>> 30 minutes in to the day, retailer earnings, 19 j max beats with bargain hunters out in full force but the first quarter guide looks conservative. apple pulls plans for an evening. what that means for the arms race and text, we will discuss that more broadly. charles robertson joins us to talk about the business of river cruises in the u.s. ♪

katie: welcome to bloomberg markets. take a look and we are on the back foot, the s&p 500 up by .3% . we are still above 5000 but we will see how long we hold that line area big tech not faring any better, nasdaq currently off by .7%, a bit of a down drop now that we are through tech earnings. we wanted to take a look at the vix. it is moving higher but that handle not too impressive, training with a 13 handout on the vix but let's get back to earnings and t.j. maxx. discount retailer leading sales estimates in the fourth quarter but being overshadowed. we are joined now by simone foxman.

how conservative was the guide? simone: that has been the reaction from citigroup, from bloomberg intelligence. they are looking for comp sales to rise to percent to 3%, both for their first order as well as their fiscal year. compare that to what they delivered in the fourth quarter, comp sales rising 5%. they have been guiding much lower, a bit about expectations. the eating expectations and seeing growth across various segments, it is jarring for the street to hear but we had this great quarter but we are not really sure about the coming fiscal year. katie: we will see if this is a strategy of under promise, overdeliver but we did get macy's yesterday when you look at just the results, how does what we heard today wrap in with what we heard from macy's? simone: both fighting potential

consumer weakness. that has been the read from the likes of citi am bloomberg intelligence. macy's attempted to monetize its assets as complications to their potential to deliver in the coming year. kind of the comparison, when is interesting, is t.j. maxx get the vast majority of its sales and its stores. at the same pen, we are watching macy's try to monetize its assets. the distinguishing factor in his teaching max caters to that high end consumer, whereas macy's is more all over the place. it tries to push to the higher end consumer but it is more of a challenge. does it consent -- continue to carries consumer spending? that seems like a question we will get going forward. katie: that high end consumer everyone wants a piece of it.

we will see if macy's is successful. let's take a broader look at the markets with cameron dawson. talk to me about t.j. maxx. i thought it was interesting. what does it signal, both about the actual company but also the consumer at this right? cameron: we love the low bar. it is not anything to say the consumer is falling off a cliff. even on the other retailer earnings that we got over the course of this earnings season have set the consumer is shifting demand, maybe being more selective in where they spend their money, pushing back on price increases, but this is not one where consumers are having to tighten their belt in a way that would be flashing red alarm signals. they are being picky here but they are still able and willing to spend.

real income growth is still positive. there is still room for consumers to spend. katie: i think i have asked this to every single guest over the past week or so. when it comes to these retailers, how much pricing power is left? who still has pricing power in this economy? cameron: such a good point. pricing power was the key driver of revenue upside over the last three years for a lot of retailers and consumer products companies. on the products fight, we are seeing pricing power so from the high single digit range to the low single digits. a lot of companies are trying to get volume grows, meaning they are advertising more, spending or. you can see that in meta's earnings. but you kind of hit a ceiling in where you continue to push price. to your question about where is there pricing power left?

we are still seeing that in services, likely one of the few places left where you can still see upside surprises on the pricing line. katie: the focus on volume over price is interesting. we will see if advertising dollars ultimately saved traditional media outlet that is a different conversation. i thought it was interesting that right now you are favoring consumer discretionary over consumer staples. walk me through the logic. cameron: it is one of our favorite charts, which is the equal rate discretionary versus staples. it is important because it tends to relate really well to up -- correlate really well to upside surprises in -- discretionary continues to outperform staples, which means that this equity market is not concerned about the consumer. if you start seeing staples outperform, that will be an important site that the consumer

is starting to weaken any material way. to your point about this point in the economic cycle, that would be the signal that maybe the summer is seeing greater challenges and we could be going to a more discretionary environment. but the equity is saying do not be concerned about a consumer that recession. katie: is the relationship -- discretionary in relationship to staples. it -- this is like a sector where it is hard to get people excited. what do you see there? what opportunities are in health care? cameron: we like the gop one space because we respect the momentum. valuations are getting extended for names like eli lilly but momentum still strong. we pair that with somewhat deeper value, looking at some names trading at less than 10 times earnings. estimize trades at seven times earnings.

lots of drug patent concerns but overall it creates a low bar. our preference with health care's life sciences, tools, pharma biotech, where we are seeing some breakouts, and deemphasizing managed-care where technical trends are weak and you are starting to see the breakdown. katie: maybe this is more about me than markets, but when i think about health care, i tend to about energy in the same category of it can be fun and there is some real discount there comes to energy, you recently closed out your overweight what are the specifics there that you see? cameron: we moved to neutral positioning within energy. trends were weak. we were not seeing the reflection in earnings revisions that we would like we keep it at natural because it remains an important hedge. the one thing that could upset this whirring wall market with an overall -- warring bull

market within overall stocks would be if you were to see inflation tick up higher, maybe not six hikes, but even those three in the dot plot. if energy prices move higher, energy stocks could be the one area in this market that does well. energy exposure, we like names that have good balance sheets, which is noting that you do not have that kind of momentum in order to carry stocks higher in the short-term. it is an important hedge if inflation ticks higher. katie: not just specific to energy and health care. talk of mergers in that space. how are you thinking about potential m&a this market? it feels like we are on an upswing. cameron: it is heating up. we are seeing capital market activity more broadly start to heat out. there was a great article

yesterday talking about how it is not cheaper to raise equity capital than to go to the bond markets. that tells you that as you start to see risk on, animal spirits come back. people feel more confident about the outlook. based -- they are sitting on big piles of cash. that is one of the key drivers about why we are seeing m&a. maybe you can go after the growth and organically. and we are now starting to see some sign of thawing and capital market activity. katie: stick with us. i have the author of that piece with me. we are looking -- discussing it with bailey lipschultz. that was a really great take you wrote yesterday. what is going on with ebay? bailey: growth, growth, growth, leading expectations.

this is a company that in january unannounced they were cutting 9% of their headcount. raising that growth expectation for 2024. as we see things plant across the tech space in 2023, job cuts draw a price targets and expanded markets. katie: on track for its best day since november 2022. apparently a lot to get excited about there ebay is the forgotten child of e-commerce. bailey: when you talk about the forgotten child of e-commerce, let's talk about the best performer among energy panels. you are talking about a space down 50%. first solar doubling from where it was in 2022, trading more than 10% higher after earnings beat expectations. earnings stronger than what the street was looking for. revenue not meeting the bar the wall street had laid out.

you follow through in what has been a volatile stock. the big focus has been on expanding earnings, expanding margins. optimistic tone for 2024. the spaces been downplayed by analysts and investors just because the question was around as people cannot take out loans or are expected to -- why would you do it now? katie: great question. the promise of future gross covers a multitude of sins. i think that is a bible verse. we are going to see something different here. we will talk about what is erratically an asset, a commodity capital bailey: bloomberg calls it a currency. you write about queens and kittens i think still. trading at the highest level since november 2021. optimism around having an equal

weight. you have those etf's rollout. i think this does get capitalized by a fomo trade. people talking crypto, bitcoin. feels like we are back in 2021 as it comes to bitcoin and some of those bigger assets. katie: right now we are just below 61 thousand dollars, all-time high just below $69,000. maybe we are going there. bailey: it feels that way. i cover gamestop and amc. it is a weird time. katie: good luck to us all. coming up, apple hits the brakes on its decade-long journey to building ev. more on that decision. this is bloomberg. ♪

♪ (upbeat music) ♪ an ever-changing landscape comes with challenges. from our vantage point, we see opportunities. as a top-ten real estate manager, principal asset management harnesses the power of a 360° perspective, delivering local insights and global expertise across public and private equity and debt. our experienced teams are uniquely positioned to uncover compelling opportunities in today's market, giving our clients an exclusive advantage. principal asset management actively invested. katie: after a decade-long

effort to build the icar, apple pulling the plug, planning to shift some 2000 employees working on the project into ai and there will also be layoffs. for more, we are joined by ed ludlow. this feels like the end of an era. what does this mean for other ev acres -- makers, tesla, apple cannot get this done why would they be able to? ed: if apple ever got its act together on a car, whatever it looks like, the biggest direct competition would have been with tesla. that is his thesis at least. you look at the apple brand and

price point of their electronics and what they might enter on a car. you called this the end of an era. i have reported on this over the last six years or so. the conclusion is apple never really decided what they wanted the car to be. they flip-flopped between this being a robotaxi versus a consumer car and back again. even with almost $200 billion of cash, it does not automatically mean you can put out a new product. katie: the second part of the story is the refocus on generative ai. is there a sense of apple needs to play catch-up? have they been left behind when it comes to the ai story? ed: there is frustration from investors and consumers that apple has not told the consumer facing generative ai story. apple site is been that they feel they have always been competent in leaving the field of artificial intelligence and machine learning.

it is pervasive throughout their operating systems and hardware but they do not have what has with chatgpt or gemini from google. as he reported, this was a team of 2000 people working on the apple card. at one have, it was nearer to 5000 and some will lose their jobs but they will be shifted to generative ai. it speaks to the types of people who were hired, which was in many cases computer scientists. there is a high degree of crossover between working on autonomous driving and the work that goes into large language model development. katie: really appreciate your reporting as always. more coverage coming up on bloomberg technology, but before we get there, let's welcome back cameron dawson. you are overweight intact but talk to me about software versus hardware and how you are viewing

that. ed: the first is respecting the technical trends. hardware has been breaking down. a lot of that is apple. you have seen a strong rollover of his performance. a lot of it is because you saw hardware do well last year, not because earnings had a a lot of upside but because of valuation expansion. without instruction in earnings, hard will will you -- hardware will continue to struggle. we are seeing more activity within m&a. within software, the one thing we like to see his users and the players of ai see better upside you earnings estimates. it is shocking. a name like microsoft over the last year has only seen it earnings estimates go up by about 8%. it is a big shift. even copilot may not be needle that much but we would love to

see a bigger inflection within earnings estimates to get a reflection of how it can move the needle. katie: tell me about adobe. where it comes to ai, it feels like adobe is overlooked. cameron: it is. it is been applying -- i remember using photoshop and having to manually cut out pictures. now you can use it -- do it with a click of a button. but adobe is oversold and still in an uptrend. given the investments of occasions in ai that it has, we are optimistic but we would like to see a bigger doll, on those earnings estimates. they stayed static over the last four months. a list of two earnings estimates is likely the catalyst to get the stock moving again. manus: invictus katie: in

nvidia, you are seeing it materialize but is ai still a margin compression story at this point? when does it translate into hard numbers when it comes to the bottom line? cameron: it is the field of dreams. build it and they will come. it is always important to remember that one person's sales is another person's capex. what we are starting to see is talk about how they can convert it into revenue but that is not showing up in numbers. it simply be too soon, which means that direct ai exposure outside of multiple expansion is still just within the semiconductor names, those providing the picks and shovels to make this happen. katie: you point out that semis are a cyclical sector. does a name like nvidia defined that given the height promise

around that specific name? cameron: i remember i think in 2017 or 20 we talked about how semi conductors were not cyclical because of the internet because we are putting ships in everything. the reality is this is a cyclical industry. eventually there will be a down cycle but we do not see that yet. if you look at overall sales for the semiconductor index, they remained below their 2022 peak. we are starting to see an uplift in a broader semiconductor cycle. that means that there is probably still room to run but to your appointment cyclical stocks, stocks will price in a peak long before it happens so we should stay disciplined and not think that everything can go to the moon, remembering that things are cyclical. katie: really enjoyed this

conversation. that is cameron dawson, manage wealth cio. still ahead, the companies making the most social buzz today. that is in our social climbers segment, up next. this is bloomberg. ♪ something amazing is happening here. retailers are moving inventory quickly and securely. that's because cdw designed and built a solution with cisco security.

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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 katie: time for social climbers. first up is virgin galactic reporting fourth-quarter revenues that fell short of expectations. the company working to reign in costs and slow its launch

schedule, highlighting the slow but steady path to establishing a routine cadence of space flights for paying customers. next, beyond meat finding success beyond the u.s., popping earnings expectations, particularly in europe. they are cutting prices, offering discounts, eliminating jobs. the stock also had a massive shortage heading into this report, which might explain why chairs are currently up 44% finally, no cheers here. boston beer reporting a decline in revenue thanks to lower volumes. ceo announcing he will retire after five years at the helm. you can follow all the latest company bouts on your bloomberg terminal. a at the markets, we are on the back foot. take a look at the s&p 500, off

by quite a bit. apple also down about .7%. t.j. maxx rising. unitedhealth down about 5%. coming up, river cruising. more americans taking to the river. we talked to the president and ceo next. this is bloomberg. ♪

>> one stock we are keeping an eye on is norwegian cruise lines. shares extending gains after 20% post results. >> the stock posted the biggest gain since 2020, the biggest gainer in the s&p 500 yesterday. so results for the last quarter were largely in line with expectations but guidance was optimistic. here is a chart showing the stock price but this is the

forecast for the first quarter adjusted 400 50 million versus expectations of 329 million braid occupancy also above expectations adjusted dps. the company expects $.12 in the first quarter, analysts expect it -- a 20% -- $.20 loss. the management was very bullish in terms of demand but they've highlighted a lot of uncertainty related to the middle eastern conflict and they canceled or redirected cruises to israel or the red sea. as many travelers see this around the world they prefer to travel domestically and river cruise lines can be an option for those passengers print this segment is growing quickly. this chart shows from 2022 to 2023 they are expected to grow by $3.2 billion until 2027.

there are many reasons again for customers to choose domestic cruise lines and river cruise lines so companies are operating capacity, gaining amenities, but i would say maybe one of the biggest reasons for travelers to choose river cruise lines is the easy travel, hasslefree and if you break it down by ages we see 56 years and above, this is the largest group that prefers river cruise lines but as we can see younger groups are gaining more share when it comes to river cruise markets. definitely a segment to watch. katie: let's keep cruising with charles robertson, american cruise lines chairman and ceo. it is focused on both rivers and ocean routes along the u.s.. we know 2023 was a big year for cruising on the ocean.

how was business on the rivers? charles: business is very strong on the rivers. we see the strength we see in the cruise industry generally translate across market segments. in the river business we see strong demand for domestic products, very strong demand for exclusive products and a growing trend among baby boomers. to be traveling with us. >> i want to talk about expansion because i know you are adding at least five other ships to that fleet. that fleet has tripled in the last couple of years or so. are you adding more river routes or what kind of thinking goes into that process? charles: we are. domestic river cruising is still very nascent and we have tripled our fleet size in the last five years. we have five more ships under construction now. and the best in the world right here in the u.s.. while the segment is still growing overall the majority of the growth, the fastest pace is

domestic travel. >> i wanted to take your 10 day, nine night mississippi river cruise that would cost me about $3700. that isn't something you necessarily look on a whim. what decisions go into the sprayed retailers that are been forced to raise their prices. what do the inputs look like for your side? katie: the value of cruising -- charles: the value of cruising compared to land-based option has never been clearer. the cruise industry fares have risen it single digit rates compared to hotels and other travel options that have risen in double-digit rates so in some cases 30%, 40% or more. the value has never been higher and it's one you get to set and then you are on board and have a comfortable experience they can visit as many as 10 states in as

many days. katie: this is a premium product. i'm wondering what sort of trends you are seeing around booking? are these trips that people book out are you seeing that time increase. >> what we are seeing is a flattening of the booking curve. it is moving out to the sides. and a lot much further out bookings. that's creating a lot of pricing power as we said our prices for the future and understand what demand looks like. katie: i'm curious how much more consumers spend once they are on board, buying food, what is the breakdown you get versus the onboard spend versus how much they are actually paying for a ticket. charles: for american cruise lines we have very little

onboard spend. it's an all-inclusive fair. guests are demanding more for what they are paying. they want more exclusive experiences, a more small-group experiences and they want more amenities on board. as we are building these new ships, they have more lounges and more options for people on board, more entertainment spaces and guests want to have one seamless complete package and so whether that's in the form of onboard spend or is included in the fare, the demand is very much there. katie: i'm curious about your customers as well. i know you told the wall street journal river cruising traditionally attracts an older audience and of course we saw it tends to be those age 55 and older who tends to be your primary audience. are you happy they are or are you trying to attract younger generations as well. >> we are really happy there and

that's where we see the strength and the growth rate right now is with baby boomers and the oldest segment of our market. they are very inflation resistant. they are insulated to inflation and to the interest rate environment that we see right now. so they are the ones that are really driving the growth in bookings and the majority of our customers in that space. the cruises lend themselves to historical and educational experiences. katie: i am curious how the older audience is faring with high interest rates and sticky inflation compared to those in their 20's, 30's and 40's. what differences are you seeing there. charles: i do think they're more insulated interest-rate pressures and we have seen that through other recessions also. we have been at this for a long

time and in 2008 they were our most resilient market segment but now we see them wanting to get out and explore more and once they are out and traveling they want to stay out longer. they have been willing to spend they just demand more for the money they are spending. so we are doing more with longer cruises, we are doing more in alaska and national parks, more add-on packages that go into different city states or different national parks and so you can turn a seven night trip into a 20 night trip. you can get to 15 different states and really do a lot with your time away from home. katie: older consumers are willing to spend, they just want to see some bang for their buck. as you expand and build these new ships how is the access to workers? what are you seeing on that front when it comes to the cost of building and the cost of employing people to build. charles: the cost of both is

going way up. the cost of building has gone up quite a lot. everything we built we built in the united states. we seen those cost increasing significantly we've also seen leadtimes for machinery and increase a lot. it's both cost and time as we've grown our fleet so much. on the service side we do see an improving labor invite -- environment but it is still challenging to find people, americans were willing to work on the ship. katie: it's a great conversation, appreciate having time without of course. really giving us a breakdown of what the business of cruising looks like on the rivers versus the ocean which tends to dominate most of our conversations here. let's get a check on the markets.

abigail: stocks not doing much. on the month we have some nice gains from the s&p 500 up nearly 4%. you can see bitcoin surging not up in january but up in the month of february up 45% back above $60,000 per bitcoin the highest level since november of 2021. that risk on tone, crude oil is higher. nonetheless in the two year yield this might be the standup mover take a look at that backing up 32 bits on the idea the fed might not be cutting as quickly or as much as folks think. relative to one of the individual sectors or in recent days take a look at the s&p 500 median entertainment index if we go beneath the surface today that is paramount warner bros.

is put a deal possible on hold. and this has everything to do with the great quarter and the outlook cutting their workforce. that may flow to the bottom line as their sales stabilize. this is the second down day in a row after popping on that third quarter, some consolidations of gains. it could continue. the big event is later this week. a warm cpi and ppi. the s&p 500 since september. and then below volume and yesterday volume really light here so treading water a little bit ahead of that big pce coming in in line below which would help markets potentially or is it going to come in hot and

maybe confirm that inflation rating from the cpi and ppi that has set a bit of a downtrend or a halt for markets to some degree. katie: feels like we're in a bit of a holding pattern. we have economic data to get to but we are not there yet. coming up in our next segment we will look at israel's war economy with a pioneer of the venture capital industry. this is bloomberg. ♪ this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo

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it's easy to get lost in investment 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. abigail: you are looking at a live shot of the principal room. coming up marathon asset chairman joins bloomberg tv. this is bloomberg. >> time for wall street week. earlier this week israel central bank left rates unchanged.

the central cited uncertainty over the inflationary impact of the war. david westin is with me now and joining us is our crowd founder and ceo. it is a global venture investing platform really looking forward to this conversation. david: it's delightful to have you in new york. we have to start with the war and its effects. we always say we don't want to forget the people involved and the human tragedy being played out every day. with that there are economic effects so give us a sense of the israeli economy overall. last year overall was not so bad. >> last year we beat the oecd average which was 1.7 for the year. the year before of course in 22 was 6.5 select a tiger kind of economy.

they are projecting next year would be 2% which is for israel sort of sledging. the projection for 25 is already at 4.5%. the economy is clearly already in the middle of a rebound the bad numbers for the fourth quarter were largely because the major impact of the war was in october and november when the full brunt of the call up of the workers who had to go to reserves 300,000 of them are now coming back. the economy is coming back. the three sectors hit the worst are tourism, agriculture and construction. all of these are starting to see mitigation. in the tourism area, channels are opening up. in construction and agriculture foreign workers are coming back there are discussions about how to bring palestinians back from the west bank in. all of this is coming back and everyone is watching the tech

sector to see what's can happen there. >> we talked to you with relish. that's the economic situation overall. what about the business climate and particularly with some of the startups you invest in? natalia: throughout -- jon: what's amazing is throughout the war investors have behaved maturely and seriously. they did not stop investing. some investors cap flying into israel during war. they are unfortunately used to it. this is not our first war. everyone knows the way the economy performs. and i think even on your show i predicted it would come right back up and it went down right back up and the israeli stock exchange, down and right back up. in the tech also happening. we are entertaining delegations from thailand and korea and all over europe.

people are still visiting, making investments. the big companies in the tech sector, the unicorns of which israel has about 100 which is 10% of the global total which is fine for a country of 10 million people. the problem is the small companies. the guys who don't yet have tens of millions of dollars in revenue. they have not figured out their product market fit so we set up a resilience fund which is a little strange for the venture capital. weren't taking any fees or carried interest because we wanted to simply save this whole group of small companies we are running into a terrible weather pattern for fundraising and we managed i think in record time to get that fund raised, we may 26 commitments in less than three months. >> that is impressive to hear that that capital is being

deployed at that level. i'm curious about the talent pool. some of these foreign workers are starting to come back but also a lot of workers have been called up for military service and when it comes to the smaller companies even if they get the funding they badly need what does the avenue -- actual workforce look like. jon: 15% to 20% of the high-tech workforce was in service. add drops to about 5%. most of them are back in their positions. even those relatively high numbers of staff, we are really good at multitasking and we everyone was covering and working late and there was this slogan in the country which was israel tech delivers no matter what. we just made sure that the companies met their commitments, did not screw up their customers and it works. that's how israel operates.

and the other industries like construction and never asked agriculture not so much. if workers aren't there what's wild is in israel there was this massive outpouring of volunteerism where high school students and college students were not in service and families and retirees were all picking fruit. it was like back to the old days and the whole country was trying to save the agriculture. not so much in construction. >> armor one of the first times we talked to you you just got back from riyadh. it was just before the conflict began and there were great hopes about business for the tech sector across the region. are those postponed, are they going forward? >> i think they're going forward with much less fanfare. >> i was in abu dhabi and dubai last week. and we have a subsidiary

developing artificial intelligence in abu dhabi together with support from the emirate we are creating some incredible technology with wealth management. and to my understanding leadership both there as well as in the kingdom of saudi arabia is strategically committed to reconciliation. and while things are clearly not going to be making headlines and all kinds of press announcements there is ongoing discussions, investment and for us really nothing has changed. david: you still have access to the same investment funds coming in for your startups? jon: there's been some reports of increased dollars coming in. katie: people are not reluctant to go into a certain area. jon: when there is a crisis, i don't know who said it, it's a terrible thing to waste. because it is tough if you are holding a portfolio of companies

valuations, down, it's a problem. it does not make it easy but if you are a buyer and you have dry powder, it is an opportunity and there's a lot of smart money out there that says israel is not going anywhere. israel is on sale prayed i'm getting into it. we are seeing a lot of that investment. katie: it's wonderful to speak to you and great to see you in person. that is john of our crowd. i really interesting conversation on the state of the startup landscape in israel. who else to you have coming up? david: tomorrow we have lindy rosner who will talk about fixed income and credit and where the opportunity is and where the risks may be. on friday we have the san francisco fed president coming in. talking about the economy and what the fed may be up to and what it looks like from san francisco. katie: that will be a fun conversation especially after the pce numbers. this is bloomberg.

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>> let's look at some of the stocks hitting highs and lows today and we start with constellation energy hitting a 52-week high for reporting fourth-quarter results that beat street estimates. you've waste management hitting highs after research raises its target on the company to $230. reporting earnings and sales topped top estimates earlier this month. tjx companies hitting highs after reporting a strong quarter this morning. the discount retailer warning of a softer year ahead not slowing down shares too much. newmont mining hitting a new 52 week low. still feeling the fall of a messy quarter and the ceo of the world's largest gold miner said

the stock price is the lowest it will be for a generation as it tries to consolidate its assets. coming up jason chapman, he joins bloomberg technology coming up next. that does it for us, this is bloomberg. ♪

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>> from the heart of where innovation, money and power collide in silicon valley and beyond this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg world headquarters in new york. ed: this is bloomberg technology. caroline: apple scraps its ev ambitions after a decade-long effort as the company focuses on ai. they are full coverage ahead.