Suing the fcc, huawei. The first ever Safety Report detailing Sexual Assaults in the news for uber. Our top story, a big jobs day. The u. S. Economy added 266,000 jobs. According to one source, tech grew. Joining us now is our guest. Adam, such a big day. Where does tech fit in for you today . It is the sector that continues to grow and out case overall job growth. What ever stories, individual thisnies and concerns, sector is adding jobs more quickly than the rest of the economy. Islor wage pressure something we have been talking about. We are seeing wage growth as well. Our tech jobs following that . Wage growth is broadbased. ,ou see it across industries and it has been stronger for low labord workers lately, as markets lacked gets lower and lower. Those are the worker starting to benefit now. Taylor as you look across the tech sector, what industries and sectors are winning . Good,nformation is doing , tech innications general, data processing. It is hard to say it is one sector versus another. It is occurring across the board. Broadbaseds a improvement. Me about thato labor skills gap. ,e talk about the mismatch where are we in tech . Arent not that workers available. It is not a mismatch in who is able to do this work. It is where they are. What you have is in crowded, expensive cities, it is harder to find workers, but there are workers to hire. As a result, companies are finding it in their interest to hire workers remote in any way they can to connect between the places where the jobs are in the workers are. Taylor do you sense regionally where that is. I am in San Francisco where people talk about needing more workers and cant find them. Where are their cities where labor is available . If you look in rust belt cities, cities smaller than your big metropolitan areas, you can find workers there. Lower costofliving places are other areas. You have College Graduates coming out of the pipeline every year that bring more supply. Leaving because there isnt enough work for them. So its not having people to hire, it is a matter of working harder to find them and going to where they are. Taylor how cyclical is tech hiring . Seemedodds of recession to be forecasted later in the future. When the economy does well, does under hiring, or economic agnostic . You dont have as many Business Cycles to look across to see how modern Tech Industry does. And certainly during the tech bubble, you had a huge run off at the time. It was recently that we started to reach the Employment Level peaks when you are focusing on the tech sector. The cyclicality matters. It matters for every industry. But tech is sort of its own thing as well. Taylor i have to ask, adam, where are the female jobs . Adam they are throughout the Tech Industry as well. I think every industry is working hard to find more people. And they are going to have to hire men and women as well. Taylor adam, thank you for joining us. Adam thanks for having me. Tolor now switching gears videoconferencing, zoom video was one of the celebrated tech ipos of 2017 that went up but after a strong thirdquarter and raising its fullyear revenue outlook, the stock has been tumbling. It is down nearly 10 in the last few days. To tell us what is going on is our guest. I have to ask, solid earnings, good guidance . What happened with the stock . Lets be honest here. The magnitude of thirdquarter earnings seem to be pretty big. Obviously, wall street was not prepared for the magnitude of which it was placed on the prior quarters. One thing the market and analyst is you can tell this is a what have you done for me lately type of industry. One thing investors want to see his continued growth, especially as it seems like we might be coming into a recession as well. Taylor did it seem like expectations coming into this were just so high that nothing was going to satisfy analysts . Kamaron that is the sad thing about it for a company that is zoom video. They had a really good ipo in april. One thing investors wanted to work is stash the cash. Definitely. I will say that it was superhigh going into the earnings report. Taylor yeah, lets talk a little about the fundamentals of the company. They revised their full year outlook higher. What is driving that . Kamaron it is definitely revenue and their whole recruiting process. That is one thing the ceo spoke about on the call today. That seems to be a really big growth driver for them. Particularly as there seems to be more traction with the larger Enterprise Companies. That is anything for zoom video to figure out. How can they find their niche in this market as they compete against cisco or microsoft but still knowing consumers are using facetime and skype . Taylor you know, despite some of the bearish commentary today, analysts overall remain pretty positive on the longterm outlook for the company. What do you see as the longterm opportunities . Spokey analysts today about several catalyst. One thing you have, but before we get to the catalysts, one thing analysts did speak about is the lofty valuation. They revised their estimates aggressively, so that way, the valuation kind of makes sense for what is coming up. Taylor i have to say, it is one of the few ipos frankly that managed to do well. Any sense of what is setting this Company Apart from some of the other botched ipos we have seen . Kamaron just the brand itself. Zoom video comes off as cool. That is the thing. Thats the thing, are the are they marketing to everyday consumers or something that is for Enterprise Companies . The ceo kind of spoke about the model working for them. That was a question that came up on the earnings call, but it seems to be going well. Taylor ok, final question here. Who is the competition to take on this cool company . Kamaron we have to think about the big players. We have cisco, microsoft, adobe. Also i would throw in, lets see i said microsoft. I would say ring central as well. Taylor wonderful. Thank you for joining us. Now, tmobile is preparing for a crucial battle over its sprint deal. The fight begins monday in a federal court in manhattan. A judge will weigh arguments to from a group of states that say he should block tmobiles proposed 26. 5 billion acquisition. The states say it will raise prices on consumers by eliminating competition in the wireless business. But tmobile says by combining with sprint, it can reduce costs and lower prices. Coming up, we will get the inside scoop from huawei as it battles the u. S. Government. Our conversation with the chief Security Officer is next. 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. Now to a story we are continuing to follow, huawei versus the u. S. Government. On wednesday, we reported how the Chinese Telecom is suing the u. S. Communications commission in a fight for greater u. S. Market access. On wednesday, their chief legal officer made huaweis case to reporters. Any claims about National Security are dangerous. Politicians in the u. S. Say they are very concerned about cybersecurity, and we share these concerns. The fact is banning a company like huawei just because we started in china, this does not solve any cybersecurity challenges. Taylor joining us now from washington, huaweis chief Security Officer. Andy, i have to ask, why spend the time and money suing the fcc was, frankly, the u. S. Is such a small market for you guys . Well, we are really sorry we had to do it. It is disconcerting. There are good people at the fcc. This action they took is beyond the pale. As we allege enough our lawsuit, they have ignored the constitutions, the statutes, due process under the statutes, and they have not followed their own precedent. A rule of law country that we are rightly proud of, but this commission has not acted consistent with the law so we were forced to take legal action. It is not about our ability to make money in the u. S. We want to protect our customers and want to help serve over 300 suppliers for which over 40,000 jobs depend. Taylor so you dont think this has been an outdo distraction from focusing on some of your bigger markets like europe or asia . Andy we are in 170 countries. I have been to 26 countries. I was recently in moldova, only 2 Million People there. Only 2 Million People there. We are about digital inclusion, about bringing the benefits of technology to the underserved. Half of the worlds population is underserved. That is what we are really about. Taylor you mentioned some of the u. S. Suppliers. Some of those received the right as well to start selling back to huawei. Do you feel in your opinion that is a fight that you one in that won in that case . Andy we dont think of it as winning, although it will be difficult if we cannot buy from other companies. We will be ok in the long run. Executives are not going to lose their jobs. But we think there is a greater likelihood a lot of americans will lose their jobs. We believe those jobs are really pawns in the u. S. Trade war. It is really a necessary and not related to National Security. Those companies are not allowed to sell to us. Taylor so you would like to see the huawei National Security issues separate from the trade war. Andy well, we believe the issues related to security, and i participated in meetings at the United Nations in new york on tuesday where we are talking about what is necessary to promote a safer cyberspace. And it requires a joint responsibility between government and private companies, between Telecom Operators and equipment operators. There are sophisticated factors. We have to make sure we test everybodys product, test the code, hold the companies and governments accountable to do the right thing. That is the conversation we would like to have with the u. S. Government, but unfortunately they are not willing to talk with us. At least we can discuss those issues with the United Nations this week. Taylor what do you say to people with concerns that huawei is turning over data to the beijing government . Andy at least five nations in the world have the ability to hack into everybodys technologies and products. So to make america safer, we have to make sure mechanisms are in place that govern the telecom and operators, equipping suppliers, regardless of where they do business, regardless of where they are headquartered. We need to and are ready to put in mechanisms to guarantee the u. S. Government our products are not back to us from the Chinese Government to guarantee the employees and the responsibilities, that they are not doing anything improper. There are guarantees that are allowed nokiahat to do business in the United States despite their deep ties to china. We want to have those discussions. It is not about trusting anybody , it is about putting mechanisms in place to guarantee we are safer. Taylor can you guarantee they have not turned over data up until this point over to china . Andy well, we can guarantee going forward. A lot of folks forget the equipping vendors do not sell the equipment. There are very strict requirements, as there should be. The equipping vendors who were hired to update the equipment do so in a way under very controlled supervision of those operatives. For example, in the u. S. , we only use specially configured laptops. We need written permission every time we are going to have access. Every keystroke is recorded, so the customer has full transparency on what we access and what we do with it. Those are the kinds of guarantees that need to be in place for everybody so we have a safer cyberspace. Taylor you said you would like to have discussions with u. S. Administrations. Have you had any contact with the administration or other federal agencies . Or do you feel like you have been shut out completely . Andy we have been shut out. In fact, when you look at the independent federal communications commission, their rulemaking, they are supposed to hear from the people that are affected. They are supposed to follow their own rules in their own s. Ecedent we want to have conversations with the u. S. Government. If it was not for the u. S. And china trade war, i think we would be having those conversations, but we are a pawn and thousands of american jobs are in the balance, and it is a shame. Taylor are you will read other european nations are considering a ban on huawei or zte the way the u. S. Is . Andy the u. S. Government has been putting pressure on our allies and countries around the world. And you saw that then Prime Minister theresa may of the u. K. Angela merkel of germany. They said the u. S. Government has given no evidence of significant cybersecurity wrongdoing by huawei. What i am encouraged by and what we are encouraged by is what the European Union is doing with their 5g risk assessment. They want to have mechanisms to have a comprehensive approach to address the most significant risks in cyberspace using international standards, recognized testing, independent testing, including code review. That is the kind of thing that is encouraging. Maybe as those efforts progress in europe, maybe the u. S. Can take some lessons from that so we can be safer in cyberspace. Taylor a conversation that will indeed continue. Thank you for joining us. Andy youre welcome. Taylor and coming up, citi is expecting a strong Holiday Quarter for apple and raising its price target for the company. We will talk to one analyst on the move next. Bloomberg technology is livestreaming on twitter. Check us out and be sure to check out our Global Network on quick take on twitter. This is bloomberg. Apples price target was raised to 300 from 250 from forecasts strong results in the companys Holiday Quarter. The pricing strategies and recent demand trends were factors. Walk me through your thesis as to why this holiday could be better than last year. Last christmas, apple preannounced after january, in fact it was january 2. It was a negative preannouncement, the First Time Since the iphone launched, which was over 12 years ago. A remarkable, terrible, disappointing quarter. Some of the hottest selling products are the wearables. Apple watch and the air pods, they are selling extremely well. We believe people will be surprised by the results driven by those items. Taylor i want to talk about apples ability to pass on the costs. What is their ability to raise prices on the consumer when it comes to that iphone . Jim great question. I got to tell you to be honest when they hit 1000 for an iphone, that was the ceiling. They saw a slow down once they hit 1000. Beyond that, the reality is what they are doing is packing more and more features into these phones. Things like memory, screen content, capacitors, resistors, all those things typically come lower in price. Instead of making the iphone cheaper and less expensive, they pack more quality into it so that consumers can have a better experience. They try to keep their prices generally stable, except the apple watch now, the older version, is selling below 200. Teenagers want this left and right. And these lowerpriced items are starting to appeal to the younger generation. Taylor you mentioned the watch, wearables, services. I want to show your chart im looking at in my terminal here, which is the Services Revenue growth. We have seen it decline a little bit. What do you need to see from the company to get the reacceleration of that Services Revenue growth . Jim there are two things we are looking at. First, apple arcade. This is a studio for me or you as a parent you can look at and put in different parameters for your child. Do they want education . Do they want more racecar, motorcycle crash games, violence . And put on some parameters. Over time, they can continue to change the parameters to be more loose. That is different from going out and buying a single subscription to a videogame your child may become bored with in three or six months. We are looking for apple arcade. It was launched in september. Everybody got a 330day free 30day subscription for free. We will see how people renew on that. The second thing, apple tv. A lot of content and things coming up. So far, they have not been overly successful with it. We are watching this closely. But it will be harder to track because when you buy a new iphone today, you can one year of free subscription. The revenues from that will come from a year from now. We are monitoring it. It is important. But it is decelerating, mostly because it is a law of large numbers, about 10 million a quarter. Taylor i want to talk about tariffs, potentially december 15. If it hits, how much does the it fall . Jim tariffs are bad. They are bad for apple. They are back for technology. It is basically a tax the government is going to put on the corporations, who will likely pass it on to consumers. Taylor will apple pass it onto the consumer . Jim i dont think they will. I think they will bite the bullet and shift production to lower cost areas that do not have tariffs. For example, india. That will be the next generation hub. Also, mexico, guadalajara, vietnam. These countries are going to benefit less so than the United States, but with a benefit. Taylor will they do that in the next two quarters . Jim they cannot do it that fast. Great question. To employ an entire dorm of workers, thousands of people, it cannot be that fast. Taylor you have been doing it for 20 years. I could have made this conversation go on for 20 more minutes. Jim, thank you for joining us. Jim thank you. Taylor coming up, we go over the top tech stories of the week, including that dramatic exit. How the company will perform under the new leadership. That is next. This is bloomberg. Taylor this is Bloomberg Technology. I am taylor riggs in San Francisco and it is time to go over the top stories the week. The story that gained the most the shakeup at alphabet. Alphabet technologies and google founders sergey brin and larry page step down. Investors responded by sending the stock up 2 that day. Here to discuss, we are joined by Sophie Alexander as well as Bloomberg TechnologySenior Executive editor brad stone. Every analyst on the street said this is a great thing, they are consolidating. We now have a clear man in charge. What is your take . Monumental is moment. Larry and sergey have been receding from public view. It does represent a rollback of the alphabet structure, putting one person in charge. I think the street is reacting the way they did because they that he will bring some discipline to those far off bets. Most of them pretty well but not a lot to show for the others. Taylor and as we transition from the business back to the founder, one said frankly if i were worth 50 billion, i, too would just take a leave and just had an island somewhere. You have been following them. What is their story . Actually 60 billion. And they have seen a pay bump. In the past few days after the news, shares rose 3 . 1. 6 billion at on for each of the founders, larry page and sergey brin. That does not mean that much because it is all still held enough about stock. It is only going to mean money they can spend if they start selling stock, which is what we will be watching. Taylor we talk about now, he has taken over alphabet and google. What will be his biggest task as we move forward. Probably to keep his eyes on the ball. Google still represents 99. 9 of alphabet sales. More responsibility. Yet the problems that youtube, keeping advertisers in the google ecosystem as amazon and facebook make headway. Those are still sundars core concern. Also voices with the powers to make himself known. That has been destructive to some of the corporate goals like doing business with the corporate federal government. Taylor this brought up the broader question of all these Big Tech Companies that no longer have their founders. They have been passed along to the secondgeneration. Founder billionaires are moving on. What we know about who is gone and he was still left . Of course apple ceo and microsoft ceo, neither our founders. Now you have google. It is interesting to watch. From the wealth perspective it is interesting. Obviously the ceos are still paid well and have a substantial amount of stock. But the real money is in the , and that is aer billionaire. Taylor the second story of the week is tesla and elon musk. We will find out as early as friday, perhaps next week, if elon musk will have to pay for a tweet he fired off disparaging a british cave diver. This was following the rescue of those soccer players in thailand , i believe it was. What we know about how the case is going so far . The jury is out now. They are deliberating. Continuing with the theme of the travails of wealthy people, elon is saying perhaps he does not have the cash for the payout. I think the plaintiff announcer plaintiff, his lawyer was hypothesizing that damages could go into 100 million or 200 million. Elons wealth is tied up in spacex and tesla. This was two guys insulting each other on twitter. So it is unclear how the jury will come out. Taylor and let me bring you in here. It was notable. Headline saying im worth about 20 billion, but im cash poor. Billion . His money, 20 the bulk of his wealth is in spacex private company and it is , a hard to sell the stock and get that liquidity. He is cash poor. Taylor i move onto to the third story of the week, it is about twitter. It is not about the political ads. Jack dorsey sending a tweet that he might spend three to six months in africa. The timing seems suspicious to me. He was in africa and has been andssioned by the start up fintech and opportunities for crypto. He sent a tweet and said he might spend three months to six months next year. It is wearing investors in and square. He is already running two companies. He is the busiest man in the world. Now he will spend six month on the road during an election year. But if anybody can pull it off, it is jack. He has pulled it off pretty masterly, so far. Taylor and he brought up it is an election year. At least it is not facebook or google which is running political ads without fact checking. At least twitter is staying out of the game. Does that relieve some of the concern from investors that at least they are not in that game . No, because twitter is already ground zero for this campaign. As we know, the president is very active. He has a lot of decisions to make and no clear number two wind these things do cross their plate. Taylor and i want to bring up a story it we have been talking about. It is from tesla. It is elon musk beating that defamation lawsuit over that tweet. I know this is breaking us for us all. A jury has found in favor of elon musk in the defamation suit. Wow, amazing. Taylor any early thoughts . What he said was inappropriate, perhaps indefensible. But we live in an age where people are saying things on twitter all the time. I havent seen the headlines, but his argument already carried the day. They were insulting each other anyway. In the end it did not amount to hurting the plaintiffs reputation. Taylor again, youre hearing it here. Elon musk is beating the defamation lawsuit over and. Nsulting tweet the jury finds in favor of musk in that defamation lawsuit. We will bring you more headlines as they come. Bloombergs Sophie Alexander and bloombergs brad stone, thank you for joining me. Uber disclosing the number of deaths and assaults for the first time. That is next. This is bloomberg. Taylor netflix will spend 420 million this year and next to produce more content in india. It is one of the biggest and most crowded markets for the World Largest paid streaming service provider. Netflix is battling with disney and amazon prime for market share in india. The companies are offering relatively cheaper packages to lure paying subscribers. It is something different, in a country used to free youtube videos. And uber found more than 3000 claims of Sexual Assault in the u. S. Last year. The ridehailing Company Reported thursday, publishing for the first time the volume of deaths and misconduct on its system. To learn what this means for omercome a want to bring in t white, a Senior Research analyst. Tom, thank you for joining us. What did this report mean for you and the fundamentals of the company today . Look, i think the longerterm implications are, it will take time to understand how this might impact ubers brand and positioning relative to lyft. In their case, i think lyft has done a better job shining a light on issues like this, positioning itself as a socially conscious brand. But i think it was smart for uber to do this, not only morally the correct thing to do, and also good for business. Shining a bright light on issues like this may impact the stock in the near term and may not do much to help sentiment, but it is probably good for the business over the longterm. Taylor is safety some of the biggest overhangs on the stock right now . I do not know that i would say it is one of the biggest overhangs. I think broadly speaking, how regulators view and look to regulate these businesses is arguably may be the Biggest Issue over the ridesharing stocks at the moment. Uber and lyft grew so quickly and created these Large Businesses before regulators could keep pace, in terms of how to oversee them and regulate them and legislate them. Youre seeing them that in some of this to six, that maybe the these statistics, that maybe the regulators were not able to keep pace in terms of keeping track of what kind of drivers or getting involved with the platforms. Regulators are starting to catch up. We saw that in london which told over there not interested in renewing their license to operate. Uber is appealing that decision. This catch up on the part of regulators is one of the main issues that uber and lyft are facing. Taylor we want drivers and passengers to feel safe in an uber or a lyft ride. But also in that paper, uber talked about over a billion rights taken. Has it impacted the fundamentals. Have you seen a drop off in ridership . Are you confident that the fund metals of the company are still intact . Relative to the total amount of rides we are talking about a very infinitesimal percentage arrives in which these happen. We do not have comparable data for other modes of transportation, like taxis. So it is hard, in isolation, to really understand what these numbers mean. Uber gave us two years worth of data. It is worth 20 out that the absolute number of incidents, 2018lts increased in versus 2017. But the rate of assaults declined. So the trends are happening in the right direction. Generally speaking, uber and lyft should be considered quite safe ways to get from point a to point b. We will continue to monitor these statistics to see if they can continue making progress. Taylor i want to push the story about uber into 2020. You mentioned that they are appealing the decision from the london Transportation Authority then. H tried to ban how much of an overhang is that, or how worried are you about that . The london issue specifically . Taylor yeah. The london issue is worrying, but while uber is appealing that can operate status quo. So we do not expect an effect on their performance over the next several months. I mean conceivably this appeals process could go on for several quarters, perhaps even longer than a year. London is a big market, one of the top five largest markets for uber globally. So if they were unable to operate there, it would certainly cause folks to reduce their estimates. That said, i do not think there municipalities orouncer cities out there that want to gain a reputation for stamping down innovation. For any large city globally, being a place where Technology Companies are able to operate at scale and employ constituents, its an important consideration. I presume that over the course of the appeals process, uber will be working double time. But they were working double time when the process flared up with london a year ago. Ingy will probably be work triple time and come to some sort of solution that enables uber to operate. Taylor we talk about more regulation and we are talking about here in california facing a b5, which could go into effect in january. Any idea if uber has to treat those drivers as employees instead of contractors, what impact does that have on the stock . At a minimum, regardless of whether it is ab5 as written now or a middle ground of the legislation being agreed to by the legislators in california, and the Ridesharing Companies g Economy Companies that are working with them, i do think costs and expenses will rise for the Ridesharing Companies. And i do think the two sides will hash out some sort of agreement that incorporates elements of a b5, but enables that gig Economy Companies to pool risk or added expenses. But netnet costs are set to increase by potentially as much as 25 ish, depending on what version of the legislation goes in. I think youll see Companies Uber and lyftd effectively pass costs onto consumers in the form of higher prices. The question is whether that will impact the attractiveness of ridesharing for consumers. Will it reduce the number of use cases where it make sense to take in uber versus walking, or taking the bus or Something Like that . Very important issues. It really speaks to how big the Addressable Market for these types of companies, and how transformative they ultimately could be. Could the. Be. Ould and so, something to watch. And driver classification is only one area where Ride Share Companies are facing potential Cost Increases type catalysts. We heard recently in india they aps,evaluating commission c another waycross could effectively increase for Ridesharing Companies. In new york, the city is adding a small surcharge. So a series of different challenges. Taylor we are well aware of those. Da davidsons tom white, thank you for joining us. Thank you. Taylor stealing from institutions worldwide, two russians are charged with cyber offenses. British authorities are accusing a Russian Group called evil corp. With some of the worst fraud schemes of the past decade. Joining us to discuss, what is evil corp . It is a group of hacking criminals and we are watching them closely as they u. S. Government to private of justice and treasury unveiled sanctions and charges against them. They have used malware to hack in and steal tens of millions of dollars from banking and Financial Institutions around the world. They have targeted dozens of countries. And these sanctions and charges the u. S. Revealed suggest that the u. S. Is focusing on them and trying to do some kind of deterrent to prevent this malware from continuing to spread. Taylor what would be the effect of the sanctions imposed this week . Researchers say sanctions are good thing. They call out the hackers. They limit their ability to travel. But of course, there has to be real consequences on these kinds of hackers who are conducting crimes at these big scales. Researchers say it is a good start but not finish the job of bringing hackers to justice, according to many of the experts studying this. Do they have clear ties to the russian government . Of evilllegedly leader corp. Also worked for the Russian Intelligence Service according to the department of justice. What researchers say is that there is a fairly common trend where hackers who work in these criminal groups are also tied to nation state governments. So this follows a pattern of ties between criminal activity and government activity in cyberspace. Taylor i want to talk about some of the other russian style tactics we heard about this week. There was a Disinformation Campaign in the u. K. Ahead of their election. What else we know about that . So what is fascinating here is that a Cyber Security firm discovered that the Disinformation Campaign that occurred in the u. K. Ahead of the election very much resembled a tactic that russia is accused of using as it spread disinformation elsewhere. So these researchers are tying the spread of what are leaked trade documents in the u. K. , and their application on the internet, to other tactics we have seen from russia. Why that is especially interesting to people studying cybersecurity and looking at elections, is ever but he is on alert, trying to see, what is russia going to do ahead of the 2020 elections in the u. S. . And seeing what they are doing, what tactics are being used in the u. K. Ahead of the election, gives us some indication, according to the researchers who published this finding. Taylor thank you for joining us. And coming up, the robots are coming for the Banks Highest paying jobs. We will have details next. This is bloomberg. Taylor robots in finance could wipe out some of the highest paying jobs, so says an expert in machine learning. With all the details, i have to wonder how many jobs have been cut so far, how big of a deal is this . In testimony to the House Financial Services committee today, one cornell professor said it is tens of thousands of jobs cut around the world for execution traders. Those are the traders who plug in the trade on the system and execute it. So that is a lot of people. On top of that, he says that the jobs that are really under threat are the ones for people who are say, modeling portfolios, modeling risk and also doing roles like, some of the more basic tasks on wall street. This will eventually go up the chain to more complex tasks as well. Taylor it was notable here that lawmakers were also asking about racial and gender bias going on in ai. What were experts saying about that . The experts were saying we have to be cautious, especially in the early days of using ai within financial systems. And so what they said is that ai can encode our current biases. And it can encode biases around race and gender into systems. But it can also be used as a tool to counteract biases and to kind of make systems more fair. So it is really important for lawmakers and Financial Companies to think about that early on before they start to bake ai into their workflow. Taylor you mentioned lawmakers, how do regulators and lawmakers respond to this . It is interesting, because broadly, the presenters to the House Financial Services committee talked about the fact that the jobs in the next 10 years are going to change dramatically. I know you are a cfa member and the Cfa Institute actually said that already 43 of its members expect their jobs to be significantly different in the years ahead. And a lot of the people who are going to be made obsolete include the sales agents, traders and performance analysts within Financial Markets. So when it comes to regulators, it is really, really important to think about how those jobs will not be around anymore. And it will also be important for regulators to keep up with these markets. It is like a needle in a haystack. Markets are getting more complex and more datadriven. That means the haystack gets bigger and regulators who need to Police Conduct in this market have a harder job. Taylor we long know that computers have been doing wan ric trading, that quantitative traders have been writing code and using robots. How is this different . Most of what we hear is how far about functions that are really simplistic, like the back office being taken into ai. Functions are the we know are most likely to be ones automated. But the thing that is these studiesout is he is saying some of the higher level, expert level tasks can actually be generated and done based on ai. You dont need one expert trader. You might need a bunch of coders who do not really know Financial Markets to tackle a tough or thorny problem. And then that trader goes away. Taylor thank you. And that does it for this edition of Bloomberg Technology. Bloomberg technology is livestreaming on twitter. Check us out technology and be sure to follow our Global News Network quicktake on twitter. This is bloomberg. Announcer the following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. Announcer the following is a sponsored program that is furnished by Shriners Hospital for children. By Shriners Hospitals for children. Alec whats up, everybody . Its alec. It is the night before i travel to oklahoma for my filming session. I love seeing my boy, kabeleb. Kaleb. I cant live without my shoes. I also got to do this thing