>> 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. carolyn: this is bloomberg technology. coming up, full market coverage with tech back on performing as traders brace for a big week of eco-data. ed: we preview elon musk's interview with former president donald trump. carolyn: and we continue our

earnings coverage with the ceo of expedia. first, let's check in on that outperformance of tech. i go away for a couple of weeks and then nothing happens. we have managed to claw back most of the losses last week. up .7% on the nasdaq. we have so much to anticipate. cpi, the all important read for this weekend. ed: we left on friday with an element of payroll payment in the end, the nasdaq closed up a 10th of a percent but that's not a week of. had it fallen, you would have had five weeks of declines, the restaurant going back to may 2022. it was a bit of a storm throughout the week with volatility. let's get more on the markets with isabel lee. we can start looking at last week, asking about what happened, we can look forward to this week, where technology investors are looking at eco-data. >> i want to give a quick look

at markets. s&p following around 3%. the vix jumping 23 with a two have been your inverting, bitcoin, it was really a monday meltdown. everything after that seemed to regain its footing. the s&p finishing flat on the week and we have these investors who kind of panicked slightly, really sold off all their stocks, the reversal trades we've been seeing reversed, momentum trade fizzled. where do we go from here? we can expect more volatility because we will see a slew of data. as we know, investors digest each of these data very closely more than any other time in history. tuesday, ppi, wednesday, cpi, thursday, jobless claims, retail sales, friday, consumer sentiment. really a light week for us. carolyn: also in international play on this. the day. one also caught my attention was

this slashing of equity exposure. we still have that feeling of just trim, diversify more, having seen the volatility of last monday. >> that caught my eye as well. deutsche bank saying investors cut equity allocation the most since the pandemic. we were at the 97th percentile, so you see a shift in sentiment. interesting to see how just three weeks ago, investors were optimistic about the economy, soft landing, now they are like the fed took too long to cut rates and we are in a panic. you know that when they panic a little, it always over shoots. it is summer, volatility is like. vix spiking was really technical, not indicative of the outright panic that we see when we associate this with the vix. it is more technical because we have like liquidity, shift in

positioning. it is hard to read markets especially during the summer when we all should be on vacation. investors are not liking tech. the great rotation trade we saw when people were selling big stocks into small-cap, that has fizzled. last week, traders pulling out $2.6 billion from blackrock's small-cap etf. maybe that was just a blip, maybe investors are shifting again. it is hard to read right now. ed: isabel leah crouse the markets. the biggest points movers to the upside is nvidia. i want to bring in daniel newman, the futurum group ceo. i don't think it is premature to say that nvidia reports august 28 and we just went through the eco-data and the impact of central banks. that is a big calendar item for everyone that much as the market. daniel: good to see you. after the first wave of big

tech, there isn't an earnings report that is more in the throes of everyone's hearts right now and what will happen with nvidia. the ai bubble bears as i like to call them are looking for something to break. the announcement of some delays on blackwell got excitement last week, but may be muted a little bit by what was happening with the macroeconomy. on the others to bit, bulls are listening to these capex reports, all of these companies intending to spend big on capex, and that tends to be a win for nvidia. ai is booming on the capex side, investment and infrastructure aside, but the bears are saying how is that turning into practical use on the market? that has created a big golf. carolyn: is it, if you are going to buy the volatility we have seen as of late, buying into the lower price points, you do it

with what has already won, the nvidias, not those working on software. daniel: i like to talk about this ingestion period happening with ai. it will not happen over the next quarter or two where ai will be implemented into every enterprise. we saw palantir it had a great quarter. service now had some resilient results against some of the people betting against the software. we are also waiting to see strength from companies like sap, oracle. ibm looked ok. these are the company doing the implementations of ai. if you are looking at this predictable big spend going on, all the mega tech companies are saying we don't want to be the blackberry of the ai era. we are going to spend in advance. zuck did a perfect job on his earnings call and nobody flinched. others were met with some resistant because the justification of capex was not

as clear to the investors. carolyn: justification also have a fundamental change in policy from the federal reserve. how much does the broader macro backdrop paint a picture for whether you should be buying tech at the moment? daniel: you and i have had this discussion on the show. tech is incredibly deflationary. it will allow companies to do more with less. we have seen the job numbers in san francisco go back to the pre-pandemic levels. we have heard about the cuts over the past few weeks. this has been necessary, but also these companies, the conversations on happening with ceos, they believed ai will help grow strategy. they can make some cuts in their cost in human capital in order to create scale and growth. at the same time, we are still waiting to see, you look at these credit numbers, loan default numbers, some of the

consumer confidence numbers. the market isn't that strong despite that we are not in a recession. we are balancing these things but tech is ultimately deflationary, ends up being a good bet for especially long investors. ed: tabulating headwinds and tailwinds, in which column does regulation sit for ai? daniel: i believe it is a headwind, but like every technological megatrend we have had, regulators will always be playing catch up, playing defense. i've had a number of conversations about what nvidia's stature is in relation to regulation, hearing some concerns about europe and u.s., google last week. the regulators want the markets and know that they will play a role, but at the same time, but u.s. is steadfast to stay in the lead with innovation. mna is the area where regulators will be most involved. they will make it difficult for these mega cap companies to make

acquisitions. we saw microsoft doing interesting move on one of their most recent acquisitions. that will play into this. they will play the cat and mouse game. but the regulators will have a hard time keeping up. carolyn: daniel newman, great to have you on, the futurum group. elon musk will be sitting down with donald trump later today to discuss what to expect. this is bloomberg. ♪ (office chatter) is it me...or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? can ai help your people work... without all the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech?

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carolyn: elon musk and donald trump are slated to sit down for an interview this evening on x.

it would be the first public interaction between the two men since the tesla ceo endorse the republican nominee last month. let's discuss it with kurt wagner. timing for us, what we anticipate in terms of subject matter? >> scheduled to be at 8:00 eastern time, prime time if you will. in terms of what to predict, and these are two incredibly unpredictable people, as you both know. i imagine we will hear president trump go through some of his key points, especially the ones that we see elon musk continuing to treat about, immigration, social issues around dei, trans rights, and certainly the economy. this is one of the things that president trump talks about a lot, elon musk will -- it matters to him with tesla, ev's, all the regulations. as far as you can predict, those rc predictions, but with these

two, you never know where the conversation will go. ed: musk has spoken about his attitude toward trump. let's reflect on that. >> i guess there would be some impact but it would be devastating for our promoters. long-term probably actually helps tesla would be my guess. ed: impacted tesla hurt slightly competitors long-term, but that he also has his boeing, spacex cap on. you are right he is unpredictable. and he says that we have common ground on any of the other musk companies? kurt: that clip gives you a sense. elon sees there is a long term benefit here to trump in the white house. they align probably on crypto. donald trump has come out as the cryptocurrency candidate here

which elon musk may care about. the idea of one president trump was in office, he cared about space space force, the idea about protecting the country through space. that elon is a huge part of elon 's portfolio. there is a place where they overlap. potential mutual benefit of getting the former president back onto x, where elon is trying to build a base. that could be another side effect of this conversation. ed: it will be interesting to see if x can handle it, all those people tuning in. we will get you back on to discuss later in the week. trump's attitude toward electric vehicles and charging is likely to come up in the conversation. musk is the head of tesla, and the former president talked about ev's at length a few weeks ago, suggesting the topic is also top of mind for him. let's discuss with terry o'day,

ceo of in charge energy, which provides commercial fleet charging solutions. is your industry weeding -- waiting for this to be a guide of trump policy on charging an infrastructure of ev's? >> it is clear that trump has staked out a position here. what is also clear is the march toward electrification in this country is inexorable at this point. a total cost of owning an electric car or electric truck is now lower than gasoline or diesel. people are making decisions based on that economic factor. we think the market will continue to march forward. perhaps as musk said, this is a short-term lip. carolyn: what, if anything, do you think could knock what has ultimately been from a consumer standpoint a stagnation of interest in ev's? what are you seeing from the

business side of it? has that not been the case? terry: there is definitely a slowdown. this past year there was a glut of supply in the market for chargers, vehicles, and companies adjusting to their capital decisions. what we are beginning to see is thinking coming from our major companies like pepsi, fedex, ups, walmart, they are planning multiyear rollouts now of electric trucks, medium duty vehicles. we are doing the charging stations, planning their long-term plans for their facilities, and they are making investments over a multiyear calendar that is very different from the political calendar. ed: the biden administration gave elon musk and tesla the cold shoulder but focused on the ira which gave benefits to your industry. how much do you want to see trump gives some substance about how he would handle funding an

investment into ev infrastructure? is it something that you think is important to carry forward? terry: there infrastructure bills have a major impact on this industry. we know how school buses being deployed with school children being driven to schools this month in electric vehicles, electric school buses as a result of the biden infrastructure bill. we have additional investments coming up for public charging stations across the u.s. those investments should continue to come forward because that is what will enable consumers and fleets to feel comfortable driving these vehicles, making this choice in the long run. carolyn: therecarolyn: is a politicization that is unavoidable oil versus ev. any risk that it is unwound? terry: this industry has been started in part by forward-looking regulation and by these kinds of public investments.

commercial investments, as i suggest, are very important and moving forward. the whole thing will continue to go faster if there is investment from public sector, if these regulations continue. there is some real risk, for sure. carolyn: terry o'day, i'm sure will you be tuning into that x discussion. thank you. meanwhile, let's talk about rewrite, a chinese self-driving automotive company seeking $440 million in a u.s. ipo. it was granted approval last year by the chinese securities regulator for a u.s. listing. this would give them a market value of about $5 billion. based on a u.s. sec filing. ed: let's get to some more news stories talking about tech. rt global has agreed to buy a major stake. set to purchase 24.5 stake from

shareholder altice in a deal that would bolster the company's international expansion. this gives the firm a marquee holding in the united kingdom. film studios have dropped its opposition to a california measure that would give actors more leeway over a privacy usage. the measure would implement new legal safeguards for performer contracts using digital replicas and voices and likeness. lawmakers have until the end of the month to pass the measure before they adjourn. it's a return to formula for disney. the company announcing sequels over the weekend at its d23 event, after recent billion box office successes from "inside out" and "deadpool in mogherini -- and wolverine." this is bloomberg technology. ♪

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carolyn: a sad loss for the technology industry over the weekend. susan wojcicki has died after a two have in your battle with cancer at the age of 56. she was an early google executive and longtime head of its youtube video platform we shaped how fortunes and fame are created on the internet. she was one of just a few women at the top ranks of the tech industry. bloomberg's mark berger joins us to discuss her legacy. as soon their pichai put it himself, she is as core to the history of google as anyone. it is hard to get our arms around the extent of her impact. >> it all starts with literally her garage, where she famously lent it out to larry page and sergey brin in 1998, they formed

the company there, she joined shortly after. i have sources that told me that one of her nicknames inside the company was the mini ceo because there was this leadership, she was one of these leaders that ran a lot of these operations, management. the founders were famous for neglecting that at times. they were the visionaries. eric schmidt came in as the adult. she was responsible for building out a lot of its core advertising business. that was one of the main reasons why she was brought over to youtube in 2014. ed: she announced plans to leave youtube in february 2023, talked about other projects, focusing on her health. at that time, i don't think she or the company elaborated why. the main point being she had a profound impact on youtube. you write about it in your book. what are some of the key actions she took as ceo there? mark: one of her key priorities

was to spotlight the creators. this is eight years ago, sorry, 10 years ago now, and this needs an idea of influencers, online creators still wasn't proven as a business. i think we can certainly say that has changed dramatically. one of their initial campaigns was to spotlight a lot of these homegrown creators. for a long time, youtube tried to get celebrities to come onto the platform. when the shift happened, we have ever owned a list style celebrities, these youtube stars. as we have covered a lot, that has its share of problems, brand safety issues that she dealt with over her tenure. the focus on advertising as her core strength has paid off to the extent that youtube has become a dominant advertising platform. the other areas, dropping its plans to compete with netflix and amazon prime. it is still kind of youtube

music, still a service but nowhere close to spotify. her legacy will be primarily building out what still remains a google's core business. at the time she took over, there were still questions about whether youtube could turn a profit. now it is one of the key pillars of google and alphabet's growth. carolyn: while making her profound impact at google, she made a profound impact for many women in technology. i know that many have spoken about the way that she tried to show up as someone who had a work-life balance, dropping her kids off at soccer in a minivan, taking maternity leave, speaking out about it. how have colleagues, people that have worked alongside her, thought about her and her loss? mark: not just taking maternity leave but widely credited for forming it at google. the founders didn't think about that when they created the company. the first want to write that

policy. women i have talked to their, this is clearly a strength of her leadership being out there very publicly as a mom. it is interesting to contrast her with sheryl sandberg and marissa mayer, peers that certainly had a bigger public profile. susan wojcicki, from what i understand, didn't want that high public profile. maybe for google strategically, it's been quite important, i would argue. not like elon musk and x, mark zuckerberg at facebook. you don't have this one executive well known for this platform. that is maybe one of the reasons why youtube has in many ways dodged some of the criticism that other social media sites have dealt with. some people argue that is because susan is more astute, mature leadership. perhaps also because she had this background role. she was not a public profile.

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ed: welcome back to "bloomberg technology." ed ludlow here in san francisco. caroline: caroline hyde in new york. we are taking a turn. some hard selloff, looking at the names like meta dragging the index lower. we are now up by 0.1%. a half-hour ago, we were higher by 0.6%, 0.7%. we have been seeing some high flyers that have been re-loved after last week's beat up but is not much.

the japanese yen, the volatility of this time last week, much of it evidenced in the yen weaker on the day versus the dollar . looking at bitcoin at 59,000. ultimately to be able to buy bitcoin, once again putting it onto their balance sheet, but we are down to the tune of 8%. nvidia leading us higher on the nasdaq 100. looking at intel down by 08%. -- 0.8%. they are postponing a key event. here is a name that got beaten up after earnings, cut costs and headcount, and cutting their

marketing spend as well. ed: let's bring in bloomberg's ian king. we have wandered into each other's desks and said it is not a lot of good news to be had for intel at the moment. this expo is not a major headline but it continues the negativity around the name. ian: there are a couple things we need to think about. intel used to set the agenda for the whole industry with its conferences. right now, what investors want is somebody from intel to walk out and stage -- on stage and say look at this new thing, to change the conversation and get people excited about what they are doing again. if they cancel events, how will they do that? caroline: just talk about the relevance of this event. it was all about developers. how are they trying to earn back the reputation that they would leading the sector they are so well known in rather than playing catch-up to the names that are doing well such as nvidia? ian: yeah, i think you already

answered your question in the question. caroline: busted. ian: the accelerators, which is the key ai market, that is what is leading in that crucial data center market. for them, that is nvidia story not an intel story. nvidia has closed $100 billion of sales in that market and they are nowhere. we need to see something that from them -- see something from them that changes that narrative. ed: i got a save the date for innovation, but the last line is please stay tuned several exciting products and technology announcements coming this fall. so they are working on something in the meantime. ian: yeah what they are going to do is concentrate on some smaller events. smaller events to try to again draw attention back into what is going. but right now, there is a real

sense of, come on, show us something, anything. that is what people want. caroline: ian king, always some on the money. we thank you so much. let's turn to apple now because a month out of the release of its iphone 16 which is expected to keep sales stable, but is it bringing major innovation? let's talk to mark about it because he covered it in his weekly column. ultimately, your argument is we are not getting that much which innovation coming from apple in the moment, even though they can really talk up the ai side of things. mark: ai will sell well this fall. they will produce between 80 to 90 million units, but they will not be major growth over the prior year or the year before that or even the year before that. this is a company that is making essentially minor changes on an annual basis to their phones at this point, and that is going to continue with the 16 line. you will see a new button at least on the pro phones that

turns the phone more into a dsl r. you will be able to press it to autofocus and take a picture but they will be a new, slimmer iphone 17 model to replace the iphone 16 plus as well as the new lower end iphone se which can boost sales in emerging markets. ed: jackie lopez does not allow props so i will demo like this. it is a dslr camera i am pretending to hold. that is it? that is the innovation they have come up with for the iphone 16 generation, a button for the camera? mark: well, it will be a cool button. ed: a cool button. mark: you can expect some other phone makers will copy it down the road. you can swipe left to right, right to left to move between media modes and zoom in and out. there will also be larger

screens on the pro models, faster processors, and of course the bigger partial be around apple intelligence. right now, only the pro 50 models support apple intelligence. all four iphone models will support apple intelligence because they are adding horsepower so that will be a significant deal. but i do not think apple intelligence right now is something you will see really boost sales. i think that will happen next year or the year after as people are making more of great decisions from older models that do not support. ed: my team are not happy with the demonstration that i gave but we appreciate the reporting, the camera button on the next-generation iphone, a cool button. mark gurman, thank you so much forget coming up on the show, we will take a look at ipo trends with mitchell green from lead as capital. that conversation coming up next. this is "bloomberg technology." ♪

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that' s. ed: this is "bloomberg technology" live shot of the principal room. check out the "bloomberg

technology" podcast on the terminal as well as online at apple, spotify, iheart. this is bloomberg. caroline: so last week's market volatility has not yet deterred handful of issuers working on september listings in europe. top-end pricing may prove elusive. partners group holding is still weighing a launch of the ipo company techem as soon as september. joining others like the polish retailer zabka and also springer nature also looking at second-half listings. let's look at the u.s. ipo, if it is open -- if the window is open or not. mitchell joins us for the spotlight. how are you feeling?

any optimism amid a political agenda that keeps things volatile? mitchell: political agenda, policy, things like that going crazy. this is funny. jeffries put out a report about 10 days ago saying the ipo market was open and ready for business, and then the markets -- we joked internally maybe it was a week too early. that said, the ipo market is open. if you look at how the companies that have gone public like instacart and some others have treated, they have done remarkably well but he would not know that based on the volume, which has almost dried up to next to nil. however, i think you need to step back. in 2006 to 2009 when companies went public, they would raise $100 million to $300 million. microsoft in 1988, 1987 raised $40 million. they never went public again. fast-forward to 2021. companies were private and raised $100 million to $300

million. now fast-forward and you have two types of companies. they have hundreds of millions of dollars of cash, have hit their numbers, so they can go public tomorrow, and would go public at a reasonable valuation. some of the higher than the 2020 and 2021 round. some would go flat. there is a whole other class that could not go public because they did not perform but those that have, why go public if you have $300 million in cash? caroline: the same thing as microsoft. they did not need to raise money but they needed liquidity for the people that worked there and have the rigor of being a publicly traded company. is that the same for the business models now? mitchell: what you are seeing as it will definitely make more rigor. the whole process of being public today is way more expensive and way more time-consuming than it was 25, 30 plus years ago. uic companies wait to be even bigger. the markets -- you are seeing

companies wait to be even bigger. the markets have changed. if you are a sub $5 billion company, it is not fun to ask the small-cap guys who come in here. at some point committee sequoias, the lightspeeds, the benchmarks of the world will be telling these companies don't go public at $300 million but at some point, $500 million or $600 million, you need the money for the liquidity. for the best companies, we are not seeing that now at all. ed: what we are seeing is more liquid secondaries market, but there does seem to be a willingness of the private market to have along this role support companies later in life. how would that impact the here and now of an ipo window? mitchell: i think that is a great thing you said. it is 100% spot on. without going in the details, we have a company in our portfolio with $300 million revenue growing 60% plus a year with 200

$50 million to $300 million in cash -- $250 million to $300 million in cash. they just completed a secondary from investors. they historically would have gone public. but instead, the ceo and the board and management team, which we agree with, why go public and operate a $300 million revenue company? just go public in a few years when your company is even larger. by the way, that is facilitated by large secondaries, 100%. ed: we reflected earlier in the program on the volatility in the open market. looking ahead, with the outcome of november's election, would it cause a pause or excellent region for the ipo window in your mind, mitchell? mitchell: it depends if you get more days like the end trade unwind and things like last

monday. you would not want to price an ipo on tuesday or wednesday. i think things have settled down a little bit but you never know. i think things will get more volatile as you can into the election cycle. i have learned not to pontificate on what politics are going to do to financial markets. caroline: politics affect certain portfolio companies. bytedance, for example. how much do you worry about these companies in the u.s. market? mitchell: i knew you were going there. the great thing, bytedance will at some point go public. it will be in asia, not the u.s. people ask me come you made an investment, do you worry about their u.s. business? their u.s. business is a very small part of the overall business. frankly, it sounds crazy to hear me say it but for some reason if the u.s. business was gotten rid of, they would more likely go public sooner. that said, they should fight for it. i do think the u.s. has the

right to tell us, tell companies you must shudder this business. i can tell you this. what two companies would love to see tiktok on? facebook and snapchat. i can assure you the lobbyists are working on it. the chinese want to build a global business like nike and all of these markets around the world. the chinese never built this kind of company. they finally have done it with tiktok, and i expect them to push that around the world. i think the whole idea they are spying on us and trying to influence things come i'm sorry, like facebook does not try to influence things at all, social media, and things like that. ed: mitchell green, thank you very much. crypto startups also raised more money in the second quarter of this year, totaling $2.7 billion. but they closed 4.5% fewer deals compared to the first quarter, mirroring a broader slowdown

seen in the digital asset world. bitcoin fell 13% in the second quarter. there has been little change so far this quarter. caroline: coming up, we are going to be talking in the more about the public markets joined by the expedia ceo to breakdown the company earnings, results, what it says about the consumer. this is "bloomberg technology." ♪

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caroline: welcome to our worldwide audience is on bloomberg tv and bloomberg radio. expedia posted better-than-expected second-quarter results.

however, the company warned of a softening in travel demand in the current quarter. therefore in adjusted its expectations for the rest of the year. let's dig into the details. the expedia ceo is with us, ariane gorin. you managed to get the nuance, the shares absolutely popped on the fact that you did what you needed to do and delivered for the quarter you were posting on, but then you downgraded for a second time. what is the consumer telling you right now? ariane: first, thank you for having me. we were very happy with our second-quarter results. we saw alex in the region in our consumer business, which is what we were looking for, and continued strength in our p2p segment and advertising -- b2b segment and advertising, but we have seen some softness. it has been a few quarters that the air ticket prices have been coming down and car rental prices have been coming out. we see that in the third quarter some your keeping an eye on it. ed: good morning. away from the united states, it has been an incredible summer in

europe. the euros football summer tournament, the olympics. why is that event driven process not more of a confidence giver for you in your outlook? ariane: first of all, i would say events driven trouble is a true trend whether it is sports, concerts. we side with taylor swift's concert tour. that really drives traveling to destinations. that certainly plays into our optimism. but again, you look at the forecast and we are looking at what is happening on pricing and in demand. again, in the long term, people certainly want to trouble, which is what makes us optimistic in the long term. ed: what is the technology story for you? if you are going to drive the outlook a little higher than you have already given, is there a way you can more closely match what people are searching for? maybe the budget conscious consumer as well if the consumer in real-time is not pulling back. ariane: the great news is

because of the work we have done on our platform in the last few years, in particular around having a customer identity across all of our brands, we have a better understanding of the traveler across all of our brands looking at what they are searching for, what they are interested in, which allows us to make more personalized recommendations that are relevant for each. caroline: let's talk about brands and brand loyalty. we want to remind our audiences we are sitting down with the expedia ceo ariane gorin. most interesting is you have this rollout also a brand loyalty program beyond the u.s. and u.k. but you are slowing slightly. it impacts hotels.com users and the loyalty programs they have. ariane: sure. we actually just came up on the one-year anniversary of our loyalty program. we launched it last summer in the u.s., and it is a program that ties together expedia, hotels.com and vrbo.

it allows travelers to earn and burn one key cash across all the brands and benefit from higher discounts especially in hotels the more loyal they are. we have been pleased with the results in the u.s. and just launched in the u.k., but as we stepped back and looked at other countries, what we realized is this is a program that works the best one we have all three of our big brands operating at scale. and in many countries outside of the u.s. and the u.k., they have one leading brand. what we are doing now is looking at, how do we make sure we have the strongest loyalty brand proposition in each country for the brands that are there? the good news is even before making any changes, all of the loyalty members outside of the u.s. and the u.k. are benefiting from the higher member discounts. caroline: you are relatively new in the seat. may 2020 four, cl, you were on the board before that, but you came from the b2b offering, the

advertising offering which you just indicated are going well. how can you bring your learnings from that to the consumer? how are you focused on driving better margins growth from a consumer that is at the moment nervous? ariane: i would start by saying our consumer business has three very strong and well loved brands in expedia, hotels.com, and vrbo. they all have good value propositions. in anybody's experience and business, you want to make sure, what -- make sure you understand what your customer wants and what they need. from our technology and supply to the way we market, each of our brands is very strong in addressing a particular customer need. ed: what is the one single biggest headwind or risk to you and to the consumer's choice to travel for the remainder of this year? ariane: i would be back to what i talked about earlier, which is prices coming down somewhat.

you can say that a sort of a headwind in the sense that as you report earnings, prices have an impact, but i like to see the glass half-full rather than half-empty. when you consider it that way, you think travel is becoming more affordable. caroline: great to have some time with you, ariane gorin, expedia ceo here in new york. ariane: thank you for having me. caroline: that does it for this edition of "bloomberg technology ." what a fast conversation from public to private we have so much more for the rest of the week as well. ed: caroline is back in new york city. we have someone with me in san francisco. the team in the control room, brace yourselves. a big week to come. don't forget to check our podcast, by the way. you know where to find it on apple, spotify, and iheart. this is "bloomberg technology." ♪

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