>> this is "bloomberg technology." caroline: i am caroline hyde. ed: i am ed ludlow. caroline: we will take the pulse of the market and get a read on the magnificent seven as one name struggles to keep up with the pack. ed: joining the course of technology, nothing cuts to

jobs, 10% of global workforce of snap. caroline: global chip sales projected to hit a record this year. the ceos of join the program. a day a macro affecting some of the individual names at the moment. the market takes a turn is once again we're running too hot. the cost of services employment as well. what does this mean in terms of inflationary pressure? we know joining cvs was one fed chair powell. adding in the overall strong economic data and we turn on the nasdaq. in china, cs of he hit a record on friday, we saw a five-year low for tiny stocks. all of this as we see once again china try to curtail any selling coming and betting against the market over there and trying to push back against the volatility.

10 year yield crushes from 15 basis points as we get this trump economic data. -- as we get the strong economic data. bitcoin goes a little lower but still trading above 42. ed: one day where there is buoyancy, nvidia. up almost 3% and extending those record highs. goldman boosting its price target. basically saying, look at what is to come in the year and we still think there's going to be spending on the hyper skill. that name continues to charge higher. fresh record highs. it is become this juggernaut. we will deep digger -- we will dig deeper in the show. moving to the downside order for

direction, snap. the company is going to trim to percent of its global workforce. later in the program, we will speak to get a gauge on what is going on. when the headlines first crossed, kind of a spike on the shares in premarket that we are firmly lower now. caroline: that is notable considering the phenomenal move we saw in that company shares after its earnings on friday. more broadly about big tech with those magnificent seven names and ultimately the read across bond yields. isabel lee is here with a great story. elon lost his cage fight with zuckerberg. how tesla's market cap has traversed from meta which has been on the up and up. friday, tech managed to -- not the same today. >> not the same today. friday, the von yar -- bond

yield surge. tech surge. usually this does not go hand-in-hand. long-term yields are not really -- particularly harmful to companies that are longer duration which are textures because most of their values they put into the. usually when bond yields surge, tech is down. but we did not see that on friday. that is my bank of america is saying this is reminiscent to the dot com bubble he has seen. one can't really make sense of it like why is it like this? on one hand, maybe because ai is contained situation on its own and maybe those tech stocks are not moving in conjunction with markets. but for the most part, a lot of unusual things are happening stop -- happening. ed: the comparison of the article in front of us is were tesla should be monday percent or less than magnificent, the number i look at is eps growth.

if you look at the 6x tesla --meta -- tesla was the exception to the rule. having interesting comes with 12 months 12 years ago. what is the case for tesla knocking magnificent your mind? >> there is a lot of case tesla not pigment of ascent but also a lot of cases about how this whole sector should be seen or group, magnificent seven, elite seven. the magnificent seven companies carry a 33% premium to the index when it comes to a forward pe earnings but should they be looked at as many of us and seven as a whole? we know last year this super seven, geely seven powered the index 54% higher. and some of those trickle into the new year. when we have meta and amazon

reported, they have had historic days. meta saw $190 billion in one day, the most in the history of u.s. stocks. we have some like microsoft and apple, yes, they beat but we saw shares fall because people were were optimistic. people had more lofty ambitions for those ai shares. maybe people are more discerning. if you look at the magnificent seven as a whole, they are big. the magnificent seven as a whole are worth more than the combined gdp of new york, tokyo, l.a., london, paris, sold, chicago, san francisco, osaka, and shanghai. maybe we should stop looking at them as one whole group now. ed: interesting if you think about the words "concentration" and "risk." let's keep the conversation going about the technology sector. lisa erickson.

i think we better address what is happening in the moment when ism numbers hit the market turned, significantly lower on the nasdaq about 1%. if you drill into the data, basically the concern is the price paid on materials and the idea the fed has some way to go to fight inflation. put that into context for us of the technology sector. >> certainly with had a couple of the nonfarm payrolls report on friday and again to your point a better than expected ism number this morning. i think what is going on with the market with respect to how that impacts overall equity pricing and technology in particular is investors are simply concerned these positive rate cut expectations they have had on the fed really may need to be ratcheted down. we saw that friday and again this morning. investors are concerned if rates don't come down as quickly as they think they could, that

could impact really these technology sector valuations. because most of their growth those further out in the future. to the extent rates provide more competition, that makes it tougher. caroline: what managed to ultimately send these companies higher has been distinction factor of artificial intelligence, being able to be that silver lining ended the cloud that is the macro economy, higher rates, job concerns. can i i lived these -- can ai left these? >> we certainly see long-term case for ai. we are early in the cycle and we are seeing even in the near term that continuing to bolster some of these earnings reports whether it is on data center spending or continued investment into cloud services. however, to your point, that does not necessarily mean the road is going to be smooth going into the whole year.

and that is because we've had quite a bit of run-up on the ai, so i think some of that and even response you have seen to the earnings reports with the fourth quarter reports is reflective of the fact some of that optimism has already been priced into the shares. caroline: the context also being these companies are winning the rewards of investors, particularly like meta, because of the cost discipline at the same time they have been talking up their bets. when you look at nap, more job cuts to come. how much do you think the overall economy can continue to see strong jobs? we do see companies taking this disciplinary action. >> we have seen a very strong jobs market. there were number last week reinforce that message whether it was from the nonfarm payrolls report or the employment cost index. as far as its ability to sustain, one interesting fact is those job gains and openings

continue to remain in companies with less than 1000 employees. so this mid and smaller sized companies. we saw that reinforced in the data last week. with that, even the we may be saying some layoff notices from larger companies, the ability of the smaller end of the companies to continue to post job gains as they continue to make up for less hiring than they would have liked in the last couple of years is still a possibility. ed: before we call that group magnificent, we would basically say they have strong balance sheets, entrenched market positions, and if there's going to be a recession that is a great place to be because they will be fine. now the conversation has changed from hard landing, soft landing to know landing. i wonder how you think about those names and some of the factors carolyn was talking about in the context of whether we just don't have any pullback in the economy at all? >> we are really -- looking at

more of a balanced view right now on the u.s. stock market and the economy. the reason why is while the economic data and the jobs market to your point has been better than most people have expected, we still have a number of cautionary forces in place, balancing some of those positive factors. we have had the most rapid rate increases in quite some time. to your point earlier, the inflation-is not quite done just as we saw was some of the ism numbers this morning. without more balance view of rewards and risk, we continue to watch where that landing will go whether it is no, soft, or hard. in the meantime, cautioning our investors to stay at whatever their strategic weight would be in the equity asset class, again, reflective of a more balanced reward-risk ratio.

caroline: thank you for bringing your tech focus to the broader macro market of the moment. lisa erickson. coming up, we have to get back to these earnings, particularly semiconductor space. hassane el-khoury will be joining us on the heels of the report and the results that seem to have investors relieved. this is "bloomberg." ♪ 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

ed: the semiconductor industry association is forecasting the global chip industry will see sales jumped to a record level this year fueled by greater need for the electrical components broad range businesses.

joining me to break down, ian king. what took me by surprise is the overall 2024 is going to be good because 2023 was very bad, but it is not one single thing. they are sent across a lot of end markets, things are looking pretty good. >> this is a projection by the industry association. their basic thesis is chips are everywhere. that is probably true. more things need some conductors. but as we will find out in a minute when you speak to the ceo of, there are forces here come the secular argument that chips per vehicle and industrial system against what is going on last year which is we still have inventory overhanging scenarios. caroline: i was looking at a chart, europe was basically the only area that post-e growth last year. -- posted growth last year.

in the economic environment, they saw gains. where globally speaking mid to see the rebound? is about china getting slightly better? >> it is in theory everywhere. he had markets that were -- such as the pc and smartphone. now those markets have gone through their inventory and in theory, consumer demand and end market demand will be strong. but looking at ai, looking at the data center. the big concerns in people's minds is what is going on with industrial and with automotive? you will be speaking to the ceo who will be able to tell you more about that in a minute. caroline: let's do just that. and can, thank you for the industry report. let's deep dive into basically the highest performing chips stock of the day, up more than 8%. joining us with fourth-quarter results, and i did this quarter

doing better than expected -- reporting this quarter doing better than expected. let's welcome hassane el-khoury. when we are digging into some of the overall focus of your business, where are you seeing particularly some of the optimism coming from the investor? why are you managing to think despite ev's being an area where worried about stagnation, you're still able to outperform in that area? >> good morning. thank you for having me. we reported a quarter i think reaction nicely in the stock. it is all based on where expectation has been and where a lot of our peers have already reported. what different age -- what differentiates semi the last four to six quarters, we have been taken action to match and become more in line with what we see from in end demand and automotive. in the third quarter earnings, i started talking about automotive

softness inventory digestion. that extended, therefore it was not a surprise to what we announced today. it was more of an expectation and really better than expected. nevertheless, softness we as a company have been very disciplined in addressing to get us through it much better than a lot of our peers. ed: one criticism from troost securities this morning was that there wasn't anything said about the outlook, what happens next in those end markets. you just said we rebalanced make sure our output matched demand on automotive but going forward, what are you hearing from those end market leaders and ceos about what they think demand for the industry will be in 2024? >> i think for us, the way we are managing 2024, we're not in itching for a recovery -- which if you take where we are today.

2024 is going to be basically down in all into markets versus 2023 which was a good year in a lot of the markets. industrial, automotive, and in the other end markets will remain soft. if demand picks up in the second half, great. that is all tailwinds for us. that impacts margin, profitability, and revenue. we would rather be in this spot rather than prepare for a recovery that doesn't happen. correction mid. taking a much more disciplined approach, which worked well for us in q4 coming into q1. ed: weasley ev context and carolina points out -- we used ev context and caroline points out, it will just be slower growth. growth is decelerating in grove -- global ev demand. as your business reflect that? >> i spoke about it earlier

today where the industry still projects a high number for ev growth in the 30 to 40. what i believe, based on customer engagement and based on some of the leading oem's and automotive history, what they projected further ev growth in 202024, we look at it more in the 20 to 30 growth. so for me, i am more trust what we see and that is what we are managing quest still very heavy growth. what we also protected in light of the market growth is we will grow 2x the market. in 2024, we are back to end demand. qualifications are there. we're design and all the forms we need to be designed into an right now it is an end demand signal. we will still take share. market at 2x. the question is, what will the market do? caroline: and expansion

opportunity for you as 2x. who are the customers that managed outperform? why have you managed to get the customers that are ramping production? where in the world are they ramping action? >> bottom line, have always been consistent. you only when when you have the best technology. we've been providing the best technology at a high-power packaging. device, the package we put in it, the best technology out there as far as performance. that is why we have been winning. we have been broadening our customer exposure to kind of reduce that lumpiness from too many focus customers. we have recognize revenue from over 600 customers in 2023 that will keep extending into 2024 is more of european oems start ramping for us. a very broad base of customers, very diversified regionally from china to north america stuff and like i said, europe.

that gives us a very good base to clearly grow from as we manage to the short-term lumpiness. ed: hassane el-khoury, best-performing stock today. i want to check in on shares of coinbase, down around 9%, session lows down more than 10% on track for the biggest decline since june last year. i have to be honest with you, i've got no idea what is going on or why. there are no headlines on the terminal relating to the name. we will get the crypto team on that. a big mover to the downside. this is "bloomberg." ♪ 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. 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.

ed: time for talking tech. samsung executive chairman has been acquitted of stock

manipulation charges, removing the threat of jail time that has loomed over one of korea's most common and business people for years and lifting away the company as it struggles with the global downturn and more competition from apple and the smartphone space. shares fell as much as 30% to record low for atos after they dropped plans to sell 777 million dollars in equity rights. seeking a mediator to help renegotiate financing with lenders. $5.2 billion deal to shale -- sell its -- develop projects abroad after divesting russian units that generated most of its revenue. >> back to keep an eye on snap.

cutting 10% of the global workforce as an of the tech sector continues to see layoffs more broadly. also anticipating the numbers coming from this particular business that report anticipating recovery and revenue but what is the cost of having to let go of so many staff? shares had spiked a little on the news of this cost disciplined but now back sinking more than four percentage points on this particular social media name. more on snap in a moment. this is "bloomberg technology." ♪

it's easy to get lost est research. introducing j.p. morgan personal advisors. 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. personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about.

caroline: it is going viral, taylor swift winning her fourth album of the year. that was not enough, she announced a new album on its way april 19. there are a few elephants in the room that night and one of them from a tech perspective, trevor noah addressed universal pulling its music catalog from tiktok. drake and many others. this was a night of celebrating women. this was a night where we saw history being made. i am pretty sure you are more of a swifties and i am, but the

tortured poets department, are you excited? ed: swift goes in with stevie wonder and paul sinatra and exceeds that record and we do this going viral because it is all everyone is talking about on social media. you can't celebrate on tiktok, simply put, cannot use taylor swift songs on tiktok. caroline: that continues to be an ongoing issue is the -- ongoing issue. consuming and maybe from tiktok's point of view come helping market they'd come how does the money float to the artists, labels? ed: when i was reading the newsletter, you realize they have been negotiating on this for years. it is not a new thing but there's been a flashpoint because the volume of bibles is not transcending to dollars in the artist's pocket. caroline: taylor swift

collaborating saying maybe they should have given heads up to some of the artist before they did this. we talk more broadly about the world of social media and how lawmakers are addressing it right now. across the aisle, we are seeing work being made for legislation that would place safeguards across artificial intelligence in particular. this also involves deepfake euros stub individuals such as -- this also involves deepfake videos. social network analysis company determined the images of where they originated from was an only challenge to bring safety measures designed to block people from generating nude pictures with artificial intelligence. go into the detail of what is happening on certain parts of the internet for almost these weird challenges are erupting that don't just affect taylor swift. >> exactly. from long time now, before the

images have taylor swift emerged on x that caused huge outrage and caused x to block taylor swift searches for a while, these deepfake pornographic images of several women, celebrities, politicians were already appearing on a fortune for them on a thread where a community -- 4chan form were a thread was trying to break the kind of text to image generation models that we are really friendly or would like microsoft's image designer, openai's dolly. they have for weeks been trying to teach each other how to use certain words to get around the safeguards that have been put in place to create these pornographic images that these companies who create the models say are allowed. ed: the use of text image creators and the policy point was the ban on keywords and

using others to get around it. then there is the political side of the story which is basically this has been a really big story. now lawmakers on capitol hill are thinking about what they need to do about it. >> taylor swift was not the first person to be deepfaked but because of her celebrity late last month people were talking about it so much more. we had the white house condemning it, this reentered is asian of a bill that have been brought and come a bipartisan bill. at the moment, there is no federal law that bans deepfake pornography. yet the scattered approach across states. although this has been happening for a really long time, we are finally seeing the kind of politicians, lawmakers, everyone taking action. ed: marg you murphy. you have done big body of research on this topic. another story come independent oversight borg agrees with the recent decision to leave a

misleading video of his president joe biden but called its policies on ai generated content and coherent and too narrow. the board is urging meta to update policies ahead of the 2024 u.s. general election. we continue to follow that story. caroline: let's stick on the world of social media. shining a light on snap, snap check cutting the workforce by about 10% worldwide. joining us around the entire focus of technology company's announcing layoff after layoff is our bloomberg intelligence. this is a company perhaps try to front run a slowing ad market narrative that will come from the earnings. cost disciplined. >> meta has set up a good blueprint in terms of what companies need to do, especially the social media land. it has worked for them. the proof is in the numbers they delivered last week. every company that went big in

terms of layoffs in 2023 actually benefited with better execution and topline growth in the case of meta. i would be curious to see how add pricing recovers for snap. what we saw with meta was a clear inflection in terms of digital add pricing coming back that actually helped their topline. i would be surprised if it is occlusive to meta because we -- inclusive to meta because we knowad vendors benefit when there's a cyclical uptrend. that to me is the key number for pinterest and meta, they should also see the live in ad pricing. caroline: snap has been flailing to find some sort of diversification. they were looking into augmented reality come helping other companies embrace that and realize that is not the way they should be spending money. how are you seeing there narrative billed as to what this company stands for? >> they probably are narrowing

their focus. the layoffs have to come from somewhere in the last round was really focused on augmented reality because they wanted to narrow down the focus through the profitable part of the business, which is the social media ads. with meta we sell real engagement continued -- reel snap has spotlight. they don't make any money off of that and that is where you want to see monetization. why is meta monetizing video and have caught up to tiktok and not snap? i think that is where -- the story is still missing. why can't snap monetize videos as effectively as meta? ed: snap reports earnings after the bell tomorrow. i think my take away from the meta earnings was i understand how you work in ai is relating to your core business. you point out snap has spotlight but also snapchat plus, my ai,

and i don't really understand how that is helping them yet. >> look, when a company of this size, meta is like $1.2 trillion compared to snap, $27 billion. 50 times in market size compared to snapchat. i would watch a smaller company this point to drive up its engagement and it should have a long run way compared to meta, which we know is executed flawlessly. it has the ai scale and its own model. but for a smaller company with 400 million active users, they should be able to figure out how to use ai to drive their engagement, how to improve their ad infrastructure. i do think the snap rings are fixable, that we have not seen the monetization aspect yet. ed: at the end of last year, the team also read about snap's

e-commerce potential because i think it done some partnerships. do you believe that is an opportunity for snap still? >> i think so. meta has also done a partnership with amazon. pinterest has done the same. for all the social media companies come the holy grail is in app e-commerce. they have not figured it out yet. we have seen that with the chinese companies. in the end, amazon partnership does make sense because amazon clearly has the fulfillment capacity and it does need the channel for the social media companies to transfer over the customers that are engaging with him almost 60 to 70 minutes a day. he will be interesting to see how it affects snap's gross margin. caroline: we wait for those numbers to come out and dictating how the stock continues to perform. brilliant to get the deep dive

ahead of their earnings. coming up, turning back to the semiconductor industry and speak with the element ceo ben gliklich. this is "bloomberg technology." ♪

hey! sarah! if you had to choose would you listen to elevator music all day or deal with payroll compliance? payroll compliance, for sure. gusto automatically calculates and files my taxes for me. hold up, compliance? easier? choose payroll compliance without the ups and downs. 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.

>> we established ourselves as a pai contender. >> india, japan, france, canada now, southeast asia, singapore. speak up about the imports of investing in sovereign ai capabilities. >> the early signs of genai users are exciting. >> we will show just how capable

and how much ai is now a part of really the entire story. >> for the very first time, because of ai computers are going to be -- computer technology is good impact literally everything will industry in every single country. >> it could create an interesting opportunity for upgrade cycle in phones. caroline: an array of ceos. they all had a lot to say about ai. let's check in on the markets right now when it comes to semi conductors. we are managing despite the macro picture of which is one of two strong growth in the u.s. economy is therefore pushing back on some tech stocks. the stock does remain higher. largely we have nvidia to thank for that on this particular price target. interestingly, amd is on the downside even though they had an upgrade coming from philip securities. it is under pressure more

broadly as the rest of the market feels a little weakness amid this stronger macro data. notable on semi riding high on its benefits. deep dive on chips. ed: ben gliklich. we focus so much on this show on the gpu, cpu analog level but we are talking about circuit boards and the greater circuits and what they all have in common is they are rethinking their supply chain. we are heading toward this kind of decoupling from china. we have done a lot of reporting at bloomberg about apple wanting to shift some of its supply base from china to india. his somebody involved in -- is somebody involved and that supply chain is simple as that?

>> we like to say chips don't float. products used in semi and factoring, putting chips under circuit boards and making high-performance circuit boards. the printed circuit board market is primarily an asian market but we are seeing a shift toward something called china plus one. supply chains are moving outside china to places like india, vietnam, taiwan, malaysia, even some greenfield investment in north america, mexico, and the u.s. caroline: when it comes to your role and element solutions, how much are you part of this? >> our technologies are used in every high-performance electronics device in the market. we are enabling provider of chemical technology for all of these markets. for us, our manufacturing processes are pretty simple. our people are global. we are welcoming these supply

chains as they moved to new places. our footprint is there. it is an opportunity for us to support our customers as they diversify the supply chains when they move out of china war into new markets. caroline: white for you is there any sort of -- what for you is there any sort of block on your ability to keep up with the demand? all we hear is the absolute scale, priced, they need. is or anything song you doubt or just ability to rollout in lockstep with the demand? >> we are fortunate because we have been in these markets for decades. our customers and our customers customers rely on us to come up with new solutions to enable their next generation products. for us, staying on top of innovation, doing technology roadmap exchanges with customers enables us to meet those emerging needs. then we make investments in new material science technologies. as a legacy capabilities don't meet the needs of next

generation chips for ai, we are investing to support that outside of our four walls and bringing very interesting capabilities to market. ed: when we think about some of the end markets we listed at the top of the segment you're in, ev, smartphone, there are mixed forecasts of what 2024 looks like. you heard a moment ago, qualcomm sang flat to listing the digit growth in the smartphone market. we have covered a lot broadly slow down in ev growth globally. is that reflecting what your customers are engaging with you on? >> we call the bottom and are electronics business and the second quarter 2023. 20 23 was cuffed in electronics not just from demand but also there's a lot of inventory in the channel that had to clear. we have seen a recovery in the back half of 2023 and we see growth in 2024. smartphone units should grow.

we should have nice growth from that part of the business. our business is not just driven by units, but content per unit. each nexgen renovation has more value of our technology because it is enabling high-performance applications similar in the ev market where we have game changing technology and power electronics. that market has been very strong for us. we are seeing customers adapt power technology to deliver better performance vehicles. even if the ev is flattish, we will see real growth for our capabilities in electric vehicles because of the technology trend shift. ed: i want to go back to the supply chain. is india ready to be a greater contributor to supply chain, semiconductor industry and ai? >> there is definitely a significant investment in infrastructure that is wired in india. we are -- required in india. we are seeing that.

we have been asked by one of the larger smartphone oem's in the world to help train the indian supply chain to meet their needs. it is a great -- caroline: who is that? >> we don't speak about our specific customers and supply chains broadly or in public, but a very large smartphone manufacturer is asking us to help train supply chain to bring them up from a capability perspective to enable their production. caroline: we want to thank you for being here ringing the bell, five years i think was a celebration today of element solutions. ben gliklich, thank you for your time. coming up, look at the rise, fall, the future of blizzard entertainment coming up next. a new book from our colleague. this is "bloomberg technology." ♪ 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. you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

ed: videogame fans, blizzard entertainment was once synonymous with perfection. the maker forever change the videogame landscape. but then its corporate parent activision started cracking down on blizzard's crowd autonomy, chronicled in a new book "play nice: the rise, fall, and future

of blizzard entertainment." jason joins us now. congratulations. some of those titles, diablo 4 and a recent history come the fastest selling title. and then there is the company story of everything that happened in the last 12 months. how did you write a book about it? >> i have been frantically rewriting the ending over the last couple of weeks. 33 year history i'm chronicling starting with two ucla students who started out to start a videogame company and built an empire that became thousands of people come in of dollars and many coming million millions of fans. caroline: give written a couple of best-selling books. i am interested -- you have written a couple of esalen books. i'm interested the reception you get to these books. who is the audience that gravitate toward the journeys

stories? what about those who don't know much about the gaming industry? >> my first two books, anthologies including a bunch of stories so a lot of people could glom on to them and find an interesting story, a company they had heard of or game they played. i also tried to make them appeal to the mainstream. with this i try even harder to make it something my mom would read. my mom hasn't read my first two books but hopefully this one. i think there are a lot of gamers who will want to read this book. the creative struggles and the development stories and then games such as knowing the story behind world of warcraft and overwatch. i think it will be interesting to anyone who has behind the story corporate like lab blood, stories about buddies that grow and their cultures -- like bad blood and stories about the

companies and grow and the culture and the trust and trip relations along the way. ed: the story keeps going. the latest, call of duty businesses take the helmet blizzard. did you keep up with that? >> my editor is waiting for me to send over a revised version of the ending. changing a few things and there was a mass layoff in a game cancellation a couple of weeks ago. kind of a tragic way for the new era of the company under microsoft to begin. microsoft purchased them for $69 billion in a deal that closed in october. to cut a bunch of jobs. yes, i will be incorporating that into the manuscript. the certain point, this book has to end and it will probably include up through just about the present day. caroline: sequel, jason.

thank you so much for spending some time with us. congratulations on the never ending book. that does it for this edition of "bloomberg technology." ed: check out the pod. this is "bloomberg technology." ♪ 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.

♪ ♪ >> welcome to bloomberg etf iq. kailey: we are halfway through earning season. scarlet: jay powell gave us a lot to think about. the pivot is in place but when there will be a cuts? katie: let's get to the biggest stories now. the more than $10 million etf industry with a march fed rate cut unlikely, treasuries losses deepen. it reinforces chair powell's message. scarlet: