Transcripts For BLOOMBERG Best Of Bloomberg Technology 20240713

We have details. And whistleblower speaks. Christopher wylie from the Cambridge Analytica scandal joins me. Highlevel trade talks picked up this week in washington after tapering off in july with no clear breakthroughs. Chinas vice premier was greeted by treasury secretary Steven Mnuchin and trade representative Robert Lighthizer before talks resumed thursday. The stakes were extremely high as President Donald Trump threatened to raise tariffs on 215 billion worth of chinese goods on october 15 if there was no progress. The Technology Sector paying close attention to those sessions as intellectual property is playing a prominent role in the negotiations. I spoke to someone from a firm who helps u. S. Firms protect intellectual property. Eric a fairly Large Company in china, just saw 100 million in revenue that files and protects intellectual property for clients that have previously mostly been in china and is now expanding into the u. S. Thats what we are doing here based out of boston. Taylor what kind of ip theft language do you need to see to get a deal . Eric regardless of the status of the trade talks, the importance of securing ip protection for u. S. Companies that are operating in china should not get lost anywhere. U. S. Companies should not be missing out on that opportunity if there going to work in the chinese market. Many things are manufactured in china and they are in that market already. Taylor who is stealing whose ip . Eric good question. Theres a fair amount of confusion when we talk about ip theft. It really needs to be defined a bit better. We hear that routinely and the question is, what are we talking about specifically . We dont hear a lot of specific examples that are at all recent. I think most people think of ip theft as counterfeit goods and that is a very real problem that exists in china and it is a problem for any manufacturer outside of china. Where we tend to be thinking about ip is in the patent world, where you are disclosing, when you get a patent, getting the protection not only in the u. S. But also in china, or china is fairly open to protecting their markets for anyone operating inside china, by filing and protecting it with patents. Taylor do you trust the protections in beijing given the relationship between the u. S. And china not being the best right now . Eric if we just abstract ourselves from the battle and put that aside for a moment, when you get a patent in the United States, you are telling the world how to practice your invention in exchange for the rights to do that. You have the right to exclude others, but only in the United States and you have made your invention public and anyone from anywhere in the world can look at the u. S. , look at your patent, see how to practice it and go ahead and do it. If youre not protecting it in the country were someone is doing it, you dont have any protection. It is largely a situation where you want to file for protection in china if youre going to be filing for protection at all. It is almost crazy not to be doing that if youre going to be operating anywhere in the world besides the United States. Taylor that was eric giler. As for companies affected by the ongoing trade war, one company manufactures a significant portion of its product in china. It added to his lineup of tracking devices that helps customers keep track of keys and other things viewed the company may be considering future manufacturing hubs outside of china. Because we manufacture products and do a lot of that in china, the trade wars and policies there are impacting us. We are subject to tariffs, they went in effect on september 1. We support the policy, but one of the challenging things for Companies Like ours is we did not have a lot of notice that tariffs were going into place. I think we had four weeks notice. While we support the policy when you think about Building Product at the holiday, we didnt have a chance to react. Taylor there needs to be a less tacit he of the supply chain, you need to have two quarters. What is your legroom . It does take time to shift a supply chain. If you think of a businesslike tile, we started in the u. S. And now we are global. We are selling in well over 40 countries, our community has expanded across the world. When you have complexity like that, 40,000 retail stores, growing like crazy in japan, last quarter we sell 106 growth. You need a supply chain that meets the needs of retail customers, distribution customers, and we have a big direct business as well, so selling to the direct customers. There is a lot of complexity. Making moves takes time. Taylor have you started moving manufacturing in those places . Cj we are basically viewing this as an opportunity. As i said, we support the policy, so now we are taking a chance to reshape our supply chain in a way that serves our customers best. Both direct customers and retail customers. Taylor you are talking about a new hardware lunch which is great, but there is a Software Component as well. You were here a year ago and you said sometimes you dont need the hardware because the software is bluetooth enabled and can connect to things like google home and amazons alexa. How is that interaction between hardware and software . Cj a few things that are not super wellknown about tile, one is we have a community platform. Its basically the largest lost and Found Network in the world and if you leave your tiled item, it gets found by the community. We have an apt mesh network of users helping you locate your things. The second thing is our big focus is around embedding the tile capability into thirdparty projects. We have announced about six or seven different audio headset partners and we have launched products with Companies Like bose and skullcandy. We are looking at big verticals like laptops and cameras and wearables. Anything with a bluetooth device, and there are 30 billion of those shipping in the next five years, and they can be a tile with a software update. Taylor how do you respond to some reports that apple could be coming out with a competitor product . Do you see them as a colleague or competitor and what do you do if thats the case . Cj apple has been a great partner for tile. The way we think about the rumors around the competitive product is that it is really validation. We have been building this category for six years and it basically illustrates this is a real pain point. Of the devices shipping with bluetooth, only about 4 are apple devices. Its a big opportunity for the rest of the market. Taylor that was the tile ceo. Protests in hong kong ticked off again this week following months of demonstrations demanding universal suffrage and the right to choose hong kongs leadership. The level of violence has grown in recent weeks and police have responded with tear gas and batons. Apple joined other Foreign Companies struggling to navigate the prodemocracy movement. Apple pulled a popular app from the app store that shows Police Activity in hong kong and was said to be used by protesters for demonstrations. Selina wang filled us in from beijing. Selina this allows users to see were protests and Police Activity is happening. Apple is reversing course again after saying it spoke to local authorities that said it was threatening public and police safety. The app creators have said there is no evidence of this and critics have scorched the company for saying it is basically capitulating to chinas demands at the expense of free speech, but to be clear, this is in the first time apple has made a move like this. A few years ago, he removed vpn apps on the app store in china and it removed a taiwan flag emoji app. Greater china is apples largest market after the u. S. So there is a lot at stake for the company. It underscores the increasing challenges when it comes to balancing political risks at home and abroad for International Companies operating in china. Taylor within that balance you talk about, was this really harming police or is it seen as caving to beijing . Selina we did hear from me hong kong legislator say he was deeply disappointed in this decision and that in his view, this is hurting individual, innocent passersby who would use the app to avoid violence. There is no evidence of the app being used to threaten public safety, but apple says it did in investigation saying it was used to potentially target individual police and individuals in areas where police are not around. I think the broader significance of this also points to what we have seen happened other companies caught in the fray, not just apple. Vans, starbucks, zara, blizzard having toe a delicate line on the hong kong protests. I think this is a significant example. A single tweet has threatened the entire business of a company that in china, it has been decades building its business there. With a single tweet seeming to be sympathetic to the protest, you have the state broadcaster refusing to broadcast their games, all distancing themselves and cutting ties to the company. We have seen beijing take a very hard line, zerotolerance policy approach when it comes to companies seeming to meddle in what they say are internal affairs. Taylor that was bloombergs selina wang from beijing. Coming up, Mark Zuckerberg summoned back to washington for another out of hearings on the Libra Cryptocurrency this month. We will have details. If you like bloomberg news, check us out on the radio. You can listen on the bloomberg app, bloomberg. Com, and in the u. S. On sirius xm. This is bloomberg. Taylor Mark Zuckerberg will get a firsthand look at the growing opposition to facebooks plan to create a cryptocurrency. We learned this week the social network ceo will testify before the House Financial Services committee october 23. The hearing will examine facebooks impact on the Financial Services and housing industries. For more, i spoke with kurt wagner. Kurt anytime the ceo testifies it is a big deal, but Mark Zuckerberg is a huge deal. I was there when he last testified and it was a total zoo. Everyone wants to see mark and ask him questions and i imagine this will be the same. I know they had been trying to get sheryl sandberg, they were talking to her, we wrote about that a couple of weeks ago and it looks like they got someone even better in theory, her boss. Taylor what do we know about the content about the hearing . Kurt we know the committee focuses on Financial Services, so libra, the Cryptocurrency Facebook is spearheading, will probably be a large portion of it. They also do housing stuff. Facebook has been accused of issues around its advertising business where people are discriminating or being discriminated against, im sorry, for housing related issues. I imagine that will come up as well, the thing about these hearings i have learned, once you get executives in front of these committee, pretty much everything goes. Mark zuckerberg in particular being there, i imagine we will hear questions that spanned the gamut. Taylor i think ive asked you this before and i continue to be perplexed, does facebook realize the amount of opposition would be coming their way about cryptocurrency . Kurt its hard to imagine they would have foreseen this level of pushback. If they had, i think they wouldve done more work before announcing the currency. That being said, it is a tough chicken and egg situation. If they darted having these conversations with politicians, it would have leaked, people would say facebook doesnt have a plan. So they took the other approach and announce the plan and now they are having conversations and everyone is freaking out. I feel like it was loselose for them, but at the same time, did they anticipate Mark Zuckerberg would be testifying before congress four months later . I have a hard time thinking that was the case. Taylor facebook skeptics now have derivatives to bet on whether libra will meet its target launch date. A Crypto Futures Exchange is offering derivatives that pay out based on the likelihood libra will be operational by the end of 2020. The coinflex ceo spoke to bloomberg on monday. Mark we are excited about this futures contract because it gets the market to price the odds of the event occurring. It is physically delivered libra, and in nondelivery by facebook, it settles at zero and gives the market a way to say it is likely, it is unlikely, respond to news events, and give clarity to facebook and libra partners. Why so bearish and pessimistic . Why only a 30 chance of hitting the december 2020 date, already later than they planned . Mark were going to let the market decide this one. That is the opening price, but from thereafter, its just determined by anyone who wants to make a market. Is this garnering a lot of attention for you . Are you going to get highvolume when these contracts open . Mark we dont actually expect very high volumes from these contracts. We do, however, expect them to be something people are fascinated by trading, something that ends up trading a lot in terms of the number of users. Ultimately it brings interest in the exchange and provides a signal to the market of where libra actually will end up being. We have a pretty active betting market in this country. Why is it better to use your product than walk into a betting office and say i would like to put a bet on this particular outcome for this libra product . They specialize in making markets for offthewall stuff. Why do you need this product . Mark coinflex is a physically delivered futures exchange. Our main products are futures on bitcoin physically delivered. If you want a physically delivered libra at the time of expiry, this is the place for you. If you want to make a sports bet or Something Like that, if libra gets traded on those platforms, that is a great place to do that, but we are trying to offer futures on libra and that is basically what people come to us for. Taylor that was coinflex ceo mark lamb. Coming up we hear from a former chairman and ceo of nasdaq. Later, whistleblower is the word in washington. But before then, there was Cambridge Analytica. This is bloomberg. Taylor when bob grice l took the reins of nasdaq in 2003, he knew he had his work cut out for him, as did the board. He got off to a running start and made key personnel changes, trimmed costs, and landed big deals. In the process, he made nasdaq into a very different institution. Thursday, he spoke to david westin about his new book, market mover. Bob the most important move we made was to buy inet, we got the best technology on the street. A lot of the highfrequency firms use some version of inet today. We gained market share. When i think about the 47 acquisitions we did, the only one we had to do independent the price was inet, we were institutional risk. We were losing market share and money every day and we didnt have any technology on the shelf that had proven great faith. The rest of the acquisitions were optional and we were using that to build upon further strength. David then 2008 happened. Stress on everybody, including you to clear the trades coming through. But there were reforms afterward and in your book, you said that jamie dimon called you up and not a friendly way. Bob there were some four letter words there, but i would say our systems worked well through the great credit crisis. We were hitting volumes we only saw in the lab, that was nerveracking. We bent but did not break. There was a professional disagreement in terms of how things would play out. One thing i have to say with jamie dimon, we lived through difficult times with facebook, and to his credit, he gave me a call and said come on bob, you will get through it and it will work out. David the facebook problem was pretty well known and treated directly in the book. Bob it is a really big loop. I came there and we had a certain culture. We changed it, and we may be, engineers are the kings of the ship. It was not balance. I created a culture where the engineers could over develop systems without any check from the people running the businesses. We had to evolve, we learn from it and became a more balanced organization and a better organization. David right now, there is a big dispute, discussion going on about ipos, which are terribly important to nasdaq, as well as direct listing. Nasdaq had both expenses, didnt you start with a direct listing before you got there . Bob we did it when i was there. David what are the pluses and minuses of direct listing versus ipo . Bob direct listing will have a niche. You have zero need for capital and a brand in the investment community, direct listing comes into the frame and you have to make a decision. The advantage is you dont have to get involved in what is the right price. If i go public and the prices up 40 or down 40 , i am the ceo and i dont really want to be in that game of trying to decide how to play that. I would rather get the right price. If you list first and then raise capital a year later, the stock is trading. That is an alternative for some but not too many. Taylor that was the former nasdaq ceo. Coming up, Cambridge Analytica Whistleblower Christopher Wylie has a new book out. We will talk about the hacking threat as the 2020 president ial election closes in. And Bloomberg Technology is on twitter. Check us out at technology and follow our global breaking news network at tictoc on twitter. This is bloomberg. From the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Taylor welcome back to the best of Bloomberg Technology, i am taylor riggs. Facebook is appealing a ruling that says users can sue over the Cambridge Analytica scandal. Facebook says this doesnt line up with other rulings. Others are saying that facebook improperly shared data to third parties without permission. More than 30 million User Accounts were involved in the scandal. Who better to talk about Cambridge Analytica than the men who blew the whistle on the company . He is also the author of a new book that details the series of events. He joined us wednesday from new york along with max chafkin. Christopher writing a book helped me reflect on everything that happened. I talk about my journey from getting recruited at a military contractor to working on modeling and data work that helped identify people more prone to paranoid ideation and extremism with the idea of trying to mitigate that problem to having that work inverted, after an altright billionaire acquired our company. And in america, people more targeted toward radicalization, in this case, for the altright. Max blowing the whistle on this, on facebook, maybe the most powerful Media Company in history, what was that like . Did you get pushback from facebook, any threats . As you moved to tell the story in full, have you heard from the middle . Christopher where do i begin . Before the story emerged, i was working with law enforcement, regulatory agencies for months and months before the story broke. When facebook found out that the story was emerging they knew about Cambridge Analytica well before any of this was published. The first thing they do is threaten the journalists at the guardian with what in my view was spurious allegations, it turned out it was true. They banned me off of facebook and also for some reason off of instagram. After that point, working day in and day out with regulatory authorities and the eu, u. K. , u. S. , all over the world, one of the things i thought was the power this company has to hide, obfuscate their work. One of the things i came to understand is when you go and blow the whistle, you see something that is wrong. You report that to an authority viewed you think there will be some guy in some federal Agency Building that knows what to do. One of the things i realized, there is not that guy. That guy does not exist. Ive talked to governments, regulators, congress, parliament. People do not know how to handle this problem. For me, the real concern is we have a completely unregulated, digital landscape that Companies Like facebook take advantage of. Even now that Companies Like Cambridge Analytica have dissolved, the capabilities are still there. One of the reasons i wrote the book is to serve as a warning, because what if china becomes the next Cambridge Analytica . Or north korea . Currently there are no rules. We are entrusting our democratic process to a private company and i question whether that is a good idea. Taylor you mentioned that you are in conversations with lawmakers and regulators and i wonder if you think the current regulation and lawmakers are doing a good enough job handling the problem as you described. Christopher one of the things going to congress that i realized was the power of lobbyists, particularly to define a narrative. One of the first questions i would always get at congress is can the law ever keep up with technology . I would say we regulate Nuclear Power plants, airplanes, medicine safety standards, there are all kinds of technologies we regulate in the name of consumer safety. Just because something is software or on the internet doesnt mean we cant create rules that require complete to consider whether the products they are putting out into the public will be safe for people to use. The United States is one of the only i think the only oecd country that doesnt have a National Level privacy law. When you look at the language and the way that a lot of Silicon Valley companies talk about themselves, they say it is opt in, we are service, terms and conditions, all of the stuff. Yet when you look at the price of the people working at the company, they are called engineers and architects, they build ecosystems. These are things people are going into. Architecture. When you look at how we regulate physical architecture or engineering, if you build a building and you were an architect and you built it without a fire exits but you said people opted into the building and so it is ok and there is a book of terms and conditions over there, if it burns down, that was their choice, people would not stand for that. I think one of the things that i hope, particularly lawmakers if they read the book, one of the takeaways is we really need to understand what is social media . What are these platforms . They are architectures and they need safety standards. Max we have the 2020 elections coming up. The data that was at issue, is it still around . Is it conceivable that it could come in to play again four years later . I guess in a larger sense, how worried should we be about foreign interference Going Forward . Christopher i dont know. I dont know what happened with that information. Dont know what happened with that data. A lot of the same people who were working at Cambridge Analytica now work for the trump campaign. These are people that had regular contact with russian officials. The ceo shared vodka with the russian ambassador. They would then also meet with the trump campaign. The people exist, the capabilities exist, whether the data still exists i dont know. Facebook presumably has tried to contain the problem. When i dealt with them, they did not do much. But that is exactly why i think we do need to take a step back and go, should there be some kind of consumer safety watchdog when it comes to digital platforms . If no one is watching, these are the things that can happen, and in this case, we had people come forward and talk to the media, but what about the cases where that doesnt happen . Taylor that was Cambridge Analytica whistleblower Christopher Wiley and max chafkin. Coming up, roku stocks surged after an analyst predicts the connected tv company will triple its user base by 2022. We will hear from the analyst, next. Later, consolidation in the food Delivery Business. We will hear from the delivery hero ceo. The company is a major player in europe. This is bloomberg. Taylor roku had its best day in about two months on wednesday after it was upgraded. An analyst noticed a sharp decline in the shares of the streaming platform. To discuss the move, i spoke with tim nollan. Tim we highlighted pretty thoroughly in her note. The stock have come down from 175 or so to about 100, there was an opportune moment. Essentially it is partly the International Expansion that we talk about in our report and we think roku going from almost a zero to a large number internationally, and they can get to approximately their size internationally that they are in the u. S. Now in about three years. On top of that, connected tv advertising, which i think is the growth story for roku, is growing very strongly and roku has built a great position to continue growing into that. Taylor let me parse down some of the points you hit on, one of which was the stock falling from 170 to 99 in a few weeks. It looked relatively cheap. Tim 170 you could argue got expensive. You had a number of Software Stocks traded down. I think it was sector rotation as much as anything. The stock went from i think 55 was the recent low, to 170 in three or five months. When you get that quick of a move, it is not surprising to have it take a breath. It came down sharply. There was increased news of competition, we heard about amazon fire tv, and a flex product that i dont think is a real issue. But more competition at the time and the wrong combination of factors for the stock. Taylor you mentioned earlier about International Expansion being a key, as a catalyst for the stock Going Forward. What types of numbers on that International Side you need to see from the company to maintain your thesis . Tim the thing is we dont know about the International Strategy or expansion. We know one or two things about markets and devices but we dont know the rollout schedule. What we have done in our report is try to lay out what we think is a reasonable assumption based on connected tv and attrition rates into homes where roku can get. Thats where we get our estimate of about 35 or so million households internationally in three years time. Thats on the device side. On the advertising side, thus the more important story for them, the advertising platform. If you look at connected tv advertising growth, it is growing double or triple the rate now from year ago. If you had put a more modest assumption of growth on that over a few years time, you get similar numbers that we come to for rokus growth in terms of revenue the next three years. Taylor that was tim nollen. When it comes to streaming content, the cousin of Mark Zuckerberg is no stranger to the media landscape. She sat down with Francine Lacqua to discuss the evolution of content, the need for consolidation and the of following role for females in the industry. Randi 100 million hours of video uploaded just to youtube, and that is one channel on one day, and everyday there are a billion post on facebook. Who out there is listening to your content if everyone else is constantly making your content . Francine in five or 10 years, what will we be looking at . Randi i think there will be a layer of curation like museums. I think there will just be exhaustion and now people are looking for experts to tell them what to watch. I think the pendulum is almost shifting back again to the bigger need for expert voices in news, and different areas because people are bombarded by so much that they want to be guided a little, like you would curate the collection at the museum. But i also think people want more highquality content again. It is interesting because when i was for starting and social media, it was about how many eyeballs you could get on things and now i think it is the metrics, they are shifting back to engagement and depth. Francine are the next three years are going to be critical in who survives and who doesnt . Randi absolutely, it will be critical. Companies will have to make sure they are playing in all of the new spaces. Thats why were talking about audio at zuckerberg media. Think its one of the only spaces at the moment where there are more people listening to podcasts than there are podcasts regularly updated. There was a brief window around blogging like this about 20 years ago. That window is gone, i would not suggest anyone launches a new blog, it is impossible to get noticed, but podcasting and audio is in that beautiful window right now. I think the Media Companies that are noble enough to see the opportunities and get in will survive. Francine if you look at the 2020 president ial election, how should media come these look at this election differently . Randi it is interesting because its so fragmented. There are so may candidates, sony people that have passions around different issues and topics. Gone are the days when you had a few sources that were the go to places to turn for an election. I think Media Companies, they have to almost think of themselves as 20 or 30 tiny Media Companies and arm their employees to be individual Media Companies in order to reach the most people they can. It is an excitingly creative and stressful time to be working in a Media Company for sure. Taylor that was zuckerberg media founder and ceo randi zuckerberg. Coming out, the food Delivery Business is consolidating. Delivery hero among the latest deals in europe. We will hear more about the sector and growth projections from the ceo of delivery hero. This is bloomberg. Taylor food delivery remains a tough market. Front runners uber eats and u. K. Business remain unprofitable and we see consolidation with established giant takeaway. Com and just eat preparing to merge. Delivery hero is a key european player. They sold their germany business to takeaway. Com earlier this year and are seeing Customer Growth in new markets across asia and the americas. Bloomberg talked exclusively to the ceo of delivery hero on thursday to discuss the competitive space. Niklas winning market shares in every region against every competitor globally, we are on path to be the largest food platform by the end of the year. In germany, at the time we did less than 5000 orders in a company like taiwan, now we do three times as many orders as we did in germany back then. The investments we have been doing with the proceeds are really paying off. You see more of a future and emerging markets. You have gotten out of some developed markets recently. Will you be selling more developed market businesses to focus on emerging markets . Niklas we are generally focused on markets where we see the best return, the highest frequency of customers, the best return on every incremental order. We have that in the middle east, latin america. Also some european markets. Right now i think we have a very good footprint where we have no general interest of selling in the markets. Doubling down on the market you are actively in, and what youre trying to do in some markets is the livermore stuff, not just food, but to be more like amazon. Are you not concerned that the margins in a deliver everything business are on the low side . Niklas our main focus is to deliver what customers really want and then work back from that and find ways to make it happen. Thats why were looking at groceries, pharmaceuticals, payment. If you take an example, turkey, we have a warehouse where we can deliver in 13 minutes, way beyond what amazon can do. We now work from there to prove economics. We can deliver things on good economics. We see in particular this quarter, logistics efficiencies and all of our business are improving profitability per order and that is encouraging. Looking to the future, what percentage of the business do you see being food delivery and what in other logistics . Niklas i still think food, hot food is our main vertical and where we have our core. I think probably 90 of the business. But from time to time, you need something and we want to be there for our customers. Why get into Something Else of its only 10 of the business . Niklas we want to make sure our best customers can stay on our platform when they need something, and to have them continue to come back to our platform gives value. And of course, if you can deliver toothpaste when you really need it, you deliver a strong love for our brand. But on the other nine occasions, you might order food. But you remember that experience. Taylor that was part of our conversation with the ceo of delivery hero. Google is ramping up its Restaurant Industry footprint. The tech giant announced it would be partnering with the leading digital food ordering platform for the Restaurant Industry. Customers can order directly from over 300 Restaurant Brands across google search, maps, and google assistant. I sat down for an exclusive interview with the ceo on monday. Noah it is about enabling Restaurant Brands to be found by consumers when they are searching for restaurants on google. Consumers naturally do that today, theyre looking for favorite restaurants and now they can find the restaurants, order directly from the google platform, whether that is a surge or maps or google assistant, and send the order directly to our platform into the restaurant point of sale. I cant speak to the way googles Financial Model works. Our Financial Model is a subscription platform and the transaction fee is on top of that for increased order volume. Taylor do you share profits with google per click . When i click on the ad or when the delivery is confirmed . Noah its coming from the context of consumers ordering from different platforms like thirdparty delivery marketplaces. When they order from those platforms, the restaurants pay something between 20 30 commission to the third party marketplaces. This gives restaurants the ability to take orders directly from google and we just charge the restaurant a flat fee per month and per transaction that pales in comparison to the there delivery marketplaces. Taylor talk to me about the restaurant side. Why would they want to be on your site . Noah restaurants are using olo as digital delivery platform. We work with over 70,000 restaurants across the United States and canada and restaurants are looking to olo to drive traffic into the restaurants. This is around developing a digital elation ship with consumers. Also listing menus on popular thirdparty platforms in a way that keeps the restaurant in control, and enables the orders to originate from outside the restaurant and come directly into the pointofsale system at the restaurant. Taylor are the restaurants playing the volume game . Noah this is an amazingly Seismic Shift happening in the Restaurant Industry. We are going to a place where over half of the overall sales in an 800 billion industry taking place through consumers looking to get their food and consume it off the premises. We are working toward half of that coming from digital channels. The Restaurant Industry has never seen a shift like that and we are about helping our restaurants be the beneficiaries of that shift and get orders coming directly from customers and building the direct consumer relationship. Taylor i hear you on the Seismic Shift but its also an industry becoming increasingly competitive. Delivery. Com, uber eats, grubhub, fresh direct, all of these online delivery programs. How do you stand out . Noah we are not a consumer facing brand, we are a platform restaurants used to build their own apps and websites. A lot of the companies you mentioned are partnering with us and sending orders through us to the restaurants using our api that allows us to Syndicate Content to the thirdparty sites and have the orders still come through and go into the restaurant pointofsale, keeping things simple at the restaurant. We are the partner that restaurants select as a digital ordering platform that they are building on top of, and enabling them to keep things simple and tapping into the other thirdparty sources of orders. Taylor its also a competitive space when we look at googles perspective, there are a lot of mapping services, other Search Engine is and Voice Assistant programs. Why did you go with google . Noah theres nothing about the relationship that is exclusive. This is part of our rails platform that is about getting our restaurant menus into every thirdparty site they would want their menus to be listed on, where they want consumers to find them and place orders. Weve done a similar deal with door dash and postmates. This allows us to go to where the consumer is and have into the universe of online customers. Taylor that does it for the best of Bloomberg Technology. We bring you the best and tech through the week. Tune in every day. Bloomberg technology is livestreaming on twitter. Check us out technology and be sure to follow are global breaking news network at tictoc on twitter. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year on your wireless bill. Plus, get 250 back when you buy an eligible phone. Thats simple. Easy. Awesome. Call, click, or visit a store today. Alix big oil battles climate change. Ceos say reducing emissions is not just their job. But consumers, too. We speak to the ceo of equinor. Conocos tantalizing dividends. The company raise dividends to woo investors who were disillusioned by Energy Stocks and buybacks. A 2. 6 billion historic blackout. Pg e cuts power to half a Million People half a billion people in california, all to insulate itself from wildfire risk. I am alix steel. Welcome to bloomberg commodities edge