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Chemical strikes took place. We were fully justified in doing so. Mark the senate has voted to confirm neil gorsuch to the Supreme Court. The vote was 5445. Yesterday, republicans lowered the number of votes needed to advance the Supreme Court nominee to a simple majority from 60 votes after democrats filibustered in blocking judge gorsuch. The chinese president returned home this afternoon following his summit with president trump. The president called their time together very interesting. Both leaders spent part of today holding talks in florida. I am Mark Crumpton in new york. Caroline i am caroline hyde. This is bloomberg technology. Coming up, the fallout continues in the google controversy. Are the changes at youtube enough to keep competitors from chipping away at its massive digital ad sales . 23andme clears a major regulatory hurdle. Our interview with the c. E. O. On the future of the genetic testing market. Samsung investors shrug off scandals to report higherthanexpected earnings. Could the south korean giant be bouncing back . First to our lead, google continues to fight back from its ad controversy. Youtube will now require video channels to reach 10,000 total views before pairing videos with advertisers, raising the bar for those posting on the site. Is it enough after advertisers found their ads running next to offensive and extremist content . Are they already jumping in to grab a larger share . Joining us is Jitendra Waral and bob odonnell, our guest host for the hour. A great way to be kicking off the show. Who could be eating away at a dominant force . First of all, it is important to understand the measurement problem, the classification problem of usergenerated content does not have a onetime fix. This is an evolving problem which will have an evolving platform. It is not just related to youtube or google. It is an industrywide issue. It started with youtube. We had some escalation leading up to the event. We had the fake news concerns. We had facebook reporting metrics incorrectly and things like that. In general, it is making advertisers think again. Do we need to look at the metrics these companies are selfreporting . How do we make sure we are getting what we think we are getting . They are pausing. It is a nearterm issue. It is not a onetime fix. This is an evolving problem straight as the content evolves, these solutions will have to evolve. Caroline get a little bit of market share . 1. 8 of the digital ad market in the u. S. Can it get any more . In the nearterm, you have publishers that have more control over the content. You have Measurement Companies individually that work with google and facebook to vet their metrics. And of course, you have amazon and the other folks who are very slowly growing the ad business. If you look at projections for amazon this year, it will be 1. 8 billion in business for them. The Retail Market is pretty big for advertising. It is essentially, who can provide better roi, better measurement, and more transparency . If they can longerterm, they have a business they can longerterm target. Caroline this is something the market has been calling for, for years. This is something youtube and google have to tackle. Is this going to cause bigger changes than the changes we are seeing . Bob i think eventually it will. This is an important first step. Getting to the 10,000 level on youtube, you are raising yourself above the noise. At the same time, what is interesting, we think about who has opportunities moving forward. In a world where we have specific information, theoretically there is an opportunity for smaller players who are well targeted at particular audiences to do reasonably well. I think that could be an interesting development. The click issue has been around for decades since the web began. It almost falls back to the same old problem. Here we are again trying to debate that. I think intermediaries play a role. I think there will have to be a couple of wellknown standards. We will see other developments on the web we can say is a reasonable metric of volume. There has to be a lot of work done. Luckily, ai can be used to be smart about what things can be served even if the numbers are where above where they should be. Caroline this is such a broad problem. This is just one element of it, despite back against youtube and the changes they are making. We have heard of the fake news element, the pressure across the board. Factchecking is something google announced today. They will be able to ensure the wrong answers do not come up anymore. We are seeing a lot of movement. This is evolutionary. It is not going to be revolutionary. This is a blessing in disguise for digital advertising. Digital advertising is not moved away from tv as quickly as anticipated. One of the bigger problems was brand safety and classification. If they come up with a standard solution with machine learning, audits, if there is a standard set, the code is cracked on digital advertising. This is a blessing in disguise if you think about it longerterm. Nearterm, these steps will continue to evolve i think. Bob to your question on the factchecking, i think it will be important. It looks like what i read on what they are doing, it is possible somebody could game the system. They could claim to be a factchecking site. Whether or not they were valid is yet another question. These things get pushed further and further out in terms of who you can trust. Fundamentally, it is a good step forward to try and see how we can evolve this. People are no longer simply going to be blatantly relying on what they have seen and there will be more checks and balances in place. Caroline bob odonnell will be sticking with me. A story we are watching. It is said to be exploring a sale after it has received interest from potential buyers according to a report. The company has raised 38 million. It is one of the bestknown startups that links freelance workers with jobs. Coming up, an exclusive conversation with one of the most wellknown startups. The 23andme c. E. O. On the companys big win with the fda. That is coming up next. This is bloomberg. Caroline the federal Communications Commission chief may present a proposal to gut net rules as soon as this month according to a person fully with the issue. He has said he wants to maintain the basic principles of Net Neutrality laws which legally prevent internet providers from blocking or prioritizing certain content for financial gain. He previously voted against the 2015 Net Neutrality order saying the laws were trying to solve a problem that did not exist. Meanwhile, the d. N. A. Testing company 23andme has cleared a major hurdle with u. S. Regulators. The food and drug administrator has given the company the green light to sell genetic testing kits to consumers. The first and only company in the u. S. To be cleared to provide reports. In a turnaround for the fda which previously imposed a moratorium on home testing kits, while the u. K. And canada embraced it. Earlier, i spoke with the c. E. O. In an exclusive interview. I started by asking about the requirements the company has to meet to earn the approval. The fda wanted us to prove two points. One, to make sure the data is accurate and if i tell you a certain result we know the quality of that result is reproducible. That that is in fact the result. The second thing we had to prove is comprehension and go around the country improve all different education levels could understand the data. It is one of the things that is core to 23andme, we have the belief anyone can learn about themselves and science is within the reach of anyone. And so, we designed the product and experience specifically so anyone of any education level can understand this information. Caroline 10 conditions have been granted thus far. How did you select these conditions to run with first and will you be adding to them . We will definitely be adding to them. That is part of the whole process. We want to keep consumers uptodate as more genetic discoveries are happening. We focused originally on parkinsons and alzheimers because those are two of the most commonly requested reports our customers want. I think one thing people do not fully realize is the medical system does not always share that information. Consumers want this information because they might be making a lifestyle change. They want to be empowered with this information. Caroline they have been seeking information for other things prior to this. Since 2013, they have been able to find out ancestry history, beverages they might react to, and what their children might be inheriting. If you have already done a 23andme test, can you automatically find out what your reliability is in terms of the 10 conditions . It is for customers on an existing fda cleared platform. That means they have gotten on in the last few years. They will get these reports. For customers on a preexisting platform, we will enable some way for them to upgrade to it. For people who bought a year ago, they will get these reports. Caroline you are giving education. You are making everyone a scientist, as you say. How are they to use that information . Are we expecting people to run to their doctors because they have more exposure to these genetic conditions . Can they use it and go to their insurance and show they are safer than indicated . I think one thing people do not fully understand, there are a lot of aspects of health care in the prevention world that do not tap into what we see as the Traditional Health care system. We find people find out they are at risk for something and they want to make lifestyle changes. They might want to start exercising more. They might want to change their diet. They want to have a coach of sorts. What we found when we did studies and the u. K. Is we found people are not running to their physicians to ask more questions. Some do bring it up on the next scheduled appointment, but it is not generating more visits for physicians. People do want to make lifestyle changes. That is where there is a real opportunity. We want to embrace a Consumer Health care movement. Where consumers are thinking about their health care, not episodically when they go to the doctor, but they are thinking about it every day. What am i eating . Am i exercising . I think as we think about the retail world and the daily experience and other consumer focused companies, those groups will help people make behavior changes we know customers want to make. Caroline on the coaching, is 23andme going to be providing coaching as well . We are not providing it. We provide links to individuals. We see our expertise as genetics and making it clear for individuals the risk they have. We want to partner and enable other companies to help customers take it to the next level and execute in that way. Caroline what about the reach of your own business and where you take it next . You have been using the data. What is the privacy angle . That springs to mind for many users. Can you confirm how the data is used and what the data might do to help push Forward Research into certain diseases . Data privacy has always been first to us. We have defined privacy based on customer choice. If you want to share your data with no one, you share with no one. 23andme will never share individual data without customers exquisite consent. Privacy is a huge priority. We have found people with a disease want us to do research and partner to do research with other companies. It is a matter of choice. People have the ability to opt into that. We have a consent form. 85 of our customers are opting into that research. We want to the mission of the company is to help people access, understand, and benefit from the human genome. The way we will all benefit is with a big data set of Genetic Information and information about those customers. We have over 2 million individuals today. We have probably the largest genetic phenotype database in the world where we can make discoveries. I think anyone who has ever been to the doctor has suffered from the expense of not necessarily knowing the best path forward. If you have a disease, you may or may not know exactly what you should do. That is one of the things we are hoping to solve. With all this information, help individuals have Personalized Health care and treatment. Caroline that was 23andme c. E. O. Anne wojcicki. Samsung investors shrugged off scandals over safety and corruption claims report higherthanexpected quarterly earnings. We will bring you the details next. A feature we would like to bring to your attention is our interactive tv function. You can find it on the bloomberg. You will be able to watch us live and see previous interviews and dive into any of the functions we talk about. You can become part of the conversation by sending us instant messages during our shows. This is for bloomberg subscribers only. This is bloomberg. Caroline despite a handful of serious scandals, samsung has posted its best operating profit in almost four years. Perhaps thanks to strong sales of memory chips. Samsung is still trying to bounce back from last years galaxy note 7 crisis and counting on its new flagship model to restore its reputation after the exploding battery debacle. But effective leader made his first appearance in court friday in a massive corruption trial. Joining us in washington is troy stangarone. Also with us, the guest host of the hour, bob odonnell. Troy, these numbers surprised me. It would not have anticipated perhaps the best profit, quarterly profit in more than three years. What is driving the resilience from your point of view . Are you surprised how much they weathered the storm . I think this is being driven largely by the chip business. We are expecting to see profits on the smartphones are going to be down maybe as much as 50 . But if you look at them specifically, there has been a boost in demand for dram and the price. Samsung is positioned well to take advantage of that. Caroline bob odonnell, i need to get your point of view. What blows my mind is when you go on to the bloomberg terminal, you can see 41 advise and only one cell. The price target remains higher than the current share price. Can they sustain this bullishness . Bob i think they can for a while. Samsung is made up of a lot of different pieces. The component piece that provides the displays and other kinds of components is very robust and built not just by what samsung does but by what apple does and what other competitors do. On top of that, the s8 is an impressive new device. I think it will do quite well. Barring any other major disasters, which i think they have protected themselves against with all the testing they are doing, i think it will do quite well. That will give them more momentum again. They continue to branch out. We see the smart hub device they offer as well, moving more into the smart home space. They are building themselves a very strong, interesting platform play even though they do not have an os. Caroline not as good as android. Bob they are building these platforms and services out with samsung pay. They have an identity service. These other things they are starting to build up that i think will make them a competitive threat longterm. Caroline it was the number one mobile player in the world. Troy, i want to show the viewers on our bloomberg. How important samsung is to south korea in terms of the economy, 19 of the total south korean market cap is this one standalone juggernaut that is samsung. I want to get onto the other debacle we mentioned. That being the political scandal engulfing the company. Jay y. Lee in court today. What are you seeing . What is south korea seeing . What should we look for as to whether he could be prosecuted for this and what it meant for the company . I think as we expected, young said he was not guilty of the charges. This has been samsungs case the whole time Going Forward, that they were extorted. That they did not take and seek a bribe to push forward the earlier merger. Going forward, i think there are three things we need to look at. This is taking place in a very unique political environment. One factor i think Going Forward is going to be the trial that has started. If she is found not guilty, that will have Significant Impact potentially on youngs case. If she is convicted, it may have repercussions on his case but it might not. Caroline remind us. She is the one who was the gobetween is claimed between samsung and the others. She is the one who took and did the requests for the bribes, if this is proven. I think beyond her, we also need to look at the president who may get charged, what those charges are may give indications. I think we also need to look at the ongoing president ial race. The question of pardons has come up in the election. Depending on who wins, it might have an impact on youngs future if he is convicted. Caroline when youre looking at samsung, do you look at it as a part by part company . Do you worry about the political Corruption Scandal engulfing it . None of the analysts seem to be caring. Bob you do look at all of the components. I think there is opportunity. My bigger fear is what happens with north korea because of the influence it would have on south korea and samsung in particular. Caroline to add that political element to the conversation as well. Coming up, the court saga between waymo and uber rages on as both sides step up their argument. We will discuss next. This is bloomberg. Mark Nikki Haley Says the u. S. Military action in syria was justified. She described possible reasons for russias failure to rein in serious chemical weapons program. It could be russia is knowingly allowing chemical weapons to remain in syria. It could be that russia has been incompetent in its efforts to remove the chemical weapons. It could be that the assad regime is playing the russians for fools, telling them there are no chemical weapons while stockpiling them on their bases. Mark reaction to the military act was mixed. Russia and iran condemned the attack which they claim was conducted under a false pretext. Israel and saudi arabia welcomed the bombardment. France also supported the move. Meantime, i muted response from china. Chinas Foreign Ministry cautioned against the escalation of tensions. The chinese president returns home following that visit with president trump. He spoke to reporters about his first facetoface meeting with the chinese leader. Tremendous progress in our relationship with china. We made progress in the relationship developed. I think it is outstanding. Mark Swedish Police have arrested a person who may have a connection to the attack in stockholm. Someone drove a beer truck into a building. Four people were killed, 15 other injrued. The countrys Prime Minister is calling it an act of terror. Belgian authorities have dropped terror charges against a tunisian man in antwerp. No one was hurt in the incident. Prosecutors said they lacked evidence of terrorism. South africans demonstrated, calling for the resignation of president zuma. I am Mark Crumpton. Caroline this is the bloomberg technology. The h one B Visa Program open this week. The highly Competitive Program is even tougher for applicants. We spoke about the impact of these changes on giants like google. This set of rules is aimed at the lower in, the outsourcers of the world. They bring in workers and send them back overseas. Caroline what about the start of community . How much do they depend on h1b visas . U. K. And friends even use these visas. There are lots of immigrant founders. They hire a lot of people from outside the united states. It is an Important Program to them. A lot of people saw this coming. I think we have not seen the same backlash as the immigration bans. Caroline im going to move on to the next story. It was perhaps a leak of what verizon was going to name the combination of its assets. Its not the first thing that springs to mind. I want to bring in tim armstrong. Have a listen. It clears the lane to promote yahoo and others. Its a values based brand. Some the reaction to the brand is shortterm thinking. Caroline he said 50 million worth of marketing garnered by this leak. They took a lot of heat on this one. They have integrity. Its not a bad name. I dont see the problem with it. It is an umbrella name for them organizationally. The property names come the individual brands, dont go away. These companies have brand recognition, techcrunch, yahoo . There are still one billion people who use this. Exactly. How many people have left yahoo as a result of that . People are still tied to their female providers. Does this hurt them . I dont see it as a bad thing. I think its ok. If this were a hipper company, they would probably get credit for it. Caroline poor tim armstrong. You couldve done a lot worse. Mondalez . [laughter] it is not a real thing. It is made up. Caroline the joy of rebranding. Lets dig in to an ubers scandal. You are all over it. The self driving car unit of google. Uber file third response. They are arguing we are not using way most technology. Waymos technology. We are not using it, so we are fine. We shouldnt get a preliminary injunction against us. They are fighting over whether the court will snap its fingers and order them to stop right away. Caroline another big court case. Twitter withdraws its lawsuit against the u. S. Government one day after filing it. The suit was intended to block a summons to identify an anonymous twitter user. Sarah frier covers the company, and bob odonnell. Great reporting throughout. Is it possible to call this a victory . This is a victory for twitter. When i saw the headlines come i thought oh, my god, they already with drew their suit . They withdrew because the government stopped asking, they scared the government away. Caroline talk to us about some of the background to all of this. Twitter was taking the government head on. It is fascinating considering how much trump has driven the agenda. Twitter will cooperate when there is a criminal case. There was a case a couple of weeks ago where a user sent an epilepsy inducing tweet to a journalist and he had a seizure. Twitter gave the government information about that user and he was arrested. In those cases, twitter will help and actually provided a transparence report of all the government request they have gotten around the world. When it comes to free speech matters, they are steadfast about not giving information to the government. Twitter has been shut down when they have refused to give information. Caroline rather fascinating what it shows. That shows how much they want to shut down criticism. It does. This is not a criminal case. It is a great win for twitter. It is good news for them. It shows they are willing to stand up. I think thats right. I think they need to do that. That reflects and independence they need to maintain. If they didnt, it would reflect poorly on them. This is critical for them to turn this one around. Caroline shares still down. What can you do . Great to have you on. Wonderful reporting. One stock we are watching making its public debut friday. Shares popped 39 and has a market cap of 2 billion. It is backed by andreessen horowitz, greylock partners, and sequoia capital. Coming up, and answer the sidesteps of frenzy, and the snap ipo. This is bloomberg. Caroline the struggling Music Streaming Company pandora has asked better deal terms. The music labels are unlikely to heed these requests. Pandora still generates cash, but it is under pressure to prove its better days are still ahead as an independent company. Shares slid and remain below the 2011 ipo price. Spotify made waves over reports it is considering an unusual way to satisfy investors, weighing a direct listing rather than a traditional ipo and would not involve underwriters and sidestep price speculation. Joining us now is one of spotifys backers. Also, bob oh donald. Direct market listings, circumventing ipos. Would this be a positive step . Good to be with you. Our review on the direct listing is positive. We think it signals confidence. The company reflects this idea that the business is financially sound and they have enough cash to support their growth and dont need to raise billions of dollars to be sustainable and successful. It does challenge this notion that the Business Needs to go through the traditional ipo roadshow to market the story. Great businesses dont need the ipo roadshow necessarily to have a following from the investment community. We believe and managements ability to do the right thing for the business and shareholders. Caroline there has been debt taken on by spotify. It confuses me why they wouldnt want more money to pay down the debt. The terms of the debt are pushing them to go for an ipo or direct share listing sooner rather than later. Would you like to see this comment 2017 rather than 2018 . We would love for the business to go public. Management is looking for the right time for an offering. The trigger for the ipo is not the debt piece. They are not driving the decision to go public, but the appropriate Market Conditions and timing for this company. They did solidify negotiations with universal. We think that was a huge milestone, so those of the drivers for the business rather than a financial instrument the company can more than support. Bob does this reflect a changing atmosphere around tech ipos in general . You could argue that with snap and spotify, is there the sense that Tech Companies are trying to take more control to themselves away from wall street . What does that mean for wall street and investors . It is no surprise that they are taking an innovative approach here as they think about this ipo and contemplate a direct listing. Our view is that ipo roadshows led by the Investment Banking community, stocks can be underpriced. Snapchat, the stock went up 40 after it was listed, so we let the market determine the price of the stock. It may come at the expense of some Investment Banking fees, but it is better for shareholders, the company, and we believe it is a viable route companies in general. If spotify can execute a transaction like this, they can generate investor following on the Equity Research side. This could become a template for companies in the future to go public and do a direct listing versus the traditional ipo route. Caroline im thinking of another company you invest in, uber. Which you rather see them go sooner than later . Our view on uber, the company is doing tremendously well as a private business. They have flexibility to execute and strategize the way they want to. We are no strangers to being patient about waiting for an ipo. Our largest investment was in the alibaba group. Alibaba took 15 years to go public, and it was worth the wait. In the case of uber, there are a lot of things in flux. The business is only eight years old and it is still early in its broader development. We are behind management. At some point in the future, and ipo is likely in the cards of a company this size. It doesnt seem that there are any other paths for liquidity for shareholders. We are supported of that. Caroline worth the wait. Wonderful having you on. Migrate thanks to bob oh donald. Great to have you with us. Coming up, amazon disrupted ecommerce, but now targeting in a prize customers. What can suppliers due to stay ahead of the goliath. This is bloomberg. Caroline amazon business said to disrupt the supply chain. The group by 20 month over month. How is amazon taking aim on this fragmented market and is it the new area of disruption . Wonderful to have you with us. Perhaps not a new threat. Perhaps something going on for 20 years. Where would amazon want to make inroads . There are Court Documents released last fall. They were citing the Industrial Supply industry, which includes maintenance, repair, and operational products. Those are disturbed by Companies Like granger or msc direct. Caroline fascinating you bring up with granger and msc. Bloomberg intelligence was digging into some of these theories. They feel that in mros are a value added element. Do you think amazon has the discipline to compete on the Value Added Services sector . Granger is more vulnerable than msc. Both companies have a large portion of revenue that comes from mro products. Msc has 60 of their products sold online through their website. Where amazon attacks you first, the pack and ship products. Those tend to have a good amount of margin. A lot of companies are moving towards Value Added Services. Amazon can cause a lot of disruption to a distributors bottom line i just taking an attack at that pack and ship revenue, also spot buys. For granger, that is 40 of revenue. They plan on reducing prices by 15 to 25 for their spot by product segment. Caroline the price pressure is being put on. Companies like yours are hoping that these Companies Might come to you for help to build her own marketplaces in reaction to amazon. Maybe disruption would help your particular business. Is this generally a negative . A lot of consumers love the disruption amazon has brought. What can it bring to the economy of large . There is a huge opportunity for Distribution Companies. Amazon is also a retailer, which is the same thing what these Distribution Companies are. They need to embrace the thirdparty seller marketplace, which is what amazon has been doing for 20 years now. That Business Model is called the platform Business Model. Those Business Models have a winner take all dynamic, which means there are only one or two companies that dominate in Industries Market share, so they are highly fragmented. The marketplace is valued more than the veneer distribution linear distribution model, so they could be in a position to drastically increase market share if they were to look at revising their Business Model structure and embracing that marketplace model, letting thirdparty sellers sell alongside them on their website. Caroline lets see how quickly that disruption comes are these companies respond. Wonderful to have you with us. That does it for this edition of bloomberg technology. On monday, we speak with the myspace founder about his latest adventure in mobile gaming. This is bloomberg. Announcer the following is a paid presentation for luminess air. Take a look at this blemish. Now you see it, now you dont. It is amazing. Announcer see this age spot . Dont blink. It is gone like magic. Luminess is stupendous. Announcer watch this redness disappear at the touch of a button. People have said to me, you look amazing. What have you done . People ask me if ive had a facelift. People ask if i got botox

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