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tv   Bloomberg Technology  Bloomberg  April 12, 2017 11:00pm-12:01am EDT

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mark: i am mark crumpton. you're watching "bloomberg technology." president trump welcomed jens stoltenberg to the white house today. the president, who had been critical of nato during the campaign, took a different approach. president trump: the secretary-general and i agree that other member nations must satisfy their responsibility to contribute 2% of gdp to defense. if other countries pay their fair share instead every line on -- instead of relying on the united states to make up the difference, we will all be much more secure. mark: the president added that nato was no longer "obsolete." secretary of state tillerson says that relations between the
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u.s. and russia have hit a "low point." sergey lavrov says moscow is ready to restore the syria air accord. russia has vetoed a yuan resolution condemning the use of chemical weapons in syria. the draft called on syria to allow unrestricted access. the wife of the gunman in the orlando nightclub shooting has pleaded not guilty. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. "bloomberg technology" is next.
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caroline: i'm caroline hyde. this is "bloomberg technology." coming up, earnings season is around the corner as volatility is picking back up in the market. what to expect as tech giants begin to report results. plus, the next frontier for hackers could be outer space. we will focus on nasa's biggest cybersecurity challenges. and hbo's "silicon valley" is back for a fourth season. we will speak with the executive producers on how much influence they get from the real tech scene. first, to our lede. after a strong start to the year, global market volatility has come back into the fold amid rising skepticism over the trump trade. tech stocks were among the biggest benefactors of the recent rally. let's discuss with none other than abigail doolittle and cory johnson.
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guys, i just clicked on to my s&p 500. you go to this function. hp. cory: hp had a big move today after news that said they had the biggest gains in recent periods. caroline: it's trading at the highest in two years. another tech company also doing well, up 2.5%. talk us through, as volatility starts to ramp up, we are seeing in the vix, the so-called fear gauge -- what are we seeing across the technology spectrum? abigail: we've had the vix popping higher now four -- five days in a row, at levels last seen right around the election. investors are very uncertain. it is really bleeding through into tech. technology is holding up the trump trade.
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the s&p 500 technology index is now down nine days in a row. we have some investors moving away from technology shares, especially the chips sector, the semiconductor index down one point 5%, more than 1.5% on the day, taking a bit of a hit. there's lots of talk about this sector that has been so hot over the last year, up almost 50% over that time period. yesterday, i was told that, seasonally, this is the weak time. it is on pace for its worst month since last april. this supply chain shakeup we are seeing for apple could be the trigger for a bit of a pullback, even a correction that some had been watching for in this friday -- this frothy sector. caroline: this is not just a u.s. phenomenon.
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i'm looking at the stoxx 600. we are seeing on the european gauge, up 12%. how much anticipation is there of earnings season around the corner? cory: i think it's an interesting time for earnings. we have seen the market respond principally to the hope of a policy that has yet to come true. we did not get a health-care change. we don't have an infrastructure spending plan. the market has responded across all sectors. technology, chief among them, rallying into that. second quarter, abigail was talking about the semiconductor supply space -- second quarter can be dicey for those companies. guidance always reigns supreme when earnings come out.
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was consumer confidence, was enterprise confidence strong enough to sell tech? was tech selling in europe? europe is so important to u.s. tech companies. the market had assumed those things have happened. we won't know until the earnings roll out. that's why you see some nervousness, maybe a little selling on the margins. caroline: earnings season is upon us. abigail, talk to us just offside of earnings. there's a big story about -- a bit of a coup. abigail: it's a big day for blackberry, up more than 15% on the session, best day since 2015. this on the news they won a more than $800 million lawsuit against qualcomm. qualcomm taking a double hit, not just on the overall chip weakness, but also in losing this lawsuit.
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blackberry is down from multiyear highs. today, quite a pop for one of my old phone makers. i wish i could still use one of those with that great little touchscreen. the screen on the bottom. help me out. caroline: the keyboard? abigail: i used to love it. you could use it in any circumstance. caroline: in europe, there is a start up so you could buy a clip on keyboard. abigail: good to know. i should put that on to my iphone. that would help me. blackberry having a great day. qualcomm lower on losing that lawsuit. the overall weakness in tech. back to the chips, one points to be made here is around valuation. we have a great chart in the bloomberg that highlights the situation and why some analysts out there -- dan thinks that the markets could be a little vulnerable in
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the near-term in the chip sector. in blue, we have the s&p 500 pe, around 22 times. in white, we see the sox, up there 27 times. well off the highs. a pretty big divergence to the s&p 500. you can see this sector drag on the overall market. the trump trade right now, the best sector is the banks, and the banks had their worst month in march since the brexit. tech is the best this year, but starting to round down. it would be interesting to see what happens to the whole reflation rally. caroline: luckily, we have both of you here to analyze this. abigail doolittle, fantastic analysis. cory johnson.
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thank you very much. another high-profile departure at uber. rachel whitson resigned on tuesday after almost two years at the company. she ran the company's pr team and supervised lobbying efforts with governments around the world. this is one of several departures for high-level executives at uber this year. the number of late stage venture backed companies is shrinking, but we will speak with one bucking the trend. they closed their latest round at a valuation of $2.5 billion. this is bloomberg. ♪
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caroline: amazon's focus on artificial intelligence is
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paying off. the ceo explained the benefits of ai to his shareholders in his annual letter. the company is using it to enhance alexa. bezos emphasized the commitment to -- qualtrix raised $180 million in its latest round, putting the company valuation at $2.5 billion. a number of later-stage venture-backed companies is shrinking. it's down some 20% since december. if you go to the bstartup function, it dictates the sentiment in the startups. joining us from salt lake city, ryan smith, here for an
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exclusive interview, a man who bucks the trend. $180 million. congratulations. why do you think you managed to get on board such stellar investors? ryan: thanks for having me, caroline. it's a good trend, i think. with our investors who are coming in, they have been our investors along the way. we just want something called an experienced management platform. we believe the world will be competing on experiences in the future. we're a 15-year-old company. we are at scale here to we are already cash flow positive, and we have been the whole time -- we are already cash flow positive, and we have been the whole time. i think these are great bets for vc companies. caroline: do you think that many
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need to show this path to a clear business plan to revenue? $250 million. to cash flow positive. is that what the backers are wanting to see? ryan: i think you have to have a definite path towards that, as well as a market in front of you when you get to that point. they are looking for a multiple, not a percentage on a return. that was very clear. our vc's saw both of those. wow, this company is accelerating. they're looking at being able to comp it to public companies that are going out right now. there's not a lot of risk in the model, so i think that helps a lot. caroline: talk to me about the public companies that are going out right now. an enterprise software company just took to the market, valued at less than you are. we are seeing others come to the market. why, when your current valuation is so large, did you decide that
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private funding was still the way to go? ryan: with those, a lot of those really good public companies were able to do this and take a pre-ipo round that was beneficial. that's for helping employees, liquidity, putting some money on the books. if you can do that, it is a special thing. we jumped through that. caroline: the ipo is the next thing being eyed. do you have an idea of the timeframe? ryan: the good thing about qualtrics and being cash flow positive, we can look at the window we feel comfortable with. i'm not smart enough to time the market. we have built this thing for a long time. we have a great team. we are going to go out and lock arms. the ipo is not our final destination. we are much more concerned about being public and what the next 10 years look like. i have been doing this since i was a junior in college 15 years
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ago, and i want to do this for the next 15 to 20 years. the ipo is just the next step. this was a great step to get there. caroline: what do you think becoming public would add? is it an element of discipline, cash injection? what are the upsides? ryan: if you look at the announcement, we also added our audit share -- the cfo of adobe, now at a atlassian. just working through the preparation, it's going to make you a better company. that's making us a better company as we go through this all the way around. we are looking at good companies that are able to do this. to be public and do well after that -- that's the goal. i think that it's definitely next step. caroline: i'm looking at the beautiful background behind you. salt lake city. just a short flight from silicon
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valley. what was the reason why you did not base yourself here or in another significant tech hub, dare we say, and what is your idea of global outreach as well? ryan: we are a global company. we have 10 offices. we have 200 folks up in seattle. we are all over. in europe, in asia, too. we have a great global footprint. we have been investing really hard into that expansion. we started in utah, silica and -- silicon slopes. we love it here. this is a great place to raise family. the reality is i can get to san francisco at times a lot faster than someone in san jose. caroline: qualtrics' ceo ryan smith. thank you for spending some time with us. now, the new york auto show is underway. a milestone moment for the car
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industry. tesla surpassed g.m. in the market cap for the first time. the share price has since come down, but it has sparked conversation about whether the bullishness behind ceo elon musk is warranted. bloomberg's david westin spoke with britta seeger. britta: in the u.s., you have a different market, different situation on the west coast and east coast. it's a trend we have to monitor very closely. i think a big portion is that we have to create the request by the customer by delivering much more, more different product portfolio. this is why we still truly believe in growth. we will deliver 10 additional battery-electric driven vehicles. we continue to believe in this trend. >> you raise a very important point. how much of it is customer
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demand? how much of it is governments encouraging people to move into electric vehicles? britta: government helps, at the moment. there is a market. but we truly believe this will change over time. >> the customer will ultimately drive this. >> because it is not only incentive driven. there are many countries where we have the discussion that they will shut down cities. people and customer are looking for how can i be mobile in the future. the battery-electric driven vehicle will be one of the big answers. >> tesla has just passed general motors in market cap. does it bother you that tesla is so large in their market cap? britta: our industry is about competition, right? competition is very good. sometimes you have new competitors. we are producing. we have to produce and offer things the customers will love.
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caroline: maker of mercedes seeing the upside. daimler board member britta seeger. an influential group of investors voiced concerns about ties to elon musk. they wrote a letter to tesla's lead independent director. musk tweeted that he already announced that tesla was adding more independent members and that this letter had nothing to do with this decision. coming up, u.s.-russian relations usually make no difference to the astronauts working together on the iss. with a renewed focus on russian hacking, how is nasa securing its data? this is bloomberg. ♪
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caroline: in this edition of "out of this world," the next frontier for hackers could be outer space. that's the top concern of nasa's cybersecurity unit, which has the unique task of securing things like email servers on earth, but also the massive amounts of data beamed back and forth from its spacecraft. nafeesa spoke to nasa's chief security information officer. talk to us about what it's like and the steps they have to take. why would nasa be different from other government departments? nafeesa: nasa shares things in common. they have personal information of people, email networks, which most federal agencies have. but imagine -- they have 20
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facilities, labs, flight centers all around the country that they have to take care of. then they share information with other space agencies like russia, japan, the european space agency. there's a lot of data going back and forth. that's only what we are talking about on earth. then you have all the information and all the equipment that they have out in space. we are really talking about the whole other realm that does not include all the networks here on earth. caroline: so, you spoke with the chief information officer in charge of cybersecurity. what is her key concern at nasa? nafeesa: she is kind of setting the agenda. she says we need to get control of our network internally first. it's a matter of time before someone hacks something in space. that would be her nightmare
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scenario, if a hacker was able to hack into a satellite or something in space and take over control, do something with that, even take ransom of that data, make the u.s. pay. i think the big concern that is realistic right now, in terms of a major concern, is the data flow and communication between what's in space and what's here on earth. you have these can indication flows going back and forth. hackers could try to get into what's happening here on the ground. they call them ground stations. or that flow. she said they are really trying to secure and harden those kinds of strings. caroline: quite fascinating, some of the statements she made in your piece. i encourage all our viewers to go and see it online. given the current state of geopolitics, what about the relationship with russia, because it's actually a close
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one, isn't it, between nasa and the u.s. and russian astronauts? is that in any way going to change? nafeesa: it is incredibly close. if anything, nasa is very open about the work it does with russia. the u.s. does not have any shuttles anywhere. we don't actually launch people into space from the u.s. we do it with russia from their soyuz capsules in kazakhstan. the u.s. is open about the kind of work it does with russia, also information sharing. the u.s. has a bunch of offices in russia. it was interesting to hear from the cyber chief on how they have teams based there to monitor u.s. networks, but also send people from here to monitor that as well. we still have this great cooperation that we hear about, but, at the same time, we might be hearing about new initiatives from nasa. the trump administration has indicated it wants a more
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ambitious space program and has asked nasa to speed up missions to send humans back to space. caroline: thank you. great analysis.
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you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. shery: it is 11:29. china's exports increased from the year earlier. shipments rose 16.4% in dollar terms. imports remained robust. expansion israde likely to slow in the second quarter. rising commodity prices are behind the import surge. president trump says he will not a currency manipulator. retreating on a campaign promise.
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trump told the wall street journal, quote, they are not currency manipulators. cathay pacific shares up in hong kong after naming a new ceo. they had arisen almost 4% earlier. rupert has been the chief operating officer. ivan chew has been ceo for three years. last year, cathay suffered its first annual loss for eight years. global news, 24 hours a day. bloomberg. >> happy thursday.
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take a look at japanese stocks falling. the yen trading at a five-month high. when you take a look at other currencies, you see the taiwanese dollar and south korean currency surging. along with the aussie and the kiwi. the canadian dollar, also climbing career even as oil slips. the correlation between the loonie and crude has been falling. the same dollars sliding today, after the central bank also kept its neutral policy. the aussie, take a look at this. already finding support ahead of the jobs data st china trade numbers. aussie on ak at the trade weighted basis, things
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might not be so rosy. no gain since last month. this comes on the woes of iron or. --ore. prices in china on the decline. caroline: this is "bloomberg technology." i'm caroline hyde. as we discussed at the top of the show, stocks have had a strong start to the year until the recent pickup in volatility. that is helping to build anticipation for upcoming earnings results. as you can see, currently, tech shares remain the standout, despite that sector falling for the past nine sessions. this is the s&p information technology index, outperforming the broader market so far this year. in fact, tech is the second-best performer in europe and the top performer in asian markets as well. we will have full coverage of tech giants reporting earnings. we will be hearing from qualcomm and many more.
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now silicon valley, the hbo satire of the tech industry, is returning for a fourth season, premiering sunday, april 23. ahead of the highly anticipated season debut, we had a chance to catch up with my judge and alec berg the executive producers of the show. we started by asking about mike's previous experience as an engineer himself and how much influence it plays into the pot. -- the plot. >> quite a bit. i was an engineer quite a long time ago. things have changed. i think the characters are quite similar. we do a lot of research. we come up here. especially since the show has come out, we have so many people who have actually reached out to us and like the show. it is a lot of research and a lot of work to try to get it right. >> it makes it a lot easier that people have seen the show. season one, we tried to ask a lot of questions and people almost literally ran away from us.
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now it feels like people get the tone of the show and they understand that we are trying the best we can to make it somewhat realistic. caroline: the current state of affairs -- what is so fascinating about the show, the reason so many people like the authenticity it has, it does show the short-term nature of things. a house of cards, in many ways. look at some of the backlash we are seeing against some of these startups we have been cooing over. uber, for example. do you see those sorts of storylines entering in further episodes? >> to an extent. we try pretty hard not to do one-for-one representations of real world stories. also, the production schedule, we write things ideally months before we shoot them and we shoot them months before we air, so it's a little hard to be topical.
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if we do the big, obvious jokes, someone will have gotten to them before we air. caroline: what about politics? the relationship of silicon valley and washington is perhaps going through a change. we've got four years of that, at least. >> we do have something involving a government agency this season, but it would not have -- maybe it will be affected by the election, i don't know. anything could happen now. but like he said, we are working pretty far ahead of it. we are not like "the daily show." we can't just come out and make fun of politics. it is usually stories that are evergreen, could happen anytime. caroline: do you think personalities, driving forces, the egos or lack thereof that you get in silicon valley remain the same? sometimes the characters are similar to those when you were here as an engineer. >> somebody like paul allen
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could exist now in a startup. i mean, everybody is different. but there are similar archetypes. i think at least since i was in tech that i recognize. that's just like so-and-so when i was at a startup. >> and even if you make fun of them, a lot of them are sort of impervious to it. there was a joke in season one about how they were making the world a better place. that is a de facto requirement of being in tech. when we were doing research for subsequent seasons, we visit companies, and they would go, "oh, that was so funny. where you made fun of them for making the world a better place, but we really are making the world a better place." and there was no sense of irony. caroline: when you do have the cameos, the
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dropbox ceo has joined in on the fun. is that something you want to continue? do they help feed you with more content? >> evan spiegel was in the show. he's actually a really good actor. he's given us a lot of great stories. yeah. >> i think by and large we always talk about when the movie "spinal tap" came out, that musicians were going to hate the movie. they love the movie. as much as we are skewering tech stereotypes, people in the business seemed to appreciate being made fun of. >> especially if you are accurate and authentic. they appreciate, oh, someone took the time to pay attention to all of this, even though we are making fun of them. we've mostly gotten away with it, i think, without being hated too much. caroline: do you get emails, potentially, requests to be covered?
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no, you're not big shot enough yet? >> we've had a few people pitch to us. it's usually the people's people who call us. a lot of times, it is phrased as if they are doing us a favor. if we play our cards right, they can give us access to so and so. >> they give us this elaborate storyline that either isn't good or funny or -- there's a little bit of arrogance in the tech world. let's help hollywood out here and give them a storyline. caroline: you talk of evan spiegel. snap just listed. do you think we are really starting to see an integration of technology and media -- they have been so in each other's hearts. is there a disruption of hollywood itself? do you think that's helping with your storyline? >> it's happening more and more in our own backyard. we shoot on the sony lot in l.a.
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we are not a sony show. we are a time warner show. we rent space on the sony lot. last year, there were rumors that google was going to buy sony and apple was going to buy time warner. we were going to be an apple show on the google lot. caroline: poking fun at both of them all the time. >> it is spreading. it is coming. >> suddenly we will just stop poking fun at those two companies. caroline: great fun to interview. mike judge and alex berg, the executive producers of hbo's "silicon valley." "bloomberg technology" will be making a cameo in the upcoming season. catch the debut sunday, april 23. the ceo of london's first
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fintech unicorn says he would not have chosen the country if he was founding the company today. the reason? brexit. he cited the uncertainty of leaving the european union as damaging to the business. something he told us in october. >> now the whole accor system in -- the whole ecosystem in london is worried about what is going to happen. being in limbo is the worst. we are worried about talent. can we keep on hiring people from abroad? what's going to happen to regulations and passporting? caroline: fascinating. coming up, could seoul be the next silicon valley? we will take a deeper look into the country's tech landscape. this is bloomberg. ♪
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caroline: now to a bloomberg school. amazon had a chance to take over whole foods last fall, but did not pursue the deal. according to a person with knowledge of the situation, the e-commerce giant considered whether whole foods would energize its push into groceries but decided against it. south korean news has been dominated by a series of scandals in recent months. president park has been focused on the so-called creative economy push. landscape ofech all? -- of all? -- evolved? joining us is bernard moon. bernard is the cofounder of a startup accelerator in south korea. and this is startup fever that continues.
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bernard: it definitely continues. it's been evolving over the past five years. five years ago, you would never see top talent from samsung or even other offices in seoul leave to do a startup, but that's been a growing trend over the past several years. caroline: this has always been a very tech savvy city. i imagine everyone has the latest technology in their hands. what about the entrepreneurs you mentioned, that are coming from other key tech giants or consultancies? what sectors or verticals do they tend to focus in on? if you have such a juggernaut as samsung dominating the gdp of the country, let alone a city? >> surprisingly, samsung is not that much of an influence in the startup ecosystem. most of the innovation comes from the start upside or the software side. it's been more online gaming, mobile platforms, mobile apps. more recently, it's been ai
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plays, enterprise software. it is not so much on the hardware side or mobile devices. caroline: what about the money, the ecosystem in terms of the startup culture is there -- you are helping furnish them with guidance at the accelerator, perhaps a bit of cash at the venture area. are there a lot of vcs internally within south korea? are you getting money moving in from the u.s. and abroad? bernard: the majority of the money comes from south korea. there are angel investors and seed funds. there are a decent amount of series a funds, but that definitely needs to grow further. where there is a real gap is in the middle, the b and c rounds. in the late stage, there's a lot of midsized pe funds that invest. there is a gap in the middle of the market. caroline: we just heard from the
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ceo and leader of a key fintech startup in london, sort of saying i wish i wasn't in london anymore because of the geopolitics. he perhaps would not have founded the company there. i'm looking at the geopolitics affecting south korea right now. you this is the world currency rank. the south korean won is down, the worst-performing major currency. how much does that affect the entrepreneurs and the stability of the ecosystem? bernard: i don't think it's affected it in the short term. obviously, there is the saber rattling between the trump administration and north korea. what has more affected the market right now is the unofficial blockade of content and certain commerce between china and south korea because of the thad missiles. that's been interesting. it is sort of uncertain whether it will be longer term than this, but it has affected the major content producers, whether
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it's tv, music, movies, and online games. i'm not sure if you are aware, but the top two of the three revenue-generating online games in china are south korean companies. in these single games generate over $1 billion in revenue per year. caroline: that leads to my next question. how global are south korean startups? they have a population within their own country they are serving. are we seeing a global mentality, as we see within particularly the united kingdom or france, where they are smaller nations and they realize they have to get into the world? bernard: i don't think you see a full global mentality yet, it's more regional. korea is an interesting market. it's a smaller nation of 50 million, even though it is the 11th largest economy in the world. it's what i call a tweener market, in between. even for a country of 50 million, it is the sixth or seventh largest e-commerce market in the world.
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for luxury goods, it's fourth or fifth, depending on how you categorize it. you can create multibillion-dollar tech companies just within the korean market. a lot of these companies expand regionally within asia. caroline: we are looking at some of the portfolio that sparklabs global ventures has. name some sectors. if i was about to look for some of the tech, who do you think will be making an impact globally or regionally that we should look out for? bernard: one of our companies came out of our accelerator. we did a follow-on. it's doing very well. this past year, they closed the series c of 126 million. caroline: they do? bernard: they started as a beauty box. they do regular e-commerce in beauty products. now they have a third leg where they do a private-label business for beauty products.
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they have done well in korea and china, but they have been recently -- and also in the u.s. caroline: one to watch. the geopolitics in china, perhaps we should pay more attention to, but does not need to be slowing it down -- does not seem to be slowing it down too much. thank you for joining. now, coming up, the countdown is on for the release of the samsung galaxy s8. we have a sneak preview. this is bloomberg. ♪
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caroline: burger king unveiled a new app that targets google home devices. an actor laments the commercial is not long enough to explain everything that's in a whopper, so he leans into the camera and says -- >> ok, google, what is the whopper burger? caroline: for any viewers near a
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google home, it's a clever way of capturing fewer's attention. it is reinvigorating the debate over devices like google home and amazon's alexa. anticipation is growing ahead of the release of the samsung s8. they are betting that the device, jam packed with features and a slick design, can take back the top spot in global smartphone sales. mark gurman got a sneak preview of the device and reviewed it on his new webcast, "gadgets with gurman." he joins us right now. let's reenact "gadgets with gurman" a bit. mark: this is the s8 plus, the bigger one. in it has a really big screen, 6.2", and it's quite a bit larger than the screen on the iphone 7 plus.
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they removed the bezel and integrated the home button on the screen itself. it's really compact. caroline: do you like it? mark: i think he will give a lot of other phone makers are run for their money. i think there is a new trend developing of super small phones with big screens. by that, i mean integrating more features into the display and wrapping around glass and slimming down the bezel. i think samsung is the first big phone maker to get there. caroline: what's interesting is the frenemy relationship between samsung and apple. mark: it's interesting. samsung has their mobile arm, but also their display arm. they say there is a fine split between the two, that there is no preference between the two. but samsung is well ahead of the competition, not only apple, but the other players, in terms of
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their smartphone display. caroline: talk to us about bixby and why the voice-activated helper is being delayed here in the u.s. mark: it's a bit interesting and surprising. ai is difficult. really understanding the accents, if i started talking to it and you started talking to it, we have two different accents. determining who is who and what each of us are saying is difficult. siri and alexa have had similar troubles. this was supposed to be a blockbuster feature of the phone. caroline: talk to us about "gadgets with gurman." where and how can i see it? can you come show us on tv? mark: it's every wednesday at 12:30 pacific, 3:30 eastern time. it's an exciting show we talk a lot about financials. a key component are the products
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him that drive the results. him what we want to do is supplement that by explaining what the new devices are, why they are important, why people should use them, or what those devices could do better. we are trying to keep it exciting by doing exclusive takes on new devices, showing things people have not seen before. it's exciting to have the s8 as the first one, since the phone does not come out till next friday. we hope to show unique gadgets for the foreseeable future. you can see it on bloomberg's website, facebook, and twitter. we are on all the big platforms. caroline: "gadgets with gurman," you've got to tune in. that does it for this particular edition of "bloomberg technology." remember, all episodes are now live streaming on twitter. check us out weekdays at 5:00 p.m. in new york, 2:00 p.m. in san francisco. this is bloomberg. ♪
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♪ anchor: syria sends it u.s.-russia relations to a dangerous new low. course.ngton changes china is not a minute later of the dollar. quest saudi arabia raises $9 turkey for it anchor: counts do

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