♪ alisa: i am alisa parenti in washington. we start with a check of your first word news. president trump has not ruled out a meeting with kim jong-un. he tells bloomberg news he would be honored to meet with the north korean leader under the right circumstances. the last top u.s. official to meet with the north korean leader was secretary of state madeleine albright, who met with his father. the u.n. human rights chief says that his office is "watching the u.s. very closely under president trump." the u.n. human rights high commissioner for human rights warned last year his election could be dangerous for the world.

the u.s. supreme court has let stand a california law that bans licensed therapists from working with children to change their sexual orientation from gay to straight. the justices rejected an appeal amid concerns among religious rights voters. president trump's top economic advisor says he thinks republicans have the votes in the house for the obamacare replacement bill. he says there could be a vote this week, though provisions of the bill are not clear. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. ♪ caroline: i am caroline hyde. this is "bloomberg technology."

coming up, a big week for big tech. with facebook and apple taking center stage on earnings. we will break down all you need to watch for. tech software startup vaulting to uniform status and breathing new life into old data. the rubric ceo joins us ahead. tech stocks drive the nasdaq to another record close. it was another banner day for u.s. tech stocks. the nasdaq again closing at a record high. abigail doolittle has been all over it for us live from new york. break it down because i am losing count which stocks are at record highs now. >> it is pretty amazing. we are seeing a bullish run for the nasdaq putting in another set of records today. an intraday record high, closing at a record high with lots of stocks behind it. what also stands out about the day is the divergence.

the dow finished slightly down about .1% on industrial weakness. technology just keeps going. as for what did help the nasdaq achievement records, a lot of the usual suspects including amazon and microsoft. apple does report earnings after the bell. they will also be watching to see what the cash pile looks like. thoughts are that it will be a trillionquarter of dollars. facebook does report after the bell on wednesday. investors are looking for 45% growth on both the top and bottom line. so both of these stocks put in record highs today, has did amazon and microsoft. this is the story of not just the day, but the year. #7259.ake a look at

on bottom in the orange and yellow, we have the s&p 500 and the dow, both of about 6% to 7%. the nasdaq 100 up about 16%. just massive outperformance on the year driven by technology. caroline: check out that. quite amazing. talk to us about the outperformance. of course that stands out, but what has been driving the market momentum? is it earnings optimism? >> it has been earnings optimism, and the idea that growth will continue. this is not just for true technology stocks. two stocks are consumer discretionary, netflix and tesla. both of these companies put in record highs today. this has to do with dish's subscriber numbers weak. that consumers are not willing to pay for cable as much. they are going to online streaming services. and tesla one of the top , performers on the nasdaq 100, elon musk did make bullish comments over the weekend

according to a bloomberg intelligence analyst. super quickly, a chart on tesla. this is #3966. tesla has been trading in the range of uncertainty. but recently it has popped out of the range. an analyst is saying he thinks this is a bullish breakout. it could take the shares of tesla up to $429 per share. so some potential upside there. super quickly, twitter popping higher on the day by more than 6% after the "wall street journal" did report twitter is teaming up with bloomberg news to create a 24/7 new service on -- streaming news on the social media platform. exciting stuff all around. caroline: it is indeed. fantastic roundup as ever. abigail doolittle, thank you very much. sticking with the markets tech , earnings season clearly upon us. we kicked off the week with tech giants like amazon and alphabet , both hitting record highs. as mentioned, this week, apple

and facebook are gearing up to release their numbers. joining us to dive into these companies is my guest cohost for the hour, michael wolf. he also was the president and c.o.o. of mtv networks. you know everything when it comes to entertainment. when it comes to earnings season, i'm looking at the outperformance of technology so far this quarter. 25 of the 51 tech stocks have reported -- check this out -- 92% have beaten in terms of an earnings surprise. the dominance with alphabet is appetizing. advertising. does that bode well for facebook? >> 75% of all internet advertising is going to these two companies. and practically every incremental dollar is going to these two companies. and so they have a lot more headroom. all of the tech stocks have a lot more headroom because we still see a lot of money will be shifting into internet

advertising. at the same time, internet advertising on its own will continue to grow not just as advertising shifts, but other marketing expenditures like direct marketing go into internet advertising. caroline: i'm looking at facebook's revenue at the moment, and it is set to jump 45%. this is what blows my mind, how these juggernauts are still seeing growth of 45% in the first quarter 2017. we saw double-digit growth for amazon, alphabet. how are you advising those companies you consult to, to be able to compete with what are basically becoming almost monopolies? >> at our firm, we call them the discovery oligopoly. it is not just about competing for advertising. it is about everybody else competing for ways to find products and find information on the web. today you have to go through google or facebook if you are looking for some sort of retail product.

a lot of searches for commerce start at amazon. so for all of our clients, we are trying to find ways they can stay out of the mainstream of competition from those companies. they can create online brands, create specialty e-commerce sites. they can find other sources of advertising revenue attached to tv shows that do not get in the way of those big companies. caroline: i see, so do you think there is room in the e-commerce world other than amazon at the moment when we are seeing it managing to dominate as well as its web services? >> only 10% of all retail is going through e-commerce. amazon only has 20% of it. there is a lot more runway ahead for e-commerce on its own. and then for amazon taking a bigger piece of it. in a lot of ways, amazon is well-positioned for a number of the big trends on the web.

it will be e-commerce, cloud computing, voice activated devices, and for video. they are aligned for more growth and coming out of different sectors. caroline: who impresses you the most? we could do it from a market cap perspective, apple is number one. alphabet swiftly behind, but who really shows leaps and bounds? you worked with in tv, yahoo! -- mtv, yahoo!. >> it is a close tie. the company that seems to have the best management team is amazon. it is not just that they are executing exquisitely. it is also that they keep innovating. yes, alphabet has shown this quarter that a lot of the new businesses are getting traction. but it is amazon that has been able to create entirely new businesses. and i am confident they will continue to be able to do so. caroline: fascinating company that continues to disrupt from within. thank you very much. of course michael wolf will be sticking with me.

he is my cohost for the hour. now staying on earnings, amd shares plunging as much as 8.1% in after-hours trading. the chipmaker announced quarterly earnings largely in line with estimates amid the zen chips.ew's they were on sale for about a month in the first quarter. investors show disappointment in the reports as it failed to show strong affirmation about that product. and in deal news, cisco is planning to buy a startup for more than $600 million according to people familiar with the matter. this is part of a bigger strategy of cisco shifting away from hardware looking to software-based services. both parties did not immediately respond to comment on the story. now, coming up, software startup rubrik just closed out a major funding round. now considered a text unicorn fight at over $1 billion. we will get perspective on the company and investor side next. this is bloomberg. ♪

caroline: now, there is a new unicorn on the scene. rubrik just closed out its latest funding round raising $180 million and pushing its valuation to $1.3 billion. joining us now to talk about the deal and market is the c.e.o. of rubrik and partner at greylock partners, an investor in rubrik. gentlemen, it is great to have you around this table once again. first of all, you did not even start spending your $61 million you last raised. why are you getting double that this time around? three times that this time around. >> we want to build rubrik into a large, self-sustaining public

company for the next 20 or 30 years. and last quarter, we had almost a $100 million run rate. we looked at market demand and we felt that we could make a massive impact in the marketplace if we can double down on engineering and products around the world. there is a market appetite for our product. we want to become the new standard for cloud management in this world, which is turning out -- in the public cloud. caroline: i'm looking at the startup barometer that measures the health of startups, the funding coming in ipo's, , potential raising of funds. we are not as high as we were in june and july of 2015. tom's not quite as perky when it goes out to raising funds. is now the time to be doubling down on companies you believe in? are you shying away from newer investments? >> i think we are concerned to invest both in newer companies and very selectively doubling

down on the most important companies as well. i think rubrik truly has a large market opportunity. every large company and midsized company today is looking to do what people call hybrid cloud. assetsme of their i.t. continue on the premise and others go to the cloud. as they work in that mode, be able to manage the data seamlessly is a requirement everybody has. rubrik uniquely satisfies that. caroline: so the $180 million you have been raising, tell me how you will add that to the $60 million you have yet to put to work? what are the priorities here? is it geography because you're talking about going global? is it reinvesting in engineers and talent? >> it is about the two things , which is the core of our company. product because we want to be the standard on cloud. we want to be the organizing principle for large enterprises

, for data living on premises and in the cloud. so we are going to double down on product and engineering and triple our engineering team in the next 18 months. then on the other side, we are going to go to market with a strategy and make our presence felt around the world. we are already in europe. we feel like the market demand is there for us to be more aggressive. caroline: more aggressive. you are raising money on the private market. i'm seeing such a hot ipo market when it comes to enterprise technology. you say you are looking to public markets in 10 or 20 years. you have a trajectory? do you have a timetable? >> we want to become a public company in the next two to three years. we want to build rubrik into a 20 or 30-year company. going public would be a milestone. that's not the goal in itself. build a large,

self-sustaining company. we are looking at this market and building a comprehensive strategy to build the foundation of a long-lasting company because we believe just like what google did in the case of public internet, the cloud world creates opportunity for a company like rubrik to create an organizing principle for business data. that is what we are going after. caroline: that is certainly where we are seeing microsoft put a lot of energy into hybrid cloud. the last time we had you on, it was app dynamics. that didn't go public. you helped build that company with greylock partners. it got bought by cisco. interesting, cisco looks like it is on the acquisition trail today with another startup. what do you think about the exit strategies and where you would like to see companies going? is it all about m&a, ipo's? >> i would say most companies should not go public because most companies don't have the length of runway rubrik does.

i think for most successful tech companies, often the right path for them is to eventually get acquired. in rubrik's case, given the size of the market they are addressing, the market analysts put this market at $50 billion. that is a significant size information technology market. people's data is not going away. data is only increasing. people have a need to store data on premises and on cloud, so the idea is you can store the data wherever you want or back it up wherever you want and then restore or have access to it wherever you want as well. and on top of that, be able to do search, analytics, compliance in a seamless or holistic way. that is the vision. if one step back, one can clearly see how this can be a very large and lasting company. caroline: $240 million runway to go before we wish you well. we wish you well spending it

all. someone has to do it. wonderful to have you here. gentlemen, well done. congratulations. thank you. a japanese startup is betting consumers want to forge an emotional connection with their digital assistants. the c.e.o. created something that projects a miniskirt-wearing avatar inside a glass tube. it greets users in the morning and sends personal messages throughout the day. she does not mind flirting with users. we caught up with him and asked t gatebox, which caught the attention of his the ceo of softbank. >> he was so impressed to see

the first test robots, he gave us advice and said it would become as popular as smartphones. we were very encouraged by his words. caroline: it is currently available for preorders in japan with a price tag of $2100. the japanese messaging service recently bought a major stake and plans to use it in its ai platform. more than 180 million subscribers use the platform. coming up, we talk with the nasdaq president and c.e.o. from the annual milken institute global conference in beverly hills. what she has to say about bringing capital back to the public equity markets. that is next. , and, and feature we would like to bring to your attention is our interactive tv function. .an find it at tv you will be able to watch a slight and see previous interviews from our coverage around the globe and dive into any of the functions we feature. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

now, a mover we are

watching. bitcoin traded at a new all-time high. it rose above the $1400 mark for the first time ever. bitcoin has risen in 10 of the last 11 sessions gaining on the news that the sec will reconsider the launch of a u.s.-based etf. meanwhile, we have been live all day at the milken institute global conference in beverly hills. bloomberg editor at large erik schatzker caught up with the nasdaq president and c.e.o. and asked about her thoughts on bringing capital back to the public equity markets. take a listen. >> i have a very balanced view of the private capital markets and the public capital markets. and i do actually believe in the private market serve an important role in our economy allowing companies earlier in their lives to grow and expand. we would like to see more of that get into the hands of more investors overtime. >> by ipo's? >> two ways. one is liquidity in the private markets. we have announced -- launched a

new service in the private market that allows for more liquidity to occur in the private market, including in private equity funds. we also would love to see them come into the public markets and create what i would call a more sustainable liquidity environment for companies to grow. since 2000, 74% of job growth in the united states has come from public securities. so once a company goes public, 74% of job growth occurs after going public. so we do want public companies to find an inviting environment. there are a lot of impediments to a company choosing to go public because of litigation, the tax environment, as well as the market environment for the stock. act supposed jobs to fix that? >> the jobs act is a good step in the right direction in a couple of ways. number one, they allow companies to stay private longer by allowing 2000 shareholders instead of 500, so it gives companies a choice of when to go

public as opposed to being forced to go public. the second thing is the confidential filings allow us to understand how inviting it is. but that is just the first step in my opinion. i think we should be looking at allowing confidential filings further up the chain. i think we also should realize, address the fact that being a public company today comes with a huge responsibility. and the question is how productive is that responsibility? is it an important element of the being a public company or is it putting a burden on companies inadvertently? >> you're trying to promote transparency into pricing for the benefit of investors on nasdaq. you talked about selective disclosure of short positions. >> yes. >> go into more detail about that. >> i think disclosure is the hallmark of the public market. transparency and disclosure. >> because all we get right now is aggregate short interest. >> we only get short interest. and recognize days after the end , 45 of every quarter, which is

frankly an eternity today, but at least it is there, companies who have long positions in stocks have to disclose those positions. but if you have been shorting a security, you are never obligated to basically disclose those short positions ever. >> you think that should change? >> that should change. it should be balanced. a company should be aware of the long and short positions and who controls them. they only have one side of the picture. investors have an advantage over the companies. i think companies should have a level playing field. >> can you do anything about that unilaterally, or does it require the sec to take action? >> it does require the sec to take action. we have petitioned the sec to require disclosure. but it is really a matter of getting the sec to prioritize it. caroline: that was bloomberg's erik schatzker speaking with adena friedman, nasdaq president and c.e.o. a quick programming note for you, tune in for an interview with the twitter c.e.o. and

c.f.o. he sits down with emily chang to talk about the challenges facing twitter as the company enters the big media buying season. that is a first on bloomberg television at 10:00 p.m. eastern. this is bloomberg. ♪

♪ sydney, 12:29in in tokyo. be spendingd to again, investing $1.4 billion in an online payment service in india. with 197 communications is not final, but an agreement would value the owner at $7 billion. surged as consumers withdrew rupees. has cut prices for june oil exports to asia to defend the sales in its biggest regional market.

price lifered the $.40, but raised prices to all other regions. share tobia has seated iran and iraq by making deep cuts to stabilize prices. space x has successfully launched its fifth mission of the year, putting a spy satellite into orbit. the falcon nine lifted off after being delayed for 24 hours. this is the first time space x has worked for the defense department. it is estimated that the military communications payloads will be worth $70 billion. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. that search in korea sending asian stocks to a 22 month high. that is offsetting the declines

in sydney and shanghai this tuesday. when it comes to korean shares, they are managing to rally even as markets wonder what kim next move might be, so we are seeing bullish that's on the kospi. singaporean stocks also gaining come up, 1%, supporting the region as banks jump after earnings estimates. japanese shares up, the nikkei 225 up by .7% as the yen slides for a fourth day. the benchmark in tokyo at a six week high. textiles are also taking center stage globally. .8%es are up about following the jump we saw in u.s. tech shares that sell apple surged to record highs. when we look at movers in the region, samsung electronics

caning .5%, one of the big gainers on the kospi. ♪ caroline: this is "bloomberg technology." i am caroline hyde. a new development in the net neutrality debate. a u.s. appeals court says it will not reconsider its ruling to uphold the government's net neutrality rules that bar service providers from slowing or blocking rival content. the federal communications commission is moving to revise the regulation. the chairman spoke to to "bloomberg technology" last week to discuss why he proposed the rollback. >> 22 small isp's told us yesterday title ii hangs over our businesses like a black cloud. and that is the kind of regulatory uncertainty and overreach that we want to remove because every american deserves better, faster, and cheaper

internet. i am committed to delivering it to them. caroline: michael wolf is still with us to discuss further. so rolling back regulation. ,is that always going to be a positive thing do you think? michael: what is ironic is this is a place where rolling back regulation could squelch innovation. the reason is because then we are in a perspective where the largest companies will be the only people who can afford to be on the internet. and it will be harder for smaller companies. there are two different things. one of them is providing inexpensive access for americans because there are a lot of people in this country who do not have access to the highest speed broadband. the other is providing access to companies. i think no matter what happens, i don't believe the largest isp's are going to end up taxing companies for access. i think there is going to be some. but ultimately, they have a real vested interest in innovation. caroline: interesting.

therefore you think they could be self-regulating to a certain extent? that is what he is hoping. if you take away the regulation, competition will mean they do not quash new startups. still we are seeing startups worrying. michael: startups are worried. even the big companies are worried because they want innovation. caroline: they are going through their lobbyists, but we have not heard netflix take a stand. michael: netflix is already paying for preferred access to subscribers, so there is an on-ramp directly from their own servers. i think the difference is the larger companies are sending signals they do not want this to happen. but at the same time, the internet service providers, they have an interest not only in innovation, but they have interests in their customers being able to access everything on the web. so whether it is self-regulation or self-policing, i think we

will see that happen. caroline: interesting. and you are a man who should know. mtv, on thefor i board of yahoo!. you are consulting companies considering this. this is a republican wanting to unroll democratic rules. what about the new republican administration? we just heard this today, an american technology council is being founded by donald trump. is that positive? michael: it depends on what it will do. there really isn't much clarity around it. but the idea that we can monitor it is a great one. it will be critical for enacting any regulations whether or not it will be new health care or taxes, we are going to need a much better infrastructure. we have far surpassed countries like estonia who are more sophisticated than we are. caroline: london has always looked to estonia.

michael: there is the other part of this which is we should expect employees in the valley and other technology companies are going to be watching carefully that these initiatives are not about listening or spying on ordinary citizens or creating registries of immigrants or muslims. there is a lot of concern this could be disguised as a way of more government intervention in people's lives. yet, we really do not know what it means yet until there is more flesh on the bones. what does give me confidence is the person who will head this is a technology veteran. he was at microsoft. before that at g.m., so we have some leadership that is not coming from government, but coming from the technology sector. caroline: it is interesting you are saying it might be the silicon valley employee base who might rise up in concern about what this is really going to do as a council. therefore, do you think they

would be more positive or negative on their c.e.o.'s jeff bezos,dberg, looking towards this council or providing executives to the council? michael: everybody in the technology business wants there to be a voice. if their c.e.o.'s are not on those councils, not involved, they do not have a way of expressing a point of view or moving the administration into areas where it should be looking. at the same time, a lot of the enterprise software companies are going to in-depth being -- selling to any government effort. so i think that everybody, there is going to be a lot of uncertainty around this and it will be interesting to see how it shakes out, who is on what side, who cooperates and yet with caution. caroline: what about how we are occur m&a and evidence with the administration? consolidation in television, there is a fight going on with

fox and tribune. there has been a tussle with sinclair. is m&a and consolidation going to be the path forward in the media space? michael: i think we will see more consolidation. fcc rulescause the se were an anachronism. they all dated back to the time where if you owned a local tv station, you had a quasi monopoly in a market. those days are over. there is a lot of value in being bigger when it comes to station operators. each of these companies, sinclair is a great operator of tv stations, as is fox. i don't know how it will end up. there is a reason why it is complicated. one of them is because tribune has a lot of real estate assets and other assets that do not fit in. but from a pure play perspective, it is not the only group where there is potential consolidation. we should not think about whoever gets it is game over. the game on consolidation in many ways is just beginning. caroline: this is a back off from overbearing regulations.

do we think that will help or hinder competition? whether we are looking at net neutrality, consolidation, are the bigger players getting too big? michael: the whole sector is filled with competition. it is easy for somebody to set up a new website. the websites, if you look at vice, this isvic insider, and fusion, they are reaching hundreds of millions of consumers every day. we should not think about this just as a question of big media giants. there are a lot of new companies that are emerging today. caroline: we hope that lasts. it has been great having you on. michael wolf, guest host for the hour. he is indeed going to be sticking with us. coming up, we head back to the milken conference and hear from

arthur bilger, how his not-for-profit is shining a light on the future of work. that is next. this is bloomberg. ♪

caroline: president donald trump has continuously campaign ed to bring jobs back to working-class americans. yet not-for-profit working nation says if we want to mitigate future issues, it is not up to the federal government alone. working nation aims to create awareness and educate americans on the rapid change of employment. we head back to the milken conference where jason kelly is standing by with the working nation founder and c.e.o., arthur bilger. >> hi, caroline. great to be with you remotely , and great to be here with art bilger. these are your people. you go back to the drexel days and apollo.

so many of these big financiers are here, but you are here for a different reason. one of the statistics that blew me away about the work you're doing is something like 47% of jobs are going to be eliminated by technology in 20 years. is that right? >> there are studies out there making that case. one of the key things is more about how jobs will change because they are going to change dramatically as result. >> let's dig into one specific technology example, driverless cars. >> right. >> cars no longer have drivers. >> bright. right. >> those people will not have jobs. what happens? >> it is interesting. i have been using that as an example for the last three years. now it is a very common subject. it is the number one job in 32 states in this nation. it is a staggering statistic. and yes, over 5, 15, 20 years,

these are largely going to be eliminated. and the key is going to be how skill and reeducate these people -- this is a middle-class job today. we have a panel tomorrow specifically on the concept of reeducating of the 48-year-old in this country. these are obviously individuals. some will be much more capable to be reskilled for the new jobs and some of them will be a challenge. one example i was using for a long time is infrastructure. we are talking about a massive infrastructure need in this country. i would think a lot of these people could be retrained and reskilled for the infrastructure jobs of the future. >> let's talk about data and analytics. that is something that is front

of mind for a lot of companies. marketing is an area where that is coming more to the fore. but data analytics could potentially put people out of jobs. so what is the pivot there? how do you deal with that? >> i have been very involved in the data analytics area for a long time. back in 2008, i started thinking a lot about this and how a marketing department of 10 becomes a marketing department of two and you get better answers just through the massive amount of data and analytics. we are still in the early stages of that. but that is going to come on extremely quickly. thus, those eight jobs in goodting i spoke of her upper class and middle class jobs. those are disappearing. however, data and analytics, the one not be an aspect of business, government, or the not-for-profit world that will not be driven by data and analytics as we move forward.

and thus, as a result, so many jobs with data and analytics skills will be created. it may be one of the greatest job creations in this country. >> so who is going to pay for all of it, all of this training? >> well, what i have been working on is the idea of searching for the solutions out there. and to be very honest with you, my view is solutions are largely at the local level. it is corporations, not for profits, academic entities, and local government working in different combinations together. one of my efforts is talking particularly with corporations working in these areas because i do believe corporations have the greatest visibility into the issues. they just have to look in their four walls. two, they better be looking carefully because otherwise they will have a problem five years from now. >> are c.e.o.'s willing to pay for it, you think? >> it is beginning. it is still a small group of

corporations that are really taking the lead. but the awareness that this issue is coming on so fast, that is what working nation is about, creating the awareness amongst massive audiences, including c.e.o.'s. i was in a private session this morning with all c.e.o.'s and i laid it out. these guys generally had a pretty decent understanding. >> that is great. it is great to be with you at the milken global conference in beverly hills. the weather is nice outside but we will get back to work. we are going to throw it back to you in san francisco. caroline: fantastic interview. great insight. thank you very much indeed, new bloomberg's new york bureau chief jason kelly. coming up, the c.e.o. of an online marketplace for buying and selling used cars shifts on car ownership in the age of uber. that is up next. this is bloomberg. ♪

caroline: the spacex falcon 9 rocket successfully launched monday carrying a classified payload for the u.s. military. the rocket booster landed back on earth. spacex first accomplished the feat in 2015 landing and reusing rockets which is key to the company's long-term mission. now, times are changing for the auto industry. the evolution in the industry is the online only car dealer. the company's first day of trading shows used car startups have work to do to prove viability. stocks tumbled and remain lower in monday trading. so what does this mean for other startups? joining us is the c.e.o. of shift, a market place for buying and selling used cars. george, wonderful to have you here. blessing or curse when a rival goes to the market and is century overpriced? >> it may be overpriced or not. facebook overpriced.

i don't think the first today's actually matter that much, but they went public for years from company. a public i don't know a lot of companies that do that. i think they should be competent for achieving what most want to achieve, becoming a public company. they are still worth $1.5 billion. our revenue is half of what theirs is. we are a year and a half younger. that is really good news for shift over all. caroline: i want to ask the c.e.o. of activate to get in. >> there is already a strong price for peer-to-peer marketplaces. whether it is ebay or auto trader, you have some features that are different, including being able to try the car at home. how soon until the other companies clone what you are able to do? >> operations are hard. i don't think most people will clone what you do. if they wanted to, they would have done it years ago.

now ebay mostly lists cars on behalf of dealers to sell. we are unique because we deliver car for a test drive to their house or office. we have an inside sales team that sells technology that allows financing online which no without engaging a human being, which no one else does. we have built on technology plus the test drive for customers. it's going to be hard to replicate. caroline: talk about your growth. >> i have been focused on the last year and a half on economics and revenue. our board was very smart early on to say let's stop the topline growth nonsense and focus on building a sustainable business. we have grown revenue by 4x in the last year and a half. we have become profitable in san francisco, and almost profitable in l.a. now we are going to start adding more topline volume growth now that we are sustainable and can pay for operations in each market without having to raise

capital for that. michael: you also have got the ability to grow beyond the core markets that you are in. do you see a difference in terms of other markets and the requirements? >> i think other markets will be easier in san francisco and l.a. because marketing costs will be cheaper in those markets. san francisco and l.a. are very expensive from a marketing cost them point, and labor will be cheaper. we are in the most expensive market out of new york. so we have to pay appropriately. when we go to st. louis or houston, we will be paying lower wages per hour. real estate will be cheaper. .e store cars our real estate is cheaper than the traditional dealer, but still costs money. we have not been pushing to go into new markets until we are ready. we thought being in many markets and having a lot of topline growth would not allow us to build a sustainable business.

caroline: for a sustainable business to demonstrate, do you feel now is the time to go for more funding? do you need more funding to go into these new markets? >> i tend not talk about funding until we do it. i mentioned last week in the next quarter there will be something on that. caroline: there briefly, tell laws about the headwinds or the wind in your sails? because of the one side you have got, well, peer-to-peer car sharing. do we really need to own a car anymore? then again, people are looking more to the secondhand market and online only. we have become an awesome place millennials to buy a car. about 50% are millennials. 70% of people who get a loan are millennials. autonation is the largest dealer, and only 30% of their customers are millennials. we are over-indexed in that area. that tells you millennials are buying cars.

maybe they will do that later in age than previous generations have done, but they will still own a car. in san francisco, car volumes have not gone down. they have gone up in the last five years. so far, there's a lot of data that suggests people are buying cars. caroline: fascinating. it has been fascinating to have you with us. that was the shift c.e.o. and for the entire hour, i'm pleased to have my guest cohost michael wolf. thank you for jetting in from new york for us. >> great to see you. caroline: that does it for this edition of "bloomberg technology." tune in later for a bloomberg tv interview with the twitter c.e.o. and c.f.o. as he sits down with emily chang. that is first on bloomberg television at 10:00 eastern. and tuesday, we are delighted to welcome emily back. i will be headed back to london to present on tech after a brief stop in boston. joyhas been an utter being your host for the last

five months. i will see you eastside. this is bloomberg. ♪

♪ anchor: the opec meeting approaches. analysts say the curves may need to have to wait until the end of next year. incomet-quarter net nearly doubles to $1.4 billion sales. also beating estimates. >> the family set to have higher capital for a planned ipo.