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. caroline: a bullish outlook on sales, we will sit down with the ceo to discuss. ed: the mouse house spikes as cost-cutting benefits and international theme park strength boost the company's results.

coverage ahead. caroline: apple's limited release of the vision pro fetching as much is $5,000 in the resale market. first, we check on the macro, the picture of the markets and we managed to just be pushing up 3/10 of 1%. chipmakers outperforming, many things to arm. interesting levels for the s&p 500. we are a long whisper from the all-important $5,000. we are basically flat on the s&p, taking a breather after the surge we've seen in equities and the bond market, getting a 30 year sale today after some pretty successful five year and 10 year sales. yields just pumping up a little bit as we anticipate that sale. yet again seeing risk assets surge in a world of bitcoin, up another 2.9%. up off the 45,000 dollars level, all that etf flows. >> we are spoiled for choice when it comes to earnings. disney trading at its highest

level in more than a year, and the story is about cost discipline. this is bob iger showing to investors that all that cost-cutting work and that the outlook for profit this year is boosted by that, but then there are some specific stories. $1.5 billion stake in epic games is going to give disney-related videogame content going forward and in the sports distribution deal on the other side that we've been talking about with those three other parties. all it gives them some ammunition to go to these activist investors and say look at what i'm doing, isn't it enough to appease them? we will go to a reporter and one key investor to get the reaction. this is the story. a massive surge in the stock. easy to say this is the biggest jump since september but we are up 58% and it outlook for the current period going way beyond estimates, evidence that this is no longer offering the building

block blueprints for semiconductors with licensing on the underlying code that allows a chip to communicate with the software that runs. it is not a smartphone story. his evidence the diversification that has been push for is now bare. we are seeing evidence. there are questions around the ai story for sure. softbank owns 90% of the company, but they are saying overnight in their own earnings we are putting arm front and center in the strategy. this is a wild market reaction but it is vindication for a story this company has been trying to tell. >> absolutely extraordinary and we want to welcome our bloomberg tv and radio audiences. arm shares more than 50% higher, a bullish outlook something we can now discuss with the ceo. you must feel vindication, trying to tell this story, and you deliver. >> enke, yes, we are really

happy with the results that we posted. initially very, very good feelings about the forecast going as you said, this is really the result of strategy placed a number of years ago starting to come to fruition. caroline: when we think about the vindication, when we think still about a sickly more of your technology going into more types of equipment, managed to see a diversification. pay us the strategy of ongoing forwards because many would say you are not just the overall designer of chips, you're basically making the chips. how do you see that relationship going forward with qualcomm, for example? >> a lot of folks as you said didn't of the understand the company well and where we fit. obviously we had a lot of potential start in the market but we are in a tesla vehicle, a ford f1 50, we are in a smart

camera, samsung tv, the smart appliance. just about every device you can think of has arm inside. just about every device you can think of needs more and more compute particularly as ai is driving a holy demand cycle. caroline: talk to us about ai, jeffrey is really singling that out, saying this really shows your beneficiary from ai. but where does the ai focus come? you were with nvidia before, they are all about ai accelerators. i'm interested as to whether or not that would be an area that you get into other than service. >> right now nvidia is a great partner. the super chip uses a lot of arm cpus in combination with a gpu which is a really great solution for high-end ai trading as well as inference, but when you start moving to smaller devices, smart phone or pc, ai is going to run. you look at some of the recent announcement by samsung and google relative to their

smartphones, there is a lot of things that just circling an image on a browser and having that browser go off and do search based on a circle, that is ai. that is actually running the smartphone and what we are seeing is really a drive for more and more compute capacity to run these algorithms, some that people don't even know what they are yet. but what designers want and need to do is future-proof the designs, and that is really driving a licensing cycle in terms of more demand. >> we've been at pains to help the audience explain how your business works. the royalties signed, the building blocks of chip design and the licensing side managing the interaction between the underlying designing chip and the software that is intended to interact with it. what you said is smartphone isn't everything anymore, it is one third of our business. somehow you are also boosting the royalties that are coming in on that business. just explain how that dynamic is

working. smaller proportion overall but basically making more money per deal. >> one is we've moved to a higher version of our process, that is growing. version nine is about 15% and growing. so that is happening. secondarily people are putting more v9 in their smartphone than v8. it means more processors to handle these complex tasks such as ai. what you have is a compounding effect, increased rates for the new version but more and more compute because compute his ne eded to run these devices. >> what happened in china was a surprise. how long does that continue for?

>> china follows the rest of the world in the sense that we are very strong in the rest of the world, and the rest of that the software ecosystem which is global this predominantly arm-based, china partners want to leverage that. there's been a lot written about china headwinds, but for us, china has been a great market. >> for bloomberg television and radio audience, overnight, softbank which 90% of your company said they are going to put you at the center of their ai strategy. how much say are you going to have and that if softbank is kind of dictating how they see your role in the play out of ai infrastructure?

>> well i can speak from two have. one is the ceo of arm and the other as if softbank board member. i will speak to the former primarily here. we believe that ai is the most profound opportunity in our lifetimes, and we are only at the beginning. when you think about artificial general intelligence and what is required to make that happen in terms of compute, power efficiency, energy, those are all great areas for us to be focused in. ai is not in any way, shape or form -- caroline: extraordinaire we are still just looking at share prices. are there any areas of concern for you? the rest of the economy, we

slightly worry about. china is still a bright spot. what about the international role that you have? >> it's a great question. the geopolitics, government relations, things of that nature, five or 10 years ago that wasn't something we had to worry about a lot. now it is front and center in terms of how we think about the world. for arm, i don't know that our issues are any different than my peer group faces. we think the world is a better place when it is an easier global ecosystem. we are also mindful that we are in very different times then we were five or 10 years ago. >> will you start doing business directly with the software ecosystem in the context of ai edge computing? >> we do a lot of business with

the ecosystem in the sense that they are incredibly strong partners to us. when you think about every thing going on open-source software that is something we are involved in because software is front and center when we think about in terms of engineering engagements. >> thank you so much. coming up, we will break down disney's earnings with the ceo and president ross gerber. that is coming up next. this is bloomberg technology.

>> the purpose of the ventures purely distribution. we will continue to compete with each other for support the rights just as we always have. it will be a great benefit to the league because it is no different in terms of the way we did for sports rights, but that reduced friction benefits all of the lease as well. i think the leads will actually be pretty optimistic about it. >> that was disney's cfo hugh johnston commenting on espn, fox and warner bros. early sports bundling announcement. disney shares pushing about a one year high after topping estimates and issuing an upbeat profit outlook for the year, citing cost-cutting benefits and the strong performance of an international theme parks business. disney plus subscribers fell short of estimates and disney says it will invest $1.5 million

in epic games. i think we just start with what the streets are probably focused on which is bob iger delivers and they like it. >> about a year ago he announced these big cost cuts, restoration of the dividend, and here we are a year later, same results. you are definitely seeing him deliver on that and he's probably feeling pretty happy about this today. >> he is delivering on profitability, on cost cuts. but ultimately there are still worries about when they really do see growth once again and be subscribers coming back to disney lots when we start to actually see a revenue driver coming from the u.s., not just internationally. indeed, just the media side of

the business still really hurting. where is there to be excited and some of these new partnerships? >> for sure there's a lot of negative. no intended growth of walt disney world florida, no growth in disney plus. also as you mention, traditional tv, double-digit decline. part of that is due to the strikes in hollywood last year but again, not a good trend. the market did seem to really enjoy this epic investment. it is a big number for a minority stake, but partnering with the fortnite maker and getting disney, sort of a situation where they can license their content and enjoy some upside if the company appreciates. >> always about the ip, great to

get a breakdown on what we heard of the earnings. ross gerber joins us, and what were you most thrilled about with these numbers? there was a lot to digest. >> this is the bob iger affect were nelson peltz can't get around hollywood to save his life. bob iger is really the key to getting good content back on disney which ultimately, when you talk about all the things that need to drive disney forward, it is all that great ip or great content and that is the biggest challenge, making great content in hollywood. so to get sort of the taylor's cut of this version of the movie for disney plus will definitely move the needle in a huge way. she's a phenomenon that is massive, so that is a great start. the investment in epic games, the kids play fortnite consistently, having an alternative universe that is all

disney characters and all the revenue that comes with all the purchases on an ongoing basis from the way gaining is done today is not only the business disney needs to be in, but they are smart in that they are living epic do it. disney has failed at gaining over and over again but epic has made a wonderful success. these verticals along with the way they are monetized is exactly what disney needs. ed: a pretty good summary of about seven different stories that came out. on the videogame side i think that is 2002, kingdom hearts which was a jv disney did with square enix. i don't fully understand how the relationship plays out. there's an emphasis on licensing content, i get that. is disney saying i think we had better go back big into video games? like netflix has done on the mobile absents. >> 100%. it is more than just gaming, it is social gaming which is really

roadblocks being the best example of this. my kids don't just play games, they play games with their friends. they do not play these games by themselves. most of the time they are connecting through face time on their ipad and then playing fortnite or playing minecraft or in a lot of cases, just roadblocks. this is getting into the zeitgeist of what kids are doing, handing a social element to the gaming aspect, but also a way to extend their brands in many different ways through this open world platform. if you've ever played fortnite, one of the coolest things is that it is changing the environment, the world and the characters. by building more disney into this, it seems the next generation of future disney users, which has always been one of disney's great strengths.

ed: bob iger delivered on the bottom line with cost-cutting and he delivered growth through the parks business. i'll go back to the question i always ask you. is disney a technology company? >> disney is what i would consider it pure entertainment company that is adopting technology in many aspects of business, but in its purity it is about going to the themepark and living out your dreams and fantasies whether it be star wars or marvel or avatar. it is about the physical experience, but then augmenting it with the digital experience. that is very disney plus and the game and all the other assets that they are building better digital are so complementary to the physical assets that disney owns that are irreplaceable. you just can't replace taking your kids to disneyland in any other experience, but then when they get home, getting onto fortnite to play with the characters or watch disney plus and watch taylor swift, they've

got all the element of entertainment covered. this is a great first step for disney on their recovery, and i think if they follow through with some great ip over the next couple of years, disney will be back. caroline: because that maybe is where they've missed, certainly in the film studios, wish really not landing. i'm interested in the legacy bits of the business, the tv part that had seemingly been up for sale and then retracted a little bit. what do you see as strategy going forward? >> they managed to keep abc profitable so it is creating cash for them even though it is on a declining revenue base. they've managed to cut costs and maintain that business. we all know the cable bundle is dead and even spectrum doesn't actually provide cable anymore. i think disney is making the right moves to try to get their content and vulnerable from platforms including on charter or spectrum as well as this new

espn bundle which is wonderful for sports fans. i think getting ip into the most places possible and having high quality ip ultimately is what the entertainment business is all about. caroline: we have 10 seconds, do you increase your position in disney from here? >> fortunately i did under 100 over the last several months. i think disney is worth over $120 per share but at the high was worth $200 almost. i think for investors if you see the stock down at this level it is one of the few values left in the stock market which is fairly rich priced today. disney a compelling investment and one that we recommend. caroline: ed: ross gerber, president and ceo of gerber kawasaki. this is bloomberg technology.

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caroline: time for talking tech. south korean prosecutors are appealing and ruled it clears -- of all charges including stock price manipulation and accounting fraud. prosecutors in november saw a five year sentence along with a fine, but this week the call acquitted him and other samsung officials. the case will be heard now by a higher court. seimens saw stagnation as -- plummeted by 55%. the drop off since gains in mobility and industrial units however the company sees china bad thing back in the second half of the year. nai disclosures are jumping at the agency warns of misleading claims. just over 40% of s&p 500 companies mentioned ai in their

most recent annual report with the sec according to bloomberg review. officials have repeatedly warned companies about making misleading ai-related claims including so-called ai-washing which could lead to legal action. caroline: we are pleased to delve into our very own colleagues new work to tell us all about battle for the bird and how twitter's two most prominent leaders contributed to its current dilemma. let's check in on the market and over in europe, absolutely surging. of 21% as you will see. this on the back of volumes looking better than expected. revenue during the second half of the year actually being a little bit more of a relief. from new york, from san francisco and in europe, this is

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caroline: tucker carlson's interview with vladimir putin is going to go live six gouecke p.m. eastern time today, the first interview with a russian journalist -- american journalists since russia invaded ukraine. it is going to air on his own website, but he also of course said that it will be airing in full on x. and we want to stick on all things x. caroline: x, the company and platform formerly known as twitter. elon musk's acquisition of twitter in a 2022 was initially heralded by co-founder jack dorsey as "the singular solution he trusted to handle twitter is a company." just a year later he said "it all went south."

all that and so much more is unpacked in "atul for the bird," a book by bloomberg's on kurt wagner who joins us now. what can i say, i had the privilege of living this alongside you, and they want our global audience to relive that story through your book. summarize detail that you hope to tell. >> you did, we were in the trenches together on that one. i think of this book as two parts. part one was twitter 1.0, the jack dorsey years. it wasn't necessarily smooth sailing before elon musk showed up. part two is the elon musk experiment that we've seen the last 18 months or so. what i've tried to focus on was really this handoff between these two people. it wasn't an accident that this deal got done, it was something jack dorsey was pushing for behind the scenes.

elon musk was someone he admired and thought was going to be a good steward for this company moving forward and as you pointed out, i think he kind of has acknowledged it didn't go the way he had it would. ed: when you were in the reporting phase, what was the thing about twitter's original history for the takeover by elon musk that surprised you the most, that you thought wow? >> my favorite chapter in the book is actually a chapter about the activist investor shock that came into essentially tried to kick jack dorsey out of his job. this was early 2020 right when covid was starting to happen, and it was an interesting business story at the time, but there were so much happening behind the scenes that folks didn't get to see in the moment that gets covered in the book. and why it is so important is really that with the moment jack dorsey realized i can run this company anymore. even though he got to keep his job and it looked like he had sort of won, i think that moment send him packing and as a result

it opened the door for elon musk to come in. and i think elliotts created a blueprint that activist investors could take over and elon musk was sort of an activist investor and his own right, just any different form. caroline: and then he of course try to walk away from the deal, was unable to do so. i want to go to almost the play out in the here and now on the bloomberg terminal. we got a great excerpt from your book and it details how we go back to november 2020 two when elon musk realizes that him being unfiltered is starting to impact advertisers. well certainly his sales team seem to recognize that. there's a great bit where one particular key sales rep says you don't want to go to war with advertisers. and elon musk says i will, and i win wars. and he is currently at war with them. >> this is the reason i wanted to include that right at the beginning of the story. it sort of sets the stage for everything we've seen from him since he has taken over.

that mindset has not changed. fast forward a year from that when he was on stage at deal book and he told advertisers to go f themselves. this is someone who from day one essentially didn't fully understand that there is a tension and a trade-off between his vision for free speech and the fact that advertisers need to kind of continue to fund this platform. it is sort of telling that his mindset, that first week is still very much is mindset as far as we can tell today and there is a reason that things haven't gotten better for business. caroline: and he's currently financing others to take legal action against disney. the fact that this intertwines with today's news and disney's earnings is fascinating currently. push us forward. advertisers just thinking about the super bowl about to arrive this weekend, the focus on sports. he was running around new york trying to persuade the nfl to stick with him. where do we stand now?

>> we talked earlier this week about the shows, tucker carlson bringing stuff, exclusive stuff to x and others, and i've been talking to media buyers and it is just not moving the new for them. mostly it is because of elon musk in the fact that he is so unpredictable. he can say things to hundreds of millions of people that most brands would be very reluctant to be associated with. unfortunately, x is in the same boat. they don't drive in of sales that they are willing to put up with the unpredictably from elon musk. caroline: jack dorsey has learned it, the market learns it. an extraordinary piece of writing, an amazing book coming

from you. we thank you so much for bringing it to us today. let's go back to the other world of jack dorsey. you quite like bitcoin. topping 45,000. showing and steadiness at the moment. certainly the lack of outflow coming from gdt c. we will break it down next. this is bloomberg technology. this is bloomberg technology. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

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♪ >> let's get you a quick check on these markets. we got and steadiness and moods and bond sale that come through. certainly on the 30 year we do see that these auctions have been auctioning for weeks, eight weeks.

the s&p, just almost near that $5,000 level. we are flat to down by four points. nasdaq up a quarter percent. bitcoin currently at 45,000, going to be talking that the inflows that we seem where lack of outflows in a moment. we do want to shine a light on the fact that arm holdings are up 53% meaning the nasdaq 100 has some of the other, but it is impacting the rest of the chip space and so we are on the highside with the broader indices. disney up 12% after we see being delivered by bob iger and paypal on the downside more than 11%. even they are still stripping out work they are overall still seeing the volumes are not living up to where the anticipation is and there is some worry around competition still. for more on these markets, we want to go broader with isabel

because there has been some fascinating cash being made by these overall tech firms, the idea that dividends are being given back, share buybacks being promised. disney of course being one of those. are you seeing that they desire to get in at least valuations? >> that is the thing with tech, they are very expensive, but then money managers argue that their quality companies. yes, all of them have stocks that are expensive, especially tesla, but they are all quality, maybe except tesla. that is why a lot of them are careful, because they don't want to lose on those gains but they are also very careful because the relentless rally that we see in the past year, it remains to be seen if that will happen again. but then money managers have been telling me that it is kind of getting harder to beat the benchmark to get the benchmark is not anymore such a good measure of what the index should be because it is so heavy on tech. ed: the discussion is really important.

i go back to the story we did a few weeks ago on where the net long positions were 12 months ago, and the big funds just one is exposed to tech at the beginning of 2023 as they would have liked to have been. they missed out. so fast forward to present day, they want to keep that going. but if we had s&p 5000, sounds exciting. how much further could be going 22 for? "bloomberg serveillance: early edition" 5000 -- >> 5000 is a really important psychological mark, a shiny, new round number which is why we are seeing options traders, and it shows have bullish traders are and more broadly, investors and wall street. the economy is stronger than expected, the job market is robust. this feels consumer spending which fuels a good economy. but then how much more can the market rise? look at the s&p year today. nasdaq is up 5.5%.

but the equal rate s&p is flat. 12 months back we have equal weight also up by just around 4% whereas the nasdaq is up most 42%. the rally may be losing steam, we are seeing overbought conditions. you think should i keep by joining the momentum? traders are being more discerning right now. caroline: it's interesting, some technical level that we've been hitting as well, the etf to replicate the nasdaq 100. tell us a little bit in the broader context where people are saying to diversify because we could get very focused on technology, pure and simple, but diversification is key. >> people are looking to diversify but the tech rally isn't really helping them. yesterday, the world index just hit an all-time high and you are like, great, that is going to be my diversifier. but you look at the top 10

stitch wins, is apple, microsoft, nvidia, alphabet. this is a gauge that is $61 trillion with 1500 stocks in 23 markets to be exact. they found the nasdaq, they found "the magnificent seven". how do you diversify? i read a great book yesterday that when you underweight something, usually underweight the stock you like the most because you can only have 100% of everything. it's actually a really hard market, but in stock pickers and argue that no, we can find bargains. it is a tough read but it is really getting tougher for many managers out there. >> it gets easier for us having you on the show, believe me. meanwhile, risk asset of choice, bitcoin. topping 45,000 for the first time in a month. etf inflows show signs of studying.

this is how we track it now. any given movement is fine, but saying that through wednesday, nine three consecutive days of positive net inflows into the etf products, what does that tell you? >> a lot of it is really, you can look to gdtc. we call it the newborn nine. they came over with billions of dollars in the outflows have slowed. we were looking at hundreds of millions every single day. it was largely expected. we had a lot of these bankruptcy estates that were kind of trapped, and it remains to be seen how much of that was going to find its way back into bitcoin-type exposure. we've seen these other newborn nine pick up the slack. we have four of these that have taken lows 19 days in a row since they lifted.

so to be doing that, they are basically taking and money which is giving us that nine days of straight inflows. >> there has been some analysis done over at goldman or jp morgan, in fact, talking about the liquidity there seem amongst all the different ones jostling for space. who is coming out on top at the moment? >> gb tc came out on top because for the most part has had the most to become a the tightest spreads. it was trading at a discount which was in the tailwind for its performance because the discount continued collapsing for the first few days, but the last couple of days, blackrock has actually out traded in all these other issuers, this newborn nine, the spreads have compressed significantly. then we had fidelity and blackrock catching up a little bit, and now we are seeing

everyone else catch up as well. it will be interesting to see how this plays out in the weeks and months down the line, but ibit is now competing as far as trading volume and liquidity goes. >> increasingly the folks speaking to bloomberg are talking about -- and they are trying to do the math on it. how big a factor is it for you in your model? >> i'm paying attention to it. but for the most part i'm just looking at the hard data of what is being bought and sold. these inflows, if it really continues, i would point out that dcg, gemini, genesis, there's a whole bunch of stuff going on with the genesis bankruptcy. they have roughly 67 million shares as of september that we know they own. that could be another huge selling point. i mean, selling catalyst which would be selling of the underlying bitcoin. we need to see what is going to happen. we don't have insight or that i'm more interested in that van exactly how that is going to impact what is going on here.

the one other thing i would say that i'm watching, we see outflows from bitcoin futures etf's and bitcoin futures open interest, and we see outflows on a net basis in canada and europe in these bitcoin and crypto etf. there's a lot of money moving around here. it is kind of hard to know exactly what is net new inflow when you look at the entire ecosystem of bitcoin. caroline: coming up, we are going to look more about overseas movement and money. but this in the resale market. that is coming up next. hey! sarah! if you had to choose would you listen to elevator music all day

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♪ caroline: apple's limited release of the vision pro headset is a resale market praising the device far beyond that 3500 dollars starting price, and that is overseas. prices ranging from $4000 to $6,000 with the price shifting on a daily basis. with spring and mark for more. ultimately, this apple like this sort of occurrence, this secondary market flavor? >> i think it shows excitement for the product overseas. it gives them sort of a set of data points for which markets are particularly interested in the product so maybe they can

fine-tune how they are going to allocate supply when they eventually go to those markets. which markets are they going to approach first? this certainly helpful data point for apple. today like it? not necessarily. i think it creates a lot of complexity. the app store and some of the features on the vision pro require a u.s. apple id, flatten these products operate overseas to create an customer service problem and perhaps create a bad experience but at the same time, it's leading to more sales in the u.s. and apple doesn't necessarily care how they get their money for the vision pro as long as the units are selling. i certainly think it is a mixed bag for apple but may be a little bit more helpful. ed: you've unboxed your own and had a few days of living with it. you've roamed the streets and been on the bus. what has it been like? how tempted are you to resell that thing for $5,000?

>> not tended to resell it. i'm going to hold onto this thing. is going to be software updates, new features and all sorts of stuff. it's important for me at least to hold onto it. i've spoken to a few people already who are considering returning it at majority of people i talked to think it is magical. you will see my full review this week, but so far i think it is a great experience. there are certainly a slew of drawbacks, it is one of the more buggy first generation apple products, but the fundamentals in the foundation is there and with the right software updates, with the right upgrades, with the right hardware changes i think they have a winner on their hands. it is not winning yet, but it will eventually. ed: set the remind a, sunday power on for vision review coming. google bringing more products

into the gemini ecosystem, but renaming bard to gemini. i want to bring in julia who has been explaining how all this works. i think the story here is that they want to demonstrate that the product, that the tool is high-end, it is competitive, it is one thing. what is behind the move? >> absolutely. they want to demonstrate that this is a product worth paying for. there's a lot of excitement about the potential of ai but it is also a cost center for these companies. alphabet ceo has said that, so i think they are really under pressure to demonstrate that there is a business model for this product, and so in addition to renaming bard to gemini, they are also rolling out a 1999 subscription plan in which you can pay for that latest model. really showing where the money

is for these products. caroline: and basically ripping a leaf out of the openai book on how you make a business model out of this. >> absolutely. their product is one penny cheaper than openai, we will see. caroline: competitive. i do think ultimately, what are the reviews like for ultra at the moment? how have people been interacting, and they felt that this could be the area that stops the market share being lost to a bing that is now wrapped into openai? >> google only believed to the product of this morning, so users are still getting their hands on it and seeing how it stacks up to openai. what i'm hearing so far is that there appears to be a parity between the models but gemini is not necessarily blowing gpt4 out of the water as google is suggesting in some of its press briefing that is model had.

ed: google plaited a bit safe for quite some time. do you think they are now showing their full hand of how they commercialize all this? >> i think this is an important prong in the strategy, but more will still be needed. i don't feel that one subscription product will be enough to really demonstrate that years of investment have paid off. caroline: i'm sure for many the fact that you can automatically use it within gmail and google docs might well be a winner vs. toggling between chatgpt or not. meanwhile, that does it for this edition of bloomberg technology. from ceo interviews to what is happening in terms of the investor base when it comes to disney. ed: it has been a wild earnings season. recap the show on the podcast.

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>> welcome to bloomberg markets. stocks are beginning to show signs of fatigue near all-time highs. the s&p 500 closed to the 5000 -- 500 level. we have wall street positioning for a contract -- for consumer price revisions. that is get a quick check on the markets where we are talking about the s&p 500. the dow is pretty much flat. let us see if we can slip into gains. the nasdaq 100 showing gains. you