mark: i'm mark crumpton, you're watching "bloomberg west." fox news cites two republican sources who says donald trump is expected to endorse house speaker paul ryan in wisconsin tonight. however, a person familiar with the matter tells bloomberg ryan has no knowledge of any pending endorsement from trump. ryan who faces a primary re-election contest tuesday told a milwaukee radio station that trump could cross a line that would prevent the speaker from backing him, but "where that line is, i don't know." hillary clinton addressed a convention of black and hispanic journalists. she said she wants to invest more in infrastructure, generate more jobs for young people and help black entrepreneurs start businesses.

diplomats say portugal's prime minister tops the second secret poll to be the next secretary-general. unlike the first round, antonio gutierrez got too discouraged votes leaving the contest in play. u.s. intelligence has assigned more than 1,000 spies to help with olympic security in rio. nbc news reports it's part of an intense effort to protect the games and american athletes. naval and marine commandos from the special ops are in brazil. larger military units on stand by. global news 24 hours a day powered by more than 2,600 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg, "bloomberg west" is next. emily: i'm emily chang, this is "bloomberg west." coming up the nasdaq and s&p 500 end the week with a flourish, both ending at an all-time high.

we'll break down the numbers and the historic day. last year shattered all of the records for deals in the tech sector. how does 2016 stack up? and tesla putting a dollar figure saying the cost may exceed expectations. we'll tackle the unforeseen challenges ahead. to our lead, u.s. stocks jumped the nasdaq and s&p 500 both hitting all-time highs after the government reported better than expected jobs data for the second straight month. the private and public sector added 255,000 new jobs in july including coveted high-paying tech jobs, wages also showing solid gains and unemployment holding steady at 4.9% near an eight-year low. the nasdaq rose 1.2% led by tech

giants apple, microsoft and alphabet. joining us to break it all down, c.e.o. of a recruiting firm with close eyes and cathie wood who has been investing in silicon valley for more than 30 years and focuses on disruption. we had a slew of positive earnings from the tech giants. can tech equities keep up the momentum? >> yes, we think they can and while a lot of people are worried and think about the past bubbles, tech an telecom and so forth, we think we're at the threshold of a new bull market. it's about s curves. amazon is less than 10% of retail going up in s curve and the fly wheel is amazon prime. that's one example. facebook and google, only 16% of advertising around the world is mobile. as you get toward that 20% mark,

you hit a tipping point. so we think these are big s curves in motion. emily: so, john, when it comes to jobs, we saw tech companies actually hiring for more full-time jobs. we got a chart of this on the bloomberg terminal. hiring fewer contractors which has been a trend. does that sort of echo what you're seeing? john: i think it does. when people are more certain about the future, they look to bring on more full-time employees. when they're more uncertain, it's about temporary and contract. we see people really bullish right now. the tech sector is roaring back off the lows of february. venture capitol investment now all-time high, $23 billion into venture capitol funds just in the first half of the year. a nice time to be in tech.

emily: cathie, does this renew talk in a bubble or end it? >> we're trying to educate people that, who are still very fearful, very conservatively positioned in the market that you don't move off an s curve when there is a real one in place. in the tech and telecom bubble, there was no s curve. we didn't have the right technology to make the cloud happen, to make mobile advertising happen and online retail happen the way it is now. so we think we're just beginning. when we're only 16% in mobile advertising, it has a long way to go. so we're very excited about where we are. emily: john, hiring can also be symbolic of euphoric trends or lack thereof. it's interesting, i have heard from folks at google and facebook that hiring has actually slowed down because all of the good people are taken. there is this land grape for people, the good people between facebook and google and airbnb and uber. have you heard anything to that effect? joe: there is a counterpoint. there has been a lot of tech m&a this year. you have linked in, you have neck suite. when there is m and a, that

tends to shake things loose. i don't want to work for eye bigger company that is going to slow down. i want to work for a start-up. the m&a that's actually red hot in the tech sector does mean there are a lot of people moving around. emily: we're talking more about m&a in the next block. you focus on disruption. where is more room for discorruption if you don't think we're in a bubble. where is the most room for growth? cathie: we see it all over the place. you have the whole ecosystem going to change the way health care works. you have the auto sector. tesla is going to shake things up big time. i don't think people understand how they're going to revolutionize manufacturing in the united states. they're going back to vertical integration away from the system that we have today. we see autonomous vehicles.

they're going to be here before you know it. we think tesla will lead the charge there. they have really a billion miles worth of mapping data, more than any company in the world. so we think the auto sector is ripe for disruption and it's going to happen a lot faster than people believe. robotics as well and the last one really is machine learning. the whole machine learning, artificial intelligence, that is going to add a whole new did i mention to the cloud. the cloud is seeping into every sector. economy. so many, many big companies out there who have been very successful over the last 30 years are going to be facing disruption, which is what we study all the time. emily: now, john, you make the point that the world is getting more tech centric, the economy is getting more tech centric. does this mean more jobs absolutely in tech? on the other hand, a lot of these companies that are getting acquired weren't necessarily growing. an acquisition can also be a wait out rather than a way up. joe: we believe the world is becoming more tech centric.

you see demand in engineering as cathie mentioned. security is becoming such a big concern, i.t. security, retail companies that didn't think of themselves as tech companies and then got their servers hacked, they're now thinking about themselves as tech companies. we don't see that change anytime soon in terms of more demand for tech. some of the big fortune 500 companies are coming to us all the time saying we need more engineers, designers, more data scientists. we don't see that slowing down at all. emily: they're growing in absolute terms? joe: we talk with a lot of these companies on a daily basis about what the cutting edge is in terms of their recruiting needs. they tell us it's tech, tech, tech. emily: where could there be weakness or challenge ahead? cathie: there is weakness in a lot of companies that really led the charge in the old days. we think the auto companies are going to struggle. we think the old tech companies, the ones that were not built

into the cloud and haven't been able to gravitate towards it are going to, are really going to -- they'll either be acquired or go out of business. we see robotics causing a lot of dislocation in the employment industry which should be good because we do not think that technology at the end of the day will be bad for employment. it will mean a lot of shifting around, but it will mean higher value add and higher paying jobs. we see a lot of dislocation, but we also see a lot of opportunity, huge productivity gains ahead. emily: john, what trends are you saying in the economy, for so long, there were more and more uber and lyft drives, we're hearing talk of l.y.f.t. struggling, what is happening in that economy?

is it getting bigger or starting to plateau? joe: it seems to be still growing very strong. one of the big differences, the labor force is shifting. there are a lot of people that simply don't quality. if you're driving for uber, delivering meals for somebody, delivering groceries, you may not be counted in the jobs report. you might be able to make a great living. we see a more flexible workforce emerging. it's a big opportunity. uber is still growing incredibly fast, lyft is growing fast. you see companies come into all different sectors and say we can tap into this more flexible labor force and have incredible success. emily: all trends we'll continue to follow, john, cathie, great to you both here on "bloomberg west." still to come, a slow year for tech deals, serious in the second quarter. we'll focus on the m&a pipeline for the rest of the year next. apple announcing a deal to acquire an artificial

intelligence company. we'll bring you the details next. this is bloomberg. ♪

emily: now to a story we are now following. apple announcing a deal this friday acquiring turi for $200 million. our bloomberg news reporter mark reporting this story, welcome, mark, your first time on the set here in san francisco. it's great to have you. already making news, why is apple buying this company? mark: apple is investing a lot of resources into future

products and services. one of the difficult areas they're focusing on now is machine learning and artificial intelligence. and turi brings a lot of that to the company. emily: how does this different from past acquisitions? mark: the past acquisitions have focused on products they want to develop. they bought suri and integrated it into the iphone. this company turi has a very fast portfolio of different services and plat performs and algorithms that apple can use across the entire portfolio. emily: will it make suri better? mark: there are some recommendation engines, features that will allow systems to better apply products to different customers based on how they use the products. this really fits in photos, perhaps apple's online store, the app store. it's very much relevant across the product line.

emily: now, a lot of people, namely mark andreason has talked about how apple has lagged in a.i. he told us at the bloomberg tech conference that amazon has lapped everybody including apple in a.i. is this an incremental step forward or a really big deal? mark: apple's acquisition of turi today, we might indicate this by the high $200 million price point, this is one of apple's biggest steps forward in a.i. and machine learning yet. turi is very integrated into the a.i. development community. they are very open about their progress. they write lots of research papers and followed by lots of students and universities in the field. we actually ran a story late last year indicating that some of apple's issues in a.i. and machine learning are because of the company's privacy culture. this shows that apple is willing to move beyond that and invest $200 million into a company and

lots of resources that's very well known for integrating with the community. emily: how is the privacy culture holding them back? mark: apple doesn't want to reveal what it's working on next. and machine learning is a very hot topic right now in silicon valley and across the world. that has sort of held them back. they can't talk about what they're working on. they would talk about it and bring other people in from the developer community, they wouldn't be able to keep it private. now they're showing they want to take a step forward to make it more open, hire more people and bring in more resources that can push the technology across the product line. emily: changing the culture of secrecy, not opening up everything. mark, covering consumer tech, great to you here. mark: thank you so much. emily: on the topic of deals, we started with cutthroat rivals selling on a deal in china. uber leaving the home turf in exchange for $1 billion and a 20% stake in its competitor and tesla looking to be a one stop. those are the confirmed deals waiting regulatory approval. the unconfirmed deals, h.p.e. to

sell assets for several billions of dollars and apollo looking to scoop up the i.t. company for $3.5 cording to reuters. shares went up 1% at one point in friday trading. where do we stand compared to a record breaking 2015. joining us with more, the head of u.s. tech deals, it feels like a record year? is it really? how does it stand up compared to last? >> thanks for having me on the show. in terms of where we're at so far this year, we are on pace with last year's record. we have $125 billion in announced transactions through the second quarter and then just in the past week in terms of amounts, -- announced, $20, $30 billion announced. it was $135 billion

fourth-quarter in 2015. a big feat to match. emily: we're looking at a chart of what is going on here. microsoft and linkedin having an outsized impact on the numbers this quarter. there were a lot of other deals. is microsoft linkedin an outlier or more huge deals like that? >> we think that mega deals are the trend that are going to continue this year. looking at the numbers this past year, 30 transactions over the $30 billion mark. that trend started last year with a lot of the semiconsolidation and certainly we're expected to see continued mega deals as we go through the end. emily: bloomberg intelligence had its own report how private equity firms are paying more attention to the software industry for deals. tell me about trends you're seeing in software in particular?

>> software, it's always been the bedrock of tech m and a. it's 50% of the volume. in particular this past year, you look in terms of software in terms of valuations. public multiples are way down. they are in a much more "affordable" for companies to consider. private equity are coming into that. most of these companies in the software space, you generally have more predictable cash flows, especially if you're going into a cloud model. we're definitely seeing more interest there. if i look at the key areas within software, there is probably three that we're particularly seeing. number one is cloud, of course. you got a lot of companies transitioning into the cloud and cloud is supposed to double in terms of revenue size over the next five years. the second area is security. we have seen some big security transactions this year.

if you look at that market, that's a highly fragmented market. you have 1,000 to 2,000 different discreet security companies. that's an area that is ripe for some consolidation. the third area is anything related to i.o.t., internet of things. in terms of software in particular, what we're seeing is more of the platforms in the middle of the stack and moving up the stack a bit into apps and the analytics that you apply on to that data. emily: so, toddson, what about i.p.o.'s? obviously we have seen a slight pickup in the tech i.p.o. market. is this trend toward staying private, is that turning now the other way? >> well, i think it's turning, but it's turning slowly. in some respects, it was easy to beat the first-quarter mark of zero when it comes to i.p.o.s. we got six out this past period. i think from p.w.c.'s point of view, we certainly see the i.p.o. market coming back and

that pendulum swinging back from staying private longer into coming into the public markets. we really think that trend will be more into 2017 and m&ais more of the driver for some of those private companies as we finish out 2016. emily: what are the big e-tech i.p.o.s we'll see this year? >> yeah, i don't have any great speculation for you on that point. emily: will we see bigger tech i.p.o.s? the ones that have happened have been on the smaller side. >> i think the market creates a challenge for that. as you mentioned at the start of the segment, we got a lot of economic uncertainty both within the u.s., especially on the political front, but then more importantly, abroad both in terms of china, brexit impacts, et cetera. that could hamper the ability of companies to come out in a big way until we get through some of this, get into the start of 2017. emily: what about some of the other private tech companies or valuations, private market valuations have dropped, drop box and box which is a puppet company, never sort of lived up to the valuation that some expected, will we see buy-outs here, will we see drop box take

the plunk and go public, what will happen? >> our expectation is that we'll see many more of those types of companies being acquired as we go through the end of the year. one of the key statistics if you look at unicorns out there today, a lot of them are going out for funding over the next six months. as you have reported quite often, private funding is getting tighter and there is quite a significant expectation for down rounds and so if you combine those two pieces and the fact that there is not a guarantee for a large i.p.o., i think we're going to see a lot of those companies getting acquired and there is certainly a lot of buyers ready out there. i mean, if you look at the record of 2015, even though that was a record year, most of the serial tech choirs sat the year out and weren't happy with the valuations on offer. as we start to see valuations come down this year, those companies are coming back into the market and not all of them have yet. we certainly expect them to be

active as we get through the end of the year. emily: all right, toddson paige, u.s. tech deals leader, thank you so much for stopping by today. still ahead, amazon c.e.o. cashing in on his most valuable stock ever. why he is selling amazon shares now. this is bloomberg. ♪

emily: on demand food delivery services continue to rake in funding. the london-base start-up for ordering takeout has raised $275 million pushing its valuation to more than a billion, germany's delivery hero and uber. venture capitalists poured $5.5 billion into food delivery companies globally. jeff bezos is cashing in selling a million company shares for more than $755 million.

it brings the sales for the years up to $1.2 billion. amazon's shares are up 13% year-to-date, the sale appears to be routine. bezos sells a large number of shares every year. and the "washington post" is adding a surprising new member to bolster its olympic coverage, robots. the publication announcing it will be using software to automatically produce hundreds of real-time news reports on the olympics. starting saturday, reports will begin to appear without human intervention on the post's website as well as its twitter account. still ahead, big changes coming soon to the way we drive, how big tech companies are going head-to-head with the global auto industry. that is next. and if you like bloomberg news, check us out on the radio, you can listen on the bloomberg radio app, bloomberg.com and in the u.s. on sirius/x.m. this is bloomberg.

mark: i'm mark crumpton, you're brazil is the center of the sports universe as t summer olympics get under way in rio. last-minute funding and the president of venezuela underscore the turmoil which forced organizers to make due with the budget that is a fraction of the money spent. it wasn't enough. they needed 11th hour government funds to make ends meet breaking the long held promise for the event to be privately funded. the soccer legend pele says poor health will keep him from lighting the olympic called ron at tonight's opening ceremony.

the most famous athlete in brazil had hip surgery several years ago and often walks with the help of a kean. he apologized for disappointing his home land. activists at heathrow airport. an organizer says the movement is needed in britain and all over the world. demonstrations are said to have been peaceful. london metropolitan police say they made several arrests. donald trump may be coming to terms with his waning popularity at the polls. the republican presidential nominee made a campaign stop at des moines, iowa and had a message for hesitant voters. indiana governor mike pence was picked as mr. trump's running mate in part to help reassure republicans reluctant to vote for the real estate magnate. in germany the recent terror attacks are taking a toll on angela merkel's approval rating. senior members of her party are defending her refugee policy

after voter support for the chancellor plunged 12 points to 47%. the second lowest rating of her third term. the death toll from the bastille day truck attack in nice last month is now 85. french authorities say the latest victim, a 56-year-old man, died in the hospital. the man's wife and 13-year-old son were killed july 14 when a truck driven by an islamic state sympathizer plowed into a crowd of people celebrating france's national holiday. malaysia is acknowledging for one of the e that pilots of the missing flight had plotted a course on his home flight simulator to the southern indian ocean where the jet is believed to have gone it but an official says included other destinations and there is no hard evidence the plane was deliberately crashed. global news 24 hours a day

powered by more than 2600 journalists and analysts in more than 120 countries. from bloomberg world headquarters in new york, i'm mark crumpton. loomberg west continues. >> this is bloomberg west. i'm emily chang. ladies and gentlemen, start your engines. destruction is coming to the way we drive and may be coming quicker than we think. a bloomberg scoop this week says samsung cob the latest tech company setting sights on the auto industry talking to fiat about buying its auto parts unit as others joust for pole position in this emerging segment. >> change is coming to the car industry. big change. global auto makers are all gearing up for a future of

connected, driverless, electric, and shared vehicles. tech giants are also speeding up to meet that future. google redesigning the car from the wheels up, testing vehicles in mountain view, austin, washington, and phoenix, clocking more than 1.6 million miles of test driving. the c.f.o. recently told investors -- >> we are solving a really big need. safety access and efficiency. a thing that is really motivating for us is when you look at over 30,000 car deaths in the u.s. alone it inspired the founders to start working on this issue. >> tesla's c.e.o. also insists auto pilot features will make driving safer despite a fatal crash in florida and another in pennsylvania. now both are under investigation by federal regulators. plus the automation supporters say it will reduce traffic and emissions, too. all the technology is lifted up

by the cloud, sensor technology combined with camera images, time and weather data, and g.p.s. using these tools cars are learning how to park, brake automatically, and change lanes. until one day soon we'll need no driver at all. the industry is racing to have these new vehicles on the road efore the decade is out. emily: joining us to discuss this earlier, my guests here with me in san francisco. so you see entire fleets of self-driving cars driving down roads and freeways by 2021 with nobody behind the wheel. why so soon? really? is that really possible? >> yes. it is very exciting. what we're seeing, first of all, we're in a new era of technology, and it's an era of the internet of things.

i.o.t. is enabling us to reinvent the whole driving experience and frankly the entire transportation concept. and so we're seeing that when we think about entire police vehicles rolling down our streets and not only driverless but with literally no one inside the car, this is completely transform tiff. we think about the i.o.t., it's essentially a collection of devices that are connected to the cloud and they're generating data that can be analyzed in real time. emily: why do you think this can happen in five years? >> the data is enabling the transformation and what we're doing at intel and the entire industry, we're working together to define open standard platforms that allow the safest driving possible. part of what is happening now is that with the evolution of i.o.t., more connected devices, more data, it is enabling these experiences to happen. emily: would you agree? do you think by 2021 we'll see fleets of cars on the roads

with no one behind the wheel? >> well i think you will see more automated driving on the road but when you think of the auto industry and 260 million cars on the road and about 17 million units sold per year even if the technology were really to be there and it likely will be, you're likely to see at least in our view a bit of a longer runway maybe out into the 2025 period before you really see a meaningful dent in new car sales. i think part of that has to do with the cost of the new technology. right now active safety is about a $500 per vehicle cost. you go to full autonomy, upwards of 4500 to $5,000 per car, with an average car price around $32,000 right now there could be an adoption curve that may be a little slower than the tech industry may be hoping for. emily: we'll talk a little more about how all cars are generally becoming more and more autonomous on a relative scale. when you look at the difference

between google, vision, and tesla, google being a completely self-driving car, where no one needs to be behind the wheel, and tesla where it is more of a semiautonomous car, which one of those is safer? >> i think you're identifying something that when we talk about autonomous vehicles and driving i think what we're referring to is happening in stages. none of this happens overnight. so when we think about tesla's vision and google's vision what we are seeing are three basic stages. the first is where you have automated functions like automatic braking for cruise control. those are automated functions. the second stage is when you start to see autonomous functions like collision avoidance or self-parking and then the third stage is really an advance autonomous stage when you truly get to driverless, you don't need the driver involved at all. what is happening here as the evolutions in technology take place and make things more possible you really see this sort of stage defective capability. emily: google is saying giving the driver the opportunity to

remain engaged can be confusing. we know regulators are investigating this crash of a tesla car on auto pilot where the driver died. on the other hand he says his cars are the safest. is one model better than the other? >> i think there is room for both. as bridget said everything is incremental from blind spot detection to active lane assist to things like auto pilot which may have been somewhat misnamed given that the driver does need to stay engaged. but i think that as this evolves over the course of the next decade reel ith suppliers and that is where we spent a lot of our focus are really engaged on first making the cars safer and then beyond that i think we'll have room for both. don't forget we're talking about a very large industry so it will take some time for full autonomy. in the meantime we'll have the semiautonomous growth as well. >> we'll talk about the suppliers in a moment but first do you think that this investigation by safety

regulators could have an impact ?n the industry could it be a setback for the autonomous industry? >> first of all it is a very sad situation. right? the entire industry is i think understanding and committed to safety first. that is first and foremost the objective here. and when we think about, you know, 1.2 million people dying every day in the world from car accidents, we know that there is an opportunity to improve that with technology and that is really one of the objectives, a key objective that we have. when we think about the stages of technology, we are committed to making sure that the platforms, that we look at the components that you need to have with autonomous driving. you need in vehicle computing that is robust and powerful. you need to have a 5g connection for connectivity so you have ultra reliability and ultra fast. you need the data center that is able to support tons and ons of data being analyzed and being supporting the vehicle.

you need a human machine interface that builds trust with the passenger in the vehicle and then finally you need security. you need end-to-end security in the autonomous vehicle platform not only securing the functions of the car but also the trust and privacy of the data coming back and forth to the vehicle. >> you looked really closely at the companies that are supplying some of these more incremental technologies that are making cars more autonomous. where do you see the most innovation happening and where do you think the technology just isn't really ready yet? some of these features in cars and i know you test a lot of these features, they don't actually work that well. >> well, i think bridget hits it on the head. you need a very strong human machine interface through things like reconfiguration displays and instrument clusters. companies like this one out of van buren, michigan are leaders in that. delphi certainly as well. but you also bring up power

management. as the vehicles gain the semiautonomous and autonomous characteristics there is going to be a need for power management. a company like johnson controls which is the world leader in battery technology, 29 billion equity cap company, they'll be heavily involved with things like 48 power and batteries that these cars are going to need. evolve, ee, the cars what we're excited about are the opportunities in the supply base to really have the brakes, have the power train really actively engaged with the driver. emily: bridget, intel and b.m.w. have a new partnership. tell me more and what intel is providing. >> we are very excited about the partnership. b.m.w. delivered 8.5 million cars today that are connected and they all shipped today with l.t.i. 4g communication so that

already the b.m.w. drivers can take advantage of things like self-parking and locating electronic vehicle charge stations. that kind of thing. but the partnership we have with the b.m.w. spans really 10 years. in fact we just celebrated our tenth anniversary together. we're very excited because together what we're doing along with mobile eye is creating an open platform for the next generation of autonomous vehicle so that we can define the safest autonomous vehicle platform. secondly we're aligning together to help lead the industry on defining a standard based autonomous vehicle platform so that the entire industry can contribute to define an open standard so we can get the best and safest platform for the entire industry to adopt. finally, we -- this isn't just about a concept car in doing work in the lab. we are committed to developing these technologies so that b.m.w. can use the technologies in their series production in

2021 in their b.m.w. model so it will be fully autonomous and equipped with all these capabilities. we are very excited about it. emily: happy anniversary. brian, we were getting headlines in on tesla that the giga factory is going to cost more and take longer to get online than they had originally expected or said that th expected. what is your reaction? >> look, the auto industry is a very difficult industry to operate in. it is a very difficult industry to break into. you're going to make an omlete, you're going to break some eggs. certainly it is very capital intensive and sometimes things take longer than originally planned. i would just say it is much easier to under promise and over deliver than the hope against the opposite. mily: all right. thank you both so much for joining us. >> thank you very much. emily: now to another topic.

the same topic actually. the head of google's self-driving car project is leaving the company. he took over the car project two years ago and hasn't revealed details about his future plans. next week we will pick up on the future of ride sharing and car technology with the halo c.e.o. andrew pennington. his company just merged with a division of daimler to create europe's largest fiat. coming up we'll hear from angie's list c.e.o. about july's blow away jobs report and how the tech industry is faring. this is bloomberg. ♪

emily: nearly one-third of july's job gains were seen in

professional services including high, coveted high paying tech jobs. earlier today bloomberg caught up with angie's list c.e.o. and asked about how the tech industry is faring in hearing. take a listen. >> it was a good report. i would have been concerned if it was less than 190,000 new jobs. but the 255,000 new jobs, you know, means it is not a concern. particularly when you put it next to the report that came out last friday. with the slow 1.2% per capita g.d.p. growth. that said you go a little deeper and it is not enough to stand up and cheer and make me as a c.e.o. say i'm going on a hiring craze because, you know, productivity is flat. disposable at the income sort of implied in these numbers it is not materially moving up in a way that would get you really excited about expansion. that said, it takes away what could have been cause for concern. >> how are your listings

reflecting what is going on in the jobs economy right now? what are you seeing becoming listed more? >> good question. at angie's list we're seeing robust demand. you can't just read into that and say, oh, it's a great economy. angie's list does well in down cycles and in up cycles. in down cycles people do smaller jobs and try and make the most out of their current home. they'll do repairs. they'll do renovations. it's different in the robust economy where the nature of the services shift more toward things you do when you move into a new home. bigger expansions. renovations. bigger jobs. when i look at the mix of the services that were actually -- we're actually selling, it is ving modestly toward more of a recessionary type of a mix but at the top level of overall demand it doesn't change the overall volume. it just changes the types of

things people are doing. >> what do you mean by a recessionary type of mix? >> i just mean that it puts me owners much more into a mindset of trying to make the most out of their existing home doing, painting jobs, doing, you know, sort of repair work around the house. doing things that might turn, basement into an extra bedroom. making the most of what they have as oppose today in great times people get more into the mode of doing room additions, getting a roof job. that kind of thing. >> indiana became subject to a wider focus when donald trump picked your governor mike pence to be his running mate. a lot of people looking at the state's economy. growth is a high tech sector there, indianapolis growing at a pace of 18%. nationwide i think it is closer to 6%. what is it about indiana right now, the structure of the economy, that is encouraging that kind of growth? do you think from your perspective as c.e.o. of a

national company there is something about what's been going on in indianapolis, in indiana that is replicateable nationwide? >> yeah. there is i would say. indiana overall is a great environment for business expansion. you've got a set, very pro growth tax policies, incentive. you have a very close relationship with the universities and with trade schools. it's a cluster nah really has a loft the key elements that you need to be able to grow particularly for a technology company. >> i know in the past your prescription for helping the jobs economy included things like training people and so on. is there any way angie's data could help that way? i'm thinking of mentorships or the german model where you train with somebody for a couple of years and then you're the crafts person? >> yeah. in fact, we are doing a fair bit of that. we work closely with the universities. we arenada stick late the specific skills that -- we articulate the specific skills we're looking to develop.

job developers, and we're hiring in those areas. we've been hiring in product and technology and in sales. we are hiring in, for very specific skills that we communicate and are able to draw upon from those different institutions. >> you're executing a restructuring plan. how is that going? there are start-ups for example trying to get into the space. how do you plan on fending them off? >> well, we communicated a profitable growth plan to investors back in march that sort of laid out a five-year view for how we would sort of turn around and grow the company. we are really on track. we've been executing to the letter the milestones we committed to. we just took down our reviews pay wall and we've been seeing 700,000 new numbers have joined angie's list really just in about a month. we've seen great consumer engagement. and now the challenge will be to drive that into new

revenues. i'm quite optimistic about the prospects for that. >> how are you positioning the company, though, to -- at some point would you consider selling? i know you fended off some offers at one point. >> well, we are a public company so we always have to be open to value creation opportunities but we are laser focused on ek cuting our profitable growth plan and frankly it couldn't be off to a stronger start. emily: that was the angie's list c.e.o. up next nasa celebrates the anniversary of one of its most challenging extra terrestial landings of all time. this is bloomberg. ♪

emily: this weekend marks four years since the curiosity rover arrived on mars. it is remembered as one of the most dramatic landings in the history of space exploration. on the night of august 5, 2012, a rocket powered sky crane

lowered the car sized rover on to the surface of mars using cables and then flew off and intentionally crash landed a safe distance away. the technique had never been fully tested on earth let alone another planet. everything worked and curiosity began exploring. one of its first discoveries was signs of an ancient water system that could have supported microbial life if it of existed on mars. curiosity has driven more than 18 kilometers and returned images of the red planet back to earth. turning to a trending topic earlier this week instagram unveiled a new stories feature very much in snap chat style. now it's facebook's turn to take on the picture dissolving app. facebook is testing a new version of the app including a selfie camera at the top of the feed very much like snap chat. the camera will include filters and stickers. the test begins today in canada and brazil. and this weekend we will bring you the best of all of our interviews from the week.

do not miss elevation partners and predictions for the next big m & a deal in tech. the best of bloomberg west this weekend on bloomberg television. plus, next week, i'll be peaking with joe sy of alibaba. that's it for today from san francisco. ♪

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