Which trains olympians. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im Alisa Parenti. This is bloomberg. Bloomberg technology is next. Emily im emily chang. And this is Bloomberg Technology. Coming up, paul cant slapped with a massive fine qualcomm slapped with a massive fine. Plus, more highlights from the World Economic forum in davos, including our conversations with bill gates and the ceos of Morgan Stanley and the nasdaq. Intel gets ready to report its fourthquarter earnings. We will take a closer look at the impact to its bottom line. First, european regulators have slapped qualcomm with a 1. 2 billion fine for anticompetitive practices. 201 to 2016, qualcomm paid apple to exclusively use its chips in their products. Qualcomm pushed out rivals as a result. Our decision found that qualcomm cemented its decision by illegally shutting out rivals from the market for over five years. Appealualcomm pushed qualcomm o this decision. The company said, we have a strong case for judicial review, and we will immediately commence that process. Lets bring in editor at large cory johnson. Expand on what the European Commission is saying qualcomm did. Cory the European Commission is suggesting that qualcomm it legally used its market power to pay off apple qualcomm illegally used its market power to pay off apple. Emily why would apple do that . Cory the argument here is that intel, by not having a shot, couldnt have developed a better chip. Go sure the people wanted to at apple wanted to go with the best chip they could at a better price. They were paying off apple to keep competitors out. That not only kept intel chips out of apple phones so many apple phones with one kind of qualcomm chip in it means that two things happen. Qualcomm lowers the price of production. To otherthat shifts phone makers, keeping intel out of the mobile phone business which has been a running, theme for what weve said about intel for the next seven years. Emily they say there will be no repercussions for apple. Why not . Cory apple is getting a lower price. They have decided not to punish apple for being in collusion with this. Were the beneficiary of qualcomms plans. Emily is this something that could they could face a penalty for in the United States . Has taken a much stronger stance in regard to anticompetitive prosecutions. Weve seen cases, particularly against google and now qualcomm, where the eu has taken a much stronger stance than the u. S. Has. Weve seen the eu willing to take on these companies with the notion that competition ought to be better than it is. Qualcomm plans to appeal. How likely is it that would be successful . Cory who knows . Qualcomm is fundamentally built on the basis of lawyers, more than any other big semiconductor. Qualcomm is a company that is fundamentally built on creating technology, licensing that technology, and using lawyers to make sure they extract payment for those technologies. They are designed for a need for speed in the courtroom. Emily what makes this even more fascinating is that qualcomm and apple have recently been at each others throats. How does that play into this . Cory apple wants to continue to get lower prices. Apple wants to continue to fight for the lowest price they can get from any competitor or supplier. They have beat them all up. They will beat up the biggest. Thats where the battle is being waged. Qualcomm is in its own existential battle, trying to fight at hostile a hostile takeover by broadcom. Qualcomm attracts these massive fines. Big problems in pursuing their license agreements. Qualcomm not paying. That has been an ongoing issue for them in china, the most important market for them in terms of where phones are made. Big problems in pursuing their license agreements. It might suggest qualcomms behavior they are so big fromng them separate radcom, they might make the argument from broadcom, they might make that argument. Emily broadcom is trying to buy qualcomm. What does this show for that bid . Cory are they going to have to pay it . Is it going to imperil their business Going Forward . The lower the stock goes, the easier it is for from radcom, they might make the argument broadcom to take over this company. Whether customers will stand for it is a whole different thing. The eu seems to be saying, we want more competition. Selina mer a merged qualcommbroadcom is not more competition. The eu is suggesting they might not be for that for big for that big merger. Emily cory johnson, thank you. The latest revolving door, meg whitman, stepping down at hpe february 1, joining the new mobile Media Business founded by jeffrey katzenberg. Whitman starts as new ceo in march. The company will be based in l. A. And aims to bring quality. Hollywoodquality to videos lookout for new features this spring when apple rolls out a Software Update. What you can expect, next. Technology, five a clock p. M. In new york. 5 00 p. M. In new york. This is bloomberg. Emily emily apple plans to release a Software Update for the iphone in the spring. Animated image he animated emojis, plus a few other features that have been in the works. Mark gurman has all the details. What features are you anticipating the most . Mark this new option to disable the battery throttling feature. Remember the controversy we were talking about . Software update last year that intentionally slowed down older iphones in order to have them not reboot, because batteries, as they age this adds longevity to batteries. Emily a. K. A. , batterygate. Mark whatever you want to call it. Now you will be able to turn that feature off. Emily that means you will what . Mark if you have an older iphone and you dont want it to slow down anymore, you can turn it off. But apple will say youre putting yourself at risk. I think turning it off wont i think turning it off wont expect affect most people in practice, but we will see in a few months from now. Emily there are some new health features. Tell us about those. Mark it allows you to access your Hospital Health records on your phone. Before, you could get your Health Information from the apple watch, from the sensors in already, and thirdparty devices that integrate with things like fit bit. Now you will get information from your hospital, lab results, doctors notes, whatnot, through the health app. There are a few big names across california, new york, pennsylvania. Im sure they will add more hospitals as time goes on. Emily how difficult is it to get these hospitals on board . They need to copy operation the cooperation of the medical field, which has been slow to take on new technology. Mark if you have a doctor in california who has the same server, the same system as a doctor in, say, ohio, you can go andn ohios Doctor Office get all your information, but the key is dealing with different networks. Apple is not going to put a softer update out to 1 billion people that could impede on privacy. Emily new features for reality, correct . Mark they have a arcade 1. 5 have a. R. Kit reality, 1. 5. Say i have an animated version of you and i want to project it on my door. I could do that now. Emily and homepod, which was delayed, is now coming out next month. Mark about a month and a half delay, give or take. Emily not huge, but they did miss the holiday season. Mark they did miss the holiday season. Tim cook told you we would be able to judge it for ourselves in a few weeks. Emily what do you make of the fact that this was delayed . Mark its unfortunate. This is the second year in a row where they had to delay a major new audio product. Two months delay for the airpods, now the same for the homepod. I dont know if this is the start of a new trend for the company. It seems to be isolated to accessories. Every time apple comes out with i feel likeory, there is something going on with their ramp up. We will see if it happens with the next one. Emily mark gurman, thank you so much. Now, to another story we are watching, soft egg is leading another mammoth softbank is leading another mammoth funding round. This time, the investment goes to a littleknown Technology Startup looking to shake up the building industry. A fund which made about 100 investments last year, totaling 36 billion. Joining us now from seattle, dena bass dina bass. This is a lot of money for a littleknown company. Dina katerra is trying to do what they say uber or airbnb did to the hospitality and the taxi industry. They are trying to Bring Technology and software and standard processes to the Construction Industry in an effort to reduce costs, speeds things up. They are doing they basically want to control every aspect of the process, from architecture to interior design, through to standardizing building and construction work on the jobsite, in an effort to make things go quicker and be more profitable. Emily so, what if does this signify for softbank in terms of their portfolio . They have invested in uber and slack. Dina it looks like they are looking for interesting opportunities in a variety of industries that, in some ways, havent changed in many years. Late last year, they made an investment in real estate technology, so that shows an interest in trying to come up with a way to benefit from startups that want to use technology to revolutionize the building industry and take advantage of the real estate and construction boom, the housing boom in many parts of the u. S. Emily what are some of the challenges facing katerra . Dina its interesting. Most people probably havent heard of it, but it has some pretty highpowered backers and founders behind it. Their chairman what he is best known in the Tech Industry for is having built up a company which did something similar in the Electronics Industry to what katerra wants to do in construction. They became this massive company, making Electronic Devices and gadgets for other companies, things like xbox or hp printers. The Construction Industry is similar to the electronic industry. There are a lot of ways in which katerra wants to do the same thing. There are ways it is which ways in which it is much more challenging. The Construction Industry faces a lot more variation than the Electronics Industry in the side. Ing an you have over 1000 100,000ies municipalities with different weather, different requirements. Katerra is trying to preassemble a lot of materials, saying things like counters or cabinets or the exterior and interior wall but they still have to do a lot of construction on site. The Construction Industry is facing a shortage of skilled workers, so thats a challenge for them as well. These projects also take several years. Sometimes they run out of money midstream. Know how, when will we successful softbanks fund is . Obviously, they are making big bets on a lot of companies, really big bets. At what point doing know if this is really paying off . Dina i dont know. They havent even finished off the whole fund. This fund is targeted at 100 billion. They have started making investments. Think itsaterra, i too early to know whether that one company in the fund will be successful. The companys chairman told me they are at 1. 3 billion in bookings, and he predicted it might be 10 billion in revenue in a decade. Thats a huge bet, but it is still early days just for that one company. Add in the other 99 or so companies that softbank has invested in. There are some Big Companies in there, some big names that seem to have a fair bit of success and of the and others a lot of potential. Its a lot of disparate areas as well. Emily obviously, i know we will continue to follow softbank across the map. Dina bass, thank you as always for stopping by. Coming up, more from bloombergs coverage in davos. And if you like bloomberg news, check us out on the radio. Listed on the Bloomberg Radio app, bloomberg. Com, and, in the u. S. , on sirius xm. This is bloomberg. Getting out of the bitcoin business, the Online Payments Company says it will stop processing Bitcoin Transactions on april 23. The company says bitcoin has become less useful, explaining that transaction times and fees have gotten longer for the cryptocurrency. James gorman says bitcoin isnt going away, but he does have some reservations about the frenzy over the cryptocurrency. He spoke to John Mickelthwait at the World Economic forum in davos. Bitcoin is not going away. Its not a fad. But the aggregate market cat market cap of bitcoin globally in terms of you, athey could buy majority stake. Listen, we think we are an important institution, but we dont deserve the kind of price that bitcoin is getting every day. Bitcoin is punching above its weight. It is speculative, filling a need at the moment, but it is not fundamentally you, a majority stake. Changing the global landscape. For the average investor, they are not investing in that kind of speculative instrument. Another big theme youve talked about is automation. All these things people are beginning to ask about. Do you think in Wealth Management and Investment Banking you are relatively safe from that . To the core question of automation and other related topics, i was asked by a journalist recently about how much i focus on competitors. I said, obviously, youre in the same industry, you have some focus, but its not what we get out of bed worrying about. I worry about ai, about automation, cyber risk, digital. All of these new technologies coming to the market at the same time are transforming the way business is getting done. We try and look at each of our businesses, back to your core ,uestion with m a highpriced, highly complex global transactions, it is hard to automate that. Its hard to build an expert system about how to advise aboard. The electronic trading in equities has long been going on. Increasingly in fixed income. With Wealth Management, the evolution of the Digital Space is not new. Since schwab, ameritrade, these firms have been around, they have been providing Digital Transaction and advice for 2. 5 decades. But its going to continue to cause firms like ours to provide both human capability and best in class technical capability. Emily that was Morgan Stanley ceo james gorman. Nasdaq ceo Adena Friedman joined bloomberg, speaking to Erik Schatzker about the Company Working on cryptocurrency futures. Take a listen. With we have been working the industry and with a great partner to look at whether or not its the right thing for us to do. And i think that we are still evaluating that. We have been talking with the industry to say, is this something we have two Bitcoin Futures out there. Is there something different, a different construct . Would that be of interest to you . Would there be demand . If youre going to create a product, you want to know that people are going to use it and use it to differently than how its being used today. We have to selfcertify as a Futures Exchange for this. We would use our slices to do that, but we have to make sure, from a Risk Management protective, we are fully prepared Risk Management perspective, we are fully prepared. Appealing,it seem, regardless what you think about crypto as a meeting medium of exchange or a stored value . Adena i think Digital Currencies and cryptocurrencies will have a role in the global economy. The question is, will they mature to a state used for the transfer of goods. In the meantime, there is a lot of demand out there for that indicative price and that ability to trade it. Its a matter of can we create a construct that is unique enough and different from whats already there. Erik would you think about providing a futures contract for something other than bitcoin . Two exchangee traded notes listed in our nordic markets. Thereum. Other is bitcoin. Holistically,more not just that one. Emily that was nasdaq ceo Adena Friedman in davos. Broadcom created the potential for a giant in global chips. We will discuss the impact on apples supply chain. If you have a holistically, not just that one. Emily that was nasdaq ceo adena bloomberg, check out the bloomberg terminal, tv. Watch us online, click on our charts, and interact directly with us. Go to tv on your terminal. Contact us on twitter. Byck out tick tock bloomberg. This is bloomberg. Alisa im Alisa Parenti in washington, and you are watching Bloomberg Technology. Here is a check of your first word news. Willrump Administration Delay the release of the fiscal year 2019 budget until february 12, a week later than expected. The budget typically arrives in congress by the first monday in february, which falls this year on february 5. Blamed the Government Shutdown for the lost time. A court in brazil voted unanimously today to uphold the corruption conviction of former president lula. Fromuld prevent him participating in president ial elections scheduled for october. Lula leads the polls by a wide margin. His lawyers are promising to appeal. Declaring that france is back, Emmanuel Macron argued it is up to the global elite to narrow inequality created by capitalism. That gives me a special responsibility, the responsibility of building a france that is prosperous and open to the world, but also a ofnce that is capable recognizing and standing alongside those who have been forgotten and left behind by globalization. Alisa global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Im Alisa Parenti. This is bloomberg. Just after 5 30 p. M. Here in washington, it is 6 30 on thursday morning in hong kong. The are joined by bloombergs david ingles we are joined by bloombergs david ingles. David good morning to you. Ive got a look across these markets. We are getting underway this thursday morning. Lots to consider already this early. Youre looking at a massive dollar weakness, which will weigh on a lot of these markets, especially japan. Futures down about 1 there. 0. 8 . Es may be of we are watching hang seng. Generally speaking, looking at 19 Straight Days of gains for the china eight shares index. It seems investors are brushing off a lot of the signs that this market is overheating shortterm. Ecb later tonight. We are looking at korean gdp, due out in about 30 minutes. Lots of earnings to consider, about 30 to 35 companies, fairly big names, report earnings at some point today. Thats a wrap of your markets early. Moderate losses at the open. More from Bloomberg Technology next. Emily this is Bloomberg Technology. Im emily chang. Qualcomm slapped with a massive fine for paying apple to ensure that only its ships were used its chips were used in iphones and ipads. Its a big development. King, whog in ian covers all things chips. Whats your perspective on this fine . Ian their perspective was, no big deal. Emily just 1. 2 billion. Ian they have 30 billion in the bank. This doesnt affect the way we go forward, they say. Pretty much every major market in the world is looking at them. Chinese have find them fined them. Now the europeans. They are under investigation by the doj. This is a cumulative thing which looks very bad for them. Emily fined for the same thing . Ian a mixture of things. They say this is focused not on the licensing business. Regulators are looking at your business. Thats not a good thing. Emily could this impact broadcoms bid for qualcomm . It does make them an easier target, right . Ian you nailed it. The whole reason qualcomms stock is where it is is the whole world is against them. The stock is depressed. Bid may beroadcoms looks more attractive in that light. We have to point out that qualcomm tends to win over time. If there is no clear and present path towards getting away with all of these things, then maybe the broadcom offer does look more attractive. Emily you have a new story out about how broadcom is already dominating the supply chain. Does that mean for apple as well . Ian we looked at this. You remember when broadcom came out and announced the bid for qualcomm, they were like, dont worry, weve talked to our biggest customers they are ok with this,. That doesnt make any sense. What does that mean . Prices normally go up. The licensing business if that goes away we have reported that probably goes away. Emily what is it . Is it a shell of a company . Whats left . Ian the chip business is really important. What makes qualcomm a broad threat to apple is apple makes competing products. They make processors which compete with snapdragon. Snapdragon goes in the chinese handsets, taking sales away from apple in china. Maybe if qualcomm doesnt put as much money into that were doesnt focus on that business as much, apples premium starts to go back up. There are all of these considerations. Emily i know you will keep us posted on the entire playbyplay. Ian king, thank you. Well, intel is getting ready to report earnings on tuesday, the first set of earnings since the chip flaws were revealed. Cory johnson a look at the companys response to the problem and the curious timing of a stock sale. Ces 2018, the Biggest Party of the year for technology. Among the keynotes, intels ceo, showing off the kitchen sink of tech. We place multiple cameras around the perimeter of a playing field. Drones. Legion of you just witnessed the worlds first 100drone indoor flight show without gps. Cory to, why not, an nfl quarterback . But there was an elephant in the room, the flaws in the intel chip design. They allow hackers to steal data from Computers Running intel cpus. Intel makes 90 of the worlds computer processors and 99 of the server chips that power the internet. This flaw affected every pc, smartphone, and server in the world. He tried to soothe concerns. We have not received any information that these exploits have been used to obtain customer data. Cory not yet, but hackers have proven themselves to be persistent. Patch has not helped stock performance. Will the Security Threat threaten intel sales . The Company Struggles to crack the smart phone market. Companies are working on their own chips. In the six months that intel was stealthily trying to work on a fix for the flaw, the ceo sold millions of shares. To fix atime intel had big chip problem like this was in 1994. That cost them 475 million. That kind of problem might not fly with investors. Emily our bloomberg editor at large, cory johnson. Well, the nyses biggest ipo since snap made its public debut. Pagsegura raised about 2. 7 billion in its ipo and raise rose more than 4 on its first trading day. Of ipos, coming up, one of the most successful Public Offerings of 2017, okta. This is bloomberg. Emily a stock we are watching, electronic arts, fell a little more than 2 in the session, its worst performance in a month. Ea may delay the release of its highly anticipated anthem game to early next year. Okta is out with its annual businesses at work report. Its an indepth look into how organizations and people work today, exploring the apps and services used to help from activity help productivity. The top apps the moreone of interesting highlights is on security data. Joining us, ceo todd mckinnon. Thank you so much for joining us. You have more information about threats where threats to enterprises are coming from. What did you see . Todd this is our Fourth Annual business is at work report. It gives our customers businesses work report. It gives our customers a look at the broader ecosystem. Whats the Fastest Growing application . One of the trends is around security. Of the top 15 fastestgrowing apps, seven are actually security tools. Its something we have never seen before. People are not just using applications, but they are using technology to secure those applications. The fastestgrowing of those security and management tool for macs. Its the fastestgrowing. Things like cloudflare. The guts of security departments in companies. With all the Security Threats we are seeing, they are becoming a big deal and companies are invested in those technologies. Emily what trends are we seeing from the threats themselves . Todd where they are coming from geographically. You hear people talk about Security Threats, and its always from china or eastern europe. What do have against them . What weve seen in the data is that Security Threats are really originating from all different kinds of countries europe, western europe, eastern europe, even from the United States. The takeaway for us is, you can limit your security exposure i limiting by limiting the geographies that can connect to your system. Systemcan lock down your from certain geographies, you should do that. They it talks about effectiveness of password policies. How effective are they . Todd in the security arsenal, there is no one silver bullet. You cannot just locked down things geographically lock down things geographically. You have to use strong passwords, multifactor authentication. You have to make sure accounts are turned off and on at the right times. Security folks have a hard job. Luckily, there is a lot of technology around to help them be more secure. Emily are you finding that password policies are not as effective as they should be . Todd the problem with password policies is that they are not always appropriate for the level of information being secured. You get this phenomenon where you have these crazily restrictive rules about complexity for something that may not even be that sensitive. On the other end of the spectrum, you will have something that is doesnt have enough complexity, doesnt have enough multifactor authentication, isnt high enough security. Right sensitivity on the right data is the holy grail for customers. Emily you had one of the more successful ipos of 2017. The question now is, can you keep it up . Who are you taking share from among your competitors, one of which is microsoft . Todd we are fortunate to have pioneered this category of this concept of an identity cloud. Before okta, all the identity products were really seen as features or addons to other platforms. We have pioneered this idea that identity is its own cloud, a standalone platform. Emily what does that actually mean . Todd it means there is value in connecting any kind of technology to people. Having that prebuilt set of integration that allows companies to seamlessly pick the technology they want to use and seamlessly deploy and connected securely to their users, that removes a lot of friction and enables businesses to adopt Technology Faster and helps their own companies be more strategic and grow and make their employees more productive. Emily you provide security to companies that use multiple kinds of products. If you use Microsoft Office and workday, you can have a seamless use of all of those. Todd or if you are building a new customer website or a better mobile app your customers, you can have Stronger Security and it is easier to use on that front as well. Emily who are you taking share from . Todd its a new category. The concept of identity as a first class platform is a new category. As more Companies Adopt the cloud there are legacy competitors from Companies Like largely, ibm, but, its a new category as the crowd emerges and we are there to fill that gap. Emily where do you see oktas opportunity to expand the product and to expand geographically in the near term . Todd the product is very broad. We do everything from customer identity to employ identity. So, the product is already very broad. We will continue to i think the big growth will be internationally. Only about 15 of our sales are international. Partly because north america is so strong. But less time looked, more than 15 of the people are not in the u. S. Emily where internationally todd primarily internationally . Todd primarily a lot of growth on the continent of europe, expanding to asiapacific and eventually japan as well. Emily thank you so much. Cofounder microsoft bill gates from the world davos. C forum in why he says President Trumps America First approach could damage the u. S. Influence in africa. This is bloomberg. Davos. Googles ceo is open to paying more in corporate taxes. At the World Economic forum, he explained that the more important question was where google should pay. Blendedanys current tax rate is 20 . Critics have accused large u. S. Tech companies of paying too little tax outside the u. S. Bill gates, cofounder of microsoft and cochairman of the bill and Melinda Gates foundation, says President Trumps America First agenda could damage the u. S. s longterm influence in africa. He spoke with John Mickelthwait in davos. They talked about his foundations efforts in africa and their fight against malaria. Bill there is a tendency for several things to happen, unless you stay committed to these things. Get drugat you resistance. Either the insecticide on the bed thats nets. We are working with the private sector to get innovation there. The drugs themselves. We use these combinations. In southeast asia, we have resistance there. Just the Energy People put into these programs one of the great ironies is that as you get malaria cases down, then the government will tend to move on and focus on something else, so youll see a rebound. A lot of the bed nets have been wearing out. , welast three years actually have had the number of cases stay flat. In a few countries, including nigeria, the cases have gone up. , we actually haveyou always have son in terms of the weather. The wet season is when the mosquitoes peripherally, in an exponential way the Community Needs to get together. This Central America thing is a key part of that. The chinese are looking at doing works which are pro bono, as opposed to building things with a much more commercial advantage. Bill as they are becoming richer, as they are playing a stronger role in the world, china has a conference with the African Leaders on a regular basis. Ill attend later this year. Compared to the u. S. In history and today, chinese aid is very small. The african countries appreciate, particularly in hiv and malaria, where under president bush the u. S. Made these big increases they totally appreciate that we have done that. And i think we really can afford to keep doing it. Its a very small part of the budget. I dont think going to them and saying, hey, we need to increase aids and malaria deaths because we are short of something really is the best idea. There is a social good there. There is a question of whether america now is prepared to commit itself to those things. Is that something you worry about, especially with the Current Administration . Bill the balance of hard power versus soft power, the u. S. Uniquely has the ratio emphasizing hard power. Id hate to see it shipped even evener it shift further. Even the secretary of defense has been eloquent that you dont want to give up your soft power tools. Its all being debated. Isnt this arguably the first case of a global hegemony giving away its power by not investing . Normally americas actually pulling back from helping the rest of the world. Its i wouldnt say that unique. The u. S. Has often had this debate in our relationship with , which has had ups and downs under different administrations. Keeping some pressure on the u. N. To be efficient and reasonable is not a crazy thing. How far do you go . Its all to do with specifics. In the case of health, the lives being saved are very small amounts of money and you can aim to let the country up so that it is selfsufficient and get rid of the disease. It is not a commitment youre stuck with forever. I think these ones, even in this atmosphere, make the cut. Do you think george w. Bush, in a strange way, never got the credit he deserved for trying to save lives in africa . Bill he didnt. Africa is less visible. Not as many people go there. Initiative, which was hiv focused, those were fantastic things. In some circles, i think he does get credit for those things, but probably not as much as he deserves. One last thing. Famously, hemp, has described these countries in a not terribly nice raise. Do you think phrase. Do you think he should concentrate more on the poor of the world . Bill i think he should. Thats the area where created through microsoft, that Warren Buffett has been so generous in providing. I understand that money can be very well spent. Im in there saying, come on, lets keep up the good work. Emily microsoft cofounder bill gates there with bloomberg editor in chief John Mickelthwait in davos. Breaking news out of washington, President Trump speaking to reporters about Robert Muellers investigation, saying he would talk to mueller and say that there was no collusion with russia. President trump is leaving tonight for the World Economic forum in davos. We will have full coverage on thursday. He will be getting on a plane momentarily. This is bloomberg. We lifelong bloombergs asian headquarters. Welcome to daybreak asia. Steve mnuchin champions a weak dollar. Lowest in was at its three years. The asian market is set to open lower as well. From new york, i am betty liu. President ping says that the world will be surprised, and another bump in the road for self driving cars. The