Mark the 500th anniversary of the reformation. news, 24 hours a day, powered powered by more than 2600 journalists and analysts in more than 120 countries around the world. Bloomberg technology is next. Im emily chang in this Bloomberg Technology. Stoxx close that another record high with tech jiving another impact for the as of the. Very where live in london with the latest. Amazon opens its first men have been bookstore, why the ecommerce giant to be late to the brickandmortar injury first, to our lead. U. S. Stocks are reaching fresh records. The s p 500 is pushing its longest rally since february. It is closing at have a percent. The tech sector continues to be one of the strongest performers. Take a look at the bloomberg, you will see the white line which represents tech. It is well above the s p 500 since trump took office. Sector, we the tech talked to demand that is the founder of the Real Estate Company and it is great to have you back. Silicon valley was largely mp but now we are seeing record highs. What will the impact of trump be . Are a trump policies some tax reform could be very helpful, some immigration could hurt tech, but it is unclear what that is. Right now, theyre continuing to have software in the world and markets appreciating how much software is in the world. You on the news about ford. Theres more manifestation that will help health care where technology, software, ai, she learning changes the way every american lives. Emily of all the effects, which are you most concerned about or watching the most . I think we need tax reform. Were not embedded. Thats competitive. And a global economy, where companies that are founded here and headquartered here have to compete, if we have an uncompetitive regulatory structure, or text regime, that will eventually cause real problems. One of the problems why tech stocks are going to the roof is that there is an expectation, at a minimum, there it will be some tax reform. Emily i know you and peter thiel talk. What menstruation insights can you share . I will share any conversation directly, but most people, like my views, are typical. Lets watch what happens. But see if he delivers on some of the problems that he says cleaning up washington need. Manageable in Silicon Valley would agree that it is broken. Sometimes it is so broken that you have to start from scratch sometimes. When you engage in a revolution, rings could get worse. Like in france. A lot of people lost their lives. When you have disruption, disruption can cut in in many predictable that comfortable way. The same. Ter is eventually, more and more people will agree with that. Many people who voted for the , wantedts, like hillary more of the status quo. Peter is saying, we have to stop this. Rolling the dice and taking more risk is better than continuing the status quo for eternity. Emily wassup about one of your risks with open door. Its an idea you had for a long time. You offer homeowners a price to sell her home. Most immediately. You also close a matter of days. Yet raised a lot of money. His success contingent on the markets keeping up . Is a blowup possible here. Called it a times that startup. Are you one simple way from potential catastrophe if things dont go right . Ive keith i think it is the same for all startups that you want to stay away from catastrophe. When you think through macro market and real estate, we by primary Residential Real Estate and we give people offers and 30 seconds or less just like a trade card today. What we thought through, people would generally value our product and service more in a downturn then in an appreciating market. Effectively, people crave liquidity. In san francisco, it is easy to get liquidity. Some is going to offer to buy if you put aside. In a down market, the buyers disappear. We are great source of people providing liquidity in those kind of markets. We would do quite well in the 2000 and eight environment, whats nobody knows what will be the next black swan. One thing affecting is would be moving relish the mesh moving real estate prices by little. It is very comfortable. That is difficult to model. 100 billion to invest in tech, how does this change the competition for you and could it lead to another bubble . They are investing mostly in gross opportunities. Thats we are a Venture Capital firm. Seeing Growth Capital of a company. I dont think it impacts us. It may be a good source of capital for other companies, like rocket lab, putting in a satellite by today and it will be to deliver lowcost said lights as officially as flying a plane. Those Companies Need to raise more money. Soft banks, vision fund, maybe a great capital for the future. Emily you dont think this could lead to another bubble in the making . Keith they could. Too much capital chasing very few great ideas and also founders does create distortion. We saw that in 2014 and 15. In 2016 in 2017 the markets have stabilized. There are only so many great founders. Building up Great Company from beginning to a scalable business that is permanent is a aerobic exercise. There is not that many euros in the world. What to get the machine working and have figured out business equation, there are a lot more people that can run a machine. Building the machine is very thats a very rarefied skill. I dont think during more capital at the process is good for anybody in the process. Lift investor. A uber has had many challenges as we know. Do you think that if the ridesharing market isnt winner take all, that who were still gets most or, how much of the u. S. Market is up for grabs. Been on the show for three come up or five years talking about uber and i make this inconsistent point that is not a winner to go market. If you can have liquidity, a user, consumer, can get a ride in three to four minutes, they dont care what service they are using. They are getting to liquidity in a particular market and that takes ever. If lift can provide a three or four by minute wait, users are pricesensitive and maybe bring sensitive in todays world, that is the primary decision. I dont think it is winner take all at all. All right, you are sticking with me, keith. Staying with list, theyre looking to quote more customers as they remained redhot. Ubere heels of an movement, lifters putting out a service for luxury. It will include options for writers to book a tesla, bmw, or another premium car. Accessinging to encrypted data, regulations are ofng stepped up in the wake the terrorist attack in manchester. Bloomberg technology is Live Streaming on twitter, check us out. 5 p. M. In new york, 2 p. M. In san francisco. This is bloomberg. Emily surges4 today closing at 25 . Software helps over 280 clients including Goldman Sachs to build apps without needing extensive information on coding. Alex spoke with the ceo and asked about taking the Company Public versus staying private in the current environment. Staying private works perfectly of all you want out of the market is money. Publicity, to be a greater force in local recruiting, or if you want to make more partnerships or stronger ones with global integrators, nothing duplicates the kind of legitimacy that you get from going public. As i said a nasdaq, we are here to raise the curtain on low code. I couldnt do that if i was making a private equity transaction. I have to make a statement in the Public Markets to get people thinking, there is a new way to build software. , i may build it on the platform. Im excited about europe. We put a new organization down in europe. It has an opportunity to break out. We are out of our office in london, running new sales reps, and we have an office in australia. Im excited to go to different places around the world as we are highly concentrated in north america. Sales is generally the biggest thing we will spend money on. We will do more marketing, and the purpose of the ipo, is to raise the profile on the low code concepts because we dont need the money. Emily lets keep the focus on europe. Facebook is stepping up its effort to combat hate speech for years. Hired 3000ly, they people to monitor and fight content. Stricter regulations are popping up in europe. The Parliament Said they have proposals that would require those two block images containing hate speech and terrorism. Caroline hyde is live from london with more. Caroline, set the stage for us. Our the regulations in europe different in them in the United States . They are talking a lot tougher. Germany, they are saying thats we will find you social Media Outlets thats fine you 50 Million Euros if you want removed the hate speech and 24 hours. In 24 hours. If you dont pull them down, you could be fined 50 Million Euros. Indeed, your executives could be fined 5 Million Euros apart a pop. If we look back to 2015, the immigration crisis, people came to germany and this insight did a lot of hate speech at the time that saw people congregating and going out and struck violence to the heart. This got germany active, france got the same. From france, the social media giants met. In the u. K. , now, we are hearing say beingalls to quicker at taking down the insightful hate related content. We need you to in the wake of the manchester attack. Emily Facebook Says it reviews 100 Million People and the contents a month. Is the scope to big . Keith i think to manually review everything, it is too big. Theres one billion users a day or whatever, i think that is unreasonable. Can use math and out rhythms to prioritize the narrow sense that need to be reviewed . I think that is a scalable approaching can work very well. I think they understand very well. Combining math, machines, and people in an efficient way. There are they are better than the credit they are geting from it. Differenteres a very thing between fake news and hate speech. I think fake news is a fake problem. Talk about the last political election. People are more informed than ever. Secondarily, i think fake news as an excuse that a lot of people use and they used to be gatekeepers to filter news and opinions and they want to answer themselves back into the process of having a role of filtering. Internet has eliminated that role and that is not stoppable. I think the fake news is a politically charged, biased approach. Thats too constraining and the set a set of opinions. Hate speech is defined barrel this fairly narrowly. In the United States, it is difficult to get Tech Companies laws passed by parliament or a Regulatory Regime is live abroad protection of the First Amendment that doesnt apply in europe. The definition of hate speech and terrorism, violence, are much wider than would ever be possible year. Thats here. News was an issue following the manchester terror attack. Now, the u. K. Government is pushing parliament to pass a law that would require facebook to remove an encryption on what that message is belonging to suspects in investigations. Tell us the this, caroline. This is fascinating. The same call is here. The United KingdomParty Looks Like he could win by a landslide in the general election come june 8, and they are calling for the encryption that is on by facebook to be a backdoor being the authorities to access the data of those they believe are related to terrorist incidents. It is interesting how this is being digested by the u. K. The atrocities that occurred on monday, it would be a good idea if we could ensure that those who have lethal views and might use them can be access. Rohan is a big name in the u. K. Tech community, and he helped found the tech city with david cameron. He was one saying, maybe this isnt a bad idea. In the United Kingdom, it would just be a judge asking a specific circumstance to access the data of certain individuals. He says, maybe that is not a bad idea, Tech Companies and maybe you should step up to the market. Allow encryption to be able to a road is but when it is needed by judge, that that could be the case. Keith i think it is a little more complicated. For 300 years, if you go to a years and a judge you get a warrant to search rows. Someone has always been able to get warned together all of your belongings everything at home. The idea to applying the same principles to your phone is trivial. It should not be that controversial paired controversial. Backdoor, itte a is not clear the government can constrain it or keep it in the right peoples hands and that the wrong people doesnt dont already have access to it. Is it possible to have a secure way of unencrypted things that could be only used by very small enough to people. History suggests not. There is danger that people are emily this is a very long conversation, thank you guys for sticking with us. Caroline hyde, thank you for the reporting. Intel is carving out space in the competitive world of the are. We will hear from an intel executive next. This is bloomberg. Emily intel is making strides in gaming and vr for years, but the space credit with competition. They roll out highend chips with a lot of applications in computing, but skimming as well. The intelth frank, general manager about the announcement and how it conserved customers. Before, you would play game or edits one video streaming this lets you do things that we do call mega testing. Out give you an example. I can play the game, without interrupting, i can store it for later editing and streaming live. Then you at a level of the are on top of that and my game is very responsive and i do all of the other things at the same time. Emily synapse multitasking, mega testing. Is this a response to amd . How much performance will you have over them . We focus on the enduser user and the customers that we serve. We have been dedicated to extreme edition processors for 10 years. This isnt because of any recent activity, this is because of our commitment to delivering the best gaming experience, overclocking experience, to our customers. Every year we do that, they love what we provide and they will buy the allday long. Emily for vr, you have collaborations going on. We are curious about what products are in the pipeline. What is coming to market . What type of products . Emily emily yeah. The doityourself crowd is a very big part of our market. Like to build their own higher performance platforms. Has been at vr and gaming for a while. You have also got competitors there. Nvidia for example. What are you doing to get ahead . About what isk happening at the highend of the gaming market, it takes crazy awesome for ormans and a lot of platform elements. You have things like opting technology. Highnjunction with the gaming options, there are discrete graphics cards. Emily we talked a lot about thats when vr will go mainstream. It seems theres not enough content to do that. When is it going to happen or if it is going to happen . Vr is happening right now. Tohave invested in content make sure that we can show the case cry seven and cry seven above cry nine cry five. Do we get to the Tipping Point where everybody wants to do vr . What we do with microsoft is working to develop that kind of constant content. Manager. Ose the intel withuld catch up annemarie slaughter next. A feature i want to bring to your attention, our interaction tv function you can find at tv and you can check us out live if you miss our interview. You can go back live. You asked me a question, play along with the charts, and this is for bloomberg subscribers only. Check it out on bloomberg go. Alisa parenti. You are watching Bloomberg Technology. Home searches in manchester and across the u. K. Are revealing important clues. In a fastmoving investigation into the concert bombing that killed 22 people. That islue according to the police chief and the eight arrests are significant. Photos are detailing the bomb in the name of the suspect published in the u. S. President has asked the doj to a larger review. President trump and the french president engaged in hand to hand combat of sorts in brussels. Both mans locked hands for what seemed like an attorney to go ready to pulled away. The french president held on for low bit longer. Lucas baba they most was wounded in that is according to a greek policewoman. The injuries are nonlifethreatening. And one man faces a political survival rate people bushsparty plan to National Executive committee to order intercept down. Zuma is also facing and him president support from the present public. Global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries around the world. Is 730 friday morning in sydney. We are joined by paul allen at the look at the markets. Paul, we had records on wall street. Paul that is right, and we do have features up a little bit. We will be watching the oil space after the oil price fell. Be impacteds will by that. That failed to provide a timetable on that. This is showing modest gains out of chicago. Were waiting on cpi out of japan for april and looking for a gain of 4 10 of 1 . Its an improvement on the march figure and were looking for the good gdp numbers coming out of japan recently. Asia would one stock thats asia is one stock to watch. This is after net profit fell to 62 million because of a slump in the First Quarter profit from the long haul carrier. Gdptching out for ddp out of sydney. I am paul allen, and more from Bloomberg Technology next. Emily im emily chang, lets get back to the top story this hour. Stocks get to new records reaching the three major averages closing at alltime highs in the s p 500 is extending to the longest win streak since february. Tech stocks push to a sixday rally. Thanks thanks, google, amazon, microsoft it all new benchmark. Theyre inching toward a 1000 per share price tag. That is not all good news. Scherzer dropping after hours to as much a 7 . The digital revolution is transforming the world of work. The latest technological advances are placing some jobs on the chopping block. With that in mind, the think tank america released commission on work. Workers and technology which is done in partnership with Parent Company bloomberg lp. They reported it is difficult to predict whether there is more or less work to go around as a result of technology. They outline for future workplace in areas that could play out in the next 10 up to 20th. We switch of annemarie sauter of new america. We started by asking about the workforce trend she expected to be given in the future. Somethingswe know are given and some a lot of automation. We just dont know how much. Well also know there is a shift going on from dobbs to tasks or things like the gig economy. We just dont know. On the how much. Our scenarios run through different, nations of jobs and, more are fewer jobs, and whether that will be more jobs or more tasks. You learn about the Technology Industry and what they dont understand about government and vice versa. Bursa . Vice versa . This is a test project where this is a test project where the Tech Industry is asking forgiveness rather than permission. Washington is, look you have to think about the Public Interest as a whole. One of the most interesting interactions was between Union Leaders and faith leaders. Tech startups entrepreneurs as well where the entrepreneurs were talking about the Great Technology and other people in the room were saying, yes, but what happens to the workers whose jobs will be lost. More jobsere are created overall, it wont be jobs for them. What will we do about that . That is often government stuff. Emily you were to for clinton at the state department and you have a key post in the administration had she won, what impact do think trump will have on the future of jobs for better or for worse . , i dont think trump himself or had it been president clinton would have been able to control the future of work. Those are market forces, technology forces, human forces. What i do think its critical, is the government thinking about portable benefits, and frankly, really good health care. The ability to move your retirement and health care wherever you go, rather than tying it to your job, will we be able to take advantage of the technology and the economy that is coming. Emily are facebook and google to powerful when it comes to Political Affairs . Do you see them abusing their power down the line . Things we one of the think about when we look at the whatf work, are the the economy looks like now. Samenot likely to stay the for the coming decades. If you go back to the late 19th century, you look at the power of railroads, big oil companies, they still companies, and sooner or later, the citizens and smaller business demanded more of a share of the markets. I think, even though google and facebook and amazon, and other big Tech Companies offer extraordinary benefits, the public as a whole is going to want to find more ways to share in those benefits. Emily as a foreignpolicy expert, im curious on your thoughts on facebook and twitter and the responsibility when it comes to fake news. Especially your thoughts on russia meddling potentially meddling in affairs via cyberspace. The russian meddling in the u. S. Election was an act of aggression. Seeks to destabilize our democracy and we can see that he has done that in a whole lot of ways through meddling with the president ial campaign, packing, through putting out fake news and one of the challenges for facebook and twitter and all of us is that when the public then, is privately owned, of course, there has to be some sharing of responsibility. Emily in your article, annemarie, im curious if the conversation since and the rise of a lien in movement has led you to reconsider anything that you wrote there . I have not reconsidered my original claim which was work has to change as much as people have to change. I think Sheryl Sandberg agrees with that. Dont think there was nearly as much of a gap as people imagined, but i do believe strongly now, and that a wrote in my book Unfinished Business is that we dont have to think about this as a womens issue but rather a care issue. This is for all people caring for children, parents, spouses, siblings. To society is making it hard combine earning an income and caring for others, and if we want to exploit the talents of our society, harness the growth and potential of our citizens, we have doing knowledge that most workers also now have caregiving responsibilities, and not just women. They have to make room for the responsibilities and support them. Emily those annemarie slaughter, president and ceo of new america. A famous harvard dropout, Mark Zuckerberg returns to the university to deliver the commencement speech. He told graduates they need to find others find purpose were a world of machines are finding taking jobs and communities arent as stable. You graduate when this is especially important. The our parents graduated, sense of purpose came from your job, your church, your community, but, today, technology and automation are element tainting eliminating many jobs. Number shipping communities is declining a lot of people are feeling disconnected and depressed there trying to fill a void in their lives. Emily the comments come as he travels to the u. S. To understand what facebook users feel about the social network in the country after the president ial election revealed deep divides. Zuckerberg is the youngest person to deliver a commencement speech at harvard and was given an Honorary Degree for the efforts. A new mission for fitness powered by technology. We will take a look at a new app to obvious day and stay and say by taking data to the next level. That is next. This is bloomberg. Emily the spinning industry continues to grow. So much that ellis on has become attack unicorn. They go thats the bikes go for 2000 but the investors are thinking this is a billiondollar opportunity. Funding round, the Company Valued at 1. 2 billion. Investors in the company include capital, capital that comcast, and others. Staying with the fitness industry, in the u. S. Alone, people spend 30 billion annually on health and fitness clubs. One company is to swipe a chunk of that market and they are launching a new personalized fitness after the public today. Fundinge 3. 7 million and im joined here in the studio by the founder of evite. You got back together with your evite cofounder and started this new company. What was it like getting the band back together . We started it about 20 years ago and we started stayed super extent. When we thought about starting a company, we thought about an area we were both passionate about, health and fitness. Emily you could of done anything, why fitness . Whenever you start a company, there are key factors in play. It is something youre passionate about . Is the market big enough . Can you create disruption . Health and fitness we were very personally passionate about, as dave, my both know, founder of surveymonkey passed away and that was motivating to use tech to change health and wellness. The second piece is a market, which you are recovered. There is 30 billion years spent on jims in most of that goes unused. The third is, is this something you can disrupt . Al and i put on our exercise close and tried on a bunch of december bunch of different experiences. A few stood out. Whats they had was live music, awesome coaches, and really engaged community. On the other hand, they are pretty cost prohibited to most people. Definitelye that is not fit, it is pretty intimidating to walk into those places. What we realized as we could use technology and build an app that gay people the great coaching, live music, totally engaged community, but, at the same time, was affordable, accessible, and available for people at all different fitness levels. Emily i was going to mention the competition but you did it. You asked for precious time, and money from people. What makes you think you can stand out from all these other options . We think the idea of being alive is being really important. About whysk consumers you dont exercise today you get time and money motivation. You can write to two kids. Only time i ever exercise was walking from my house to the transition. When we were thinking about jake gixo youre more likely to exercise of your closer to your jim. We are trying to bring to the mobilephone the convenience of its anytime anywhere. I did a 50 minute class this morning before my kids woke up. 15 minute class. Emily what about millennials . We think we target of broad demographic. We are not just targeted on millennial. In our beta test, there have been a lot of professional moms, people that are busy, and with that theys, pieces enjoy the Community Aspects and some of the classes that are competitive. As you mentioned earlier, you are number two at surveymonkey, im curious to know what you learned that youre applying here. I know yet a profound impact on you as you dont Silicon Valley. I cant really summarize the mass amount i learned from him, but i cant say that one of the most important things was how to build an Important Company and culture of the company. On the very first day when we are starting our company, the first thing we did was list out, what do we want to the culture of the company to be . Emily on that note, your candidate to become ceo of surveymonkey. Your technical, i found her, what will it take to get more women in the seats of Silicon Valley . With surveymonkey they ended up in a great place with xander and are adding great board members. [laughter] the thehink about first and you have to do is recognize there is a problem. People like you have done a great job to the forefront that there is a problem in Silicon Valley. That is the first thing. The second thing is how do you solve the problem. I cant answer that for everybody and for myself, that is part of the reason i am to inspireis company other women to be founders. Ofly all right, founder gixo and evite back in the day, thank you for being here. Service,eaming spotify, appointed for new directors to the board. This is according to a person familiar. This is aimed at strengthening governance. The company in the nominations disneys former coo. As expertiseof him to the board which previously had the netflix chief officer ted. Spotify is looking to expanded video offering. People are familiar with the situation on part of of bid to expand ecommerce presence while brickandmortar decline. Coming up, ecommerce giant amazon is back at it with brickandmortar this time. Well take you inside the first bookstore in new york city, next. This is bloomberg. Emily amazon opened to grocery pick up kiosks in seattle. As part of the latest effort to enter the grocery market and compete with click and collect Shopping Options like walmart. The spot allows shoppers to buy groceries online and take them up and 50 minutes. Thats rather than having them delivered to the home. It is a feature develop it is a feature available if you are in his amazon if you were in amazon prime member. This is why the tech giant is experimenting with brickandmortar concepts. Amazon continues to open bookstores around country, and the most recent can be bono manhattan. We took a trip to check out the nearest bookstore on the block. Amazon helps kill bookstore chains, and now it is trying to become one. The Company Since 2015 has been opening a handful of physical bookstores in places like seattle, san diego, and sick cargo. It just opened its seventh location in an upscale mall in new york city. People arent moving away from buying physical books. Physicall a lot of books on amazon. Com, and we wanted to give them a new way to discover books. The discover to desire to find a book you love is a common desire. We felt we can make it easier and delightful. Arethe books in the store rated four stars and above or bestsellers. There are sections for books that large numbers of people have added to their Amazon Wish List online. There are no prices listed on the book titles. You can open amazon app on your phone and skin the book cover to get the price. Or you can take the book price to get to a skinny station is at the store. They also use these stores to bring more amazon into their homes. Theres a big section four people to test drive the companys gadgets. Just like the kindle fire to the box to stream videos to your tv. There are also kindle ereaders, amazons lida voiceactivated speakers called the echo, and other home electronics. Outustomers want to try it and want to see what it looks like. What can i do to make a home smarter . How does amazon music interact with the echo . What end of things can asked alexa what have things can i ask alexa . We brought that into the store. It is still not exactly clear why amazon is bothering with physical stores at all. Its website is already the biggest bookseller in the world. The popularity of shopping for books and much more on amazon. Com has crushed bookstore chains like barnes noble and borders which went out of business a few years ago. It is probably a tiny fraction of the companys 140 billion in annual revenue. Irony, thel note, of four borders went belly up, it had a bookstore in the very same all that is now home to amazons. Thats does it for this edition of Bloomberg Technology. From aays show we hear Virtual Reality startup that got 502 million in investment money , one of the largest ever. Bloomberg tech is Live Streaming. N twitter, check us out that is all for now, this is bloomberg. In new yorkstudios city, this is charlie rose. Charlie we begin with the aftermath of mondays terrorist attack in manchester, england. Suspect wassay the part of a Larger Network of collaborators youd britain remained on heightened alert as several arrests were made. These included the father and older brother of the suspect. It is believed these men have ties to isis, who claimed responsibility for the attack