Wall street enthusiasm for stocks fade out and go to advance that really the s p 500 to his longest run since march. Let us get a check on the markets because you had s p wavering and flipping into territory now from the read of point 1 lower than the nasdaq 100 even more than that,. 1 as well, the Dow Jones Industrial average is still in the green and the fix is still cool at a 13 handle and lettuce of the board look at the asset, with the picture looks like and the two year weird about the 10year yield under the four 50 level, some key auctions on the longer end of the curve and your crude is breaking into 80 but still around 79 and still up by point 8 higher. Reddit shares are higher in the First Quarter and well above the average analyst estimates and reddit pointed to improvements in ad targeting technology. This is too far below the midpoint previously issued because of a new u. S. Ban on chip exports to china tech giant huawei and revenue will remain within the previously guarded range but the be below the midpoint. We will have an interview with the uber ceo and shares are down. 8 . We ascended over to our balance of power colleagues, when lawmakers Raphael Warnock on a busy agenda and washington. An exclusive interview with Raphael Warnock and his first time on bloomberg tv and radio and he sits on a Key Committee that is in focus this week the senates Transmission Committee which is leading the fight on the faa reauthorization bill. Thank you for being here on bloomberg and of course you and your colleagues are up against a deadline, friday is when this reauthorization has to happen and there needs to be an amendment agreement to have it happen quickly, where exactly do things stand . What amendments deserve to get a vote . It is wonderful to be here with you. Listen, our Aviation Industry is so very important to the American Economy and of course we want to make sure that consumers and buyers are safe and that our Airlines Operate in an efficient manner so this comes up every five years and im on the Commerce Committee and we have been working on this bill for more than a year and i have been especially focused on the issue of bolstering our workforce pipeline. We have a shortage of pilots, aviation mechanics, other people working in the industry and we are clearly pulling from all of our human talents so i have provisions in the bill that address that along with other things and i remain hopeful that we will get all of this over the finish line before the deadline comes friday. In your mind there is not a chance that a shortterm authorization need to happen considering this does not need to make it for your chamber about the house as well . We are in the midst of the sausage making that happens in congress, i think that there is a commitment, a large consensus that we need to try to get this over the finish line and i remain hopeful that we will. Senator, there is some disagreement even between you and some of your other democratic colleagues to certain provisions including more flights out of dcaa, the airport just down the road from where you and i are, it is opposed by senators in neighboring states. They are all opposed to this and i know you are for it, what do you say to those who say that this could lead to further delays or safety risks . We respect them and i have affection for my colleagues in maryland and virginia but they are wrong on this issue. To put it bluntly, they are just wrong. This will not compromise safety in any way and we have addressed the issue with the faa and basically we want to make sure that flyers throughout our country have access to the Nations Capital and this is the seat of government and basically this is a modest proposal that will add about 1 to dcas daily operations and i think that my colleagues respectfully have certain interests they are trying to protect in their and their safety issues do not hold water, we hope we can have some more flights and it is just a handful of flights coming in and out of the airport that serves the Nations Capital and people west of the mississippi. They should have access as well as folks on this site to go back and forth every single day. In addition to serving on the Transportation Committee also serve and a few other Key Committees including the Senate Banking committee and i would like to lean on that expertise you have for a moment if you will, we got a report out yesterday that independent thirdparty probe into a toxic Workplace Culture at the fdic and there are some republicans who are now calling for the resignation of the fdic chair, do you think he should resign . Let me say that i am still reviewing the report, what i am seeing, what i am seeing is concerning even disturbing, but we will hear from the chairman in just a few days and he will appear before my committee and we will get a chance to hear from him directly and we will see where we go from there. Fair enough. Let me be clear, an abusive and toxic Workplace Environment where people feel that they are being abused in some way, that is hostile, to the work environment, it is intolerable and one way or the other, it will have to be addressed and you will we will make sure that it happens. We look forward to the testimony before the Banking Committee in just a few days and there is a lot that is still happening including israel where there have been moves into rafah and the gaza city in which more than one million palestinians are taking refuge and we have gotten confirmation from the Defense Department and the secretary that the u. S. Has withheld a shipment of bombs to israel over concerns about how they may be used in rafah. Is this appropriate for the administration to be doing . I am concerned about what is going on in gaza and i am already on the record and i said many weeks ago that i am concerned about any incursion into rafah. I pray for a day where israeli mothers and fathers and palestinians can do for all of us want and i have two young children, to put your children tonight in peace and we got to a world that embraces all of them. We want to make sure that we keep an eye on the situation that we need to have a cease fire. In this situation. Israel has the right to defend itself and i am deeply offended and hurt by what happened on october 7 where we saw this attack where we saw rape and Sexual Assault used as a weapon of war, but i am also very concerned about over 30,000 palestinian lives that have been lost in this conflict and the majority of them being women and children. And so, i am hopeful that at the end of the day, we will recognize that the answer to death and destruction is no more death and destruction. Your Chamber Together with the house did ultimately advance supplemental funding not just for israel but other allies as well and of course your doing the work to finish the job of further efforts that need more immediate intention including the reauthorization that we began the conversation with and finally there are things that may not be attached to the legislation because in all of the legislation can get a vote, will there be any other major vehicles in which legislation can get done for the remainder of the congress . That remains to be seen and we remain engaged and there are a lot of issues to address and i am glad that as part of the faa, part of what will happen is we will reauthorize the National Safety board Like Alaska Airlines and the Train Derailment and in the bridge in baltimore and the bridge i know well and i pastored in baltimore and we are rooting for our friends the congress understands on both sides of the aisle that that is important to the national economy. They will remain focused on these issues. We hold the worlds busiest and most efficient airport, archewell and jackson, i hope that by the end of the week we will be able to say to our constituents that we got this done. The democrat from georgia, thank you so much for joining me in this exclusive conversation on Bloomberg Television and radio. We would like to keep the focus we want to bring in emily chang who was standing by. Thank you for joining us today, again, obviously, you can see that growth is continuing on both sides of the move and this is disappointing after the progress is made and lived shares are up, what is the message to investors . The message is that we continue to deliver on consistently strong topline growth and an outsized profitability growth. Use our trips for us increased 21 on the year on year basis where we had a run rate of 10 billion trips on an annual basis which is pretty incredible and gross bookings grew 21 as well on the cause and currency basis and our group came in at 1. 4 billion of 80 2 and also translated into Free Cash Flow. 4. 2 billion over the past 12 months. We did swing into a loss but significant factors behind the loss was actually the value of equity stakes and some of them have been marked down and markets go up and they go down and we cannot control that and what we cannot control is are we building a big business on a global basis . Are the more customers coming to us and our audience grew 15 , frequency grew 6 , as long as we continue to deliver on our service and on the promise of mobility everywhere and delivery of food and groceries, we will be more than fine. Cap operating profit dropped by in part due to what you described as regulatory reserve changes and settlement. What are the headwinds you are seeing and monitoring . I think some of the settlements are four issues that have occurred in the past and what we are trying to do now is operate in a way that takes into account all of our stakeholders and all of our riders and regulators and clean up some of these past liabilities and move forward and do the right thing for everybody. I spoke with you and instacart ceo yesterday and obviously your new partnership is a bigger deal now that is not just exclusive to instacart, can you talk about the other partnerships and services you could potentially plug in uber eats like im thinking netflix or youtube or tiktok . We are focused on making this work on instacart and this all started from our building with our uber superapp, you can order food off of the eat stab auto burg and that business has been growing significantly and consumers love it and if they want to go to eat out they can, if they want to eat and they could do that on the app as well and that has led us to discussions with bg that we talked about and the focus right now is really making sure that our Instacart Partnership works. It has a strategic Customer Base in the suburbs where we were already growing and we want to grow faster. That is going to be the focus but the technology that we build allows us to essentially embed an absolutely first rate uber eats experience and two other apps as well and you could imagine and bedding in an embedding Sports Betting apps, that is absolutely something that we could deliver technically as a result of our engineers and right now the focus is let us make instacart work and i am sure that there will be some growing pains and therell be some tuning to do in terms of the tech and experience and we will go from there. This robotaxi news out of china and obviously, your story with Autonomous Vehicles has been a little up and down and will we ever see Tesla Robotaxis on order on uber . We would welcome it. Our view as it relates to autonomous is this is a technology that holds great promise in terms of expanding our market and lowering prices and making transportation available, safely to more and more people, it is taking much longer than anyone imagined. We do not operate in china, to the extent that tesla operates robotaxi fleets in china that is not something that we would engage in. What we do have told the industry is we are here to partner and you can essentially plug in your vehicles as long as they are safe and regulators are aligned as well into our network and the demand that we bring come all of the services we have built in terms of matching and routing and pricing we can bring that all to you day one and that results in higher yield like they should higher utilization and if there is a tesla owner who wants to put his or her car into the uber network, they will make more money than if it was not in the network, we love to work with all players and we have a lot of respect for tesla and there are a lot of teslas in our fleet already so we absolutely welcome safe tesla Autonomous Cars in our fleet too. Im hearing more and more people who are taking waymo, can you tell us about how that works financially speaking . Do they get paid a fee for referring rights to uber . Do you operate a fleet . What is in it for you as an aggregator . We do not disclose the financials so to speak, we operate with them in phoenix and actually we operate both on the mobility side and on the delivery side. They are in phoenix and they are taking uber writers and they are actually delivering food to eaters as well as we expand the use cases there. I think what you can imagine the model being in this is not specific to waymo, we have a take rate with human drivers, about 79 of our gross bookings go to drivers and couriers and merchants and we keep about 21 of it and that kind of a model will be true for autonomous as well. We will have a fair take rate and we will drive a ton of business to these autonomous players and again what we are already seeing with some of our partners is higher utilization and more business for the drivers so to speak whether that driver is a human or ultimately a robot. Uber is such a bellwether for the economy, inflation has stalled, what is your read on the broader economy and especially in an Election Year . So far so good, we read all of the news that you do and we talk to many, many partners out there and we are not taking prices, we want to take as little price as we can come our transactions grew 21 and our growth bookings grew 21 and we want to grow based on expanding our audience and increasing frequency. When we look at our Customer Base you look at the volume, 21 growth this quarter, next quarter, mid of guidance is between 20 and 21 growth as well and we see very consistent growth and we do not see consumers trading down or eaters trading down at this point, we see a lot of strength in terms of our uber business so to speak. We see a lot of strength during workday and commute, people are going back to the office and maybe a little bit more slowly than we would like but people are definitely going to the office and at this point, we do not see signs of consumer weakness and there are some partners that we talk to who are focused more on lower value or Cheaper Products and they may be feeling it. But at this point, uber volumes remain healthy and the nature of the volume remains healthy as well. Has to ask about uber teen, obviously, this could be Game Changing for working parents, how big of a business can this be and why should i trust my kid with you . We think it can be a very Large Business and it is turning out to be a very Large Business. The reason is uber has industryleading safety characteristics that really no one else has and with teen, you have to invite your teenager when we offer uber teen as a service to only the best rated drivers. There is a pin to make sure that your teenager is getting into the right uber and you can track the uber as a parent, i track my kids as well, make sure that they are picked up ok, make sure that they are dropped off ok, you can reach out to the driver directly as well, all of the safety features put together i think help put parents mind at ease and it has been one of our most beloved lodges out there and right now we are just looking to expand it into more markets because the demand is absolutely there. Alright, i have not tried it yet but i think maybe you convinced me . Thank you. Thank you so much for joining us as always, we appreciate you. Sonali thank you for the interview, there was emily chang and uber ceo and the uber ceo. This is bloomberg. I cant believe you corporate types are still at it. Just stop calling each other rock stars. And using workday to put finance and h. R. On one platform. Tim, you are a rock star. Using responsible ai doesnt make you a rock star. It kinda does. You are not rock stars. clears throat okay. Most of you are not rock stars. Oooh. Data driven insights, and large language models. Oh, thats so rock roll. It is, right. He gets it. Yeah. Sonali this is Bloomberg Markets and it is time for the wall street beat. Authorities in hong kong have charged up against a Prominent Hedge Fund firm for crossing a legal line in pursuit of market moving information and profit and across the financial world now the allegations are raising questions about how the firm operates and how banks and clients might react and how for the probe might reach. These are two banks looking to limit dealings once again, according to bloomberg sources, it will defend itself vigorously. We take a step back because it has been a week or so and let us talk through what exactly they are facing in terms of allegations . They are facing allegations in hong kong about a specific block trade and about having access to nonpublic information and that it is raising questions , going across wall street, the prime brokers are all the major banks and they are a big player in block trades and stock trading. We have reported for that all of the banks are taking a look and deciding what to do