>> from the heart of innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with caroline hyde and ed ludlow. ♪ caroline: i am carolyn -- caroline hyde. ed: this is "bloomberg technology." caroline: microsoft, alphabet, and amd struggling to meet expectations.

we break down the earnings report and how these tech trains can prove themselves down the road. ed: and should elon musk's payday go away. a delaware judge think so and has voided the compensation package and we speak to the lawyer that beat musk in court. caroline: and these social platforms are before congress today testifying on what their companies are doing to keep kids safe. but first a check in on markets. this is a macro story as we brace ourselves for the federal reserve. some of the data showing that there is die linke back and the labor market is weaker today than yesterday. but remember what the treasury will be doing in terms of debt sales. and will those ease some investor concerns though the nasdaq is being pulled down by

earnings. the 2 year yield crushing down some 14 basis points as we anticipate less sales going into the future impacting the front end of the curve. remember, new york community bank bought the deposits of signature bank in march 2023 when we had the regional bank crisis. signature is exposure to crypto -- they did not sell the loans but a big shock in terms of dividend cut and an overall worsening of the loans and the exposure they had to the consumer base. looking at crypto. we are off by .5%. we were higher on the day. pulling back a little. 43,000. this is all around the macro picture. risk assets set off like teco -- tech stocks. ed: the three big ari names have reported earnings. amd is concerned about the outlook and a lack of rebound in

markets. that was an echo we heard from intel. at the same time that that ai accelerated, they exceeded the guidance they had given us that there would be a $400 million contribution to revenues from the mi 300. the stock is down. later today we will speak to the ceo of amd and workout the ai story. similar with alphabet. the market zeroed in on the risk to the core business but also worried about margins. the cloud outperformed. look at the offerings. double what the street was looking for. they said very matter-of-factly there is a contribution from generative ai to what is happening in cloud as well as our efforts to cut costs. microsoft, growth in the azure unit up sequentially from the prior quarter. a 6% contribution from

growth to ai but we are down 1.2%. this was a high bar quarter. we knew what microsoft had invested in. we wanted evidence from a boost of sales and hardware and cloud and we got that but the market had high expectations. caroline: cloud revenue is up 24% but still not meet the lofty goals. let's talk to an investor. the senior portfolio consultant at wealth group. holding both microsoft and google among other names. the overall feeling is that these companies delivered but not enough to meet the anticipation. let's talk about microsoft first. the detail we got, the 6% increase in revenue because of ai, was it just because they could not pay it forward for this coming quarter that disappointed? guest: i don't necessarily think so.

these stocks were up substantially your to date, up over 8%. microsoft was up or near up 70% on a nearly 12 month basis. expectations were high going into this quarter. for microsoft, they were able to quantify the impact of ai on the growth of cloud unlike alphabet or google. which i think is part of the differential in terms of why the stocks are behaving as they are. caroline: alphabet, less detail on what contribution ai will have particularly on search. what about the capital expenditure, investment to bring about the ai prowess? is it too much? guest: it is what is needed. nvidia has talked about the pricing of their chips in both alphabet -- and both alphabet

and microsoft have talked about capex increasing substantially in 2024. that will be an extra spend by both of these into data centers, servers, and that will help build out the infrastructure in which ai and all of the applications can be built on. ed: there is a note to out that the della delivered a masterpiece that should be held up in the louvre. the stock is down one point 2%. the expectations were high. is dqc enough in the financials to keep buying into the stock and believe in the ai story? guest: in the near term, we obviously expected a pullback. the stocks really reflected a lot of high expectations. with any pullback there is an

opportunity. it would be nice to have the soft pullback additionally in order to have new entry points. for most people microsoft is already at core position. we have to let the dust settle on the stock in the near term. ed: the alphabet parent of google is down. it seemed the anxiety was the core search business. and then people started talking about margins. if you take into account the one time charge from headcount, margins are a bit better and and -- on an operating -- cloud did great. why are they not getting credit for the cloud story? guest: they focused on operating income efficiencies over the last year and that has been a great story for alphabet. they delivered on those promises.

the issue with alphabet is really getting out there and telling the story and quantifying the impact of ai into the cloud. microsoft talked about how there was a 6% contribution. despite the spend they are doing , they also saw leverage in their operating income there. we would love to see more detail from alphabet in terms of how that will come about. perhaps we will get that once they launch gemini ultra later this year which really may impact alphabets google cloud division. ed: the senior portfolio consultant at wealth, great to have you on their show across a many earnings. the next earnings is amd. let's break down those results with the head of the global research team. great to seal. for me the story on amd is which

is more concerning or important to the market? the outlook for the current period which makes us worried about broad end markets or the progress they made on mi 300? they showed a lot of progress. where is your head? guest: if you look at the stock over a 2-3 year horizon, it is nearly a win because of the cpu unit, the market -- not much is going to happen. a strong base. let alone the embedded -- [inaudible] and then you have an amazing opportunity in ai. the way i read the situation

today is amd is the only alternative to nvidia. a very similar gpu architecture. for all the people that find it difficult to get enough and want to have an alternative supplier with the mi 300, it is probably a no-brainer. that is fascinating. we are talking amd potentially -- if it does three point five or $4 million of revenue -- [inaudible] 18 months ago -- that is fascinating. caroline: you have a 225 dollar price tag. what is the catalyst to get from 165 dollars up to $225?

guest: let me give you what i the look at. my only question on nvidia or sorry on amd's execution. does mi 300 get into the hands of clients and do these clients find it reasonably easy to ramp that new architecture along the way with nvidia? and if that happens, it is like my price is far too cautious. between now and the end of the year, i want to hear feedback from clients, and i want to see volumes ramping [inaudible]. i think there is a fair amount of earnings momentum and from that perspective, and with

gaming in a down cycle, and everyone understands the upside on gpu. when people put expectations that are not on solid ground, and when they are too high, even when you talk about fascinating things happening this year, there is still disappointment. ed: in terms of what you still want to hear and i would never ask you to do my job for me but i am going to speak to lisa soon later this morning. what is the question that has not been answered in this earnings cycle? what would you ask her? guest: first, say hello to her for me. and the question i would ask her at this stage is when do you think you will have a very strong visibility on whether

your clients are comfortable ramping for the long term mi 300 with nvidia? it is way too early to say. does she need six months to be comfortable or a year? caroline: we really appreciate you giving a few little hands. thank you so much. coming up, we will be looking at elon musk's pay package struck down by a delaware judge. we will speak to one of the key lawyers representing that shareholder who challenged the conversation and won. we are also looking at what is happening on capitol hill. questioning five heads of social media companies. we know the ceos will be getting a big grilling. including mark zuckerberg of

meta alongside plenty of other companies. there we see mark zuckerberg answering a question. we will go there next. this is "bloomberg technology." >> the right place to do this and where it would be easy for it to work is within the app stores themselves where my understanding is apple -- xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

ed: elon musk's 55 billion dollar pay package has been struck down by a judge in delaware. a shareholder challenge it as excessive. his fortunes are now up in the air. joining us now for more is bloomberg's max chafkin. and one of the lawyers for richard is greg.

bloomberg reached out to elon musk and his lawyer but we have not received a response so far but greg, this was a long, hard-fought case and i think the judge said, look, the defense tried hard but it was almost an impossible task. will you accept -- will you expect an appeals now? >> it would not surprise me if we saw an appeal. under delaware practice there is a direct appeal to the delaware supreme court which is the final word. caroline: from elon inc., he has been against delaware more broadly. clearly, there has been concerns from elon musk himself about a lack of concern of his own company. >> this is a huge development not just because of them money at stake with these options, i have seen figures as high as 50

billion reported but also because this throws not just tesla into chaos, they have to figure out a way to retain elon musk. he is ready making veiled threats of doing ai research outside of the company. and at the same time you have other companies dependent on his financing. one of the reasons he wanted all of this money was to pay for his mars explorations. you have to ask where it goes. delaware forced him to buy twitter for $44 billion so even for the man -- the world's richest man, it is adding up. ed: good morning, it is it. as far as i can tell you and your clients are the only ones to take a look at the compensation package. as a starting point, what was it in the first place that worried

you were what did you think was unusual about the package that caused you and your clients to look? >> i have to say i have a hard time articulating $55 billion. i often miss -- ms. speak and say $55 million. $55 billion is such a large pay package but it skewed dramatically upward the entire data set for the compensation consulting industry. i think we put out a press release yesterday referring to it as a again to an package. that me start by saying it was so large that we looked at it specifically because no one had ever tried to come this close. and when you look at the your is comparable, it is elon musk's prior pay package. ed: here is that thing. it may be the biggest compensation package in history but there is a large body of

tesla investors saying, so what here 73% of those voters -- investors voted for that pay package. and there is a big body of people mad at you and your client because they say, look at the share performance of tesla since that package was awarded. look at teslas position and there growth globally. why does it matter? >> well, you know, there is an idea in efficient capital markets that shareholders ought to have a say in things like this and this package was put to shareholders. but it was put to shareholders on a proxy that the court found to be materially misleading in several respects. the bottom line is capital markets don't work if you don't tell stockholders material facts when asking them to take action. and that is what happened here. caroline: this puts into

question the board in particular. the accusations is there is no pushback and the judge articulated there was no questioning of that -- at this pay package was excessive. >> it is not clear to me. many tesla shareholders were aware that the tesla board of directors was a rubberstamp. you have a lot of people that are close friends with elon. one of the reasons he lost his case was because you had nominally independent directors that were going on vacation within a week that he had a close relationship with. that is how he has done business. and what is so difficult about this going forward is that that has been come if you ask elon musk, what is your playbook he would say it is because i have been able to do whatever i wanted to do. and as i said earlier, he has

been asking for more control. i don't know where that goes. i do think there is some piece of risk that probably did not exist yesterday that elon musk could threaten to an even, i think it is a par a possibility, walk away from tesla. caroline: this is why the share price is under some pressure. the articulation from the judge is that at no point did this 55 billion or the options enough to keep elon musk motivated. why not recompense the leader and founder with such a significant upside if he is going to deliver for shareholders? >> the judge said i believe his net worth increased in increments of $10 billion based on the stock he already held without this pay package for each increment identified in this pay package. i think the judges point of view

was if you look at other successful founders, zuckerberg and others, they don't take pay packages or any material pay package. they rely on driving value for their shoulders in their own underlying stock. mr. muska had the opportunity to increase his net worth by almost $100 billion. i have to make sure i get the b right. $100 million -- $100 billion if he accomplished without getting a single option. at the end of the day, this is a car company. it is not a space exploration company. and it is a public company and they live by different rules than private companies. ed: if you're watching us live on bloomberg television and you are a terminal subscriber you can submit questions. i told our audience that you were coming on and there were a lot of questions.

the most common is they want for a deeper understanding of the pathway forward. you spoke about a likely appeal. my understanding from sources is that is likely as well. the other thing is that this current board, different from that of 2018, could put together a new compensation plan and take it to shareholders to be ratified. how involved you think you will be with your client? how involved will kathleen be in that process if at all? >> the simple answer to that is that is a question for the board to determine in the first instance and assuming it fulfills its fiduciary duties and uses ordinary means to arrive at a result, my guess is i will not be involved at all. and my guess also is that the judge won't be involved. if the board comes out with the package that either facially is ridiculous, or otherwise raises

concerns from a fiduciary perspective, i suspect you will see my firm and i involved as well. ed: i guess the board could also say, here is another $55 million package. looks different, same number. >> yuan mosque overnight was threatening to leave delaware and reincorporate in texas. x he moved from delaware to nevada. can he do that? will there be another tranche of lawsuits if that happens? >> the simple answer to that is that he cannot do anything himself. that is a matter that the board has to decide in the first instance and then it is presented to shareholders for a vote. if shareholders decide to move to nevada they have a right to do that. let me also say that i am not an expert in all the laws of the 50

states but i would guess that even nevada prohibits you from putting out misleading proxy statements. and if he wants to go to nevada and do the same thing, he is probably going to run into some problems there as well. there is this little idea of telling the truth that is real basic. [laughter] ed: an audience question. do you worry about changing the norms around delaware corporate law away from nonintervention? >> no. not at all. i think it is very important to recognize, and this is something deeply embedded in delaware law, that every decision is twice tested from a legal perspective and an equitable perspective. when fiduciaries act in a way that is in violation of their duties, you are squarely within the long tradition of the delaware law to call them on that. ed: i point out that tesla had a sharp reaction after hours.

it is now down .4%. thank you to our guests. coming up, media mogul byron allen makes another melting that multimillion dollar offer for paramount. that is -- this is "bloomberg technology." ♪ hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management.

>> i am very bullish for the s&p 500. not just for the magnificent seven. >> the magnificent seven will continue. >> they are companies that have a broad exposure. >> i think semiconductors will continue to be strong. >> ai can drive demand going forward. >> 24 is about differentiation. some will determine they are not ai beneficiaries. ed: some of them are right and

some were wrong. welcome back to "bloomberg technology." in the markets context, this is what it looks like in the moment. the nasdaq 100 is softer by 1.4% . the earnings story is a big contributor. microsoft off 1.3% despite delivering a strong quarter. there was evidence that ai made meaningful contributions but it was a high bar quarter. investors wanted more more worrying, amd, softer 3% gave a worrying outlook for the current period. they are going to end markets where they are not seeing the rebound. but the ai story was good. they ramped production in mi 300 but investors were still concerned. and then there is what is happening away from earnings in the media landscape. a big bed for -- a big bid for

paramount. what about the conversation we were having about paramount and warner bros. discovery. and in the back of your mind someone suggested that espn+ goes on netflix. what is happening? caroline: so much to discuss. activist investors need desires to have big bids on media assets. byron allen. $14 billion is his offering for paramount. the media mogul made the offer for voting shares and a 50% premium. when you include existing debt of paramount, 30 billion here with more is ethan. ultimately, is this a realistic deal? byron allen is known for making

waves in media landscape and headlines. is this a realistic deal? >> it is a solid deal. the premiums are solid. this is the first cash bid paramount has received for all of the company. but byron allen has been in the thick of all of the media conversations. he has been making bids all over the place whether it was for disney's linear assets, for bet scripts. the market views this as a long shot. given there is a huge amount of debt over $15 billion. paramount is one of the most levered companies in the media world, over five times and financing will be a problem especially in the current market environment. ed: $15.6 billion on the debt side and the offer is $14

billion. paramount's current cap civilization --. where is he getting this number from? forget the kind of risk on the debt side but what is -- but what does paramount offer? >> it offers a lot. it is a compelling collection of assets. one could argue they have a heavy exposure to tv networks. linea networks like the cbs network like nickelodeon. and advertising, tv advertising is down 10% or 50% and affiliate fees are down because of core cutting. it is definitely a tough landscape. the linear networks still throw out a decent amount of cash. but more importantly is really the content assets.

paramount has a formidable content production arm whether it is the film studio or the television studio and that is what a lot of the other suitors, not sure what byron allen is looking at for the studio, but another company is interested in combining it with sky dance and warner discovery as well. ed: nickelodeon, blast from the past. rugrats, when i was a kid, and if you are on social media, you can blast me. i don't care. keep the conversation going bringing in lara martin. let's get right to it. byron by paramount. thoughts? >> fantastic for paramount shareholders. the company is too small. i like the idea of splitting it out.

it is worth more pieces than together. we need new management. great idea. ed: this is a stock that you covered. we have been talking more broadly what is happening here taking into account that this proposal that espn+ does something with netflix. it is still an industry trying to right size and find the formula for profit. that is my read. >> espn, i think it will stay part of the. i think a more creative solution for espn is to get nba and nfl to take equity pieces in espn and then it becomes the anchor tenant streaming sort of like what hulu used to be for entertainment.

a much better idea than selling it to netflix. caroline: taking that step back and the idea that m&a seems inevitable in 2024, who become the key players left? who are the winners from all of this? >> bigger. who you are competing with is amazon prime video. amazon never needs to make money from streaming. it is your competitor. my opinion is apple comes in eventually but they are not a serious player. they spent $2 million on content. the winners are going to be the walt disney company. it will either get bought or it is just big enough with ip franchises to win. and i think warner bros. discovery is the dark course. paramount is too small. there is no advantages to small size in this work.

caroline: we were originally bringing you want to talk about the earnings and the fact that we have advertising looking pretty good looking at youtube and alphabet managing to still bring in the ad revenue when everyone wants to hear about ai. but from your perspective, what is that some of these tech companies and alphabet for example, can bring to the table in terms of content? >> what is really interesting about google's strategic position is youtube is now the number one streamed entity. and youtube advertising grew 60% and they are up to $3 billion in prescription -- subscription revenue. that 100 -- 100 million subscribers and 15 billion dollars in subscription revenue. this is another revenue stream building up and it is all video all the time. and youtube tv with the nfl

sunday ticket really helped with their subscribers. ed: going into the earnings, it came down to understanding the ai story in a way that google or alphabet demonstrates they can make money from all of the investment in chat. do you have a better understanding of that? >> i think what is really interesting about ai, 67 times in their transcript and they said generative ai 12. what is interesting is the margins. zero extra headcount. they grew revenue at 13% with no extra cost. free cash flow and operating margins went up 500 basis point to 27%. these companies integrating generative ai and ai are having faster product innovation and product introductions, they are also cutting costs already. they are not using as many people.

you keep seeing alphabet releasing statements saying they are cutting people and this is all about automation. my opinion is that the faster companies adopt generative ai and machine learning ai, the faster cost go down because you are replacing people with machines. caroline: it is tough but for a bottom line, it is good. the whole gamut of the media landscape. thank you. coming up, tech leaders does ended on capitol hill to testify at a senate hearing and focus on children's additional safety. we will have so much more on this as we go live to washington. that is next. this is "bloomberg technology." >> there is a problem with accountability because these conditions continue to persist. ♪

hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall.

ed: tech ceos across meta-, x, snap and more have dissented on capitol hill to testify at a senate hearing focused on children's online safety. joining us is alex. in any of these hearings, you have to take the prepared remarks of the speakers, the ceos themselves and see what happens with the line of questioning which can sometimes be outside the scope of the brief what if we learned so far? >> both the tech ceos and the senders in the hearing room came to the room with a lot of vigor for the prepared remarks starting with senator durbin showing a somber video of victims that had experienced sexual exploitation online and it went to his hundred or graham telling mark zuckerberg, the ceo

of meta and the other ceos inexplicably that they have blood on their hands. they hearing room erupted in applause. we got some new news of the ceo of x who said her company would be the first to support the stop see sam act which is to protect -- protect victims of their images being uploaded online. as we speak, the questioning is going on and some of the back and forths have gotten a little bit testy particularly as we get into the day after the prepared remarks. caroline: all of this comes as bills and legislation is debated but ultimately goes nowhere. is there any sense that some sort of rules will change for ultimate liability for these companies or in general is this more about self regulation still? >> senator klobuchar had her

seven minutes of questioning. she had an exasperated tone. she said the conversation has been going on for more than a decade. she had a pointed statement talking about the issues with the boeing planes say if we have a piece of a plane falloff and threaten lives, we ground -- we ground the planes. if we have children in danger, why are we not doing that? that x back -- that exasperation has been felt by the members on both sides of the aisle but we heard from lindsey graham saying republicans are happy to come to the table. there are folks across the aisle who have bills in motion but that being said we have seen bills before that aim to rein in the power of big tech and their our children's lives on the line and perhaps this is a moment they can get things over the line. ed: in parallel to this, bloomberg is reporting with

regards to meta-that previously some executives went to mark zuckerberg and said we need to hire more people focused on children's online safety in terms of headcount. and that proposal was rejected by zuckerberg. what is the story and what is the response? >> i heard from blackburn and blumenthal yesterday before the hearing who talked about the emails committee is releasing in accordance to the hearing. they are from around september 2021 from a letter from those senators. they went to the head of security. they said, i have a plan for additional investment in wellness. there is outside pressure. can we look at this plan and invest in it? those emails went unanswered for a number of months and that investment was pushed act upon. i expect the senators will bring up this idea today in clearing zuckerberg and propose that --

why have we not seen additional investment? in 2021 you hired more than 10,000 people. why is more not being done to protect kids on those neto platforms? -- meta-platforms? caroline: we want to stick with that hearing and what policy could come from it. these center -- joins us now to desk us what they think could happen to protect children on social media and what these hearings mean for big tech? what if any policy can be put in place to ensure that children are safer? we cannot cure humanity but we can hope we could put barriers in place whether it is technology or policy. >> i think we are at a point where we are happy these hearings are happening because the public needs to see it but

we also need to put in a process where it is time to put forward change. some of the things we look for our three pillars. duty of care which means just like a doctor has the responsibility to ensure the patient is treated in their best interest, we want platforms to ensure that kids are not harmed. we want privacy by default. it means a kid that goes on to instagram, the moment they sign up they have all the settings at the highest level of privacy they won't get messages from people they are not friends with and their profiles cannot be seen by certain people and we want safety by design. we want no more addictive features. those that are known to be harmful for kids. caroline: going back to the privacy focus. i think of one company in france that came on last week saying ultimately you can use technology as a force for good. you can have an ability to age

appropriately who is part of using that system. but privacy comes into it. how do you allow the camera to identify whether a child is the age they say they are without impacting privacy? how do you see technology seeing the solve? >> these companies already have age estimation tools they use to know the age of their users. one thing that came out of the lawsuit happening across 41 states is that meta knows it has millions of users under the age of 13 and it is keeping that knowledge from the public. they know this and they use their estimation tools to target against these kids and target advertising for age ranges. we don't need new technology. we need them to enforce it. ed: i still go back to the idea that when this hearing is finished, what comes out of it? many of the companies have

codified -- p are they have restrictions on age for tiktok. i think 13 is the barrier. and those -- the question seems to be on enforcement. either a lack of or use of technology to enforce those policies. i wonder your perspective on policy versus action. >> the fundamental difference we are talking about is self regulation policy by these platforms. as opposed to regulation codified in law. these platforms at any moment can change their terms and conditions. what we see now is a release features that people have been asking for for years ahead of a big pr moment and that is great. we want these better features. but releasing them because of a pr moment is no substitute for regulation that incentivizes

safe innovation and age-appropriate strategies from the beginning. ed: pinterest ceo bill reddy has an op-ed in the hill this morning likening the social media industry to big tobacco. why do you think social media companies would do something like that? are they trying to get into the psyche of lawmakers to show they are on the same wavelength? >> i think every social media company and the ways they utilize their products are different. pinterest has a different business model and different position than other social media companies. we have seen snap coming out endorsing the safety act. they are all taking different positions. the main take away is we are starting to see them come to the table. there is overwhelming support by parents, a gees, schools pursuing these platforms.

they are realizing that this time is up. they need to come to the table and figure out what a path forward looks like and the path does require regulation in the same way we had to have with tobacco. ed: they hearing is ongoing including senator ted cruz using props behind him. thank you. coming up on "bloomberg technology," universal music group calling out tiktok at the companies renegotiate how music and ai are used on the social media platform. we will talk about that next. this is "bloomberg technology." ♪

ameritrade is now part of schwab. bringing you an elevated experience,

tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. 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. caroline: time now for what is going viral. tiktok may find itself without music from thousands of artists represented by the universal music group. they are condemning it for unfair terms during licensing negotiations. umg is posting that it must call timeout on tiktok and tiktok is saying, you get free promotion but umg says you are using ai which will take away the power of our own artists. ed: adele said a comes down to

intellectual property. it is a different medium, music. caroline: sydney group saying these will be difficult negotiations but i think umg is negotiating from a good stance. that does it for the seed edition of "bloomberg technology ." ed: check out the pod. this is bloomberg. "bloomberg technology thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

♪ >> all eyes on jay powell and the fed and the fed focus today is an what happens tomorrow. romaine: welcome to bloomberg markets. this is fed decides coverage. a week of market speculation about what the fed is prepared to do next co