>> 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. the impact and what it means for

the future of artificial intelligence. caroline: social capital fires to partners after a probe citing an undisclosed situation. what could be behind the decision. first a check in on these publicly traded markets, a more records to be had. we ease back a little bit. instead we just digest where the federal reserve might go and what the inflationary pressures are. a bit of profit-taking being had. managing to fight off some of the doom and gloom scenarios happening in the u.s.. we are up 2/10 of 1%. some key ai fervor across the atlantic. maybe this dictates trade in the united states. we see the bond market 30 year auction lackluster demand yesterday. moving on from that into the world where we just don't catch

a break in terms of the run-up. powering up two percentage points on the day braided eclipsing that $73,000 handle. what are you watching on the micro? ed: social media names, over the last seven days. but the moment the house did to the divest or ban tiktok bill there was a significant leg higher in rumble and met up. the conversation will now change. we are going to discuss whether the divest or ban tiktok bill will have success in the senate but we are -- people already say it's a foregone conclusion we say who's get a benefit from the tiktok ban in the u.s. or who is going to buy tiktok's u.s. operations. rumbles gain much of it in the weight that they are looking -- there's a lot to discuss with

the big step in the house has been taken and now we moved to the senate. caroline: still much potential pushback from the senate and notably the ceo went endo to lobby the senators yesterday. alex, according to people they were looking to target senators in particular. alex: he was prayed the tiktok team saw this bill potentially flying through the house like it did today getting that majority vote in the past few minutes. the next hurdle will be the senate. chuck schumer in the senate has so far not said he would take up this bill. tiktok put out a statement today appealing to senators saying this process was secret and the bill was jammed through for one reason. we are hopeful the senate will consider the facts and realize the impact of the economy. the tiktok ceo who was down in d.c. is going to be spending his time in the senate hoping while

this is the furthest and anti-tiktok bill has gone in the u.s. government that it ends here. >> it's not just the chuck schumer has not endorsed the bill, it's that there is a bigger concern here as well. bloomberg is reporting this idea that even on the republican side of the aisle they look at this bill more big picture, why do we handle these powers to the administration and give them such a blanket power for censorship to make a decision on tiktok. that's there in the background but i'm think i'm right in saying tiktok will always -- will mount a legal challenge to the idea would have to divest or sell its u.s. operations anyway. alex: i think it was summed up pretty simply to our d.c. colleagues by thom tillis who said yesterday he's worried about the unintended consequences of a bill like this. it's been fascinating to watch the battle with tiktok in d.c.

because republicans rate large have been some of the biggest agitators against to talk. some of that changed when we had donald trump himself, the president who put the first executive order forward to ban tiktok came out and said a few days ago maybe we should not do that because it would give meta-too much power so we have some rain billing here not only over whether or not this bill addresses concerns or if national security concerns have been made clear to the lawmakers but how much power this would give the government, this would give the executive branch in ruling over the private sector. ed: in that moment, the house passed the bill, there was a big spike in meta-. but of course, tiktok's use or base and its platform is highly analogous. alex as done a wonderful job of

covering all of that. an immediate pullback. so sources say tiktok intends to exhaust all legal challenges before it considers any kind of divestiture from its chinese parent company. let's bring in the institute of world politics professor and strategy and statecraft and share of international communication for his point of view. for many this was a foregone conclusion. divest or be banned. is it as simple in your mind? >> from the national security community it is pretty simple issue. it is a potential threat to national security because of its reach. where the software is, the potential to influence but also the close relations, it is a chinese company and there was a report that came out on monday on threats assessment and china

was prominently featured in that. china's activities in the last few years have been much more aggressive. they have been working with adversaries like russia and iran more closely and so there's real concerns from the national security community it should've been done probably years ago. caroline: we know this has been considered for a long time in terms of the worries of chinese influence. tiktok has said we can alleviate that. project texas insuring oracle is facilitating the way in which data is not transferred to china. how much have you read into the ability for that to ease any concerns. >> the fact it is a chinese company that still has to abide by chinese laws which would require data transfers. the other concern is their algorithm and the ability to

potentially push influence messaging that we wouldn't be able to detect in real time. it would be really difficult to detect some of their longer-term influence activities if they were to shift their algorithm for more malign purposes. that's a real concern for the national security community. >> 170 million americans use tiktok and many of them like it. are they being represented in this process? david: i think the senate will have its say, the fact it's been delayed for a number of years and there hasn't been action, that's a testament there has been a voice for those folks in the process. so i think we have a system of laws and rules and ways to appeal and there's a lot of different avenues for people to have their voices heard. that's a strength of the u.s.

from the national security community at least. it sort of a no-brainer the action should've happened a while ago. >> if this doesn't go through, what does that mean for china and the u.s.? david: i'm a little concerned. if the chinese government thinks it can block policy action on important issues by appealing to domestic political factions or special interests, then i think that makes a more dangerous world. that may embolden the chinese to be more aggressive and it decreases the potential -- increase the potential for more direct conflict in the years ahead. >> institute of world politics professor of strategy and statecraft. we thank you. coming up, more regulation. this time from the eu passing a

landmark set of ai rules. this is bloomberg technology. ♪

caroline: the european union passed the world's most extensive rules on artificial intelligence. the landmark set of rules could set the tone for how ai in the western world. many would say some of the lawmakers have never been lobbied as hard as they have been over this particular ai act. what's the take away for companies trying to build? >> right now it's a celebratory day in brussels. last time i was speaking to you

it was after a most 40 hours of negotiations in mid-december. fast forward three months and we have them signing off on this act. we are getting a lot of concerns from companies, they've been sounding alarm bells about overregulation. concerns the european continent will be behind because they are regulating much more ahead then there u.s. counterparts. we also have this concern from european tech companies saying we want to compete with u.s. and you can over regulate us, we will never have a chance to actually compete. caroline: -- ed: i'm building large language models and based in europe. now that this has passed, what is it that i actually have to do to comply? jillian: it's good to look at the eu's approach and risk-based approach. describing the use of the

technology and not technology itself. this means in practice they would be banning the worst possible uses of ai so they can be used to perform recognition in workplaces or schools, social scoring, giving a score based on their behavior. when it comes to high-risk situations there are more tricky ones. ai systems being used for migration applications or certain job applications. a lot of companies will have to perform a lot more checks in order to prove they are safe. the one exception a lot of companies are lobbying hard against our these additional controls to generative ai. especially regulating the technology itself. in the end with these companies will have to do is prove to regulators energy consumption, a proof they are complying with copyright laws and there's a new ai office based in brussels and the eu is setting up.

this will operate almost like a police force where they can say hey we want more data on how you've trained your large language model. and can ban an application if it's performing poorly. caroline: they've partnered with microsoft and one expert saying eu lawmakers got played in this particular situation. how and why will this not be a read across to how the rest of the world adopts ai legislation? >> last year we saw a lot of these companies pushing per regulation. we had sam altman in congress pushing for regulation. we had that in brussels but well arguing they have also been lobbying against some of the strictest controls they've seen in brussels. last year they were really effective in getting the french government pushing these

government saying we will be able to compete with u.s. companies. they were rbc partnered with microsoft so that left a bad taste in a lot of lawmakers mouths but also affects other companies signing on for voluntary commitments trying to prove to governments they are taking this seriously. i think more and more to tech companies might be self-serving. caroline: jillian, we thank you so much braid what if you got coming up? >> the other top tech stories, first off the pentagon pulling out of plans to spend as much as $2.5 billion on a chip grant to intel according to sources. the move threatens the total amount of federal funding intel was expecting to receive it now puts the onus on the commerce department to make up the shortfall. it was part of a package that allocated $3.5 billion to intel

to produce defense. shares arch climbing the most in almost two years after the australian finance review reported they were in discussions to sell off carrier optics. singapore's largest carrier responding to the report saying there was no impending deal to offload optus as reported. google is curbing its genai chatbot from responding to questions directly to the indian general elections. this follows similar controls set up in the u.s. and other countries holding elections this year in an effort to combat concerns over misinformation and conspiracies. google collaborating with the election commission of india to enable easier discovery of vital voting information with google search. caroline: so much more in the world.

social capital firing to partners after a probe citing an undisclosed situation. meanwhile checking in on some publicly traded stocks. flat on the day but with a little bit of volatility, of the pharmaceutical giant teaming up with amazon to expand its popular weight loss drugs directly to patients. we sat down with the ceo of eli lilly who discussed the innovations they have been doing and how they are tackling supply chain constraints. >> it's not a protein, it is chemistry and it's not in an injectable device, it's a tablet. the world is awash in those capacities so should it be successful i think we will be able to tap into more supply which is good for the u.s. but even better for places like brazil, mexico or china. ♪

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ed: social capital, the venture capital firm fired two of its partners citing an undisclosed "situation." that's according to a letter sent to its investors by blum -- according to bloomberg. in the last hour you've updated the story with more information particularly about one of the partners terminated because you heard from his lawyer. >> yes, so yesterday morning the former facebook executive who is on the all in podcast sent a letter to investors and social capital to say the two of their top partners were fired.

they hired a big-time law firm to review and probe the situation and after the probe, they were terminated on sunday. the situation in question happened last tuesday and in the letter all he did was call the situation. there's been a lot of injury within social capital in the investment and venture capital communities about what happened here. there's been salt sorts of speculation but we've learned this comes down to an ai start the social capital invested in five or six years ago. this had to do with the partners being involved and offering a special purpose vehicle related to outside investors. this happened after they were worth maybe 60 million a few years ago. a special purpose vehicle related to that and all the money to be earned there. the company said the two men violated company policy but did

not go beyond that and we've heard from lawyers for both of the men terminated saying there is no wrongdoing. and once they show their case the public will know they have done nothing wrong. and social capital has not responded to those. caroline: the spokesman saying it was undeserved. they say it's being used as a pretext to fire him. how unusual is it to get such little information when such a step is taken. how unusual is it to lose such partners from a firm? >> people are fired from firms all the time but it is ready unusual especially showing between, what they've done thereby saying employee specific circumstances and say no further comments at this time not even naming them in the initial tweet. all they did was create intrigue

over what happened. if they have said initially what had happened maybe it wouldn't have been such a significant new cycle but they handled this poorly from the get-go. it was a three sentence email to a bunch of outside investment partners but got this though it -- going. he said if you want more information give me a call. so a lot of intrigue here. so when unusual situation. ed: social capital is basically not saying anything, but we know this has something to do with ai startup, explain the basics of that? >> there's a lot of speculation on what it means. this ai startup, the valuation went through the roof and i guess there were some concerns potentially about that investment and how it was handled and how outside investors have been dragged into

that. we are still trying to gather more information and what's happening here. our hope is the lawyers from both sides present their cases to the public and perhaps send us more information on what's happening here so we can understand. it seems really abrupt having this situation appear on tuesday hiring a law firm on thursday, having partners on sunday and then this announcement within one week. it seems like something that was done very quickly. something that may have been done in a rash manner. we will need to know more information to determine who is in the right and wrong here. caroline: we've invited social capital onto the show to get more information. we thank you so much for breaking it all down. thus far social capital has not responded. we discuss all things crypto. the market still trading higher.

the ceo of edge and node coming up next. keep an eye on what's happening with disney. the ongoing issues with certain investors trying to push back on nelson peltz in particular. we see overall this is a company looking to be responding overall. jamie dimon is backing bob iger in a proxy battle. but thus far we will keep an eye with what's happening with disney with what has been a very active investor. up 6/10 of 1% this is bloomberg technology. ♪

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ed: welcome back to bloomberg technology. caroline: let's get you a quick check on these markets. may be a little bit of a test off by 8/10 of percent. draw down in particular when it comes to some of the key chip names. nvidia under pressure. looking at the u.s. also perhaps dictating the path of trade for equities, when you see yields pushing up a little bit on the end of the curve in particular on a 30 year auction, a bit of lackluster demand yesterday. bond yields go higher, quite

often we see tech stocks go lower. bitcoin managing to carve its own path. up 72, moving on some of the individual movers to the tech names. the chip stocks have been pushing generally on the pressure of the nasdaq. tesla as well seeing another day of losses. this as we see analysts going negative on the stock. i'm showing some companies outperforming. chinese names are the highest. some mixed reviews with certain analysts saying by this stock. up another almost 5% on the day even as we digest u.s. china tensions going back to the tiktok story in a moment. let's focus on the crypto rally. welcoming teagan, indexing and querying protocol open blockchain data.

the crypto related to the graph is seeing a market capitalization. tell us about some of the exuberance is it or just natural interest coming into the space at the moment given the etf's we saw launched? is it sticky? >> obviously these markets are sick killer -- it won't be a straight shot up but the total wealth in the world i think bitcoin will take at least 10 percent of that if not more in the next decade or two. a lot of room to grow looking forward to it. the etf a lot of this was unexpected, the volumes we've seen over $1 billion yesterday came in in just a day. i think people are expecting tens of millions and we are averaging hundreds of millions in bitcoin alone. >> as you run your business and build out the technology does it matter to you if bitcoin is at

72,000 u.s. dollars per token? tegan: i don't really pay attention to price. we've been through many bear and bull markets. it is exciting to see more people getting involved in this ecosystem and crypto is here to stay the number of americans holding crypto is only growing so i'm excited to see that continue. ed: one question we haven't asked as much is whether the kind of negative overhang around your industry has gone away. we talked about how 2022, 2023, a lot of it stemming from the collapse of ftx. now we are focused on the trading activity of bitcoin, the authorization of swap bitcoin etf. does this feel good in your world at the moment? >> it's important we learn from the lessons of the past when you look at ftx and the recent implosion's, a lot of that was

coming to centralize tech on top of these ecosystems so it's important when you're thinking about crypto especially in an etf that you have true ownership over your assets and it's difficult to get that without custody of your assets. >> we are seeing a broader surge of people able to benefit from the gains or indeed just broader volatility without having to go through self custody. tell us about the underlying technology of what you are building and whether any of this will be more than speculation. what is the infrastructure necessary now to be real alternative to normal finance. >> it is easy to look at the screen and see these tokens in the trading volume but when you look under the hood a lot of these ecosystems there is an ecosystem underneath.

a thriving community of builders and individuals participating in these protocols. we are organizing data and ensuring it is incorruptible. last quarter alone we saw 950 million queries. so web three usage is at an all-time high and i think it's only going to continue. when you look at crypto you want to think about web three and monetary policy. bitcoin has proven monetary policy. web three is something we are building to decentralize the internet. caroline: where are the investors, the builders, to your sort of google of web three coming from? >> there is a community index they are most google like companies that are all individual located all around the world on many different continents. so this is a global movement.

it is important we remember that here in america. i know london is thinking of an etn that is physically back. we don't want london to beat us to it so we are looking forward to that coming soon. ed: what i was guinness say, someone came from the world of traditional finance london, wall street and now in the world of web three. hive mind capital partners trying to bank on the latest crypto renaissance pipetting on an nft coming back. they are seeking to raise at least $50 million for a fund dedicated to digital art and blockchain after the firm already acquired prized and fts for the portfolio starry night capital. launched by the disgraced founders of three arrows capital. a lot going on in that world. caroline: back to the top story

when it comes to the u.s.. we will bring on a republican representative from georgia. this is bloomberg technology. ♪

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caroline: you are looking at a live shots of the principal room. coming up harborview equity partners founder and ceo, this is bloomberg. >> this plainly is a conduct law meaning we are acting because of a demonstrated malign national security threat not because of the content of anybody's speech. the bill is narrowly tailored because it simply requires divestment. meaning millions of americans who love tiktok can continue to use the application but just in

a more secure way. >> that was the fcc commissioner before the house passed the bill that could lead to a sale or ban of tiktok in the united states. let's bring in dan in d.c.. the house is expected to pass the bill. it now goes to the senate for some it's a foregone conclusion but there is some politicking to do on this in the senate. dan: i am standing here on the senate side of the capital just having come over from the house where there's a big vote in favor of doing this divestment or ban measure on tiktok. the question is what happens over here in the senate. we've gotten a little bit of an inkling over the last hour or so, a statement from the intel committee chairman and vice chairman mark warner, a democrat and marco rubio a republican saying they were encouraged by

the house vote, and then a statement from senate leadership basically saying we are going to look at it. he hasn't committed to anything yet. the question is what is the path forward. we don't have a clear path yet. >> thus far at the moment is there a feeling this could become a reality? we already know the ceo of tiktok has been up there already having closed-door meetings with senators but also galvanizing their user base. on the app they want you to get in touch with your lawmakers. >> certainly a lot of law being and effort -- advocacy left to be done. i met with a couple of influencers here yesterday at the capital who were talking to members. what i've heard in the background from advisors and staffers in the senate is let's see what the house does. let's see what the vote looks like. we have big positive signal for the sale or ban from the house

today so that could influence things. there's a receptive audience in the white house. president biden said he would sign this if congress passes it so you have two of the three elements you would need to get this into law but the senate tends to work its own will on these type of things and to take its time. tiktok is focusing its efforts on lobbying in the senate where they think they can slow things down. ed: we showed some of what tiktok responded to the outcome of the house vote saying the process was done in secret and the bill was jammed through for one reason, it is a band. but on paper it is a divest or ban bill. is there any chatter about the process for third-party to come in and buy the operations? >> we talked to a lot of members who opposed the house bill and they said this came together too fast. we have concerns but six months,

the bill came together to the house floor too fast and six months is not enough time to effectuate a sale. i've heard chatter about various groups coming forward and potentially being interested but there's no obvious purchaser for this. companies have tried in the past. there was a consortium to try to buy it that did not happen. the company is much more valuable now. tiktok has said it will fight this in the courts. even if there were to get through congress and signed into law, there will still be legal challenges and whether they can get a sale done is an open question. >> thank you so much. let's ask a few more. please to have someone fresh from voting on the hill, represented carter of georgia. i'm interested there with your perspective here with it passing through the house but former

president trump saying he sort of backtracking having originally been the first one with an executive order against tiktok he now thinks if you pull away it makes other rivals more strong. are you still standing by the view the tiktok should be banned or sold? >> we are not talking about banning tiktok. this is up to tiktok, this is up to bytedance. they make the decision on whether they wanted to go away or divest themselves of the ownership of this. this is two questions here. this is a question about is it going to be banned, no. they have to divest itself. that's a question only they can answer. the second question is us in the house and senate and that is this is about national security. or we can it take national security seriously? the number one responsibility of the federal government is to

protect our home in citizens. we have to take it seriously and it is about national security. ed: congressman thank you for your time this morning, project texas was the plan whereby the u.s. user data of the tiktok app would be housed in data centers in the united states owned and operated by oracle. were you not convinced of that plan such that you cosponsor this bill? why did that not work? rep. carter: it does not matter where they are based. if it is owned by the chinese communist party that's the problem. and that's the responsibility of congress. that's our responsibility to guard against these kind of national security issues. that's why we acted on this. i would beg to differ with some of my colleagues saying this was too rushed. we've been talking about this for a long time now. tiktok has been banned on

government phones for some time now. so this is not anything new. again, this is not a ban. we are saying the parent company of tiktok that is owned by the chinese communist party must divest themselves of this and the bill specifically says adversarial countries. we -- ed: congressman i'm sorry to interrupt you but there is a choice on bytedance and tiktok side as well. it's a divest or ban and bloomberg has reported tiktok will exhaust its legal options to avoid a sale or a divestiture. there's 170 million americans who love using tiktok. what do you think is fair in the case where they say we will dig in here and not sell to a third-party? rep. carter: if they are not going to sell to a third-party and they will continue to be used by the chinese communist

party then i think we have to step in and say no. you are not going to be allowed here. you know that american apps are not allowed in china. i hope everyone realizes that. you know the content of tiktok in china is different than the content of tiktok here in america. we are not just talking about dancing people or cats or being on tiktok, we are talking about the ability of the chinese communist party to get your data, to use biometrics against you and that is something that we have the responsibility in congress of guarding against. if we don't do this we are being irresponsible in congress. caroline: if indeed bytedance is sold, that impacts those invested in the parent of tiktok. one is actually a billionaire gop mega donor, 15 billion

dollars riding on his investment. egging his fortune at susquehanna international group. how are you talking to some of the people who have a lot of money on the line when it comes to their investment in tiktok? rep. carter: if they don't want to lose their money i wouldn't want them to lose my money either. but a divestiture, means they are knocking to lose their money. it just means it won't be owned by the chinese communist party. when you take the chance of investing in something owned by the chinese communist party those are the chances you are taking. caroline: have you spoken to him? rep. carter: no i have not. ed: representative of georgia buddy carter, thank you for joining us almost immediately after that house vote. coming up we will hear from former san francisco mayor currently a mayoral candidate mark farrell seeking to revitalize san francisco with a new package of proposals that

are very aligned with technology. this is bloomberg technology. ♪

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ed: venture capitalist mark farrell a leading contender for san francisco mayor unveiled a package of proposals including providing more money to the

police and restricting access to public parks as he hopes to boost public safety. revitalizing downtown sf and revamping the city image. we talked about technology and what he will do to incentivize the industry. >> i'm fortunate to already have support from diverse communities across san francisco and every single neighborhood, every single economic makeup of the family. every single business you could imagine in career you could imagine. i believe my private-sector background matters. in particular the next four years when we have a projected billion and a half dollar deficit. having a mayor who is actually -- who actually knows what a balance sheet looks like matters to the city of san francisco. we cannot afford to have someone learn on the job, we can't afford four more years of the same administration where you

listen to other people who tell you where to put your dollars. that's what i offer san francisco. ed: technology as a business and taxpayer in this city, how are you going to approach the biggest employers? the employers also a lot of people who live in this city might be looking outwards to silicon val>> what they will haa mayor who once again addresses and actively engages with our business community. technology has been a big part of it for the past 10 plus years. we have been over indexed to the technology sector here in san francisco and we need to make sure we court that industry to come back. because technology companies have left in droves but i also believe it is the impetus of the next mayor to diversify the downtown economy once again

focus on hospitality, focus on residential. >> my conversation with mark farrell, someone who was interim mayor after the death of ed lee. he was late to the race we look at how quickly he is funds to catch up and wrehy're coming from and that's the technology story for me. caroline: you've done a deep dive so much into areas and pockets of growth. rejuvenation ai. cerebral valley for example. this is someone who has got to be seeing the opportunities as well as the things he's want to be fixing. ed: he wants to offer tax incentives to tech companies who make in office mandatory and scrap the in office cafeteria. he recognizes the ai boom that is happening but i don't know how popular that will be in this city? caroline: it's getting a bit more popular from the c-suite

levels. we no one person has been busy. the ceo of tiktok has been busy talking to senators as they look to potentially a ban or divestment of tiktok from bytedance being pushed through by the house. it really did sail through early today. the question is what happens with the senate. caroline: his point -- ed: this was supposed to be a divest or ban bill. >> this was happening and prior administration with the prior decision and push to have them divest. oracle became the data answer that does not seem to be living up to too many hopes right now. that does it for this edition of bloomberg technology. >> in some ways a historic show. recapping everything that was

discussed on the podcast. so many of you listening on a daily basis, thank you so much. from san francisco and new york city this is bloomberg technology. ♪

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♪ sonali: welcome to bloomberg markets. equities are struggling to gain traction after a rally that defied every doomsday scenario on wall street. let's get a quick check on the markets because the s&p 500 is now lower on the day in the nasdaq is following suit. the s&p 500 down almost 0.1 percent, looking it could in flat on the day. nasdaq 100 is also down more than 0.7%. we were only about two basis points