talk to vladimir putin about the situation. trump made the comments today a barred -- aboard air force one but did not discuss the u.s. response. high-stakes summit today with chinese president xi jinping. the threat of north korea's nuclear ambitions and tensions over trader on the agenda for the first in person meeting between the two leaders of the two largest economies. the nuclear option in the senate, unilaterally rewriting chamber roles to allow neil gorsuch to ascend to the supreme court. democrats serious that their efforts to block did not work. devin nunes a recusing himself from the investigation into russia in the 20's -- 2016 election. they are looking into whether he made unauthorized disclosures of information. donndary actor and comedian rickles died at 90 years old.

he suffered kidney failure and died at home. global news 24 hours a day, powered by 2600 journalists and analysts in over 120 countries. i am alisa parenti and this is bloomberg. >> ♪ >> i am caroline hyde, this is bloomberg technology. a high-stakes meeting. president xi jinping arrives in florida for a meeting with president donald tron. two issues.he top 's ideas are more than just a pipe dream. and getting its own round of funding.

what investors plan to use. president xilead, jinping has arrived to meet president trump in mar-a-lago, florida. trump had blamed china for stealing american jobs. but the two countries remain reliant on each other. more than half of u.s. computer product imports come from china. billion inan $220 chinese investments are at stake if a trade war did break out. for more on what is expected from the meeting, let's go to ramy inocencio and palm beach florida. what are the top issues for the summit? >> it strikes me as really interesting that this billionaire businessman and novice politician is meeting someone quite the opposite, a

very seasoned politician now pushing back against luxury in china. what ties them is money and that is what we must be talking about. on the campaign trail, donald trump has been saying china has been stealing american jobs and taking them to china. another interesting topic is currency manipulation. china has been trying to figure out where it stands in terms of the u.n. the u.s. and donald trump has said it is potentially a currency manipulator. interestingly, former treasury secretary weighed in earlier let's take a listen. >> for the last year, china has been intervening to prevent the devaluation and support that renminbi. that makes it difficult to look

at the current situation and reach a conclusion that there is currency manipulation. there is a transition underway from a managed exchange rate to a more market-oriented exchange rate. but it is not a p are market-oriented exchange rate. the interactions are in the opposite direction from what you look at in terms of measuring manipulation. mr. lew isything, saying china is a strengthening the u.n., as opposed to weakening it. it has been trading at it about -- yuanr to the dollar to the dollar. in 2016, 300 $47 billion was the amount of money the u.s. saw in terms of the deficit.

donald trump has been saying that has been unfair, his words, and that he is going to do something about it. we will be looking at jobs, currency, and trade. caroline: i want to dig into trade. itave my favorite function, is amazing to show how much trade goes on between china and the u.s.. number one trading partners, of $1 million -- the tech world waits. anything to come from this two a meeting -- day meeting? toy: it will be interesting see what happens when they have substantive talks on friday. one thing i am looking at his aviation, especially over the past few years when donald trump

and past presidents have come in, they have talked about potential deals with boeing. a couple years ago they did sign a $1 billion deal, saying they could bring a lot of boeing planes to china as that country does expand. we will have to see if anything does come from that. a lot of analysts are saying that if mr. xi jinping convinces donald trump not to carry on thatcampaign rhetoric, would already be a win for china. looking ahead to the next hour or so, donald trump and xi jinping and their wives will be out to dinner. they will be getting to know each other, it is the first time they do a face-to-face. tomorrow will be more substantive talks. caroline: thank you very much, live a from palm beach. our next guest says the

different market relationships between president xi and trump is the most important in the world. lindsey ford is a director at the asian society and joins us from washington. it is amazing, the significance of that relationship. i am going to the bloomberg terminal, looking at a graph u.s. total trade in china, 17 percent of all world trade is coming from china. this is crucial. why is it worrying that trump is so tough on trade? lindsey: what is interesting, you heard very tougher rhetoric coming out around trade during the campaign but there does appear to be two different camps within the trump administration. certain folks within the administration, his son-in-law jared kushner, perhaps secretary of state rex tillerson, who come from a business background and

have a much more pragmatic and business-oriented approach. in,e they are interested how can we create jobs, how can we build the economy? they recognize that involves doing trade in business with china. there is a different camp. what you saw on the campaign trail, folks like peter navarro that have been clear that fair -- trade with china is not fair for america. see.ll be interesting to is the trump administration able to find a middle ground? are they gearing more toward one or the other? and do they have a more coherent approach to what their economic and trade policy will be with regards to china? i will give our viewers a chance to check in on is thenificance, 17% reliance of the united states on the chinese. you can get this on the bloomberg.

is amazing, certain technology industries, we have to focus on that. wilbur ross has commented, he is worried about china. non-tech industries are set to benefit from this meeting. may be on the auto and agricultural front. will there be concessions on both sides of the equation? lindsey: i am not sure how much you are actually going to see real deliverables from this meeting. more than anything, you will see both leaders tried to lay the foundation, set the baseline. what theirake clear priorities are, the industries they care about, where they would like to see things done. and for the trump administration, where they would like to see china set a more level playing field. what they are aiming for is to lay a foundation and we will see

more concretely what comes out of that in the months ahead. caroline: part of that foundation, is talking about the asian infrastructure banks. do you think that could benefit the relationship with the u.s. to china and other key hubs in the area? from a tech perspective, singapore, taiwan, what does that look like? lindsey: infrastructure is a huge priority in asia right now. there is a recognition that this president has talked a lot about his desire to see infrastructure and investment in the united states. perhaps infrastructure is an area where this administration can find common cause and common ground with governments in the region. there would be great interest not just in china but other countries in the region, looking at how the united states can

play a greater role cooperatively on infrastructure. whether that means the united states joins the group, a gets beyond to broader, strategic issues. ,here will be a push on this and i suspected they will consider it. caroline: may be the quid pro quo, tentatively, china can invest more in u.s. infrastructure. we are already seeing chinese money flow into the united snapes, such as lyft and taking money from chinese companies. what is the money flow between china and the u.s. and how much is at risk? it is tremendously important. when you talk about start of industries in tech investments, it is interesting to watch in the coming months and years,

there will be in some camps in the united states a closer eye on these types of investments in industries that some people in the united states consider sensitive. it is getting them into u.s. technology. i think that will be a double-edged sword. on the one hand, there are companies reaping the benefits of widespread chinese investment and money they cannot get elsewhere. bethe other hand, there will a greater sensitivity to where and how the chinese are investing. caroline: westinghouse comes to mind. lindsey ford, wonderful to have you joining us today. three stocks we're watching. evan williams is selling some of his 5.5% stake in twitter. said it pains me to be selling it at this point.

but this is about personal context, not company context. the company continues to struggle with user growth. transit visit through tunnels faster than high-speed rails at 2/3 the cost. hyperloop one gives us an update of how it will bring the idea to life in the u.s.. this is bloomberg. ♪ caroline: hyperloop one is in

washington, trying to win policy support from investors. it is one of two company is trying to turn elon musk's brainchild into a reality. announcedyperloop one

it has finished installing the tube on its test rack. a key step to see if it works. the company also proposed 11 routes across the united states. us aboutpoke to specific plans in the u.s.. >> this is american made reputation is our innovating across big transitions, world leading. but in the area of ground transportation, there is no real american technology. as an la-based company that has grown from a garage and building toward 500 employees this year, 260 in less than 27 months, we are demonstrating that we can really build something different by bringing the brightest minds together, providing them with capital and tools required to make this happen. the answer to your question is, we can do this in the united

states if we collaborate with governments and work in support and get support from regulators so we can dovetail with existing transportation programs and write a few new rules for hyperloop. those two things are the conversations we're having here as well on capitol hill. caroline: three winners, what happens to them? do those start to break ground, do you want hyperloop beginning to work by 2021? we have 35 at semifinalist, 11 are from the united states that we launched today. we will bring that down to about a dozen and we have to do more work. we need detailed engineering studies in the next level of specific route analysis and economic analysis. this to transform economies and drive economic growth and advantage. there was more work to do with

those 12 finals. what we do want to do is find governments that are supportive, work with a route that make sense to build that first system. we will finance that i continue isdwell over values our team bringing in working with regulators and governments, and designing technologies to solve real-world transportation problems. we will try as we go to 12 finalists and down to the final three, to pick a route that makes sense, can be finance, and bill quickly. get usll give us to -- to 2021 and we are encouraged and hopeful that one are two of those will be in the u.s. caroline: how close is the technology? you said you are finishing the tube installation of 500 meters. lengthsre talking about of roots up to 5000 miles. how can you prove it works?

is: the guiding mission inside this young company, to build a full-scale prototype. about this forever and the advantages of the technology, but we are near completion of a full-scale prototype. shows all the innovations we have developed since the country -- company was founded. a propulsion system, a tube that allows us to remove resistance. it can control -- they can carry cargo or people and manage high-frequency pods. we will accelerate quickly inside that 500 meters. that is not what you and i will experience as we move to a production-based system. but i will be transparent, this is a full scale architectural system. taking that architecture,

deploying it in a production environment, is only the next step. we are very excited that within the next couple months we will show the world that hyperloop israel and we are getting really close and we're pretty excited that that has been the single most important milestone for our country -- company. caroline: what about the northeast corridor? rob: the beauty of hyperloop is that we require much less land. on anr we're above grade expanded rail right-of-way or beneath in a tunnel, because of the combination of factors in our architecture, by reducing pressure, you reduce the size of the tunnel. they could come into a city center. i will be very transparent. we need land, we could be 2/3 the time of regular rail, we can be three times as fast.

we can deliver to do three times the economic benefit of any other mode of transportation. that is on the efficiency of the economy, the ability to create very large labor pulls between different centers in major cities. where other places modes of transportation find it difficult. northeast corridor is one where hyperloop will make sense and we have work to do there. we also had a chance to catch up with the company's chairman to ask about how this project is being funded. funding $160 million in and our 2.5 year history of the founding. we talk about this ability to do moon shots and build something ofm an idea in the deserts

nevada a reality is pretty spectacular. investors, present and future, to be a part of what we are building. it is going well and we will have more to say in the near future. caroline: such exciting projects as these are not without controversy. one has been the lawsuits between you and the original cofounder. how has that dented the ability to raise money? shervin: we are going from strength to strength. 250 people, incredible talent. , everythinging this is looking really great. there has not been any slowdown in our progress to make hyperloop a reality. caroline: that was hyperloop one executive chairman. coming up, we will hear from the man behind the ebay of latin

america. say abouts to competing with amazon. this is bloomberg. ♪

someine: in buenos aires, of the country's biggest countries are in attendance. mercadolibre was there to protect its market share from amazon. we caught up with them about their strategic priorities. >> we have a huge opportunity in payments and financing. we have created a large platform in latin america. last year we had 20 billion buyers and eight billionlast yee sellers. [no audio] -- in argentina and brazil. we are doing well. caroline: spotify is planning on

going public this year. willigital music company not go to the traditional ipo route. they are considering a direct listing. spotify could register shares on a public exchange. spotify is targeting a $10 billion valuation. shares could be listed as early as september. the largest cable operator in offering comcast, unlimited data on verizon's network. escalate a price war in the mobile phone business. -- we sit start up down with the ceo. ♪ >> i am alisa parenti and you

are watching bloomberg technology. arrived injinping florida to talk with president trump at his mar-a-lago resort. himthreat of north korea's

over trader on the agenda for the first in person meeting for the leaders of the two largest economies. the u.n. is strongly condemning north korea's latest month -- latest missile test. a statement released today by the council expressed concern over flagrant and provocative defiance of the security council. russian security agents arrested three people today with suspected links to the suicide bomber accused in monday's deadly subway attack. they also diffused an explosive device in the same apartment where those suspects lived. hollande israncois a campaigning for a tougher, more united europe. he warned that a frexit would lead to chaos. global news 24 hours a day, powered by 2600 journalists and analysts in over 120 countries. i am alisa parenti and this is bloomberg.

it is just after 5:30 p.m. in new york. i am joined by bloomberg's paul allen with a look at the markets. good morning. >> good morning, we expecting 1%.afx to rise 1/3 of nikkei futures looking mixed. it is worth keeping an eye on the convenience store operator. results overnight forecasting operating profit to rise 6% to $3.5 billion in the coming financial year. we will be seeing more of them in the united states. they will buy shops and gas stations in the u.s. for $3.3 billion. so that is a stock to watch in japan when treating it underway. korea keeping an eye on the samsung electronics.

preliminary operating profits for the first quarter is due very soon. no lines dropping just yet. but jay y. lee, the de facto head of samsung, is due to appear in court today in connection with the influence scandal in south korea that has taken down former president park geun-hye. those are just some of the stories to watch in the asian pacific today. more from bloomberg technology next. ♪ caroline: this is bloomberg technology, i caroline hyde. the meeting between president trump and president xi underway.

it is the first test of promises toump's win negotiations from the world's second-largest economy. let's check where asia stands from a market perspective. up inust capped off a 20% the tech stocks. in reporter abigail doolittle in new york to break it down for us on the asian perspective. >> it has they -- it has been a tremendous first quarter for chinese equities. to's hop into the bloomberg look at this chart. it puts the gains you showed in perspective. china we do have the msci index up. in orange, we have the s&p 500. well we were having a good start to the year in the u.s., up 5% relative to chinese.

the top sector in u.s. tech helping to explain why the nasdaq is up 12% on the year is the top sector for chinese equities as well. namese all of the big including 10 sent -- tencent. what is driving the growth and the gains on this year is the company's dominance in china's social network. alibaba, all of these companies put up double digits, many of them by 50% of more. netease put up more than 28 percent in earnings. with stocks up so much, most on pace for their best year since

2015, investors want to get in on that growth. trend.e: a huge those gains in asia could potentially come at a price. he told bloomberg television today the chinese stocks are too expensive. abigail: he did say that, and that he would not be adding aggressively, which is different than selling those shares. valuation is relative, it matters what metric you are looking at. when we hop into the bloomberg chart,e a look at this it is the trailing 12 months price-to-earnings ratio on the shanghai composite. littlet 19 times, a higher than where we are at for the s&p 500 at about 18 times. look at it relative to yesteryear, the early 2000, close to 60 times. the average, 27.6 times.

this suggests chinese equities could be cheaper, below that average relative to one of the biggest names we talk about here in the u.s., alibaba. 75% of the overall online market in china. this stock you would think would be expensive because it is up more than 50% since the company in 2016.ipo'd let's look at this chart. alibaba has a rich rice to earnings ratio of 53 times compared to the shanghai deposit and s&p 500. huge.arnings growth, well below its average in well below the peak over the last few years. for alibaba, maybe there is more room to go. fascinating reporting, as ever from abigail doolittle.

we will talk to a man u knows alibaba intimately. tech reporters are watching the highly anticipated meeting between president xi jinping and donald trump. their concerns, tariffs and policy tightening. companies could be affected by changes. tung.g meme now is hans mi and alibaba. it seems to be a phenomenal investment you made. how much you think there is a worry about the break down between relations in u.s. and china, and are you worried? >> a lot of people are watching what is happening. is the general consensus that both sides should be reasonably rational and work towards figuring out what is the correct new relationship between the two powers. caroline: being what, in your

mind? some of the relationships have gone unnoticed. china is the number two take her of h-1b leases. we also see a lot of money going china such asfrom lyft and snap. what relationship would you like to see? hans: a situation of stability. what china is looking for is something that is nonconfrontational, no conflict, more mutual respect and collaboration, a win-win between the u.s. and china. issues,e deficit and china is interested to work out a method with president trump to solve this issue. none of those will go away, but having stability serves everyone interests. caroline: having stability with

the u.s. will help. what do you think about the future, can they build in the u.s., these small entrepreneurs selling into china? one great is the thing. buying more imports will help with trade deficits. it is roughly $350 billion last year. by february, the gap has narrowed tremendously. over the next few years, you will see more imports from the u.s. going to china, enabling us to do better in china. china has a consumption upgrade. millennial's becoming more globalized interviews, and taste , and in the way they consume. way for alibaba to take advantage of it. caroline: what sort of goods are

we talking about? i am thinking a crackdown on luxury items will hit the french juggernauts. what will be sold in the u.s. to china? what we seeing with platforms is that you see apparel, fashion goods, mass-market price points. you see beauty products, health ,are products, gadgets electronics, a variety of things are doing well in china that were originally designed in the u.s.. they may have been manufactured in china, but were designed in branded in the u.s.. caroline: let's talk about another of your key investments, xiaomi. the way and having very powerful smartphones at a cheap price point. it seems that the competition is

hot at home. when you see the company going? hans: four xiaomi, two fronts. they are the number two and number three in india now. initially to buy a phone in india, you had to go online to buy xiaomi. it took a while for indians to have access to the first smart phone before they could even order replacement phones. it took more time that you see proof of that strategy working out in india. is doing,hat xiaomi they are new retail format is working well for them. they have over 100 stores in china now. they understand online commerce only goes so far, only 15% of total retail in china.

their global look is appealing in china. caroline: looks like they took a leaf out of apple's book. wonderful to get your expertise on the u.s.-china relationship. ceo, theyay for intel have boosted his compensation package 30% to $19.1 billion. there was a cost for his personal security arrangements. $11.7 billion.s a feature we would like to bring to your attention is our interactive tv function. you can find it at tv on the bloomberg. you can watch us live but see previous interviews from around the globe and dive into any of the securities or functions we talk about. check it out at tv . this is bloomberg. ♪ caroline: a widely used database

completed its own round of funding. and raised $80 million announced its subscription service. here is the ceo, wonderful to have you. congratulations, $18 million. it easy to come by? >> it was, that is unusual. we have a pretty good story, we launched it late last year and with that traction we turned around and raised a pretty healthy series b. caroline: talk us through the growth, you have a new

enterprise product, $99 per month. jager: it is a -- we see that traction of our customers, saying we want this across our entire team and want to integrated into our own systems. to allowed crunchbase that to happen. caroline: next step, the marketplace. you are looking at an even bigger platform, using other data sources. can you give us a flavor of that? people go to linkedin for resumes and amazon, but if we can get people to go to crunchbase to find company information, that is a valuable asset. when you think about how you would do that, it is hard for a single company to acquire all

the individual pieces of data about a company and put it into one spot. we are leveraging the channel we already have. let's go to data providers and say, are you going to give us your data, let us put in our platform and added to the user experience? and this allows us to do based onfor companies how much website traffic they have. what type of web stack are they using, and are they hiring? fascinating, thing you said the money was easy to come by. you must have a bright perspective about money being raised in what regions. lookve a barometer, a will on the bloomberg now and i can see that relatively speaking, we are not looking bad when it

comes to the health of startups. was in better than it 2012. what are you seeing and looking at in terms of geographical and ease of the funds? exampleeijing is a good . from 2016 to 2017 we saw three times as much funding going to to $18 from $6 billion billion. when you look at the same barometer of silicon valley you see $25 billion in 2015 and in 2016, $23 billion. you are seeing a shift. investors,ub of still the king maker right now, but you can imagine that changing over time as these international markets are maturing. caroline: what about the movement of capital from a silicon valley into chinese startups and vice versa? is that something you track for

each individual start up? , whatkes of snap and lyft do you see their? jager: that is exactly right. investors are becoming more accepting of investing outside the geographic area. hereill find more folks investing into china and even europeans investing in the u.s., it is a true global venture market. it is exciting but it will be interesting to see how the power shifts in that scenario. caroline: thank you, wonderful having you on. .he ceo of crunchbase how he plan to take on the competition with subscriptions. ♪ caroline: there is a major shift

happening at tableau. all of their software will be available as a subscription. they will provide flexibility for customers that want to reduce upfront expenses. joining us is adam, for his first television interview since he was named it ceo. just past six months, it is nice to be here. caroline: this is something we are seeing clout-wide. many companies are making a shift. they have been making changes incrementally. been selling our software more and more on a subscription basis over the past year or two. today we announce that all of our products are available publicly the a subscription. all of our partners that sell tableau can participate with of the subscription offering.

it is better for customers for the most part two by us by subscription. caroline: does this ease the transition? adam: it'll be a byproduct of the move. we are doing it because it is better for customers. they do not have to pay for the entire software all up front. they can just pay for a period of time. there are cash benefits to that, it is a risk reduction program for customers. they can decide at any period of time what software they want to use. over time, that will create greater demand for tableau and i will be good for the company and our stakeholders. caroline: i am looking at a report that says it is a good strategic move. they are surprised at the length of the payback period. and they say it is still more expensive than microsoft. tell us about the competition

and how you are pricing yourself. was a pioneer in the field of visual analytics. because we got off to an early start and innovating quickly, we have, by far, the most complete and sophisticated platform for visual analytics. we have seen time and time again with customers, analyst reports, that we have the best return on investment. and a significantly higher roi than any other tool out there. to seetomers continue the value and are accelerating their use of tableau rapidly. caroline: can you tell us about the growth? adam: last year we ended the year with 54,000 customer counts, which is a growth of 15,000 are linked -- during 2016. of transactions we did over $100,000 grew over 40%

from the prior year. we are seeing strong momentum. caroline: can it continue? we are seeing strong business growth and think the future is bright. caroline: let's talk about the trends in the individual businesses in ai and machine learning. how are you looking to jump on that wave? definitely one of many product areas in which we are very busy working were trying to innovate. will useau, we sophisticated machine learning and artificial intelligence to make things even simpler for customers. you can imagine in the future being able to ask tableau with your voice or fingertips, what are the most expensive housing markets in my area? and ask a follow-up question of how it is least expensive.

machine learning needs to know how the first statement is relative to the second. there will be hundreds of millions of knowledge workers who will need tools and platforms like tableau in order to do their daily jobs, much the way it is played out with the spreadsheets and word processing. it will have to be presented to them very simply and machine learning will be an important catalyst in that. thank you for joining us, six months into the job. that does it for this edition of bloomberg technology. this friday is jobs day in the usa. time.n at 9:30 new york this is bloomberg. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." we begin tonight with the reorganization at the national security council. steve bannon, chief white house try, has been removed from his post on the principals committee. his appointment in january was criticized for potentially compromising national security. joining me now from washington, jennifer jacobs of bloomberg news. she broke the story. i'm pleased to have her on this program.