>> 30 minutes into the u.s. trading day. here are the top stories we are following. feast and famine in tech shares, apple sinks, meta and amazon pop. large bets evaporate after another strong january. julie sue joins in just a bit. pent up demand in the housing market, we will discuss. ♪

>> welcome to bloomberg markets, i'm katie greifeld in new york. there is green on the screen. the s&p 500 up by 3/10 of 1%. big tech, even better, nasdaq up by 1%. apple not doing too hot. amazon, a different story. this is the etf that tracks regional banks. it hasn't had a great week. it is not having a great friday. that is a lot less then what we have seen the last couple of days. we will look at the two year treasury yield rate up 15 basis points. we had a blowout january jobs report. people recalibrating their said

-- fed. michael mckee is here to break it down. michael: according to the michigan survey, people are happy. the headline number comes in at 79. this is the final report. these are all january numbers. the current conditions number goes down a little bit. the expectations index is up to 77.1. people pretty optimistic about the future. expectations about the next year, unchanged. goes up to 2.9 from 2.8. probably some statistical noise. americans are becoming much more happy campers. that was the forecast and the transportation number comes in double what was forecast at 4/10 capital goods down from the initial report of 3/10. katie: tell me about what we

learned at 8:30, that was surprising. michael: two months over 300,000 jobs. there is really almost nothing in that report that is bad news. some of it influenced by weather. awfully good jobs report. katie: awfully good jobs report. you can see that in the markets today. you are seeing the s&p 500 build on some of its gains. different story when it comes to the bond market. the reaction is swift and fierce. maybe march looks a little silly when it comes to the rate cut. for more on the jobs report, anne-marie is standing by. ann marie: joining us now, the acting u.s. labor secretary. thank you so much for joining us. it was a stellar jobs report

when you look through the numbers. are you concerned given what we have been seeing the previous reports and the surprise reading that there is potentially an overheating in the labor market? julie: this jobs report crushed expectations. 350 3000 jobs created last month. the unemployment rate remains under 4%. that is two years straight. we are seeing also consumer confidence, the highest it has been in some time. wages are up. for president biden and for me, that is what we want to see. more spending money in workers pockets. it is not just that single one. this is really a sign of a strong economy continuing to grow and see broad-based growth. ann marie: how concerned are you

that this might still keep inflation in the higher round and potentially leaving americans feeling unhappy about the state of the economy? julie: the president has said one of his top priorities is to bring down prices. we have seen inflation, we are getting that under control. things like gas, milk, eggs. that is movement in the right direction. if you look at the overall numbers, not just this month, beyond expectations. very positive. also the trends over the last two years. it's a sign that president biden's economic agenda where we put workers first is working. ann marie: why are americans feeling it? americans are giving the president core remarks when it comes to the economy. our poll released this week shows once again in seven critical swing states, people

say they have a better trust relationship about the economy with donald. how do you sell this message? julie: we are seeing those surveys move as well. that is because people are starting to feel the change. we came out of a global pandemic. 2024 will be a big year. not just feeling the benefits, also seeing the historic investments under president biden's leadership hit communities and shuffle through the ground. jobs continuing to come to communities to rebuild infrastructure. manufacturing, clean energy. those are all central to the economic agenda of the biden-harrison ministration. the tide is turning in terms of people feeling it. we have more work to do and we will keep our sleeves rolled up.

ann marie: is the administration taking recession off the table now? julie: people said since i got here everything was too hot. things were going to crash. people talk about this elusive soft landing. not just this month because we don't want to make too much of any one month but this month also is a very definition of a soft landing. ann marie: you are not concerned about a recession? julie: i'm not the economic expert, i'm the labor secretary. we want to connect people to those good jobs. the experts are saying none of these numbers are consistent with recession. ann marie: let's talk about the labor numbers. the labor force strength, the participation rate fell. female labor force grew.

female participation rate increased. all of the strength is coming from women. where these women coming from? julie: i said several times, women have powered this economic recovery. women were devastated during the pandemic. we really expose the challenges where we don't have adequate childcare, we don't have sufficient paly of policies. -- pay leave policies. we have seen women come back to the labor market. their prime ages higher than it was before the pandemic. again, women are important to our economy. really important for their families. the jobs boom we are seeing is helping to draw women into the labor market. ann marie: do you see an issue now with men in the labor force?

julie: the overall labor force participation rate remains the same for prime age workers, it went up a bit. we have been talking about creating jobs that do not require a four year degree in order to rebuild roads, bridges, ensure clean drinking water flows out of every faucet. all of those things are creating jobs and manufacturing. i'm not. the numbers don't give me any concern. when i travel the country, i see people in training programs, hopeful about their future. ann marie: with this jobs report the fed is most definitely going to be taking march off the table for a cut. with expectations of the fed clotting -- cutting closer to the election how concerned are you this will become politicized? julie: we are making sure we are

delivering for the american people. connecting people to good jobs. putting training programs in place for the skills that will be needed. certainly we are in a political year. the numbers don't live. we will keep doing what we have been doing, which is focusing on job growth, focusing on equity access and investing in america and americas working families. ann marie: the former president was on foxbusiness. he said he won't reappoint jay powell and said he doesn't like what jay powell will do, cut rates in an election year. we have also heard from senator sharon brown, elizabeth warren telling jay powell that he should be cutting rates. is any of this helpful or appropriate? julie: i'm not going to speak for what other people are calling for.

the president has said over and over that we have to build an economy in this country from the middle out and bottom up. starting with working people. leaving no one behind. this jobs report demonstrates that is working. we have seen wages increase. the more money in workers pockets is a bad thing you will never hear me say. the president says we don't just work for our income, we do it because it digs -- brings dignity, respect, and breathing room. ann marie: thank you for your time today. acting labor secretary. katie: a big thanks to anne-marie. acting labor tear -- secretary julie siu. how are traders digesting the result -- results of the week. this is bloomberg. ♪

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katie: it has been a big week for big tech. both good and bad. amazon and meta posted profits that topped expectations. apple had strong results in most of its categories but weakness in china overshadowed that revenue. ed ludlow joins now with the details. it feels like some of the worst fears about china work that overblown. ed: they missed by almost $3 billion.

there is some messaging happening. the cfo speaks to emily chang and says we are disappointed with the decline in china. it is a really competitive market, really hard. go to the transcript and look at his opening remarks. he is citing third-party data saying on the iphone side we are at four of the six top-selling handsets. that has been the story for a while. in categories like ipad and mac they have fallen behind. apple would be like bad. katie: i don't have much time left with you. i would really like to talk about meta here. ed: value to ads and ai.

12 months ago we were lamenting the cash burn. boost the buyback and we are back. the market loves it. katie: we will leave it right there. we are back, baby. for more on what we have seen with so far, he joins me now. michael, i'm thrilled to have you with me. you are one of the rare birds that has change your view, just some context for our listeners. you were bearish most of 2023. how has the experience of 2023 influenced how you are thinking about 2024? michael: by the middle of last year we saw the market panicking around how high bond yields would go. it was reminiscent of what we

had seen the prior year when inflation was the hot debate. people were tripping over themselves talking about how high inflation would go. we would see inflation come down in moderation and economic activity, we didn't have the view that yields would keep going higher. the market became a one trick pony. we had a view of putting aside a macro view. if bond yields came down, that would certainly lift the equity market. that took place in november and december. i wanted to communicate a somewhat constructive message because it will take a lot for people to unwind all of these fed cut expect patient. they probably wound them up a little too high. i don't think inflation will come roaring back. until we see job weakness, the market could be big here.

we have a preference for companies that have earnings growth rather than buying broad, recovery traits. katie: let's talk about the labor market. jobs day in america. numbers blowing past expectations. the unemployment rate falling once again. how do you fold that into your expectations? michael: we have had good payroll data for several quarters now. we try to stake -- take a step back. when you step back, it is more of a mixed bag. the payrolls data, which we are certainly the most focused on. they have been strong. underneath the surface whether it is employment or earnings, it is much more of a mixed bag being played out in market

leadership for now over one year. katie: let's talk about your 2024 year-end target. it is 4950. we are at 4922. pretty much unchanged, give or take. sounds like a boring year is up ahead. michael: i don't know how you go further into more rate cuts from there. eight or nine rate cuts this year, something bad has probably happened. on the flipside if we tear back rate cuts expectations as we have, that will also not be as welcomed for equity markets. today is another great example of that.

macro volatility has been down from the past couple of years. fed expectations is that they are done and they will cut. what we are seeing in earnings season is more bifurcation or more of a fundamentally driven market. good earnings will be good for stocks. katie: it is early but you are starting to see that. what does the profile of the stocks that you will be picking here? michael: we have been on the quality bandwagon for over a year. that is highly profitable, strong earnings. this year we added a free cash flow yield overload. investors this year will be more discerning around the evaluation. we don't think there is much upside for equity valuations here given that we have priced out a lot of risk.

they are pricing in pretty good double digit earnings growth, soft landing is certainly the narrative and will continue to be so unless we see week employment. the best years for equity market is when teams expand a lot. i don't think that is the case this year. i think we will have more muted equity returns assuming we don't see a break in the labor market. katie: we have to talk about big tech taking the earnings stage this week. i thought it was interesting looking at the research this week. you had jp morgan earlier in the week about the top 10 stocks are now rivaling the magnitude of the dot-com bubble. the rush into those very big stocks is resembling the bubble of 1999. those are scopes that tend to get people a little bit nervous. does that make you nervous?

michael: size may be the same but quality is apples and oranges. you cannot compare the size of the no earnings tech bubble that were training at 80 times evaluation to today's very high cash flow driven strong profitable, stable growth companies of today. to me, if you are really worried about those companies, it is probably a symptom of a broader market concern. i don't think this is 2022 again where we will see a huge upside to inflation and quality growth stocks get punished. katie: let's talk about the little guys, how are you feeling about some of the smaller cap companies? michael: that is a big macro trade. the only time the russell has

gone up is on the side of a better macro. the russell 2000 is slightly down from where it has been the last 12 months in a huge trading range. the fed expectations, recession expectations and i think that is going to persist and not where you want to be. my view is in the next few quarters we are not at the precipice of a broad improvement. i don't think that will change anytime soon. big tech is the only sector were earnings expectations are rising. katie: still ahead, we take a look at the companies making the most social buzz today. that is our social climber segment, up next. this is bloomberg. ♪

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katie: time now for social climb looking at the stocks making waves on social media. it is not all hot cocoa, buying regional properties on the u.s. east coast. bloomberg reports customers are concerned the company isn't as committed to those properties compared to its land markers. you could read about that on your bloomberg. home appliances on the back burner. the swedish forum posts a gloomy outlook for the first half. consumers shifting to lower price points and postponing purchases in discretionary categories. chevron surging. oil output hoping to ease the pain there. the ceo joins bloomberg

television in a little bit. you could file all of these on your terminal. we will take a look at the ultra hot housing market. the compass ceo founder and director is up next. this is bloomberg. ♪ nt research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

katie: u.s. mortgage rates fell slightly after the fed cap rates unchanged. this added support to a housing market that has already seen improvement demand. for more let's talk to robert reffkin, compass ceo and founder. of course compass is the top real estate brokerage in the united states by sales volume. mortgage rates, i don't know what your personal life looks like it feels like one of the only things i talk about nowadays. we have started to see things take down a little bit. -- tick down little bit. how much pent-up demand is there

on the site? robert: it finally made 6.7% mortgage rates look attractive. this time last year around 6.7%, but buyers didn't feel like there was a good mortgage rate. you can see from the date that buyers react more to the change in the mortgage rate than the absolute rate itself. in terms of pent-up demand out with -- i would say there is more than any point in the last year. we call it the five d's. you have diapers, diamonds, doors, and death. these are life events. katie: i have only heard about death and divorce. diamonds and diapers, that is a nice one to add to the list. so it is about the rate of change, not necessarily the level. but what does that mean for prices? because prices are also high and rising. mike: there is historic -- robert: there is historically a view that one rates go down prices go up.

what is different about this cycle is what is holding back the michael is there is not enough inventory, because you have 50 numbers of homeowners locked in at 4% mortgage rates are below. this time when mortgage rates come down to a more attractive level the increased amount of inventory will be consistent with the increased amount of buyers, and i would expect prices to be pretty consistent. not to go up as much in the -- as in the past. katie: that is interesting because they u.s. housing market has been starved of inventory. it sounds like the way it gets better is that locking effect easing. robert: yeah. right now we have for the first time more inventory than last year. 7% more inventory in january that we did the prior january. at compass we have 15% more listings than last year. we are outperforming the market. you can see in the data that it is leading to more sales. in the country you have 5% more homes to be sold and we did this

time lester. katie: locking effect, it was interesting you had some numbers. over 50 #of homeowners have mortgage rates of 4% or below. that is down from 72% last year. how much lower can it go just looking at that trend? robert: if things stay the way they are and who is not a big decrease in rates, which will make people feel better about selling their homes, you would expect that same 13% per year to continue. so within two years you could have two thirds of the country no longer having an issue with low mortgage rates that are preventing them from selling. katie: that would certainly ease things. let's talk around specific markets. there was a lot of fear monger comes to san francisco. taking a look at your data it seems to suggest some of that is overblown. robert: usually when people are fearful that is where the opportunity is. and the condo market in san francisco, we are starting to see more buyer traffic.

prices are accelerating because companies are starting to ask their employees to come back to the office and that is creating demand. we are seeing that trend in other major markets and it started in new york about a year and a half ago. san francisco is a little later to the trend. katie: that is interesting. it is software engineers coming back into the bay area? robert: yeah, software engineers, finance, business development, marketing. it is a robust job market. katie: we say this has led to an increase in prices. can you quantify that? robert: we can. i don't have that offhand in san francisco, but we are seeing increases in prices. katie: fair enough. you don't have your computer in front of you. that is the trend in san francisco. you also mentioned you take a look at some of these other markets. i believe charlotte, indianapolis are also seeing a benefit. i thought that was interesting, these sort of -- i don't want to call them mid tier cities, but outside of the traditional finance hubs. how is that playing out of --

out in that return to office thing? robert: we call it is spillover migration. markets adjacent to core markets that are getting too expensive. people are moving from san francisco to sacramento. they are moving from austin to san antonio. they are moving from d.c. to charlotte, indianapolis, and raleigh. we are continuing to see that trend player. katie: different story when it comes to new orleans. what is going on there? robert: williams, i was there a few weeks ago. and you're starting to see -- i'm learning more about the market, but we are viewing it very attractive from a compass perspective. it is one of the few markets we are not in, but we are looking forward to entering there in the year ahead. katie: that is interesting, because you take a look at home sell prices and they have actually been falling. does that play into that when you see fear as an opportunity narrative? robert: with interest rates? katie: with home prices falling.

robert: i would say the market we are in, where home prices have fallen the most is austin. oh -- what we have seen is the markets that have seen the biggest covid boom are on the other site. they have the biggest pricing correction. but i think the pricing corrections across the different markets, they have settled down. i'm not seeing prices month over month decline. it was more year-over-year. at this point the market is feeling much more stable and they have corrected. katie: what trends are you seeing coming back to the supplier conversation? what trends are you seeing when it comes to existing homes coming up for sale versus actual new supply? robert: there is not enough inventory. there is more buyers than sellers. in a -- and existing homes are the bottleneck. the biggest winners in the last two years are the homebuilders. new construction. for two reasons.

one, because buyers want things that are move-in ready. they want new. i don't want to buy a home and spend hundreds of thousands of dollars fixing it up. but also because of the opportunity for more inventory. they have had a benefit of prices that has gone to the balance sheet. robert: you have seen that in the stock market as well. before we let you go i didn't want to ask about how compass is preparing for potential changes to the rules that cover -- govern buyer-broker commissions. i know there are several lawsuits. i want ask you about those, but how are you planning for industry changes to broker fees? robert: i can't comment on ongoing litigation, but what i can tell you is we have 30,000 agents. i am very confident in the value they provide, both sellers and buyers. we have continued to work with them to display that value.

one of the challenges with the real estate agent profession is that they are almost too good at their job. part of the job is hiding their clients from their pain. and so the work is not always as visible. at the end of a transaction does the buyer or seller remember how many open houses they responded -- took them to, all of the emails they responded to? did they stage the property and all of the different meetings? not often. so, at compass we are creating, this year, the client dashboard for clients and sellers who will -- which will provide a one-stop shop for client needs in one place, would also at the end of the transaction it will almost be like a beautiful visual receipt of all of the things the agent did for them. katie: i hope to check in with you about that soon. that is robert reffkin, the ceo of compass. let's get a quick check on these markets, because abigail doolittle is standing by.

abigail: they are a bit mixed, but we are off the lows from earlier when we saw the premarket and the very early opening for the markets go dim, even on that hot jobs report. on the week it is a different story. the s&p 500 and nasdaq both looking at a forth up week in a row. the russell 2000 now down five of six weeks and underperforming the s&p 500. we have this big diversions from last year where growth here in earlier and small-cap are underperforming large-cap, big attack. if we go to the bloomberg terminal we can see this exemplified in a big way. you can see those red bars for the downside. that is the underperformance of small-cap to big cap. it is going to be interesting to see how that plays out. on the week if we ticket other -- if we take a look at other asset classes, the dollar. first let's take a look at the 2-year yield. at this point backing up three

basis points. the dollar, up for a fifth week in a row. the longest winning streak since last two. interesting to see that we have some risk assets and the dollar climbing at the same time. the vix close to a 14 handle. then take a look at crude oil. down 7%. a be that strong dollar, a small piece of that decline for oil. katie: a huge move when it comes to oil. abigail doolittle, thank you so much. coming up, we will hear from paul krugman about what kind of president the economy needs for the next four years. wall street week daily is up next. this is bloomberg. ♪

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katie: it is time now for our

wall street week daily segment. wall street week host david westin spoke with paul krugman, nobel laureate in economics. david got his take on the state of the u.s. economy. paul: we are in an extreme -- an extraordinarily good medium position. i have been arguing with people who say if this is a goldilocks economy. that is wrong. goldilocks found a porridge which was neither too hot or too cold. we have an economy that is hot where you wanted to be hot and cold where you wanted to be cold, on inflation. right now this is the best short run economy we have had since the 1990's. so what we need from the next four years is to be thinking about the long run. david: do we need to at least start thinking about the deficit and debt that is accumulating? because right now as you look at donald trump and joe biden, the

two leading candidates, either one seems to be willing to address that. this week congress did too -- did do something on taxation that was negative in terms of the deficit. we need to address that question? if so, when? paul: no, i'm not a complete deficits never matter guy, but i'm not -- it still doesn't look like a first rank issue. despite the enormous numbers. everything about an error -- everything about america is enormous. particularly, the sustainability of debt depends a lot on comparison between interest rates and the economy's growth rate. and right now what we have is interest rates seem to be coming down, growth seems to -- productivity growth is looking really good. there are high hopes for ai. all of which means that despite the huge size of those abroad debt numbers, i actually don't think there is any urgency, you know?

someday, if you want to ask, given the range of things that can politically be done, we actually just did something quite good. i don't care about the business tax cuts part of it, but we are actually helping poor families with kids, and those sorts of things are a lot more important than the deficit right now. david: history, we are told, but this -- does not repeat itself, but does rhyme some time. does this rhyme with 1990 three? it is thought we got a lot of growth out of the 1990's in part because we both increased in taxes and cut spending. is there a similar opportunity for pro-growth policies? david: i am a group -- paul: i'm a great admirer of bob rubin, but i don't believe that story. it is not what looks like actually happened in the 1990's. what actually happened was businesses finally figured out what to do with these computer things, and we got a decade of good productivity growth because

we finally figured out how to make productive use of i.t.. i actually don't think the clinton administration policies made much difference one way or the other. so, i just don't buy that. and we may be approaching another moment like that. recent productivity numbers are really quite good. ai, maybe. it is either going to destroy us all or possibly give us another decade of good productivity growth. that whole responsible fiscal policy was responsible for the roaring 1990's, it is a lovely narrative. i don't think there is anything to support it. david: let's turn to the economic approaches of come again, let's talk about joe biden and donald trump. how different are there approaches? we had on hubbard, and his concern was they are too alike. paul: i think a lot about

protectionism. that is what my life is built on, is that kind of stuff. in general it is overrated as an issue. you can do damage, and some of what trump is talking about now could do significant damage. put it this way. very much biden is what in europe you would call a social democrat. he is definitely about a stronger social safety net, higher taxes on top incomes. he actually did quite a lot more than people realize already in that direction, despite having a minimal majority in congress for two years and nothing at all since. we have had substantial enhancement of obamacare. have had a lot of investment in children and families. and, of course, infrastructure. finally, after infrastructure being two weeks away for years we finally have it. and trump is not. come, for the most part, except

for his protectionism trump is very much a standard, you know, tax-cutting, let's not spend money on people republican. so, they are very different in terms of likely impact on families in america. david: what about affect on the economy? you mentioned the tariff issue. president trump, former president trump, said he would favor a 10% across-the-board -- not just china -- across-the-board tariff. his advisers had actually maybe we increase that to eliminate trade deficit. what would that due to the growth of the american economy? david: oh -- paul: ok, now dirty little secret of international trade economics is moderate tariff rates do not -- at least according to our models -- and as far as we can tell in practice -- do not have huge effects. they distort consumption and production choices. they do some damage, but to get

really big numbers you have to get well beyond 10%. of course, if the goal is to eliminate the trade deficit, lighthizer is going to have a surprise, because tariffs do not eliminate trade deficits unless they get so high as to basically make trade impossible. so, we would be talking about much higher rates potentially. what worries me is, i think there are a lot of really negative consequences if the u.s. does a 10% tariff. but there -- but they are geopolitical more than anything else. it would mean the base -- it would mean the united states is saying, we are opting out of our parole -- our role as the global leader of the economy. i'm hearing talk about, let's have 60% tariffs on imports from china. and, you know, tariff, roughly speaking the adverse effects of the tariff are proportional to

something like the square of tariff rates. so a six to present tariff is 30 , 30% times that. we are talking about significant negative impacts. katie: bloomberg's david westin joins me now. it was that last part of the conversation, really fascinating when it comes to that 10% tariff. maybe have a lot of economic damage, but geopolitical damage for sure. david: i was surprised. i thought he would be more concerned. other people we had talked to were more concerned. he seemed to be sanguine about that. at the same time he thinks there are big differences. a little negative on bob rubin's analysis, which surprised me. katie: that surprised me as well. it is an interesting narrative, that it is not necessarily the economic policy of the time, but advances in technology. apply that to today's data -- david: you hope for ai.

a.b. generative ai can do something like the late 1990's. katie: people have certainly made the comparison that what we are witnessing is akin to basically the adoption of the. that i think i heard that argument around bitcoin as well. [laughter] so, i'm a little bit skeptical of the comparisons. great conversation with paul krugman. i understand, 6 p.m. tonight you have some great? david: we will also have larry summers, who has a different view. and we will also have someone to take us through the markets this week. katie: a busy week in the markets with the jobs report and how you manage around fixed income in that environment. it seems like the fed and right at bats there are seeing a little bit of a re-think. david: we got some clarity out of jay powell, didn't we? katie: it seems like it. he actually answered a question and the markets listen. he said, marge, probably not the biggest case. david westin, thank you so much.

of course, a lot more coverage coming up. this is bloomberg. ♪

katie: all right, it is friday. and specifically it is etf friday. i'm taking a look at the grayscale bitcoin trusts. its discount to its net asset value, which is pretty much nonexistent at this point. this is one of my favorite charts. it closed yesterday at .02% lower than the value of its underlying holdings. that is amazing. as you can see we enter 2023 close to 50%. that was when it was still a trust. it was not an etf. we know what happened, of course, in january. the sec finally gave its blessing to spot it coin etf's to start trading. and of course the discount has

narrowed pretty significantly because, of course, you can actually redeem shares in an etf. wasn't able to do that as a trust. this is the vehicle of a lot of arbitrage. that is what you saw that run-up in anticipation of etf approval. of course, people trying to get ahead of that, and certainly delivered some payouts. let's also take some -- let's also take a look at some stocks. let talk about amazon. shares hit a 52-week high after reporting blockbuster sales and a strong profit outlook. you also have caterpillar set to report earnings monday. rising just about .4% in anticipation. and, of course, signal also an earnings story. it beat. it is also benefiting from declining medical costs. that is good for a 5.8% rally or so. obviously i good day for those shareholders. coming up, dan ives is going to be joining bloomberg technology with caroline hyde and ed ludlow. i imagine they are going to be talking to contact.

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>> this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed: and i'm ed ludlow in san francisco. this is bloomberg technology. caroline: coming up, amazon, meta, and apple out with their