Atmosphere. We will get details from microsoft president and cfo. We will look at what an internet pioneer sees in the decade to come. Now, after three years in the making, the u. S. And china signed phase one of the trade deal on wednesday. Chineset trump and officials put pen to paper for a deal that the president claims will have a Significant Impact on the tax world. Pres. Trump china has made enforceable commitments regarding the protection of american ideas, patents, and trade law. They have also agreed to confront pirated goods. Which is a big problem for many people in the room. Those people in the room with in the room being those of the likes of executives from micron, qualcomm, ebay, and others. I spoke to the director of digital and cyberspace policy on the council of Foreign Relations in new york. In washington, eddie collins. We have learned that the u. S. 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 remaining that are 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, 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 stuff 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 those in the tech industry, who he said should be happy with the deal, but there was also huawei, which was not a part of the deal but is a source of tension between the two nations and of great consequence for the Technology Companies out there, like macron 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 Transfers through joint ventures, or 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 form r d centers or shift joint ventures, so the chinese are agreeing to do something they have never done before. On the ip side, this this is in the direction that china itself wants to move. They have been increasing their its own ability to enforce i. P. Laws. They want to protect ip reform because it wants to protect chinese firms that produce it. 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 highprofile 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 see firms say 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 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. I got reaction from huaweis director of expressionless affairs. Is an interesting and broad agreement. Really 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 . Huawei is a global company, but it is also privately owned. Like any global company, we look for trade stability as well as market. We have preached that we hope that is the result down the road. Taylor you mentioned you are a global company. How has the impact been from the trade tensions . Like any company, there is always tension with supply. You have issues that are mixed into politics. There is always tension, but huawei always have 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 trade fight. He wants it to remain a clear, separate issue. Do you agree that that is how it should be treated . In either case, the ambition for the company huaweis mission is to connect the world. The issues enumerated by the u. S. Government get to basic issues of trust, but also security. The goal for huawei in the u. S. Government is the same. We provide robust and secure networks. The dialogue needs to center on that how to get there most effectively to the benefit of global consumers, but particularly consumers in the United States. Taylor what are you doing to ensure our data is being protected from beijing . If you look at our cybersecurity efforts, we are one of the first to put together an 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 in our business has done. Opening a center in england and brussels as well. And as we said before parliament, we stand naked before you. We have come through fairly well in our industry. Taylor can you tell us no data has ever been turned over . To beijing . Given that is some of the issues from the u. S. And others . Absolutely not. The head of the company has said he has never gotten a request from beijing or other companies. 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 events can be traced back to huaweis equipment. The reason is we take security seriously. We do not have access to the data unless given specific access by the provider. Who controls that access. In the United States, any invitation for us to put our clement in the network is with special, monitored laptops with no chance for us to access data we dont have. Taylor that was huaweis director of congressional affairs. Coming up, Microsoft Joins the Global Movement fight climate change. We will hear from its president 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 app, or bloomberg. Com. 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 reduce carbon from the earths atmosphere. I sat down with the president and chief legal officer, brad smith. Brad microsofts commitment to put a billion dollars into 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 being of 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. Developing markets. 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 . Certainly we are looking outside the United States. Especially when it comes to the creation of new places that will generate renewable energy. When it comes to technology innovation, it doesnt no know boundaries or specific countries. I am sure there will be some of the slowing inside the united 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 . 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 remove from the environment all of the carbon that microsoft has emitted either directly 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 . Make sure they are being held accountable as well . 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. 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. There is all of the other emissions that are generated as part of our supply chain. 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 to 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 theyre going to find it easier to sell their products to microsoft. Taylor that was microsofts brad smith. Coming up, fintech on fire. Visa agrees to pay billions for plaid. The price is double their last valuation. Evaluation and later the chairman and ceo of revolution and his tech trends for 2020. This is bloomberg. This week we saw 5. 3 billion for an intake company that connects venmo to Customer Data in the banking system. The price has doubled in 2018. I spoke tuesday to bloombergs. Enior analyst julie plaid has 2600 fintech customers. It has venmo, acorn, coinbase. It gives visa customers to sell into. They also have been a u. S. Based company. Visa is in a great position to add more. Services. On top of that, 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 institutions started to think that are starting to think about our Software Strategy and staying relevant. Then you have a lot of Software Companies realizing the benefit of fintech. Thinking about offering more financial type services. With infrastructure like plaid, it becomes much easier to bundle that into software. If you think about visa, 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 think a lot of mergers and acquisitions to happen in the cyberspace. It seems like we have a pretty perfect marriage here where the Software People Family Financial industry and the financial industry had a real need for the Software People. Otherwise, they would half to pay 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. Two that was julie. This week was earnings season for many u. S. Banks, citing technology as a key driver of growth. 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 four or sort of data scientists or phds in physics, they need to get up to speed, whether it is algorithm trading or electronic trading. They need to at least understand a little bit of machinery behind the work in order to stay relevant. It does not mean that they are going to write the code, necessarily, but they have to have some fluency with that topic. Two even though 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 have 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 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. Saying they are thinking ahead. Taylor can you remind us of size and scope . How many actual jobs are we talking about that 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 is going to be infected 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 well. 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. Bloomberg technology is livestreaming on twitter. Check us out and be sure to follow are 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. Taylor welcome back to best of Bloomberg Technology. 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. Its ceo, rod hochman, joins me now with his predictions for health care in 2020. We are seeing this revolution in the digital front end of health care where all people want to do is figure out who their doctor is, whats wrong with them, and do it 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. Were seeing the walmarts of the world and health. Amazon is an health care. Plus, there are a lot of startups working particularly in the ambulatory space. To see what they can be doing 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 13 million customers to get in touch with us. Taylor do you view amazons early entry into the race as a threat or a very good motivator . [laughter] rod that is a good one. I think both. There are certain things we will do with Companies 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. So that, for us, made a lot of sense. This comprehensive relationship we have looking at health care in hospitals or what Health Care Spot of the future looks like is something we are working on together. Taylor one thing we talk about is data privacy and holding onto that sensitive information. Our Health Systems prepared to healthth big tech are systems prepared to work with big tech . Big tech done enough to protect Health Care Data . Rod you said it perfectly. We are very worried. One thing our patients trust us with 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. With giving that information over. Taylor that was rod, the ceo of providence Saint Josephs health. Smallcap Companies Like lab core and teledock 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 jp morgan. She has been a leading member of the Health Care Equity Research Team at jp morgan for 16 years. Lab core, on the labside, the integration is more between medical and diagnostic. Marrying it together with a lab company, they have done really well in 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. The cost of 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. So, in the stores at cvs. 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 , there are a lot of things. When you start making test thinking 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 the Artificial Intelligence comes in and lists patient populations, say if you are a diabetic, what will happen to you next . What will happen to keep you healthy . Not just for me 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 to you right now, but i think amazon coming into any space is good for these companies. The reason i believe that, companies in turn make Big Investments to compete and it makes them better and smarter. When you think about a platform like amazon, really tailors to the consumer, a lot of b2b companies, how they will put technology in the marketplace. Taylor do you feel like that makes Companies Better off now than four years ago. Lisa you have had a lot of consolidation. With Healthcare Services youve , seen cvs come together with aetna. United health care has a massive platform, from a Healthcare Services perspective. A lot of that is because of competition in the marketplace. How do you drive down costs, efficiencies. Companies like amazon, the threat of an 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 bezos said the 21st century is going to be the indian century. Amazone Company Welcome and other big tech firms . More, next. Also still ahead, ai, health care, and big tech backlash. We will talk about it all 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 towards samsung appears to be rather positive. To discuss the influx of foreign tech firms, 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 have built in the United States. India is really worried about that. So what they are doing trying to restrict amazon is 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. Taylor what are some policies you are talking about what modi has done to help control the influx . Well, in this case with amazon, with jeff bezos the reason they are getting such a negative reaction is there are lots of antitrust laws. If you have this platform, you cannot be selling against the merchants on the platform. Every time something is successful, it shows up in Amazon Basics and competitive merchants creating the products go out of business. What india is trying to prevent, that is why there is a negative reaction. 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. They are saying to come here, they will give you facilities and will welcome you. Taylor lets start with amazon. How do you make inroads given you show up and are greeted with protests. Well, first of all you dont break laws. With this antitrust investigation, amazon has been playing games. Own basict sell their products over there, they buy a company, put it under the guise of a different company, and promote the heck out of it. These are anticompetitive behaviors. If it is going to be a neutral marketplace, its a neutral marketplace. It needs to obey the laws, do what is right in india and in. He west amazon is out of line over there and this is why people protest. These people dont want to be dependent on amazon for their livelihoods. What they are worried about is that 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, their ceo has been critical as well. You have been talking about how he isolated from india because of the religiousbased citizenship laws. How do you work with india while not commenting on things you do not agree with . Microsoft is very wellrespected and Satya Nadella is a legend over there. He made a mistake by commenting on this new 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. But there is no issue with microsoft over there. As far as being critical 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 what the arguments are about Satya Nadella commenting like this. Yes, there are problems here but there are also problems in america. That is fair criticism also. Sadia is widely respected and backs up has done wonders in 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 looked more welcome and received subsidies. What is the difference in tactics between the companies received well and those that are not . Microsoft was just a glitch over here. Satya nadella is a legend in india because of what he has achieved. Amazon is a big problem here and the problem is amazon itself. Amazons monopolistic ways are tolerated in the United States. 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 chinese version of impossible foods and launched it plantbased foods last year. They joined Tom Mackenzie shanghai on how competition for the market is shaking out in china. Him and the government definitely wants more plant intake or consumers, chinese consumers. Also, unfortunately, we had last the event that 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 in the u. S. Market. So, 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 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 too small. To go tolly excited mainland china. That is going to 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. So, its going to be better to enter the Chinese Market as soon as possible. Tom you welcome the entrance of other foods into the market . Vince of course. Tom what is germanys situation now . Vince we are open to possible investors from the u. S. And of course mainland china. More and more local investors. Investors from the u. S. Or europe are more familiar. They also share the vision of why alternative protein is an important factor in food and agriculture important factor. Tom we are looking at one million to 2 million usd . That you will be raising in the next couple of months . Yes. Taylor that was zen meat cofounder vince lou 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 shaking the industry. Among the big themes, Customer Data, privacy, antitrust. 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 trying to china 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 who want to be candidates get less than 1 . We are trying to level the Playing Field and create more Venture Capital, entrepreneurs to create more jobs in more parts of the community so we can have a more inclusive innovation economy, where everyone feels they have a stake in the future. To be a part of the future. Its exciting to see what will what is happening in these cities. We have backed over 100 in over 70 cities, 30 states. Were just getting started. Its exciting to see whats happening in the rest of the country and not just 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 as we wrap up the last decade. Reading through your blog, one thing that stuck out was the rise of health and wellness in the startups. As this increasingly becomes bigger and bigger, how much of this appears overvalued given there is so much attention on health already come on health and wearables health already . Health and wearables . You aint seen nothing yet. Health is one of the most important arts of our everyday lives and it is right for disruption. A lot of the focus has been on the wellness side of things. The consumer decision. A lot of the focus over the next 10 years, the core of the health care system. What is really a sick care system. A lot of companies doing really interesting things. Company usingago an ai 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 Better Outcomes and 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. Consumer still love their technology, iphones and netflix, other things, but they are starting to get a little more concerned with what companies are doing with their data. They are concerned about the elections given some of the things happening. Things they thought were all positive, maybe there is some negative. Surprisingly,ot the policymakers, in dce, here, or elsewhere, they are saying this technology is allowing things to happen, but how do we strike the right balance in terms of managing this. What you will see in the short run, because of this backlash, including regulatory backlash, probably a look on the antitrust side, the Companies Like facebook, google getting broken up, that may or may not happen but i think maybe 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. Obviously they had different strategies, but they are starting to converge. One was physical, the other was digital. Now they are both doing 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 and. And. Back end. Consumers unnecessarily seated, 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, its all the infrastructure happening around it and 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 do the deal, but i would execute it a little differently. Strategically we were trying to do, not just 20 years ago, we drive theg to convergence of what we have seen, things like netflix, the ipod. Things that did not exist 20 years ago and have become significant parts 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 Something Like disney plus. I wish we had seen that 20 years aol and timeput warner together. 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. Well bring you all the latest in tech throughout the week. Tune in each day at 5 p. M. New york and 2 00 p. M. San francisco. And Bloomberg Technology is livestreaming on twitter, check us out and follow our global breaking news network on twitter at quick takes. This is bloomberg. Brad he grew up in what he calls the peoples republic of berkeley, a liberal city on the east shore of the San Francisco bay. As a child, he played football while reciting rap lyrics and solving equations in advanced calculus. This ability to multitask and see the world through different prisms has helped him become an entrepreneur, ceo of a tech company, and eventually one of the most wellknown and respected investors on sand hill road. With Marc Andreessen by his side, he has invested in some of techs biggest names in the last decade faceboo
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