♪ kailey: welcome to bloomberg markets. fed policymakers kept rates on hold and continue to pencil in three rate cuts this year. take a look at the markets right now and it's interesting, the s&p 500 currently up about 0.6% and the nasdaq 100 your big tech names are off nearly 1% even with the pain we are seeing an apple shares right now. you can see the philadelphia semiconductor index really leading the charge, up 3.8% with a lot of that coming from micron

which we will get to an it is a central bank right now and we wanted to highlight that. you can see some interesting movement after a surprise rate cut from the swiss national bank , filtering through the fx market. go back to the u.s. bond market and you actually have yields rising right now. that's a reversal from yesterday in the aftermath of the fed decision initially yields fell but you can see we are starting to create this turmoil and you have the bloomberg dollar index currently higher by about 0.4%. that is the big macro look so let's take a look at some of the midday movers. like i said micron is on course for its biggest gain in more than 12 years after getting a surprisingly strong revenue forecast for the current quarter. it is the largest u.s. maker of computer memory chips.

executives are optimistic about the booming market for ai and so too are the shareholders of course. in the ipo market, you had the conductivity firm continuing to climb following shares extending its wednesday ipo. that's a 72% gain yesterday and shares are up over 100% from that ipo. speaking of ipos, the big name is focused on now is read it. we learned a couple of minutes ago that it's indicated to open at $44-40 eight dollars after it said it would price at $34 last night. we have been all over this. it looks like a premium there. >> i will give you an update does not in the terminal, it's indicated between 50-50 two dollars. more than 53% above where the ipo prices and it's a deal being closely followed by technology

companies and venture capitalist and some dealmakers. this is a huge pop if this is where shares end up opening. kailey: it feels like the reception to some of the september vintage ipo's was not as hot as we are seeing now. you look at the price and the indicated pricing, we are awaiting the first trade. it seems to suggest that maybe some money is getting left on the table here? >> that's normally what happens and that's what we've been talking to investors about. they 18 30-40% pop on the deal and they need to make back the money they lost on that last class of ipo's and especially the classroom 2021. when you look at a pop like this, the issue for the ipo market in the fall was that the market corrected in october so you had choppy economic headwinds. it looks like the bull market is in full force with ai trends all around leading to read it and

stare labs and it feels this is potentially the beginning of a trend. katie: that's why this is interesting. this ipo in particular is not enormous raising $748 million but in terms of a temperature check of the broader pipeline, it seems like it's pretty hot. >> everyone was talking up a stare labs. it's been said anyone can sell an ai semi conductor company but read it is pricing of the top of a range north of 50% from that level. it seems there is not only demand for the ipo but the aftermarket and that's where investors and companies are tracking to see how these companies follow-through after pricing these deals well. katie: you and i could pitch a company right now. read it is a social media company but it's trying to appeal to some of those ai companies. >> the big pitch as they of the partnership with google. want to be the large language model number of these ai companies. when you talk to retail

investors are professional money managers, the big thing is can the implementation of the reddit content and the interactions of its users be put to use by ai companies? that seems to be the case and that's not exclusive. in theory, reddit could strike any number of partnerships with openai companies. katie: stay close, we are awaiting the first trading. we will bring you the absolute lettuce. reddit shares are indicated to open at 50-50 two dollars per share. the ipo price last night was at $34 per share. that's of the upper end of its range. we will bring you minute by minute coverage of that reddit ipo. let's broaden out now and take a breath. we will talk about the broader market. great to have you with us. it's a busy day in a busy week as well when you take a look at the monetary policy landscape.

we had the fed last night and you can take a look at the dot plot and say they are still penciling in three cuts. that seems pretty dovish but what was your read? >> thank you for having me on today. it is a very interesting week. all eyes were on the fomc and what chair powell would say. would he indicate they are planning to do cuts? 2-3 cuts, toggling between those two is what has been done all year long. it still looks like they are penciling in for june and some of the other big banks around the globe it's a tight call. it kind of goes to the idea that they are willing to push aside the higher than expected january and february inflation numbers, let's get more data in here. we still have some time before the june cut if indeed it happens. we are so worried about every

word in every cut and i remember that it wasn't that long ago beginning of the year that the market said six cuts. now we are down to three or two. is the market really focusing on this? is that what's giving it brand-new highs when is not getting the cuts it thought? katie: that's something i've been watching and wondering as well. six cuts, ok, equities rally new pair that back to three, equities still rallying. the s&p 500 hit a record and keeps going from there. it's not the expectation of fed cuts that's driving this market, what is? >> everybody has been looking for cuts as if that would be a good thing when history says you don't want them to have to cut. you want him to think they don't need to cut interest rates. normally when they do, there's trouble down the pike. maybe they see a financial crisis or recession at our doorstep. if they don't think they need to cut interest rates, the market says that's really good, could

be -- could we be having the immaculate disinflation that all can go well and corporate earnings can continue to do well? if you watch what happened with the earnings in the fourth quarter, it's hard not to be bullish and about the trajectory for the rest of this year. katie: that was my next question -- do you trust this rally? >> in a way i do. you had said to your colleague that you and i could go out and do an ipo and we would be up 50%. it reminds me of the internet bubble when that burst at that turn-of-the-century and the joke was put.com app your name and do an ipo and you have a big pop. as i travel the country which i do every week and i talk to advisors and their clients, they are worried this is another internet bubble. as we all know and we've talked about it quite a bit, these are much more probable companies.

not only are they much more profitable, their customers are very much more profitable. this ai craze is not a craze, it's a revolution. this is all bullish to extend beyond the magnificent seven which is the breadth we were hoping forge be bullish throughout this year. katie: that's a great point. the types of companies we are talking about now are profitable in many cases, they been around for decades at this point. i see the similarities there but definitely a different complexion if you look more closely. this all sounds pretty bullish with the fed cooperating and earnings cooperating. what is the big risk in markets now? >> the other side of the story is it's not the best thing to see somebody come out with an ipo and have it go 50% or to see a company that surprises to the upside up 15% in a day.

you would much rather have a grinding up stock market than something like this. what it brings to mind is that there really and truly is a lot of money on the sidelines. when everybody knew we would have a recession last year, they parked their money in cash like instruments and they may very well be getting antsy. 5% was good and maybe now i want to take more risk. another comment i've heard is i travel, advisors are saying maybe i didn't need to have everything paid 5%, maybe i will go after big growth names and that just requires us to continue to keep growing and not surprised with inflation on the upside. we very well could continue to do this. this market is nowhere near as expensive as it was back at the turn-of-the-century. katie: i want to meditate a little longer on the concept of cash on the sidelines.

you take a look at money market funds, 6.1 trillion dollars and that number has gone up and to the right with these all-time highs in the stock market. what is the catalyst? what brings that money off the sidelines or is may be that going to be stickier than we expect? >> that's the question nobody completely knows the answer to. what we know is that today we are in a momentum market. we have never seen this before. that is not a comfortable thing. we thought we would see a volatile market this year which would finish strong which is what happens an election year but we are not seeing any volatility but the continued march up. what gets somebody off the sidelines is the fomo thing. if we see that the advance is spreading beyond just a handful of names, we say i don't know, maybe i don't need all this much

money. much of that money in the money market funds are held by 55 and plus age group that are generally conservative by nature. they can't believe their luck that they are getting paid this much after 40 years or 15 or 16 years of financial repression. katie: millennials feel the same. it's amazing to see the 5% handle after 15 years of pretty low rates. we have to leave it there but i enjoyed this conversation. our thanks to lindadissel. we remain on watch from the first trade for reddit as we count in and we hear from the company's coo about what she said about today's ipo. this is bloomberg. ♪

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katie: this is bloomberg markets. we are watching this hour for the trading debut of reddit. the last headline we got the top of the error that is indicated to open between 50-50 two dollars per share. this is after it priced at 35 -- $34 rather last night. that's at the top end of its range and earlier today, the reddit ceo spoke to bloomberg technology cohosts ed ludlow and carolyn hynde about the idea process. >>'s been our dream to have our users and our communities to be able to be shareholders and reddit. everything on reddit is billed by our users and communities. having them be owners makes a lot of sense. we are so excited about that. ed: what was the main benefit of the ipo? you talk about the dollar

valuation the money raised but i reflect that an ipo gets your name out there. not everyone is on reddit, how do you weigh out the pros and cons? >> certainly, a lot of press on a day like today, it's a special day but becoming a public company has just made us a better company. we have actually been in this process longer than most, almost two years actually. that process is made us more disciplined, more operationally rigorous and allowed us to get to know investors better. we can tell our story that way so this whole process is made us a better company and we are prepared to be a public company. i think it's been good for us. i think companies that can go public. it's sort of the duty as part of the process of maturing as a company and then the benefit of having our show -- our employees have liquidity that we promise

them and in addition have our communities and users be able to shear holders makes a lot of sense -- to be shareholders make a lot of sense. katie: let's bring in ed ludlow live from san francisco. great interview. i thought her comments about how the process of trying to go public has been maturity. people often say reddit is 19 years old. how was it not profitable yet? the pushback would be but they didn't really try to start making money until 2018. ed: that's when jen joined reddit. she is regarded as a competent operatorwong at times in their previous roles at aol. when you get the s1 come you get to look under the hood so revenue of around 670 million in 2022 drums -- jumped to about $800 million in 2023 and the net

loss is left narrowing and that's why the focus on this licensing business is important because for a long time, revenue that reddit was making was based on advertising. there is a finite limit to that as well as more competition against other platforms that have a bigger user base. katie: on the idea they are trying to diversify their revenue, they have data licensing agreements not just for ai. i've been involved with reddit since 2011 and i have a pretty good sense of the user base and i feel a lot of reddit users would not be thrilled about the data licensing business. ed: there was an example post where the comments are all about anxiety on the discussions and stories shared on reddit being licensed in the use case of training large line which models. that is a young business for reddit and we don't have a good sense of proportionally how much that accounts for revenue. the interesting point she made

in the interview was there are more mature versions of the data licensing business. inc. about financial markets. also financial services companies, the value they would assign to the reddit user database and that is something reddit has done more of. definitively, there is a lot of anxiety among redditors about the idea that the things they share on the platform will be used or licensed to others. katie: as you said, it comes down to advertising. that is still how they make their money. we know when it comes to advertising on social media platforms, it hasn't been rosy. ed: yes, but there is something unique about reddit. not everyone is on reddit. 71 million users but what's unique about the users they often only use reddit. they are not on instagram or other platforms. you have a high concentration of

data and that's attractive to advertisers. what she's done since 2018 as coo is operationalize that and get the business in order on what's been really community or user driven platform. she brought in a fresh perspective from that side and now look at where the shares are indicated to open. there is investor interest as well. katie: 50-50 two dollars and that is the latest day or, we are awaiting the first trade. still ahead, shares of apple plunging today after the u.s. justice department sues the iphone maker for antitrust violations. we will take a closer look at the case next. this is bloomberg. ♪

>> we allege that apple has

employed a strategy that relies on exclusionary anticompetitive conduct that hurts both consumers and developers. for consumers, that has meant fewer choices, higher prices and fees, lower quality smartphones, absent accessories and less innovation from apple and its competitors. katie: that was u.s. attorney general merrick garland earlier today announcing a lawsuit against apple pay, accusing the iphone maker of blocking rivals from accessing hardware and software features on its devices. let's bring in our legal team leader. judging by the market reaction, apple shares are down about 3.5% on the day. it seems the market is taking this one seriously. >> this is a landmark case by the justice department against apple. the latest example of how the biden administration is really focusing on putting guardrails

around the big tech companies. they also have filed lawsuits against google m,eta, amazon and this is a shift in perspective on the big tech companies which not too long ago were kind of consider the darlings of the tech industry. now it's about opening up the markets, giving more access to consumers in this particular case, they want to open up the app store, they want to open up interoperability for smartphones, digital wallets. they are really looking broadly at stimulating more competition in these markets. katie: that's the doj perspective. what is apple's perspective or their response to this lawsuit and these accusations? >> apple is saying this is an unfair misplaced case, the facts are wrong, and the law is wrong and the pinnacle -- and they are the pinnacle of innovation. they are giving services and options and opportunities to the market.

they have made some changes to the app store practices in europe where they are also coming under pressure. they are going to take a stance and they are prepared to fight back on this. katie: talk to me about apple's case. what can they do especially when you think about these antitrust allegations that are global in nature. what does this look like over the next couple of years? >> as you see both with the u.s. cracking down and your cracking down, there is growing pressure on these companies to make changes that the regulators want , to make these markets more accessible both to companies and consumers. this is not going to stop here. it's been a long time coming, this apple case in particular by the doj has been five years in the making. the eu has also been probing and finding the big tech companies for years.

now they are moving toward seeking changes in how these companies operate. katie: really appreciate your insight and reporting. our thanks to sarah ford and talking about this apple antitrust case alleged by the doj. apple shares are not doing too well today, currently down about 3.5% adding to the year of pain. apple shares down by more than 10% year to date. even with this pain in apple, you look at the broader market and there is green on the screen . the s&p 500 and the nasdaq 100 are rallying today on the heels of the fed decision that we got yesterday and the bulls seems like that one. the s&p 500 is up about 0.7%, more so if you take a look at tech. we are still waiting for the first trade from reddit. it could come any minute this hour. stay with us, this is bloomberg.

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katie: welcome to bloomberg markets. we are watching and waiting for the trading debut of reddit. last indication is that it will open between $50-50 two dollars after priced at $34 last night, the upper end of that range. we have a great roundtable. $50-50 two dollars is well above $34. >> it's about a 50% jumper where it was valued overnight. the thing that stands out is riding on the coattails of a

good debut by stair labs. there is always a question when some of these deals price at the top end is what does the aftermarket follow-through look like? 50-52 is stronger than many people i've talked to were expecting. katie: we are talking about 50-50 two dollars, a big premium to that price we got last night, $34. walk me through your reaction so far with the details we have. >> i think it's surprising in a big vote of confidence. it will be interesting to see where this is trading at the end of the day. if they are able to maintain that price, they're pricing around that $10 million valuation where they last raise capital and many people, most people were expecting a down round ipo. that's become the norm. we saw it with instacart and we will see with more companies going forward.

it's a big vote of confidence of investor interest at this point. i think it will be a rocky road today and we will see where things shake out. katie: we were talking about a 10 billion dollars valuation back in 2021. that was a long time ago. this ipo has been years in the making. ed: for me, it's like mechanics versus psychology, a percent of the off just offering went to redditors and they have a great relationship with the company that runs the platform, doing some of the basic math, if this prices at $52 per share, that's a valuation of 8.1 billion dollars but it's near $10 billion on a diluted basis. why buy into this ipo? is this just momentum from os tero. does anybody read this and say it's a great business? >> i think there is certain --

they are certainly helped by ostero's strong showing yesterday. ostero is more within the ai roman it's clear there is a lot of demand for ai. you see that with the way nvidia stock has performed. it's clear that investors are looking to access ai or ai adjacent companies so when you look at reddit, they are certainly not an ai company but the case for their growth is around ai and licensing their user data to please language learning models. if they can do that, it's where this valuation might make sense. when you look at a company that's trading 800 million dollars in revenue, 98% of which is from advertising, very competitive advertising market where they are a small player, that valuation doesn't make as

much sense. katie: there is a lot of promise when it comes to the data licenses and ai but still, it's advertising that is the lion share of revenue. we are talking about user data. let's talk about the users and 8% is being put aside for them. how big a risk is that? >> i've had conversations with people who think it's a terrific move because you are selling to your or users who are believers in the company and typically the people who flip stocks on the opening trade are hedge funds. if you look at traditional retail investors and people may be who have high karma points or moderators, they might buy this and hold onto it for the long-term. if it does open around a $10 billion valuation, most analysts expect sales next year at about $1 billion which is a greater multiple thenmeta which is katie: katie: the gold standard. this depends on how we settle

out. on the retail point, the fact that you have reddit users, retail investors participating in this ipo, how do you think about that? >> it's certainly a risk it's going to drive volatility, those users that were issued stock, they don't have a lock up on their shares of they can trade them at any point. when you look at wall street bets, the majority of the commentary has been pretty bearish about people wanting to short the stock, people staying away from the stock. these are not the surly the people that were issued stock but kind of speaks to the volatility that the retail interest will drive. at the same time, i think it's something reddit had to do. their unpaid moderators are allowing their platform to exist and function. they should thank them for the work they do in building the

platform. community is really cordial what they are trying to build here. katie: if the company wanted to show appreciation, they could pay the moderators but that's a different conversation. i'm just raising the point, you just spoke to the company's coo so tell me what she had to say about their user base. it's very loyal but is very combative. ed: it is a rules-based platform. i think a lot of the concern of the reddit's is that by going public, that will somehow be impacted. the coo joined in 2018 and has been there long enough to understand the base. she says who knows, this is reddit. she did make the point that she felt that by giving redditors to become literal hair shoulders, stakeholders is a good thing.

because they then by virtue of having shares can have a say in the running of the company. look at our team and the deals size reporting about today's ipo in the concentration of voting power is up there. jen wong is up there in terms of individual -- individual shareholders as well. katie: we will take a break on the reddit conversation. you guys will stay with us because we are counting down, the latest news we have as to where the shares may actually price is indicated to open it $50-$52 and the price to 30 food dish at $34 last night. a big premium when it comes to the indicated price. we will continue to follow this story. it is a big week also for monetary policy. let's talk about the overall

market and the fallout from the fed decision as traders adjust their positioning to expected rate cuts. talk me through what we are seeing in the bond market. we got the decision, the press conference and yields fell and now we are right back up there. >> stocks keep plowing higher kind of like all in on soft landing. the bond market is rethinking. we had some data that unemployment claims was a little low. the prices paid was a little high so i think the market of bonds is having a worse day than yesterday but just a little re-think. bond traders have to trade in every nuance. the stock market is trading on the overall fed wants to cut in it will do it sometime this year in the economy looks pretty good. the bond market still dancing around like 70% for june and pricing in a little over the three cuts the dot plots

signaled yesterday. i think we are still in fixed income land trading off data until we get the move coming. katie: pretty choppy it sounds like when it comes to the trading landscape. let's talk about the neutral rate because no one really knows where it is. the long run median dot got bumped up to two point 86%. how does that filter through? >> i think that's important. there has been a lot of fanfare ahead of this for months and maybe a year to say the long-term rate may be higher or the average was moving. we did see the median take a little higher in the dot plot. next year's rates, what they signaled for 2025 and they took one cut out of that. the bond market investors are feeling like the fed is saying the trajectory of the entire

easing cycle is shallower than with the -- than we thought. if they move higher incoming updates, the endpoint in the long run is a little bit higher. i won't get into all the reasons but you've heard them what people think -- chairman powell said we are not sure yet but structural forces may be leaning to a little bit higher neutral rate. investors are feeling that with long it less attractive but the short end is the one where rates are higher today but maybe that steepener trade finally starts doing better. even with the fed gets close to cutting. there are other forces way and long and. katie: a lot of people would love to hear that statement. let's talk about the structural forces in regards to inflation. inflation expectations also bumped a little bit higher but jerome powell was pretty adamant. he says they are committed to

the 2% target. >> it's interesting because the dot plot was super industry but would what jerome powell had to say took the limelight. he said we are still committed to 2% and he downplayed it and didn't put it aside totally but he said we know february inflation was a little hot and didn't increase our confidence that we are getting to 2% but overall, it seemed more of a bump in the road. they are waiting to see the data confirm that. they don't think it changes the overall picture that we are in this disinflationary path to 2%. i think that lifted risky assets because he seems to be saying that we will go by the data. for now, they feel confident, not competent up but pretty confident they are on the right path and hopefully they will be cutting rates sometime this year. i think that's the take away.

he got peppered with a lot of questions even on easing financial conditions which he said they still feel like policies being restrictive and slowing the economy. one of the analysts in their said since he didn't push back, than financial conditions ease more as far as stocks go up. there is a little bit of a dance going on there. chairman powell seemed calm and cool and not troubled. that's the take i got yesterday. katie: he actually made some jokes during the press conference which i enjoyed. thank you so much. coming up, we are still waiting for the first trade from reddit. it could come at any minute. don't go anywhere, this is bloomberg. ♪ investment opportunities

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♪ katie: this is bloomberg markets. reddit is on the verge of its first trade and as such, it's our stock of the hour and we still have billy with us as well as ed ludlow and head of market insight briand lynch. before we took a break, we were talking about the user base, the fact that about 8% of shares reserved for users and insiders -- what is the risk that reddit turns into >> >> a mean stock? it's a risk something they outlined in their s1 as a risk. i think some of the chatter we are seeing suggest that some reddit users would love that to be the case. they would love it to become a meme stock.

there certainly is risk there is there is risk to allowing redditors to buy into the ipo. it could pay up nicely and reward those people if the stock performs well. that's not guaranteed and if the stock does perform poorly, that could be tough for them and those relationship they have with core users. katie: let's reflect on the history. you think about what happened in 2020, 2021 with the meme stock craze. reddit was really where a lot of those conversations originated. ed: yeah, i'm pretty confident that reddit is the most point of discussion on wall street bets. the other thing that's important to note is that if the 8% of the offering that was offered to redditors was fully filled,

there is no caps on those shares and there was a lot of posts being up voted. i think that's basically calling for heard mentality around shorting the stock on day one of trading. that's insane. who would ever think you'd be saying that on an ipo day. the other thing we reported on last week is about 10 days or a week ago, reddit posted saying they are going to invite questions to you the redditors and we will answer your questions selecting the most up voting posts in a video and the two were, do you think going public is a good idea. we don't think the vibe is good here in the second one was about steve huffman's compensation. that gives you a sense of the attitude toward this. we keep calling their just them combative but they are not friendly toward the management

of the company reddit even though they love the platform. katie: when it comes to the odds of this stock becoming a meme stock, it's trending all over social media now. we don't talk about the mem stock phenomenae as much as we did a couple of years ago but it still out there. >> there were two companies that mattered during the mem stock mania. e robinhood and reddit. robinhood went public in the stock jumped as much as 124%, six month later, it was down 69% so there is a lot of potential animosity and volatility around new entrants depending how the market trades. when you look at these core users, it's going to be interesting and something to track in the coming days and weeks with options listed. we've seen users use call options to trade those squeezes and that will be something i have an eye on especially when we look at this being the most

discussed ticker on pretty much every forum at least when it comes to investing in wall street. katie: i'm impressed. let's talk about the blueprints we have. this doesn't make reddit unique that they are letting their users participate but we have some notable examples over the past few years. other companies have done this. >> they are not the first company to do this. it's still not a normal thing. i bring up robinhood again and this is something they allowed for certain users. the ipo didn't go well and it's now trading down 60% plus. that is an example of where this doesn't work out but airbnb was another company that did this in the stock traded up 113% that day. there are scenarios where this has worked out well. i don't think it's something

that most companies would choose to do just be because of the uncertainty and volatility it could cause. for certain companies, i see why it makes sense. katie: i really appraise you sticking with me over this past half hour, great conversation. briand lynch is head of market insights at equities and you guys can go anywhere. let's take a quick look at what we are seeing when it comes to the pricing. we are awaiting the first trade and now we are looking to indicate to open at $49.50. that range is continuing to narrow. we are getting closer and closer to the opening trade and we will continue to follow that one. coming up, we will look at the underwriters behind red its ipo. that's next on today's wall street beat. this is bloomberg. ♪

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katie: this is bloomberg markets. it's time for wall street beat. we learned that reddit is now indicated to open between $49.50-$50.50. that range continues to narrow. as we await the first trade, let's look at the underwriters of this ipo, the big banks making this happen. amy, how important is this reddit i feel when it comes to the bank's underwriting fees? >> in terms of the size, it's not the biggest this year, is the fourth largest. it's more about the sentiment, given the fact that we had host arrow labs and reddit will trade very well. it's mostly about opening up the window for ipo's for the rest of the cohorts that a been waiting for a long time.

even reddit has been waiting since 2021. there are a lot of companies in the same area opening up. it hasn't announced it yet but ipo's of similar size its 16 banks which is not a lot but it still can be shared alone -- around. katie: how to those fees compared to previous years? >> this year is doing very well so far. in terms of ipo volume, it's about $8 billion volume. it's only around 2 billion or so so we are doing well so far at the beginning of the year. it's nothing like 21 or 20 there is $300 billion. that was being raised to the

fees there were much higher. katie: potential ipo companies and their bankers are cheering on this ipo. great context and we appreciate your reporting. let's take a look at these markets. we are awaiting the first trading debut of reading. take a look at the equity market, the s&p is up zero's just 0.6% and that are if you look at big tech. you have the nasdaq 100 currently trading about 1.2% higher and that's with some market pain in apple. you go down the list and look at the bond market with yields continuing to rise. they had been lower after the fed decision but on the front end, they continue to rise. we are awaiting that ipo from reddit, don't go anywhere on bloomberg television. that does it for this program.

this is bloomberg. ♪

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity.

their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

>> this is bloomberg businessweek, insight from the reporters and editors that bring you america's most trusted business magazine and global business in tech news and finance as it happens. bloomberg businessweek with caro