carolyn: i'm caroline hyde in new york. ed: and i'm ed ludlow in san francisco. caroline: analysts caution slowing iphone demand, more analysis ahead. rf: mobile light plunges as they fall short of wall street

estimates. full coverage on the economist driving companies guidance ahead. caroline: new data painting a bleak picture for silicon valley. startups saw their worst year for funding since 2019. but first, let's check in on these markets. the resilient job market needs maybe we can't anticipate a fed cut as much as the market had already been pricing in. down only slightly on the nasdaq but it is five straight days, longest losing streak since october 2022. i'm looking at the 10 year yield that basis points. notably we are seeing corporate bond sales meetings obliges ahead, which means of course some of that pricing does fade even with. new york crude up by 1.9%. red sea concerns, middle east geopolitical concerns and we are actually more worried about a global slowdown at the moment, so supply seems to win out. a current look at what is happening in terms of bitcoin, because we are actually getting a little bit more resilience on

the day after what had been some big volatility yesterday and the price point. back up, but not quite at the $45,000 level that we had seen in the run-up toward what everyone anticipates will be the signoff. ed: one big move to the downside, you're down around 25% in the session. if we close at that drop it will be the biggest drop on record. the story is really clear, the maker of advanced chip or chip systems the power advanced driver systems and cars. think about lane change or cruise control. and their customers have big inventories with these chips, so they stop buying. they also gave an outlook for sales in 2024, about 1.8 $9 billion at the midpoint. significantly higher than that, so something has gone wrong here in the cycle for chips as it relates to the automotive sector and advanced driver assistance. we are going to go really deep on the story later in the program.

all eyes on apple. down for a fourth straight session, $170 billion of market cap sheds during that four days, and the second downgrade. there appeared to be basically three things. they are looking at inventories and the first half of this year and they are worried. they are looking at growth of unit sales going into the first half of the year and they are worried, and then they are looking at china and the macro picture. i want to bring in bloomberg's intelligent analyst for his take. those were the three key points. there is some readthrough from barclays who had similar concerns when they downgraded earlier this year. do you share those concerns? >> yet, this is the same exact thing we talked about when they last reported, the big issue with china. china remains a wildcard for them. in my view there isn't any new information. he already knew china was going to be bad. in fact, we've been hearing about it for almost 2.5 months now. when they reported, they really

miss that china number by a big amount. i completely agree that sales this year is going to be tepid at best, but it is not new news on january 1, we've known this for a while. caroline: so why the caution now? is it more evaluation questioning, or a more macro perspective, seeing the anticipation of rates not being cut, but questioning valuations across all key tech companies or is it something to spoke to apple in the here and now? >> i think you are right about valuations. last year they were the safe haven for people to go away when they didn't know what was happening in the economy, what was not happening, what was going to happen with rate cuts. it seems at this point we're not going to have a hard landing and of the economy stays ok and rate increases are not going to happen, people do tend to go up to safe havens and do riskier stocks. and: apple was the only big tech firm or one of the so-called

magnificent seven that i four straight quarters of decelerating revenue growth. it has the fewest ratings of any of those mega caps. as for the chart we are showing now. what is it unique to raffle that it was not able to thrive in 2023, and that there is such a change of sentiment now for 2024, different to those other magnificent seven? >> the most important part is it is an enterprise -- it is a consumer technology company. when you look at somebody like aws or microsoft or nvidia, they should benefit in the long run or even in the short term apple doesn't work on that end. that is a consumer technology company completely different from an enterprise technology. caroline: we what the figure, really dovetailing but feels

very fresh and concerning for apple but in the longer term, nothing has changed from january 1, as you put it. let's get that broader macro perspective in some of the headwinds, and more broadly the markets. christine, it is always great to talk you. lucky enough to speak to you before the turn of the new year, and at that point you are liking emerging markets that you had some key thoughts on china and i am interested as to whether you think these headwinds we are worried about, apples resilience and china, is something you are also worried about. >> i think when we look at china there are certainly some questions. we just don't know what policy, what stimulus measures will come out this year that you be supportive. we know that the chinese economy needs to be stabilized, we need to see more growth coming from it, and i think we will get that. it is a question about timing and have affected the policies are going to be coming out of the gate in 2024.

so of course it makes sense that those companies that have china as an important part of their revenues, as an important part of the customer base are worried. but i think it is a very short-term kind of concern. obviously it's going to impact earnings, but i don't think it is a long-term problem. it is just a matter of getting the stimulus, the policies right, improving confidence for consumers and businesses in china because there's a lot of potential there for that economy. caroline: and what about the geopolitics that dovetails into all of that? on one side apple is worried about the resilience of the consumer but also a pushback against its ownership of apple by government-related entities, people working within government institutions. geopolitics, is that a risk for you more broadly? >> geopolitics can be a fly in the ointment but it tends to be something that is very short-term in nature.

typically there are workarounds. smart companies can figure out workarounds to policy changes, to changes in particular areas of treatment for companies working and selling abroad. the key, though, is that it is a short-term problem, and typically a workaround will be found. i don't think it is a problem for the long-term but of course they can create headwinds and investors are looking the short term. they are reacting and concerned about what earnings are going to look like in the next quarter, the next two quarters. and of course, we have seen a nation run out in tech. so it makes sense that we are seeing a bit of a pullback, especially with rates having gone higher. ed: caroline and i have been reflecting on a sense of deja vu to speak, they get the conversations we are having into the new year are basically the same as we have throughout 2023.

that is so true of the fed. i feel like we started 2020 three asking where will the fed , we are starting 2024 with confusion about the fed. we always remind ourselves in this program higher rate discount the present value of future cash flows in the context of the technology sector. is that the case in your analysis, in their outlook for this year? >> absolutely. monetary policy has driven markets in general but the reality is that tech has been particularly affected by monetary policy. it is a long-duration asset class. it is very sensitive to rates. when they go up can be a problem, and that is what we are seeing. markets have gotten very easily persuaded by a little fed talk and a little fear, and are now convinced that we are going to get a very different fed than they thought we were going to get just a few weeks ago, and i

just don't buy it. i think what we are going to see is a fed that cuts rates between 100 and 150 basis points this year. not because the economy deteriorates a lot, but because policy is restrictive in the face of significant disinflation. we are going to see progress on disinflation, answer the fed is going to be forced to cut rates, and i don't think that the movement higher for long races going to continue. ed: we use the word technology is a blanket term and learn that not all technology companies are the same, and bloomberg intelligence analyst just made the point it is not an enterprise company, it is a direct to consumer for all intents and purposes. how are you distinguishing within the broad umbrella technology of those you think will thrive in those you think will fall behind? >> well, that is a great question, and i would say that it is not so much whether a company is consumer-based, but

more about what exactly the business is that they are in. there are going to be areas where we are likely to see significant growth, evenly economic headwinds are worse than we think. for example, cybersecurity is an area of the companies are likely going to spend on the matter what because it typically ranks among the top fears among ceos every year, and i think it becomes a real concern in terms of branding issues. it can get very high profile. so i just want to draw that distinction. it is not about the consumer. it can be more about the regions that companies are selling in, whether it is to businesses or consumers, but i do have to say that in general will be look at tech, valuations are higher, and there is far more sensitivity to rates. ed: christina, great to have you

on the program, thank you so much for your time. coming up, qualcomm is coming for apple in the land of virtual mixed reality headsets. they've got a new chip and they are going to talk about that next. this is bloomberg. ♪

♪ ed: this is one of the big movers in the technology sector. israel's most valuable company by market cap, the u.s.-listed mobileye facing the biggest drop on record. it's also impacting other names in the space, some of its peers,

particularly those that supply chips to the automotive sector. intel is interesting because remember that mobileye was spun out of intel much intel reads 88% stake. let's bring up the numbers. it came out with financials and mobileye is telling us that in 2024, revenue will be between $1.86 billion and $1.96 billion, at the midpoint $1.89 billion. the stories that this is a company that makes chips or systems, the lane keeping it technology. but a lot of the customers that were those types of chips were panic in 2020 when we had a supply crunch. they built up inventory, now they stopped ordering and they're working through those inventories. that means in the first quarter this year, mobileye is telling a sales will be down 50% year on year. caroline: a great deep dive that

we now need to do as to why this then caused a market selloff. breaking down the chip news that we've got for the day. starting on just how hard it is to read the end demand for these sorts of chips, why have we not gotten more direction from mobileye and why were we not able to sort of see this coming in bit clearer? >> i think the way to look at this is mobileye is essentially in the top of the stack. chips go into the most expensive cars, cars with the most function. from one automakers perspective, you want to have them on hand so you can sell those cars and all of a sudden if you think i can't sell those models, i have to keep some of those models, the market is going more toward midrange, you are going to crash.

you are ordering somebody like mobileye to save on the liquid inventory and then that is probably what is going on here. ed: we know all about the automakers, particularly telling us we are really scaling back in 2024. mobileye also sells to what we call tier ones. those are the ones that build up the inventory. what is also interesting is the reaction in equity markets. all kinds of chip names, particularly those that sold to the car companies are down. what is the rate across -- read across? >> people like ti, people like nxp have been asked hey, the auto market is looking a bit shaky, how can you be so bullish about this? what they've been saying is more chips per card, don't worry about it. we are not worried about the total number of cars getting sold. now we are seeing that perhaps they have to worry about the total number of cars being built

and sold and that is really what is happening here. caroline: qualcomm getting caught up in that, putting some focus on the auto history as it diversifies out of just mobile, but it also has an announcement on how it is really trying to earn in the ar -- vr space as well. >> this is a repeat of a story we've seen several times. when apple gets involved in a category that others have been dabbling in, certainly it becomes serious in as we know, apple has got a major product coming to market in this area. so what qualcomm is trying to do here is to say let's not repeat the history that we saw with smartphone, with the smartwatch, let's make sure that android- based offerings or windows-based offerings have a chip that really give the capabilities that will allow the competitors of apple to have things out there that can fight back and stop apple just coming once again in owning the sector. ed: apple has its own proprietary trip -- chip inside

the vision pro and for qualcomm this is one of the number of areas moving away from the smartphone. tell me about the chip. do we believe is at the cutting edge in this case? >> the explanation that we had in the story is that up to 12, maybe even more than 12 cameras, 4k projection of visuals in each eye sounds pretty aggressive, sounds pretty exciting. but i think as qualcomm said themselves, everything is in the implementation. we absolutely have to see what it. ed: it is a great way to kick off the new year. caroline: coming up, we will talk tencent because buying back a record number of shares last month, they seemed to make the most of what was in industry-wide selloff. the gaming moves by china more broadly, and what is next for investors. this is bloomberg technology. this is bloomberg technology.

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♪ ed: ok, time for talking tag and first up, microsoft is adding a new key which will activate its ai copilot function to its windows keyboard. microsoft says the shortcut will abuses create images, write emails and summarize text with the help of ai. it is the first addition to the keyboard since the windows start he was introduced in 1994. in an effort to boost domestic output of legacy semiconductors, u.s. department will give microchip technology $152 million, the second such commitment from the 2022 chips act which set aside billions of dollars to bring chipmaking back to the u.s. while legacy chips are less advanced, they are important and essential for everyday use, plus

in the later show support for u.s. sanction companies, china's number two leader made an appearance at a factory, a chipmaker that competes with the likes of micron and same son. that ship comes as china attempt to revive its struggling economy and bolster chinese investments in the technology sector. caroline? caroline: and also perhaps steady some nerves about the direction of policymaking more broadly versus tech in china. we want to focus on tencent, purchases that have hit a record $1.3 billion in december and of course, that was making the most of share weakness after china surprised the gaming industry with some new regulations. henry is in london with more. is it typical for a company to make the most of buying back when shares have been sold off? >> definitely, it is a typical move for companies. but for tencent it has really been ramping up its efforts for share repurchase. bloomberg compiled data showed

that we simply on every single trading day, tencent has been buying back about a total of $1 billion hong kong of its shares on hong kong trading market. to put that into perspective and for the chinese gaming regulators, they should a set of surprise rules aimed at curbing laying time as well as spending on video games. tencent was buying back at a pace of about $400 million hong kong per day, so that is an increase of more than 100%. it really shows that tencent is ramping up efforts to restore the market confidence as well as in itself, recently. ed: exactly that, it is the mechanism or the reaction to what has happened which is the new rules or gaming restrictions. there is a wonderful line in the bloomberg story. still, for many investors who remain traumatized by a state of abrupt rules, just remind us where we stand with the

regulations that came in just before the new year. >> exactly. so many investors that we talked to have been mentioning about all those memories being evoked, in the 2021-20 regulatory crackdown campaigns for the chinese governments targeted fintech giants such as the gaming giant including tencent and many others. and in the latest rules in late december, china's gaming regulators said that it would be issuing a set of rules which is still soliciting opinions from the society that it would curb videogame players playing time, spending multiple mobile games as well as video games of course has been badly received by the market. we can see severe drops in shares. but there have been some signs of easing from regulators recently. for example, they reproved 105 video games domestically, including those being run by

tencent. also, two media reports signal that senior officials overseeing the gaming regulators have been called to step down. caroline: we've got 30 seconds, but what is it that investors need to keep their eyes on to make sure they are reading the tea leaves right? >> more signs of easing, for sure is comforting, but i think investors at this time do need to see the concrete signs that the government is supporting the sector, not just saying that it is standing on a newspaper, on the state media at this point. ed: great to have you on the program. coming up, bitcoin struggling to rebound as investors eagerly await the sec decisions on bitcoin spot etf's. it is one of the big stories of -- well, what has been a few days of 2024. more analysis coming up ahead.

big point -- bitcoin currently $44,238 per token. this is bloomberg technology. get over here kids. time for today's lesson.

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ed: welcome back. ed ludlow in san francisco. caroline: let us get a check on the markets and names on the move. let us start with the micro. what is happening in mobileye, key on the day. clearly an inventory backup and a lot of them are the chips focused on the auto sector. we dived into that surly -- that story earlier. a clear market move to the downside. apple on the downside with its second straight downgrade. this is not to a cell as we saw

previously. this is going neutral and then they are once again worrying about china and resilience to apple under pressure. it is the biggest points mover off and on the benchmarks. we will dig into this. peloton by 9% because it strikes up a partnership with tiktok to consume some of their live fitness applications and some of their classes on the tiktok device. meanwhile, let us look at the broadly world of macro. i want to focus on nasdaq which is slightly under pressure, on its fifth straight day for losses, the longest losing streak since december 2022. we see the question marks where the federal reserve goes. donald, i want to shine the light on this country -- on this company. they are posting and ceo saying that this is having a meaningful impact on the business which is having an effect on consumers

and big corporate america. looking at that coin, up 2.8% and clawing back some losses. not 45,000 but 44,000 looks healthy. this is all about the anticipation on the etf signoff as soon as january 10. ed: there is a lot to talk about when it comes to bitcoin. we do not have consensus so let us keep the conversation going with a ceo. we are only three shows into the year that it is not uniform that all of the trading activity is being driven by enthusiasm that the fcc will approve the spot etf. there are others that argue that this is a market functioning at an institutional level impact on the market. where do you stand in this debate? >> thank you for having me. first and foremost the context,

we are seeing some of the highest interest in the market since the collapse last year. so in that context of very high open interest, there were a couple of sparks over the last 24 to 48 hours. the last was the report saying that etf approval is probably not likely. in that context, that spark triggered a bunch of liquidations. liquidations up to $130 million in bitcoin alone. one of the big sentiments that we are hearing. we checked again and saw the largest hedge funds what do you think about the etf? and consistently we are hearing that it will likely improve. the one very prominent question on everyone's mind is is this priced in? what we are hearing is that we are spending time with a lot of

partners as well on this. what we are hearing is that most people are pricing the net end flows into the etf in the first week or so at $1 billion. so if they are less than $1.2 billion it will have an adverse effect. if it is more it will have a more positive effect. that is the sentiment that we are hearing. caroline: just remind us, for many who come into this and think that there is already a bitcoin etf, it is a futures etf. why will we see a seismic move from interest to -- from institutional and retail players to get into a spot etf? raghu: we are hearing two main things. the first main thing is that if you look at the point futures etf, there is a futures rollover cost that it in color -- it incurs on a monthly basement -- basis.

that ensures that this will transact in the market in a very predictable way. the rollover cost is a meaningful cost which is one. you have been speaking to some of the advent -- investment advisors and at the statistics and the redirected in retail. there are places that cannot contract and future space etf. for the first time the market which is about $30 trillion will have access to a spot etf which is more efficient. so those are the two reasons we are hearing consistently why a spot etf is better. granted, both have pros and cons. caroline: it is interesting that you have given us this number, that you are talking to clients and big investors and had fun -- and hedge funds that managed to pull out one to $2 billion in terms of inflow over the first week that an etf goes live.

what if that data is delayed? what if you said it is likely that the spot etf's get signed off. if they do not, does ultimately matter? raghu: two parts. the first part is like what are the odds? it is very likely that an etf will be improved -- will be approved. there could be an approval with caveats that could delay the time between an approval, and actual -- an actual instrument traded. that is one possibility. we do not expect the delays to be very long, giving the grayscale warning that came out in october. there are very few reasons that the caveats could delay it months and months. the second part, what if this does not happen? 2024 is very well set up for crypto.

you have the bitcoin etf, you cycle and the expectations, you have a major upgrade, and earlier on in the show we were talking about the funding in general being a little bit slow. but if you look at the recent report, quarter onto quarter, the fundraiser grew 80% to about $380 billion. so if you had all of those things even with -- etf potential it is unlikely that it will be approved. even if you potentially get the latest it is very well set up which is what we feel. ed: you said that the year is well set up for crypto, broadly. you did not say bitcoin. and this is the part i am struggling to understand when it becomes more than bitcoin. on a capitalization basis bitcoin is 49% of the digital assets -- access -- assets market. it almost acts as a proxy that

was just scandal. do you think other tokens are digital assets or use cases will get limelight this year? raghu: yes. the first of the year will be dominated by bitcoin. bitcoin has gotten through the initial asset and what we are seeing. despite everything that happened in the space, 2022 to 2023, the volumes tripled. a lot of it is around the excitement around bitcoin. the first half of the year we expect a lot of activity around bitcoin. towards the later part of the year that is where it gets interesting. ethereum could potentially get a spot approval. so that new cycle and some of the upgrades are things that investors are watching. we think in terms of five to 10 years, and back to the core of

the show, technology. the reason i jumped into crypto is perhaps it is the first use case of organization. if you look at the number of investments and advances that are happening it is meaningful. beyond 2024, the story will be about organization more than just one instrument. caroline: you are in hardware, motorola, google, you have made that diversion into the world of crypto. thank you for telling us why. he joins us for the spot on the bitcoin etf. going back to who we were just hearing about the vc community being a bit down in the dumps. max gazor well beyond, what is he seeing for 2024. this is bloomberg. ♪

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caroline: yet more data painting the bleak p -- the bleak peach that -- picture for silicon valley. they fell to levels not sin seen since 2019. while investors poured money into the ai startups, here to break it all down is sarah mcbride. we were bracing year are's -- bracing ourselves for bad numbers and they live up to expectations. sarah: the numbers for 2023 were bad, there was no way around it. then again, back in 2019 we thought that the numbers looked ok and that is back where we are right now with levels just a little bit higher than 2019. so, investors, adventure firms

invested less money in startups and they raised a lot less money from their backers. no matter which way they looked at it, it was a pretty gloomy year. one tiny bright spot is that the fourth quarter numbers cell less -- cell less then the earlier quarters so it could be an indication that things are starting to stabilize. ed: that is the dollar measure. it is interesting because if you look globally not all markets behaved in the same way. the drop in the u.s. was a two thirds drop from the prior year. and there were bright spots. what were they? sarah: very tiny bright spot because it is such a small part of the overall venture market. in latin america, funding was actually up. that is in part because it is so small that one outsize fund can

move the market. last year we saw the announcement of what is a huge fund for latin america, $500 million fund run by the former softbank executive. and that was enough to really boost things in latin america. but that is just $2 billion out of a market well over $150 billion. ed: sarah mcbride with the latest out this morning. let us keep the conversation going in the spotlight. we are bringing the crv general partner, max gazor. 2023, the year that was. you can show the chart and go over the dollar values. what story does the chart tell you about your industry? max: thank you. it is a very simple expert -- explanation the growth markets

in 2022 and 2023 dried up. if you look at it in dollar amount that would explain the drop off which was to explain that most vc activity pre-ipo has slowed down. in the early stages where crv operates the activity is strong. many of the companies that we funded are still in stealth which would not have been represented by the data. it feels all within sort of the bounds of what is natural and feels right. we are very excited about 24 and the ip window opening up. ed: let us go one layer deeper. you talked about the early investments being in stealth. the other story from 23 was layoffs. all of these talented people were laid off from big tech companies. we had business -- we had evidence that they went and started businesses, was that the main catalyst? max: with respect to the

layoffs, a lot of these were right sizing. a lot of these companies exceeded what was expected of them in the public markets. and so a lot of that was just the natural right sizing of the companies. the point that you made about people leaving and starting new companies, that is absolutely a catalyst. we think that will continue in 24 with liquidity in the ipo's and people having opportunities to start new companies without resource. caroline: when you are looking at a potential ipo, are there certain names? do they have to be ai related. can they be ones that are grown. many of us have seen these companies having to start to right size their valuations, having taken the money on a private basis. max: there are over 100 companies when we last counted that i think are ipl ready. we have close to a dozen in our

own portfolio on that path, whether it is this year or sometime later. we think that based on how the public market reacts to some of these offerings, it will change the narrative. many are participating in -- and are anticipating ai ipos to drive the market. we see that the public market influences even how early stages think about opportunities and where public investors award company is the most. we think that data and ai be front and center and there is a long pipeline of great companies that we anticipate will do well. caroline: i am interested in the early stage things are still active. are they being written at the right valuations? or are you seeing bigger funds muscling on earlier stage investments because everyone is

to worry too rights the larger checks that are necessary -- to write the larger checks that are necessary? max: the valuation has not trickled down into the private markets. we see vcs being more selective, praying -- paying the price of the market but doing fewer of them or being a little bit more selective with the criteria required to underwrite. again, i think that is a normal cycle until the ipo window opens and vc's can document and demonstrate results and raise more capital to fuel the next generation of companies. i think that liquidity window is important. ed: i want to look at your portfolio. half of the job of an early stage investor is writing checks. there are decade -- there are companies that you backed a decade ago and you might be sitting there and thinking what should i advise them to do in

this environment? is there one blanket rule for all of them? max: growing responsibly is the sentiment this year, many of the companies that we have demonstrated here, air table, cribl, all that we invested in the early stages when the company was a few people. it is very rewarding to see the companies grow, and we want to make sure that we are creating companies of enduring value that they can continue to go and grow. but i think the theme is to make sure that we are ready for the ipo's. ed: thank you. you are looking at the world of social media. caroline: we have a conversation around creators and what they think about instagram releasing all of the new features. and let us look at instagram's parent company. mark zuckerberg selling nearly half a million dollars of shares in the final two months of 2023

after a two year hiatus in which the stock price hit the lowest. he only owns about 13% making him one of the most wealthy people in the world worth about $125 billion. this is "bloomberg technology." ♪

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instagram has released a slew of new features, a new verification program a bonus program on tops of the husband -- of dozens behind the change -- behind-the-scenes changes. they make more about the user's interests and who they follow. and shed a little tear for the creators who depend on the platform for their livelihoods and it makes it harder for them to reach their fan base and generate real income. ed: speaking of competition with tiktok, it is not only instagram's worst nightmare but it might become amazon's. tiktok is aiming to grow the size of its u.s. e-commerce business to $17.5 billion this year. an ambitious target that sets up a clash not just with amazon but with the chinese owned outfits. let us bring in alex. that merchandise volume number,

give me the reporting. that is big. alex: $17.5 billion or tiktok shop u.s. which launched right before the holiday season. i want to put that in perspective. earlier the colleagues broke globally that all of tiktok was looking to sell $20 billion worth of merchandise in many 23. that u.s. number is already close to edging out that global number in 2023. the vast majority of that volume came from sales in southeast asia. this is a big move for tiktok and the first big tech social media company that might have amazon worried. tiktok really gained a presence as an entertainment platform. this year they have been rolling out an interesting strategy to get people purchasing. the company announced that over black friday and cyber monday they had 5 billion people buy something new.

a big push for them and a very ambitious target. caroline: e-commerce front and center and so too is using it for live programming. what was interesting is that peloton with shares up 9% on the fact that they are doing a deal with tiktok and offering live classes to the platform. will e-commerce be interweave through that and how much is that drawing our attention more to the app? alex: tiktok remember really started with livestream in southeast asia and malaysia. its sister company does livestream commerce in china where people get on live videos and sell things. it is incredibly popular. tiktok tried to port that over to the u.k. and u.s. but users are not willing to tune in at the same time to chop so they split their strategy and said let us focus on developing live so people tune in weight -- even without shopping even while

rolling out the shopping business. this peloton deal falls into the bucket of that life push. caroline: thank you. always on call for social media. that is it for this edition of "bloomberg technology." this is bloomberg. ♪ fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

>> welcome to bloomberg markets. let's get started with a quick check of the markets mymy nhan seems green on the screen. only breaking two days of declines. almost flat on the day. pulling some of its gains, up less than 1/10 of 1% -- .1%. also getting a little bit of love on the day. this is the sector that had fallen behind a little bit relative to the others. the nasdaq 100