alisa: i am alisa parenti, from washington. you're watching "bloomberg technology." senate republicans have delayed the vote on the health care replacement bill until after the july 4 recess. that is after eight gop senators declared they were against it, and a handful refusing to even back a procedural vote on the matter. democrats reacting to the announcement say the fight is far from over, and plan to redouble efforts to defeat it. the senate minority leader says no matter the tweaks made over the next week, the bill is still flawed at the center. he says americans don't want medicaid slashed. democrats reacted to the investment say the fight is far

from over and plan to redouble their efforts to defeat it. we really mean it. we are going to do it will more -- do it one more time. clearly this fight is going on. u.s. ambassador to the u.n., nikki haley, says russia and iran are officially "on notice" if syrian forces carry out another poisonous gas attack on rebel forces. president trump ordered a missile strike on syrian targets in april after its military launched a chemical attack on rebel positions. the u.s. said earlier it identified potential preparations made by president assad's armies similar to that attack. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti. this is bloomberg. ♪

emily: i'm emily chang, and this is "bloomberg technology." google searches for answers and an appropriate response after getting slapped with the biggest antitrust fine in e.u. history. the price it has to pay, and the deadline on tax to level the playing field. plus, the cyber strike crippling systems across russia, europe, and the u.s. mcafee ceo chris young joins us with his take on the latest ransomware, and how to contain the spread. and microsoft continues its thinking inside the box with an announcement today on expanding his partnership with the file sharers and the cloud. aaron levie breaks up the tie up. first, a cyber attack is spreading across the globe today, hitting dozens of companies and some government agencies. operators in new york, rotterdam, government systems in kiev and companies like rosneft k have all -- mers

been victims. you'll remember that wannacry virus that attack -- affected hundreds of thousands of computers in more than 150 countries. joining us in london is caroline hyde. what do know right now about the spread? caroline: quite amazing, from chocolate, toil, to central banks being affected by this. at least 80 countries have been hit in ukraine and russia. this seems to be the epicenter of where this all started, and it started to leach out into europe and the united states. mentioning one of the companies hit there, and mark -- merck. at least 2000 networks have been hit users have been hit. , it is very similar to the wannacry ransomware. prevalent, that is what some 200,000 computers affected.

very similarly, the computer you find is shut down, and suddenly the demand for $300 worth of the currency if you want to be able to access your computer once again. interpol is involved. they are investigating, so clearly they are trying to lock down the spread. once again, it seems to be something exploiting the weakness of the microsoft operating system. emily: hang on a second. another big story out today. a record antitrust fine by the european union as it issues the first penalty in its seven-year investigation into google's dominance in shopping search advertising. the e.u. slapped google with a $2.7 billion fine for abusing comparison-shopping search results. now google has 90 days to stop favoring its own service or face more sanctions. the regulator at the heart of this battle spoke to bloomberg television and laid out all of the evidence against the company. guest: what we have found and

studied intensively, i think with 5.2 terabytes of data, is that there is a very close relationship between this ability and traffic, and traffic and revenue. what you see is that google has taken that advantage for its own shopping comparison on the cost of its rivals, and being able to do so by misusing the dominant decision in general search. that is the key of the case, that we have found google to be dominant. with dominance of course comes special responsibility to compete on merit. emily: caroline hyde back with us from london with one of the very first people to sue google on these grounds in europe. caroline: we are now joined by richard staples, the ceo of a company that has been hit by allegations that google has in

some way been skewing the price comparison services, and therefore exerting their dominance. you are a price comparison company. tell us how your business was affected when google started to enter this particular area. guest: sure. we started in 1999 and grew up to be the leading price comparison site in europe. it was the dominant. we were in seven out of 10 countries. we were the leading price comparison site. doing really well. everyone had heard of us. we were well known in the u.k. and then google basically decided in 2005 or that suddenly 2006 these shopping price comparison sites were a threat. and they started to systematically figure out how they're going to take us on. what they decided to do was they were going to go to merchants and say to them, give us your feeds, give us everything from

you, and we will send you traffic for free. first we weren't worried. and then a series of algorithms hit in 2011, and our traffic literally fell off a cliff. caroline: by how much? guest since 2011, we have lost : 95% of our traffic that has come from google. and we are not the only ones. i don't know of a single price comparison site that hasn't been smashed to the tune of 95% or at at least 65% or 70%. there are bodies listed all over the place. we are not just talking about european price comparison sites. we are talking about american companies, as well. caroline: so when you hear the allegations out of the e.u. -- what do you say? guest: i think they've got the decision absolutely right. i think google will try to make this out to be the usa versus europe. they will try to say the big, bad commission -- that is absolutely rubbish. it all about google hurting

consumers. the commissioner has done a fantastic job. caroline: how are they hurting consumers? guest: by removing competition. you're raising prices because merchants have nowhere else to get traffic from. they can only go to google, and the price goes up. you have no competition or innovation. back to the question about why it is not a u.s. versus europe thing, there were a number of ceos that came out yesterday saying they support the commissioner ceos of oracle, , getty images, news corporation. there are lots and lots of companies in america being and are veryoogle, happy to see this decision today. caroline: what can google do to rectify the situation? richard: google has been given 90 days to come up with a proper fix to this market. they will come back within 60

days, and i think the right thing to do is to say, if we are ncing ourng -- prefere own systems above -- at the top of google, then we have got to get some of that real estate to the other players. that is one of the things. google are facing much bigger implications here because this is a watershed moment. this is the first time that somebody, a big authority, has come out and said, google, you have broken the law. your core values are not what you hold them up to be -- the do no evil, sanctity of your search is in question. totally in question. and you put profit ahead of what is good for consumers. and frankly, they are going to have to change their business, not just in shopping, but in things like travel, local, news, maps. this is a potential decision that can impact right across the e.u. and the wider world. caroline: what about your own lawsuit?

was it 2015 when you said to google, you owe us? are you likely to get money back now and pursue that investigation now that the e.u. has ruled? richard: i can't talk specifically about the case, but i will say that it is following on from the e.u. decision and we , will definitely be pursuing that with a vengeance now that the decision has come through. we went to google and said, look, you have done wrong. this is some of the evidence. certainly, this is part of that. we will have our time in courts. we will not be the only ones, though. there will be a lot of other players out there who are going to go after google. caroline: i can't thank you enough for whisking yourself from brussels to join us tonight. richard stables. kelkoo ceo. emily, back to you in the studio. emily: we will talk later about

how this affects google. i wanted to talk about alphabet shares falling to their lowest , level in six weeks. they have fallen in three of the last four trading sessions that , helped drag down the nasdaq, which fell more than 1.5% today. the benchmark index is on pace for its worst month since october, and is set to snap its seven months winning streak. the nasdaq has been up for 10 of the last 11 months. coming up, a new cyber attack is making its way across russia, europe, and the u.s., one month after the wannacry ransomware attack. this young the ceo of mcafee , will be joining us. and "bloomberg technology" is live streaming on twitter. this is bloomberg. ♪

emily: a status update from mark zuckerberg. facebook now has 2 billion users, making it the first social network to connect that many people. by comparison, google's youtube recently announced it has 1.5 billion users. instagram has 700 million. zuckerberg said facebook's new mission is to bring the world closer together. back to our top story. dozens of companies and government agencies falling victim to yet another rant -- another ransomware hack attack, including the likes of wpp and a pharma giant. more than 80 companies in russia and ukraine were initially struck by the petya virus that disabled users and told them to pay $300 in crypto currency to unlock it. joining us now, mcafee ceo chris young.

your researchers have been looking into this. what have you discovered? guest: we have discovered that the real story here is the evolution of ransomware. we did see a global ransomware. but the way we have seen this attack work is we have gone from single instances where users p would gethished, -- where d, to nowld get phishe hybrid attacks where this attack we saw a few weeks ago. but it is now using new exploits to go after credentials and attack machines that are necessarily unpatched, which was the case with wannacry. they now are affecting entire networks. that's what we started to see with wannacry, and we are seeing the next step of the evolution with petya. emily: what should companies be doing to protect themselves? guest: the number one thing is make sure they are catching the

-- patching the vulnerabilities they have been alerted to in their environments. second, they need to make sure they are updating all of their cybersecurity defenses. make sure they have got the latest versions of the cybersecurity software working, adequate monitoring and alerting capabilities in their organization, make sure they got users on the alert for these kinds of attacks, as well. users can be a really good, important source of intelligence when these kinds of attacks happened. emily: why are ransomware attacks becoming so popular among hackers? guest: we believe it is a few reasons. number one, there is an opportunity in this case for the ransomware attackers to monetize the attack in different ways we have seen, where they used to just go after stealing sensitive information. in this case they don't have to , steal any information. they can simply propagate their malware and look to receive payment in order to allow the user to move forward in using their machine.

but we also believe what we are starting to see here with wannacry, as well as with petya, is a move to try and test what is possible. perhaps they are looking for a bigger prize down the line by infecting entire organizations whose operations can be disrupted by these kinds of attacks. we do not think we have seen the end of the movie we think we are , just seeing the beginning chapters. does theodness, how movie progress, and how does the movie end? chris: i never like to predict the ending of a movie, but we do expect to see more attacks like this. we do expect to the ransomware purveyors will try to use other forms of propagation, other forms of stealing credentials, which is what we are starting to , versus whatetya we saw with wannacry.

we expect they are going to test different methodologies and see which combinations work best for them, and ultimately seek to monetize themselves. in this particular case, many of the bitcoin wallets were hardcoded into the software itself. we have only seen small amounts, less than $50,000 worth, of payments go into those bitcoin accounts so far. we expect to see this continue to evolve, but we believe this is something that is just beginning, and that we have got a lot more of these kinds of attacks that we will experience over the course of the coming months and into the next few years. emily: what do you think is driving these cybersecurity stocks down, whether it is symantec or fireeye or checkpoint? chris: i have the luxury of being a privately held company, so i'm not focused on stock price. what i think we really are seeing is a call to action for the industry. those who are cybersecurity practitioners, you have got to move to the next generation capability of cybersecurity products that are out there.

a lot of our newer technologies were at the front and center of being able to detect and stop these kinds of attacks. patching continues to be a very important part of not only good i.t. hygiene, but good cybersecurity hygiene. as i mentioned earlier, users are important. users tend to see these things early, and they can be an important source of early warning when your organization may be vulnerable to an attack. having a cybersecurity program working closely with vendors, , with employees, and really driving a full lifecycle approach is what is very important for anyone who is responsible for protecting their organization. emily: all right, chris young, ceo of mcafee joining us. thanks so much. coming up, a competition in the cloud heats up. microsoft and box are expanding their partnership. we will get the details from the box ceo aaron levie, next. check us out on the radio.

you can listen on the bloomberg radio app or bloomberg.com, or on sirius xm. this is bloomberg. ♪ emily: in partnership news,

microsoft and box are expanding their deal to reach more large, corporate customers with their file sharing and storage service. customers will now be able to store their data and microsoft's azure cloud platform. the partnership will allow for future integration between azure and artificial intelligence and machine learning capabilities with box's cloud content management platform. i spoke with box ceo aaron levie earlier and asked what kind of customer demand they are expecting from this deal. aaron: about 74,000 companies globally, including 64% of the fortune 500. microsoft and their cloud services is in about 95% of the fortune 500 or more. there is already a lot of significant overlap between our

customer base and there is in -- their customer base in the clouds. we're hearing customers will not be able to leverage more of the advanced capabilities at her is building and have things like their data stored in more places around the world. our box technology allows customers to do that. emily: i know you may consider using microsoft's ai services. how would that work? guest: if you think about all the content and information we have in the box, there's billions and billions of files. in every one of those files is different insights knowledge and , information. really the only way to extract that knowledge or information is by using some amount of advanced technology, whether that is artificial intelligence or more advanced machine learning capabilities. things like being able to upload a video of this conversation and make it fully searchable, and be able to have various tags of different content that was discussed being able to upload , audio and make a completely searchable, being able to summarize documents, translate

documents and text. all of those kinds of capabilities are becoming more and more readily available via microsoft and others. we want to ensure those capabilities are plugged into box so our customers have the most intelligent way to manage, organize and share their , content. emily: is a lot of activity happening now in cryptocurrencies. cryptocurrency believers believe that blockchain will one day make cloud providers obsolete, and that all of the cloud will be peer-to-peer. how do you think about this? aaron: that would be bad news for us, if that happens. certainly we are more in favor of the cloud model. peer-to-peer has been tried a number of times over the years in different capacities, and obviously, from an academic standpoint, it is incredibly exciting, the possibility that you could have with a completely distributed network of systems and computers that could power all of the various servers that we use. but there are also practical

limitations between security and cloud isty, that the awfully good at that at this point. emily: where do you expect box to expand? aaron: right now, it is in eight regions globally in some of the key markets where we have a lot of customer demand. our current customer demand in terms of where box is being used and where customers are trained for it certainly exceeds the eight regions we are in now. i think you can imagine us in places like south america, where we are seeing more and more traction over time. more locations in canada, the ability to spread throughout europe, and broadly in asia. long-term we are excited about the possibility of entering china, and some of the growth prospects there. a bunch of new markets over the coming years that we are paying attention to, and we certainly are going to need to have infrastructure in those locations. our strong preference is that we don't build that ourselves, but that we can leverage partnerships like amazon and ibm

and microsoft and others to be able to deliver that technology to our customers. emily: how do you intend to navigate regulatory and censorship issues in china, specifically? aaron: guest: this is why it is aaron: -- this is why it is still a pretty early conversation. we think that there are different entry strategies that companies have been successful with. obviously joint ventures on the ground, being able to have isolated versions of your product. we are fortunate where the type of content that goes into box is not the same kind of content that you generally see from a facebook or google as having issues globally. it is much more corporate information. we already have a lot more customers that use box globally, including in china, for global manufacturing processes and global distribution networks. our job would be to make sure that customers could use a very secure, highly private version of box in any country they choose, including china, and we would only enter into the market when we felt comfortable we could provide that service.

emily: coming up, our exclusive conversation with kirsten green and her outlook on the e-commerce sector as consolidation heats up. this is bloomberg. ♪ >> 11:29 in singapore.

i am haslinda amin. hitsdent trump's agenda another speed bump, with senate republicans delaying a vote on another health care bill. they said the debate, which was drafted in secret by mitch mcconnell -- the delay is campaignetback on the to repeal and replace the 2010 affordable care act act -- act, or obamacare. president trump: we are getting very close. before the country, we have to pass health care. it cannot be obamacare.

the other side is saying all sorts of things before they even knew what the bill was. this will be great if we get it done. if we do not get it done, it will be something we not going to like, and that is ok. >> the imf cut its outlook for the u.s. economy under the assumption president trump tax cuts and infrastructure plans would fund growth. they see expansion at 2.1%, down from 2.3%, and cut next year's figure, as well. they said the u.s. will struggle to hit 3% growth, in face of low unemployment but no productivity. janet yellen gave no indication that plans have changed. while technology asset prices have become rich. speaking in london, she said it is appropriate to raise rates gradually, and plans to reduce the balance sheet are well understood. there is conflicting data,

inflation remaining sluggish. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> a down day for markets across asia. we had a consistently hawkish janet yellen, a surprisingly hawkish mario draghi. we are seeing the tech selloff continue in the asian session, as well. the biggest drag down 1.2%. we do see materials and financials seeing some gains. the regional benchmark down 0.25%. japanese markets coming back after the lunch break, we are tech stocks leading the decline. yellen,to boost janet speaking to her views the u.s. economy can withstand a hike in rates. all in all, unchanged for the topix.

when it comes to the wti and b rent, oil prices killing the longest run of gains for oil that we saw in a month. now declining 0.2% for wti. ♪ emily: i am emily chang, and this is "bloomberg technology." google losing its biggest regulatory battle yet. receiving a record fine of from european union enforcers who say the search engine giant abused its dominance to muscle out smaller search rivals. shares in alphabet have declined in the past two sessions. for more on what is next for google, let's go to war tech editor. what are the next steps for google right now? alistair: it is all about damage control. the main lawyer at google said the company is considering appealing. they have not said they will

appeal yet. the other steps they will take, they have 60 days to show the european competition sheets that they are working on a fix, to appease demands. after 90 days, they have to have that ready to go. that is not a long time to completely change their search engine. emily: this could have a much longer term impact on how alphabet and google do business. talk about the broader implications here. alistair: broadly speaking, google has never had to change the way it does its search engine for regulators or anyone else. it has always decided over the last 18, 19 years how to do that. this is the first time it will have to change something. it gets very specific and very broad. this shopping price comparison service they have, they may have to let other price comparison services in europe show up alongside those results.

that is a pretty specific change, a big business for them. but broadly, there are these other vertical search areas like travel and local search engines. the european union could use today's ruling as a template and get google to change things all over again. maybe in a years' time. emily: this could be just the beginning for google. talk about the road ahead when it comes to the investigation related to android. alistair: they mentioned android today a little bit. that is one of two broader investigations the e.u. is looking at. the other has to do with the advertising platform. android is arguably the most important one. one analyst we spoke to today said acquiescing on the shopping , front is small compared to what the company could have to do with android, which is take all of its google services

preinstalled on android phones around the world, and basically get rid of them, and allow phone makers like samsung and lg to put any services they want on these phones. emily: alistair barr, thank you so much for that update. online retail is expected to grow 8% to 12% in 2017, according to the national retail federation. that is up to three times higher than the growth rate of retail overall. kirsten green has made her name by investing in a couple of e-commerce unicorns such as jet.com. green founded forerunner ventures. joining me now an exclusive interview, forerunner ventures founder and director, kirsten green. great to have you on the show for the first time. you spent years as a retail

analyst and decided early on that e-commerce is where it was going to happen. you are doing research on foot traffic, and you crystallized this investment thesis. what was that thesis you started with? kirsten: it is that consumers purchases will be reimagined. that is driven by digital attribution, technology everyone is adopting. that is shaking up the landscape. emily: you invested in jet and sold bonobos to walmart. what you see in those companies, early on? kirsten: most of the things we we are investing in have a root business in selling discretionary items. a lot of purchasing around discretionary spending has to do with engagement, experience, and bringing something to life that has some element of entertainment or connecting personally to a customer.

in each of those instances, we felt that the founding team had a unique take on the consumer, how things work shifting in the ecosystem, how they could use technology to give a better experience. and really, a better business model. the backbone is, what are they investing off of, how is it a better experience leveraging technology? emily: so we're seeing spectacular successes and failures. what will we see more of? kirsten: e-commerce is a hard category. like many categories of business are. there are success stories and there are failures. if i had to try to understand some of the core differences between the companies, i would lean on the fact of experience. on how close in touch they are with the consumer. i would figure out how much of the core offering is really supporting the product they are eventually selling or the consumer they are addressing.

emily: amazon is making a big bet on whole foods, surprising a lot of people. they are getting into clothing. you do not necessarily want amazon as your competitor. kirsten: we operate in a world where amazon is a from apple -- rmidable competitor. we assume there figuring out how to address the consumer holistically from every angle. and we try to understand other opportunities to playoff that strength, as they have. they're really an aggregator of demand. is there an opportunity for a company to use that? not for it to be a competitor, but is there a way to play in that ecosystem, too? emily: then you have amazon moving into brick-and-mortar. why is that? kirsten: there have been a lot of conversations about the importance of omni-channels.

it is not about just having a couple stores. you have to think about the customer path to purpose. what are all the ways in which a customer may interact with your brand, your product, your offering? the reality is, the consumers everywhere and the consumer wants what the consumer wants when they want it. to fill that demand you need to think about how you will meet the consumer in those different places. when they want it.sometimes thao transactions online or off-line. sometimes it is the reverse or everything in between. emily: what is the next thing for kirsten green? kirsten: we are grounded in the idea of, who is building a better model for bringing these businesses to life? so much of the consumer ecosystem and how they make decisions have changed. that has impacted the power of the product, the power of the brand. it has gotten more complicated. we no longer think of having a good product as table stakes. getting the win is to offer a great service.

a lot of that has to do with helping them filter through the clutter, being convenient, being personalized. many businesses are in stages of meeting those demands, but there are still a lot of opportunities. emily: we have been covering ck,s story of justin caldbe six women alleged sexual misconduct. justin caldbeck resigned from binary capital, a firm he cofounded. lp's are trying to decide what to do. and they are trying to save the fund. what is your reaction to this story? kirsten: it is unacceptable behavior. i would like to think there is no room for that in our sector of business or any sector of business. it is completely inappropriate to make anybody feel like they're in a situation like that. emily: what should they do? kirsten: i think a lot of this business has to do with your character, your judgment, how you are your building

relationships. unfortunately, they fell down on a lot of those aspects. our investors look to us to have high standards of diligence, of character, partnership building. if we don't, it is hard to be successful in the business. i think it is a challenge for them right now. emily: lee hoffman is asking investors to sign it this decency pledge, talking about third-party oversight. is that enough? kirsten: whatever it takes to keep moving things forward. these brave women coming out and bringing the situation to light and starting a dialogue, people finding out what their own gut reactions are. they are finding ways to express anger, distress, or making sure they are not behaving that way. it is an important step in the right direction. the decency pledge give something for people to hold onto.

that is positive. emily: how should other investors and entrepreneurs decide who to do business with and who not to do business with? kirsten: it is a people-driven business. we make a lot of decisions about where we think take opportunities are into we will be in business with. we think about that every step of the way, when we bring on new team members, investors to the company. it is the part of business i like the most, it is collaborative. emily: a lot has been made of how hard silicon valley can be for women. how do we make the valley better for women? kirsten: you could have more women out there doing business, more people embracing it. i feel like this year the media has been good for me in talking about successes. i think that is important and serves as a role model. keep working to make that happen. emily: kirsten green, founding

member and managing director of forerunner ventures. cryptocurrencies had a tough start to the week. we will dig into what caused a drop in bitcoin and ethereum, and what is next for the emerging currency. this is bloomberg. ♪ emily: we are turning to one of

our top stories, the new cyber attacks spread from europe to the u.s., with one group saying about 2000 users were attacked. computers andbled told users to pay $300 in cryptocurrencies to unlock them. this has added recent pressure on the price of digital currencies, like bitcoin, which has fallen more than 10% this

week. now, to one of bitcoin's top competitive. ethereum is having a tough time. the cryptocurrency tumbled 20% in monday's trading, and the digital currency tumbled from over $300 to $.10 on the gtx exchange. i spoke with the founder and ceo of a hedge fund that invest in digital currencies, including ethereum. i started by asking about the flash crash that took traders by surprise. >> i started by asking about the flash crash that took traders by surprise. last week, on the ethm two u.s. dollars order book there was effectively a massive , market selloff followed by margin calls which closed out margin positions and forced people to sell. it was a cascade of sell orders. it pushed the price down to about $.10. it was only one order book on

the one exchange. quickly the price reached back to where it is trading on other exchanges. but there was a flash crash last week. emily: yet we see volatility continuing -- why is that? >> is important to paint the backdrop. at the beginning of this year, bitcoin was trading around $1000, ethereum for around $10. for aboutnow trading $2400 and $240, respectively. although we have seen a short-term pullback on those prices, i do think the long-term trend is strong. fred said myaid, , gut is that we are headed for a selloff in the crypto sector. but honestly, i do not care. i will buy into this correction or rally. because the important question is, where will these assets be in four to five years? >> i would agree with fred there. we are seeing the early innings

of a massive breakthrough technology that is far from mainstream right now. i do think there is massive opportunity despite short-term volatility. emily: that said, it is scary that the value could go to zero in a matter of minutes. >> like i said, that was the mechanics of one exchange. it can rebound very quickly. on other exchanges they were not trading a zero. emily: how are these exchanges regulated, compared to traditional ones? >> in the united states they are regulated. a lot of the trading happens on non-us exchangers. when they are based in the u.s., the only difference is, they are not trading securities, they are trading cryptocurrencies. otherwise, they are federally regulated. emily: does this dampen speculation that ethereum could overtake bitcoin in short order? >> i came on a week ago to say i gave it until the end of 2018,

and i would probably stick with that. while there is definitely a pullback, in short term, i remain long-term optimistic around the builder community around ethereum, that it will enable new types of technologies and behaviors the world is never seen. emily: what are they speculating on prices, going forward? >> the people deep in the space remain long-term optimistic. although there is always short-term volatility, i and others have been in this a long time and there has been volatility the entire way. but the long-term trend has been substantial growth. emily: one of the things we discussed, a lot of traders of these cryptocurrencies -- how does it affect the way this plays out? >> something interesting about cryptocurrencies, most of the investors in participants are not from wall street and they are not from sand hill road. they are not traders in public

markets, nor are they venture traders. they are computer scientists technologists, and early , adopters of these platforms. the value is going to a completely new group of people. but it is very atypical for investments you might see in private companies or public companies. emily: should anybody be betting kid's education on ethereum? >> i think the asset class remains risky, not more than you're willing to lose. but i do think cryptocurrency provides an amazing diversification away from traditional assets. emily: 10 years from now, what does this sector look like? >> 10 years from now, the market cap is clearly into the trillions. i think these technologies will have fundamentally have transformed major sectors of our economy. emily: this is bigger than apple? >> much bigger than any specific company, this is as big as the internet.

emily: coming up, chinese telecom giant ranks fourth in market share in the u.s.. big plans to expand its footprint here. we will hear from the ceo of its global devices unit. this is bloomberg. ♪ emily: pandora's ceo is

stepping down from the company he founded 17 years ago. the music streaming service has faced growing losses and struggling with a strategy to combat the rising popularity of other on-demand services, like spotify. the cfo will be named interim ceo while the board begins the search for a permanent replacement. we spoke about the state of the music business and growing competition. >> we expected to be flat for a while. we are surrounded by a glut of these free, on-demand services, that we cannot directly compete with yet. we are on our way to do that, building new products to address

that. the growing engagement is a positive signal for us. we just crossed a 24 hour a month threshold. emily: earlier this month, sirius xm said it would invest $480 million in pandora in exchange for a 19% take and three seats on the board. a chinese telecom company has emerged from a $1.2 million fine from u.s. regulators. we spoke with the zte ceo and asked where he sees the growth opportunities ahead. >> a strong market is america, china, europe, asia. north america, particularly the u.s., where a solid number four in terms of market share. we now have 10% market share over there. we will continue to grow the business over there. china, being the most

competitive market, it is very important for us. now we are going to display securities in shanghai. you will see that we will demonstrate leading encryption technology, all four layers. the chip, hardware layer system, and platform layer. those things will differentiate us into the business and public service sectors. emily: zte mobile devices ceo. that does it for this edition of "bloomberg technology." this monday, loup co-founder joining us, predicting google will have ar glasses by 2020. that is all for now. this is bloomberg. ♪

announcer: the following is a paid program. the opinions expressed do not reflect those of bloomberg lp, its affiliates or its employees. >> the following paid presentation is proudly sponsored by samsung, delivering home electronics, appliances, televisions, computers, and tablets. samsung. bring it home. how would you like to go home to a house that is fresh and clean? how would you feel about your home is it always seemed housekeeping just left? happy? relaxed?