deliveries in history in june. they are ramping up at the back end of the year. they are on track to deliver 245,000. i think they are going to hit 500,000 in q4. analysts were predicting profitability of a dollar 81. they hit 227. we are on track for record deliveries, record profits. tesla has manufacturing capability and supply chain relationships no one else has. someday, they not be king of the hill but for the next year or two, they are looking strong. emily: they did not change their production forecast.
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they say they will make 1.5 million vehicles. can they make twice as many vehicles as they meet in the first half of the year in the second half of the year? steve: without a doubt. most other car companies have one electric plant going online, maybe another one in two or three years. tesla has four plants up and running. california, austin, shanghai, berlin. all four are running -- austin and berlin are going to be pumping into big numbers by the end of the year. that is only part of the story. the other part is the biggest component in electric cars is the battery. tesla was the first to bring battery production in-house. with their technology, they appeared to be the technology leader. they are taking the cost per batteries come down fast. on top of that, theaters are providing over the air software services that are dropping
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bigger profits to the bottom line and the big story is profitability was way beyond what analysts thought. a lot of people say, this tesla stock price is crazy, this is an anomaly. the fact is, if you are growing 50% a year for these big numbers , you are more profitable than any other competitor, you are going to have a share price that is the envy of the industry. emily: a big story from our auto team, ford is planning to cut 4000 jobs out of the gas-powered side of the business to fund the ev side. jim farley has been serious about taking on tesla and his admiration for tesla. how well positioned is tesla compared to ford, rivian? seth: americans -- steve: americans want to know
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how well gm and ford and rivian are doing, but to be honest, they are behind. they came late to the game. they should have started years ago. general motors has been making electric cars for 11 years and they were only able to make 25 thousand last year compared to tesla's 925,000. they have a long way to go. that being said, rivian makes a great truck, but they are laying people off. they have taken their production numbers down to 25,000 well tesla is ramping their predictions up to 1.5 million. the real people to look at, they saw the writing on the wall. he took battery production in-house early. they have deep pockets, factories on multiple continents. then there's the chinese. most americans never heard of a chinese auto company, but dyd,
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and others are going to be coming to market 4023, 2024. they are moving faster than any other auto company except tesla. the chinese are subsidizing auto costs. they make good cars. expect global competition. it is good for the consumer but there's going to be a shakeup. electric vehicle companies are coming to market, we may be heading into a recession, more cars, fewer buyers, we will see who ends up on top. keep an eye on tesla, volkswagen, and the chinese. emily: is the china problem going to go away? you still have this locked down, quarantine, excuse me, and shanghai, and the unpredictability of a pandemic where the chinese government could once again make production difficult. steve: the two issues, one is the covid one, what the chinese do that others cannot for a lot
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of reasons, the chinese bring the entire workforce, 8000 people in-house, and they will sequester them so they do not get exposed. i think the covid issue gets solved. the bigger issue is the geopolitical issue. xi jinping, who was reconfirmed as the new chairman of china, has said he intends to reunify or invade taiwan at some point. if you see that happen, china has a huge part of its production capacity tesla has in china. there's a lot of issues. right now, what investors need to look at, who is selling the most, who is going fast, the answer is tesla. who is getting the smartest and bringing battery costs down and doing more, selling more software services? the answer is tesla. these are not secrets. volkswagen, chinese, others will catch up. it will be a question of who is flatus of foot.
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emily: how big a problem this the twitter saga? twitter is not going to let this go away and tesla investors have not been pleased about the commitments elon musk made. now he is tried to pull out of them. steve: tesla and elon are making great cars, i hope they stay focused on that. twitter has been a diversion and the more they can stay focused on executing -- whoever wins the electric car race is going to own a 50 year franchise. tesla is sitting pretty now but a lot of people are coming after you. we will have to be on our toes and i hope tesla is up to the task. emily: steve westly, thank you as always for your insights. coming up, after twitter wins round one against elon musk, what is coming in round two. the swarmer -- the former cfo of
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twitter will share his views of the saga and the recent market meltdown next. this is bloomberg. ♪
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emily: october is when twitter and elon musk will face off in court. will twitter succeed in forcing elon musk to do the deal and is that good for twitter? for more insight, i want to bring in ali rowghani, former twitter cfo and coo. what is your take?
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twitter won round one. that potentially means they have the upper hand. is that good for the company? ali: i think it is good for twitter shareholders. especially seeing a selloff in technology stocks over the past couple months. the deal is richly valued in today's terms. i expect twitter to prevail in court. the agreement is pretty ironclad as i read it and what is lawsuit is clear. if you beat at, you find it pretty -- read at, you find it pretty compelling. elon musk agreed to by the company even in the case of a market downturn. i think this is going to go in twitter's direction which is good for twitter shareholders. but my own personal view as i said last time i was under program, i'm not sure it is good for twitter the service. i don't think twitter being
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owned by a single person, or take their the one whose public statements have indicated a lack of a deep understanding the way the platform works, artillery the -- particularly in areas of trust and abuse, i'm not sure that is good for twitter the service. that is my view. it has been pretty consistent. emily: let's talk more about why. let's say elon musk is forced to do the deal, he owns twitter. he could turn around and sell it. that is a possibility. if he is forced to do this deal, then what? ali: it is awkward to force someone to buy something that they are saying they don't want. i don't know how he reacts. one thing elon has proven is he is unpredictable and quite, you know, extreme sometimes and what he wants to do. your guess is as good as mine. if he is forced to buy twitter.
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what happens if i were to speculate is it will lead do some kind of renegotiation where you would have some kind of face-saving outcome where he could become a happy buyer again. i don't think he is going to get out of this. i'm not a lawyer, but my read of the documents, that is what i believe. maybe there's a compromise where he pays a little less for it or the terms are altered or he ends up being a happy buyer again and we will see what he does. i would be surprised and i think it would be a terrible outcome for everyone involved if he buys and turns around and looks for a new buyer. i think -- in any case, my view of twitter is it is too important a company to be a hot potato that is jumping from one person's hands to another, going private, going public. if he buys it, i hope he is serious enough about making the platform better and helping it
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to reach its true potential. that is everyone's hope. i have my fingers crossed that that happens. emily: part of the reason this is a "good deal" for twitter shareholders is the market has plummeted. putting on your y combinator hat , you have been the cfo of big public companies, how bad is this for silicon valley? how lasting is this downturn and what does it look like as an inflection point when we look back? ali: i think it is important to put it into the right historical context. we went through a remarkable period in 2020-2021 in terms of technology stocks where the covid -- the changes in the covid economy benefited a lot of tech stocks and there was a feeling that everything was moving to the internet immediately. we saw a historic run-up in
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technology stocks with stocks trading at multiples that have never been seen before. everyone was expecting a correction. perhaps not one that was as rapid and severe as what we have seen but everyone was expecting a correction. there are a lot of companies, technology companies, recent ipos like doordash data dog, they are wonderful companies. i think if you zoom out, my expectation is that this will be, like other things, like other recessions and times of market turbulence, we will be -- it will be seen as another one. perhaps the slope downward is sharper, but nothing fundamentally alters the view that technology is changing society and that technology companies that are driving that will be valuable and there are more of them to come. our portfolio companies like striped, those are some of the
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public stocks. the stripes, etc., there are a lot more amazing companies that have great businesses that will continue to be disruptive and will be amazing assets. emily: it is interesting you mentioned striped. they have been in the news for an internal reevaluation. the cofounder of y combinator as default alive. who do you think survives, re-think dies in this downturn and how is that informing your investment decisions now? ali: almost every private company that has a reputation that people have heard of, i think they all survive. the reason is the markets have been so frothy, almost every promising technology company in the mid to late stages is extremely well-capitalized. these are companies that have
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raised hundreds of millions of dollars. there has been some downsizing and adjustments, but in both cases, those were done not because the companies were under duress, but because they said, this is an opportunity for us, given the economic climate. everyone will understand. i don't expect for mid to late stage private companies, for there to be a bloodbath at all. i expect modest belt-tightening but almost all these companies are going to continue to invest in growth. emily: that is a more optimistic view than we have heard. ali rowghani, managing partner at y combinator, great to have your thoughts on the show. ali: good to be with you. emily: bytedance has dropped significantly in terms of its valuation. the company now well below the $300 billion market, down at least 25% since last year, the
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plunge underscoring worsening sentiment around china stec giants -- china's take giants. coming up, apple making the case that it is going to be a leader in health tack, even if it is not already. could this drive the next era of profits for the iphone maker? we will have details next. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create
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emily: apple is arguing that it is now a major force in health care. it has published an almost 60 page report outlining its health features and partnerships with various medical institutions. the apple watch dominates the market, the device is not always gotten do health features as
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quickly as its competitors. tell us about what is in this report. >> this is a nearly six to page report and i rarely see apple do things like this. typically one they want to tout their initiatives, the mckinney website for it, they put out an event or video. this is more of an academically focused report, is not for consumers, that showcases the health and fitness and workout related features across the iphone and apple watch and the rest of the ecosystem. it dives deep into how the futures work, they talk about the research studies, they have sleep studies, walking studies, heart studies, and how that works together in concert with medical institutions and partners globally to produce new features for their products. emily: i cannot remember a time apple has done this previously. what does it say about their plans for the future?
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how will health tech increasingly be integrated into all of my apple devices? mark: it is fascinating. i think health functionality will spread to apples future products. the airpods, virtual reality headset, augmented reality glasses, you are going to see health integration probably in all of those at some point. maybe one day your airpods bill tell you your heart rate or body temperature. maybe you will have health workout functionality related to apples headset, just like meda has -- meta has. the apple future of health is strong. they are going to add a body temperature sensor to the apple watch. two new models with that feature , tell you if you have a fever. there will be women's health features specifically. by 2024, 2025, apple wants to release a blood pressure future, something samsung and others have had.
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apple needs to get in that space. they are invested in an r&d project to bring blood sugar monitoring to the watch eventually. emily: buying peloton or has apple led to ship sale? mark: i think the ship has sailed on apple buying peloton. unless it gets to an absurdly low price and apple finds a way to integrate it, i don't think peloton is necessary to apple. apple could start producing bikes and treadmills at a cheaper cost than what it would take to buy peloton unless there is a fire sale. i think they would rather integrate their features into their existing ecosystem rather than add that expensive business . emily: all right, mark gurman, covers apple and peloton for us. after losing more than one million customers in the first half of the year, the message from flix is clear, it could have been a lot worse. we are going to talk about how
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netflix tends to cut its losses and if it will work. plus, and e-sports company bates is nasdaq -- makes its nasdaq debut. this is bloomberg. ♪
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>> a single thing like stranger things, but we are talking about losing one billion instead of 2 million. in some ways, losing one million
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is a success. but we are set up very well for the next year. emily: welcome back. that was netflix co-ceo reed hastings on the earnings call i'm going to get to. the netflix relief rally after it over promised on subscriber losses for the second quarter. james, good to have you back on the show. it turns out overpromising in this case was a good thing. but how good a thing? how confident are you that netflix can continue to cut its losses? >> i think it is going to be difficult. they have a lot of battles to contend with. when you look at the stock and the reaction, what a difference a quarter or two makes. we are seeing a shift in the tone of the market. netflix was a company that only traded on subscriber growth.
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what is the sub number? that was the sink of the metric that people looked at. now you have a decline in subs and downward guidance to the third quarter subs. so there is clearly a shifting sentiment and re-prioritization as to what the relevant metrics are and it is looking like it is going to be monetization over the number of subs. emily: the markets took a turn in part because of netflix's loss in subscribers three months ago, which was unprecedented. do you think that this shifting sentiment will buoy markets over the next six weeks? james: near, absolutely. the sentiment has become so bad and the bar so low that you are going to see some level of relief.
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we are not out of the woods as it relates to inflation, what the fed is going to do, but i think these have come down too much. what you are going to be seeing is increasing appreciation for mean reversion and what i mean by that is these companies put forward so much demand during covid, then you have growth drop-off in the last couple quarters where it looked like, is this a structural change in the growth rates were demand is slowing, or is this a mean reversion where we are going to revert back to the original growth curve? i think what investors are starting to appreciate is that we are just coming back to the original growth curve and these companies can and will grow the way that we thought before covid and in some cases, like amazon, microsoft, apple, potentially even better than they were before covid. as far as netflix is concerned, this is still a company -- the
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advertising is not easy. you are contending with juggernauts like amazon, facebook, google. you think about the level of differentiation you has -- you have as a service. it is not that much. we put netflix in the bucket of old media and it should be valued at such. emily: if the streaming wars are turning into an ad war, who wins? there's netflix, hbo, disney+ that are experiment and with advertising. on the other set, facebook and google has been doing this for a long time, and snap. james: amazon, apple, facebook, and google will to continue -- will continue to commend great share because they are platforms which provide great safety nest for their customers and great targeting capabilities from the
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data they collect. but i do think it can become increasingly fragmented as other outlets explore their advertising capabilities to better monetize their businesses. ultimately, we see the life of amazon gaining a disproportionate share and it flicks having to contend with everybody else and when you think about the data they have, how is it more differentiated than what a linear television station is? emily: interesting view. we will continue to cover all of this. james cakmak, thank you. meantime, faze clan is one of the biggest e-sports companies with 11 competitive teams in games like counterstrike and fortnite. the company has started trading on the nasdaq. faze clan, a gaming lifestyle brand that is not popular with
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younger audiences and includes a personality streamers and content creators like snoop dogg. the ceo joins us now live from the nasdaq. good to have you here. everybody thought they go public window has been sealed shut for the foreseeable future. why did you decide to rip it open? >> thank you, appreciate you having me. big day for gaming, great day for gen z. talk about gen z, the timing is actually prescient. because gen z is rising to power not only as a cultural driver like all youth generations are, what they are eclipsing their drivers as just culture into changing how we transact, changing how we consume. by the end of the decade, they
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are going to have $33 trillion of spending power. what we are seeing is this ascendancy of gen z that we typify that as the first gen z date of public company to go public. the timing feels perfect. emily: shares to drop some 25% or so. do you still think the timing is right? lee: the timing is definitely right. the reality is this day is about the launch of a first gen z native company going public. it is not about the market conditions today. we are building value for the long-term. check in with us at 12, 18, 24 months. we are building value for our communities, shareholders. we will just be building for the long-term. emily: faze clan is at the intersection of some volatile industries including e-sports and web three.
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talk to us about what makes this cocktail where you sit in business so unique and valuable. lee: we sit at the intersection of technology and culture. that is what we did starting in 2010. gaming sits at the intersection of technology and culture. i don't think people understood that, that gaming is culture. gaming culture had become youth culture overall. we have been pioneers at that in our plan is to continue to pioneer and a great example is web three which happens to be let in driven by culture at the moment. we have been positioning ourselves amongst the blue-chip companies and brands within web three and we see our opportunity to bring the massive gaming community, which is not yet in web three, we see the opportunity to build that bridge and usher in that gaming audience, not only our 500
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million plus follower network, but they gaming community at large into what will be a colossal part of our future that will disrupt not only what you have seen so far in art, but web three is going to impact commerce overall. we positioned ourselves to bring our generation into that and we see that as an amazing opportunity. emily: but don't investors understand about how gen z is going to change things and how to capitalize on these trends? lee: what we have seen so far is the way they consume content. they have moved away from the traditional spaces of content, heavy on youtube, heavy on internet, heavy on twitch. that is the beginning of the change, that is not the totality. gen z demands something different from the brands that
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they support. gen z wants to be treated as a community, not a customer. at this point, i hesitate to use the word customer because it feels pejorative from the gen z lens. i think the majority of traditional companies do not understand it, they do not understand that seachange, they don't understand that gen z is rising to power in a different way. by the end of the decade, 33 trillion dollars in buying power. another sign of this is this election, we are seeing the first gen z candidates for congress. there's is a massive seachange coming. i think a lot of companies are not quite prepared for the amount of change required to treat their customers as their community. we speak the gen z language natively, we have been leading gen z on the culture side, and
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we continue trink, we will continue to watch you. thank you. test earnings calls still underway. elon musk stating the company has the potential for record-breaking output in the second half of this year. it would have to be record-breaking if they are going to make their own targets. he says the tesla cyber stock is on track to debut next year. we will listen in and bring you the headlines as we have them. coming up, we are going to talk about the crypto billionaire's spending spree and his intentions behind it in the middle of a crypto winter. this is bloomberg. ♪ >> i want to be doing something
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emily: it is time for our crypto report as we look at one of the most prominent figures in the industry. that is sam bankman-fried. over two weeks in june, the crypto billionaire bought two companies, propped up the crypto platform, and tried to save voyager digital with a large loan. he committed about $1 billion in the midst of a crypto route that has wiped $2 trillion in market
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value out in eight months. that spring and hannah miller now for more on today's big take. it is fascinating to see how ambitious and seemingly successful spf has seemed to be but there are competing views of him. is he the messiah or is he a shargh? >> you have people calling sam bankman-fried the patron saint of crypto, that he is bailing out the industry, swooping in as a white knight to save struggling companies. on the other hand, you have people see him as a robber baron consolidating power and control over the industry. emily: so he spoke at our bloomberg crypto summit this week. i want to take a listen to what he had to say. >> certainly the asset price decline is a strong sign that
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crypto and a lot of fintech, things are too light on use cases and there's a lot of handwaving going on on this case is and financial modeling. emily: talk about his view on this market downturn. clearly he is more optimistic than the markets would suggest, but is he right? hannah: so he is protecting customers above all else within this industry. he is looking to swoop in, help people. he believes this is an industry with extremely strong long-term prospects. while feces opportunity from buying companies, bailing out others -- while he sees opportunity from buying companies, bailing out others, he thinks he can remain -- he thinks he can make sure
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customers about the assets remain safe. we know ftx and ftx you as our focus on raising funding -- ftx u.s. are focused on raising funding. venture capitalists have cooled down on the industry in light of crypto winter. it is fascinating to see that he still has confidence, he can raise funds at high valuations. he is also eyeing assets of distressed companies. emily: you've got elon musk who at one point was also considered a sort of crypto savior coming out and saying tesla sold 75% of its bitcoin purchases, turned that into cash. do you expect something like that to have a continued negative effect on the industry, or can the optimism of bulls win
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out? hannah: i think sam bankman-fried's support for the industry shows that there are people who have confidence in it. he also has eyes outside the crypto industry. he has talked about buying goldman sachs and he was eyeing a potential takeover of robinhood. he sees mainstream finance blaring with crypto. while big names like elon musk may be vamping on their enthusiasm for the industry, it seems like those within it have the confidence to branch out beyond it and are still confident about long-term prospects. emily: i'm sure there are more twists to come. hannah miller with this week's big take, thank you. coming up, we are going to look at health tech. we are going to get insight on
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all things health and investing in the midst of a market downturn. that is next. this is bloomberg. ♪
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emily: the pandemic has changed how we look at health care and the digital health landscape was a booming industry through covid-19. where are we now? let's look at the future of health tech with deena shakir. there's been a lot of optimism about the future of health care technology in part accelerated by the pandemic. we have also seen some companies like cerebral, other companies that have had layoffs, coupled with this downturn. how optimistic or how bright is the future? deena: bottom line is i am still
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incredibly bullish. health care is recession proof. human health will always continue to be a big sector. humans are not going anywhere. we will continue to give birth to get sick, and died, and about the pandemic may have accelerated growth in certain areas, it also opened up opportunities for the key stakeholders in the industry. emily: how is the downturn impacting the industry impacting valuations? i'm sure companies are struggling. deena: we are not immune from the macro at all and health tech in particular, given that it is service oriented it, is affected by it, particularly at a later stage. there is still a massive influx of funds that venture funds are raising focus on health care. they report this morning documented that and is on track to be the third-highest year of venture fundraising in history. there has been a slow down in
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dollars deployed to health care. it is the late stage companies that will succeed. emily: apple came out with a 60 page report detailing its role in the health tech industry. is apple going to own this industry as a device maker? deena: this has been a question for health care i.t., is it going to be apple, google? what role does facebook play? there is no denying especially with apple watches that there is a massive consumer trust in apple and ios and it will be interesting to see how providers step up to integrating this data. if they can bridge that gap, they could be something industry -- interesting. emily: obviously, the overturning of roe v. wade, how does that change where do i thinking about putting your money and your view on this industry? deena: we have been long-term investors in women's health and
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women's health is population health. this overturning has been a sad moment not just for women, but all of us. it has also been a moment where employers are stepping up to the table, where we have seen companies taking stance, finding their care of a mentor cross state lines if they need to to receive the care we need. one of our companies is serving nearly half of the fortune 50 companies. it is seen an increase over months in terms of the sales opportunities for companies you want to do more for their women and their families, who want to address the maternal health crisis that we face where women today are 50% more likely to die in childbirth than our mothers before us and that is three to four times if you are black or a woman of color. emily: one of your companies was on the show and she talked about maternity deserts, pockets of places across the country that
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do not have adequate care. deena shakir, always great to have you on the show. thank you for stopping by. we have been continuing to listen into the tesla earnings call. elon musk has been talking about his decision to sell the majority of the companies stated bitcoin. -- company's stake in bitcoin. >> the reason we sold a bunch of bitcoin holdings, we were uncertain as to when the covid markdowns in china would alleviate. we want to maximize our cash position given the uncertainty of the lockdowns in china. emily: he also said he is open to increasing the bitcoin position in the future and he said he is holding on to his doge. tomorrow, we are going to be speaking with at&t's co, that will be a big one, he will be talking about earnings and the
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state of the wireless industry. don't forget to check out our podcast wherever you got your podcasts. this is bloomberg. ♪ as a main street bank, pnc has helped over 7 million kids develop their passion for learning through our grow up great initiative. and now, we're providing billions of dollars for affordable home lending programs...
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