action said he was going for a uniform approach. the white house says president trump was not aware of former military advisor michael flynn being asked to register as a foreign agent or it the disclosure comes after the trump team was aware of the situation involving the president topic for a national search -- security post which raises questions. president trump is pushing the

embattled house gop health care plan in his weekly address. he also once every american to know that action under the health care law is a urgent necessity. he criticized the plan as obamacare light. suggesting the fbi director dispute, president trump claims that he was wiretapped by president obama, a losey says she does not believe the claim is true. james comey should set the record straight. james comey has privately urged the department of justice to dispute the spirit global news 24 hours a day powered by more than 2600 journalists and analysts, in more than 120 countries. this is bloomberg. bloomberg technology is next. ♪

>> and caroline hyde, this is bloomberg technology. after up, bitcoin crashes the u.s. rejects and details ahead. plus capitalizing on the crackdown, wide a billionaire ceo thinks the travel ban is bad for china. tesla's power move, as the u.s. runs for a infrastructure wound. first to our lead, bitcoin crashes after the securities and exchange commission tries to get a fund. bloomberg, we my are using the prison that's of watch it plummet. we are currently see it down and 20 with the

one-year chart is doing. this is a volatile asset. january, wet in have more with corey. what exactly happened. an effort trying to create this. it gave a lotense more people access to integrating the spirit it was also putting more money in their pockets. depending on the size of that operation and could change over time. bitcoin was trying to be acquired, actual bitcoin. -- buyer fire was disappeared from the market. crazy, itoff like sold at 23%, that is crazy.

, it is turned around only down by 8%. they are still recovering from those first sales. it is a big surprise for the community. >> this is a volatile asset, it is still just as high as we were seeing back in early february. how much eating this was built into this? cory: it is not so much about a fundamental believe, it is very volatile, it is not a deep market. go through a couple of sellers, the price can jump a lot. bids for a couple of bitcoin, it is so far away. this couldpe that provide a little bit more liquidity in the marketplace. the fcc does not see it that way.

i think we will see that, it is trading in china, it takes place a lot in china. there may be a lot of people trying to get money out of china. do you think that that rampant demand from china is continuing? where we're going to see most of the trade, where this is happening. 90% of all bitcoin trading is taking place in china. that has nothing to do with this. >> what is the driver? i think it was a function for them to get a love or money. bringing this to all markets. this would have a regular stock exchange property. >> we will see how well it is

doing and where it is coming from, thank you for shutting the light for us. is largest jobs figure surprise with the upside. 250,000 jobs were added to the united states, unemployment went down to 4.7%. jobs were of these from construction and manufacturing. this was a good start for the trump administration. many continue to wonder if the momentum will continue. the tech sector has concerned with the new talent. we have jake schwartz joining us. as well as david kirkpatrick. thank you very much for joining me. are digging into the bloomberg, the i.t. sector is hard to show. flat emma it is zero.

, give us where you see technology as supply and demand? >> we are seeing a massive secular increase for tech skills. that is no secret it has been going on for a wild. context whatat we're seeing now in the last six months or so, the companies are finally starting to wake up because they have such a demand for a tech talent. there is a limited supply, they are aggressively working with companies like ours to find alternative ways to generate that talent. ,f it is reskilling employees or finding pipelines of employees. that is all a part of this secular trend. have less to do with

the immediate motion of the economy, but what could happen. >> a need for retraining there. what youwant to hear hear from people in new york and in silicon valley, there is this one for retraining. could they build up more talent in the red states or is it too late? >> i think there is demand across the board. i think there is a tech industry how everybody rings their hands routinely. i think you'll see a lot coming with technology. find ofhelp americans these is that are harder to obtain. these could impact growth. that is not a positive thing in this month to month change in job is not going to be

impacted by tech in any way. skill, you are in demand right now. york general assembly is in sydney,lling, hong kong, can you tell us a little bit about how much potential there is for people coming to the united states. i would say we have gone to all of those specific cities view mention, what we see is a truly amount of people who share for the aspirations and their life. those people still exist, they still do create a certain level of stability to be able to study in new york and be a part of the

general assembly. ban, thereent travel is an overall difficulty with -- visas. impact peopleill traveling between countries. we view that negativity -- mobility as a net negative. a you seen that some of the tech giants are now hiring all .quare, trying to navigate >> think they are being forced to do that. situation, companies outside the u.s. are also developing facilities. we need to have talent wherever the peoples are. thankfully we have a lot of them here, i think even beyond that those tech companies are even

contemplating if they have to move their headquarters out of the young states. we become more and more xenophobia, and cut ourselves off from the global economy. buckley that is not imminent, i think it is not out of the question. >> i want to what the general for people to serve qualifying in the red states, you will need to retrain those within the country or is it time? global, welready believe in the story here. we are in a movement right now where operations are waking up that there are opportunities and obligations to think about their own role and the worker development. we are spending a lot of time and energy on our very close partnership to successful corporations. you're helping them rethink how it could help skilled employees

and reskill them. we are already seeing tons of that activity happened we believe there will be a lot more to come. >> jake, ending on an optimistic note, thank you very much. david kirkpatrick, sticking with it. of the world is watching the immigration reform take place including china. we spoke exclusively to the ceo of the nation's largest energy provider and see how he looks at his country taking advantage of the policies of trump. anti-immigrant, at thena if you look president's speech there is a talenthat for a global china is willing to take on the risk there is a large economy. it is large and fast. ratenk of a high growth

around how we can generate opportunities. people naturally want to go to two the market where there is opportunities elsewhere. >> we will bring you more of our exclusive interview with robin lee later this hour. trump says his trillion dollar infrastructure plan and how he could win it. we will tell you why next. this is bloomberg. ♪

♪ selle $1 billion deal to bitcoin has fallen apart, industries which have worked over in the u.s. company saw

bankruptcy. they were saying the chinese did not make payment. this costs $25 million in addition to the $25 million, they also had to pay for extending the closing date. for more, this would have been a big trade to the $1 billion deal. betweenlegal feud and zenio john carmack max. company owes him 22 and a half million dollars. he says this is because of the sale of id software. month oculus was ordered to pay half $1 billion to 70 max. aboutiolated a nba

building a vr headset. on, snap options beginning bets onthey are placing the chance to trade in the future. me. johnson, joins this is a way of betting on future pricing. a look at the size of business to. with this and help support the stock market, or be more dramatic on that side of the law. it was saw from snapchat in a pretty decent volume for the auction, what we saw pay chart itring a was on par with twitter. we saw this as being very similar, as well as on facebook. i should say. is the this is all about

community -- >> a lot of options traders will be on both sides. it will fall apart at different prices in different time periods. what we saw here is a lot more activity. day one is the only date you can see what the sentiment is. one you saw a call volume , sopril looking at options that is going to air next month or four months from now. >> we just put that chart up now. went throughrly one, they had day a trading glitch with the nasdaq. is this something we usually see? >> i think it is more about the evaluation itself.

there has been so much involvement with the market. they are trying to get those positions, and can be quite common. it is not necessarily what they were looking at. -- margin andion profit growth -->> cory johnson, editor at large, thank you for your opinion. coming up, we tackle the biggest tech headlines of the week. ♪

♪ >> wikileaks dropped another bombshell this week by publishing thousands of papers from the cia. an ability to is at into microsoft and others, relative newcomer on this story. plus they top tech headlines this week. >> wikileaks was also the source of some confusion, where they

said you could hack into whatsapp. that was not content, it was in the data, what it did show us was that the cia has the ability to hack into virtually any consumer electronic device out there. whether it is any kind of phone, computer, even a samsung smart tv they can hack into it and listen to what is going on. >> you some people speak out with the likes of apple, google, you can see they have already sorted this out. google is wrestling with dealing with this. how has silicon valley responded to this? >> i do not think it is that shocking, if they can get into your phone you can understand what is happening. i think there was a lot of fear initially of people looking at encrypted messaging apps, when it was just like the cia is on

your phone you are in trouble. there is so much paranoia in silicon valley already, i do think it was particularly shocking. >> it was slightly misconstrued that they were able to decrease encryption, that is not really the case. >> they can see the messages, they can see whatever you can see. if you can message on your phone, they can see it. is not the government's ideal way to hack into an instant messaging app. they would like to be able at cap into the network that they are able to do with a phone network and see everything. it is not what they are able to do that. that should give us some solace. the tension with washington goes stresse see a bit of a with those relationships. i'm going to talk about one was over deciding not

to be on donald trump's panel. was the video you brought us last week, the things have now been answered. travis said he needs help. >> first he said he needed leadership, now it is looking they are going to have a executive recruiting firm. certainly with all the problems they have had there is a strong desire to have a strong female leader grade somebody who he could see as a. , a good fit for the company. >> are we hearing any names? are dream there candidates.

i do nothing there are any kind of specific reports that they have talked to a specific person i think it is premature. >> where do we start with uber? also an interesting report that they have a great world of trying to get away from the authorities. able to put up fake versions of the app that helps cars dodge police. >> there has been a never-ending parade of bad news with this great ball. they came out and said that they will no longer target regulators and law enforcement officials with this program. which they say they still plan to keep, because they use it for other things. if someone is going to do harm to a driver or otherwise filing the terms of service agreement with uber a will use this system

to see them and see them if they are not. reacting? they it has been a perfect storm. it is not been ideal for them. disaster, it is all in one short time. >> i think the morale head is probably the biggest damaging effect. the over #on twitter was certainly hurting. i do think it is have the same image on usage. every week the ceo has to apologize for something different. he can work anywhere in the world, they have to provide a -- explain why

you are working for the bad guys that is a core problem right now. still to come, president trump promises a trillion dollar infrastructure plan. muska's watching closely. this is bloomberg. ♪

alisa: i am alisa parenti and you are watching "bloomberg technology." president trump is congratulating house republicans for what he calls their diligent work to repeal obamacare. he says replacement is not far away. he spoke after a meeting with g.o.p. leadership. president trump: this is the time we are going to get it done. we are working together. we have great results. we have tremendous spirit. i think it is something that is going to happen shortly. alisa: the e.u. is reminding prime minister theresa may how tough the upcoming brexit negotiations will be. a series of interviews and leaked documents show leaders vowing the e.u. loses more than it gained. germany says the e.u. will not grant many concessions. even ireland wants the u.k. to

pay an exit fee. president vladimir putin praised the close ties between the russian and turkish militaries today as he hosted the turkish president. relations between the countries were strained after turkey shot down a russian military jet in 2015. both nations have brokered a cease-fire that helped reduce the scale of fighting in syria and cosponsored talks this year between the syrian president's government and the opposition. greek's main opposition party is warning prime minister alexis tsipras it will not bail out the government. creditors are demanding more austerity measures. we talked with the party leader. >> we are not going to vote for those. we made that very clear. we feel these fiscal measures are at a cost that greece unfortunately has to pay for the incompetence of this government. alisa: nigeria's president returned to the country after taking medical leave that lasted

a month and a half. the 74-year-old former military dictator remained out of sight for weeks with anxiety rising steadily across the country. he has yet to disclose his illness. in 2010, the country went into paralysis when a former president died in office. in asia, the impeachment of a south korean president opens the door for a reset in the north korea and china relationship. the court set the stage for elections in 60 days. they also may rethink the antimissile system china opposes. malaysian police have formally identified kim jong-nam as the victim of a fatal nerve agent attack. he was the estranged half-brother of north korea's ruler. the north has refused to

acknowledge he was the victim of that attack. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. more "bloomberg technology" is next. ♪ ♪ caroline: this is "bloomberg technology." i am caroline hyde. this week, we have been focused on infrastructure after president trump promised $1 trillion in public and private financing. one company that stands to benefit from such a large investment could be tesla. we know the c.e.o. elon musk is advising the president on the matter. joining us for more is the u.b.s. analyst who recently wrote a report on the cost of building out the electric vehicle charging network tesla needs. also with us david kirkpatrick. fascinating report you put out. $8 billion is the price tag. do you think we will have an efficient infrastructure

empowering the electric vehicle? >> that is the high end of the range. we provided a range of $2 billion to $8 billion. in the low end of the range, about $2 billion. that is about 30 minutes for a charging station. the extreme scenario is about four minutes which would match the convenience of a gas station. caroline: put it in perspective of the amount you see coming in terms of capital investment from tesla. is $2 billion to $8 billion a significant amount? >> quite frankly, it is a drop in a large pool. that $2 billion will occur over years. i think people are focused on the model prelaunch.

we are highlighting in our report that when the model 3 gets out, you will need more convenient for consumers in terms of those who want to go longer drives. all of that will mean higher levels of capex. capex remains a top concern. caroline: i know you view you on -- elon musk and tesla as a positive force in the u.s. economy. are we likely to see this investment coming to a good end? >> i think it certainly helps all of us that anybody is making these investments. colin is immersed in the numbers more than me so far be it from me to say these are brilliant moves for tesla. i would say he is also predicting, his targets would be for the stock to drop by one third, which is a lot. you could counter his argument. with an overvalued stock, at least they have the ability to

raise more capital with that currency that can help them pay for these investments. i think they are positive for the country. caroline: colin, respond in terms of the price targets on tesla and the concern you have on the overvaluation on the company. how much support has there been for the share price by the relationship being built between washington and elon musk? >> i think that might explain some of the recent run in the stock. i don't think there was any fundamental recent postelection for the run. i still believe when i look at valuation, i am cautious. i am forecasting a significant decline. the company will probably burn about $2.5 billion the first half of the year. they will get close to that cushion. at what point will the market still be willing to issue

capital to them if they continue to burn for cash? caroline: david, it has been fascinating to watch the tight rope elon musk has walked and comes to balancing his investors' needs, the public's needs, and still keeping an ever closer relationship with donald trump. >> there are a lot of things that are amazing and fascinating about elon musk. the company almost went under and was saved by the u.s. government. the sentiment toward what they do in terms of electric vehicles having such a pro-environmental mindset has certainly assisted them the way the public thinks about these issues has to mislead benefited them. i think it is one of the more encouraging things about the trump administration that people like elon musk are somewhat able to whisper in the ear of the president. we need people with his faith in tech and the need for real contemporary infrastructure, not

just bridges and airports. but we need more digital infrastructure. ev charging stations is the kind of infrastructure this kind of country needs. caroline: colin, give us the catalyst for the price target you have on $160. what do you think sparks the sudden selloff? >> i think i look at it as we go into their near-term, we are very concerned about cash burn. there is a risk to the model 3 delivery target which is aggressive. one thing a lot of bulls are not focused on is what the profitability will be when it launches. there is a big risk. the economics are challenging. long-term, you have to realize there is a lot of competition coming. b.m.w., mercedes are going to be launching ev's. competition will intensify. our survey work has indicated a lot of consumers will consider those brands highly.

i think it is getting very tough. caroline: we will come back to you to hopefully get your viewpoints along the way. colin langan, great to have you on the program. david sticking with me. the fitness startup is seeking to raise at least $120 million and evaluation of $1.2 billion achieving unicorn status. they sell $2000 stationary bikes. carol massar spoke with the c.e.o. about his funding plans this week. carol: ipo this year? >> no. carol: because? >> we are looking to do the best fundraiser in the next couple of months that will allow us to be as aggressive as we want and take our time considering the public markets. carol: next year? >> maybe. carol: i read something about a

$10 billion valuation in five years. is that real? >> i would be disappointed if that were not real. it starts to be on the order of magnitude of what we are seeing with the opportunity. i think that is on the low side of where we see the business going in the next five or 10 years. caroline: you can catch the full interview this saturday on "the best of bloomberg technology," along with more of our best conversations of the week. coming up, we head to beijing for an exclusive conversation with the baidu c.e.o. how it is attracting international talent and how it plans to commercialize a.i. that is next. this is bloomberg. ♪

♪ caroline: the c.e.o. of china's largest internet search engines as the country is more open to global talent than ever. robin li spoke to tom mackenzie about how the trump administration immigration crackdown might benefit tech companies in china. >> i think right now, there is the perception the trump administration is kind of anti-immigrant. for china, if you listen to the president's speech, you get a clear sense china is more open than ever, especially for global talent. and china is willing to take on the risk is a large and fast-growing economy. in fact, i think a high growth rate will generate a lot of opportunities. people naturally want to go to a market where there are more opportunities than elsewhere. in chinese, we generally say

people naturally go upward and water naturally flows down. it is just like that. but in the past, china was not a country known for embracing immigrants, global talents. there are a lot of policies we need to improve. we need to also make it more clear and let more people know that china welcomes all kinds of talent from all nationalities, cultures, backgrounds. >> what steps will you be taking as the head of baidu to attract that talent? it is a fierce battle globally for that tech talent. i looked on your website. you had at least a dozen posts available trying to recruit engineers in the u.s. what steps will you take? >> we already have a research center in silicon valley with more than 100 scientists and engineers. we are already attracting a lot of talent over there.

in china, we have more than 10,000 engineers. i think great people attract greater people. we already have a very good talent pool. that is one thing. the other thing is china is a large market. in the age of a.i., i think size matters. when you have such a large size, you can try a lot of things. you encounter new problems before anyone else encounters them and you try to solve it. you have lots of data. smart people always have ideas. they have lots of ideas. we have a platform they can try it on. let's take 1% of our traffic. what does 1% mean? it means millions of people who speak the same language with the same culture. it is very hard to find this

kind of scale anywhere else. you can do great things with this kind of scale. >> more broadly, how concerned are you about the potential for rising trade tensions between the u.s. and china and implications for companies like yours that operate in both countries? >> i think trade worries are for everyone. it is so clear. politicians are not just using that as a bargaining chip to try to get more. they all understand it will hurt everybody. i don't like that. speaking of baidu, we have research facilities in the u.s. we hire people with jobs and we pay taxes. we don't have a lot of revenue there. if something bad happens, we are not the ones who get hurt the most. i also think there are great communication channels between the u.s. and china, both in the

private sector and in the public sector. the possibility of a misunderstanding is kind of low. each side tries to find the right balance. it is a give and take, it is dealmaking to me. caroline: that was baidu c.e.o. robin li speaking to tom mackenzie. much more of that exclusive interview coming up, including bold plan for the driverless car division. this is bloomberg. ♪

caroline: baidu's focus on artificial intelligence fits into its dominant -- the company also plans autonomous cars and joins the race to develop autonomous driving and bring it to mass production. tom mackenzie spoke with baidu c.e.o. robin li in an exclusive interview. >> there are lots of

applications that can impact people's daily life. the most obvious one is research. a.i. transformed search before any other industry. today, you can use search. you can take a picture to find what kind of plant is that. you could not do that five years ago. that is because of a.i. you use voice recognition. this can be extended to many other areas. for example, if you go to the baidu campus, you go through a security gate. baidu employees do not need to use their badge. they can just walk through. our camera will automatically recognize their face and let them in. think about that. it can be applied to many other scenarios. for example, when you go to the airport, you go through the

security check. there are lots of hassles today. that is no longer needed when you have a.i. technology in place. wherever you go, when your i.d. needs to be checked, it will be checked automatically using your face. you do not need to carry your i.d. or a badge around. you don't need to remember a lot of things. it is going to be very natural for people. >> you have invested in a.i., vr companies recently. are you planning any more acquisitions this year? >> i think our case of acquisition will be roughly the same. i think there are always opportunities. there are always good entrepreneurs who do good innovations. if we find a match, if we find synergy between baidu and other companies that is strong enough, we will make a net position. i do not have a concrete goal or target on where to go or what companies to buy. >> let's talk about driverless

cars. you have made progress there. what stage when you consider going it alone? are you always going to be partnering with automakers? would you ever consider building your own cars from scratch? >> i think we are still focusing on making the driverless car technology work. we will worry about the model later. i think more than likely, we will partner with automakers. they have their strengths. we have our strengths. the goal is to make it into reality so people can enjoy the benefit of driverless cars. we will do whatever it takes to achieve that goal. i think revenue and profit next. we are not really after profit for this kind of thinking. >> there have been reports you would be investing $100 million in next ev in china.

can you confirm those reports? >> i cannot. rumors are always rumors. we don't really come in on these investment deals. >> you have consolidated your car unit. would it ever be part of the plan even to have it on the shelf to spin off the auto unit at some point? would that be a potential possibility? >> that is certainly a possibility. at one point when we think it is promising enough and it has reached a stage that running it independently or introducing more strategic investors would make sense, we will do that. right now, it is kind of early because we are still focusing on making the technology, especially the software work. we want to do that first. >> do you have more details on the timeframe?

we have heard about mass production of driverless cars powered by baidu systems by 2020, 2021. can you give us more details on the time frame? >> i think you are right. 2020, 2021 is a good guess of when mass production will come to reality. i think we are still on track. there are lots of technologies we need to work out. we are quite confident that they will come as planned. caroline: that was bloomberg's tom mackenzie with baidu c.e.o. robin li. david, everyone wants in on this. it feels like the world is racing toward autonomous vehicles. china could be a real player here. david: there were so many interesting things he said in the interview. certainly, his faith in self-driving vehicles and baidu's commitment to that was

one of the key things. no question china ev, the chinese-initiated company that operates in the united states already, is going to be a major player in the industry. this is a global opportunity for self driving and electric vehicles. baidu and china will be major players in it. caroline: it is fascinating the dispute that seems to be heating up between waymo and uber seems to be getting hotter. waymo has asked a judge to bar uber from making or using the self-driving technology they claim was stolen. is there going to be some holding back of technology because of disputes? do think generally the move is forward? david: there are so many different labs doing important work on self-driving car technology.

of course, there are always legal disputes. i do not think it will hold back the pace of development. i think it has been amazing to all of us how rapidly we have come to the point where we are almost ready to have cars drive themselves in ordinary situations. five years ago, people would have said it would have been a 10 or 15-year path. and we are almost there. caroline: i have to get your view briefly. china seems to be interested in becoming a net importer of tech talent here. do you think that would be achieved? david: i thought that was the most interesting thing in the li interview. that guy comes across so impressively. you can see why he has led by due to be one of the world's most important internet companies. they are up there with google and amazon. his way of articulating that was new to me. the idea that china should start

to reposition itself to be a real importer of talent, that is a big, new thing. caroline: david kirkpatrick, great to have you on "bloomberg technology." that is it for this hour. ♪

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