are not lifted, agents will be working overtime without a. the louisiana congressman says a date has not been set yet for his return. but when he does report back, it will be on his doctor's recommendation. scalisehesteve participated today in a conference call with fellow lawmakers. he was shot by a gunman during a baseball practice. president trump is expected to announce a troop increase in afghanistan. he has been working with advisors on a strategy for america's longest war. npr reports that as many as 4000 troops could be dispatched. trump is expected to make an announcement later today. you can watch his speech on bloomberg television at 9:00 new york time. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. i am emma chandra. this is bloomberg. "bloomberg technology" next. ♪ ♪ emily: i am emily chang and this is "bloomberg technology." coming up, the growing disconnect between silicon valley and washington. the two sides can't seem to find common ground in the trump era. our deep dive into the lobbying landscape as tech looks to bridge the gap. a new game but a familiar face emerges as the frontrunner in the search for uber's c.e.o. why ex-ge ceo jeff immelt could take the wheel at the ride-hailing giant. a once-in-a-lifetime event that unfolded right before our eyes. we have all the details from the first total solar eclipse to cross the u.s. in 99 years. first, to our lead, the growing rift between the tech industry and political establishment. since president trump took office, tech leaders and the white house have butted heads on several fronts from immigration to climate change and most recently the policy around hate speech and hate groups after the events in charlottesville, virginia. now washington has grown more critical over tech firms on practices, hiring and it could have far-reaching effects on legislation moving forward. ben brody covers lobbying and wrote about this topic. he joins us from new york, as well as michael wolf, c.e.o. and cofounder of activate, a tech and strategy consulting firm. he has served on the board of several companies including yahoo! and was formerly the president of mtv network. you start your piece by talking about google, which ones had president obama's year, but has since fallen from grace. let's look at the google example. how has google's position in washington changed? >> i think we mentioned some of these cultural issues here. the ban on trans service members in the military, immigration issues, the travel ban to muslim majority countries. these are places where the administration and companies have clashed in a very public way. those kinds of clashes have policy consequences, especially in this administration where loyalty is a big deal. there is not a lot of love lost between some of those companies and the white house, especially given the events in charlottesville more recently, but it is important to realize there is a policy dimension. issues like privacy are on the table. issues like net neutrality are on the table. more and more washington is looking to take them on. either we don't know where they will go or it seems like tech may be losing in them. so there are a lot of ways in which these companies are being surrounded now. emily: obviously, the trump administration has not had the best of luck pushing through its policy initiatives. michael, the fact that congress, the white house, both are considering reform important to silicon valley. white house is clearly not on the side of silicon valley. how much of the concern is that? >> what you have is a divergence of values. you have silicon valley where a number of things are important. net neutrality, some of the things that were just mentioned, skilled immigration, and you have the gender issues, but more broadly, we have things important to tech companies. one of them is consumers. these are companies have hundreds of millions of users and they are very afraid of some sort of consumer activism. they want to focus on their values. they are willing to bend their values when it is things important to the companies. two examples are upgrading the government infrastructure, whether there will be contracts for each of the companies and other things like tax reform because many of them want to repatriate foreign earnings. emily: ben, trump had the recent tweet about amazon where he said amazon is doing great damage to taxpaying retailers, towns, cities, and states are being hurt. many jobs being lost. are we getting to a point where tech companies could end up being regulated like utilities, or at least that is the direction the trump administration wants to go? >> i don't think it is necessarily that we are at that point yet. i think it is definitely where we are at a point where some people in washington, liberals and conservatives, and i think that is what is interesting, are calling for people to look in on this. this is not the mainstream opinion yet. but i would say there are people who say there is a lot of market share here. there are a lot of big companies like amazon gobbling up smaller ones or even medium and large ones like whole foods and they are saying, and democrats are saying as well, we need to take a look at what is going on. i think it is important to realize some of these companies are on the chopping block when it comes to these issues. emily: how have tech companies changed their approach to lobbying? we know they spent a lot of money during the obama administration lobbying various lawmakers. what is happening right now? >> they are spending a lot of money is what it comes down to. there was some talk these companies did not have any republican representation, they needed to bring in conservatives. i think that was a little overstated. here in d.c., big companies always employ democrats and republicans. google had record spending last quarter in lobbying, about $6 million. a company like goldman sachs often does not even spend $1 million. the u.s. chamber of commerce which largely represents the business community of the u.s. as a whole not even $12 million , so they are spending a lot of money because they know a lot of things are coming their way, either coming or going, and they want to be part of it. emily: we are looking at potentially 3.5 more years in the trump administration at least. what are the main issues you are going to be watching? >> from a tech perspective, looking at any potential efforts about hampering these companies because we cannot stop the march of technology. amazon, apple, google, facebook. these are companies that have not just impact in the united states but impact globally. we should be wary about anything that gets in the way of their growth. yes, they tread in politics. jeff bezos owns "the washington post." there is a lot about the progress from tech companies that can be threatening not just to people in the administration but other businesses. we should be looking at that. also, we should be looking carefully at issues like net neutrality. the paradox of net neutrality is that it is one of those places where more regulation leads to more competition. so the tech companies are in favor of net neutrality because it has an impact on them. but ultimately if the net neutrality regulations are dropped, then it is going to hurt competition on the internet. emily: net neutrality is a big area where we could see a shift in policy. ok, michael wolf, you are sticking with me for the hour. thanks so much, ben brody in washington. thank you for joining us as well. well, spotify's plans to list directly on the new york stock exchange are under scrutiny. spotify aims to bypass the traditional share sale. it would eliminate underwriter fees and prevent dilution of investor holdings. the securities and exchange commission have asked for further details on their plan. coming up, intel's latest processor for pc. will it be enough to fend off competition from amd? "bloomberg technology" is live streaming. check us out. this is bloomberg. ♪ emily: intel is boosting its new personal computer chip will deliver a once in a decade performance boost. the biggest maker of semiconductors says it will provide as much as a 40% jump on its predecessor. new laptops built with the chip come out next month. joining us are michael wolf as well as bloomberg intelligence analyst anand srinivasan. would you agree with this characterization by intel this is the biggest up in a decade? >> look, the performance improvement is substantial. it is particularly notable given that this is an aberration rather than a substantial revolution in chip improvement over time. but again of the things intel , one has moved away from is the notion of once a year improvements. the improvements are becoming -- they are coming faster for sure , but they are relatively marginal improvements. when you consider that context, this particular improvement in performance is substantial with 40%. the one thing i will say, this is not across-the-board improvement. this does not fit into the overall master plan of chip improvements or its roadmap. number one. number two, this is not across-the-board for all its chips. this is limited to the laptop platform, higher-end chips. it is important because it is a tactical move rather than a strategic move. that is how we think about this chip improvement. it is important because it should help keep the prices on the chips moving towards the high-end, which is very important for intel. emily: moving beyond the technical nature of it, michael, what does this mean for customers? what will this new chip enable that the other one did not? michael: i think it enables intel to maintain its dominance in the p.c. market and the desktop and laptop market. from a consumer perspective, it means the things consumers are doing increasingly which is virtual reality, video editing, a lot of the things, augmented reality, they will be much easier. at the same time, what is happening with intel is they are going to be able to dominate the internet of things, whether that is virtual reality or in-home automation or self-driving cars. it may be the once in a decade , but it probably will not be the last in this decade because the advances in technology around chips continues to happen. it may be what they are saying is a push for more companies to take their chips, but that innovation will continue. emily: intel's chips are in 80% of the world's p.c.'s. p.c.'s are a market in decline. there have been questions about intel's future given its reliance on the pc market. would you agree with michael this chip will allow it to dominate in the internet of things? obviously, the semiconductor market is a very competitive market. >> look, at the end of the day, this is a little defensive in that amd is competitive for the first time in a decade. intel is trying to make sure what ever it does, it corners the market on the high-end. if you look at intel's performance, intel's pc business has substantially outperformed the p.c. unit market and it has done that because it has pushed its customers to buy higher-end chips. its mix of p.c. chips is substantially better than p.c. unit growth. again, it is pushing people toward the high end of its market to the extent it can develop these chips that produce an incredible amount of benefits at the high-end such as video editing. so those are all important things for intel to dominate and continue to drive the average selling price of its platform higher. in so far as the internet of things, the byproduct of being so successful in the pc and data center markets where it has central share is any other place intel moves to, the margins are lower. the downside of this success for intel is has it been able to find markets as large, fast-growing, and as profitable. when you analyze it using the three fourth equation, it becomes a lot more difficult. for now, it is doing really well in pcs, and ok and data centers. emily: thanks so much. michael wolf, my guest host, you are sticking with me. a story we are watching, amazon continues to prove its power in numbers. it has launched about 20 private label brands and has sold about $2.5 billion in 2016 alone. this is according to an analyst note from the suntrust. private labels make up a tiny fraction of amazon's overall revenue. the company reported $43 billion in sales for 2016. coming up, the ongoing search for uber's new c.e.o. might have a frontrunner. how soon could the board vote? we will tell you. and a feature i would like to attention, our interactive tv function. you can find it at tv on the bloomberg. you can watch live. you can send us a message. you can play along with the charts we bring you on air. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ emily: walmart and uber expand the new grocery delivery partnership to two additional u.s. cities. they are expanding services to orlando and dallas. the service already exists in denver, san jose, phoenix, and tampa where uber drivers make the home deliveries. the move comes weeks after aldi announced it would offer home delivery in dallas and two other cities. that comes before whole foods shareholders are expected to approve the $13.7 billion sale to amazon. an update on the uber's ongoing search for a new chief executive. jeff immelt is said to be the front runner for the vacant ceo spot at the ride hailing company . that is according to recode. he stepped down as g.e. c.e.o. at the beginning of the month. uber's board of director may vote within two weeks on travis kalanick's successor. joining us from new york, michael wolf, who served on the board of multiple companies, including yahoo!. with me here in the studio is bloomberg tech reporter eric newcomer. you were the first report jeff immelt was in contention. >> right, right. that was back when meg whitman was seen as a serious candidate. she dropped out soon after that report. jeff has been the only solid candidate since the report surfaced. he seemed like the frontrunner the whole time. there is this continued fight between benchmark and travis kalanick and some of the other board members. it is hard to know exactly if someone is a frontrunner given the great divide on the board. given he is the only public candidate, he would be the frontrunner. emily: we know that some board members like him, but it is not clear how many, correct? >> yes, that is a fair assessment. emily: what is it he brings to the table that they like? >> i think for a long time, they wanted a statesperson, former c.e.o., with a tech vision. with him, you seem to get two out of three. it is hard to find someone that has all three. the hope for people close to travis is he can continue to play that role as some sort of advisor saying this is where we should go in terms of technology. emily: they are also looking for someone who is not going to be pushed around. michael, you joined the yahoo! board as marissa mayer was coming on as c.e.o. so you know how hard a c.e.o. changeover can be. >> very tough. emily: what do you think is important? what do you think the biggest challenges will be in this situation at uber? michael: the board has a couple of directions it could go. on one side, it could hire a digital innovator who focused on user experience. if they end up choosing jeff immelt, what they are really focusing on is sales and operations effectiveness and respectability in terms of culture. and so some of the challenges for somebody coming in is striking the right balance between what is really an internet company at its core with a user experience, and at the same time have to move into areas like self-driving cars and real operational excellence. there is something else which is important here which they really give up with travis, which is this drive to work with cities and countries to allow uber to operate. we forget one of the things having a founder in place is that founders tend not to ask for permission. they beg for forgiveness later. by bringing in someone who is an established manager from a large company, one does wonder whether or not they will be able to continue that drive and that ability to push their way into new markets and keep themselves in those markets. >> go ahead. >> i wanted to seize on that sort of funny to hear travis' point. regulatory recklessness phrased quite that way. i think there are plenty of board members ready to see uber move past potential lawbreaking and other probes. emily: you're are talking about a situation in which uber knowingly evaded the law. >> exactly. there is the indian rape case and the waymo lawsuit ongoing. i am sure travis needed to be aggressive in the beginning and pushing into a suit regulatory areas to allow uber to be successful. i think everybody at the company is ready for an uber less worried about whether san francisco will shut down there self-driving cars or some new law enforcement official will come after them, or they're going to get sued again. i think they are ready to put the regulatory risks behind them and want a statesperson-like c.e.o. emily: go ahead. we have about 30 seconds. michael: this game is far from behind us. ft have services like ly gaining market share in a lot of countries where uber is not the leading service or risk having at the leading service. it will require continued aggressiveness dealing with these markets. it may be about managing against the law. but at the same time, it will require that. emily: michael wolff of activate, you are sticking with me. thank you, eric newcomer, for stopping by. coming up, the solar eclipse got everyone's attention today. even president trump donned glasses and didn't for a portion of the eclipse. we will talk about the excitement, coming up. this is bloomberg. ♪ 11:29 a.m. in singapore, 11: 20 9 p.m. in washington, d.c. president has announced an open ended commitment to afghanistan that will quit as many as 4000 troops into the nation's longest conflict and keep american forces there and tell the taliban agrees to negotiate. the president warned pakistan it has much to lose by harboring said thes, but mistakes of iraq would not be repeated. north korea says the and and and states will face revenge for holding military exercises with the south. the state media says the presence of american officials there means the preparation for war and the drills were called saber rattling the could lead to hostilities. the north launched a missile from underwater and put the army on highest alert during the exercises. theu.s. navy has ordered global fleet to halt operations after two collisions at sea in two months. commanders have been told to take stock and identify witnesses after the uss john mccain hit a tanker off the coast of singapore. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> risk on, i'll be at thin volumes. leading asian forex higher. the nikkei 225 adding point 1%, while the yen snaps a four-day advance. metals next, oil catching a bounce after a 2% drop overnight. resources sending the asx 200 higher. the fourthing gains, biggest waiting in the asx, giving the index a needed boost. doing much for the overall index in 2017, which is lagging other indices and asia. , the asx in the white, the hang seng in the blue. it has risen 25% in 2017, and the hang seng set for a second days of gains. asnese insurers are rallying investors bet on stronger earnings. leading thes insurance sector higher. reports on thursday, the stock up 3.6%. ♪ emily: the once-in-a-lifetime total solar eclipse has come and gone. it put the u.s. power grid to the test. they braced for more than 12,000 megawatts of solar power possibly going off-line. sunrun is the largest independent solar developer in the u.s. it's ceo spoke earlier today duringoomberg television the height of the eclipse on the east coast. >> the best part about the sun is it is so reliable. when these happen once in a generation, we have a lot of advance notice. we were able to work with the grid operators. they were able to procure power to meet the need during the eclipse. it is important to put this into context. when you look at our overall traditional power sources, they go off-line all the time and without a lot of notice. annually, they will go out to the tune of 9000 times the amount of power loss we will see with this eclipse. the sun is there. it is reliable. we are asking customers to turn their power down and enjoy it. >> is this testing how you react to an event where we have solar power as a dominant force in power generation in the country so you can look at what the options are in terms of switching between one and the other? as you said, in terms of solar power, that is the most reliable source of energy we have. >> it is. the cost reductions have been so significant it is becoming the dominant source of new generation. the segment my company operates in, on the rooftop, has a different dimension. we often think about renewables as one and the same, but there is a difference between the large utility scale type renewables and what we do at the home level which is really pushing out, using the rooftop to produce the power, using your electric vehicle to store the power, getting a battery on the grid. what we are going to see is a system that will be much more reliable with the addition of this rooftop solar storage and electric vehicle. i really look forward to that. >> we have been talking to power grid operators and scientists that will use this as an opportunity to test their systems and software. is there anything you are doing during the eclipse? are you testing battery capacity for example? what are you going to be observing? >> for our customers, we have about 150,000 customers across the country. a full gigawatt of power. we certainly can test to see how our systems will produce during the eclipse. and we will do that and record the data. we will also look at what the consumer patterns are. were we successful when we asked our consumers to bring consumption down? will were we successful doing that? those are important learnings. an eclipse across the world happens 300 to 400 years so it is fairly rare. what we are more focused on is how do we get the storage piece to be cost-effective so when there is a situation like this, we are able to fill up the battery with solar power and dispatch it to the grid when it needs it the most. emily: the c.e.o. of sunrun earlier on bloomberg television. millions of people watch the eclipse using special glasses and even virtual reality to catch a glimpse of an eclipse that last occurred in north america nearly a century ago. one person went outside to watch. our bloomberg tech editor tom giles, a group of you went down. what did you see? >> we used everything from very unsophisticated cereal box viewers. i used some of the google glasses you tested out earlier in the week. we saw people looking with their naked eye. i wanted to shout over, i do not think you are supposed to do that. in san francisco, it was a little cloudy, a little foggy. covered 70% of the sun. a little anticlimactic here. the thing about this eclipse given the ubiquity of social media, when we got back to the office, you could look on facebook and twitter and see the experiences of people across the country in the path of totality. i saw people posting photos saying my son just took this, it changed his life. i was listening to people in south carolina cheer as the sun went completely dark. for some people, it had a very profound impact. emily: i did cover a solar eclipse in china in 2009 and was in the path of totality. going to complete darkness, there is this magical,. feeling. feeling. the temperature completely cools. you heard people talking about that across the country. it was the sort of communal moment. even the president watched. he got a lot of flak on twitter for looking up briefly without glasses. we are looking at him now. he just took them off. when he came out onto the balcony -- there he is. >> very briefly. hopefully, he did not do much damage to his eyes. you could hear in the video people below the balcony shouting "don't look." this was one of those moments where this was an opportunity for the nation to come together and focus on something different. hopefully, wearing glasses. and yet, here is what happened. the president found a way to steal the thunder from this event as well. emily: yet again. everyone had a different livestream up. it was all over cable news. it was interesting to see how various tech companies from google to twitter to airbnb turned this into a business opportunity. >> really able to benefit from it. we talked to airbnb. there were thousands of people who rented their homes, many for the first time. they had a huge surge in listings because people were wanting to be there. if you look on google maps, you saw traffic patterns very red in the path of totality. emily: there were some folks in idaho who spent a lot of money and it rained. and yet, they were still happy about the experience. it was an all-around experience i guess, to commune and watch. you are looking at people. >> people throwing parties. i was on a plane recently and a guy got sidelined going through security because he had a pair of welders goggles. there are only a certain number you are supposed to use. emily: he was prepared. tom giles, thanks for sharing your experience with us. come and gone. coming up, how one u.k. lender is providing postgraduate loans to international students. we will bring you the latest next. this is bloomberg. ♪ ♪ emily: crossing the street could be hazardous to your health and wallet, at least in stamford, connecticut, which could become the second city this year to combat the problem with fines. honolulu of adopted an ordinance that outlawed smartphone used by pedestrians crossing the street. the proposed ban would have police issuing citations of $30 per violation. u.s. pedestrian deaths happen on have been on the rise, but there are no stats to show if tech played any role in the fatalities. to a story out of the u.k. one fintech company is looking to help foreign students get loans. foreign students i want to hand it over to caroline hyde in london. caroline: they've just announced it has completed a fundraiser of $240 million helping more international students from emerging markets receive loans based on projected earnings rather than historical credit. the cash is comprised of around a $40 million round led by index ventures, as well as a debt facility led by an unnamed global investment bank. i spoke with the founder and c.e.o. and asked how the text portion will be used. >> we provide loans to postgraduate students starting studying internationally. why? because they cannot get any sources of finance from local banks. if you're coming from guyana to study at oxford or harvard, the u.s. banks won't look at you without a credit record. the u.k. banks will not look at you. you are basically someone with phenomenal potential has no access to funding. our challenge has been scaling the funding we have to lend through our platform. we are a fairly classic fintech platform in that we are making loans to international postgraduate students which are funded by investors. those include alumni from the universities, and more recently large institution which is our , a first institutional round of funding coming in. this $200 million of debt will be used to expand the number of students we are able to fund. we have a situation where we have a huge amount of demand to cover and a challenge in scaling up the funding. this will be directly used to increase our ability to fund more people. caroline: what sort of returns are you talking about? how does the student go about paying it back? what sort of interest rate do they pay? >> typically it is a range of about 5% to 8%. the return to investors, we discharge a platform servicing and upfront fee. investors are getting the balance. typically, investor will get plus 4.5. about 5% or 6% over the life of the loan. students would typically go and study. they have a grace period when they are studying and then have about seven to 10 years to repay the loan. caroline: what sort of credit ratings do you give to individuals? how are you doing the background check on each particular student that knocks on your door for funding. have you seen any unreliability in repayment? >> this is one of the things when we set up which was one of the most complicated things to get right. one of the problems the banks have lending across borders, the model is built about credit data in one country. you move one street across in london as a u.k. citizen and the bank will think you are incredibly mobile and be worried about you. when you can move to singapore tomorrow, you are still on your social networks and that concept of location and risk has changed. we had to think about how to assess people. we try to assess someone's ability to repay the loan. if they have the ability, will they repay the loan? which is fairly standard for credit. for us what that meant is we had to look at someone's future earning potential, what will they be earning after graduating from stanford or harvard in a particular course from a particular country. so we built a massive data set of many years with the data universities to understand the earnings potential of this particular group of people doing a particular course so we could calibrate the scorecard to understand how much they can repay and how much we can give them. caroline: how do you continue to make it more precise? how do you continue to build it out? are you looking at ai and computer learning? >> we have a machine learning team. you are trying to understand what additional data goes into understanding performance. you are refining that as you go. initially we built our data set. now we are getting more repayment data from our own portfolio. we started in 2007. we started before fintech was cool and it was even a term. we are getting good data over a long time so we can start to refine our model. absolutely, machine learning is something we see in the future as we start to expand products and think about where we are going in the next two or three years, will become increasingly important. your base level is in place and has been tested over a while. caroline: where are you going in the next two to three years? you are already in 118 countries where you are getting students from. you are in european universities, asian universities, u.s. universities. is it just building scale across those countries? >> we think about it in that everything is going global, despite nationalistic bluster in a few places. the world is going global. financial services are inherently local. depending on where you are in the world, your access to financial services will be hugely differentiated in terms of what products you can be offered. that is purely legacy and purely historic. that is how the bank models have been built today. we think that is going to globalize and we are pioneers in that. we are building the infrastructure to be able to look at someone wherever they are in the world and assess their risk, fund against that risk, and you can think about different products from the most basic in terms of you have just arrived in london and no one will give you a credit card or bank account. you have 60 million people living and working outside of their home country as a starting point, so how do you think about being able to service this globally mobile population without having this artificial constraint of national borders? caroline: cameron stevens who still sees expansion in the number of international students and realization of their economic importance despite the seeming rise of right-wing sentiment. emily: caroline hyde in london, thanks so much. coming up, from apple to facebook to amazon, they are stepping up spending on original shows and content. we will break down the new media marketplace next. this is bloomberg. ♪ emily: digital dinosaur d.n.a. is causing the game-maker's shares to soar. they hit a record high today after news they are developing it for p.c.'s and gaming consoles. this the climbing 19%, meaning shares have tripled in value since the start of the year. the company backed by tencent hopes to announce another franchise project in the next year. competition in the streaming space is set to get more intense. apple's $1 billion in spending on original content in 2018 will allow it to produce a about 10 new shows. apple is entering a crowded field already dominated by netflix and amazon. netflix will spend $7 billion on content in 2018. here to weigh in, we are joined by michael wolff of activated, activate, former president of mtv network. how well can apple compete in an already crowded market? michael: apple brings a lot to this party. they already have devices. they already have people watching video on their phones, apple tv, and their computers. at the same time, they also have a lot of data. they know what people are watching and doing. at the same time, it is very difficult to produce hit tv shows. youtube is using data to be able to decide what shows they are going to produce. for example, they are doing a spinoff of "the karate kid" because they know people are watching old clips of the karate kid, or they are doing shows about dancing because they know what people are looking at. in apple's case, it is not as easy as going to the content store and saying, serve me up some hit series. it is very difficult to know what to produce. there is an old line in hollywood that "nobody knows ," which means no matter how many times you made a film, you may not know what makes the next film or tv show successful. i think it will be interesting to see how apple evolves. at the same time, they are competing against a bunch of other people. they are competing against facebook, youtube, as well as other companies that are already well established in the tv business. emily: facebook soon to unveil original series. youtube also spending big on original series. is it a tossup in terms of who is better positioned to compete? or are you optimistic about both? michael: it is hard to make a judgment based on their platforms. it comes down to who is able to produce hit shows, and a lot of that revolves around talent. directors, writers, stars, people they can put together. and then of course, there is that bit of luck about what an audience will be interested in. both of these platforms, one of the advantages they have, especially facebook, is they have got hundreds of millions of people in this country who are on a constant basis going to that platform. so if nothing more, they will click on that watch button to see what is there. but when you look at an average of $3 million an episode and you are talking about 10 episodes per season, it is going to take a long time to burn through that $1 billion. and at the same time, it will take a while to ramp up. once again, it is hard. you cannot just go out to buy it. you have to build it. emily: we will be watching, literally. michael wolf, thank you so much for joining me for the hour. >> great to be here. emily: that does it for this edition of "bloomberg technology." we will be back tomorrow. this is bloomberg. ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. shery: president trump offers open ended backing to the war in afghanistan but no more 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