>> 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.

ed: google ceo blasting the failure of the gemini image generation feature is the company looks to remedy the situation. >> the company reports earnings going public. new ai products. all that and so much more prayed let's check in on these markets because there was economic data not much to catch the attention today. currently off about 4/10 of 1% on the nasdaq really caring about the pce number. inflation data by the federal reserve which comes out tomorrow. we see a little bit of a selloff ahead. this is the u.s. trade inversion down 1.5% so really some weakness coming over a pretty ugly day in china trading. nothing really moving just about one basis point. where there is action to him on the macro perspective looking at one particular asset choice.

one -- 7.7% higher. we are encroaching on that $69,000 record level we know the 61,000 has been eclipsed. good old supply demand dynamics. we know the supply side will be halved in the amount of bitcoin mind during april. not many holders are selling at the moment. ed: one story, apple. apple is shutting down its car project after a decade of work, full kudos to bloomberg's mark gurman, he is going to join us in a few moments pretty broke that story. that is the moment with mark broke the story. the stock would've been lower on tuesday and look at the gain on it. we are flat now but the reaction globally has been pretty profound. we know some of the 2000 people working on the project will lose their job. some will be shifted into apples

work on generative ai according to marx reporting. for me this story was about 10 years where apple did not know what that end car ev product would eventually look like. and you've seen it all over social media overnight this morning it's the one thing everyone is talking about. caroline: a big backtrack. they talked about it over that decade-long process. here is tim cook and what they had to say about plans in 2017. tim: we see it as the mother of all ai projects. it's probably one of the most difficult ai projects to work on and so autonomy is something that is incredibly exciting for us and we will see where it takes us. caroline: isn't that interesting the fact tim cook talked it as a mother of all ai projects and

that's where the talent now goes. but you generative ai. mark: it is certainly an ai project. that that is artificial intelligence musing cloud, using onboard hardware to understand the vehicle to live processing and make those decisions using an ai engine on behalf of the user whether to stop, make that turn or change lanes, to understand the environment. to drive into the snow or rain. those are decisions made by an ai processor so apple does have some ai talent there that they are able to relocate to their other ai initiatives that have nothing to do with the car. ed: let's go deep into the details you reported. there was a meeting held by two high-level apple executives where they form to the 2000 or so staff working on the apple

car project that it was being shut down. what else do we know? mark: there was a meeting where the apple coo and the vp of technology who's been in charge of the car project known as titan since 2021 they formed the -- informed the team that the project would be winding down immediately. really three main groups there. you of the hardware engineers, the hardware side, the software side and the ai side. the ai side of the project will be shifting towards apple's ai division. the software side most of those folks will be moved to craig's operating systems organization. then the hardware team a lot of those people unfortunately are being laid off. it's one of the biggest layoffs i would say in apples modern-day history certainly since tim cook

became ceo in 2011. some of the hardware engineers will have the opportunity to apply to other jobs in the company. apple is a hardware company and perhaps some of those people will find roles on other teams. let's of the iphone, a division pro, you name it. this is a bombshell development for apple. this is something apple just does not do throwing in the towel on a major project in such a public fashion. this started in 2014 years ago. everyone knows they've been working on this. it's been a really public failure for them. ed: terrific reporting, thank you for joining us on the show. what does it mean for apple in the ev industry at large. let's bring in the global head to get into what apple winding down its electric car effort means for names like tesla.

you look at tesla shares up in the session. your thesis seems to be that if this is good for anyone, apple canceling its car project it's good for tesla. why? >> we always thought apple would be most likely to compete directly against tesla and to a lesser extent companies like gm and ford. a lot is changing with electric and software economies. one thing we are learning not just from this but other developments that to enter and succeed in scale in the ev and the autonomous side are still pretty high so i think this is another data point supporting that those barriers still should exist. also in our coverage for tesla and to a lesser extent gm and ford. ed: you lead autos coverage at citi as opposed to apple. what i thought about with this over the last six years or so is

apple is used to margins for consumer electronics and even if you get to tesla level margins it's not even close. did you have a sense of what you think apple was trying to get out of the car project? >> broadly for the industry we see the biggest opportunity for higher margins and software services and particularly around autonomy. if you look at the average automaker in the u.s. a lifetime revenue car today those only generate 40% of the lifetime revenue of the car. it's a whole other 60% out there that tends to be a much higher margin you can tackle with software services. think about autonomous vehicles subscription models. this is part of our industry basis that the future of this business model isn't just about selling a car and making money, we are really thinking about the entire lifetime of vehicle can generate plus incremental revenue to peer to peer sharing,

deliveries the autonomous technology can unlock over time. it is a difficult challenge. taking longer level 3 and level four technology. you could argue apple shutting down the program suggested may be a more negative view on the long-term potential but you could also argue the companies who are going away from level four will ultimately build much better competitive modes how difficult it is. that degree of technology and capability. >> what was so interesting was obviously the price point, there was talk of 100,000 on a car. it immediately made me think of the byd news that they will be having some supercar coming on to the market more than $100,000. in terms of a price point. is that where the competition lies for a 10 look, ford, gm? it's looking over at what china is doing?

itay: i i think every automaker is focused on this different degrees of penetration. the u.s. being smaller. we think the u.s. more ev. they have not yet been penetrated. it's really a competitive market going forward. of course the competitive price globally they are still thinking about it. thinking about the ev platforms. and the incremental services and software being a big part at those lower price points. >> the fact we are expecting ellen 11% increase in sales of ev's. more than 40% increase in the year of 2023. is this the only way companies

can extinguish desk to singles themselves. it is by services. this much more margin generation to be done from the auto sectors. >> every auto company is trying to work the numbers that create some delays with the introductions but there's no question over time that software services is key towards making those economics even stronger and unlocking longer-term a lot of revenue opportunities i spoke about before. in the u.s. we are not just negative on ev adoption as consensus is today. we think the u.s. needs more product to drive better coverage and we are seeing an uneven market in terms of the products today. with ev's we see an uneven market even looking at geographical distribution of electric vehicle sales in the u.s.. we think it would be slow and steady growth it's not been a

disruptive of course of transition. it's good for the legacy automaker who supports this notion about the comeback of legacy automakers in some degree but ultimately ev's we think are the future and are done right there is very -- automakers are still going to be is aggressively into them. >> global head of auto sector so great to have you on the show. meanwhile there's more news out of apple in particular with the latest on allegations the company is impose software and hardware limitations for iphones and ipads that impede rivals from effectively competing grade representative met with the justice department last week and what is the final effort to persuade the agency not to file an antitrust suit against apple. the suit is expected to be coming in the next few weeks. what have you got? ? ed: so much more on the program. a check back on tech markets

fueled by the rally in aia names. i am also looking to the earnings context at two companies with different fortunes. strong holiday quarter. add them into the column for share buyback. it's probably why the stock is up 8%. bumble down 10%. weak sales outlook and it's laying off a good shunk more than one third of its staff. we will be right back. this is bloomberg technology. ♪ so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free.

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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. >> got to check in on bitcoin today because we are trading ever so close to the record high we saw in november of 2021.

back at the 61,000 handle. that's the record high we saw. another 7.7% on the day. risk assets are selling off more broadly and tech we are more focused on the federal reserve but bitcoin manages to push higher despite that. let's dig into risk assets across the board. senior market analyst getting your tech markets feel out here and more broadly when you're looking at the risk asset of bitcoin is the story more about mass adoption and that being a meaningful part of a general portfolio as to why we are seeing this at the moment? >> bitcoin has become an important thing for the financial industry and we think it has a great future in terms of finance and decentralized finance and while the next couple of years. we also saw the etf c is very important in terms of adoption. if bitcoin could actually break

that relation it has with the traditional risk assets then it would be just a very interesting asset someone should hold in his or her portfolio because it is an indifferent thing moving on different fundamentals and is really a great alternative for the portfolio diversification. >> let's go to earnings season. a game of artificial intelligence or artificial sweetener which is everyone is doing buybacks and if you look at names like ebay or go back to disney, mercedes-benz in europe, everyone is doing buybacks and it makes it seem really euphoric. how do you feel about that. >> the earnings season has been good beyond the buybacks because if we are looking at magnificent seven stocks they eat out some 55% earnings growth and that's a big deal and it's an even bigger deal when you think expectations have gone through the roof.

we think there's something fundamentally positive in terms of development and ai was the major take away of this earnings season because what we see is ai investments are really pouring in and when we talk with industry heads we also realize the investment decisions and ai seem to be quicker than other investment decisions because industries and companies seem to understand very well how ai is going to increase their productivity, decreased cost and improve their profit margins. they also had quite a short payoff period, so investors are pouring in and that's absolutely helping the big technology stocks especially those related to ai. >> the main beneficiary of this story continues to be nvidia. the hardware provider of the underlying technology, the thesis you just outlined is more about the end-use or the end

case, do you still think it is important to stay closely aligned with names like nvidia, and an some of the hyper scalars? >> i think yes because those are the early comers and the pillars of this ar revolution. what we see today is a little bit like the digital version, the digital equivalent of the industrial revolution. the potential is huge. looking at the valuations media evaluations gone through the roof but not -- valuations as of today are not that shocking because nvidia's valuation is lower today than it was at last year's 2023 peak. so yes the stock prices going higher exponentially but the earnings follow as well. we think nvidia is a very interesting stock to hold and ai portfolio and zooming out of nvidia the global technology stocks are trading at valuations

lower than their 2000s peak levels. by historical terms the valuations are not that shocking. caroline: if you're looking at forward pe, the ratio it's only quality -- the ceo that company was joining bloomberg earlier. guess what he was excited about, take a listen. >> why we cannot predict when there's a next cycle what i can tell you right now is ai is changing how we interact and how we use our phone. and if eventually of consumers feel they need to have an ai phone, that will create this new growth momentum for the industry. >> we've of course heard them talk about applications and the ai used within smart devices, but should we broaden our agreement of investment

opportunities. should we look less at perhaps the picks and shovels. you're looking at other industry groups now. >> these three chipmakers. it's also geographically diversification of this. the japanese chipmakers or companies in the chip sector also looking very interesting to us in terms of good diversification opportunities while having exposure to ai. obviously other technology areas are very interesting as well because technology as by nature is very adoptable to ai revolution. so every company that has potential to improve their products and services with ai are interesting to having an ai portfolio. ed: a guest coming on the show saying technology by its very nature can come back on the show

again. a terrific conversation. back to bitcoin quickly, hitting $60,000 for the first time in more than two years. this comes as demand for the token is widening beyond committed digital assets. u.s. senator elizabeth warren sat down with bloomberg yesterday a wide-ranging interview on the looming government shutdown, the path ahead for rates also crypto regulation. >> in our financial system, pretty much everybody follows the same set of rules. i'm talking banks and credit unions and credit card companies , gold traders and stockbrokers. private equity now has to follow the rules. precious metal dealers. venmo, western union. but not crypto. my view of the world is the same kind of activity, the same kind of risk should have the same

regulation. ♪

>> google, we have a response from the ceo sending email to staff what is been the problematic responses from the gemini ai engine describing them is completely unacceptable according to teams are now working around-the-clock to rectify the issues. for more let's bring in seth. to put it lightly problematic. but is this enough of this sort of mea culpa moment this is not good enough enough for ultimately the damage to the brand this has done. >> the question is is this even a fixable problem and it's very unclear right now that it is. they are working around the clock testing down different problems and weeding out cases of what we saw last week. the technology itself is fundamentally flawed.

they are attempting band-aid measures here to get the product out there. even if they wait two or three weeks they still see users effectively troubleshooting. >> we've gone to spokespeople at google saying they're focused on the productivity tool may not be accurate or reliable. this is an overcorrection of previous lack kings in other ai generators. i'm interested as to what's gone wrong from a technical perspective. >> behind-the-scenes google has effectively tried a technical fix here and have done prompt engineering. ordinarily uncertain, strewn readers they will show you by default or often a woman but maybe without even knowing it will show a male nurse and a woman nurse. the problem is users don't know what's happening behind the scenes and they overcorrected for it and seemed like they prevented you from seeing the image of a white person. it just speaks to the urgency right now these companies feel

to deploy these products even if they can't properly safeguard. caroline: a white paper just trying to explain this phenomenon. great to have you on. ed: job cuts in the gaming industry. we will be right back, this is bloomberg. ♪ (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. empower. what's next. investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

caroline: welcome back. ed: a quick check in on the markets. we are treading water now. we have core pce thursday, there is still a micro focus on what economic data will lead the markets to believe the fed will do. you see u.s. 10 year yield around 4.29% where it's been. equity market softer. it's a very tech heavy index which is why i checked that. showing you a third time bitcoin

above 61,000 u.s. dollars going back two years when it was at that level. what happened in the same month as it reached $69,000 per token. it is exciting we will keep on track of it. i want to go back to alphabet pairing with google. we had our ai editor explaining the reaction to what our inaccuracies and bias problems in gemini. you can go on bloomberg.com and see that full memo. we are down another 2% in the section and trading at one point in the session at the lowest level for alphabet since mid december so there's a clear reaction. we will keep on top of the story because there is a debate how do they actually fix this. technically or is it not as straightforward as that. it's one to watch and we are down 5% in the last five sessions or so. caroline: all of this brought on by prompt transformation.

meanwhile yesterday certainly of deftly announced there would be laying off 900 employees in its gaming division. and will complete the shutdown playstation london. that brings the number of game workers who lost their job to 6000. cofounder and managing partner at convoy ventures actually invests in technologies in gaming and from the perspective of the industry is this something we will see across the board from microsoft. the mende deal, is it another industry group that slimmed back down. >> while these layoffs are significant a are significant a or not surprising. we will see more layoffs throughout for context we saw of the global gaming workforce laid off in 2023. we've already seen 2% of that workforce. both with groups with layoffs

like microsoft gaming, unity, riot and others. ed: why? why are the companies doing this belt-tightening? >> it's because money is not cheap anymore. we all got way too comfortable and hired way too many people in the post-covid boom. every company including in games and tech is having to change the right sized industry. in full force and 2023 and 2024. >> the narrative when the big tech companies were belt-tightening was they will leave some of this talent and build their own ventures. is this also happening at the start. >> what does it mean for your part of the industry. >> it's happening with the big players on the small players. startups are not isolated from

these concerns either. we've seen across many companies on average of about 30% pullbacks in staff and we expect that to continue. all those companies are doing the same on a topline basis better. that shows you we have gotten in a fit -- we have gotten efficient. as i said before money is not cheap anymore and it's very hard for people to raise both in public and private settings for capital. ed: long-term we are talking of a generative ai being a tool to accelerate gains but right now i'm playing playstation right now, i'm playing switch and enjoying the games but there is an sort of one title or trend or things that i am really excited about in 2024. maybe star wars outlaws. it's -- but do you see what i mean? there is the sort of short-term catalyst to drive the spending cycle. i wonder if you agree with that.

jason: i think you off to the utc platforms, with epic and fortnite. huge announcements there with the disney investment. i think it will see a lot of titles from those regions. versus the standalone huge titles. historically announced by the major groups. let's play on fortnite together. definitely noted the big disappointment is that grand theft auto got delayed to 2025, that was a huge disappointment for many and sounds like for you as well. while in the games industry we have to make do coming out here. and we make do with some the older content for the rest of the year. ed: let's play fortnite, roadblocks, ok and three, very

sad. jason chapman bringing it all, thank you so much. i've been waiting to show you this for a long time. in 2023 san francisco positioned itself as the place to be when it came to ai and investors backed that title but what happens next. i looked at what's going on in our city for bloomberg originals. welcome to the real cerebral valley. this is the hayes valley neighborhood of san francisco. it's characterized by the painted ladies, hip shops and restaurants and its fairly diminutive size. blink and you miss it really. the tech industry local see hayes valley or cerebral valley as a metaphor for what's happening in san francisco. it became the epicenter for new and growing ai companies. part of a vanguard that could help sf ringback business that slipped out of silicon valley or

even out-of-state. a couple of lack -- tech luminaries to see how much of this is real and how much is hype. >> every revolution sort of happens in waves like that there's personal computers, the internet, mobile phones and i think this is as big or bigger because what you see is now software being able to reason and that's transforming not just one or two industries but absently all of them at the same time. >> what happens in the next 12 months with artificial intelligence in the city? >> one of the big things we talk about is the commercial buildings are completely empty. prices for real estate have completely crashed but the silver lining here is we are going to fill every one of those skyscrapers with thousands of very high paying jobs that then create software and products that basically serve billions of people out there.

some folks on there that don't agree with that view as well. check out the full documentary on bloomberg originals, bloomberg.com and all the social platforms. >> vc backed car and a shrink its losses in 2023. talking what a fintech buy now pay later firm in europe. making preparations for one of its biggest ipos of the year. the company is even briefly moving into profit which happened in the previous three months. we have seen this targeting further expansion right here in the united states. which is now its biggest market. interestingly part of its growth has been thanks to openai powered ai assistant which they say is doing the equivalent of 700 full-time agents. that's 2.3 million conversations within the first month of being deployed. that was enough to send shares of performance down 29% pinning their lowest level since late

2016. they are an outsourcing company that is all about stash let's see what else is coming up in terms of ai disruption. a new ai image generator is in town and we got the backing of horowitz. more on that next. let's keep an eye on some of the publicly traded companies, applied materials. this one down just 2.3%. the u.s. is renewing an inquiry into the chinese business, underscoring efforts to curb chips. we are up by 2.4%. this is bloomberg technology. ♪

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ed: new funding for ai companies keeps pouring in and this time it's them announcing $18 million in a serious -- $80 million in a series funding round launching a new version of their image generation model. joining us with the details, rachel. the timing of this is astonishing but let's focus, what is it that they do, what can you tell us about them. rachel: sure. ideogram was founded by those who worked on google's image initially and they launch the first version last year. they are concentrating on making it easy for people to come up with really good ai generated images without having to put in a really lengthy written prompt and also typography. they are focused on making sure they have legible works in their images.

caroline: ironically led by several former google employees. that timing juxtaposed with the issues going on with google but also the exuberance around video generation and more image-based focus for example, this is why we have this valuation. >> i think that the funding they are getting this time around is it's a lot of money for a company that's not very old but it's reflective and part of how much computing power we need -- they need which is very expensive to train these models and to run these models. they need to hire some more employees. a pretty lean startup over there. very interesting timing. one of the things that's interesting in addition to this funding that they are getting one of the new features they have allows them -- people to turn on and off automatically lengthening their prompts which is some things companies do but

they don't talk about it to users. it will be very obvious to users whether that's happening or not. >> something we are talking about several times today that hasn't been said before. stability ai's latest image generator as well got a lot of people talking. brilliant to have you on as always prayed let's stick on the world of venture capital and our vc spotlight today, it's a pittsburgh-based venture firm which just announced the close a $50 million in all girl funds to back startups led by founders from diverse backgrounds. staying up late for us while traveling in hong kong where will the money be deployed, is it pittsburgh focused, are you agnostic? >> let me start by saying we appreciate the opportunity on your program excited about the attention our fund is getting, launched on its way.

and working forward to launching a march larger fund. with respect to where we are investing we are investing nationally in technology funds that are led by black and diverse founders with an eye towards delivering outsized returns to our founders. >> thinking of your founders you've already invested in a whole gambit of the future of finance looking at good find, food trucks and the like. you say about the attention your fund has garnered. i'm going to be honest, $50 million is not that much in the grand scheme of things. what's sad is it's large when it comes to backing up founders and raised by black vcs. why is it still only 50 million if you can daresay only and what are some of the headwinds you found trying to raise this fund? >> your point is well made. $50 million is a very small fund. we have the opportunity to leverage what we are doing with

our fund and other like-minded funds. for the company's with which we invest. one of the reasons why venture is retreated for black lead funds is the overall venture market defined in 2022 to 23 after watershed years if you will of 2021, but particular now that the tension that was garnered on the backside of the tragedy is retreating in the rearview mirror. some funds are also moving away from the sector. >> david i'm looking at this data point around $700 million of venture money went to black founded startups in the u.s. last year. the lower billion the first time in a long time. what's the trajectory looking forward. thank you for your time on the show. we are very interested to talk about the fund but i'm assuming you feel you can do this on your

own. are you getting support from other firms or raising funds with the same intent. >> the answer to your question is yes. we are getting a lot of support and interest from like-minded funds. we are a infective forum for a black led funds across the country. when we take a look at what it's going to take to try and move the needle it's going to be funds like ours proving out that there is alpha in the sector. there's an opportunity to deliver success from funds like ours with the ones we are investing in and prove out that this is not just an initiative but investment category that can provide venture like returns. ed: go for it. caroline: it's notable that for now you've got that first national bank naming a few. ed: david motley we've got to go

but by the way super grateful for you joining us in hong kong. very late in there. we will have you back in the future. coming up we will speak to the ceo of clay vian is the company reports for only the second time since going public how did they close out the last three months in 2023. >> we are going to look at the trading companies. we anticipate after the bell just around 1/10 of 1% ahead of those numbers in the talk of ai applications really driving revenue. paramount down by 2% ahead of its earnings. the media giant looking to see whether revenue does indeed decline by some 3% from last year. of course still an m in day target. this is bloomberg technology. ♪

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ed: data automation and marketing firm kaviyo outperforming estimates last night. it's only the second report they've done as a company. joining us now, the ceo. they talk about that periods of the year being seasonally strong but if i'm trying to pick out a story you added a lot of new customers and i wonder if that was a direct result of the ipo,

one rationale for going public is let's get our name out there. andrew: we are really excited about our results in the fourth quarter. we work a lot of retail and e-commerce businesses and brands. in q4 is their time to shine. we are really excited last year we held those businesses generate $50 billion in sales. we are all but helping businesses and brands build first party relationships with their customers and building great experiences for them to help them drive real growth. >> let's talk about where the headwinds are or why the share price is down. risk assets are down across the board and i'm sure we don't look at the day-to-day vagaries of the share price. maybe morgan stanley coming out with a price target downgrade prayed i'm interested what if anything you're having to spend money on even as you're driving up revenue in terms of users.

>> we don't spend too much time thinking abut the stock price. yesterday we launched klaviyo ai which is artificial intelligence toolkit for all the businesses and brands. as we look forward we built a new platform for any consumer business with our end customers. we think the future of marketing is about autonomous. autonomous does not mean marketers are out of jobs it means they are back to doing strategy and creative work. and out of the my new show. we launched a series of features that i think will become table stakes. the ability to create content from a prompt or automatically optimize that email or sms or your website without having a marker doing the testing. the ai can do it for you. we are excited about the results

just as an example, willow tree started using predictive analytics artificial intelligence based tooling and that increase their revenue from email by over 50%. artificial intelligence is going to allow a lot of marketers to not only free up time and be more productive but it will drive better results and we're spending a lot of time frankly human capital investing in building out that functionality. caroline: are you going to do more work -- for less when it comes to people power? andrew: we founded klaviyo, bootstrapped our business and have been a resilient company prayed we are also seeking great demand from larger brands. brands like metallic, a good american, they are choosing klaviyo so we are investing in

sales capacity as we see a lot of demand for midmarket enterprise brands that want to move on. ed: we just have 15 seconds, how much do you think you've spent are wise in launching klaviyo ai? andrew: we've been efficient added. our costs has been not as large a sum of the foundational large line with models and the other great part is because we are so close to driving value and show our customers the revenue artificial intelligence is creating for them i think there will be opportunities that as our customers see more of that value that we can partake in that value creation position. caroline: enjoy that sunny day behind you. we enjoy you coming on and talking the numbers. of course on the second set of earnings is a public company prayed -- company. ed: check out the podcast, you know where to find it and also

on i heart. it feels like earnings season is kind of in the rearview. ai just does not go away. from new york city and san francisco this is bloomberg technology. ♪ 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.

sonali: welcome to bloomberg markets trader