>> 30 minutes into the u.s. trading day. here are the top stories we are following. the tiktok on tiktok. u.s. lawmakers prepared to vote on a measure that would force chinese company bytedance to sell tiktok or face a ban in the u.s.. we will bring you the latest. hovering near all-time highs in the stock market. with the bulk of earnings behind us and the fed meeting ahead of us, we are to next? we will discuss. roastery isle mn day. scott mosys -- grocery aisle m&a. scott mosys joins us to talk about kroger and dominance in grocery.

i'm katie greifeld in new york. take a look at markets this morning. near all-time highs, but a little over today if you take a look at the s&p 500, slightly in the red, down by about 0.2%. of course still above 5100. look at the nasdaq 100. losses getting a little more serious, down about 0.8%. that follows a big update yesterday. you can see volatility rising a little bit. the vix still below 14, but inching higher and higher. let's get to what is happening this hour. that is the house voting on a bill that would force chinese tiktok parent bytedance to sell it or face a ban in the usa. the company is planning a full legal fight if the bill becomes law. junkie double o streams me from washington. -- jackie double o's -- davalos joins me from washington.

jackie: as you know, the house or the senate have not found common ground to agree on almost anything except this bill. it is a bipartisan effort that was brought forth by the house republican chair of the select committee on china, mike gallagher of wisconsin. it has gotten massive support from top democrats as well. it is largely expected to pass the house but faces an uncertain future in the senate, where some lawmakers have said they want to hold more hearings around what this could mean, and the potential impact of a ban if the company decides not to divest. katie: let's get to the heart of the matter and why the u.s. is potentially looking at a bana. this comes back to national security concerns that tiktok poses. what evidence is there to support that view? jackie: washington has maintained that the underlying algorithm that powers the

addictive nature to tiktok, keeps us scrolling, is being controlled by china, which has access and purview over bytedance, tiktok's parent owner. tiktok has said there is a wall between user data and that control. however, as we have seen, lawmakers are not really convinced, and even a few months ago when the ceo came on to talk about online child expectation along with other tech leaders, the focus was really the relationship to china. they have maintained this national security threat, there is nothing to see here. there is not much to hold there. all makers are not convinced. this is kind of a continuation of the scrutiny the company has attracted. even when former president donald trump was in office, if you remember in 2020, the summer leading up to that election, trump proposed a similar movement to an executive order,

to have the company divest or see a band. this is not new. this effort has been gathering steam. a vote is looking ever likely in the house. katie: stay close is that vote gets underway. jackie davalos in washington. let's broaden out and take a look at these markets. marcus feldman is a ceo sitting on set with me. great to have you in person. i want to start with the first line in your notes. that is that tech stocks are currently still in a melt up. what does that mean to you? arcus: look at the charts for nvidia. the last couple of days, you have a stock that is up basically 100%. in the last couple of days, it is up about 150 dollars. terrific stock. no doubt they generate a lot of tax flow. they're doing all of this with cutting edge technology. it is one that you want to own, but we do not think $900 is a

great buying opportunity. we look for a pullback. there are a number of names we look for a pullback. katie: it is not a cell or a -- sell or a buy. it is a hold. mark: if you have it, keep it. if you don't have it, wait. katie: it has been interesting watching the sell side try to wrestle with valuations at this point. you have goldman. you have j.p. morgan coming out and saying if you look at earnings, they do justify what you are seeing in the stock. mark: 100%. i was doing this in 1999 and 2000. there is a big difference. ai is profitable. these are real companies making real money. the valuation on nvidia is not outrageous at this point. we do get these melt up bubbles, where people who can't get enough of it -- there is other names in the group. i mentioned google. google is a name that will kind

of get hit on the ai story because the worry is a search is going to get hit. google, more than half of their sales and profit come from search, and ads sold on search. they could be hit with ai, going forward. however, there ai offering, gemini, we think they are going to get it together. they have terrific engineers. they have access to the greatest data of any company on earth. think they will get it right. the valuation, with 10 to 15% topline growth, you cannot find that much else in this group, when you compare that to apple, funny times cash flow. -- 20 times cash flow. we think google, for new money, that is where we would go, rather than nvidia. katie: ai is causing some crazy stock pops, but also downside gaps lower.

are we in a bubble? mark: i don't think so. the basis of what we do -- it revolves around free cash flow. companies are generating lots of free cash. they have lots of options to do things with that money. they can buy stock back. they can increase their dividend. they can make an acquisition. that is a healthy atmosphere. it is just a matter of what they pay for. they are looking for good opportunities and trying to discern against names we want to buy now versus later. katie: we are talking about big tech. it seems like that is all we have been talking about for the past couple years at this point. let's venture outside of that sector. you take a look at mid-caps. you take a look at small caps. small caps in particular, they had quite a run to two and 2023. it feels like they just cannot get off their feet. how do you think of those? mark: we are very encouraged by

the recent move in small caps. if you compare the nasdaq 200 to the russell 2000, the qqq's have outperformed by 50 percentage points. that is a massive thing. it does not mean you by small caps, the recent broadening out of the market -- i like to call it the year of the magnificent 493. we are optimistic that things are going to broaden out. katie: that would be magnificent, if it were to happen. i feel like the potential for mn day and how it plays into the magnificent year that could happen? mark: there is a lot of dry powder out there. the difference i think this time is the private credit world and the private world is much bigger than it has been in the past. that might hold back public equity m&a, but we are confident m&a will continue to pick up

this year. katie: that is mark spellman. the vote has started in the house on that potential tiktok sale or van in the u.s. -- or the ban in the u.s. we will keep a close eye. let's look at what is moving underneath the markets. we are going to do that with bailey lipschultz. what do you have your eye on? bailey: it is impossible to not talk about bitcoin at this point, topping $73,000 for the first time on tuesday. there was more than $1 billion in inflows into those spot etf 's, setting records across the board. that is why you are continuing to see a move up and to the right. not many sellers. when you have more buyers than sellers, that inevitably drives things higher. and you look back at many of the manias i have covered, meme stocks. a lot of ipo's came out. you see sharp moves to either

direction because there are low flows of shares. that is what you see with bitcoin continuing to move ever higher. that is worth taking when you look at how it is outperforming, stripped away from bigger technology companies that it traditionally attracts. katie: i'm glad you brought up etf's, one of my favorite things to talk about. like rock' aside bit taking in nearly 50 million dollars yesterday alone. that has been a pleasure to watch. the mania in tesla -- taking another leg lower. bailey: wells fargo downgraded shares to underperform, telling clients to sell the stock. i want to call this out. the analyst says elon musk' his company is a growth company with no growth, calling out that sales growth only rose 3% in 2023 while prices fell 5%. a lot of detractors around tesla. we have seen the stock dropped close to 30% to start 2024.

when you see a number of analysts continuing to pound the table for the bearish side, that does stand out in a market that, for the most part, with the want to call it the magnificent seven or the fab five if you strip out tesla and another company, it is showing up in that irish call from wells fargo, weighing on tesla shares this morning. katie: tesla shares continuing to fall out of bed. but it looks small when you look at what is going on with dollar tree. bailey: a double-digit move lower for the company, reporting underwhelming results and outlook. they are going to close 600 stores over the coming month and year. 14% drop is really a sharp move lower for investors. they have been buying into the rally over the last few weeks and months. one thing that did stand out is the fact that the company has a lot of uncertainty around eps. i don't know if you have been to a dollar store. when you are looking at the

business, it is being questioned by a number of these companies. stocks are trading lower in sympathy. katie: bailey lipschultz, thank you so much. amazon and eli lilly team up to bring weight loss drugs directly to consumers. details next. ♪

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no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. katie: egg news out today. drug maker eli lilly teaming up with amazon to sell weight loss drugs. zepbound will deliver glp-1

drugs to consumers through amazon. medicine, this is part of lily direct, correct? madison: i spoke with executives at lilly, and they said this is the next phase of expansion. we know this just came out in january, so they are still trying to grow it, and this is the latest phase of that. katie: this would theoretically make it easier for consumers to get their hands on some of these drugs. how does that fit with the supply shortages we keep hearing about? madison: exactly. that is part of the reason why lilly started lilly drug. it has been a hassle to get weight loss drugs for many patients because of the supply shortage, demand, and general issues with the u.s. health care system in general. this latest initiative from lilly is helping with turnaround times, ideally, and amazon is also hopefully going to help with that as well. in helps patients connect

directly with doctors and also have that home delivery of their prescriptions as well, if that is the right option for them. katie: before i let you go, what uptake has lilly seen through lilly direct so far? madison: we don't have exact numbers but the lilly ceo said yesterday in an interview with caroline hyde that they are seeing successful results, strong uptake, so much so they are having trouble keeping up with the demand for this service. katie: great reporting as always. appreciate your time. that is madison muller. let's keep the conversation going with mark spellman, who remains with us. before we went to break, we were talking a bit about google, and under loved ai play. the valuation definitely trading cheap to some of its peers. along that theme, what other names have been overlooked when it comes to this ai euphoria we have been witnessing? mark: there are a couple of names and industries.

you think about the data center world. a major beneficiary from ai. you look at the hvac world, air conditioning and ventilation, believe it or not -- huge. train -- increased its backlog by 30% at the end of last year for commercial projects. there are data centers. the runway for trains business -- mind you, they do train air conditioning -- the runway there is multiple years. the stock has done very well. it is about 28 times earnings. on my list of names i want to own -- if you do not own it yet, wait for a little bit of a pullback back when you can. the second deliverer below that is carrier global. eight multiple points cheaper than train. train's outlook is a little bit better than carrier's right now. carrier is more residential and has more of europe, so they are not hitting on all cylinders train is. new money, we would say carrier

global. katie: can you walk me through that? i understand it is a second derivative ai play, but how does ai fit in with hvac? mark: you have to cool those machines when they are in the boxes, and it is massive. it is not just one play. a building like the bloomberg building, air quality is a huge deal post-covid. nobody wants to come back to work unless they feel safe. the air quality issues have been a huge boon to a company like train, retrofitting new buildings. plus you have new regulations for refrigerants. that has helped them as well. katie: you have the googles of the world. that could help when it comes to their search business. you have second derivative plays. what about the picks and shovels? how are you thinking about chips right now, the likes of nvidia question mark is that too hot to handle? mark: i would say nvidia -- great company. want to own it. own it if you have it. wait if you don't. if you want to get more of a

value situation, hewlett-packard -- here is a name that did tremendously well during covid. work from home is a huge boom. a new printer, lots of stuff. the growth rates fell off the cliff, as they should. however, hewlett could be hitting another cycle. there are major things happening. ai -- they just announced a of computers with nvidia, which is perfect. -- they just announced a new line of computers with nvidia, which is perfect. in addition, windows 10, if you remember what that is -- katie: i've heard of it. mark: it officially dies later this year and there is a replacement cycle for old pc's there. earnings could surprise to the upside, 12, 18 months out. if you get four dollars of earnings with a name that is nine times earnings right now, selling at $30, 83 point 8% dividend yield, it has retired

40% of its shares in the last five years. we think that is a real good risk/return right now. you might not think as an ai play, but maybe a third derivative play. katie: that's what i want to talk about. clearly, you are doing your due diligence, finding the second and third derivative plays. but what is the catalyst for the broader investing community to wake up to that narrative? do you have to wait for earnings? mark: i think that is exactly right -- it is earnings and cash flow. it sounds like a great story. hewlett-packard's recent results are not showing any benefit from ai. if you get the nine month -- if they can show they are a participant in this ai cycle at my multiple, it will go dramatically higher. that is where you make a ton of money. if they can positively surprise on the eps side and expand their multiple, it will be a real good start. katie: definitely something to watch. when we are talking about

smaller and mid-cap names, when you look into indexes, where are you saying the opportunities when it comes to specific companies? mark: it is less them at it. i think the thing would be broadening out, like the magnificent 490 five i discussed. of a name like imax theaters. they license their name and technology. they do not own the theaters. the stock did terrific last year because of oppenheimer and a bunch of other names. the writers strike put a could bosch -- put a kibosh on new movies. probably will not see big blockbusters until later this year. has a big business in china, so it is a china play. the going is very good in china. imax has also expanded their product offering to a lot of local language stuff. it does not have to be english-speaking blockbusters. they have done a real good job. they have brought back a lot of their stock. we think that is interesting.

from an m&a front, this could be interesting. this is kind of what our target is. katie: i will note that "dune two" is a pretty big deal. mark: big upside surprise, doing better than they had thought. the stock has gone up a little bit. that is still a buy. katie: really enjoy this conversation. hope to speak with you again soon. covered a lot of ground. that is mark spellman of alpine, saxon, woods. we will look at companies making the most social buzz in our social climbers segment, next. ♪ j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you,

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katie: it is time for social climbers, the stocks making

waves on social media this morning. volkswagen expecting orders in europe to pick up speed as it updates popular models. the cfo spoke to bloomberg tv earlier. >> 2024 will be a challenging year with the macroenvironment uncertain. we have interest rates still high. inflation on the cost side. there is a lot of competition in the ev market. there are also positives. we bring some great new models. katie: meanwhile, the company facing a lot of headwinds including softening demand for ev's and growing competition from cheaper chinese models. all birds gaining traction, the footwear company issuing a weaker than expected outlook for revenue. analysts saying there is limited visibility into improving sales and the recent departure of its ceo is not helping confidence that much. finally, we have petco.

it is losing its top dog. pet health and wellness company announcing its ceo will step down. there will be an interim ceo until a permanent ceo is found. the company beat fourth-quarter earnings estimates. it is helping shares out this morning. you can follow all the latest company buzz on your bloomberg terminal. you look at the broader markets. it is pretty quiet out there. you look at the s&p 500. you can see we are down by just a hair. slightly more, if you take a look at the likes of big tech. the nasdaq currently off about 0.7%. he had a big green day yesterday. maybe the market is taking a bit of a breath at this moment. coming up, the ftc has sued to stop the kroger harper albertsons -- the kroger/ albertsons deal. it is set for trial. we talked to scott moses of

solomon partners. ♪

katie: the ftc has set a trial day in august for the proposed merger of kroger and albertsons. the ftc and washington d c have sued claiming the merger would lead to higher prices for customers. the supermarkets say they need the merger to compete. i spoke with tony on the state of grocers on monday morning. tony: that's a primary customer we serve. about 2100 of them and there's about 21,000 of them in the united states. typically family businesses that operate in an inner-city weather

might be a food desert, most commonly they are in small communities across the united states and their small family run business they rely on wholesalers help solve their problems and think about how they can win the business officially. looking for the tools and insights we can provide. looking for that overall supply that's consistent and predictable. all that makes up how we manage through that. retail, the wholesale is sort of the same thing. they've heard me tell stories, we see the same types of trends. because of the scale broadly we can offer to a two-story family chain is really invaluable. katie: i want to talk about one of your key wholesale customers. business with amazon has been slowing as they pursue their own efforts there. how do you make up for that lost business?

tony: we are doing the same types of tools i mentioned a moment ago. looking at ways to grow organically with our wholesale partners. we are also evaluating opportunities all the time. looking for those ways to continue to grow. we believe amazon will come back so we want to make sure we are a good partner for them. >> that was my conversation with spartan nash ceo on monday. we want to bring you some breaking right now on that tiktok vote. the house has enough votes to pass the divestment bill. joining us with more is jackie in washington. what do we know right now. jackie: we know this bill moves to the senate where it faces a much more unlikely future. here you had largely bipartisan support for imposing this

deadline of 180 days for tiktok's parent owner to divest and seek a new buyer for tiktok or face a band. you have an interesting dynamic going on here. you have pretty prominent members of the house both in opposition. for example representative marjorie taylor greene siding with former president trump who had expressed his own views on opposing the bill earlier this week before it came to a vote. she says this could lead to other similar bands for other apps. something that is a cause for concern, perhaps some government overreach. you have aoc also coming out in opposition saying that many people depend on this app and this process was just too rushed.

so now you have the house clearly voting to move this forward whether or not tiktok's lobbying efforts on capitol hill which have been directed towards the senate at this point will be effective is still yet to be seen. katie: thank you for that instant reporting there. on the breaking news that the house has the votes to pass that divestment bill for tiktok. we will follow that one. let's pivot back to the grocery store specifically grocery, and day and the merger between kroger and albertson. we are joined by scott moses, the head of the grocery pharmacy and restaurants investment banking group. he's the head of the proposed deal between kroger and albertsons. we talk about that deal. initially proposed in 2022, it's been a long path to here we are now. how confident are you that this

deal will close? >> i'm very confident. this is not some industry we do not understand. we know the facts here. our colleagues all shop at walmart, costco, amazon, trader joe's. out west they shop at a long list of other grocers. so the ftc is describing a grocery industry that we haven't seen in decades. quite candidly you need a delorean to take you back in time to the 1980's to shop there. it does not exist in 2024. katie: let's talk about some of the remedies that have been proposed to actually get this over the line. the two stores you begin talks of selling more than 400 locations throughout the country

, does the ftc accept those divestitures as a remedy here? >> clearly the ftc has articulated some questions, but the fact is cns is a very strong to vested her by. you had talking about how well as a supplier or infrastructure serves different retailers around the country. the fact is they are 40 or 50 times larger than the hagan transaction. cns is one of the largest grocery suppliers in the u.s.. it's owned by one of the wealthiest families in the u.s. and has over 100 years of grocery operating experience. it's supplies over 7000 stores with extensive infrastructure across the country and unlike hagan they will be acquiring more licensing, which corrects a

key mistake that will help with continuity and help make sure they can use their strong balance sheet to invest in prices, wages and marketing, they also have a deep management team with extensive immigration experience. the ftc validated cns as a domestic by just two years ago in a merger. those stores are doing very well now. katie: should we expect more divestitures from kroger and albertsons as we count down to the closing here? >> i can speak to the negotiations are ongoing between the ftc and counsel, but what i can say is the grocery industry is radically different than the one the ftc describes. it's got not just supermarkets but supercenters. discount, dollar and drug grocers. supermarket grocers as well.

the usda actually allows snap purchases of groceries at all of those grocers. so i think that's a pretty good indicator as to just how broad the grocery industry is today. supermarkets only comprise 36% share in groceries today. five of the top 15 grocers. the other 10 of the top 15 are these national discount grocers like walmart, target and whole foods. they have 64% share and they are rising fast. katie: i want to bring us the headline as we follow that tiktok vote, the u.s. house passes the bill that would force tiktok's sale or face a band. the divestiture from their parent company, we will continue to follow that one. we will see what happens there. i do want to talk about the have

to walmart and the likes of amazon when it comes to grocery. i want to talk about some of the pushback to this deal. you also had the united food and commercial workers international union saying last may that they oppose this merger, that it poses a serious threat to members livelihoods. how do you think about those responses, what would this potential merger mean for salaries when it comes to those who work at these stores? scott: it's important to say the grocery teams around the country are incredibly important. they have been in crisis after crisis. union jobs have precipitously declined at our top grocers around the country as the nonunion grocers have grown so much. conversely kroger has added over 100,000 union jobs in the past decade and they've committed in

addition to lowering prices they've also committed they will increase wages, they will invest in better stores which strengthens those jobs, there will be no store closures, no frontline job losses. the transaction was endorsed by local 555 in oregon, washington, wyoming and idaho. they clearly articulated something with which i wholeheartedly agree which is albertsons is for sale. it's going to be acquired and they would much prefer that the buyer rather than some nonunion or antiunion company like amazon. >> if this merger doesn't go through what do you see as the path forward for kroger and albertsons? what would be the next plan. scott: the facts and the data very clearly imply this

transaction is very important to help lower prices for consumers around the country and to help improve wages at stores around the country as well. the irony is the real beneficiaries trying to block this transaction are the enormous nonunion and national discount grocers like walmart, costco and amazon. it's almost as if the ftc is putting their thumb on the scale to support them. that may not be the attendant -- intention but it is the result. if grocers are not allowed to even the playing field they may serve to look like grocery stores. millions of union jobs lost. that'll you're are trying to prevent here. that's what i've been trying to do my whole career. to help keep supermarket grocers open and vibrant and part of our communities so they can continue to serve them. >> really enjoyed this

conversation and appreciate you rolling with the breaking news. scott mosys of solomon partners. let's get a broader check on the markets. abigail: relative to big tech it is not so positive. over the last four days down more than 1%, a lot of this having to do with nvidia down the last time i looked 3.5% some chips being taken off the table from that big rally relative to some of the other indexes. the s&p 500 may still be down ever so slightly down 1/10 of 1%. you can see the stocks in sympathy with nvidia trading off. small caps up 6%. -- 6/10 of 1%. the china tech index up 2.2% for a fourth day in a row. up almost 8% over the last four days technically driven rally with that index going above the

moving average. let's see whether or not it can hold. this point cannot be overemphasized or at least that's my feeling on it. it's continue to grow. this is the s&p 500 so you can see this nice uptrend but what is happening is as the index makes more and more record highs the rsi is not gaining ground braided so the recent record high at a much lower level than what it was last december and that tells you there is less momentum, less enthusiasm on the part of the buyers. relative to some of the movers beneath the surface, let's take a look at williams-sonoma up 18.8%. there was also a very solid quarter there. a decent short interest. some of it having to do with

their ai chatbots. tesla down over the last year, this is hard to believe now down over the last year. how can you have a growth stock with no growth downgrading it to the equivalent of a cell and then the one q earnings guide not great, they are also closing $600 general store's, the ceo saying for the lower income shopper that there is more deliberation and they are less certain. >> a wipeout in dollar tree. coming up investment opportunities in india. highlights of our interview with henry mcveigh, a kkr head of global macro balance sheet and risk. this is bloomberg. ♪

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and footwear association joins bloomberg tv. this is bloomberg. katie: time for wall street week and earlier bloomberg's david westin sat down with the kkr head of global macro balance sheet risk asking about his recent trip to india and what improvements he seen since last visit to the country over a decade ago. >> we wrote a piece and said this is what india needs to do to hit its potential. on them was invest in infrastructure. the second was reduce its deficits and the third was stop subsidizing everything and let the real economy do its thing. i was just back recently and you can see they have done those. a lot of credit to modi who's done an excellent job. massive investment in

infrastructure particularly around roads, second is around data and making sure that you can actually have the technology do what it is supposed to do as it relates to the internet and then finally i think about all the stuff around the rule of law and making a better bankruptcy court. that something where people with foreign capital wants to be now in india. it's a good environment as you mentioned. a lot of people thinking where can i get emerging markets growth. while i'm talking abut this latest update india's public equity markets have been outperforming by 700 basis points for the last 10 years so this story is a growing one, it's getting better but it's not a new one. >> how did they manifest themselves in economics. we've always considered inflation in india. >> one is real gdp is going up. since the past couple of years there's more consumption in the economy i think you're seeing the rise of the middle class

particularly the middle to slightly higher class they are really starting to spend and enjoying the benefits of that. everyone now has a digital bank account and the government can be much more targeted in terms of doing fiscal subsidies picking sure money has been transferred properly and the final thing is unlike china or the united states, india has created a technology platform that is agnostic so their version of amazon or the search engines is something that's open to everybody not having one private sector company control that. over time that could be a differentiated model. those would be a couple of big changes. david: there's a lot of talk about china and the fact they are trying to get a more consumer driven economy. what progress is india making and how was it making that progress? >> they don't have to start by increasing from exports.

the economy is 65 to 70% consumption to start off with so it is about increasing gdp for capita -- per capita. you need to see real gdp per capita grow up which is tough in an economy that often has inflation. the second is things around taxation braided the gst tax has made it more efficient so you have the ability to transport goods across different regions within india. in the past you've had ways and it's taken time and the toll on getting the goods from one area to the other has been much worse so that is improving. the final thing is there's more confidence in the consumer. we've exposure to different financial services companies in india and the loss rates are down so there's a confidence where people are paying off their debts and the consumer is spending a little bit more. you contrast that with the

company -- a country like china. they really had made their growth in fixed investment. you need fixed investment, exports and consumption but what makes india unique relative to some other markets is they will have to export their way out and in a world where we got a lot of volatility, having a strong consumption base be two thirds or more of your economy. henry: give us a peek at the playbook. going over there to look as an investment opportunity. where do you see the investment opportunity? >> india has a wonderful set of large conglomerates that will grow both in india as well as around the world. they also have done a lot around technology, retail, telecommunications. we have been partnering with some larger companies in india to bring foreign capital and some expertise around industries

that's been a great relationship for us. that's to our private equity at kkr. the other one that's growing fast right now is around infrastructure, the government is looking to move four to $5 billion out of the public, toll roads, transmission of energy data, all of that area is booming. india for the equity markets, there's a huge amount going on in infrastructure. the government is supporting that privatization and then it will make a difference in the efficiency of the economy and the third one is around credit. seeing more of a credit society. that's one where you need to partner with the right companies to lend but those of the big groups were we've been focused obviously real estate remains a big area of focus in the economy, they had a housing bust and too much credit right before

the pandemic. spending a lot of time there during that and watching that downturn. what you are seeing is the real estate sector do very well and that's good to draw investment. katie: that was henry mcveigh sitting down with david westin. this is bloomberg. ♪ okay y'all we got ten orders coming in... big orders! starting a business is never easy, but starting it eight months pregnant... that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs the chase ink card made it easy. when you go for something big like this, your kids see that. and they believe they can do the same. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. hey you, with the small business... ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy.

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katie: we want to revisit some breaking news the past hour. the u.s. passing a bill that would force to tox sale or ban it altogether. the most serious challenge yet to a service used by 170 million americans. this past by a vote of 350 2-65. it goes to the senate with a much less certain future. president biden said he would sign this legislation even

though his campaign recently joined tiktok. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

>> 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: full coverage on tiktok throughout this program. the u.s. house passes a bill to force bytedance to sell tiktok or face a ban in the u.s.. ed: the european union face it -- passes extensive ai guard rails.

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