tv Bloomberg Markets Bloomberg April 9, 2024 10:00am-11:00am EDT
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>> we are 30 minutes into the u.s. trading day on this tuesday, april 9, and here are the top stories we are following. state street versus everyone else, the chief investment officer sticking to a call for a half white fed cut in june. ev in focus, martin everhart saying that it would be a shame for the ev maker to backtrack on a plan for a cheaper car. an increasing exposure to alternatives, conversation with kristen olson of goldman sachs about why ultra wealthy investors are underweight. she joins in our wall street week daily segment.
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i'm katie greifeld, in new york. welcome to "bloomberg markets." green on the screen, another quiet day, the s&p 500 currently higher by .1%. i said it was quiet. take a look at the nasdaq 100, up .2%. .3 percent, even. small caps, not exactly leading, but not a laggard, either. in some ways, it really feels like the trading week starts tomorrow with the march cpi reading. joining us for more is bloomberg's mike mckee. how consequential are these numbers? mike: they will have a lot of impact, particularly the markets . this is the last cpi they will get before the beating, it will definitely figure into their thinking. it could make the case that the folks at state street are trying to make, the economy is weaker than they thought. they won't cut 50 basis points
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unless we get a big drop in inflation and inflation is expected to drop, but only a bit. the headline and the core are forecast to drop to 3/10 for the month, sending the core down on a year-over-year basis. the headline, driven by base and energy, is supposed to rise, not something that would give the fed permission to move. the one thing we will be watching within that, a couple of things we will be watching, obviously, we will be watching used cars, we always do, and i was a, but goods versus services has been a disinflationary impulse. they have been falling for a while but if you noticed, last month they rose a little bit. does that continue? it could drive one way or the other what we get out of cpi, because we know that so that
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services are still elevated and going somewhere and if we got a rise in goods prices, that would also worry the fed. one other thing we got today, katie, that might influence the fed to a certain extent, but certainly the folks at state street is small business optimism index from the national federation of independent is this, dropping to 88 point five, compared to average in 2023 of 90.7. small businesses, getting a bit more pessimistic about the way that the economy is going, even if the other data isn't showing it yet. katie: you brought up the thing i was thinking about, the big call of the day, state street, potentially half a point in june. how out of of consensus is that at this juncture? mike: they are the only ones i know protecting a half-point cut. there's a 50-50 split by most
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economists on wall street about whether they go in june or july and it changes on a daily basis as the data comes in. but no one is calling for 50 basis points at once. it really pushes back against what fed officials have said, which is that they will take this very slowly. it would take a lot for a 50 basis point cut. a big collapse in the economic numbers. katie: mike mckee, i'm sure we will be talking to you in 24 hours. see you then. bringing the conversation to the markets with the research affiliate cio joining me on set. great to see you. >> nice to see you, too. katie: feels like two hands of the spectrum here, state street calling for a half-point cut in june. then you have the fed -- you have people saying the fed is going to cut at all this year. between those extremes, where do you fall? >> we are still seeing the
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likelihood of a couple of rate cuts this year. 50 points at once is aggressive, but certainly what we are seeing is that the economy, while solid, is not necessarily speeding up. marginal signs, small business sentiment surveys, are one of them, showing that even though growth is ok, it's fine, but the rate of change is slowing a bit. i think it is one of the reasons we are actually getting a lot of discordant messages from the fed with some people saying we are not in a hurry, others saying that rate cuts are still on the table. i don't think the fed itself knows what will happen but the likelihood is there will be rate cuts this year. katie: i'm glad you brought up that optimism rating, it feels out of step with the data on the ground. but let's be pragmatic and talk about how much it matters for the equity market, those
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extremes. what is the difference between three cuts and this year for equity more -- equity market performance? >> the main difference is not in small caps, but big growth companies. no cuts, i think, really starts to put pressure on the valuations of companies where cash flow is not particularly robust or valuations are really stretched. so, in that case, we favor relatively undervalued companies with strong balance sheets. so, that was really our approach last year, continues to be our approach this year, and if you look at the space there are lots of interesting spots to be had. katie: where are you finding those undervalued names? sector year-to-date, we have energy at the top with
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financials and industrials punching above the recent weight. what sort of sectors and industries are you finding those opportunities? que: certainly, last year was a lot different. we had a lot of opportunity technology but this year i think we are seeing more from financials like wells fargo, a great name with a solid balance sheet. great business. they are doing particularly well . also, i think one of the things we are looking at is industrials . 3m is a very interesting company. very inexpensive. they still have a business mode with a lot of expenditures on research and a new ceo, which is particularly exciting. katie: and of course wells fargo is taking the earnings stage this friday. i was having a conversation a couple of week -- weeks ago with an of our research affiliates about the undervalued market right now, but how do you go
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about identifying that and finding the value traps? que: there are two ways of looking at value traps. first, metrics like distress, you want to avoid the cheaper companies. and then the other thing that we look at is capital disappointment. is this a company that returns to capital investors or makes investments wisely? what is the return on capital for what they invest? once you basically eliminate the ones that are a debtor to's on the metrics, you end up with some inexpensive companies with very acceptable quality metrics. we have taken a look at recent momentum. you have got companies that are hated by the markets that are cheap, right? you want to look at companies that aren't just being sold off dramatically by the markets, that have this massive headwind that they face.
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those are the ones where if you buy them, they can eventually show. katie: for the inexpensive companies that are not value traps, not cheap for a reason, just the market has been ignoring them, what is the typical catalyst that you need to see for that sort of market attention focused to come back to those names? que: what we have seen is sometimes the narrative around them changes. so, a great example, last year was the -- it was micron. micron was a company in the memory chips space. there was a big amount of oversupply, a glut, a trade war with china, negative headwinds. the reality is that micron is a company with a very, very solid base. people need those products and those chips. so, as time went on, one of the things that we saw was the
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markets started to realize -- supply is just supply, eventually supply will get worked through. everybody needs these chips. it's not like we are going back to the stone age is where we don't have chips in products. it's a secular growth area. katie: que, we are just getting started. we are going to get a quick look at what's moving now underneath the markets with emily griffey out. starting with a blast from the past? blackberry, you might know it is a company that produced smartphones before the iphone and android took over, but a few years ago they focused on pivoting towards cybersecurity and now they are discussing doing eight robotics partnership with amd, the stock up over 10% in the last two days. still down about 13% year to date, but they said that the collaboration is focused on the robotics industry to provide real-time performance, precision
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, reliability, and scalability. a major partnership therefore a blast from the past. katie: i had a blackberry in high school, which was kind of long ago, but you can clearly see traders cheering on the pivot. let's talk about tilray, they are not exactly having a great day. 5 that stock is down 7%. the earnings all around have missed estimates. the cannabis company had a loss share with a loss of about 5.5 cents per share. revenue for the third order missed, coming in at 188 million as opposed to estimates of 190 8 million. that stock is down 19% over the last two days and it has not really been able to go anywhere close to its highs. now it is closer to two dollars per share. when you look at the earnings
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report, the forward guidance they issued came in below estimates. the company said they could no longer predict that they would be able to produce positive adjusted free cash flow and their revenue estimates for the full year, that fiscal year for 2024, also came in below estimates. for a lot of the other cannabis companies, it has been hard to see the stock gains after the bull market of a lot of these companies back in 2018, 2019. katie: absolutely, and you see that in the shares, down 19%. another blast from the past, what's going on with american eagle? emily: that's right, maybe you wore some? another blast from the past. j.p. morgan raised guidance and rating on the company to overweight. analyst a few boss also raised his price target on the clothing
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company to $31 a share. saying that during the retail conference last week the firm held, they seemed to express conservatism and the analysts saul revenue accelerating for american eagle as they recaptured market share in women's tops, activewear, and premium denim. maybe more people are going out to get some genes from american eagle, at least according to j.p. morgan. that stock, paring earlier gains and in positive territory today. katie: it's been on fire, 16% year-to-date after rallying from last year. a lot of people rallying, emily. thank you so much. ashamed that there have been plans scrapped on one companies build -- plan to build more ev's. those comments, next. this is bloomberg. ♪
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shame. it's difficult to drive the technology costs down. they need to be focused on costs rather than focusing on technology for the sake of technology. katie: that was martin everhart, the first tesla ceo speaking to bloomberg television in hong kong. it was reported last week that they could scrap plans for their model 2 vehicle. for more, let's bring in craig trudell. what's the latest on what's happening with the model two? craig: i was hoping we would hear on -- year from elon musk yesterday, he went on a podcast interview with the norwegian pension fund. i curious -- curiously wasn't ask about it at all. i was shocked. they had quite a few
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interruptions with text spaces going out. we know that this is a next generation vehicle platform that is going to share and underpin the planned robotaxi and costs vehicle. perhaps there is some sort of room for if tesla is feeling really good about it and it's ability to deliver self-driving over the cheaper car, a lot of folks who have been following autonomy are very skeptical of this idea that tesla has, the sort of breakthrough up its sleeve in the sense that it's not a problem that is going to take decades to solve as opposed to months or even years. katie: absolutely. craig, thank you for the update.
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brought out to the update, we have que, who was talking of it before the break about micron. talk to us more about the space inside of and outside of nvidia, more and more that's where it's going. que: memory is one of the things you need, but you will also need cloud services and a lot of processing power. hardware as well. so, when nvidia gets overhyped and expensive, people start to look for cheaper options. micron benefited from that. we are also seeing benefits for other sheep companies seeing smaller benefits this year. to me, this could be a tighter cycle for many of these
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companies. we continue to hold these names. they are not as cheap as before, but in some ways that is a good thing for us and in other ways it creates a bit of a challenge. katie: so, not exactly value companies? que: they were last year, fairly valued, many high-quality. and they have great businesses. katie: something i always worry about -- wonder about, you talk about them being multiyear cycles, but where are we on the ai investment timeline? it feels like it started with the chips that enabled ai, is that still the best opportunity versus the picks and shovels in the other industries that could be disrupted positively? que: it's too early to tell which industries will be disrupted positively by ai. in the jamie dimon letter from just a few days ago, you saw the
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different applications. they really have to figure out which ones are the best. there is going to be a lot of experimentation, learning, and changing course. in some ways, i think this is the second inning of ai investing. we don't know where it's going to go. it's going to be a big productivity enhancer for the economy in the next decade, the next three decades, even, we just don't really know yet how. katie: point taken that this is real, transformational, too early to pick the winners, is it too early also to pick who will be the loser? que: it could be. i go back to when i was in high school and everybody said that with the advent of word, paper would go away, short paper companies. we still have so much paper. paper is coming out of our ears. we are always buying paper. katie: i can't come to set without printing papers, there
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is your use case there. let's broaden and talk about health care, also a sector that you highlight. health care has been really interesting, you have the companies that have basically been moon shots, but then you have a lot of those under loved names that you were perhaps talking about? que: sure. we maybe don't go for thematic plays. we look for businesses that are very stable, have a reason to exist and are maybe going through a cyclical downturn or are under appreciated by the market because the market is focused on something else, right? cardinal health is a great example of that. that's a company focusing on growing their topline and margins. they have strong management, diversified business, and a very reasonable valuation. sigma is another one of those types of companies. very basic, not really flashy,
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but a business that delivers cash flow. the cash flow had not been appreciated by the markets until recently. emily: we have got to leave it there -- katie: we have got to leave it there, but of course really enjoy this conversation. i, looking at the companies making the most social bugs in our social climbers segment, up next. this is bloomberg. ♪
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months after the proposed merger with jetblue was blocked over antitrust concerns. next, the gm self-driving ambition trying to get back on track. it's an autonomous we'll go condition assessing robo attacks. looking to earn public confidence after they struck and dragged a pedestrian. it's a key part of the goal to double revenue by 2030. finally, we have pfizer seeking use of the rsv shot, looking to extend the shot approval to adults over 18 years old after trials showed it produced an immune response in adults that had add some out, diabetes, or chronic lung disease. coming up, we will be talking about luxury retailers and we will be speaking to an equity chairman, next. this is bloomberg. ♪
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katie: blackstone's bet on apartments is spurring a rally. gil doolittle joins us with more. abigail: let's look at the apartment reit that blackstone put a bid on yesterday. companies have said it is happening. $10 billion, new currency quite a nice pop on this of 23%. this put the sector into play yesterday. a lot of these apartment community reits trading higher on the day. other reits in general, the idea that this commercial real-estate area that has been hit hard amid fears of rising rates and that stagnating the space along with trends shifting for how people live. you can see over the last two years it is not quite as benign.
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boston properties, an office reit down 47%, the space hit most hard with folks working from home. the deal yesterday doesn't mark some sort of a bottom for the space, the idea that blackstone is investing for the future, that they expect rates to start following, meaning that real estate will recover the next couple years, wanting to be in early. retail doing much better. it is not complete picture for commercial real estate. there are areas under pressure such as office and to some degree apartments, although it depends on the area. and others that are doing well. one thing we can agree on is the amount of debt commercial real estate -- this is one of the pressures around the commercial real-estate space. here is the percentage of commercial real-estate debt as a percentage of bank debt, more than 50%, most of it held by smaller regional banks. most folks are saying it is not going to turn into a systemic
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issue, that a lot of banks are going to want some of the worst properties back. some may go, but overall it could take a long time. the commercial real-estate space is in ok shape. katie: abigail, thank you so much, great set of into our next best. thor equities chairman, a global leader in the real-estate industry with assets in the u.s., europe, and latin america. i want to start in the states, because abigail poses an interesting question. when it comes to commercial real estate, particularly for office, do you think we have seen the bottom? >> i think that when you see some of these mile-marker buyers stepping into the market, blackstone step in with the first buys in retail -- before this it has been retail apocalypse, and some of the folks dipping their toes in
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office, you are finding the floor. you don't just get stocks going up and down like that in the private marketplace. it finds a floor and time takes time to filter through in the end. and a lot of it has to do with macroeconomics, inflation, things like that that start to come to pass and influence the pricing. katie: i want to bring you a bloomberg news scoop from yesterday about what is going on in new york city when it comes to these luxury retailers such as chanel. according to a person familiar, chanel in discussions to buy 745 fifth avenue, but is competing against the likes of lvmh. the fact that you see competition among luxury retailers for some of the big-name buildings, what signal for the rest of the market take from that? joe: what it is is they move cyclically with stock prices in terms of the luxury retailers.
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when the stocks are beat up, they are liquidating assets that they owe the folks like thor equities, and when the market starts to -- operating outside the real-estate world, the likely business is performing well, they become buyers. a lot is driven by fear of paranoia that will the next boom or demand wave for space because folks like that, us, to take advantage and overcharge them for rent for the best locations out there? they are being preemptive now. a lot of companies believe we have got big inflation coming down the road. maybe not short-term, but down the road. they view real estate, whether it is luxury companies or anybody from any industry that's conscious of the long-term potential macro effects of inflation, trying to preempt it now and take advantage of cheap pricing.
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if you look at my view -- i share my view on inflation? katie: yeah. joe: i view a bifurcated market in terms of inflation. you have long-term inflation, which will benefit assets, hard assets like real estate, and my short-term view on inflation. long-term, all that government spending that we have been doing year after year, it might have been more before the elections coming up, combined with a world that has gone deep globalization, is creating a system where the infrastructure of so many companies and systems that are long-term-focused are being a fed risk of hyperinflation coming down the road -- threat risk of hyperinflation coming down the road. it will benefit equities, real estate, gold. that is part of the reason gold may be moving up even with interest rates moving up at the same time.
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they look at real estate being a hedge. it doesn't look like it is anytime soon that that deglobalization from both conflict is going to come undone. yes, i do think ukraine is toast. i think russia has already won. i don't think the uk as the stomach -- doesn't have enough ammunition, france doesn't have enough troops, and i don't know that america wants to put their energy there. america at the same time is creating some of the world conflict, creating inflation on the other side of the world. if you look at the fact that america put 2000 green beret troops on a taiwanese island close to china, it sends a message to me that, hey, this thing ain't over, and with that comes risk of inflation, which affects assets like real estate. katie: a lot to dig into, but it sounds like what you are saying is structurally there are long-term forces that are going
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to benefit real estate. we could keep going on that, but unfortunately have 90 seconds left with the. joe: i'll just say this on inflation, i do think tomorrow's cei report is going to short-term shark people how much it is coming down. we got fooled by car insurance rates and things that clouded some of those numbers, and i think that that is going to be -- create big opportunities particularly where i am in europe. the uk stock market is 40% discounted to its peers. companies like aston martin, four times ebitda. real estate and all asset classes here in europe, extremely undervalued based upon investors being stuck in the mud in europe, not being as aggressive as american investors are, looking to jump back in and take advantage of the bottoming of pricing. katie: europe cheaper than the u.s., but in the minute i have
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left, i know you have come on bloomberg tv and talked about it, before what is going on with, that stock, an ev company? joe: we are really excited, obviously. the last time i was under your show a year ago, since then the stock price went up 100% four times. what is the challenge with ev cars? it comes down to one thing, range anxiety. am i going to run out of fuel on get stuck on highway? what this company has done, they have convinced toyota and the biggest car parts company to incorporate their technology in every single car, and you have france, germany, sweden, israel, michigan, all putting in the technologies into their highways so that as you are driving, your car is recharging. within the same philosophy, it will be working soon enough if electreon gets its distribution that they are hoping to be
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eventually in every single driveway and every major industrial parking lot. when you pull into a parking lot, a bunch of buses, everyone could basically recharging overnight wirelessly. you pull into your driveway, it will be recharging wirelessly. that's a company you believe in greatly and we found it because the real-estate aspect of parking lots in finding a solution that wasn't as difficult as individual recharges. it's a business we are obviously excited about a year ago here on bloomberg news, and we are as excited if not more excited now that the whole world has woken up to the fears of range anxiety with ev cars for katie: unfortunately we have to leave it there. have to have you back for fuller conversation. really enjoyed this. joe sitt, thor equities chairman. we are going to look at equity markets with abigail doolittle. abigail: s&p 500, looking at a
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fairly decent decline, half a percent last time i saw the index it had been slightly higher. bearish tilt here. investors a little bit cautious. nymex crude oil down .8%. you can see oil coming in as a positive for stocks only from an inflationary standpoint, since commodities have been on such a role. gold up .6%. the two-year yield down 5 basis points. we have a risk-off day. stocks down, bonds higher. as for the week we are in, we are kicking of earnings. on friday we had the big banks such as jp morgan reporting $1.3 trillion. the big one will be april 22, and it always feels like we are in earnings season with the off-calendar reports. you can see lessons from those
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two last weeks of april. elective to cpi, investors expect cpi to come in 3.2%, which is where we are right around here. the swaps ar is looking for cpi to drop to 2.5%, even below 2% on the one method. it is interesting because jamie dimon suggested inflation may not be over. we have had indications of that, and that we could see rates go back up towards a percent. never a dull day. katie: never a doll day, a lot happening a 8:30 a.m. tomorrow. this is bloomberg. ♪
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♪ katie: it's time for our daily "wall street week" conversation. alternative investment are having their time in the spotlight as investors search for yield and liquidity. how should investors be balancing the risk? christian olson is head of the alternative markets group at goldman sachs, along with david westin. we are looking forward to this. david: they are in the spotlight can it is not as if we don't know the goods. there is a lot of talk about alternatives and money flowing in alternatives. why now should we talk about putting more money into alternatives, and who should talk about it? >> couple different questions there. i spent the last 25-plus years at the intersection of wealth management and alternative investments, and it has never been more interesting. if you step back and look at what has happened to the private investment world, you are gone from a decade ago having $4
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trillion in private investments to know $15 trillion. incredible growth. what is fuel that the past decade has been institutional allocators, pension funds, sovereign wealth funds. when you look at what will fuel the growth going forward, of the $15 trillion in privates, four of that is in individual hands today. a decade from now that can be triple that number. you are seeing incredible movement into privates, and why should individuals be thinking about that? they're thinking for the first time about how do we add diversified returns into our portfolio, uncorrelated returns, and they are look at tremendous results and outperformance investors have had in private investments. katie: when we talk about individual investors, to your point that there is this underweight, i know it is a case-by-case basis, but is there a good rule of thumb of what sort of allocation in
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ultrahigh-net-worth individuals should be thinking about when they are considering going into alternatives? kristen: i think for us we focus on the ultrahigh net worth part of the market. we have had for a very long time and significant allocation to alternative investments. we would advocate for any 5% of a moderate client's portfolio be in alternative investments. we have been on a long journey to get clients there because it's like a marriage you will be in it for a very long time. we have gotten our clients may be halfway there. if you think of the broader individual will that high net worth, mass affluent, the allocation will be significantly smaller, because when you are doing is trading liquidity for alpha. as you go down the wealth spectrum, you cannot give up as much liquidity. the allocations are going to be smaller. but we would be significant advocates for almost a quarter
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of a moderate client's portfolio be in alternative investments. david: that's a big number, 25%. let's be fair, for a fair amount of the time interest rates were essentially zero. you are getting no return off of treasuries and things like that. is it less attractive now than it was before? you can get a return off of traditional credit, bonds, and certainly the stock exchange. kristen: first and foremost we talk about this being a long-term strategy and strategic allocation. it is hard to time it and think about is now a good time, should i be increasing or decreasing. our view is you have a long-term goal and you will set a course and try to get to that target, and you will not change with respect to market moves in interest removed -- interest rate moves. even though interest rates for treasuries are high today, you can get an attractive yield if you're willing to take on
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liquidity, you can get a yield that might be double that. that could be an interesting place to be today. even as the broader environment changes, there continue to be very attractive opportunities across the private landscape it katie: can we drill down a little bit? we think about sectors, industries, where are we seeing the most interest in the most growth, whether it be in real estate or somewhere else? kristen: the theme of the last few years has been liquidity-driven. one of the interesting dynamic is there has not been a lot of capital markets activity. you have not had ipos and distributions going back to investors in privates. that is graded opportunity for investors on the other side. second every private equity, the opportunity to be a solution provider to investors that need to rebalance. credit on the liquidity spectrum has been interesting. the idea that you can be a
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senior direct lender, very, very attractive risk return. liquidity theme has been interesting, and that extends to private companies. companies today are staying private much longer than they had in the past. they are staying private for 10 years or more before they go public. that means that early investors and employees need liquidity. you see transactions like, for example, strike can where they did a very large secondary last year, and we were able to allow individual investors to get access to that secondary. a solution for the early investors and an interesting entry point and access to a phenomenal company that is so private today. david: let's talk about the secondary market. we have heard reports in private equity of the big pension plans wanting to get distributions back and a lot of people haven't wanted to sell, particularly real estate, at lower valuations. how deep is the secondary
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market? if it is deep enough, do you not have to give up liquidity in alternatives? kristen: it has grown tremendously. if you look at the secondary market versus 25 years ago, it is significantly deeper, but it is still just scratching the surface. but i think that is going to continue, and as more of your growth and investments go to private markets, the secondary market is going to follow. you do see institutions using that secondary market more actively together liquidity. i think that will translate into private companies as well, where they are realizing that maybe they don't want to be public, or they want to defer that for longer, and they can because private capital is there to fuel growth. if they can solve the liquidity function, which is to get their employees' liquidity after a decade and they can do that in private markets, maybe that becomes a reason to prolong the ipo even further. katie: in the same way that you
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are saying that some of these ultrahigh wealthy individuals should increase exposures to alternatives, it sounds like the private companies would say the same thing because they needed that capital and liquidity. kristin: one hundred percent, and the other thing you are seeing is alternate as it managers is looking to tap into individual investors. the growth has come from institutions the past several decades, it will be tapping into trillions of melt in individual market that will fuel growth going forward. by the same token, individuals have to have access to private markets because what you are seeing is that more and more of the economy is in private hands vs. republicans. we have -- private hands versus public hands. we have a five times the number of private equity-back to private companies. as an individual investor, if you are not investing in the private markets, you are missing out on a lot of the growth in the economy and a whole lot of economic activity one having exposure to buy only investing
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in public markets. katie: we have to leave it there. really glad that we could do this. that was kristin olson of goldman sachs who else do we have to look forward to? david: on friday we will have bob selleck, former deputy -- bob zoellick, former deputy secretary of state under jim baker. he has views on why both parties are wrong when it comes to manufacturing jobs. katie: david westin, thank you so much. this is bloomberg. ♪ you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled...
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katie: currently higher by about .7%. holding onto the gains in a market that actually is taking a bit of a nosedive at the moment. take a look at the s&p 500. i double checked this a few times. take a look at where we are trading, down .8%, big flip from where we were an hour ago. it is the same thing when you look at the nasdaq 100, off .7% as well. small caps and outperformer now but still down as well, .4%. risk appetite appears to turn on a dime here. coming up on "bloomberg technology," trust machines will join with caroline hyde. that does it for "bloomberg markets." in katie greifeld, and this is bloomberg. ♪
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>> from the heart of where innovation, money, and power collide in silicon valley and beyond, this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: i'm caroline hyde i bloomberg world headquarters in new york. ed ludlow, he's off. this is "bloomberg technology." google unveils a host of updates to its ai products. we will break down what came from the company's cloud computing conference. just let me be headed for another sales declined back to back -- tesla may be headed for another sales declined back to back. we will hear from the former ceo of tesla. gm's resumes robotaxi testing. let's get to what the m
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