daniel: president trump has put historic spending cuts in his first budget which will before congress later. the proposals touch on every federal agency and program including the state department and the environmental protection agency. changing government priorities to boost defense and security spending. the doj cap this unprecedented evening unchanged hours after the fed raises key interest rate. the economy slowly improving, bond yields under control it may have to raise its target if inflation begins to strengthen. china has followed the fed in tightening policy.

it charts the open market operations and audits medium term of lending facility the central bank said markets have strong expectations of higher borrowing costs but there is no need to over interpret its actions. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. markets.go to the afternoon trading underway in hong kong and china. the hang seng index up 1%. an

corey this is "bloomberg technology" bates on the third of results. for that -- the third quarter results. revenue jumping on at 60%. another twist in the massive 2014 yahoo! hack. u.s. officials blame russian intelligence. 58 tech companies rally behind opposition to president trump take to travel ban. a standout to block the van in the courts. massachusetts attorney general. stocks are hovering near record highs. there are three big tech names helping me. the nasdaq higher, setting back results. apple, google, facebook. alphabet, watching throughout trading, that is tesla. raising 1.15 million dollars and struck and -- in a stock.

cory johnson to break it's all down. must've been putting his own cash at stake. >> their burning money like crazy. they are blowing through hundreds of millions of dollars is buyingteresting he a little here. he sold a bunch of stock last year so trading his own stock is an interesting thing. billion is not a lot 40 -- they announced expenditure plans before july. another $2 billion. that is to gets them to there. this is not a lot of money that a company that does not need a lots of money. they might have to come back again. corey: share price rises on the back of it about 2%. what do you think is the relief

that they are finally being announced in some sort of way. all are than many -- a lifeline to a company that has enormous financial challenges ahead of it and needs money to keep going. it is a start but they have a lot of work to do. work -- aa lot to lots of money to have to spend. note phone number one of paying suppliers and stretching out payments as long as possible. they cannot pull that trick too many times because they want to get paid. corey: particularly when they are coming on the road with the model three. this is where the money is going to be in particular. a big push. it was going to bring them close to the edge. model three is where the investment is going at the moment. > always interesting tidbits

when you read the filing. it is a curious time for this company because they are going of verys niche maker expensive cars for a select people to a much bigger thing. selling cars at $35,000. this might suggest the government they are somehow policing and not buying. expenditures may not be as great because the suggestion is even $2 billion in net spending for the first half of the year would not be near enough to build a real automotive manufacturing facility with the capacity of a ford or an audi. corey: just an update to be able -- bloomberg saying this is going to cushion the balance sheet of the smaller u.s. automaker and helping it ramped up. this is not just an automaker. has been selling to

ukrainian, australia. anchor: the suggestion is we received over 100 million dollars revenue and that business has given us less than 100. it is much worse than the protections when they first announced the battery business. furthermore they had this solarcity, is a tire fire. a disaster in free cash flow. they bolted on this burning hunk of tires to the tesla business that is another real problem when it comes to conserving cash because their burning it so aggressively. corey: a stock that continues to ramp ever since the election. 255.73.y at clearly someone out there is liking it. a more optimistic side of the story. anchor: it is good to actually know what is going on too. corey: a bloomberg editor at large.

is pointingrnment the finger for other high-profile attack. a wide ranging scheme including a brief at yahoo! that affected half a billion users. in his conferences earlier. >> for targeted yahoo! accounts of the u.s. and government officials including southern security and diplomatic security personnel. russian journalists, employees providers and employees of financial services and other commercial entities. cathlreen: ->> it was not all about yahoo! but what really was uncovered? >> a lot of things going on.

russia the rougher -- equivalent of what the doj recent 2014. it is really their effort to paint a picture about how russian intelligence is operating with criminal hackers helping them hide the intelligence operations. also helping them be more effective and they might be on their own. a devastating picture of what happens inside yahoo!. access to internal systems that allow them to basically create encrypted cookies that go on any of thed access users in the accounts anytime they wanted over a poco of years. they have indicted to agents. russian spies. to criminal hackers they say were basically handled by the missions,en tasks, get information on people inside russia and outside russia.

caroline: something spearheaded a while ago by obama when he was president. now this has been followed through and completed by donald trump as president. do think that was a help or a hindrance? and adjusting question that plays out over the next several weeks or months. some people are saying this is a nod they leftse for the white house. they did not pull the trigger on it before they departed the white house and left it for trump to make that decision. it would have been hard from a political point of view if you are trumped not to pull the trigger because it was really the case. if you do it is a possibility that it upset the reset with russia you are trying to do. putin is not going to hand over two of his spas to the u.s.

government and i doubt the people in the criminal and our happiness is going on. the question is what is trump going to do with this effort to build a new bridge to russia? caroline: it pulls back the curtain of what russia has been doing in terms of using illegal or criminal hackers by their own spy institution. into hacking that russia did in come to the election question mark>> the cases are unrelated. they are related in the way you would suggest that the indictment is detailed and it pulls back the curtain on russia's entire set of operations especially one of the unique aspects which is the way they use cyber criminals in order to do things for the ce agencies. there is evidence emerged that they were doing illegal acts in

cyberspace. the s f b rather than prosecuting them use that overhead to say you're either going to jail or work for us. to helpame recruits iraq operations on a global scale. their operations on a global scale. one arrested, two in russia. what happens now? they at least have one in hand. they don't have a treaty with russia and given the fact that we charged to russian spies it is unlikely we will ever get those guys. there is a interesting twist is alsowo russian spies were implicated by russia themselves in it treasonous acts.

of them is sitting in a prison in moscow. everybody at the time assumed one of these guys was related to the effort by the cia and other agencies to get information on what russian hackers did it during the election. now with the latest twist. they were arrested a couple of months ago are implicated in this case. it is possible that maybe russia got a sense that this was coming and picked these guys up as a way to biggie -- figure out what they do, over to, what they may have done in terms of medications with western officials. fascinating story. look at it online. one stock we're looking at is gopro. already slashing workforce by more than 200% in november. another 270 positions, reducing

expressing criticisms it can return to growth. it will land on the upper end of and $210nce between 19 million. more updates from the companies invest later. stocks jump after the federal reserve hikes. in the tech us sector. we will break it all out for you, this is bloomberg.

caroline: oracle reporting results and beat revenue totaling $1.2 billion. moving higher after trading. here's help break it all down

we're back with cory johnson. -- initiallyicer this looks like it resoundingly beat earnings per share. a pretty strong quarter and raising the dividends so this will help start price. -- stock price. what is interesting is the growth stories, their infrastructure in the service business which drew -- group 22%. , if you are google oracle competing in the same space you are seeing strong double-digit growth. that is really powerful for this company. amazon is competing with these guys on the database side. some really unlikely competitors and i expect that to

be part of the conference call. thatine: headlines out of saying that gm is to trend towards a percent overtime. it over, any key standouts to you? where else did you think is starting to win out because the --pany said, actually corey: a lot of us are on the receiving end of questions of clouds. ie bottom line is what thought was fascinating was one of the opening comments. larger than be their license revenue for the entirety of next year. basically they're hitting the tipping point this court or -- quarter.

this is now a part of the business that is moving the needle for the entire company. i think the moment here is i've spent so much time talking about the four horsemen of tech, the new companies as well as the large companies struggling for relevance as we moved to this new era. i think this moment is when oracle is making its bid. they are relevance. transformation is working. given the high double-digit bookings compared to their competitors the revenue story is going to accelerate overtime. interestingly oracle is going to matter more in the future and not less. in all of a position us companies have rights now. frankly all is none of them can say. a lot of these companies left for dust have made huge leaps

and bounds. largely to do with acquisitions. say others trying to get bigger in the cloud but trying to get their bids. the also recognize the cost of the companies make it silly because they're giving a violation that now's not the time. i think oracle is recognizing this saying we're going to try to build as much as we can. a depressed valuation because of his personal stake in the company made it less likely anyone could buy us. they can buy it at a lower price. caroline: any headwind yet to come from our we heard the strong dollar, they mentioned it in their report as well. any silver lining?

>> pegida supports. the headwind will be the cost associated with continuing to go in the midmarket. i also think one of the most interesting stories will be the headwind they will have less of in the future which is why this is such an interesting company to me. as corey was just saying they have been competing with amazon. was company could actually build the data capacity to be compete in the industries and the cloud? oracle. you've seen their very very high. focus onoing to really a large gross market expansion, discipline cost control going forward and revenue expansion at the bookings translate into revenue. one of the heavens they have had for the last year they are going to have a lot next year. associated with building the data centers to power their

cloud. 22 of the analysts say by, just to say sell-- buy, just two say sell. federal reserve raise interest rates because it was anticipated. abigail doolittle in a new york for a look at the impact for tech stocks. two more rates are likely to come. give us the tech insider roots. how did it perform? abigail: as you mentioned we did see a broad rally on this, the right message for bus stock and interestingly bonds. they do like the fact that there is only two rate hikes on the horizon. major average all have their best day, in the best -- the two weeks, the s&p up the most.

not surprisingly the best sector speaking technology by far were the rate sensitive sectors like real estate and utilities. in the broad scheme of things tech was up but not of his much as some of the other sectors. volatility, we have been talking about the lack of volatility. it plunged even more today for the s&p 500 relative to the nasdaq 100 which was also down but not down just as much. as much of but not is the broader interstates. if you notable records being made by the tech giants. apple a record high. we'll be looking at a charge but also added its best day in two weeks. goldman sachs of the iphone

shipments for the current quarter stronger than expected. this could boost estimates and could boost revenue growth even more. that is the biggest story here. the five-year chart of apple. they look very similar to 2012 and 2013 when there is a big drop on the iphone 5. then there was excitement and a huge rally on the upgrade cycle. look at something interesting here. that suggests over the long-term there could be an upside. the rsi has been above $.70 january 31. this suggests that shares are overbought. we could see a bowl -- pullback in the near term. medium-to-long-term it looks like a good position. thank you very much indeed.

coming up as dutch voters head to the polls, high-profile twitter accounts have been hacked. what twitter is doing in response next.

caroline: another -- a number of accounts hacked. present turkish and one in his feud with germany. a pair saying nazi germany and nazi hollands. bbc north america and the european parliament. twitter is investigating while shares of the company fell as much wednesday, the most since every tent. intel fell under a bit of pressure as well. a neutral rating on the stock. analyst john visser wrote intel is a better company than stock. --ing up, our conversation

what president trump's immigration order means in the tech sector.

deborah: president trump has promised to take his new travel ban all the way to the spring court after your was blocked by a court in hawaii. judge said there is a religious basis to the order which affects people from six muslim majority countries. the president said the ruling makes america look weak. trump: a watered-down version of the first order. that was also blocked by another judge. in should have never been blocked to start with. debra: toshiba offering equity in assets in collateral in a

multibillion-dollar lawsuit in the u.s.. banks and put of stock and property in -- in return for a loan extension. maintain their backing. the euro headed for its biggest advance against the dollar since june, extending the gains it made after the earlier fed decision to raise rates. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries this is bloomberg. let's check, the market has been trading in the asia-pacific, here is juliette. hong kong leading gains up by 1.4% in the afternoon session.

still the projection that the could see a couple more this year. the ftse up by .9%. malaysian has jumped the most since january. japan is in the red for a third session, of course on the yen. strength,th, dollar again strength against the dollar. the new zealand dollar down boy -- down by .7%. coming through on the numbers out of australia today. unemployment up to 5.9% from 5.7%. yossi at 72.69. bonds are soaring and that is all you can see. a 10 year chart, you can see three of seen australian bond yields down play -- is he on

down as well. also oil, gold, equities. game on across asia. live from yeldon at the top of the hour -- london at the top of the hour, this is bloomberg. caroline: this is "bloomberg technology", i'm caroline hyde. dropbox,quare, virginity -- the muslim ban sets to go into effect thursday being challenged in the court in seattle. , maryland, hawaii. phone, you'rethe getting breaking news that a geoeye yards will issue a trump travel ban ruling later today. k bring us up to speed?

last 90 minutes or so, the state of hawaii and the justices department argued all -- whether the president's claims during his campaigns call for a nationwide muslim ban and earnestly -- registry. it claims for dissemination in this case. the plaintiffs have argued that as this -- the intent is still inspiratory. discriminatory. was an individual citizen campaigning for president, now imposing and policy invented by people who had nothing to do with that campaign. did not make any discriminatory comments in their past. note discriminatory intense. hawaii's address claims whether they have the rights to make any of these claims.

there might be families of these immigrants who wants to gain entry to the united states but don't have constitutional rights to sue in court. caroline: a seattle judge weighing the argument as well. hadg it to a tech focus, we a technology company the likes of lips, square, you name them, weighing in. anna: it is interesting some of the biganna: heavyweights were not one of the ones behind this. think the view is there?

reporting: they weighed in on the initial executive order. they have expressed their view, or they believe there are arguments to make over the religious dissemination, so that on the face of this executive order it is going to be very difficult to claim that there is a violation of due process or the right to practice religion and they may want to distance themselves. as you said, there are almost 60 companies that have expressed support for hawaii, so it is not like silicon valley is remaining silent. caroline: reporting from hawaii, kartikay, thank you. coming up, we speak with the massachusetts attorney general, a leader in the fight to block the travel ban. and will 2017 be a big year for the tech ipos? we have seen some debuts, the volatile one of the company snap.

earlier we spoke with the cofounder of khosla ventures and the ceo of rubrik. -- which is on the line up for lyft. >> what we are seeing is the high-quality company is with a real business model and sustainability, with a long-term sustainability, those are going public. not every public -- not every company is going public, so the bar is high, but we have a number of companies that have that high quality revenue, and a product getting into the market place. >> when you have your viewpoint on the chief executive of rubrik, you look at these

companies following snap, is it time for rubrik to look at those public markets? >> we are probably two years away, but we are building a company to become a public company and long-term sustainable business. i think the fundamentals of enterprise business and selling into larger parts or the larger end of the market, and deriving seven figures, or eight figure deals, that is more than the -- that is what drives the enterprise business.

we are focused on fortune 500 companies where they have a real need around cloud and around management, data security, and where that will be placed. caroline: when you are looking at those company, we have juggernauts who already have a proven business model, already international, uber, dropbox, airbnb -- so what needs to happen? do they need to come to the market? is it up to the investor to say, the time is now? or do you like those companies remaining private. >> that question is entirely up to the entrepreneur. you need to be predicable, set out those long-term goals. companies like rubrik change strategy continuously, they are a young company. only three years old. you want that flexibility to change and with private investors it is easier to do. when you get to a highly predicable stage, then the entrepreneur can choose to go public or not. we support entrepreneurs and their choice. caroline: you do not apply

pressure? >> no, not really. it is the wrong thing to do, to apply pressure. caroline: you do not need exits? you must have your own needs? >> i am proud of the fact we do not worry about exits. they happen when they happen and they happen often enough. we almost never worry about it. i have a role, if -- rule, if somebody talks about exits when we are investing, we will not invest in that company. that is the wrong approach to building durable large companies. think about the exits. i would rather have them building a large company for the long haul, and whether you get liquidity in a year or in four years, it does not matter. if you are building real value. caroline: you are saying before, you are an optimist. we have clout as a driver, data as a driver, i want to know about the environments in silicon valley right now, whether they foster optimism or not? and perhaps when it comes to the travel ban, i am sitting here

with to determine -- two gentlemen from india, and i am british, so do you worry about this? >> i do worry about it. if people started company and they move operations to india, we are starting to see more people talking about building outside because if they cannot acquire the talents here, there is global competition. canada is dying to get more of this talent. and just the national foundation for mac and policy issued a statement that said, 83% of intel from science competitions were born of immigrant parents. 83%. the well educated immigrants, they renew a contract, and

countries that have gone into places like japan did so because it was so insular. i believe it is a huge advantage, it has been a source of growth in america and the source of vibrancy. caroline: but headquarters in silicon valley with, but growing internationally. is it something that worries you? do you look at hubs elsewhere? >> for us, the way we look at it is the politics and in these kind of rules will take care of themselves. i believe the fundamentals are very strong in america, we have the rule of law, we have a structure that fosters innovation. so i view this as a phenomena, where over time things will take

care of themselves. we go international, we do business in 30 countries right now. and so far we've not seen headwind in growth or any kind of backlash because of it. caroline: have you deployed or used -- >> we saw it on a case-by-case basis. obviously, it is a challenge because there is -- and very few people can get it. we take a strategy of where we get talent from and how we can grow the talent pool, and where cognizant of the -- and the number of applicants available and things like that. but we are thinking about the business as a long-term self-sustaining business with marketing around the world and we're looking at innovation and thinking, how can we continue to drive innovation and bring people together on the mission to grow change, from a cloud world? caroline: where exciting the

most geographically? what are you keeping an eye on, not silicon valley? >> outside of silicon valley there are exciting things going on in europe, israel, india, china of course is a whole different beast. we tend not to do a lot in china, but there are interesting things happening. caroline: why not? >> we just have a geographical focus and is so we feel like we do not understand how to do business in china. caroline: and that was the founder of khosla ventures, and the cofounder of rubrik. the revised travel ban is facing pushback. we have a massachusetts attorney general leading the charge. that is next. this is bloomberg. ♪

♪ caroline: we are back to our conversation on the travel ban. the massachusetts attorney general standing behind hawaii's attorney general, who was in court. we just learned the judge and court has reserved his ruling, but is waiting to issue the order before the ban is imposed at midnight. joining us from boston is maura healey, thank you for giving your time today. first of all, as it stands in its second iteration, why is the new executive order still defected? maura: it is still discriminatory, it is a muslim ban. and more than being unconstitutional, what this also is is something that is causing a tremendous amount of

uncertainty and creating real harm for businesses, research institutions, colleges and universities, and for major tech companies across the land. that is one of the reasons why when we filed suit and we renewed our lawsuit earlier this week, joining with hawaii and washington state and others, we were standing alongside us, the leaders from tech community and business, saying that is wrong. caroline: you mentioned, you say it is still discriminatory, but a lot of that thesis is based on the past statements from the election campaign, made by donald trump. how do you distinguish about what was said in the past and the current writing in the executive order? maura: he still has created a serious issue and denying visas and creating uncertainty about whether or not the visas will be renewed. let me tell you what it means. we have tech companies in

massachusetts who are employing employees that have these is, they do not know whether the visas will be renewed. we have students at major research institutions like mit, who do not know whether or not they will be able to stay on and continue their research, their fellowships. we have serious issues, not only about who is going to be allowed into the country, but this order creates problems for those already in the country, working and creating a vibrant tech community, in particular, those interests are at risk. that is why i've spoken with leaders in tech and research who say the order is that for us and it needs to go. caroline: boston is a thriving tech hub, and you talk of harvard and m.i.t., such an area of growth in terms of the tech that is needed and the talent needed there.

what will the businesses do if it stands? do you know what the alternatives will be? maura: they are standing with us and a challenging the discriminatory travel ban. not only is it unconstitutional, it hurts the businesses and research institutions. i will give you examples. speaking with the heads of major hospitals and research institutions, they right now do not know if they can go ahead and bring over the research fellows that have been hired, the professors hired, who want to come and do scholarship here. they have researchers and professors who work for them who they do not know if they can keep them on, because they do not know if they will be able to

fill contractual obligations, given the order. it is creating havoc, tech and life sciences, biotech, they are the driving force in massachusetts and in our economy. they are a driving force in other regions of the country, you were talking about silicon valley, this hurts and it has an economic impact and is why you have seen states come forward and to challenge it, but you have also seen major businesses and major industries come forward and say, this is wrong. not only is it not american and consistent with who we are as a nation, you think about the amazing companies that have been built by immigrants. it is also really counterproductive and harmful to the business interests. caroline: is it unconstitutional? maura: absolutely. i think our arguments are well made and they have been heard in multiple courts today and i'm glad we will soon see a decision from the hawaii district court and other cases are ongoing and we will continue to press ahead and fight it to the end. because it is unconstitutional. caroline: i will ask you again

because you mentioned what happens if, but if the challenge does not work are there any ways in which you can legally bypass the executive order? maura: unfortunately immigration issues and the control of people coming into the country is really something that is controlled at the federal level and it is why we are challenging it, to say the right thing needs to happen. no policy or president is above the law. we really are looking to the courts to uphold the rule of law and the constitution. we will wait on the decision, but stand ready to stand up for the residents, businesses, industry and our state and across the country. make no mistake, the president has issued a second order, and it is as faulty as the first one. he changed provisions and took things out, but it does not change the fundamental flaws with the order, which is that it

essentially is discrimination based on religion, based on national origin, and more than that as you know, national security experts have discredited it to say this is not what you're looking for. caroline: ok. maura healey, thank you very much. we appreciate your time. thank you for joining us from boston. coming up, the general motors ceo on the trunk -emissions- -- on the trump emissions standards. this is bloomberg. ♪ ♪

♪ caroline: president trump in michigan on wednesday announcing the white house will re-examine field economy standards -- fuel economy standards. we caught up with the gm ceo in michigan near ann arbor. >> what would happen is we would not be able to give customers the choice we give them today. they choose if they will

purchase in -- an suv or vehicle. we are full range and continuing to invest in the bolt, 238 miles, we talked about it in the past and it is doing well. the chevrolet volt is doing well pit we are making the investments -- well. and we're making the investments, but in the end it is consumer choice. there is more change happening right now then has happened in the last 50 years. when you look at legislation five years ago, before there was sharing, or before we were talking about autonomous, to be data driven and look at the right standards, how can we improve the environment in the most effective way, that makes the most sense. it is what we agreed on in 2012. caroline: and that was the ceo of gm, mary barra. that does it for "bloomberg technology." this is bloomberg. ♪ anna: staunch liberals defeat

the anti-immigrant party. we are live in the hague. central banks decide. the u.s. height rate -- hikes rates. japan does nothing. blocked again. trumps second travel ban is halted by a judge in hawaii. that is the -- as the president proposes historic cuts. warm welcome