We will get details from microsoft president and cfo. And we look at what an internet pioneer sees in the decade to come. After three years in the making, the u. S. And china signed phase one of the trade deal on wednesday. And the vicemp premier put pen to paper for a deal that the president claims will have a Significant Impact on the tech world. Pres. Trump china has made enforceable commitments regarding the protection of american ideas, patents, and trade law. China has also pledged action to confront pirated and counterfeit goods, which is a big problem. Taylor those people in the room with the likes of executives from micron, qualcomm, ebay, and others. To discuss the implications, i talked to adam siegel, director of digital and cyberspace policy on the council of Foreign Relations in new york. In washington, bloombergs peggy collins. We have learned that the u. S. And china have taken the first peggy and china have taken the first step to negotiate some big imports into the u. S. In terms of china promising to commit to buying of more u. S. Products, as well as some concessions in terms of enforcement around intellectual Property Protection and patents, as you mentioned, so, essentially, china is saying we are committing to about 200 billion in additional product purchases from the u. S. In exchange for those reductions of tariffs, which we saw announced in december, where the u. S. Did not go through with the december tariffs that were threatened, as well as it did a reduction of some tariffs that were put on in september, but some of the stickiest issues are still out there and awaiting a phase two deal that the Administration Says they are going to start on soon but could take a long time to finalize. Taylor adam, i want to show you a chart that i have inside my terminal, which has been a fundamental issue, which is u. S. Imports from china growing, growing, and growing, and that the tariffs will remain for the foreseeable future going into phase two. In your opinion, while they are still tariffs outstanding, did the signing today represent at least some sort of business confidence, some sort of resolution, removing some of the uncertainty that broadly can help businesses move forward . Adam i think a very little bit of uncertainty. I think u. S. Businesses are going to be very skeptical that china is going to follow through on the enforcement of i. T. Protections and their requirements to no longer force technology transfers. I think they are going to be skeptical on how open the chinese economy is going to become, because phase two is really going to address a lot of the industrial policy issues, subsidies, support for state owned enterprises, really a lot of the tricky knots in this relationship, so i think people are going to be glad that this first phase is done. It is signed, but there are a lot of hard issues that still are waiting for us in the future. Taylor peggy, at least for now, are companies happy about some of the ip theft that we were able to agree on . Peggy well, it is interesting, because one of the astounding things about this deal signing today is that it was over an hour in terms of the trump administration, and president trump, hailing the agreement, and he called out a lot of ceos and ceos in the room, including in the tech industry, who he said should be happy with the deal, but there was also huawei, which was not part of the deal but is a source of tension between the nations and of great consequence for the Technology Companies out there, like macron micron and qualcomm, as well. Taylor well, adam, what about your thoughts about forced tech transfers and some the issues surrounding i. T. Theft . Adam the chinese agreed not to force technology through formal or informal methods, but the problem is the chinese has always said it had enforced technology transfers. It is just the state of the market that u. S. And Foreign Companies have chosen to move manufacturing or r d centers or shift joint ventures, so chinese, in many ways, are agreeing to do something they have said they have never done before. On the ip side, this this is in the direction that china itself wants to move. China has been increasing its own ability to enforce ip laws. It wants to be able to protect ip because it has more chinese firms that produce it. There may be more traction in this space, but the proof is really going to be in the pudding. Taylor adam, what would you like to see in terms of the execution around those two issues . Adam i think we will have to see some really high cases of china penalizing firms, the ones which u. S. Firms say have stolen or other illegal forms to get u. S. Trade secrets. I think were going to have to see more cases brought. There has been success, but more of those cases. And, in particular, were going to have to see firms saying, look, we do not need to joint venture any longer. We do not need to have higher tech manufacturing. But those are all things that are going to take a much longer time. Taylor that was adam from the adam siegel from the council on Foreign Relations and peggy collins. The signing marks the first phase of a broader trade pact. However, the pact avoids dealing with issues of huaweis access to american markets. Markets and suppliers. I got reaction from huaweis director of expressionless congressional affairs. Is an interesting and broad agreement. Early agreements are mixed in how the institutions work. But it is a good sign of an agreement in phase one. Taylor what do you want to see from phase two . Don huawei is private and private employee held company. The trade deal between the two huawei hasnot no input there. Like any global company, we look for trade stability as well as open markets. We have preached that we hope that is the result down the road as we get to phase two or phase three. Taylor you mentioned you are a global company. How has the impact been from the trade tensions . Don like any company, there is always tension. But huawei always has Business Continuity in plans continuity plans in place so the effect has not been that drastic. Like any company, you are looking for stability and free markets. Taylor we heard from Steve Mnuchin who said huawei is not a chess piece in the u. S. China trade fight. He wants it to remain a clear, National Security issue, separate from trade. Is it clear that is how it should be treated . Don huaweis mission is to connect the world. Enumerated by the u. S. Government in the past get the basic issues of trust and security. The goal for huawei and the goal for the u. S. Government is the same. We want robust and secure networks. The dialogue needs to center on that how to get there most effectively to the benefit of Global Consumers but specifically consumers in the United States. Taylor what is huawei doing to ensure our data is being protected from beijing . Don if you look at our cybersecurity efforts, we are one of the first to put together end to end cybersecurity program. It is not bolted on but a process that goes through every process in the company. We also go the extra mile, which no other vendor in her business has done. Opening a Cybersecurity Center in england and brussels as well. And as we said before parliament, huawei stands naked before you. We are the most respected in our industry and we have come through fairly well in our industry. Taylor can you tell us no data has ever been turned over to beijing . Don absolutely not. the head of the company has said he has never gotten a from beijing or any other government to turn over data. If you look at our relationships with vendors, we are in business with 45 of the top broadband providers and have a long track record. Not a single major cybersecurity is traced back to wallys equipment huaweis equipment. The reason is we take security seriously. We do not have access to the data unless given specific access by the provider. If you look at customers in the United States, an invitation for huawei to work with its equipment and the network is with special, monitored laptops keystroke watched with no chance for us to access data we dont have. Taylor that was huaweis director of congressional affairs, Don Morrissey area Don Morrissey. Coming up, Microsoft Joins the Global Movement fight climate change. We hear from brad smith about the plans they have in store. And if you like bloomberg news, check us out on the radio. You can listen on the bloomberg and in theerg. Com, u. S. On sirius xm. This is bloomberg. Taylor microsoft made a major investment announcement in the effort to fight climate change. It will invest 1 billion in companies and organizations working on technology to remove or reduce carbon from the atmosphere. I sat down with the president and chief legal officer, brad smith. Brad microsofts commitment to put a billion dollars into climate innovation is part of a broader plan but the fund itself will really be focused on accelerating innovation and climate reduction and removal of technology where money is not flowing already. One area that we see being a paramount importance is the creation of new and Better Technology that will enable us all to remove carbon from the atmosphere. Another area where we see a critical need for money where it is not yet flowing is for example, project finance for renewable energy. There are some parts of the world perhaps especially in the United States and western europe where capital is already flowing for new renewable energy. Not everywhere. We want our money to make a difference. Taylor are you really looking outside the u. S. To deploy this 1 billion . Brad certainly in parts we are , looking outside the United States in part. Especially when it comes to the creation of new places that will generate renewable energy. When it comes to technology innovation, it doesnt know boundaries or specific countries. I am sure there will be some of this flowing inside the United States, across europe and around the world. Taylor as you take a look at microsofts goals, you have a plan by 2030 to be carbon negative. Where are we on achieving that goal . Brad in many ways the most , ambitious thing we are seeing today is as you just mentioned, we will be carbon negative as a company by 2030 not just for our company but for our supply chain. By 2050, we will remove on the environment all of the carbon that microsoft has emitted either directly or four 44 electrical consumption or for electrical consumption since we were founded in the year 1975. That is a big goal. We have a detailed plan but we have a lot of work to do. Thats why we say this is a decadelong ambition for us. Taylor you are working with your suppliers and customers to make sure they are doing their own initiatives in terms of being Carbon Neutral as well. How are you folding in these goals with your contracts with suppliers and customers . Brad it requires a detailed plan which we have been putting together over the past months. One aspect when it comes to supply, naturally the supply of electricity for ourselves react for ourselves, and what we are saying is that by the year 2025, we will have purchase agreements in place for 100 renewable it energy for all of our data centers, all of our buildings and campuses worldwide. Then, there is all of the other emissions that are generated as part of our supply chain. By next year, we will be implementing new tools and processes for our suppliers. We will want to see consistent measurement of their emissions. We want to help our suppliers with new tools so they can reduce their emissions. We will be talking with our suppliers in the coming months. I think you can expect to see us move forward with new economic incentives so that as we are buying goods and services, we are focused on encouraging our suppliers to reduce their emissions and if they do, i think they will find it easier to sell their products to microsoft. Taylor that was microsofts brad smith. Coming up, fintech on fire. Lisa agrees to pay 5. 3 billion dollars for a Fintech Company. The price has doubled. We will have details. And later, the chairman and ceo of revolution and his tech trends for 2020. This is bloomberg. Taylor this week, we thought major fintech deal take shape. These agreed to pay 5. 3 billion dollars for a Fintech Company that connects data in the banking system. The price is double their valuation in a 2018 funding round. I spoke to our Senior Analyst for fintech. Plaid has 2600 fintech customers. It has venmo, acorn, coinbase. It gives visa customers to sell into. Plaid also have been a u. S. Based company. Longerterm, visa sees it as an opportunity to sell Payment Services into fintech. That will mean more Payment Transactions across the visa global network. Taylor earlier, we had a general partner and a plaid investor talking about getting into the space. Take a listen. We have a lot of traditional Financial Institutions started to think about our Software Strategy and staying relevant. How do we continue growing like a Software Company . Then you have a lot of Software Companies realizing the benefit of fintech to the consumer and more services. With infrastructure like plaid, it becomes much easier to bundle that into software. If you think about what lisa did and how they talked about the rationale for acquiring plaid, it was really about growth and expanding. Taylor what do you make of those comments . Sonali it is Pretty Amazing because when you look at some of the big stories of last year. Wework, peloton, trying to command technology multiples, they had a hard time. A lot of the Software Companies won out. People expect a lot of mergers and acquisitions to happen. It seems like we have a pretty perfect marriage here where the theware people found financial industry and the financial industry had a real need for the software people. Otherwise, they would need to be paying up so much to be hiring. The partnership has been working quite well. I dont know how many exits we can see that are this big. But remember, there are a lot of interesting Fintech Companies that have ballooning valuations, including stripe, the most valuable startup in america right now. Taylor those were two bloomberg correspondents. This week was earnings season for many u. S. Banks, citing technology as a key driver of growth and have invested heavily into innovation. That investment could be bringing a big change to bonus culture as traders may have to unlearn some of their most basic assumptions. For more, i spoke to our finance reporter on monday. What we are unlearning is that bonuses are maybe a thing of the past. In the past, traders were always judged as these big players in the markets who could make outsized bets and outsized profits and money on the back of that. Now, because of automation and electronicification, the machines are doing the work for them so they cannot garner that kind of paycheck anymore. Taylor we joke about this all the time, instead of going back to cfa school, we will go to coding school. What happens to those traders who do not yet know how to code . There is a range of things, but what traders are trying to do now, at least the smart ones, trying to build in the transition for the future. While they may never be heavy quants of data scientists or phds in physics, they need to get up to speed, whether it is algorithm trading or electronic trading. It does not mean that they are going to write the code, necessarily, but they have to have some fluency with that topic. Taylor even though quants and traders of that type are in high demand, it is not necessarily translating into a raise in compensation. Why the discrepancy . Lananh a recruiter i spoke to said that even though they are in high demand and all firms want to make sure they have a lot of talent, that does not necessarily mean that the salaries and bonuses are going to come up in any big way. There is an emphasis on cutting costs, which means that the basic level of skill you have to have will require more technical skill. Taylor do you think this is just the beginning of what looks like a broader structural change undergoing the Financial Markets at this point . Lananh i do. A lot of the experts have said the same. As well as some traders lamenting the good old days of the past. It does seem the Technical Skills will stay with us and the pace of technological innovation and movement is going to continue. If people want to stay relevant, they need to learn skills and make the transition into an automated future. Taylor any other reaction from the street . Lananh a lot of emails from traders saying, i wish i had gotten up to speed, and maybe i should take a class or something. There have been a lot of soulsearching emails. They are saying they are thinking ahead. Taylor can you remind us of scopes how many jobs have the potential to be automated . Lananh the people i spoke to have not really said because i think it is too wide to quantify. Everyones job will be affected by technology. There is not a precise number. Equities, foreignexchange, a lot of these markets that are highly electronic are already seeing this change. On top of that, everyone is talking about the bond market as as well becoming more automated. Those are the most intuitive markets to see this transformation. Eventually, this could head into Investment Banking as well. Taylor coming up, we will hear from the head of one of the biggest Hospital Systems in the u. S. My conversation with the ceo of providence Saint Josephs health next. And we are livestreaming on twitter. Check us out at technology and follow our global breaking news on twitter. E this is bloomberg. Taylor welcome back to best of Bloomberg Technology. I am taylor riggs. The intersection of health care and technology was never more apparent than at the j. P. Morgan Health Care Conference this past week in san francisco. It is where partnerships are formed and predictions are made. One of the biggest Hospital Systems, providence Saint Josephs, announced a partnership with microsoft in july. It ceo, rod hochman, joins me now with his predictions for health care in 2020. We are seeing this revolution in the front end of health care where all people want to do is figure out who their doctor is with a couple of clicks. Taylor who are the biggest disruptors and do those disruptors continue in 2020 . Rod there are a list of them. I think Everyone Wants to do health care. We are seeing the walmarts of the world and health care, amazon is in health care. Plus, there are a lot of startups working particularly in to see whatry space they can do in health care. I dont even worry about my traditional competitors anymore. I really think about all of the electronics startups around us. We have to figure out how digital front end to make it easy for our customers to get in touch with us. Taylor do you view amazons early entry into the race as a threat or a motivator . Rod that is a good one. I think both. There are certain things we will do with folks like amazon. What we saw in our microsoft arrangement, they really wanted to help us make Health Care Better and not necessarily compete with us in our core business. For us, this comprehensive relationship we have looking at what Health Care Hospital or what health care of the future looks like is something we are working on together. Taylor the big thing that you talk about when you talk about that is data privacy and holding onto that sensitive information. His big tech doing enough to protect Health Care Data . Rod you said it perfectly. We are very worried. The one thing that our patients trust us is with their data. They dont want to see us giving away their data to someone else. We have been very protective about that relationship. We are looking for Tech Partners that will understand that in the consumer has to be in control of their data and partners in this. It is not just that i will give up my data and hope something happens. I think the consumer wants to be a partner in this Data Transfer and understand what protections they have. Taylor that was rod hochman, the ceo of providence Saint Josephs health. Smallcap companies are also playing an Important Role in health care tech. This topic is part of the conversation i had with lisa gill, head of Health Care Technology and distribution at j. P. Morgan. She has been a leading member of the Health Care EquityResearch Team at j. P. Morgan for 16 years. On the labside, the integration is more between medical and diagnostic. Marrying it together with a lab company, they have done really well and being able to do patient recruitment, bringing new technology from a medical perspective to the marketplace. Teladoc is one of our favorite names on the telehealth side. If you think about marrying together consumers, where do you want the services and the cost for the services. They announced an acquisition yesterday of a Company Called intouch. This creates a broader platform for them to be able to touch people in the hospital, at home. They have a great relationship with cvs. They have the opportunity. Taylor as you look at Companies Making heavy investments within ai, how is that poised to be a disruptor within health care . Lisa when you start thinking about Artificial Intelligence and about making decisions around health care were Artificial Intelligence can play a part, looking at things like valuebased care, thats the direction this country needs to move in. We have to move away from feeforservice to valuebased care. Where that Artificial Intelligence comes in is it looks at patient and says, if you are a diabetic, what will happen to you next . What will happen to keep you healthy . Not just from a physical perspective, but how about a mental perspective . That is where Companies Like teledoc come into play. You can get the help to walk through not just your physical ailments but your mental ailments. Taylor were the threats of amazon entering this space overblown . Lisa this will sound strange , but i think amazon coming into any space is good for these companies. The reason i believe that is that Companies MakeBig Investments to compete and it makes them better and smarter. When you think about a platform like amazon, who really tailors to the consumer, a lot of b2b companies, how they will put technology in the marketplace. What technology they need to put in place in order to compete. Taylor do you feel like that makes Companies Better off now than four years ago and have been forced to integrate . Lisa you have had a lot of consolidation. Youve seen cvs come together with aetna. You have seen cigna come together with express scripts. United health care has a massive platform. A lot of that is because of competition in the marketplace. How do you drive down cost and efficiency . For Companies Like amazon, the threat of amazon, really creates the opportunity for companies to think about these things differently. Taylor that was my conversation with lisa gill, Jp Morgan Research director and Senior Analyst. Coming up, jeff izzo said the 21st century will be the indian century. But cant u. S. Tech firms have firms . We will have more. And we talk about big tech backlash with the aol cofounder and ceo of revolution. This is bloomberg. Taylor u. S. Big Tech Companies are trying to push into india, but not everyone is welcome. On his trip to new delhi, jeff bezos faced large protests across the country. Meanwhile, indias attitude toward apple and samsung appears to be rather positive. For more on indias reaction, i spoke to a distinguished fellow at harvard law. If we look at what amazon does, they eat entire industries. Look at the monopoly they built in the United States. India is worried about that. So if they are doing is actually sensible. I know this may be popular, but i agree with some indian policies trying to hold amazon back because we have not done that here. Look at the damage. It is building a monopoly over here. Taylor what are some policies you are talking about what modi has done to help control the influx . In this case the reason jeff bezos is getting such a negative reaction is there are lots of antitrust laws. If you have this platform, you cannot be selling to merchants on the platform. That is exactly what amazon does. Every time something is successful, it shows up in Amazon Basics and competitive merchants to go out of business. What india is trying to prevent this monopolistic behavior and that is why there is such a negative reaction to it. On the other hand, with apple and samsung, modi has been rolling out the red carpet for apple and samsung to manufacture their phones. They realize that china has become a big problem and theres a lot of pressure to move manufacturing out of china. They are saying to come here, they will give you facilities and we will welcome you. Taylor lets start with amazon. How do you make inroads given you show up and are greeted with protests . First of all you dont break , laws. Amazon has been playing games. They cant sell their basics products over there. They simply by a company, put it under the guise of a Different Company and promote the heck out , of it. These behaviors is what they do in america and they should not do that. Should be a neutral marketplace. They need to obey the laws and do what is right not only in india but also in western europe. Amazon is out of line over there and this is why they are protesting. These people dont want to be dependent on amazon for their livelihoods. They are worried amazon will start undercutting them and put hundreds of thousands of people out of business. That is the worry, rightfully so. Taylor it is not just amazon but microsoft, who is ceo has has been critical of india as well. You are talking about how he was isolating himself from working with india by making comments about religiousbased citizenship laws. How do you work with india but not have to comment on some of the things perhaps you dont agree with . Microsoft is very wellrespected and Satya Nadella is a legend over there. He made a mistake by commenting on this new immigration policy they have which says we welcome minorities from neighboring countries except if they are muslim. That is a very contentious issue. Satya made comments about it, which were actually inaccurate. He got into a lot of trouble for and i am sure he regrets it. But there is no issue with microsoft over there. As far as being critical about as far as being critical, what about the United States . We have muslim bands here and an inability to accept refugees. Why dont we clean up our own house first . That is the argument about Satya Nadella. Yes, there are problems here but there are also problems in america. Comment on america before you start criticizing us. That is fair criticism also. Satya is widely respected and microsoft has done wonders in india. Taylor its not all bad news. As you pointed out, apple and samsung have had a different experience over there. They have been perhaps more welcomed and receiving subsidies from india to help gain inroads. What is the difference in tactics between the companies received well and those that are not . Microsoft was just a glitch over here. The company is doing very well and well respected. Satya nadella is a legend in india because of what he has achieved. There is no issue over there. Amazon is a big problem here and the problem is amazon itself. I dont think it is a countrys but it is amazons monopolistic ways are tolerated in the United States. And we shouldnt tolerate it over there. Taylor what about apple and samsung . Right they are doing well and. Are being encouraged to move and you factory move the factories. There are not really issues with those companies. Taylor zen meat has been dubbed the chinese version of impossible foods and launched it meet products on the market last year. The cofounder spoke to tom ofkenzie on the sidelines the meeting on how competition for the market is shaking out in china. The government definitely wants more Plant Protein intake, unfortunately, last year, it doubled the effect of the plantbased food sector. A lot of Food Companies are noticing this new area. Like our competitors in the u. S. , like beyondmeat and impossible foods, they have done very successful marketing and product development. People are expecting if there is a company or a market for china. Tom do you have an estimate for the value of the market in china over the next five, 10 years . Is there a dollar number you are putting to your investors . Vince it is hard to tell right now. What we have is a very solid prediction. In china, plantbased milk or drinks is about 15 of the dairy market. If plantbased meet could be up to 15 of the meat market in china. Tom you were talking about impossible foods and beyond meat. They are knocking at the door of the Chinese Market but they do face some regulatory hurdles. How can you be in a position to fend off that competition . Vince i dont see that as competition right now because we are small. I would be excited if they came it would be effective if they came to Mainland China because that would open the market and educate people. Our main goal is the same, to get people into more plantbased proteins, plantbased foods rather than animalbased foods. We have the same vision and same results that we want to achieve. It is going to be better for the Chinese Market as soon as possible. Tom you welcome the entrance of other foods into the market . Vince of course. Tom what is the funding situation right now . Vince we are open to possible investors from the u. S. And of course Mainland China. More of a local investors are noticing. Investors from the u. S. Or europe are more familiar with this field and they also share the vision of why alternative protein is an important factor in food and agriculture important factor. Tom how much do you have at this point . Vince we are looking at one million to 2 million usd . You will beat raising in a few months . Mintz yes. Taylor that was zen meat cofounder vince lu. Up next, the chairman of revolution defines the tech trends that will dominate in 2020. This is bloomberg. Taylor finally, there seems to be no shortage of tech news shaping the industry. Themes, big Customer Trust and antitrust and data. For more, i was joined by the ceo of revolution, he has been traveling the u. S. Seeking for startups and innovation hubs outside of silicon valley. This is our ninth road trip and we have visited 43 cities around the country. We are shining a spotlight on interesting entrepreneurs. Silicon valley will continue to be a center of innovation, but its crazy that all Venture Capital goes there and other places like new york and boston. Last year 75 of capital went to , three states and all others get less than 1 . We are trying to level the Playing Field and get more Venture Capital to create more jobs in other parts of the communities and have an inclusive innovation economy, where everyone feels they have a stake in the future as opposed to just a few in a few places. Its exciting to see what will happen. We have backed over 100 companies in over 70 cities and 38 states and are just getting started. It is exciting to see what is happening in the rest of the country, not just on the coast. Taylor it would not be a good interview with an entrepreneur if we did not get some of your top 10 addictions for the next decade. Reading through your blog, one thing that stuck out was the rise of health and wellness. I wonder though as this , increasingly becomes bigger and bigger, how much of this appears overvalued given there is so much attention on health . You aint seen nothing yet. Health care is 1 6 of the economy and a fundamental part of our everyday lives and it is right for disruption. A lot of the focus has been on the wellness side of things. Themes like wearables, fitbit and others. That is the consumer decision. A lot of the focus over the next 10 years, the core of the health care system. A lot of companies doing really interesting things. A Chicago Company is using learning as i to diagnose cancer more precisely so people know what they are dealing with and there can be a more personalized approach. You would see a lot more of that. The convergence of technology to provide Better Health care at with that are outcomes at a lower cost. Taylor another one of your big predictions, more tech backlash. Do you think the problem here is that there is not enough trust between the consumers and the owners of that data as well . How do you get more trust so there is not that big backlash we have started to see . Steve two areas, one is the consumer side of things. Consumers still love their technology, but they are starting to get a little more concerned with what companies are doing with their data and other kinds of things. They are concerned about the elections given some of the things happening around facebook. Things they thought were all positive, maybe there is some negative. As a result not surprisingly, the policymakers, they are saying, this technology is enabling a lot of great things to happen but how do we strike , the right balance in terms of managing this . I think we will see in the short run with the backlash, regulatory backlash, probably a look on the antitrust side, with the Big Companies facebook, google, others getting broken up. Or may not happen, but these companies will be a little bit more careful about making new acquisitions and that will have an interesting impact in the startup sector, maybe open up opportunities in sectors that right now look locked down by the incumbents. Taylor you are looking at a rise in ecommerce. Does someone come in and disrupt amazon . Steve amazon looks to be in a good position. Walmart and amazon are duking it out. They have different strategies, but they are starting to converge. One was digital and another physical now they are trying to do a bricks and clicks type of strategy. Most of the attention is on what is happening on the direct to consumer side of things. Many copies that have formed, warby parker, frame bridge and others capitalizing on the ecommerce boom. There are also a lot of Great Companies doing things on the back end. The consumer doesnt necessarily , but Companies Like big commerce focusing on reverse logistics. What happens when products get returned. Freightway, figuring out where trucks should go to deliver the products. The ecommerce revolution is not just what is happening when you order a product and someone delivers it to you it is all the , infrastructure happening around that will continue to accelerate in the next decade. Taylor we have less than a minute. I wanted to get your thoughts given we just surpassed the 20 Year Anniversary of the aoltime warner merger. Looking back, if you had the chance to redo it would you . , i would, but i would do it a little bit differently. Strategically, and not just 20 years ago, we were trying to drive the conversions of what we have seen, things like netflix, ipod, itunes things that did not , exist 20 years ago and have become significant arts of everyday life. Aol and time warner together had the potential to do that but they never worked well together. There was a culture clash, a bunch of other challenges. It is great to see Companies Like disney bring the whole company together in an aggressive, integrated way to launch disney plus. I wish we had seen that 20 years ago. The quote i had used in the past is Thomas Edison said, vision without execution is hallucination. Sadly, that is how i think about that merger. Great promise but it was obviously a disappointment. Taylor that was steve case, revolution chairman and ceo, and cofounder of aol. That does it for this edition of best of Bloomberg Technology we will bring you all of the latest intact throughout in techthroughout in throughout the week. Tune in each day at 5 p. M. New york and 2 00 p. M. San francisco. We are livestreaming on twitter, check us out and follow our global breaking news network on twitter. This is bloomberg. Hey. Hey. You must be stevens phone. Now you can take control of your home wifi and get a notification the instant someone new joins your network. Only with xfinity xfi. Download the xfi app today. Carol welcome to bloomberg businessweek. Im carol massar. Jason i am jason kelly. We are in new york city. Carol the u. S. And China Signing phase one of a trade deal. We break it down and get reaction from schwartzman who was in the room on a happened. Apollosrare look at leon black