said he will not let the testimony by james comey the rail his agenda but accused the former f.b.i. director being a leaker. president trump vowed to streamline the permit process for infrastructure projects. he announced a new council aimed at helping project managers navigate red tape. jared kushner is scheduled to meet with the staff from the senate intelligence committee in the coming days. he is expected to be asked about his meetings with the russian ambassador to the united states. the house intelligence committee theymanding copies, if exist, of white house tapes of conversations between president trump and james comey. it also wants notes and memos of his discussions with the president. the state department says the respects the decision of british voters in the general election and look forward to continuing to work with prime minister theresa may. thursday's election results returned may's conservatives to

power but without a clear majority. global news 24 hours a day. i am alisa parenti. this is bloomberg. "bloomberg technology" is next. ♪ ♪ emily: i am emily chang and this is "bloomberg technology." coming up, tech stocks nosedive dragging the nasdaq to its lowest levels this year. we will map the sudden selloff and #. theresa may's gambit. to the prime minister's move gain a greater majority backfired and the potential impact on her brexit agenda. potential miss on the upcoming data revolution.

why the latest iphone may not satisfy customers' needs for speed. after seeing massive gains this year, big tech stocks came crashing back down posting the biggest losses in months. shares of apple, microsoft, amazon, and facebook are some of the biggest decliners of the day. mike regan joins us from new york. what exactly happened? >> as you mentioned, tech has been on a tear this year. depending on how you look it, tech stocks on the s&p 500 or nasdaq 100 either up more than 20% coming into today. and if you overlay on that this notion of how popular dr. investing has become on wall street, investors look for stocks with certain attributes, whether it be high sales growth, good valuations, momentum, that sort of thing. texas year has been ticking -- tech this year has been ticking

off a lot of factor boxes. many are still considered growth stocks. momentum, stocks that have a lot of momentum behind him. even low volatility. tech stocks have become not very volatile compared to how they were in the past. this morning, goldman sachs had a note discussing all these issues saying there are risks. they used a word people hate to hear and investing. that is crowded trade. they are saying a lot of funds are overweight and because of gains have become a massive part of the stock market, almost one quarter of the s&p 500 is tech now. for a mutual fund manager to be overweight tech, you hold even more than that in your fund. there are risks. one of the things goldman sachs pointed out is it is odd tech is now considered a low volatility sector. obviously, amazon is an incredibly volatile stock. they said there are risks of this overcrowded trade.

that is a word people do not want to hear on wall street. you do not want to be in a crowded trade. it tends to be fast and furious like today. emily: apple, amazon, facebook, microsoft down across the board. are there any specifics with regard to these particular companies that drove their losses? >> there were a few. it was weakness across the sector. it was rotation out of tech and into financials and banks. part of that is because of president trump. there was no smoking gun in comey's testimony yesterday. going back to those factors, that makes people more optimistic about the value factor which is stocks tend to do better in rising inflation and rising growth atmosphere which could happen with trump's policies. for lowtocks are more growth and slow inflation. there were individual pieces of

news that helped pour gasoline on the fire. nvidia for one. a short seller came out and said the huge gains in nvidia this year are basically making it look like a casino stock. this is a short seller that people really pay close attention to on wall street. when he speaks and mentions the name of a stock, people sell and ask questions later. they do not wait to hear his rationale. the bloomberg story on apple today saying the upcoming iphone will not be able to take advantage of the faster data download speeds the telecom companies are working on. that is possibly going to put it at a disadvantage to competitors. while it was mostly a sector rotation type of story, there was some negative news ,specially with the chipmakers weakness across the sector. the philadelphia index was down

more than 6% at the worst point of the day. it paired some of the losses but they were epicenter of selling. emily: nvidia did not recover. theill be speaking with reporter who wrote the story referenced. mike regan, thanks for that update. may isu.k., theresa fighting to keep her job as prime minister after her conservative party lost the overall majority in the election. she is working fast to try to push ahead her brexit agenda. >> i will now form a government, a government that can provide certainty and lead britain forward at this critical time for our country. this government will guide the country through the crucial brexit talks that began in just 10 days --begin in just 10 days. emily: caroline hyde joins us from london to discuss. it has been quite a 24 hours.

how likely is it theresa may will hold onto power? caroline: the rumors are circulating that maybe she will be out. there are calls from her own party that should she -- she should be standing down. that is why there was a rush for consolidation after this blow, real embarrassment. the aim of this election was to increase her majority in parliament and increase her strength of argument and negotiating power at the table with the e.u. over brexit. she lost both. she lost her majority. they lost 12 seats for conservatives. and we are starting to see a question of how strong her negotiating tactics can be with brexit. the reason behind that is who she has had to turn to for help. to get above the halfway line in parliament to be able to make any sort of laws in parliament, she has had to team up with the northern irish party. they want a frictionless relationship with the rest of ireland. that means, can she really push

through any sort of tough brexit? it seems as though she is going island easily trade with more than island. it looks as though she is having to make compromises. no wonder there is such confusion. reconvenes. some of the same faces. brexit talks start all over again. i want to show you the world currency ranker. the pound currently down 1.6%. big moves. maybe analysts thought it would be worse. emily: the biggest tech companies have major operations in the u.k. they have been setting up their own plans for bread good -- brexit. how has the scenario for them changed?

caroline: more uncertainty. many thought this would be a hard brexit. what i mean is theresa may said i don't need your single market i care about my borders, immigration, and lawmaking in the u.k. that means there is not going to be the easy relationship with the new partnership. many people are saying she will have to step back from the hard brexit and tough stance and go for a softer relationship. are ratherrmany pleased with the pain the u.k. is currently seeing because they see this as the electorate starting to say we don't like how hard the conservative party have been pushing this, we want to be able to trade easily with our number one trading partner. it is interesting the market reaction on the back of the softer brexit.

i want to look at a chart. the shows you the pound did fall in the white line. the pound plummeting. market seems not to be so worried. many feel that is because there will be a softer brexit. for the tech giants, maybe an easier trading relationship between the u.k. and the rest of the e.u. emily: caroline hyde in london, thank you so much for that update. we will be watching what happens over the next 48 hours. coming up, anticipation is growing for the meeting between tech c.e.o.'s and the white house later this month. will it bridge the gap between silicon valley and washington? "bloomberg technology" is live streaming on twitter. check us out. this is bloomberg. ♪

the alibaba co-founder saw his fortune increase in just one day. shares of the company rose more than 13% in thursday trading thanks to a bullish sales forecast despite an economic slowdown in china. according to the bloomberg billionaires index, he is now worth $41.8 billion making him the 14th richest person in the world. later this month, c.e.o.'s from apple, amazon, and microsoft to name a few will convene at the white house for the first meeting of the american technology council. the goal is to modernize government services. could this meeting help heal the rift between the trump

administration and the tech industry? by a partner at crv and our guest host for the hour. how optimistic are you about it? >> that is a great question. i am not sure if i am optimistic or not. i think one of the great things is these are leaders in cloud computing. a lot of government services are based on old technology like mainframes and old personal computers. cloud computing is the current standard and future of computing. i think that needs to be brought in to the government. emily: you have somebody powerful people in technology in one room. what should be on the agenda? >> i think what should be on the agenda is bringing cloud computing into all government services and bringing the topic of security into cloud computing. emily: in the silicon valley was largely against trump, do you think it is the right thing that these tech leaders are engaging with the administration?

george: i don't think this should be viewed on a political level. i think it should be viewed as a technical advancement because without that advancement our economy will lag. , the c.e.o. of apple, gave the commencement speech at the massachusetts institute of technology. he will be attending the meeting. one thing he covered in his speech today was the good and bad sides of technology. take a listen to what he had to say. >> technology today is integral to almost all aspects of our lives. most of the time, it is a force for good. and yet the potential adverse consequences of spreading faster and cutting deeper than ever before, threats to our security, threats to our privacy, fake news, and social media that becomes antisocial.

technologyhe very meant to connect us divides us. emily: what do you make of that? george: i think he is largely right. i think social media can fill some voids of information and data and connect us on things like sharing photos. but i think it can lead to the acceleration of misunderstanding. emily: you were one of the earliest twitter investors. do you ever have any concerns or about this amazing but also monstrous thing that has been created? george: yes, i do. emily: in what way? george: at the beginning of twitter, i had a lot of excitement i thought it could help bridge understanding. at later stages of twitter and including now, i feel it does help bridge but it also can lead to misunderstanding amongst groups of people where it leads to an at the chamber of people's

own biases. emily: is there a solution? george: i think the solution is bringing people together in person. ing ofis a lot of silo different beliefs and ideas online. it is a difficult problem to solve. i am not sure anyone has a solution currently. emily: crv is launching a new biotech fund, bioengineering. why now and why this? george: this is the absolute right time to do it. there are new, fundamental advances in artificial intelligence. and we have seen them accelerate over the last three years. these advancements are being applied to biology. the big advantage of this is it can help the early detection of disease, heart disease and disease, heart disease and cancer. this helps people's health. that is tremendously exciting.

emily: is consumer tech not interesting? are you not seeing opportunities? is that why you want to see this? george: i have always had a goal to help the individual. i had a personal health scare. that really isolated my own personal needs to keep helping the individual. that basically showed me the next level was to convert the system and bring -- invert the system and bring power from the system to the individual. there was a book called "the patient will now see you." i believe technology should be brought back to help the individual and overall system. i think a lot of that will be brought by artificial intelligence and computational resources applied to biology. emily: george zachary, partner at crv, you are sticking with me for the hour. thanks so much. by apple's next iphone could already be lagging behind its biggest competitors month ahead of its widely anticipated

launch. we will bring you the latest. ♪

emily: shares of snapper inching closer to the ipo price. city downgraded it to neutral with a price target of $20 on concerns over user growth and a slowing pace of monetization. snap could face even more pressure on its stock when the ipo lockup ends in july. another stock under pressure is apple, falling along with other big cap stocks with shares trading lower in the session. bloomberg reported apple's new iphone may not be as fast as competitors. this could leave apple in the

vulnerable position of lagging behind the competition when it comes to data speed. for more, we are joined by mark gurman who helped break the story. and still with us, george zachary. mark, what is at stake? >> apple is going to be behind the theoretical speeds of the samsung alice he s -- galaxy s8. the phones offer support for gigabyte download speeds. 1000 per second. you can download a movie theoretically into 25 seconds which is very fast. with the proliferation of ai and ar, the faster the ipo can go, the better. theoretically, there is a huge difference. in terms of real-world difference, people will not notice it now. as the phones improve year after year, people will start to notice it as networks improve. emily: what is at the heart of the issue? the supplier thing? >> the supplier thing. apple started splitting it up

with qualcomm and intel. the latest qualcomm chips which apple will be using in the iphone 8 and other new models can support this faster speed. but the intel chips cannot support it. apple does not want to make some iphones faster than others so it has to pare down the capability of the units. emily: the market has become so competitive. innovation is so incremental. it is down to small details. how optimistic are you about apple's iphone future? george: i think they keep having where itew innovations really matters to the user. new applications will make all the difference. the question is whether the applications will take advantage of it. i think downloading a movie slightly faster probably will not make a difference, so they

will fundamentally need to be new user applications that take advantage of it. emily: we have been reporting on new phones. how is the market different that apple will be entering in september which is when we believe the iphone eight will be unveiled? >> it is a whole different ballgame. when iphone came out, it was a in a league of its own. samsung is as hot as ever. google will have their new one later in the year. there are a lot of new phones from chinese makers getting popular. there is more at stake here. will apple be affected by these players? it remains to be seen. the landscape has shifted considerably. peter thiel says he believes innovation in

smartphones is over. would you agree? george: maybe from peter's perspective it is. i know he is excited about large innovations. ,robably from his perspective it is a little innovation just like you, it's about twitter that it is just 140 characters. >> i do think there are innovations occurring. but from the users' perspective, they are not significant now. george: they are at an inflection point. a lot of people thought the smart watch was the new thing. clearly it was not. now it will be new platforms based on ai and ar. we will see how far that takes us. emily: thank you. coming up, we speak to the lawmaker who spearheaded the repeal of the broadband privacy rule. representative marsha blackburn joins us to discuss her latest efforts on internet privacy.

if you like bloomberg news, check us out on the radio. this is bloomberg. ♪

alisa: i am alisa parenti in washington and you are watching "bloomberg technology." let's start with a check of your first word news. president trump will hold its first meeting as commander-in-chief with russia's vladimir putin next week --

month at the annual group of 20 leaders in germany according to an administration official who says trump expects to meet with putin during the july trip which will include a stop in warsaw. trump welcome to the president of romania today answering questions with romanian leader by his side, he said he will not allow congressional testimony by former f.b.i. james comey to derail his agenda. president trump: no collusion, no obstruction. he is a leaker. we want to get back to running our great country. jobs, trade deficits, we want them to disappear fast. north korea, a big problem. middle east, a big problem. that is what i am focused on. that is what i have been focused on. emily: the president -- alisa: the president also cisco we lied in his senate testimony and he would be willing to testify under oath. russian lawmakers are

dismissing comey's testimony is insignificant. the deputy says accusations of russian interference in last year's u.s. presidential election are in attempt to worsen the relationship between washington and moscow. prime minister theresa may has apologized to her conservative party after her failed electoral gamble to secure a greater majority in the u.k. parliament. >> i am sorry for all those candidates and hard-working party workers who were successful, but also particularly sorry for those colleagues who contributed so much to our country and who lost their seats and did not deserve to lose their seats. as i reflect on the results, i will reflect on what we need to do in the future to take the party forward. confirmed top-five candidate positions in her u.k. government will stay the same. philip hammond will keep his job as chancellor of the exchequer. boris johnson and michael fallon

will remain on as defense secretaries. david davis will retain his position as brexit tech terry -- secretary. talks with the e.u. are scheduled to begin in two weeks. rex tillerson is calling on saudi arabia, egypt, and bahrain to ease the blockade on qatar which they accuse of funding extremist groups. secretary tillerson says the blockade has humanitarian consequences and hinders u.s. military efforts against islamic state. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti and this is bloomberg. ♪ emily: this is "bloomberg technology." i am emily chang. u.s. tech stocks took a big

tumble pushing the nasdaq 100 index down over 2%. the index having its worst week this year and the biggest decline relative to the doubt since 2008. apple posting its worst basis april 2016 falling nearly 4% while microsoft and amazon had their worst weeks since february. overall, tech stocks, a $.6 billion of them were wiped out from the market in just today's session. just a few weeks after congress repealed broadband privacy rules, broadband -- republican lawmakers have introduced a bill the would restore restrictions predict it seeks to ensure consumers have a say before a broadband company or social network and sell their information to advertisers. the move comes after major backlash from consumer advocates and government officials who slammed the repeal of the broadband privacy rule. joining us to discuss from nashville, tennessee, is u.s.

representative marsha blackburn who chaired the house subcommittee that oversees the fcc. your goal is to extend these new privacy rules to internet companies like google and facebook as well. why did you not just broaden the privacy protections already on the books instead of wiping them off the books first? >> a couple of points on that. first of all, we started working on the privacy issue about five years ago. and then we had a privacy working group that focused on this that went into place about three years ago. so this is something our committee has focused on for quite a time -- for quite some time. we do know with the fcc's actions, they were trying to and two cops on the beat have one set of rules and regulations overseen by the fcc and a second set of rules and regulations that would be overseen by the f.t.c.

that was going to lead to confusion because the fcc would apply their rules to the isp's. the f.t.c. has been our nation's regulator in the broadband space since we have had a virtual space regulator. they are also the regulator in the private sector and physical space, so without like it was important to simplify -- we felt like it was important to simplify to have one regulator and one set of rules. the fcc rules had not been enacted. they had been passed but not enacted, so it just made sense that you would preserve the status quo, keep everything in place, get those rules that have not been activated off the books, and then move forward with having one set of regulations with one regulator. and that is exactly what we have done. emily: is the follow-up bill

does not pass, you have less privacy protections than you did in the first place? >> no, what you would have to is the way privacy has been. bear in mind the fcc rules had not been put in place. what we do know is consumers are saying we would really like to have the opportunity to opt in and decide if we want to have our information shared. if you were to go out and ask consumers, do you want more or less privacy in the virtual space, they are going to tell you they want more privacy protections. and they want more tools in the toolbox to keep themselves and their children safe when they are online. i think it is an important discussion for us to have. it is important to look at since more people are conducting much of their transactional life online now. emily: doesn't this concentrate power into the hands of a few

very powerful companies? >> i don't think it does at all. passnk what it does do is in the browser act will make sure everyone understands what the rules are. you are going to have the one regulator with one set of rules. that is important. it is going to apply to the entire ecosystem. when someone logs onto their computer and they get in and hit their browser and outcomes -- up comes that page that will have their search engine and they are going to begin to conduct and get into their different files, they are not thinking about different rules that apply to different components of the interactions. what they want to know is that their information is safe, that their children are not being tracked, that they have the opportunity to choose to share information, whether it is financial information or health

information or purchasing information. they want the ability to say i have a say in this game. what we are seeking to do is to work with those in the entire ecosystem and say let's be thought these -- beef up privacy protections. individuals that nobody environment is secure will be better consumers and happier with the vendors. emily: when former f.b.i. director james comey was fired, you had strong words for him. he said he breached trust and politicize the office. i'm curious what your reaction is to his testimony. to look atit is easy the testimony yesterday and say, my goodness, questions were raised. i felt what he did do was go after everybody. he went after attorney general lynch a little bit, secretary clinton a little bit. he went after the president. he showed he was very political.

i was disappointed to hear him say that he did not have the strength to stand up or was disappointed in some of his actions. i would have thought he would have been more in command and more in charge. but the good thing is he had the opportunity to have to say and give his side of the story. we all know there's always two sides to every story. this was his recount of his recollections, and we will see intel committee and the house intel committee will do with these further comments that came forward yesterday. emily: u.s. representative marsha blackburn, thank you so much for joining us. pandora has put to rest talk of an outright sale for now. the company sold a 19% stake in sirius xm to sirius xm for $480 million. serious will get three seats on the board including the chair position. in a separate transaction,

pandora sold the concert ticketing business for $200 billion. the company is under pressure to adjust to the changing landscape as it competes against spotify and apple music. think of it as youtube meets amazon. we will hear from the former co-ceo -- hulu c.e.o. that is next. ♪

airbnb has cleared a major hurdle in japan. japanese government approved

legislation that legalizes its service and others like it in the country. the law will allow homeowners to let out their property to paying guests for up to 180 days a year. airbnb which is valued at $31 billion has found a receptive audience in japan compared to some cities in the united states, including new york and san francisco. a tourism boom has cut into japan's supply of available hotel rooms and help make the island nation airbnb's fastest-growing market. eric feng has been changed -- plans to change how millennial shop. he has found a package which is angling to use popular youtube videos to sell merchandise in a format similar to home shopping networks. i caught up with him and asked him to lay out the details in his latest venture. >> it is a new take that video e-commerce. think of it as a re-imagination of home shopping network trying to drive transactions through video content. it is based on the popularity of

un-boxing videos. emily: talk about how they came out of nowhere. >> you have kids so they will be watching on boxing videos day and night soon. exploded.menon it got started in 2010. it started as product enthusiasts shown the first reactions of using a product, having asian about the product. it has evolved to be about every category. not just toys, but pity, ,lectronics, every category now there are a huge group of creators making video content about that category. emily: youtube is a big player. what about amazon? are you taking on amazon? >> this week, amazon shut down their video program. they closed it down. anyone doing anything in commerce is taking on amazon in some way. we feel like we are doing

something very different than what amazon is doing. amazon is so focused on the utility of shopping. they want to minimize the least amount of time and pages you interact with before you buy something. with our startup, we want to have the complete opposite. we want to have you hang out and get entertained by video content and enjoy the products we bring to you. if you end up purchasing something, fantastic. as long as you are into 10, that is the key. amazon is not focused on the entertainment, the discovery, the serendipity of shopping anymore. emily: you are a product at kleiner perkins. incubating a company on the side, how do you fit your time? >> i spend about two days a week on packagd in three days a week at kleiner perkins focused on early-stage investing. it has been a lot of fun. at this early stage, both

mutually benefit from the relationship so i can bring interesting trends as we are building the company back to kleiner. i learned a lot about the creator ecosystem and e-commerce. we get to see a lot of cool company ideas. i can bring best practices back to our startup. we learned a lot about scaleging influencers to and get distribution. that is something we are exploring at packagd. emily: kleiner perkins has had issues with its reputation. how do you feel that is evolving? 's back tol kleiner being a firmware entrepreneurs want their money? >> i think this is a challenge of all the jerk capital firms now. -- venture capital firms now. spend my dayr, i trying to sell money. i try to sell money to people.

emily: you're trying to get entrepreneurs to take your money. >> i am saying please take my money. entrepreneurs now have sony choices about where they can get funded. reputation and pedigree is not enough. we have to work much harder to convince entrepreneurs it is the right partnership and right decision for the company. a lot of that comes down to chemistry and selling the values of the individual as the board sponsor of the company. i think that is something we uniquely bring at kleiner. venture capitalists have raised an historic amount of money. are there enough places to put the money? are we on the verge of a bubble? >> that is a question we struggle with a lot. what we can say is there is still so much interest in this asset class. there is tremendous interest morelp's wanting to invest in venture capital firms. delivers extreme

data. in other industries, it can invest and make a few dollars. venture capital is one of the unique places where you can put one dollar and avenge -- and get $1000. emily: are there enough new technologies being invented? >> i think we are potentially between innovation waves. in time, the answer is unequivocally yes. there will be the next facebook. there will be the next google. it will happen. a lot of it is about timing. it seems we might be in an innovation transition between one wave which was mobile onto the next, which i'm not sure what it will be. the does create opportunities for investors to rochus on to focus on- incubation and building companies from the ground up. emily: if we are in between waves, what trends do you see over the next year? >> i think the great companies will still achieve whatever valuations they want.

they set the price of the company because they have fantastic as this models that are working. airbnb, pinterest, and so forth. i don't see any slowdown in those companies. what we do see is there will be less speculative investing. on userot grow purely acquisition that you are paying for. you cannot continue to spend to grow. you have to be more pragmatic. i think that is a good thing. emily: with all the issues uber is facing, is it still worth $70 billion? >> in the united states every day, there's about one billion rides taken whether public or private transportation. one country alone. uber has about one million. do the math. it is a tiny fraction of the overall transportation market. it is amazing what happens with the laws of large numbers.

i think the category is so valuable and uber is its own category now. emily: packagd is planning to coast off the phenomenon of un-boxing videos that have become popular on youtube by making its own. that was eric feng. he picks up his second venture into robotics. this isbet -- bloomberg. ♪

emily: after an almost three-year board car, -- boycott, taylor swift has referred -- return to modify -- spotify. none of the songs have been available since november of 2014. that she abandoned the service, it has surged more than 50 million paid survivors as of march.

the company pays out billions of dollars to the music industry. softbank is taking over alphabet's robot dreams. buying boston dynamics to pursue a future intermingled with humans. put the company up for sale because it did not anticipate a marketable product in the next few years. it is still unclear whether boston dynamics will remain within softbank or become part of the vision fund. is selena with more and my guest host. why is softbank buying the company? >> they needed a marketable product in the near future. softbank does not have that kind of pressure. it has a con of cash. he said he is trying to create a 300 year plan so there is plenty of time for boston robotics to come up with their go to market strategy. emily: had assisted into softbank's strategy?

>> this is not softbank's first robotic product. the acquired a french company and unveiled pepper a few years later. it is supposed to be social. it has not done well in the market. there are 10,000 on the market mostly in japan. we do not know if the team at boston dynamics will be folded into that, will be fitted into the pepper ambitions, or be separate. it is not out of the blue for softbank. emily: george, what do you make of this? george: i am not surprised at all. softbank is looking to build its portfolio in robotics. i see them looking to invest in robotic startups across the entire valley. i know google was looking to partner with them. google is looking to focus on artificial intelligence like we are looking to focus on artificial intelligence and health care by investing in our

portfolio company. it makes sense softbank will be doing this. emily: a fact that they have raised almost $100 billion, how does that change the competitive landscape in vc? george: i don't see them investing in early-stage companies. i see them making later stage investments. emily: could they contribute to blowing up a bubble that might be forming by supporting companies that may be should not be supported? george: i think there already is a blowing up bubble. everyone is contribute to it. >> i have talked to investors who are maybe not so lax in their response. they are a little frustrated softbank is making investments. now softbank is here with $100 billion making everything complicated all over again. are you seeing that at all? george: i'm seeing it at the

later stages of my companies and other companies. they show up and say we are interested in what your company is doing, can you talk to us about it? and they do some talking and then they talk about doing some investing, but they are doing a lot of scanning on the ecosystem. they are gathering a lot of information. they are definitely paying attention to the entire world of robotics. emily: we will see where they place other bets. george zachary, thanks so much for joining us. selina wang, thank you as well. that does it for this edition of "bloomberg technology." all episodes live streaming on twitter. weekdays at 5:00 in new york and 2:00 in san francisco. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." charlie: we begin this evening with james comey, the former f.b.i. director gave his highly anticipated testimony before the senate intelligence committee earlier today. he saidpening remarks, president trump lied to the american people when he said agents lost confidence in him. >> although the law required no reason at all to fire b.i. director, the administration chose to defame me and more importantly the f.b.i. by saying the organization was in disarray, that it was poorly led