>> we are 30 minutes into the u.s. trading day on this monday, june 3. here are the top stories we're following. j.p. morgan versus morgan stanley. j.p. morgan strategists warning the cap upside. a peak at private markets with sohail prasad. a closed end fund that invests in private start-ups. the funds price has soon settled. and betting on remodeling treks. it's a leader in weather-proof decking with a $450 million commitment to build a factory the arkansas. that's even as diyers hit pause.

bryan fairbanks joins us in just a bit. >> i'm katie greifeld in new york. welcome to "bloomberg markets." you can see there's green on the screen on this first trading day of june. the s&p 500 up .3. and some breaking news that nyse equities is investigating a reported technical issue. breaking news just in the last couple of minutes. we're going to continue to keep an eye on that. looks like it's not affecting trading too much. we'll bring you that news as we have it. bitcoin, just wanted to highlight the risk asset rally. bitcoin up about 3% right now. we are getting closer and closer

to 70,000 of coin. we'll track that as well. let's get to a slew of economic data that crossed the terminal this morning. mike mckee is here to break it down. >> katie, you're looking to trade on the idea of a federate cut, maybe we have some good news for you in a bad news ism. it comes in at 48.7%. that's down from 49.2. the forecast had been, it would go up to 49 1/2 and remember, just a few moments ago, we got that s&p global pmi for the united states. so this one comes in weaker than expected. prices paid always important to the markets down to 57.0 from 60.9. so that comes in on the good news side. new orders fall off dramatically. 45.4 from 49.1. and the employment number does rise 51.1 from 48.6. that might have some people

revising up their friday forecast for payrolls. inventories are seeing low. 47.9 from 48.2. remember the g.d.p. numbers last week showed a big drop in inventory accumulation and that suggests if the economy is not going to fall off a cliff, we're going to have to rebuild. overall, that's disappointing number after we've seen some progressing numbers in ism manufacturing and it does keep the fed on track for a rate cut maybe later this year. katie: so maybe some disappointment there but bond bulls psyched. you take a 10-year yields down about eight bloomberg points. thank you. joining me now to talk about these markets is shana orczyk sissel. you take a look at where we are. we're just about halfway through the year. we've strung together quite an impressive rally at the big benchmarks heading into summer. you have some of the biggest banks on wall street split about

where we go next. what's your view? >> i'm cautious here. we've had some weakening economic data but it's mixed. and so the question becomes do we see further weakening or go we see another pickup? the summer's always interesting. there's obviously less volume traded during the summer months. and so that can impact things. but just from my point of view, there's a number of fiscal stimulus programs that have started taking place that i think are going to be a tailwind and not a headwind as well as some changes to monetary policy as it pertains to the selling down of the balance sheet by the fed, which is also stimulative from a liquidity perspective. so i think we should pump the brakes a little bit and looking at this one number in a vacuum and thinking oh, the economy's weakening. i think there's a couple of things going into the election that is going to pick the economy back up a little bit.

katie: well, i want to get into what cautious looks like in your portfolio, but you mentioned fiscal, the fiscal side of things we talk about monetary policy all the time on bloomberg tv but what's in the driver's seat right now? is it the fiscal or the monetary? shan: i think the fiscal more than monetary. monastery changes. it's -- monetary changes. it's nuanced. people are not paying attention how the fed is slowing the balance sheet. we have the broadening of the student loan forgiveness program. they have been given permission to buy second mortgages. the intent here is to help people and encourage people to tap into the home equity that they've accumulated over the last few years which is stimulative. and then there about $100

billion of infrastructure spending that needs to be done before the end of the year because of the chips program and the inflation reduction act. so those three things are quite stimulative. katie: so it sounds like capital and monetary are at crosscurrents right now but maybe the fiscal winning out a little bit, especially as we head to the election as you say. so, when you're thinking about your portfolio and how to allocate against that backdrop, i mean, again, what does cautious look like to you? shana: as the queen of alternatives that people sometimes like to call me, i like flicked alternatives here as way to further diversify the portfolio so that's things like managed futures, that's things like hedge fund types of products. there's others like qis which is more of a multi-hedge fund kind

of approach, mrsk, which is sort of an up-side capture, downside protection kind of vehicle. all three of those e.v.'s are etf's are things that i have on my portfolio. my portfolio. katie: for a small cap sustainable rally here, how far away are we, shana? shana: i think we're pretty far away. we continue to see the mag-7 and these big tech stocks drive everything. and you know, the one saving grace that the russell 2000 had was through microcomputer which is no longer in the russell 2000 and that has not helped. but they're just on the wrong side of where the trends are. and what's in the small cap

indices are not benefiting from a.i. trend right now. they tend to have some difficulties in this environment where the rates are higher, funding and getting access to the debt market. these do tend to be longer term friends. but i don't think this time is different. we like to always talk about well, you know, the market structure's changed and this time is different. not necessarily. but i do think that this could be prolonged until we see some softening in the economy. small caps seem to do well out of a recession type of environment. so that might be what we need in order to see small caps pick up steam again. katie: it's fascinating. if you take a look at some of these active fully managed small cap portfolios, you have the small cap value etf. that has outperformed. and you have the u.s. cash cows.

there is an opportunity here if you pick and choose. are you better off, not overcomplicating it and just buying the s&p 500 or the nasdaq 100? shana: there's plenty of evidence that shows in small cap and mid cap and some of these less efficient areas in the market that it works and we're seeing that in this active small cap etf's. there's advantage there. good active managers, like small caps can consistently provide you with alpha.

so i would be looking if i'm an individual infer, maybe i'm not doing the -- infer, i would find the good active managers to invest in. katie: what is going on? >> we have to, katie. the return of keith gill on reddit. katie: again. >> just a few weeks after his return to x. we saw the stock up at one point, 75%. the return of keith gill driving interests.

a number of that coming on options as long as the stock trades above $20. but reiterating his willingness to buy into the stock and drawing out some trader demand. 75% gains dropped to 24%. when you look at where the stock has been trading, still well below where it was trading just last month. can there be another driver to drive this as opposed to this one-off movement? katie: that's a great question. we will see how this turns out. he does have money where his mouth is. we'll see how this one evolves. tell me about gsk though. >> underperforming here in u.s. trading 7 billion pounds of value after a blow for its potential zantac legal risk. after the state court that the company and a number of drug makers have to tier and be brought into some of those rulings around potentially

75,000 cases alleging zantac causes cancer. looking at the bloomberg intelligence quick reaction, they teased out at the court cases could cost between $5 to $7 billion. so when you look at this fallout, maybe a bit overdone but a lot of unalternative -- uncertainty. katie: tell me about waste management. >> bull stringed their opportunity. total enterprise value, $72 billion. the premium was about 17-20% higher than where it had closed on friday. merger mondays in the waste management space.

katie, maybe not the most fun stocks to talk about like gamestop or like gsk but a big deal nonetheless. $62 a share, just under $6 million in that equity value. pretty big deal when it comes to the waste management space. katie: a merger is a merger on a monday. we do want to give you a little bit more on that breaking news earlier. again, this crossing the terminal just before 10:00 a.m. that nyse equities is investigating a reported technical issue you take a look at trading right now. multiple stocks are showing volatility. we're going to continue to follow this story and bring you update as we have them. coming up, it's been a wild ride for the destiny tech funds. we will speak to sohail prasad, the fund's found picture and c.e.o., next. this is bloomberg. ♪

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katie: the destiny tech 100 is a close-end fund that gives investors to high flying start-up and it's been a wild ride at the end of march. as you can see on the screen, here to talk about the ups and down, i'm thrilled to say, sohail prasad, destiny's technology 100 founder and c.e.o. is back in the studio. great to see you again. sohail: thank you for having me. katie: let's talk about the premium. the nav is just above $5. the stock price got as high as $105 in early april and you closed around $15. so a big dissipation when it come tots that premium. why do you think that happens? sohail: one of the things that's

important to remember is we listed destiny tech 100 under any under-- without any underwriters. so the first few months of trading have been a discovery process where buyers and sellers try to figure out, learn more about destiny and figure out what they want to pay. katie: so that discovery process at work. i am curious about the type of investor in your fund and whether they were aware the risk of volatility here. if you look at the information on the terminal, between april 4 and 15, around $15.5 million shares traded at prices north of $40. we're closer to around $15 a share. there's some funky trading going on at me nyse trading right now. obviously, they bought in and the stock went down quite a bit as that premium disappeared. do you think that they were adequately aware of that risk? sohail: i think back in april,

it's what most people were spending their time talking about, actually. i think that's why people were looking at this. they were highlighting that whether it's in the press, online or in other conversations. so i think there was a lot of awareness about that. katie: that being said, i mean, you're a couple of months in when you launched, it was pretty wild. it took everyone by surprise. i assume you were surprised by some of the velocity there. is there anything you would have done differently when it comes to risks and disclosure of that risk? >> no, i think you're right. we were really, you know, amazinged to see how much people were excited by this. it's something that we believed in for a long time. but it was also very validating to see that everyone else in the world were starting to open their eyes and realize not only is this possible and it should exist and that could be destiny. katie: let's talk more about the portfolio itself. you're at 23 holdings. your target is 100 holdings. and the last time we talked, you spoke about founders approaching

you and asking to be added, and i'm curious why haven't you built out your portfolio further? when do you think that you'll actually be fully allocated? sohail: the most recent filing that we did was as of margin 31. so this is -- margin 31. this is a -- march31. we have a few things in the works. and at the time, i couldn't share anything. now i can at high level confirm that we have filed a shelf offering for up to $1 billion once that's granted effectiveness. and so, you know, that will definitely help propel us forward once we're able to make new investments. katie: and i mean, just to draw the timeline a little bit more, i hear what you're saying. sounds like you're being thoughtful about this. but when do you anticipate that you could be at 100 holdings? sohail: it's tough to put a specific time on it. there is a lot of liquidity in the private markets.

that said, there's a difference between seeing opportunities and making sure you're investing in the right companies at the right terms and price so much we keep an eye on the whole secondary market, the primary races that are going on and we want to be thoughtful about how we deploy, when we deploy and to which companies. katie: you get out something i've been wondering about. we spoke about how you actually source these private shares and you said that it was a combination of private stakes, private tradings, secondary platforms, etc. what is your most common method at this point? sohail: it's definitely the secondary markets. there is a lot of availability there, especially given the markets public and private. there are a ton of sellers both shareholders, employees of these companies, early investors and so we can find really interesting opportunities to invest in these companies and secondaries. at the same time, we love to top up as part of primary round as well, whether that's bridge

financings or new financings. katie: when it comes to the secondary market, there's a lot of willing sellers. a big topic of discussion is whether employees are able to sell their shares, whether, of course, a fund like destiny would be able to hold forwards, for example. where are you on that right now? sohail: yeah, it's a good question. philosophically, companies want to have their on the control and both protect their cap table who have voting rights and also control their own destiny, no pun intended, as to when they go public. that said, you have these companies that have been private for 10, 15, 20 plus years. and they are relatively widely held, whether it's employees current and former, founders, investors, or even their limited partners. so you have this market that exist and is active. whether it's through brokered

markets. and it's about do these people have the ability to, you know, realize some of those returns and how do they achieve that? is it through transactions that companies arranging like tender offers or through the secondary markets? katie: the growth of private market has been fascinating. there was a line from a bloomberg story this morning that if you look at frequent estimates, they think that the global jumped to $19 trillion this year. that is more than 100% increase from 2018. when you think about the potential growth here, i mean, does $1919 trillion sound about right? >> yeah, i think you see this trend continue and grow over the past decade and a half and it shows no signs of letting up. so there's a huge opportunity. the question that we brought to the forefront and rehighlighting in everyone's mind is as you have this growth, who is getting as and who is getting access at what terms? are individuals being left

behind waiting last in line? tor are they able to participate in the same manner, maybe even with more liquidity or the protections than, you know, private investors? katie: always greet to see you. i appreciate your time on this monday. our thanks to sohail prasad of dxyz. still ahead, the companies making the most social buzz today on our social climber segment. up next. this is bloomberg. ♪ i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars.

oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

katie: it's time for social climbers. a look at the stocks making waves on social media this morning. and first up, auto desk is reassigning the cfo after an internal investigation delayed financial filings for weeks. the software maker announced it was opening review around free cash flow and operating margins. there's news brewing in the beer

biz. boston beer company. the name behind sam adams. it's in talks to sell itself to the maker of maker's mark and jim beam. sun tory is denying talks of m&a. the ticket seller and concert seller said the database may have been hacked by someone who is now offering to sell the computer data on the dark web. live nation was sued last week by the government on monopoly concerns. live nation denies that claim. you can follow this on tren go on your bloomberg terminal. markets. we're still holding on to gains. s&p 500 up by .2. nasdaq 100 and bitcoin, also leading the way here. currently up about 3% or so. coming up, treks seeing a sale

boost. bryan fairbanks joins us next. this is bloomberg. this is bloomberg. ♪ what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes.

her uncle's unhappy. b 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.

katie: the outdoor de cking giant is betting on a remodeling boom. abigail doolittle has more. abigail: summer is heating up and what better way to spend it than on a deck? let's look at overall construction spending that came out about half in our ago. we are looking at a slight beat. white is the month of april

looking for a decline of .1% when the number came out a little better. you can see out of the pandemic, holding in a healthy trend, suggesting construction spending is strong. that could be one reason trex stuff is up over the last year including some competitors. over the last year, the shares are up about 54%. quite healthy, certainly beating the major indexes. other competitors are up solidly . what i can say is it makes sense they want to go after the repair and remodel because the bulk of their business is residential. repair and remodel is smaller. it creates a nice opportunity based on this information that we have. katie: appreciate that set up. let's keep the conversation

going with bryan fairbanks, the ceo of trex. he is sitting next to me in studio. let's talk about what you are known for. your decks look like wood but they are not. bryan: that is right. we make composite decking. we are the largest seller in north america. we have over 6700 locations where the product can be sourced by the consumer. major home centers as well as pro centers and a significant number of contractors install our product as well. katie: you are repair and remodel, not necessarily new construction. bryan: it is not our primary marketplace. we do have contracts with large homebuilders where the home gets built and it gets rolled into the initial mortgage, but that is less than 10% of our overall business. we focus more of our business on

repair and remodel which has been stronger the past couple of years. we expect it will continue to have strength as we move forward. katie: it is interesting. i was looking forward to this conversation because most conversations around the housing market talk about the frozen housing market. people are not moving around. there is not a ton of new construction. it sounds like from your standpoint, that is a good thing because people want to repair the homes they are in. bryan: oddly enough, we are seeing more people stay in their homes. they have low mortgage rates. the cost to move to the next home is significantly higher. they are continuing to improve on the space they have. while they are painting and doing floors, they want to add real space to their home. the lowest-cost way is to put a deck on the back of the house. the other opportunity is there is between 50 million and 60 million decks in h north america and about half our past

their useful life where we can install a trex composite deck. katie: diy renovation and home improvement seemed to be slowing, but that is not what you are saying in your business based on the report in may. walk us through how your customer base is different from names we might more familiar with. bryan: we have been pleased with how the trex consumer is behaving in a still uncertain environment. we are seeing continued strength at the high end of the marketplace. our largest contractors have 75,000 are, $100,000 deck build contracts underway. the entry level consumer, we are seeing a little weakness but we have the right buttocks to appeal to that consumer who -- to the right consumer.

it is very competitive and gives the consumer a long-lasting opportunity as well as adding value to their home. katie: let's talk about the industry overall. it is interesting. you are building a factory in little rock, arkansas spending $450 million to do that. if you look at industry reports, there is an annual decline in spending expected, the first time since the late 2000's. in some ways, it feels like you are expanding into a downturn. does that give you any thoughts? bryan: we see more of the more opportune times when there is uncertainty. you can see that with the product development program. we have two new lines of decking coming out. lenny is has heat mitigating properties as well as the signature product which is a high-end product that gives you the look and feel of real hardwood.

long-term, we have the opportunity to convert about 25% of the overall market place to move upwards to 50% of the marketplace and to achieve that, we will need the additional capacity. the biggest risk right now is not building into the long-term future regardless of where the short-term uncertainty might be. katie: countercyclical it sounds like. you are building this factory in the south. you talk about heat mitigating decks. it is hot in the south. it seems the stars are aligning for a southern expansion. bryan: absolutely right. today, we have a plant in virginia and nevada. the east coast is well covered, the west coast is well covered. the center of the country, we are seeing a lot more growth, especially in southern states. we have seen my grecian into the southern states. some of our largest growing

states and single retail locations are within the southern states. we see long-term having a third facility closer to those consumers will benefit trex and our supply chain of being able to get material more quickly and ensure that we can service the demand generated. katie: i'm furious when a company builds a new factory -- i am curious when a company builds a new factory versus expanding an existing plant. bryan: expanding is always less expensive. we just came through an expansion in our virginia facility in 2021. that asset is up and running. we did not have the land to expand further so we had to look for a third facility. more often than not, that will drive the decision. i mentioned the geographic need of having production closer to consumers was important as well. katie: appreciate the context.

i want to talk more about your pricing strategy. you mentioned the high-end consumer is a strong segment for you. have you thought about lowering prices? how are you approaching that? bryan: we have a range of products that any level of consumer can buy into from $2 a linear foot moving up to our next level which we call our enhanced natural series at about $3.50 and then we move up to select transcend up to our transcend product lines which will be $7 a linear foot. same thing with railing. we have railing products that start at the entry-level and move up to premium offerings, whether you want aluminum, composite, we have those for the consumers. katie: you mentioned how many

decks in the u.s. are probably unsafe. do you see people delaying more than they might have in different economic environment? bryan: we see when people make the decision, they know they need to improve the deck. if it is a wood conversion, they can do it relatively inexpensively as well as doing it on their own. we see people making a move on that. the high-end consumer decided on the products -- projects they are looking for and getting it done. they are building a true outdoor living room with couches, kitchens, tv's, all of the creature comforts of the indoors outdoors and trex is there to service those needs. katie: and no splinters. great to get some time with you. our thanks to bryan fairbanks, ceo of trex. let's get an update on markets about one hour into the trading

day with abigail doolittle. abigail: we are looking at mixed markets. the s&p look like it will go the way of the dow and s&p 500 pray also making this interesting is that after the ism manufacturing number came out a little light, it was a bad news is bad news reaction. a little bit of a reversal while we have bonds rallying in a big way. the uncertain signs around the economy some investors are taking seriously. relative to stocks, small moves. oil we have down about 3% after opec-plus indicated the production halts. oil investors not liking that much. relative to stocks where there was interesting trading, take a look at chipotle down 1.4%. volatility halts did hit many

listed stocks. they have confirmed it had a system error. you can see chipotle appears to be trading down 1.4%. the trading halts were on about a dozen companies including chipotle. the dow has been down for many days. the reason i want to look at this chart is you can see out of the beginning of this year, the dow, s&p, nasdaq 100 all trading in lockstep up and into this range. the dow did not even close above 40,000. i believe it went above 40,000 intraday. and then down, down, a divergence from the s&p 500 and nasdaq 100 which have struggled to reclaim those highs. that is an interesting divergence to keep an eye on. we do not know which side is "correct." let's throw the meme stocks into the picture.

gamestop and amc. gamestop up 34%, having to do with roaring kitty. steve confirmed there is open interest on that call. we have exuberance where the fundamentals may be questionable and then you see the dow down diverging from the s&p 500 and nasdaq. lots to keep in mind. katie: our thanks to abigail doolittle as we continue to track the fallout from the trading glitch. they confirmed they did have a system error. additional information will follow as soon as possible. we will keep you updated on that story. coming up, what semiconductors can teach us about capitalism. we will speak with chris miller

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abigail: this is "bloomberg markets." i am abigail doolittle. you are looking at the principal room. kristin smith joins bloomberg tv at 11:00 a.m. eastern. ♪ katie: it is time for our daily "wall street week" conversation. today, the battle to reinvigorate u.s. chipmaking. we have chris miller, professor of international history, along with bloomberg's david west in. david: thanks for being with us. i know you are talking about the status of the chips act. bring us up to date. how much money have been dispersed? how much of it is in

grants and loans? chris: the chips act authorized $39 billion in incentives for the government to disperse to chipmakers to build new chipmaking facilities. on 80% of the funds, they have been given out to half a dozen companies manufacturing chips but also beginning to issue grants to companies that produce materials necessary in chip manufacturing with the goal of building up the entire supply chain needed for making semiconductors in the united states. katie: there was an interesting wall street journal article out over the weekend that looked at the boston study. it found it should help boost u.s. share of the global industry to about 14% in 2032. without it, it would have fallen

to 8%. what is the share the u.s. could reasonably it to with the help of the program? chris: i think the study you cited has roughly the right numbers. over the next decade, we will see a meaningful increase in the share of ships produced in the u.s. 14% might not seem like a lot but the u.s. consumes 25% of the world's chips so we will be ballpark 60% self-sufficient. when you add in chips produced in allied countries, we see a significant reduction in the share of chips we will be sourcing from geopolitical hotspots. that is the point of the chips act. it is about guaranteeing the resilience of our manufacturing base making sure we are getting them from trustworthy locations. david: there is a lot of money put in the ground to build the plants. you also have to have skilled workers to operate them. how are we doing?

chris: i think that has been a challenge in terms of the construction workforce that has specialized types of construction trades needed in building chip plants as well as the workers who will stop the facilities when they are up and running -- staff the facilities when they are up and running. if you look at the programs underway right now, companies partnering with universities or community colleges to train the workers in the disciplines they need, you find this is a problem in the process of being solved. there is always a bit of a chicken and egg with the workforce. you do not have people trained in the jobs unless you have jobs available. we are seeing governments work together to find a way through the issue. i do not have any doubt the workers will be there at the quality and price point needed to make these chipmaking facilities operational. katie: what role do you see immigration playing when it comes to boosting the supply of

skilled workers? chris: if you look at the history of the industry, skilled immigration has been central to u.s. technological advantages. we have been importing skilled workers and scientists from europe, japan, china, and india the entire history of the chip industry. i think that ought to play a role. the u.s. immigration system is complex. it does present a roadblock but i think it is an issue that will be worked through over time. david: in your book, you talk about the geopolitics of semiconductors. how critical it be in the united states as opposed to being made in close allies such as south korea and europe? chris: i do not think i would differentiate much between a chip made in the u.s. versus germany or japan. the problem is right now, they are not made in germany or japan.

the key chips driving artificial intelligence or powering smartphones and data centers, around 90% of the most advanced chips are made in one country, taiwan. i look positively on the efforts of our european friends, korean and japanese allies, to build up their own ecosystems. if you look at the global perspective, there are a lot of countries building out their own chip manufacturing systems. that is adding geographic diversification. i think that is a good thing for the united states. katie: our thanks to chris miller, the author of "chip war." who else do we have coming up? david: we are going to talk about the deals being made and what a trump presidency 2.0 my look like for wall street -- might look like for wall street. katie: our thanks to david w

estin. trading resumed for some of the stocks that were halted. more on that story coming up next. this is bloomberg. ♪

katie: an apparent glitch at the operator of the new york stock exchange triggered volatility halts for about a dozen companies. it is a quickly moving situation. what do we know so far? >> nyse has given just two updates this morning. the first is they were acknowledging the technical issue which they said they were looking to resolve and would give further updates. the second came with a little more detail. they did say it has to do with the so-called limit up/limit down. this is essentially jargon for

the protections put in place for when a stock will fall or rise. it is supposed to block further volatility that happens. that protection presumably did not work this morning which is why we saw wild swings. we probably would not have seen some of the pricing, the 99% drop in berkshire hathaway. those would have been prevented if they limit up/limit down was working. now, we are looking to see why today was an unusual day and those protections were not put in place or were not working for some reason. katie: berkshire hathaway was hit with a dramatic plans, chipotle as well -- dramatic plunge, chipotle as well. do we have any indication if

this has to do with the settlement? >> early conversation, folks are saying it is a coincidence. we have seen three incidents in the last week or so since two plus one --t+1 was implemented. if you have the third time in less than a week, i think the questions are still going to be asked and hopefully we will get more answers to figure out if it is tied to t+1. katie: three makes a trend, as we learned in the news business. the volatility halts hit numerous nyse listed stocks. we will continue to follow that story. the s&p 500 shifting into losses. currently down about .2%. coming up, the qualcomm

president and ceo joins "bloomberg technology" next. i am katie greifeld and this is bloomberg. ♪

announcer: from the heart of where money, innovation collide, this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: i am caroline hyde at bloomberg world headquarters in new york. ed ludlow is off today. this is "bloomberg technology." the nvidia ceo says the company plans to upgrade accelerators every year. we bring you detail from taiwan. plus, we sit down with the ceo of qualcomm to disus