♪ matt: we are 30 minutes into the trading day. welcome to "bloomberg open interest." i'm matt miller. sonali: i'm sonali basak. katie: and i'm katie greifeld. sonali: tesla poses fourth straight profitless as alphabet faces pressure. matt: blackrock cuts its dividend after carson block warns is it may face a liquidity crisis. katie: and kamala harris's campaign war chest.

we've got the scoop on their plan. but before we get there, let's take a check on these markets right now. because we are at session lows on the ncaa. your big tech earnings really disappointing and you can see that in big tech, down about 2%. same story at the s&p 500. a little bit blunted since it is a broader index. but the s&p 500 down about 1.3%. and if you look the bond market, it is crickets over there. very quiet. matt: on treasuries, but we see stocks losses get worse and worse throughout the session. we have only been trading for 31 minutes but we're now 1%. big losses at google. almost 4% for alphabet. and then we've got tesla down right now, 13%. so, big tech earnings really off to a bad start.

tesla missing its profits for a fourth quarter in a row. alphabet under pressure as it ramps up spending to try and compete with a.i. rivals. joining us now is man deep singh. what's the problem that investors want to sell it off with musk, it's understandable. because he asked investors to sell his shares. >> they didn't tell us much. they said it will sequentially increase but i guess that could mean anything and i think investors now are focused more on what kind of cap, increases and that's why they ignored the positive which was the search business is very robust right now. it's accelerating and cloud.

they quantified the a.i. contribution to cloud. so both are positives. it's just the cap x uncertainty is what drove the stocks down. katie: seems like investors were happy to see that for a while. a.i. has been the topic du jour but now it's more of a show-me story. so far, alphabet doesn't have the roy to back that up. are we going to see something similar from the big tech once they report? >> absolutely. given meta had a reaction when they talked about increasing capps for the year, i anticipated that. i think meta, we will see a

similar stock reaction. sonali: what's the read-thru there? as well as their commentary about working potentially with x a.i., where is the hope here? michael: so clearly, they're the furthest along when it comes to a auto mouse software. but tesla will have a product. they didn't manage data very well. so clearly, i think it's a case of letdown and now, more about what can you show in october? but they still are the furthest along when it comes to, you know, this large addressable market in robotaxis and

autonomous driving. sonali: mandeep, we appreciate you very much. that is mandeep singh of global. do you sell the news or by the death, stephanie? stephanie: we landed and we also had very elevated expectations from the tech super cycle. so you have this valuation move. you want to focus a little bit more on the things that have been underperforming all year and small caps are up 10% in the last month. but i still think there's more room to run. so i don't know if you buy the dip. you don't need to sell either. you can kind of -- i think it's a stock picker's market. you want to be speck about what you want to own. and we landed and that's why you can start looking at cyclical names as well. katie: let's meditate on big tech earnings for a little bit

longer. because as i asked mandeep, it feels like a.i., it's turned into a show-me story. stephanie: expectations are elevated. settlements are -- celtics are high. -- sentiments are high. the only thing that matter what is other people think. google is not down that much. matt: i keep going back to goldman-sachs analyst jim corvelleo. he is skeptical on a.i.s and he points out that most technology transitions replace an expensive

thing with a cheap thing, right? here, $40,000 for a chip set from nvidia. are we getting a little ahead of ourselves? stephanie: every super cycle like the one in the 1990's ended up being the right thing but it can have moments where it gets ahead of itself a little bit. you did see earnings perhaps and that is really the a.i. story and they had a really robust earnings. sonali: you look at the build-up and if we don't get that july cut, we extend to september, the fed risks an unnecessary recession. who knows how deep that would be? but if there are more troubles

the economy ahead, you're seeing it now. and earnings season. is there a rick that we haven't landed? stephanie: you always have a soft landing before you a harder landing. there's room to have it been -- you know, that this is the land. i don't think we'll cut in july at all. and in september is really where i think could end up happening. and i do think it will wind up happening and it will continue. the one thing i am watching is jobs at the consumer is slowing down and that's the normalization rather than it being something worse than that because they are spending in services. they're not spending on goods as much as possible. and so i think that's why you're going to end up -- i do think we land it. katie: the bill dudley trade. a lot of people are this morning. i want to go back to small caps because with the idea that we've landed and we are seeing some wobbles in that a.i. story and

at the same time that rotation that we're seeing into small caps. when you think about the index and the markets as a whole, are we going to see a catch-up for small caps? can that continue? or are we going to see a catchdown for big tech? stephanie: i think it's more of a catch-up but big tech has high expectations. so you are seeing a bit of a rotation. you've seen it from tech to financials, industrials and that's why small caps gets the best because 17% in industrials, 18% in financials in small caps space. it's going to be tough for tech in the near term but i think it needs to go through a revaluation. matt: any trump trade thoughts, stephanie? i mean, or harris trade. it's more likely that you have thoughts on, you know, trump policy that he's talking about

on the campaign trail. is he actually going to put it into action on immigration, on taxes, on tariffs? and then how does that play out in your portfolio? not for traders, obviously but for long-term investors i think it really matters. stephanie: yeah, the trump trade has poured a little bit of gas on top of the small cap rally and the rotation, but when you look, it's much harder to get taxes done in an environment where we have a rising deficit and definitely i think it could end up being a split congress. so that would be harder to get done. but the one thing that any president can do is implement more tariffs without getting permission from anyone else and that we know in the 2016 and 2020 era was really hurtful specifically fertilizer companies not getting as much business from china and that could end up being hurtful for some tech companies that have a ton of revenue. matt: and for the red, right?

your take its they don't custody in july. they do cut in september and then they continue to cut. if we get tariffs across the board and 60% on china, do those cuts turn into hikes? stephanie: it's a good question. it's definitely could be inflationary because we know that tariffs like, you know, we would pay as consumers for the tariffs. but i think there's enough slowing down elsewhere that we don't necessarily need hikes. and i actually think that cuts can make -- can contribute to deflation or disinflation. because i think it will pull some pressure off the housing market which has been the stickiest part of inflation. >> and that would cause a bit of feedback loop. we have to leave it there. hope to see you back soon. our thanks to stephanie guild of robinhood financial. let's look at what's moving underneath the markets.

mandeep: the nasdaq 100 down more than 2%. at&t up 4%. the best day of the year after they added more subscribers than expected. fewer current customers dropped. so improved. for the downside, we're just talking about some of these big tech earns moves. alphabet down 3.4%. there were some youtube weakness and higher capx spending. and investors looking past some of the surface beats. this is a piece of why the market is down. as we look at the other big tech movers, we have the likes of all down significantly. i would argue it also has to do

with election uncertainty. vix back to 16. we may know who the two candidates are. we are in an unprecedented election cycle and that will take a toll. matt: abigail doolittle looking at the stocks that are dropping. losses on the s&p f.p. more than 2% on the nasdaq. coming up, we're scheduled to hear from president biden tonight and we will see him reportedly as well. it's his first speech since dropping out of the presidential race. we preview the oval office next. this is bloomberg. ♪

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by french luxury lvmh is in talks to take over the as the official time keeping sponsor of formula 1. now it's rolex and it has been since 2013. this is one of the high profile in sport and would deliver a blow to rolex. the brand by the way, is tag heuer. just so you know what you might be seeing at f1 races going forward. aston martin saw demand for the pricier supercars the last quarter. the british car maker boosted its average selling price to $353,000 and offset an 11% drop in deliveries. the shares jumped on the surprising demand despite the drop in sales driven by a drop in their dbx. which is a great car. so maybe you can pick one up. crowdstrike says a bug in the quality assurance tool that the company uses to check updates in mistakes allowed flawed data

causing last week's global meltdown. the company says in an incident report that its content value dater malfunctioned and let the bug past through kicking off one of the most spectacular probably the most spectacular if you can consider it that way i.t. failures in history, katie. >> and we do want turn to politics because vice president kamala harris launched her bid in the swing state of wisconsin. harris attacked trump referencing her past work as a public prosecutor. >> in those roles, i took on perpetrators of all kinds. [laughter] predators who abused women, fraudsters, who ripped off consumers, cheaters, who broke the rules for their own gain. so hear me when i say i know

donald trump's type. [laughter] [cheers and applause] katie: and david gura joins us now and we're going talk about harris but let's talk about biden. we're going to see him for the first time in feels like a week now. david: it's been a while. he had covid -- matt: reportedly. david: reportedly. we didn't have social media and he couldn't push the memo out. we got a memo on twitter, on x from president biden saying he wasn't going to run again and in teasing the speech that we will get tonight. we will have that oval office moment 8:00 p.m. and he's going to explain his decisions to the american people. he called in when kamala harris made her way to campaign headquarters in delaware on speakerphone speaking to the

staff. high-tech. matt: before we move on, can we just get your take on why on earth the president would tweet this out? and i don't think it matters as much as the conspiracy theorists on twitter do but why would he tweet it out instead of putting it out on his own white house website? david: a good question. a lot of people saying it's the preferred platform for doing this. it got around quickly. people still picked it up. maybe it re-energized twitter a little bit. matt: you think joe biden wanted to do that? david: i'll give him the benefit of the doubt he was probably too ill. katie: we were talking about how large democratic donors have been trying to rally around kamala harris at this point in time. you spoke to one of them yesterday that is not x. what did he have to tell you? david: i reached out to barry

diller when this was concern whether joe biden would consider and said he wasn't going to back him anymore and that's big deal. he got back to me yesterday and said he has been excited about what he's seen on the campaign trail. anyone who doubts kamala harris's political expertise should pay attention to how she handles post-biden exit. ly donate the maximum to her campaign. he's back. we've seen such an outpouring of donations both at the small dollar level and a big one. a number of big meetings are taking place. one of them convened by efron, maguire, they're going to get on the phone and talk about their strategy going forward. this was a campaign that had a lot of money, spent a lot of money in june and has been find -- trying to find the footing. katie: it appears there's a lot of donor cash on the sideline looking to donate right now.

do you get the sense that the people donating to the harris campaign are doting because they're -- donating anti-trump or pro-harris? david: a little bit of both. they see this as an indication that they're going to be able to bring people back in into the fold who were inclined to sit it out when joe biden was the nominee. they're bringing a more rosy look. and they're counting on those small dollar donations still. sonali: it's about the polls, no the donors. the donors help you get the polls sometimes. at the end of the day, what does the v.p. pick mean and beyond? there's a debate about whether a swing state v.p. would just get you the swing state? david: it's a huge debate and she's figuring this out. eric holder is helping her out. we're getting some early polling

showing how she would match up against trump. there's a poll that shows her maybe a point behind but within the margin of error. so that's a positive sign for the campaign but this is something that's going to be -- she'll be on the campaign trail. but her focus is picking on the running mate. matt: we have a great function on the bloomberg terminal. wsl election. you can get the betting markets' take on this and some polling averages. the astronaut from arizona, mark kelley with 42% right now. josh shapiro, at 21%. and i just think it's fascinating. you know, market to watch. because polling has been so bad and the question is can betting markets be better? david: it is a -- an open question, i should say. but you're right about polling. in the waning days of the biden re-election bid, he was really

casting a lot of doubt in the way that who's to say whether he was right or not. he wasn't doing well. he was cation doubt. but you waze a good point. there's been a lack of faith in or maybe having those polls has we've had in the past. it's a good compliment. sonali: that is bloomberg's david gura. we will have full coverage of president biden's address tonight at 8:00 p.m. new york time. and also you can listen to david's podcast on apple podcast, spotify, or wherever you get your podcasts. still ahead, we'll take a look at the companies making the most buzz on social media today. that is social climbers. that's up next. this is bloomberg. ♪ with so many choices on booking.com there are so many tina feys i could be. so i hired body doubles. mountain climbing tina at a cabin. or tree climbing tina at a beach resort. nice! booking.com booking.yeah.

♪ katie: time for social climbers. companies making waves on social media this morning. and first up, t-mobile and kkr

forming a joint venture to buy metro net. the wireless carrier will use the digital and fine per infrastructure to expand to more households. and we have blackrock mortgage trust which provides financing for commercial real estate cutting its dividend by 24%. now the cut comes as defaults increase and borrowers struggle to make payments or refinance their loans. and guys, we got to take a look at markets right now because it's turning into a moment. you look at big tech down about 2.2% on the nasdaq 100, matt. matt: yeah, absolutely. and continuing to fall, right? so we're looking at a loss of 1.5% on the s&p 500. these big tech stocks that reported disappointing earnings. tech slipped for the fourth quarter in a row combined with global indicators. u.p.s. yesterday, otis today, cutting its outlook.

lvmh looking at a 14% drop of sales. give real concern about the slowing down of economy and with investors waiting for a rate cut that they aren't likely to get in july. we're going to speak with mike brown next, the c.e.o. of travel and leisurer. this is bloomberg. ♪ sweat isn't sweet. it's salty. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty.

sonali: one stock we are watching is travel and leisure. shares are falling after the company issued a week forecast. joining us is abigail doolittle. abigail: down about 8%, the worst day since june of 22. it's not all bad in terms of the quarter that was reported, earnings be by 9% and sales there was a modest miss but you can see in the perspective of the recent quarters that sales of nearly $1 billion was basically a sequential gain from

the first quarter and in the zip code of the last several quarters. what is weighing is that guide you were just talking about in terms of the third quarter guide. a little bit weaker than with the street was expecting. there's one other factor going on if we compare the shares of travel and leisure to the s&p 500 and the overall travel index we will see ahead of today and just recently big outperformance into today this stock had been up 26% on the year outperforming the s&p 500 and outperforming the travel sector which has been down or flat. maybe too far too fast. some investors taking a few chips off the table. katie: let's keep the conversation going with mike brown, the ceo of travel and leisure. let's start with that guide that seems to be weighing on shares. you look at third-quarter adjusted between 230 $5 million to $245 million.

the estimate was for about $253 million. give us some context on why you guided lower than had been expected. >> let me step back and look at the full-year guide. we raised our four year guide from where we were in the previous quarter. what we pointed out on the call is the cadence of those earnings between q3 and q4 was just a little misaligned to the street. the great thing is even though our q3 guide was lower, our four year guide not only met our previous guidance from q1, but we raised it a little bit. that's more a matter of guiding between quarters and it is our full-year expectation. in the end her underlying business is really performing strong and reflecting a consumer demand that's very high and what we expect for the remainder of the year. >> i want to talk about the detail that there was a

higher-than-expected loan loss provision. some of the sell side notes focusing on that. what does that say about your lower end customer. we talk all the time about the weakening consumer here and you take a look at this higher-than-expected market. what are you seeing there? mike: i think there's nothing different than what you're seeing in our company than the macroeconomy. when you get to the lower end consumer which is anything we are defining is below 700, those consumer finance portfolio numbers are slightly weaker. 76% of portfolio is above the 700 so i don't think for us there is any surprise you would expect to see a little bit more weakness, it's reflective of what we're seeing in the macroeconomy and people are reacting to it. i was listening before the break that there were companies lowering their guidance over concern and the consumer. for us we are the opposite pre-we raised our guidance

despite what we are seeing at the $3 billion consumer finance portfolio. we are reflecting what others are seeing in the market while raising our four year guidance and reflecting strong consumer demand in the last two quarters of the year. sonali: how do you describe it's going on in the travel market. if there are worries across corporate america about middle to lower end consumers, lower income consumers then how do you think about who is driving most of the spend? is it these big spenders go into higher end locations or is it people who are trying to spend a summer break more locally? mike: we are a 100 percent leisure company and leisure travel company. what we see just in the nature of our business which is prepaid vacation is when the economy tightens people will not give up their vacation i think we saw that in 22 and 23 as people returned as fast as they could to getting on vacation after the

pandemic. what you'll see is a change of behavior as to where there spend will be, they may decide to come to a regional destination that allows them to save money on the drive. we are seeing our biggest demand and your traditional vacation spots on land and las vegas and beach destinations in the summer months. the consumer is very wise. they make clever decisions based on where the economy is and with a little bit of uncertainty ahead for the second half of the year for our consumer they are just driving may be a little bit more in choosing to spend their money but what they will not do is give up their vacation in our space which is prepaid vacations. katie: at this -- sonali: at this point are you most concerned on behalf of your customers for high pricing that remains even when you see inflation cooling here or is it the fact people are worried about the economy and growth

slowing down maybe in a recession. mike: i think whether it is travel decisions or investing in the stock market uncertainty is always an element that gives people pause so i'm not concerned in the consumer which 80% of them have fully paid for their vacation are not going to go on vacation. we actually sit very well because its value driven and people can use their money how they choose to. when i look more broadly at the leisure travel sector, whether his interest rates, an election or the macroeconomy taking uncertainty off the table will be the best thing for the travel consumer in the second half of this year. matt: you get the lion's share of your revenue from timeshare sales, is that right, is that timeshare sales and what does that consumer -- what is the profile of that consumer? mike: our consumer on average

has a household income just over $100,000 and our average fight go score is about 740. for all of our new originations so it is a strong consumer. and over the last three years what we've seen is that the inflation has actually been a tailwind for us because if you've paid for your vacation in 2016 and your neighbor who doesn't own a timeshare is vacationing at 2023 prices you are seeing tons of value. most of our consumers are about in that high 40's early 50's range read we are starting to see about 15% b millennials and -- 15% millennials and we are seeing our first gen z purchasers. >> i wonder about a new segment you have which is sports

illustrated vacations it sounds totally cool. for example i could go to university of alabama and i hope i don't get a lot of haters writing in. roll tide. what does that segment look like and how is the growth trajectory? >> i can pretty much assure you you will get some auburn fan base or the war eagles. i think hospitality is in for a different macro trend. people are looking for experiences that relate to their personal life and we already have the margaritaville brand. and when i say that, you think sand with a margarita in your hand and when you talk college athletics and sports illustrated you think of a certain clientele but wants to have a certain experience when they go to the university of alabama or another one of our resorts that will be bringing forward in the college town scenario. people are passionate, college sports is a passion location and

i think it's fair to say if you want to associate your sports experience with your alumni experience there's not many hospitality offerings out there so we are excited to bring the most iconic name in sports to hospitality and tie it into the passion of college sports. katie: my college didn't even have a football team. before we let you go i want to ask about recent acquisitions you made. the vacation club for example. when you look at your portfolio and future growth are you considering acquisitions of that type? mike: what we believe the future of the industry is to grow the range of your consumer. we have a very close relationship with wyndham hotels and that relationship has led us to over 2 billion of vacation ownership sales. but we are projecting this year. we think that same business model is revocable -- replicable

at margaritaville, sports illustrated, and what could be future other brands. we want to keep our eye on the ball so we are very discerning with any other acquisitions or partnerships we make but we believe the vacation ownership platform will be expanded by the addition of incremental brands that are iconic as well as incremental databases that is supportive of our business model which is a direct marketing business model. >> thank you so much for joining us, really fascinating stuff, the ceo of travel and leisure. let's get a check on the markets we are seeing big drops across the board. we go to abigail doolittle. abigail: the nasdaq 100 and s&p 500 at session lows. here is the s&p 500 down 1.5% so continuing last week's weakness. some of this has to do with uncertainty around alexion 2024. if we look at some of the other indexes the nasdaq 100 this index now i believe on pace for

a third down week in a row down 2.3%. you can see small-cap outperforming but still down 3/10 of 1%. take a look at this nasdaq 100 fix at a 21 handle a big spread to the s&p 500 vix at 16, both of these indexes measure uncertainty so uncertainty rising for the factor such a big spread suggests there could be more volatility as a likes of apple, microsoft, tesla and google are falling on the day. making it a bit of a risk off day we do have the two year yield down 10 basis points nearly out of 439 that tells you investors are going towards bonds. we have all kinds of breakdowns on various indexes. let's take another look at the chip index because nvidia and broadcom to the bigger drags on the day. this is the 50 day moving average and today we are gapping below it.

that tells you investors are surprised by the degree of bearish selling we have. you can see the rsi momentum indicator going down overbought territory towards oversold bread last, went below the 50 day moving average it was back towards the april bottom not much to see there. the question is will this continue and be a brief blip or is there something more that investors are mulling over here where it can be a bigger correction. there are a lot of bearish divergence is bullying -- between -- beneath the surface. >> the stock is down today. it is just ugly out there. thank you so much. coming up, former u.s. treasury secretary larry summers weighs in on the 2024 race as kamala harris ramps up her campaign. this is bloomberg. ♪

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this is bloomberg. ♪ katie: time now for our daily wall street week conversation. inflation is at the heart of economic issues this election cycle. prices are starting to cool but voters perception still run hot. david westin asks the former cider trash treasury secretary what we know so far about vice president harris's economic policies. >> we don't know much yet, the campaign has only been going for two days but i think we've got some strong bases for optimism. first, it's been a biden harris administration and if you step back it really has a remarkable record. i do not think any administration has so

outperformed the economic forecasts on the day it came into office as the biden harris administration has. that's because of an approach that is about investing in america and investing in america's future. if you look at some of the things vice president harris has done, they have that orientation to the future. she knows that our children are our future and that's why the child care credit and investing in children investments that reduce chive old -- child poverty rate in half were so important to her. she knows that fiscal responsibility is central and that's why she puts emphasis on the fact that we need to raise taxes where it is replacing the ineffective massive corporate

tax cuts that president trump put into place. she understands that much of our future lies in exporting to the rest of the world. it is not her approach to call africa and el salvador -- countries as president trump did. it is her approach to work to strongly support their development because she knows more prosperous countries around the world make for a more prosperous united states. she knows that there is a strong role for the market system, that we need businesses to succeed if we are going to create jobs in the united states. she knows that better than j.d. vance did judging by his

comments at the republican convention. but she also knows that we need strong policies, strong regulatory policies if consumers are going to be protected, strong environmental policies if we are going to protect the planet. she is focused on the future. and our future lies in technology that empowers and strengthens workers. and that works for american children. and that is going to be i believe the focus of her administration and it is a new generational approach and a stark contrast with what came before with donald trump and judging by what he is saying on the campaign trail, an even

larger contrast with what would come if he were elected. what he describes david is a prescription for massive inflation. ignore the deficit, bash the fed, trash the dollar, cut back on labor supplied by trying immediately to send millions of people home, stop subsidizing clean energy and put massive tariffs on so businesses cannot get cheap inputs. it's hard to imagine a better strategy for creating inflation, for creating high interest rates than the trump strategy. president harris i believe will avoid all of those pro-inflation mistakes and much more important

will build a future oriented economy through our kids, through our technologies, through containing our debts and through working with the world. katie: that was larry summers with our own david westin. tomorrow we will hear from pj ceo david hunt on wall street week. this is bloomberg. ♪

matt: let's get to the trading diary. what you need to be watching today. israeli prime minister netanyahu addresses congress at 2:00 p.m. this afternoon plus fed speak from bowman and logan. president biden will be speaking at 8:00 p.m. from the oval office. tomorrow we get u.s. gdp and durable goods numbers. on friday we get inflation in the form of the fed's preferred

gauge, pce. we are watching out for results from ford which are due after the bell today for a preview we are joined by bloomberg's detroit bureau chief. this comes on the heels of impressive results from general motors. >> could be different with ford. both exist in the same economy and same vehicle market and a very healthy one in the second quarter. key number is in the second quarter f-150 pickup trucks for -- where ford makes all of money, they were down in the middle of switching over to a freshened up model and they had been holding some vehicles back for quality checks. ford has had an issue with warranty costs and they did that in the first quarter. sales were down so it all depends on how the stock reacts. it depends on how much money they made on those trucks and in a weird way if truck sales kind

of i guess let's say gives ford profits the don't look as good as gm's it can help the shares in the sense that investors will think there's more upside in the second half of the year as they ramp up more f-150 sales. the problem for general motors is they had such a great second quarter and such a good first half that investors figured we are at peak now, the good times are over in the second half while it may still be healthy and strong it's all downhill from here and they sold off the shares to the tune of more than 6% down yesterday. ford has a little bit left in the tank because the f-150 rollout will gather steam in the second half as opposed to the second quarter they can see some upside. aftermarket in the tomorrow it open. katie: let's talk about gas engines we know ford has been ramping up production there and ev's, that soft ev demand has been the talk of the town.

what do investors want to hear when it comes to their thinking on the eeev output and what are we likely to actually hear from the company? >> investors are looking at ev's like they are not so great now. tesla had another quarter of down sales and elon musk is trying to stoke the stock within ai and autonomous vehicle story rather than more growth on electric vehicles. investors broadly know ev's are the future. it's not the immediate future and not earnings right now. ford doesn't have new ones coming off the dedicated platform for a couple of years so they don't have a great story there. they have good sales with the f-150, it continues to do well but they lose a lot of money on their ev's so investors are looking at near-term general motors. they are making money off of their suvs in the pickup trucks that run on gasoline and gm is a cash machine based on this, this can be a lot of focus on cash

flow and profit margins. katie: david welch out in detroit, we will be interviewing the cfo afford after the automaker reports results today. tomorrow a great lineup for you. friedman of nasdaq coming up, this is bloomberg. ♪

>> from the heart of or innovation, money and power collide in silicon valley and beyond this is bloomberg technology with caroline hyde and ed ludlow. caroline: live from london and san francisco this is bloomberg technology. full coverage of tesla's disappointing second-quarter results. ed: google investors awaiting an ai payoff.