About synergies and the road ahead. Chinese Online Retailer alibaba defies the slowdown of missed a trade war with sales surpassing expectations. It was a big week for tech ideas with fleet work and cloudflare filing to go public. Cloudflare has been in the news given its relationship with hm 8chan. Three alleged gunman posted manifestoes on 8chan before three mass shootings. Cloudflare stop providing services after el paso, texas, largely take the platform offline taking the platform offline. So is now the time to go public . Like many other tech ideas, especially in software, it is not profitable. It has a pretty good growth rate , it is really trying to look at competitors. Fastly went public earlier this year and is doing ok. There have been some sources who were asking me why cloudflare took this long to get this point. They had been preparing since the fall of last year for a public offering. Emily cloudflare is a name we of the companies that will go public soon. Tell us exactly what cloudflare does. In the case of a company like 8chan, they basically protected it from being taking down in denial of service attacks. Will one of cloudflares most popular and wellknown products s preventiondo service. It protects the website from a denial of service attack. Anyone looking to attack the website and take it offline. They offer the service to tons of websites on the internet. They think of themselves as a utility. When you have the service, it is the most effective or one of the most effective ways to protect your website from attacks like this. Emily right. And there is where 8chan comes up because cloudflare did not cut off 8chan the site was still operational until days ago after that shooting in el paso, texas. Talk about what cloudflare says about 8chan and how investors might take that. Liana it is listed as a risk in the filing. This has gotten a lot of buzzyion because it is a is buzzy, it is relevant in the headlines, but i think that cloudflare was really aiming in its filing today to show the world how its financials are doing and what its prospects are. I think it did a good job of putting out there this is a Solid Company that serves the backbone of the internet. And there is pentup demand among investors for these sorts of companies to hit the market. A few weeks ago, medalia went public and crowd strike has a good valuation a couple months after its ipo. I would say cloudflare today is really trying to associate itself with some Successful Software ipos from earlier this year. Emily that said, cloudflare only made news when they made bad news under criticism that it helped keep some of these websites afloat. If you go back to 2017 and what happened in charlottesville at the time, cloudflare was under fire for helping support a neonazi website the daily stormer. It was only after much criticism that they finally took that website down by cutting off service to it. I spoke to the ceo matthew prince at the time and talked to him about some of their general policy of trying to remain neutral when it comes to content online. Take a listen to what he said to me then. We turn to the experts in terrorism and illegal content which is Law Enforcement legislators, regulators. We say, here is this content. What would you like us to do . That feels like due process, that there are actually politically enshrined organizations that can make these decisions, as opposed to these decisions being made on the political whims of me or Mike Zuckerberg or jeff bezos. Emily when it came to 8chan, more recently, it was several hours after that shooting in el paso that cloudshare said we are cutting them off as well. In a statement at the time prince said, they have proven themselves to be lawless and a cause of multiple tragic deaths. Even if 8chan had not violated the law and refused to moderate their hateful community, they have created an environment at a revels inbels violating its spirit. Expand on the context. We are seeing companies, facebook and google, struggle with what to leave up and take down on their platform. For cloudflare, it is a slightly different story. Will cloudflare is in a difficult position. They do not want to make content decisions. Like i said earlier, cloudflare thinks of itself as a utility. The product is so good and it is hard to find other comparable products. So, when you do not have cloudflares ddos protection, it might be difficult to stay online. What that means is cloudflare basically can decide who gets to be on the internet. They dont want to make those decisions. As you seen they have only made , the decision twice in removing daily stormer and 8chan. It is a really difficult position, and when you do things like remove 8chan and remove daily stormer, then you get material to say why not remove this website or whatever other website that has vile content on it . I dont think this is a business cloudflare wants to be in. They do not want to be deciding what is on the internet and whats not. Emily we work also officially filed for its ipo this week, expected to raise about 3. 5 billion. That would make it this years secondlargest ipo behind uber. They revealed a loss of 69 million in the first month and a list 3 billion lost in the last three years along with some unique business dealings by the ceo. We have all the details. Anyone who has been following we work closely knows they have been giving out select financial newrmation, so we are a they lost close to 2 billion while making revenue around 1. 8. Surprises we got more details about some of the loans and complicated financial structures that go on between adam newman and the company. There was some knowledge about this before. Butas famously a landlord we also got information about loans the company has made and the Succession Plan that would happen if he could no longer serve as the ceo. Emily our colleague shira ovide called the Office Leasing company on steroids with a complicated structure. They are offering three times types of stock. It takes a step further than what Mark Zuckerberg and the founders of google have done. Ellen there are three classes and two of them have 20 volts votes per share. Class a has one vote per share. As you would expect, that is a great consolidation of power. It is largely in the hands of adam newman. He has a lot of voting control over the company. That is by design. People who support the structure think that adam has the right vision, the boldness, and the leadership to take it even farther than it has been. For some of the people, they will look at that and raise their eyebrows thinking that might be too much. Emily the other thing that is interesting as they laid out how many of the buildings are fairly new. 30 of their locations are mature. 70 are two years or younger. The vast majority of their space is incredibly new. Ellen and they have changed the definition of that metric of a mature location. It used to be 18 months, they have expanded to 24 months. Even with that, its only 30 of the Office Location open for have been open for more than two years. They look at that as pointing to highgrowth. Exactly. Like, look how fast we are growing. But it is also interesting because a lot of the most stable Unit Economics they like to highlight are focused only on mature locations. They say these are where we no longer have to rely on marketing to fill the buildings. When you start to realize thats only 30 of their portfolio, it starts to raise some questions about how sustainable their growth is and how easy it would be for them to get to profitability. Emily they say they may never be profitable. Which is similar to what we heard with uber and lyft. How are investors feeling, are they excited . Ellen we see a lot of activity on twitter on both sides. They think the growth is exciting and others cannot wait for it to go public so they can short it. It will be a divisive stock. We will see the price will be decided soon by the public markets. Think a lot of people are looking to see if it will meet that 47 billion private valuation. Emily how quickly do we expect them to get to market . When does the roadshow launch and all that . Ellen sometime in the next few weeks. We expect and have reported that we expect a september ipo. That is just around the corner. Emily that was bloomberg techs ellen huet. Coming up, thumbs up. Redstone cements her status as the most powerful woman in u. S. Media with cbs merging with viacom. And if you like bloomberg news, check us out on the radio. This is bloomberg. Emily cbs has merged with viacom. The deal unites the mostwatched u. S. Broadcast network with the parent of Paramount Pictures and cable channels like mtv and nickelodeon. It followed a marathon negotiation at the two sides a price. Hased out a price. Finally realized that whatever misgivings they might have had, they both just needed to compete in this streaming war. Over the past two years, we have seen them sell out. We have seen fox and the we have seen time warner sell out to at t. We have seen fox and the murdochs sell a lot of their assets to disney. Companies worth 100 million, 200 million. Cbs and viacom come even viacom, even combined they , are worth only about 30 billion. But by coming together, they have a deep library that will get much stronger. Emily how does this position this now combined entity against all of the other newly merged now larger Media Companies . Most investors would tell you there are probably more deals to be made. I spoke to the ceo of the combined company and he acknowledged that more m a is likely. They have been linked to Companies Like lionsgate, discovery. It is also possible that the redstone family, who will own the combined company, say it is time to cash out. In might take a couple assets weve seen but it might be stronger and might be able to entice some Larger Company to scoop it up. Emily that was bloombergs lucas shaw. As for details on the newly merged companies and strategies, we heard from viacoms ceo who sat down in new york. That wee thrilled announced the combination of viacom and cbs, creating a leading platform. When you look at the assets, it operator, a station a syndicator, with Paramount Pictures, one of the most storied studios in hollywood. Nickelodeon, and mtv, bte bt. Bet . And, of course, showtime. We have created an incredible asset base. This was the deal negotiated by two special committees and went through a diligent and thoughtful process. The critical thing is we got the deal done because it positions us to do great things. No question it is a phenomenal deal for both sides and there was a willingness to get it done, yet some shareholders are nonplussed that value come viacom is not valued at more. With cbs have given in eventually . Was conducted by two independent committees of special directors. When you need to focus on is the value created potential. These are two companies valued at low multiples. Love that was due to the uncertainty hanging over them. A lack of clarity on the path toward. Starting yesterday, we started talking about a threepart Growth Strategy really building a business through a combination of cbs subscriptions, when i have millions of subscribers and viacoms ad supported structure with pluto tv being the leading streaming service. Up 50 since we bought it. Putting those together, you have an ecosystem. We love that and will be a very significant partner with ads, distributors, and a huge content supplier. Very exciting Growth Strategy going forward. You have also identified 500 million in cost savings. Can you give us more detail . When you put two companies together, people talk about synergies. Those numbers you reference is a cost number. It includes organizational costs and sourcing benefits. Beyond that, we have not gotten into it, the more important thing to focus on is the power of this combination is going to create incredible value for all of our stakeholders, including the incredible employees of viacomcbs. That is what people need to focus on. Emily viacom ceo there. Coming up, softbanks massive fund makes its first ever Energy Storage send that set. We set. We find out what energy fault is with the ceo. This is bloomberg. Vault is with the ceo. This is bloomberg. Emily softbanks massive vision fund made its first ever Energy Storage that, investing in energy volt vault. This company stacks concrete blocks in a tower that can store and release energy. It is presenting it as a solution to lithium batteries, claiming it cant supply electricity 24 hours a day. To discuss what this means for the Energy Storage market, i sat down with the ceo. We have designed an Innovative New system tower. It includes a six arm crane and 35,000 metric ton bricks that are all orchestrated with a proprietary software set, so that is the whole system integration. We take excess energy from solar or wind when it is produced and not needed. That energy is used to raise the blocks and when the energy is needed by the grid, we lower those blocks and discharge the energy. Emily how widely deployed is this . It says you are on four continents. Correct. We have had a working model for the last year in switzerland. In addition, we are building our first commercial scale unit in the Fourth Quarter in the north of italy and, as we announced many, many customer engagements on many continents, so we are excited. Emily what do you think the draw is for softbank . They share our vision for renewables and understand how important Energy Storage is to make renewables real and make renewables solve the problem of our reliance on fossil fuel. They own an energy company, so they understood this beyond just being an investor. They share our passion to be part of the solution. Emily it relies on this giant Automated System that has to work reliably outside in the elements year after year after year. Seems like a lot of moving parts. Do you have concerns, or is there a risk that some parts might not function properly given all that exposure you can exposure and throw the whole things off . That is one of the beauties of innovation. The technology we are leveraging is proven physics. We are leveraging unique material science working with one of the Largest Materials Companies in the world, so we actually are not using normal concrete. We are using a material composite for 95 of these bricks and raising and lowering them, so the fundamental core physics is known. Where innovation comes in is with the proprietary Machine Software that fully automate the automates the tower as well as a lot of other innovation we thought of from a sustainability perspective. This last point is important. Not only the materials, we can use the soil right from the site we excavate locally to make these bricks, so we dont have bring in trucks, materials. We are not spewing omissions with trucks coming in or other transportation elements coming in, and from a sustainable perspective, we use some of the suppliers in a Global SupplyChain Ecosystem that exists today, so we can do it now. Emily we have seen lithium ion batteries start to be attached to the energy grid, but also they can only supply energy for hours at a time. How long can your system sure, that is another one of the innovations, longduration. We can do eight to 12 hours. Why is that important . We cannot only meet the time requirements of utilities but think about manufacturing companies. Industrialand processes that rely on the power 24 hours a day. Desalination is a great example. They need power to make Drinking Water 24 hours a day and we can now provide them for the first time that power. Emily we have seen a lot of pushback from local communities against giant solar power plants or large wind farms because of the fact that they dont look attractive. Do you run the risk of that as well . A large concrete tower, while it might work, it might not be what Companies Want in their backyard. For most of the markets we will be building this system, it is out where there are farms. Out in typically remote areas. Wind farms, where theres already turbines sitting up high, and the off grid applications which are pretty important for us to get power to remote farms, villages, etc. , to areas that that need power that cannot get it from the grid. In those locations, we dont see a lot of problem. Emily there is not really another company that does this this way. Other company is working on this in a different way that might be the most challenging idea to what you have proposed . The big thing that has not been solved until now are for the economics. How do you get renewable Energy Storage down to price . When combined with solar or wind , you can do it below the cost of fossil fuel. That is really the major innovation and we have done that through the material science, to thinking about design, and through sustainability. That is, primarily, what we are solving that no one has been able to solve. Emily you have other competing, crazy, bold ideas. Pumping compressed air underground releasing it to turbines. There are obviously a lot of paths to get to the best results and create the most amount of energy at the cheapest price. What do you think makes this better than all of those others . Sure, sure. Three main reasons when we designed this, we did not want to have this dependency on things like geology or geography or topology. Dams, for example, rely on mountains and things. We want to be able to deliver this everywhere, it is so big, the problem we are solving. Second, sustainability. Chemical battery companies, how they get the material, the batteries degrade immediately when you install them. Through cycling, they are going to degrade. Our system doesnt degrade at all. You have to solve this with innovation across material , and thinkingn about sustainability of your environmental aspects every day. Vaultsnergy volt ceo. We take a deep dive into the ftc probe of facebook next. And bloomberg tech is Live Streaming on twitter. Be sure to follow our global breaking news network tictoc on twitter. This is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Emily welcome back to the best of bloomberg technology. Washington targeting big tech on trust. In an interview with bloomberg, joe simon said his agency is ready to get down and dirty if necessary. If you have to, you have to. The ftc is investigating facebook, including its acquisitions in an antitrust probe. That is just one of the Big Tech Companies being targeted by the trump administration. In new york, we have sally hubbard. Served as an antitrust it is hard to read much into it. If you have to, you have to. Maybe what he is talking about is that it can be difficult to force significant divestiture, something we would call a breakup, and to get that remedy ad court you need to show it is necessary. Sort of a tautological comment. Thereuld you agree has certainly been a lot of question given that the ftc find facebook, but critics say that did not go far enough. Do you agree that the agency has what it takes to make that leap if they have to . Sally i think he was stating the fact that that is a remedy that every antitrust enforcer needs to consider. I would not expect it out of joe simons, given how he handled the Consent Decree violations. A 5 billion fine sounds like a lot but it will not change anything or protect the American People from privacy abuses. I dont expect anything aggressive out of this administration, however these investigations take a long time so it might not need joe simons making the decision on the proper remedy. Emily you have a new piece out in bloombergs this week that speaks to how facebook has evolved under scrutiny for regulators after this penalty and yourd by the ftc assessment is facebook is only getting stronger. Sarah if you think about it logically, data is the most important part of the Business Model and that is what is at the bedrock of 70 billion advertising businesses. The ftc is telling facebook it is important that you do not share your most valuable asset with any third parties, and facebook already buttoned it up. They already understand that owning the network and owning a Much Bigger Network and making that big or is most important bigger is most important for their business. The ftc said let the company pathnue on their current and do things that are anticompetitive. Emily would you agree with sarah . Charlotte i think that is a major concern. Something i was hoping the ftc might do is have requirements for interoperability with competitors. That is data sharing that it allows competition. Point do yout think the ftc would say, this is a company that needs to be broken up . Whether it is facebook, and joe simons spoke to amazon and the issue around thirdparty sellers. Sally it takes years of investigation before an enforcer will breakup a company. In our history when it has been done, it has taken time. It may be after the 2020 election and we could have a different Decision Maker making the ultimate decision. Concerns he voiced about amazon are important, that it is not allowed to enforce rules et cetera it was not going to deal in terms of low pricing rules it said it was going to do in terms of low pricing. Emily how concerning is the amazon issue in your mind . To makee the ftc wants sure competition is happening fairly on the amazon platform, so small retailers ought to be able to compete and not worry that amazon will anticompetitively interfere with them. That is the type of thing the ftc will be looking for. Ftcy in response to the penalty on facebook, the former chief Security Officer at facebook had a pretty striking tweet, saying i cant believe facebook did not pay for more if the ftc ordered amazon to help consumers make money. Bezos would leap across the checkwith a 10 billion and a massive grin. Sarah this is a valuable asset facebook is no longer able to share so it is good to have this rule in place. Facebook of five or seven years ago that resulted in cambridge analytica, that is no longer how it works. And gamesy quizzes that operate on facebook, that used to be necessary to bring in more users but facebook no longer wants that. They want to keep their entire network for itself. Emily you just came out with a fascinating piece about how facebook contractors are listening to audio of users talking over Facebook Messenger and today, the story about facebook only getting stronger. Why dont these bad news stories hurt facebook more . Sally i think the reason why the bad news stories dont hurt facebook is because the enforcers are not making a change its business practices. And it was the fine just a fraction of its annual revenue and it is able to keep doing what it is doing, mining users data in a way they do not expect, that settlement was a win for facebook. Enforcer makes them change their business processes practices, they will not be effective. Emily what is your view of how this investigation will play out , as well as a potential investigation into amazon . Charlotte it is hard to predict. We dont have access to the nonpublic document they are reviewing at the ftc, but we should not expect it will lead to huge changes. The track record is not strong antitrust is a narrow and difficult area of the law. Our hope is that there will be a new agency with new regulatory powers in addition to antitrust, and that is how we will address the power that facebook has. Hubbard,at was sally charlottes lehman, and sarah frier. Shortt revenue falling amid the chinese slowdown, but alibaba has room to run, reporting betterthanexpected results. This is bloomberg. Emily tencent reported secondquarter revenue that missed estimates, while they beat profit expectations. Online ad revenue grew a worse than expected 16 as they grapple with competition and an economic slowdown. I spoke with selina wang in beijing. Selina the focus was on the decline in growth along the online ad revenue. This was a promising area and we are starting to see that hit by broader Macro Economic issues, as well as competition. What was interesting is where the company pointed out the sector, from the Auto Real Estate sector, financial sector, which is not a surprise given the stream of weak economic data. Room,g elephant in the that company has been on a roll in terms of getting companies to buy into their ads and buying user eyeballs onto their platform. The company did not engine that company by name but said they would be investing more in video apps, and would be beefing up its longform content to differentiate itself. Emily gaming has been a controversial part of the business in china. They have cracked down. What did we learn about the gaming segment at tencent . Over, givenworst is that this is still the companys most important revenue line. We saw them monetize their important games, including peacemaker elite. This is the new, less violent version of the popular Battle Royale game but did not get approval from chinese regulators. Analysts are expecting it to pick up. You mentioned censorship. For any game in china, they have to deal with government sensors and those regulators have not approving these game titles fast enough. We heard from ceo pony ma they theybe focused pony ma will be focused on making less violent games. The ad sales around Media Ad Sales were hurt by censorship and the expectation is that as as to what for content can be shown. Emily is the crown jewel of tencent, a super app to which there is no equivalent in the united states. How is we chat doing . Selina we rely on we chat for everything. What is shocking is that this app is reaching penetration but is still growing. Usersw 7 to 1. 1 billion in the most recent quarter. To try to continue to juice growth, they are trying to add more services and content into the app, and focusing on many apps which are light apps mini apps which are light apps within the app. Companies have responded cantively to those, which be used for everything from booking a car to ridehailing and bike sharing. That is a successful area of growth. Emily selina wang. She was also tracking alibaba results out thursday. They defied china slowdown, sales beating top estimates. Discuss. D kevin carter the real story in china and the emerging artists is the billions of consumers moving up and they want stuff emerging markets is the billions of consumers moving up and they want stuff. Retail sales and consumption continues and in emerging markets, that consumption is going online onto a smartphone just as it is here, but there is a leapfrogging because most of the infrastructure was never developed in china. Tsai talked about digitalization, which is driving the results. The question is how long cannot keep up . Selina he pointed out a few factors driving the growth, and the question is how long can this support alibabas earning amid the broader economic slowdown, the trade war that looks like it has no end . One is the consumer upgrade in the developed markets. One citiesd the tier are reaching consumption of developed markets. They are pushing these lower tier cities starting to pay off. Digitalization in the smaller cities and they are able to compete. They are planning to invest more in these areas and their market share is growing. This is a big trend in china that seems to be defying the broader slowdown. They are investing a lot in personalization in targeting these consumers with better algorithms and investing in sales promotion. That is helping boost the china Commerce Business by 40 , almost twice the amount of Online Retail sales. Emily what this lead you to believe that ecommerce will not impacted by trade tensions in china . Kevin it is probably the sector to be affected the least. Emily why . Kevin the tariffs and trade war is about agricultural products, manufacturer goods manufactured goods. People in china who do not have a smartphone and as soon as they get back, they will connect with their friends, play games, shop. The secular trend of ecommerce is a one directional thing and it is not part of the trade war. Strongto that point, results said alibaba has increasing competition from others. What are the headwinds faces ahead . Selina alibaba has been pretty resilient amid increasing competition from the likes of jd. Com. We did see some areas of challenges, the Cloud Computing segment still has negative operating margins. We saw growth decelerate in that area. There is losses in the Digital Media and entertainment sector there. Y are facing increasingly increasing regulatory issues. Alibaba is not truly an Ecommerce Company in the way that you would think of amazon, and while we saw tencents Online Advertising take a hit, alibabas business has maintained strength. They are doing things to keep their customers engaged and improve the advertising return on investment or customers. Emily the trade war drag bonds drags on and we dont know how long. What will the fallout be in china more broadly as an emerging market . Kevin it is likely to impact the chinese economy and the the export ande manufacturing sectors. I like to think the tariffs will not going to affect. Emily many tariffs are already in effect. Kevin this is true, in both directions. The ones that were pushed out, i would like to think this is a negotiating tactic. We had a skirmish with china 10 years ago and put a tariff on chinese tires. They put a tariff on our chicken feed. That was put in under the Obama Administration and lived for three years. It saved 1200 American Tire making jobs at a cost of 1 million per job, and cost three jobs and retile retail for every job it saved and the american taxpayerfunded that, so i would like to think the mathematics are clear enough we would not do the things we are threatening. The market is voting out that we will have a recession in our country, and i think it could be bad if we go ahead with the tariffs. Emily where does that mean you are placing your bets . Kevin emerging Internet Companies are not really part of the trade or. Trade war. This is about people wanting stuff and using their smartphones. Emily that was kevin carter and selina wang. Coming up, you know him as the china. Head of an exclusive conversation with ipo as he eyes and ai valued at more than a billion dollars. This is bloomberg. Emily the former head of google china is turning heads at the hound of one of chinas most prominent funds. They have invested in more than 300 companies, including one he hopes will be the fastest ai inpany to hit 100 million revenue. Dont plan this ahead of time. Based on the trajectory of innovation, today it is fair to fastest 200 Million DollarRevenue Company in the world. Selina where are you now . There, but not quite by the time we project we will get there, it will be the million ofreach 100 revenue. I think it can get there pretty revenue over 100 million hong kong, towards 200 million. At that point it should be well over a unicorn and can be listed publicly. Selina what is your timeline for an ipo . Kaifu 100 million to 200 million revenue and the price ratio of 10 or so. It would not be far from now, less than two years. Selina you wrote that the area of technological discovery was uber and now it is about implementation. How do you see this business continuing to evolve . Kaifu we are still at a very early stage in the commercialization, kind of at the equivalent of early internet portals back when everyone was using yahoo and there was not even a google or amazon or facebook. There is a lot of room to reap rewards. Selina we are seeing venture deals fall dramatically. They fell 77 . Or ais a longterm winter healthy, short term place to bring valuations back to healthy levels . Kaifu in an economy that is slowing down, everything slows down including venture capital. What will happen is there will be a shakeout. The top will continue to thrive. Smaller first time vcs that have raised money and conventional ways will get in trouble. The Positive Side is if the economy is challenging, and the valuations are down, it is a good chance for us to go shopping. Selina there are reports some chinese ai Companies Like facebook plus could be added to the blacklist and cut off from u. S. To knology. Technology. How do you see that playing out and doesnt have an impact on the ai industry does it have an impact on the ai industry . Kaifu i think the impact would be much less than a company like huawei, which has intricate Hardware Software products built with multiple dependencies. Has beenhe u. S. Scrutinizing for deals in the u. S. And many chinese funds have scaledback their investments. In thes this strategy shortterm and longterm . Kaifu in the shortterm it has no impact because u. S. Investment has always been less than 5 of our total, so now it goes from 5 to 2 . Pitye long term, it is a if we have to really cause a total separation of two countries because one could argue that Artificial Intelligence got to where it got to because the whole world has been able to work together. Emily part of our exclusive interview with kaifu lee. That does it for this edition of the best of bloomberg technology. We are livestreaming on twitter. And us at technology, follow our global breaking news network to talk on twitter tictoc on twitter. This is bloomberg. I think the best companys succeed as a team and our shirts from custom ink help bring us together. We order custom ink to welcome new employees, personalize team shirts, and even for company events. The design lab is so easy to use. We just upload out logo and if we have any questions, Customer Service is there to help. Seeing our Team Together in custom ink gear is an amazing reminder of how far weve come as a business. [narrator] custom ink has hundreds of products to help you look and feel like a team. Upload your logo or start your design today at customink. Com tom from new york city for our viewers worldwide, im tom keene. Bloomberg real yield starts right now. Tom coming up, the yield curve erts, this inverts, disinverts and historically more , fixed income on fears of global slowdown. Bond yields priced to perfection on germany and surging negative yielding debt. Finally, credit markets enjoy real volatility. High yield spreads at their widest since january. We start with a big issue, fears