Papal confirms that its bailing on its crypto currency program. And why analysts think thats a wise move. But first to our top story. Lofty investment goals thanks to mashayoshis san. He tells any kay business the results still have a long way to go, and ma makes me embarrassed and impatient. Er used to envy the markets in america. Theres no excuse for entrepreneurs in japan, myself included. Joining me is sarah mcbride. What was your key take away from this interview . Sarah it turns out that msasyoshi was asked more broadly about the japanese environment, and so you can interpret his results to be more broadly, why arent there more entrepreneurs in japan . Why isnt the startup scene as vibrant as some of the places he mentioned southeast asia. There are a number of unicorns out of places like singapore and its just hard to see anything similar in japan. So in that context, i think you cant say, oh, he was just upset at himself over the vision or something narrow like that. Taylor remind us again about some of the big successes in alibaba and some of the more recent flops like in yuber and wi works. Sarah right if you look over his whole career he was almost broke at the first dot com bubble. He made many, many other investments such as flopped and one that pulled him through and gave him the foundation to do everything hes done since. So he likes that. Since then, hes had some other good investments. Even at the vision fund which is easy to forget when you just wework. Ut they had a very good exit in Garden Health which i appealed. They sold flip cards to walmart, which again, gave them a very good return. The problem is since then theres been a lot of bad news. Taylor in that article, did we learn anything new about yuber and weworks and his thoughts on the two . Sarah yeah, hes zintly a longterm thinker. E said in 10 years yuber and weworks will be great companies. Theyre very profitable. He continues to think on a very longterm basis. Hes famous for giving a presentation that was titled the 30year plan. This was in 2010. And he ended up talking about a 300year plan some of he has a longer threshold than the rest of us. Taylor i wonder if the markets are misinterpreting him at the moment. He talks about a 300year plan. And you and i for example look at uber and weworks and analyze it in the last six months. Are we missing his 30year plan . Sarah yeah, maybe we are. Say hes retiring right now. You dont have the 10 years or the 30 years to wait for the company to turn a profit. You might need to cash out some of your retirement savings. So would be great if everybody were aligned in terms of investment threshold, but for a lot of people thats just not possible to think that far out. Taylor you talked about lot of mashayoshi son. Japan, india in and singapore, are they too concerned about that ride sharing space . Sarah yeah, think theys a valid concern that thats their whole strategy. They like to make big bets on certain sectors. So if they invest, say, in one Ridesharing Company or one real estate company, they like to build a little constellation around that and try to achieve it around companies which is great when it works and if it doesnt were seeing what were seeing right now. I should add that for the vision und in particular, it was last valued by soft bank at 82 billion. So it will be really interesting to see where its valued for september 30th and it only includes investments that it currently has. Taylor i want to finish on another quote they got that article which Masayoshi Son said hes sharing a vision of the world that changes a. I. Do we expect those portfolios that are driven by a. I. . Sarah yes, but almost every company is driven by a. I. Now. So no matter what you invest in, you can make an argument that it fits in that a. I. Mandate. Hes done a lot of thinking about how a. I. Can improve the human condition overall, not just technology, but how it has impact for human despair and sorrow and loneliness. He has these he has these high goals. Taylor how has it changed . Sarah well, i think theres more of an emphasis on global governance. He did tell his portfolio entrepreneurs they have to know their own limit. So by that they have to interpret it to mean, know your corporate governance, be aware of that. Taylor sarah mcbride, thank you. In india, ecommerce is catching on in smaller towns. Amazon and walmart recorded revenue for their sales festival. The american rivals have been dueling in india since walmart paid 16 billion for company of flip car last year. Their latest Sales Promotion ran on the same days and concluded over the weekend. Nd coming up, packing an election. Microsoft talks about iran for trying to hack a company. We look how the 2020 candidates are in cyberspace. And if you like bloomberg news, check us out on bloomberg. Com and on the u. S. On sirius x. M. This is bloomberg. A group of hackers linked to iranian government are being accused of trying to hack a hust president ial campaign. Microsoft says a group tried to infiltrate a campaign and journalists. Joining me to discuss in washington bloombergs alyssa sabania and John Holt Quist hes the director of intelligence for spirae. What are the specifics that we know about this case as it lates to microsoft and fosforous . Microsoft told us a group of iranianbacked hackers tried to penetrate accounts. Our of them were penetrated. Taylor and john, when you take a look at the specific hacks, what does it teal you that Cyber Security is clearly the next frontier when it comes to meddling in u. S. Elections . Well, campaigns are on the front lines of national security. Theyre trying to figure out what the future of american policy as it pertains to them is. And campaigns are a good place to look. Talk taylor talk to me about the specific tactics . They use fairly rudimentary tactics. However, they were very much after personal information which shows according to microsoft a willingness to be very persistent and engage persistently to hack these kinds of accounts. This suggests that 2020 can look more like 2016 when russia managed to do Cyber Operations against members in the u. S. Taylor john, do you agree that hese are rudimentary hacks but it could look similar to the way the 2016 meddling looked . John well, campaigns have always been targeted for cyber espionage. Not just the iranians, the russians obviously. And the north korean have done this as well. The real question is whether or not theyre going to carry out the hack and leak the more aggressive operations that we saw in 2016 which really the more disconcerting. Taylor and john, do you see that . John well, we havent really seen that yet. The iranians are trying to answer serious questions about what how the u. S. Is posturing ourselves in the gulf. They have a very uncertain future with regards to sanctions, with regards to the nuclear agreement, and their first use of this kind of capability is going to be to answer questions. Its very possible that they could target these people quietly just to gather information. Taylor and john, are you able to say if you have been tracking foss forous or if this is one group that youre following that could be a potential threat . John weve been tracking them who we call apt35 for five years now. We found them targeting the Defense Industrial base of the United States as well as iran hawks people who are in john boltons circle, for instance, pro israel lobby and a few other targets carrying out a real elaborate social engineering scheme through social media. They have a lot of capabilities. Even though their attacks seem rudimentary, they make up for it with a lot of gumption. Taylor lisa, what do your experts tell you . Its been rudimentary skills. But its been gumption. Do your experts all agree that this is sort of the next frontier as we approach 2020 . Lisa as we approach 2020, weve heard a variety of warnings from the government and the Intelligence Community saying returningn states are ith new tactics. All signs point to a major concern within the u. S. Government and within the campaigns that Cyber Security is a clear issue and could be used to attack the 2020 election. So theres a lot of emphasis in preparing for this threat and trying to make sure that 2020 does not look like 2016 did. Taylor john, did you sit back and looked a the election cycle, did you see this criminal start to heat up in the sumer . Does i start now and get hot until the election 2020 . What does that cycle look like . John it could begin as early as now. I think these actors are already looking to gain access where possible. Even if we dont necessarily know what campaigns will shake out in the end. As we get closer though, were likely to if we are going to see these more aggressive hack and link operations, theyre going to come much laettner the game where it will be much harder for us to react to them. Taylor and john, you mentioned a few culprits, iran, russia, north korea. Who are some of the big players that you have your eye on . Iran, north korea and russia are definitely big players. In addition to sort of the hacking activity, were watching the Information Operation space that trolling on social networks. Its not just russia anymore. Iran and china are also doing it as well. All four countries are very aggressive and familiar with this capability and could be players. Taylor john, is there anything consumers can do on their end or someone who is in the president ial campaign to do . What are we supposed to do besides rely on Cyber Security software . John well, there are some extra steps you can take. Probably the best one to use twofactor technology not just relying on a single pass word. Pass words can be very difficult to memorize. That leads to a lot of security failures. A password manager can help out. If you dont expect to have some sort of physical threat, writing the password down might be safer than trying to memorize or use the same password again and again. So there are some very clear steps that we could take. Taylor im the biggest culprit of that, john. John hult quist, thank you very much for joining me. And the president S Administration put companies on a blacklist. It includes two surveillance units are accused of being plicated in human rights violations. And coming up, apples got a ton of it. Will it be enough to leave netflix behind in the streaming wars . Thats next. Check us out at Technology Featuring all of our breaking news on tick tack on twitter. This is bloomberg. Raised price ts targets. R. V. C. Raised to 2. 17. Both cited positive trends in gaming and data centers. Plus mild direct club is getting rosy reviews from analysts despite the worst mega i performance since 2007. Walmart is enthusiastic for the campaign. Small directive received a unanimous equivalent rating. Apple shares are trading up on monday. This is after they raise price targets on the iphone maker. Nimura solid demand upped the 185. Target to 205 from speaking of am what does a campaign with 200 billion in cash do . Maybe spend it on content for the streaming service. While the company has not disclosed how much it has been on apple tv plus it could be in a position that current streaming surface netflix might describe as envy yable. Joining me to discuss from stamford, connecticut, d. A. Davidson, tom forte. He has a bi rating on apple. As you analyze the streaming service, do you expect appear to outspend its competitors . Tom so i think apple has the potential to outspend as you pointed out, they have a Massive Treasure chest. But the way weve been talking at it is the speculation is theyre spending 6 billion up from the original expectation of a billion. And for apple that kind of puts premium content spending as more of a senior hobby and not really a job yet for the company. So i do think they have the potential to spend a lot more but so far they havent really shown that. Taylor and put that 6 billion into perspective. What are some of the other competitors follow spending and apple is really spending 6 billion . Tom so by way of comparison, netflix the Market Leader is in range. Billionplus its a significant figure but its lower than what netflix is spending. And they have the potential to spend a lot more. But so far they havent shown the pro pen si to do so. Taylor i want to show a chart to our bloomberg audience. And basically were looking at net cash. Which is cash of 200 billion on the Balance Sheet minus debt of 108 billion. So youre looking at net cash of more than 100 billion. Would you argue that apples Balance Sheet is in the best shape to be spending this cash . Tom so the answer is absolutely. Not that long ago, we used to joke that it was a great time to be a blist actor with all these streaming Video Services that were coming online. The difference with apple involved is now its time your time to be an alist actor. If you think of Jennifer Aniston and sick of the other alist talent theyre employing. Oprah winfrey. So apple has the checkbook to write some massive checks if it wants to pursue that opportunity even more so. Taylor as we take a look at Balance Sheet dynamics you look at 1 billion in cash and then you a 65 billion in cash flow. Weve heard next neth flicks of negative cash flow and burning the money. How does Free Cash Flow factor into your analysis here . Tom basically the Free Cash Flow that apple generates not that long ago when netflix was a smaller market cap, in a good quarter apple could have bought netflix. So the beauty of apples business motto is primarily focusing on the high margin products within a category. They think of them selling the most profitable smart phones generates tremendous Free Cash Flow and that gives appear allot of dry powder which they could use to go after premium content even more significantly . Taylor tom, i remember apple got a little bit of pushback from investors from people down the street saying youre hording your cash. Do a buy back. And apple stood its ground and said were going to keep our cash. Are we sort of laughing now . Has apple rightfully so built up this cash for a rainey day . Tom the good news is that apple does return a large amount of cash flow via buybacks and dividends. But more importantly, if you step back, whats most important to am right now is diverse fighting a way from its over dependence being the smartphone which is 60 of their sales in the last 50 years. If you look at their efforts in proprietary and payments and health care, then that large cash balance certainly gives the company a lot of money to invest in things that arent directly related to smart phones, which is really good news for apple and for apple share howleders right now. Taylor tom, we have another chart im showing, apples reliance on that. This fits into that broader narrative as youve been talking about that am is a services company. Its trying to transition away from that iphone. How do you see Apple Tv Play into the broader narrative that is really the future of appear . Where does it fit into their strategy . Tom definitely when i think of their preannouncement which is a huge shock last year on weaker than expected iphone sales in the december quarter, i think it reset the bar. To the companys credit its been able to change the narrative and investors are soaking up this narrative and reacting to it favorably. Its the exens effort to diverse companys effort to diverse fi away from the smartphone. Proprietary content is part of that along with financial services. You think of apple payments and health care i have to leif it there, tom. Thats tom forte. This is bloomberg technology. Og from the couldnt be prouders to the wait did we just winners. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. Now you can share it between lines. Mix with unlimited, and switch it up at anytime so you only pay for what you need. Its a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Call, click, or visit a store today. Taylor this is bloomberg technology. Im taylor riggs in san francisco. Google is ramping up its Restaurant Industry footprint. The tech giant announced it will be partnering with olo, the leading digital food order platform. This will enable customers to order directly from over 300 Restaurant Brands across google search, maps and the google assistant. Joining me to discuss is olo ceo noah glass. From a financial perspective, walk me through the partnership between olo and google. Noah thank you for having me. The relationship is about enabling our Restaurant Brands to be found by consumers when theyre looking for restaurants on google. Consumers naturally do that today. Now they will be able to find those restaurants, order directly from the google platform, and then send that order directly through our platform into the restaurants point of sale. I cannot speak to the way googles Financial Model works. Our Financial Model is to be a subscription platform, with transaction fees on top of the platform for increased order volume. Taylor do you share profits with google per click, when i click on the ad, your site, or when the delivery is confirmed . Noah it is coming from the context of consumers today ordering through different platforms like thirdparty Restaurant Delivery marketplaces. When they order through those platforms, the restaurants pay something between 20 and 30 commission. This gives restaurants the ability to take orders directly from google. We are just charging the restaurant a flat fee per month and a fee per transaction that pales in comparison with a thirdparty Restaurant Delivery marketplaces. Taylor talk to me about the restaurant side. Why would they wan