Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Bloomberg technology is next. Emily im emily chang. This is bloomberg technology. Coming up, samsungs attempt to steal the smartphone thunder from apple. Introducing the new galaxy 8 phone ahead of apples next big iphone event. Mutual funds take into account ubers year of drama, slashing their valuations for the ridesharing giant. Of bitcoin surges, investor interest is only growing stronger. Are we in a crypto currency bubble, and when could it pop . Its a redefining moment for the samsung note line as the south Korean Company unveils the brandnew note 8, the largest Samsung Phone yet. It could be its most important. After last years exploding battery fiasco, consumers could be hesitant to pick the model backup. Samsung feels confident that the problems are fixed and wants to move forward with what it hopes will be its, quote, its, quote, best mobile device yet. Selina wang and mark gurman are with us. Now that weve seen the official unveiling, what are your takeaways from a consumer perspective . Mark i love the bigger screen. I think that being able to replace a tablet and your computer by just one device, its a great thing. A lot of people are going to like that. When the note 7 was announced, everybody loved it until it started exploding. As long as they fixed the exploding part, they are in good shape. Emily how much do you think the him exploding issues will impact new sales . Mark it will be a joke for a few weeks. People have been laughing about it for the next last year. I think samsung will be laughing all the way to the bank. Emily selina, how did samsung sell this new phone . Did they refer to any of the drama from last year . Selina there was a lot of excitement, a gigantic line. At the start, the addressed exploding they addressed the exploding smartphone issue. They addressed it with a sense of gravitas. An executive at samsung said, you know, we will never forget what happened, but we thank our fans for helping to inspire us and move us forward. A really big part of the presentation, the event was focused on the note loyalists. The people who stuck with the phone even after it exploded and came back and were excited to buy the note 8. There was a lot of excitement. From people i spoke to, it seems they emphatically think samson has mostly gotten over the debacle of last year. About markettalk share. Samsung regained the number one position in the Global Smartphone market earlier this year. Apple, 12 . Will the new note 8, the new iphone coming in september, the essential phone will that shake up the numbers significantly . Mark i dont think the essential phone will shake up the numbers. I think it will be a niche player. I think essential will be happy with that. They are probably not going to get a single percentage point. The chinese makers are right on apples back. Maybe they will cross them, maybe they wont. The iphone will be constrained for the first few months of the launch, the premium model. We will get a good indication of where the answer the iphone versus apple the apple versus samsung fight will be. Ly what do you think will selina it will probably top what it did for the note 7 and the s8, which blew previous versions out of the water. Excitementot of here. Samsung is regaining its lead as the number one smartphone player. Estimates say the united states, both apple and samsung have about 3 4 of the market. Theres a lot of stickiness to the samsung ecosystem, so sales are pretty robust right now. Emily we talked about this a little bit yesterday, but remind us where samsung has the edge in terms of actual features, as compared to what youre expecting with the new iphone. Mark thats a good question, and i think its something not a lot of people understand. Samsung is heavily brutally vertically integrated. Samsung has been ahead of the pack in some chiprelated things, too. The biggest thing the battery. They make some of their own components for batteries. They sell to apple. They make displays. They make their own screens. They also make apple screens. If i was in charge of samsung, why would i want to give my biggest competitor priority in terms of the screens . Thats why you see the advanced screen technologies appear in the samsung devices three or four years before they do in apple. Emily apple has minimized its dependence on samsung. What our customers most excited asked what our customers what are customers most excited about . What do they want . Selina one of the biggest differentiators of the note is the gigantic screen and the infinity display, the curved edge, so that you get as much room as possible. Because of that gigantic screen, you can do a lot more without having to scroll. You can launch two apps at the same time. Say you are on your way to work and you want to have google maps pulled up at the same time as spotify, you dont have to scroll back and forth as much. Theres a dual camera lens on the back, so you can take more professionallooking photos. Consumers were very excited about that at the event. You can have soft focus, focus more on the figure you are trying to take a photo of. The other big differentiator here is that stylus. It means you can write and draw on your phone, like youre holding a pen and pad. Those are the main things that consumers were most excited about at the event. Emily theres one more topic i want to cover. The New York Times out with a story detailing how apples ambitions have become more modest since the inception. Apples ceo revealed to us exclusively back in june his vision for apples role in the future of cars. Take a listen. Tim we sort of see it as the mother of all ai projects. It is probably one of the most difficult ai projects actually to work on. Autonomy is something that is incredibly exciting for us, and, but we will see where it takes us. We are not really saying from a Product Point of view what we will do. We are being straightforward that its a Core Technology that we view as very important. Emily so, the big question, of course, is what will they do from a Product Point of view, which is the one thing he wouldnt say. The New York Times is talking about a Shuttle Service that will test this technology on the apple campus. What do you know when it comes to the latest on the car plans, aside from focusing on the underlying technology, rather than building a car it self . Mark it is a great story. It sort of detailed, similarly to our tech talk in october, about how apple started by building electric cars they want to take on detroit and tesla. They are building a car. They completely abandoned it when they acquired new hardware engineers. Now they are working on underlying software, as tim cook told you in your wonderful interview in june. We will see. Are they going to just continue to make software . Will they go back and build their own car . I dont think theyve made that decision yet. Emily the New York Times seems to believe they have made that decision. That they have said will use some of their software to test the Shuttle Service. We dont know if they will have an icar. Who knows how expensive that would be. Emily , certainly a lot of details to be reported on. Im sure youll bring us new details as you have them. Mark gurman, selina wang. Thank you both. Coming up, ubers year of drama is weighing down its valuations in the eye of mutual funds. Which funds are cutting estimates for the ride hailing the gimenez . Ridehailing behemoth . This is bloomberg. Emily whole foods shareholders a vote by the grocery shareholders went as expected and moved to deal one step poster to completion closer to completion. Just last week amazon sold 16 billion worth of unsecured bonds, in some part to fund the acquisition. Blackrock, vanguard group, and t. Rowe price have lowered their ober valuations uber valuations by as much as 15 . They have faced a persistent drumbeat of bad news, on top of an ongoing seo ceo search. Valuationeld up its as assigned to employees, partners, and prospective competitors that it is a transformational, once in a generation company. Any evidence that uber may be less valuable that in appears may scare off less valuable off it appears may scare employees and shareholders. Ric 15 cooper uber blackrock, just 1 . Its a useful sign, especially as this big softbank deal gets done and we dont know what the valuation for the secondary shares that are going to get bought, for people selling into that deal and people doing the selling, having these professional assessments of the companys valuation could give them a guidance. Emily that was my question. Youve been reporting about new investor interest. Is that happening at that 69 billion valuation . Is it significant that the valuation would be flat, rather than increasing . Eric there certainly is strong interest from the company and insiders to see the primary valuation stay at 69 billion. Emily even if it is flat, is that a good thing . Eric its hard to say, you note i mean . Given the you know what i mean . Given the circumstances, a flat valuation is the best theyre going to get. In the secondary in terms of what they are actually paying, netted out, its going to be a lower value. Emily who is selling the shares, other investors, employees, former employees . Eric thats the big question. Is benchmark doing the selling . Is travis doing the selling . The range of the secondary sale that we reported was anywhere from 2 billion to 10 billion. You can get a sense of how uncertain people are about what the appetite for selling is going to be. Emily there are new numbers out from uber, showing fairly positive revenue numbers. Gross bookings up 17 . Trips up 150 in the last year. Losses falling. What you make of the numbers . What do you make of the numbers . Eric they are good. Its all about perspective. Uber is losing historic amounts of money. If you annualized the 600 million losses they had in this quarter, you get to, like, 2 bi llion. If you compare that to amazon when they had their worst it loss worst ebitda the scale is significant. They are still humongous compared to any company. Emily for most of that quarter, uber still had a ceo, even though the investigation was ongoing. It would be interesting to see the numbers for the current quarter. Ch. Sear labor day is approaching. They said they would have someone in place by then or at least have voted on it. Jeff immelt seems to be the only name out there. There eric there were reports that meg whitman was back in the mix. We have held our tongue there. Theres a lot of confusion, the idea that they had put her out there. It seems like jeff immelt is their main candidate. There have been these other candidates purportedly still in the mix. We will see. Emily do you think labor day is a realistic deadline . Will we know by then . Eric i think everybody is exhausted and would love to see a deadline met, but it requires groups of investors who dont get along to get along. Hard to say whether they are going to be able to meet the deadline or not. They would love to see it met if everybody can get along. Emily im sure you would love to see it met, too. Eric newcomer, thanks so much. The debate over u. S. Tax reform is coming into focus as congress is set to reconvene. U. S. House Speaker Paul Ryan was at an intel plant on a tax reform business tour. Ryan said the current tax code is, quote, a junker. He talked about the chances of a Government Shutdown. Speaker ryan i dont think a Government Shutdown is necessary, and i dont think most people want to see a Government Shutdown, ourselves included. Congress and the house has all ready done its work on the issue. Emily ryans comments just a day after President Trump said threatened to bring the u. S. Government to the brink of a shutdown if needed to pressure Conference Congress into funding a border wall with mexico. Coming up, after the events in charlottesville, virginia, tech firms have all taken a stand against neonazi groups, but the debate in Silicon Valley over its dealings with hate and hate groups continues. A feature i want to bring to your attention, our interactive tv function. Watch us live. If you miss an interview, you can go back to it. Send our producers and message. Click along with the charts. This is for bloomberg subscribers only. This is bloomberg. Emily the success of apples iphone has caused a Ripple Effect in the airline industry. China airlines have surged more than 30 in the last eight days, adding more than 4 billion to its market cap. Eva airways had its best week in a year. They expect to benefit from taiwanese supplier orders from apple. Since the events in charlottesville, virginia, a surprising topic has come to the forefront in Silicon Valley. Deepseated divisions about how far Tech Companies should go to silence hate groups, specifically nazis. Can and should they act on moral judgment alone . Max chafkin explores the topic. Max, you point out that a lot of these ceos, tech ceos got a lot of praise for denouncing nazis, when thats not exactly heroic, but just an obvious thing that you do. Explain. Max one of the sort of interesting things that has played out over not just the past couple of weeks, but the past six months, is that Silicon Valley has had kind of a hard time navigating the era of donald trump. Thats partly because, even before the election, there was all this controversy around Companies Like facebook and google, as to whether or not they were Media Companies or technology companies. If you are a technology company, then you dont have to take any responsibility for any of the content that is on your platform. If you are a media company, obviously you do. These Companies Want to be technology companies. They are valued higher. You dont spend as much on content moderation. The thing that happened two weeks ago, suddenly these companies realized, hey, maybe we have to take at least some responsibility. That came to the forefront when google and go daddy and a bunch of other companies took down a nazi publication that had basically been on the internet until then. Cloudflare was the last of those companies to cut off the daily stormer. It has taken a more laissezfaire approach to these things. We had the ceo on the show, and he said he is still uncomfortable with his decision to take down the site, that ultimately he did so because the daily stormer was claiming they had cloudflares support, quoteunquote. He believes no person, no company should have the power to do such a thing. Take a listen to what he had to say. We turned to the experts in terrorism and illegal content, Law Enforcement, regulators. We say, here is this content. What would you like us to do . That feels like the principle of areprocess, that they politically enshrined organizations who can make these decisions, as opposed to these decisions being made based on the political whims of me or Mark Zuckerberg or jeff bezos. Emily he is arguing that Internet Companies should be regulated more like utilities, that this decision should be out of their hands. What do you think . Max i dont know that hes really thought through that one. If you are regulated as utility, you were about burdens you worry about burdens. That creates a whole additional set of burdens. There are price controls. Theres a whole bunch of stuff that, if you really think through it, you dont necessarily want. The other thing i would point out is, this is not something that necessarily has to be solved by Law Enforcement or the government. Free speech lets businesses do business pretty much with whoever they want. They point out in the article, if you own a bar and some of the is spouting off about nazi believes or whatever, you can throw them out. Cloud floor cloudflare or google can choose not to do business with anybody. I think we have seen that is possible, in the sense that the daily stormer is still available. Its a little bit grandiose to think that cloudflare or google or any other company has to have some kind of grand governments system governance system to deal with the bad actors. They can just get rid of them. Emily is it a slippery slope . Where do you draw the line . Max thats the counter argument. If they get rid of the nazis, maybe they will get rid of the black lives matter activists. Frankly, i dont put a lot of stock in that. The fact is that there are multiple competing companies. They all want as much business as possible. I dont think its too hard to see the difference between, you know, White Supremacy and some activist causes. We can count on our Business Leaders to make those distinctions reliably. I think the slippery slope argument it mostly serves to allow these Tech Companies to wash their hands of making some hard decisions. Emily we will see if they indeed make those decisions. Max chafkin of bloombergs businessweek. Call it the crypto effect. Chipmakers ride the wave. Can it last, or is it a bubble about to burst . If you like bloomberg news, check us out on the radio. Listen on the Bloomberg Radio app, bloomberg. Com, and in the u. S. On sirius xm. This is bloomberg. Track your pack. Set a curfew, or two. Make dinnertime device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. Introducing xfinity xfi. Amazing speed, coverage and control. Change the way you wifi. Xfinity. The future of awesome. Mark im Mark Crumpton in new york. You are watching bloomberg technology. Senate Majority Leader Mitch Mcconnell says he and President Trump are working to prevent a debt default. A statement adds that he, the president , and their teams are, quote, in regular contact. This comes after the New York Times reported that the relationship between the two had deteriorated in recent weeks. House Speaker Paul Ryan responded to President Trumps threat to shut down the government if congress doesnt fund a wall on the border with mexico. Speaker ryan i dont pick a Government Shutdown is necessary and i dont think most people want to see a Government Shutdown, ourselves included. Congress in the house has are the done its work on this issue. Congress needs to pass a spending measure to keep the government open by september 30. Frances interior Ministry Says some of the men suspected in last weeks deadly attacks in barcelona visited the paris area two days before hand. Officials are trying to determine what the suspects did while they were in paris. Russian president Vladimir Putin met with vatican secretary of state in sochi today. President putin said that russia values a, quote, trustful and constructive dialogue with the vatican. President trumps Emergency Management director is pushing for an overhaul of disaster relief. He tells bloomberg that states, cities, and homeowners should bear more of the costs. He says taxpayer should not be on the hook for homes that keep flooding. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. This is bloomberg technology. Im emily chang. Samsung introducing a new galaxy note 8 phone, a redefining moment potentially for the product line after last years exploding battery fiasco. The timing coming just ahead of apples next big iphone event. How important is this to the future of samsungs business . Selina wang went to the phone unveiling earlier today to look at the new device. Selina im here in midtown manhattan for the grand unveiling of Samsungs Galaxy note 8. The stakes are very high for this phone to succeed since it believes version its the latest version says the galaxy note 7 was recalled after reports of catching on fire and exploding. Lets go ahead and take a look at it. Note has always been samsungs biggest phone, one with a screen so large its been compared to a tablet. Now that screen is getting even bigger, measuring at 6. 3 inches to be exact. The note 8 has an improved camera with two lenses on the back of the device. It supports faster networking tech for browsing the web and downloading content. Can question remains samsung win big with customers after last summers note seven debacle . Samsung killed off the smartphone after customers reported problems of early note and even theloding replacement phones catching fire. The whole fiasco costs the company cost the company an estimated 6 billion. We wont really know if it gotten over the note 7 debacle until probably early 2018, when the phone has been out there long enough and people have tested it. Selina but thats not the only problem the company faces. It a fact of samsung is on trial for bribery and embezzlement the de facto head of samsung is on trial for bribery and embezzlement. They are inextricably tied to the brand of the company. Other companies, for instance apples tim cook, is different. He represents the company. Y few consumers, even very few consumers even know who runs samsung. Selina it faces competition with apple and other competitors in asia. Apple plans to roll out its highly anticipated iphone eight in the coming weeks iphone 8 in the coming weeks. If you do a feature by feature comparison and what is rumored, samsung has a very strong lineup. Selina samsung regained its top spot in the Global Smartphone shipments earlier this year with 23 of the market, after losing ground during the note 7 scandal. Can samsung hold onto its top spot in the increasingly crowded Smartphone Market . Only time can tell, but one thing is for sure. By keeping the same note branding, samsung is making clear that the note 8 fixes any problems of the past. Emily our bloomberg tech reporter selina wang there in new york. Now to cryptocurrencies. As and nvidia have rallied bitcoin has surged. Both have seen a drop in the last few days tied to bitcoin market correction, however with less volatility. Joining me, bloombergs Caroline Hyde in london. Take it away. Josh caroline im joined by peter denious, the global head at aberdeen. He joins us now. Welcome to bloomberg technology. We could were hearing how you can gain exposure encrypt knowcurrency in cryptocurrency. You are looking at funds that are investing in block chain startups, in ipos, digital currencies. What makes a fund stand out to you . Peter it is early days. We are seeing a tremendous amount of excitement and cryptocurrencies. Its been pretty slow for the Venture Capitalists to jump in and invest in the sector. We are seeing some new fund offerings. It is trying to figure out how experienced are these , have theye sector been thought leaders in the sector, do they have any experience either in investing in these offerings or working with the Underlying Companies that are behind them. Caroline when we talk about exuberance and excitement, i want to show our viewers what weve seen in the bitcoin price alone, now trading at three times where gold prices have been trading. 2426, you can see this on a graphical basis. The euphoria is there. We were talking about one confirmation, a new vcstyle fund. In want them to have money the start up, not just in the digital currency, the socalled ipo they issue. Perspective,ur remembering that we invest in Venture Capital funds on behalf of our clients from our perspective, it seems to make a bit more sense if we have capital both in the company as well as in the underlying token offering through the fund in which we are investing in. Frankly, like i said at the outset, its still very early days. You have so many different approaches and Business Models at the Underlying Company level, at the token level. It is frankly still just being defined. This is really an emerging asset class and changing literally every day. Caroline and regulation changing literally every day. Talk to us about the regulatory environment. In and is weighing wanting to start regulating. With this become a global thing . Will this become a global thing . Peter the regulatory bodies here in the u. S. The sec has opined that some of these tokens could, in fact, be deemed securities and therefore they are going to be subject to regulation. That is, frankly, a good thing. A lot of that 1. 8 billion that has been raised by these offerings, we believe has been, you know, pretty fast and loose, if you will. With more clarity from the sec, we will see the quality bar rise, and that can only be a good thing when we talk about the longterm sustainability of this market. Because we certainly dont want to see it implode with a lot of fraud and poorly designed offerings and companies that are behind them. Caroline longterm sustainability of the bitcoin price do you see it remaining, or do you see a crash coming at some point . Peter ive gotten that question before, and i tend to be more on the bearish side as it relates to the current price of bitcoin. But and i think thats really driven, frankly, by the capital thats in bitcoin today. A lot of that capital is highly speculative capital in our estimation, because we just havent seen a lot of Institutional Capital get invested in currencies, more broadly, in these tokens. Theour sense is a lot of bitcoin price has been driven by speculation and a fear of missing out. I think it will take some time for that to settle. We try and think about these markets in more decadetype time frames, as opposed to yearly or daily. We are bullish on block chain in general over that period of time. We think there will be a tremendous amount of continued innovation in this area and that there will be an opportunity for Institutional Investors to continue to invest or begin to invest in the asset class. Caroline very similar sentiment we were hearing from mark cuban yesterday, that he believes in the underlying technology, perhaps not always the assets that are being sold. When you look at volumes, particularly in bitcoin, a highvolume comes from japan. What about the breakdown of your at clients and interest aberdeen . How is it regionally breaking down . Peter it is a global market, a global dynamic. We do have a Global Investor base. Y, i think that Investor Base is looking to us to make sense of it. Its a very confusing highlighting them very confusing, highly dynamic asset class, changing literally every day. As i said at the outset, what we are trying to discern is just how this new Business Model and this new asset class can impact or will impact or some might say disrupt the Venture Capital industry. Theyre implicitly asking us to sort of make sense of that in either invest or not invest and do so on their behalf as stewards of their capital. Caroline one confirmation is one of the new bc funds vc funds, seed funds looking into the cryptocurrency and block chain space. What other funds do you have your eye on . Can you tell us where the interesting funds are springing up from . Peter most of the Investment Opportunities weve seen that the fund level have been here in the u. S. I think that makes sense given the depth of the institutional market here. We have seen some funds outside the united states, but, again, we are just at the outset of this. We are certain that more funds will be coming to market here in the next 12 to 24 months, but t hats basically its been a u. S. Phenomenon so far for the most part. Caroline peter denious, its been wonderful having the time with you. Thank you very much. Head of global vc for aberdeen standard investments. Emily . Emily thanks so much. Coming up, ibm ceo Ginni Rometty is one of the most identifiable tech leaders in the world. We will hear what she has to say about advising heads of state. This is bloomberg. Musk is at it again, this time bringing us a peek at the future of space travel. The spacex ceo took to instagram, writing first picture of spacex spacesuit. Was incredibly hard to balance aesthetics and function. Function. The spacex suit will be used for manned missions in outer space. The engineer who was fired by google after he criticized the companys diversity policies has hired a notable lawyer to represent him. I interviewed him earlier this month, and he has announced plans to sue the company. He set off a firestorm with a 10 page memo blasting google for its, quote, left bias. It was widely reported months ago that he was a contender for a top job in the u. S. Justice department. Now, to a conversation with Ginni Rometty. She sat down with David Rubenstein in the latest episode of the David Rubenstein show peertopeer conversations. David when you meet with president s, do you see other ceos willing to say, thats not a good idea, let me give you my thoughts . That my experience is people are respectfully honest and give their opinions. Just as there are times, whether its a president or prime minister, we agree and times we dont agree. In our case, here as an example with the paris agreement, we believed that america should stay in there. We shared our once on that. Our viewpoints on that. Emily catch the full conversation with ibm ceo Ginni Rometty tonight on the David Rubenstein show. Coming up, does the idea that an enemys enemy is a friend work in business . Which companies are partnering up to take on amazon. Bloomberg tv will have full coverage of centralbank leaders meeting in jackson hole on thursday. Our interview with esther george. Catch that conversation at 7 30 a. M. Eastern time. This is bloomberg. Emily walmart and google are teaming up in an attempt to catch amazon. Walmart customers will be able to use voiceactivated google home speakers to buy hundreds of thousands of items for delivery. By next year, the service will include groceries and allow shoppers to pick up their orders at walmart stores. Amazon shares slipped about 1 on the news, but will this partnership the enough for walmart to close the gap . Here with me on the set, Arun Sundararajan, author of the sharing economy. Joining us from new york, matt townsend. Tell us how this partnership is actually going to work. Matt walmart is going to be ling its, the first time its products, the first time it has sold outside of its own universe, through Google Express. You have a Google Assistant at home, a voiceactivated device. You could say i need more toilet paper, for example, and the order would go directly through the google system and you would get toilet paper shipped to you from walmart. Emily Google Express has had its stumbles. There are other vendors on the service, target, costco, bed bath beyond. Arun, how big of a threat is this to amazon . Arun i think its a really big threat. Youre combining the ai and device power of google with the retailing expertise of walmart. I think its a winwin for both walmart and for google. You look at the Online Retail landscape, look a few years ahead, and there doesnt seem to be anybody who poses a serious threat to amazon. When you combine googles strengths with walmarts strengths, its still really early days for Online Retail. Less than 10 of u. S. Retail is online. Emily yet amazon has spent 20 years laying groundwork for this. How much of a head start to they have . Arun they certainly have an advantage. They have the devices in the home, and they have the 55 of u. S. Customers prime customers. Theyve got the largest techs asked tech expertise and, like, 20 years of experience, but i think google is ahead of them on the voice and Ai Technologies and the intelligent agents that will power retail in the future. Espite amazons rapid growth, walmart is still ahead of them in the basic retailing space. Emily matt, walmart is also working with uber to deliver groceries in a few cities, orlando, dallas. How do all of these efforts come together . Matt its really a big play for every day essentials, so the jet. Com founder who now oversees all of walmarts ecommerce his big idea about the ecommerce space is, for the most part, its only been a few categories that have gone online in a big way. Grocery and essentials, like toilet paper and toothpaste, have not yet. Thats what made jet. Com successful. Thats what he wants to do with this relationship with google and uber. The uber relationship is for stores to for uber to partner with walmart for online pickup of groceries. You know, the percentage of sales coming online for groceries and essentials is much lower than, say, apparel. Its an opportunity for walmart to make a play and drive growth in this specific category that hasnt gone online as much as other categories. Arun and, in many ways, this is sort of the central point. Companies like uber, amazon, postmates, they are indexing physical world stores now and making them searchable. But its going to be that device, that home that is aipowered, thats going to be matching my i want toilet paper, i want to , toothp with theks appropriate retailer. For walmarts to be inside that device, so to speak, is central to their future. Amazon has the lead because they have the store and the device. Emily a lot of commerce hasnt gone online. Thats a big opportunity. How much commerce wont go online . I do a lot of Online Grocery shopping, but i went back to going back to the store. I got what i wanted. Arun i think we will hit a doubledigit percentage this year. We could probably get to 20 , 25 , 30 over the next decade. A wasificant fraction is going to be in person, especially specialty, but general retailing will go online. The denominator in some sense is so big. Retail is 20 youre talking about a shift of 500 billion in the u. S. Thats a tremendous amount of opportunity. Emily Arun Sundararajan and matt townsend. Thank you both. And that does it for this edition of bloomberg technology. We are Live Streaming on twitter. Check us out weekdays, 5 00 p. M. In new york. Thats all for now. This is bloomberg. From our studios in new york city, this is charlie rose. It is the end of summer and as we prepare for the next season, we bring you some of our favorite conversations on charlie rose. Justice breyer the most i can do is my best. Everyone of us has really tried to do his or her best. Youre putting out. And as you get older, it becomes a privilege. More and more. You have a job you can go in everyday and