he was sworn in after former colleagues questioned him on civil rights and whether he could act independently of president trump after having campaigned for him so bigger sleep. republican senator susan collins is not completely sold on president trump's choice to lead the labor department. senator collins says she has not made a decision after speaking twice to andrew puzder and has outstanding questions she hopes he will address at his hearing scheduled for february 16. president trump will welcome justin trudeau to the white house on monday. the prime minister's office sets the two leaders will discuss the unique relationship between canada and the u.s. trudeau reportedly has conferred with world leaders on how best to engage with trump. app allowse people to search for crime suspects and missing children. it is a digital upgrade from a most wanted method the beer has

been using since its inception. global news 24 hours a day powered by 2600 journalists and analysts and 120 countries. i'm alisa parenti. this is bloomberg. "bloomberg technology" is next. caroline: i'm caroline hyde. this is "bloomberg technology." coming up, no trump bump for twitter. revenue growth stalls, the shares tumble on lackluster results. tech earnings parade rolls on with pandora falling short. we will bring you all the latest. nb prepares to splurge. 3e break down plans to open a $ billion -- in canada and what could be its biggest acquisition

ever. first to our lead. twitter shares tumbled after quarterly revenue missed analyst estimates. shares closed down 12% thursday. the social network is having trouble luring advertisers and new users to the platform. it has only 2 million monthly active users. mis-deceleration and user growth is causing advertiser sales to sag. ads represent nearly 90% of twitter's revenue. despite the media attention over president trump's tweets, the cfo acknowledged on the investor call that twitter's inability to calculate any impact just yet. >> we can't quantify any impact at this point. we will continue to analyze that as we go through q1. caroline: where does twitter go from here? to break down the number cory johnson. from new york, an analyst. we start with you, james. we saw an increase in daily

active users up 11%. 1%.s miss up just was there any silver lining amid all the clouds? james: no, none whatsoever. that is not quite fair. improving andre they are getting better engagement from those users on the platform. at the end of the day, i think twitter needs to decide what it is they are trying to, you know, continue this mau growth story. but it is just not happening. when you going through all of the biggest world events with donald trump now in the -- and the trump administration utilizing it as their primary communication tool to the world and still not seeing any improvements in the conversion rates, because what we do know, they are getting at least 2 million new visitors coming to their site every single day in some capacity. and they are not able to convert those users and ultimately, i think the rocky road ahead is

about to get even rockier. into someyousefcory, dig of the issues. you have been doing your no analysis. cory: you mentioned the 0.6% user growth. six?"t point i would go 0.6. hto.line: tomato, to-ma cory: i think what is interesting is in the midst of this inability to grow users, inability to grow revenues. revenue per user was notably better but they are giving a lot of stock options out. and this is there a different business from an income vi ewpoint. the stock compensation for this company is at massive levels, and the result is you have gone from a company that ipo'ed with 317 17 shares -- 317

million shares and now 714 million shares. if it were not for all the stock compensation, the company would be profitable. there is an accounting. argument -- that this is a non-cash expense to they do not actually have spend to get these options. the result is there are so many shares in the market, and you see the company, the insiders of the company becoming in riches where people are selling to the kobe. -- to the company. the result is it is really flooding the market with shares even as investors are cycling back. caroline: is it something that is making investors bristle? james: of course. at the same time you're seeing all of the other companies -- moving away from non-gap measures to more of a kosher gap reporting basis, which includes the stock-based compensation expense. something to scrutinize, especially when you consider that 20% of their expenses are essentially, a

revenue is in the form of stock-based compensation. so, you know, it is something that does involve more scrutiny. but at the same time i think -- cory: it is my take that when a company does an ipo you expect to see a lot of stock comp in the initial statement but it should drop off after the ipo because the shares issues -- but these guys are still issuing shares. puttingeally, nobody is their money where their mouth is you go through the conference call, and there seems to be so much confidence in the metrics they are reporting and and in belief that this turnaround in dau's is going to drive a much bigger turnaround story for the company. i do not know where that confidence is coming from. you know what would be good is to put their money where their mouth is and buybacks some stock. jack dorsey says, i believe in

it today. i will buy my shares today. we are not seeing that. it is a lot of rhetoric. the results are not matching. and i think they really need to do, look in the mirror, what are we? could we want to serve and how do we do it? and answer the questions. caroline: one way they are trying to hint is via video. they will have live video from incenta. can they managed to get that -- via the joys of video, or not? james: oh. cory: did you just hear that? from: i'm so exhausted giving the benefit of the delta twitter with video, think about it this way, every incremental dollar a video that you get comes with a higher costs associated with this because -- if they move into more and more premium categories, those costs, the cost structure could change from the one, you know, people believedin at the time of the

ipo. and who else is going after video? you have faced the going after 3deo, and -- and twitter with million viewusers good luck. of the 600 hours they had in the thi quarter, onlyr three -- ome on. i mean, c caroline: exacerbation coming from james, an analyst. james: i'm still neutral. i'm not throwing in the towel completely. -- does notsked have an exacerbated rating yet. caroline: we are talking about, well, the lack of help donald trump has given twitter's earnings. we have got some news on donald trump here the appeals court will rule on trump's travel ban today. we understand the appeals court

will indeed rule on trump's travel ban today. moreet's dig into a few earnings. yelp and twitter. let's take a look at yelp, ouch. down 7%. at one point down as much as 11%. let's begin with cory. yelp here, fourth quarter beat in line, but is the first quarter that seems to be missing the mark. cory: this tells you more about the analyst than it does the company. these guys reported a really strong quarter. this is an old business, relatively in technology terms. it's growing at a 30% top line. it has turned the corner towards gap profitability, actually making money. the bar was low in terms of profitability, but the company had a $2 million profit in the quarter. that is the biggest profit they have ever had. it seems to be pointing towards continued profitability next q. next quarter might not be what

analysts had hoped, but i really see a turnaround in this business where it can still grow its topline massively. the bottom line is suddenly , which will- extant gladly have. i do not see this as such a troubled business. the valuation is in the eye of the beholder. it's a business that really is doing better. caroline: it is still 16 buys on this. we are going to switch gears and look at pandora, which it, too, seems to be falling because there are worries about the first-quarter forecast. for: listener hours up 4% the year. up to 22 billion hours. so, that's a really important thing here. not just adding users -- but to users to use the service. people'smore part of lives and installed on more and more the occult. -- more and more vehicles. p caroline: more of an m&a

target? cory: -- there is another business that is still growing and has been around for quite a while. the real thing you want to see is to see listener hours growing faster than the number of listeners come and you're seeing that with this business still, and that is a good sign for them. canline: many feeling they make a quick rewritten tatian of the business. great analysis throughout all our breaking earnings through the day -- many feel he can make a quick rewritten -- the core numbers of the latest knock on what has been a tumultuous year for the world's largest online radio service. as it grappled with decline in active listeners and the rise of rival services. we have this recap of the past year at pandora. reporter: in early twice 16, pandora was faced with a crisis of confidence among investors. shares -- in early 2016. shares were trading 70% below their 14 high. then ceo brian mccann laid out the company's long-term vision.

he outlined a goal to quadruple sales to more than $4 billion by 2020, but in order to get there, $50 million profit forecast for 2016 would have to be replaced by a projected $70 million loss. that same month, reports emerged that pandora hired morgan stanley. then weeks later the company announced that founder tim westergren was returning as ceo more than a decade after he gave up the role. we asked westergren at the reports of a possible say what true. >> you do not hire a ceo and invests like we are. it is. ahead. aporter:in may they reported 10% stake in pandora and voiced its you the company should pursue a sale. and despite a consistent message remainndora wanted to independent, talk of the sales really heated up into like. bloomberg broke the news that -- to advise on

strategic optins. ons. that same month there was an offer of $15 a share. pandora argued its value was closer to $20 a share. >> we will start balancing of the business is in good shape. reporter: by september 2016, pandora unveiled pandora plus. it market keyth, first step towards converting listeners into paying subscribers. step two would be an on-demand service similar to spotify an apple music. that is expected to come early this year. over the course of 2016, pandora shayres swun dramatically though it ended the year up 6%. it kicked off 2017 with yet another major announcement, 7% reduction in staff that some analysts will save roughly $40

million in operating costs this year. is -- willn investors be satisfied with the on-demand service in the works , they continue to push pandora to sell in 2017? caroline: that was kaitlin meehan. continue our coverage of tech earnings on the heels of expedia results, we will speak with the company's ceo on friday at 10:45 a.m. eastern. up next, a virtual reality pioneer joins us to talk about adoption among the biggest game makers and potential beyond video games. this is bloomberg. ♪

two daily stocks we're watching -- activision and xinga.

activision posted fourth-quarter sales and profit that beat estimates. spending for games like "world of warcraft." zynga posted sales in line with estimates but it's view for the first quarter fell short. the company says it is renewing nds focus on zynga poker a "words with friends". staying in the gaming world, unity makes the primary software pack that developers use to create games. the company estimates that more than 1/3 of the 3000 mobile games are made with unity. they made a key hire last fall when they brought in a virtual reality pioneer to lead their a.r. strategy. he is one of the creators of the coding language to create v.r. wonderful to have you joining us you.e show, tony, thank

i'm going to be controversial just as i was about to sit down for the show, i had a no coming from edison saying the virtual reality, virtual standstill. v.r. seems only to be popular at trade shows, removal of the of ocular risk demonstration stations is his concern. >> i heard about those removals that best buys. not sure it is true. we saw pretty healthy sales at very early technology toward the end of last year. r.'s.lion gear v..r as well as close to one million playstation v.r.'s. and hundreds of thousands of desktop which are expensive and little bit new. i'm not sure i agree with that assessment. i think we are in a good spot -- we are to see growth in and of's couple years for sure. caroline: i'm going to bring you a more optimistic note that came 2020,om ubs that said, by we could see an eightfold growth in revenue coming from gaming,

from the software when it comes to virtual reality. they say $3.3 billion. what is it that is going to galvanize people to start spending for the more expensive ptc land yanis -- pc land units? >> this is a what we do in the gaming world. try to predict what is going to be big sellers. i'm no better at that than anybody else even though i have been in this round for a long time to read i just came from the sundance film festival. they have a program called new french year which is all about how storytelling is done in new media. for the last few years, it has been virtual-reality stories telling on. sundance and me being somewhat jaded in this world, we have seen a lot of everything that is, on all these platforms the last few years. and i was blown away by the innovation i was seeing in terms of now taking media forward into a place where stories are being told, were interaction is super compelling, and we are actually engaged with this content in a way that i could personally

imagine people coming back to these experiences and buying those experiences. are moving past this phase of experimentation we saw the last few years to really now defining this medium and a way where we are using all the capabilities and we are not just saying, if you've seen any 360 video, slapping a camera on a table in the middle of a conversation, letting people z,ok around and say, gee whi we are actually using, making directorial choices and using the technology to explore the medium for intel stories. unity which is used to build a lot of those things. caroline: more than half of all thev.r. and a.r. at sundance festival was built by unity. give me the outside of the gaming box. we hear mark zuckerberg talking passionately about virtual reality, the movement outside into more of the real world, not just gaming. >> we are seeing that start now, and it has moved beyond gaming.

everything from designing and selling cars to education and training to architectural walk throughs. and i think on the gaming side we are is even seeing that moving to entertainment like the storytelling we are talking about now, note on the sundance. we have already moved beyond gaming and it is a full 3d platform. choose like -- tools like unity are being used to develop these -- not just in private were you go into kill somebody and try win. but complete new worlds you can inhabit or places you can go where you could not otherwise go where you transcend geography. we have already seen v.r. move beyond gaming. people have now developed for it. and there is a pent-up market for that. we are seeing sales be pretty healthy on these game systems for pc based systems. a good driver of it, but we have already sort of move beyond that in the last year. seeline: we look forward to him much of moves on, and do come back to us when we start to see revenues ramp up. tony: i would love to. caroline: the head of virtual

and augmented reality at unity. coming up, a tesla plant worker speaking up. workers may be looking to unionize. all the details next. this is bloomberg. ♪

caroline: some stories that are capturing our attention. microsoft has convinced adjust to pursue with this lawsuit -- and the government emails violates free-speech rights. the tech giant sued the government back in april. on online privacy concerns on the rise. the judge, however, rejected microsoft argument that the so-called sneak and peek searches amount to an unlawful search and seizure of property. now, tesla employees have contacted the united auto workers to give assistance on forming a union. in fremont,planned california, made a discussion in a media post writing, " i think our management team would

agree that our plant is not function as good as it could but till now that they have undervalued listening to employees." tesla did not immediately respond to requests for comment. tim cook received his honorary doctorate on wednesday night shortly after receiving the honor, cook reiterated his opposition to president trump's travel ban. take a listen. >> dr. king said something -- a hero of mine, he said that it wouldn't be the actions of people, uh, that would be the problem. it would be the appalling silence of the good people. and i think that is a lesson for all of us. if we stand and say nothing, it's as if we're agreeing. taking oncoming up,

its biggest deal yet. we will break down the details next. if you like bloomberg news, check us out on the radio. you can listen on bloomberg bloomberg.com and in riusu.s. on serious -- xi x.m. this is bloomberg. ♪

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donald trump address parliament did he would veto any attempt to invite trump. italy's prime minister says it is incumbent on leaders in rome and london to reassure ask patriots that there acquired rights will be respected after brexit. gentoloni met with counterpart theresa may. to conveyd erdogan regrets after a friendly fire incident in syria. a russian warplane bombed a building with turkish troops. minister hastice resigned in the wake of a massive protest over a -- law. decreeernment withdrew a after hundreds of thousands protested in cities around romania. ica'srs of south afrai left wing party were dragged out of parliament amid a speech on

jacob zuma. lawmakers want to declare unfit for office. global news 24 hours a day powered by 2600 journalists and countries. 120 i am alisa parenti. this is bloomberg. how do you walk that line? technology needs to serve everyone.

caroline: this is "bloomberg technology." our top story this hour -- tech earnings. twitter had shares plunging 12%

in trading. the social network disclosed it is having trouble luring advertises to the platform and its quarterly report. amid only 2 million-- it added only 2 million users. the stagnation in user growth is causing advertising sales to sag. our bloomberg technology social media reported joins us. these take us through numbers because overall, revenue really lackluster and they are not managing to woo the advertisers. sarah: the big problem is revenue growth. it was only up 1% for the quarter compared to 48% growth in the prior year's same quarter. that means that this is an issue which advertisers demand. they mentioned they have been doing the reorganization of their sales force. they lost their chief operating officer who actually built the business, but they said this was more of an issue and advertiser demand, which means that they are coming back to twitter because, or they aren't spending

more on twitter because they do not see the user growth having as much potential. caroline: talk to us about that you'reowth, because when looking at monthly users up less than 20%, 320 million, but they are differently trying to wave the flag of the daily active users. sarah: that is actually an interesting to test it because they tell you that daily active users were up 11% and a quarter but they do not say from what to what. they actually do not disclose the daily active user numbers. so, we're left to guess, and they're hoping that analysts will cheer them on for that, for that engagement, but we do not have anything really to go on there. so, when it comes to the actual metrics that analysts track, the monthly active users are still a matter of concern. just going to dive into my bloomberg now because i've got the market capitalization of twitter up at the moment. it has been falling, it fell more than one billion today alone in terms of the concerns about this business.

we're seeing market cap at $11.7 billion. where do shareholders go from here? are they going to be starting to call for jack dorsey to no longer be split between two companies? will they want to see twitter make progress as an acquisition target? how do we see the value of this company pick up? what might be disappointing is both of those things have been tried before we twitter. they already went through a ceo change when they kicked out dick -- and went through a several months search process and ended up with jack dorsey. of twitter the head has not changed much. the sales process, they recently attempted in the fourth quarter, and it failed. so, i think either of those things could happen this year, but it's going to take a little more time, because they have just been tried. caroline: well, we'll see how it

progresses. i know you will be all over it for us. thank you. now from earnings to dealnews. may be about to chip away at some of the massive pile of cash it is raised. it is an talk to buy a luxury retreat. it could be its biggest acquisition yet. for more details let's bring in our technology reporter who helps cover airbnb and help to break the story. luxury canada, why? >> luxury is a huge market that airbnb can enter and expedia and priceline are pursuing it. huge opportunities there. what we are seeing with luxury retreat is that the interest from airbnb is not nexus early that they want l thosei -- th ose listings. but it is really about the technology that luxury retreats brings to airbnb and managing luxury listings. caroline: the look and feel of luxury retreat is quite similar

to airbnb. it feels as though it could be a relatively good fit. also, what is interesting in your story is the fact that they offer certain services that luxury retreats, the we are starting to see airbnb echo. >> absolutely. lecture retreats -has- luxury retreats has the job at managing -- whether or not you want to use a masseuse or bartender on your vacation. all of these amenities are very cale,cult to manage at s because you are often in exotic locations and dealing with a small business. they have mastered that. into thatts to tap technology that can bring luxury to scale around the world. caroline: you have already written about the fact that airbnb is making moves in this way. truffle hunting, at least at the more high and -- they have been making so many diversified moves. originally, it was all about homes. now is about business, flights,

-- >> certainly. they are on a mission, for sure, to really not only own global travel but to really just own anything that they associate with being fun with leisure. i think that is really what we are going to see with this company and a direction where they are headed is not only to be the leader in global travel, but to one day be associated with things like concerts and fun educational experiences or fun dining. they want to have all of that. caroline: give us just one more element of the price point here. what are they spending and how much have they got? >> they do have quite a bit of money. they have spent very little of the $3.1 billion they have raise. they have only spent $300 million so far. so they have $3 billion really to spend on acquisitions. whether they will spend all of it, i doubt it, because they are planning to ipo. and i think they will want to have a lot of cash on the books ahead of that ipo.

caroline: the powder dry. thank you for bringing us that great story. tinvestors buying into nap's initial public offering will not have any say in what the company pays its executives. snap will not be subject to be provisions.ritis the app was put into place -- by requiring advisory vote on paypal. a company is helping 11,000 companies make sense of machine data. we talked to the ceo about the rapid flow behind machine learning. this is bloomberg. ♪

caroline: back on the earnings. yelp plunging in after-hours following its earnings report. shares fell as much as 11%. said the company had an outstanding year, growing local revenue by 39%. falling on deaf ears. speaking of yelp, it works hand-in-hand with a splunk. it helps 11,000 companies make sense of machine data by identifying patterns and problems and providing intelligence for business operation. they are joining us now to discuss the important of machine learning, the ceo of splunk. alongside forlp

the time being but you do work with them. we want to dig in with your own revenue at the moment, you have been seeing that revenue potential he might eas off in the fourth quarter compared to previous. that is a shift towards cloud computing. that is the trend we are seeing ago? >> we are in this great space around big data which keeps exploding. adjectives a big data is you want to be close of where the data is being generated. i do not think we will ever be a full club company. but a cloud model defers revenue. over time, it is a great technology and approach for our customers. we will have a blend, we're unique and where we have a blended model. when we say blended model, on cloud-based revenue. caroline: you think it eventually will be 85% and cloud, will we see cloud growing even bigger? >> i think so, if there is a natural feeling for cloud, -- ceiling for cloud, based on where people are running their

data, it is really expensive and ofky to transport teta bytes data across the network. day. if you have a huge computer center somewhere, not all of those will go into the public cloud. putting splunk close to the computer center to grab that data locally, we have great technology but let's us pursue hybrid search. and then you look at it is one contiguous layer. so you do not have to transport it needlessly but you get the benefits of cloud. caroline: let's talk about how your business is differen diversifying. use yelp. the stock in trade was helping companies analyze their own data. look through the vast quantities that were getting analyzed and showing how they are performing. now you have other services. you're offering security and other sorts of products. where does that go? >> so, one of the really cool part about splunk is it is a

highly flexible data architecture, which means different people can ask questions of the same data and get totally different answers. it is a really hard thing to do in this data-driven world. whilhow we wound up in this is that people were reading all this great data around i.t. systems to make sure they stay up. if we asked security questions of that same data, they will give interesting insights from that exact same data set. like yelp does now, they try to bring business people that same data. as people are hitting websites and tapping mobile devices and checking it at stores, there is customer information you can gather from that data. we have traversed from the i.t. group to the security group to hundreds of people across yelp much example using us for more revenue generation, marketing, customer intimacy type data, which is that movement for us from i.t. to security to iot. we're super excited about.

caroline: internet of things really big talking point. i want to ask a little bit about what this means for you and your customers. are you finding your customer base remains relatively the same? or are you managing with these new products to lure in far more new customers, are you going international? >> a combination of all. we have got customers in over 100 countries. we have been a download for free and then pay as you see the value. that generate a broad base of customers early. seeing, what we have been seeing for 5-10 years that you talk about a lot is this digital transformation that organizations are going through means that almost every companies, certainly those that are going to grow and stay alive, are going to be, software and tech-based companies. we started aggressively in the tech sector. like yelp as an example. and financial services, telecommunications, and government -- those classic origination for tech companies.

but we are across every possible industry now, with are almost 13,000 customers we keep growing. growing within customers, adding new customers. are both super important to us. caroline: fascinating you mentioned government, financials there. so much is paid to cyber security and cyber hacks. or we just pr'ing it more actually are there more attacks happening? >> i think there are more attacks happening, sadly. next week, a fantastic show. i cannot wait to be there. chockf ull of customer visits and i anticipate they will say the same things i've been hearing on the road the past year. ransomware is going up. getting better at figuring out how to get into infrastructure. the crazy practice, you take the infrastructure over at your own consumer -- computer system and you have to pay to unlock your own systems. we're seeing a lot more of that

and a lot more vulnerabilities. where splunk comes into play as we help you detect those breaches as quickly as possible. through that really flexible data layer, so that you can shut them down, see where they started, shut them down, and try to prevent them from coming back in. and i think we are just at the tip of the beginning of a lot more security issues in the coming years. caroline: on tha happy note. i wish it well when you go to your conference and the rest of the traveling you will be doing. we really appreciate your spending so much time with us in the studio today. this friday on bloomberg television, abby joseph curran of goldman sachs will join me to discuss her market outlook. the conversation begins at 6 a.m. your time. coming up, softbank's massive $100 billion vision fund could be -- nearing a close of its first run of investment. we will head to a conference with the ceo.

that is up next. this is bloomberg. ♪

caroline: in the latest tech revolving door, zenefits is cutting 45% of its workforce as its new ceo looks to cut costs in the wake of a management shakeup. the 430 job cuts are the third round for the human resources software maker in the past yea investigations found some employeesr. sold life insurance -- health insurance without a license. softbank hoping to close its first run of investment in his plant $100 billion investment fund or the fund will give masayoshi son a huge war chest to go hunting for deal. includes 45 billion from saudi arabia, $25 billion billiontbank and $1 from apple, qualcomm and larry ellison. our managing editor, peter alstom joins us live from tokyo.

here in san francisco is tim -- and peter, let's go to you first about this fund raise. how much are they going to eventually have clocked up? the full $100 billion? peter: the target is $100 billion. this is the amount that masayoshi son announced in february. now they are moving to that. it looks like they are going to close the first round of fund raising around the end of this month. what sources told us is that the goal was to close it at the end of this month. they should be able to get around $80 billion may be more than that. it is going to be in a norma's amount of money no matter what happens. and that is going to get masayoshi son more capital to go out and hunt for deals. he has been a very acquisitive ceo for a long time. he bought sprint in the united states. he bought arm holdings in the u.k., and this will give him even more capital to look for deals. caroline: let's focus on that sprint deal, because you have

been looking at the number sense softbank came out with them. -- that number since softbank came out with them. potentially they could balkan up with another acquisition in the u.s. tim: they just reported 10 straight quarters of net losses. masayoshi son has not been able to turn it around since he bought the company. at that is a drag on the bottom line. yes, they have got this nice $80 billion fund that will play out, but they really have short-term problems. a key point is they are number four int he the u.s. market. and they do need to do this deal of t-mobile. it got pushed back by regulators. we saw a few months ago masayoshi son came to the u.s. and had this golden handshake with donald trump. made all these pledges about creating jobs here, but really it is trying to smooth the way for him to do that deal. if you cannot get that deal done, i see no way that sprint is going to be able to turn around. they are number four.

it is going to be difficult to be profitable in the long term. caroline: peter, remind us when we saw those golden handshakes that tim was talking about with president donald trump, was president-elect at that point. we heard a lot of this money from the fund will be dedicated to the united states but what are some of the dealmaking's we can expect, and who could be filing up the larry ellison's and apple and saudi arabia as well? peter: it was interesting. softbank reported earnings just before we put out this story. so masayoshi son did a press conference where he talked about earnings. that was the excuse for getting out in front of the press. then he began talking about the vision fund and what he hopes to a conquest with it. he certainly is focused on the united states. he talked about a couple of deals they are interested in there. they agreed to put money into a satellite company called one web, where they will try to create internet conductivity around the world through these low earth putting satellites.

he also talked about sprint. you suspect that with this vision fund, they are going to be focused a bit on the united states, given that understanding with president trump, but they'll also be looking globally at other opportunities, especially around some of the things he talked about in his press conference were the internet of things, artificial intelligence, the single. 30 h-- the singularity. now he's looking at hundreds of years into the future. he is certainly looking pretty far out. tim: isn't the problem really with the vision fund the fact it will take a long time for that to return any kind of dividends? they talk about the idea of permanent capital. a vision fund by nature is not going to be next year, it is going to be many years before it can return dividends. in the meantime, he has a telco business. what are you hearing about the timeline of when it will start to get some kind of dividends, which is important for the shareholders? they need a return on this.

this was a guy, who changed his business model many times in the past. the day before yesterday in the press conference he was asked about what kind of business softbank is becoming because it started out as a software seller, and moved into telecom and then it moved into global telecom in the united states. he is talking about it now as an investment company. this was a company that invested in alibaba and made many times it's money, $60 billion. and also, made other successful investments. caroline: it is been great having you both to shoot the breeze when it comes to softbank . right here. that is it for this edition of "bloomberg technology." this is bloomberg. ♪

>> stocks rising to records the dollar jumping, treasury falling. trump promising a tax plan he calls phenomenal. >> trying to sell the benefits of the alliance to a long-time skeptic. >> there he is arriving at andrews air force base. no trump bump for twitter. shares tumbling after the outlook for revenue and profits fall short. >> economists expect a surge in china's january exports. we'll preview the friday figures. >> this is