bloomberge watching " technology." president trump endorsed new legislation that would reduce legal immigration to the u.s.. it was also give preference to people with higher education or job skills. president trump has signed the russia sanction bill congress forwarded to him. he entered a statement saying has reservations about its impact. it gives congress the power to block the president from lifting the sanctions.

energy rickering perry as a replacement for john department ofthe homeland security. that is according to people familiar with the matter. a texas republican is also to be favored by some officials. say one person is dead and another missing after a natural gas explosion at a college school in minneapolis. the private school serves students from pre-k-12 grade. it is unclear if the person who died is a staffer or contractor. seven adults hospitalized. i am alisa parenti. this is bloomberg. ♪

emily: coming up, tesla posts smaller than expected losses for the second quarter, but investors are looking ahead of the curve. the big focus on model 3 production, and whether the car for the masses cuts into tesla's luxury car. plus, unleashing its potential after completing its fastest and most successful test yet. i spoke to the company's cofounders about what they learned and when passengers will be able to take a ride. and square continues its banner year with a better than expected second-quarter. we will break down the earnings report with ceo jack dorsey. first, to our lead. headless shares are swinging in late trading after reporting second-quarter earnings. the carmaker lost last than analysts expected. revenue is also better than expected, at $2.8 billion.

the big question now is how much cash elon musk's company burned through right before unveiling its most affordable car yet. musk spoke heavily of the model 3, a sedan that starts at $35,000. joining us in the studio, dana. shares of more than 5%. what are the highlights? >> they said they were going to spend a lot, but they spent less than investors have feared. model 3 reservations are through the roof. they have started installing a solar roof. it sounds like these fears of cannibalization are not as severe as some had been concerned about. the shareholder letter says they have seen an increase in reservations in the s and x since the 3 was revealed. emily: i am looking on the bloomberg, tesla spending $1.16

billion in the second quarter. >> they had signaled heavily that they would bring the model 3 to market. the still have $3 billion in cash on hand which should get them through the end of the year. emily: let's talk about production. he did say over the weekend when they unveiled the model 3 that he would be going into production hell, that they all would be going into production hell. take a listen. >> frankly, we are all going to be in production hell. welcome. [laughter] we are. for at least six months, maybe longer. but you guys know that. you are veterans. you have been through this. i look forward to working along side you in the journey through hell. if you are going through hell, keep going. [laughter] emily: most of the people in that crowd were employees.

a lot of laughter there. but what does a trip through hell mean for investors? >> a trip through hell is on everyone's mind. what does he mean. a production snafu? but there was nothing about that today in the earnings report. i think we will hear questions about that on the call. emily: he is saying he can get to 5000 through the week. is that possible? >> they are going to begin the true beginning of mass production. 5000 a week from 30 or 50 is steep. people are wondering if there are any roadblocks, when he says hell, what does that mean? but they are sticking to this aggressive timeline, half a million cars in 2018 and one million cars by 2020. emily: are we seeing any signs of demand for the model x or model s softening?

>> there was a quarter to quarter drop, and you see a rise in inventory on the balance sheet. what they said is they want to get more model s and model x's to their stores. some stores were operating without any fleet models. they need to have extra cars around for test drives. that is another interesting question for the call, is the rise in inventory something to be concerned about? about? emily: ambitious as ever, what about the model y? any new details? >> there is the semi truck and then there is the model y, a crossover. the shareholder letter ended on, we are looking forward to adding a semitruck to the fleet in late september. emily: what about solar panels, solar roofs, as well as the giga factory? >> they have started installing solar roofs for employees to test them out.

it is interesting to figure out, what is solarcity at this point? is this brand going away, or are they shifting to roofs? and there was a mention of the project in australia, a big energy storage project. emily: when it comes to the half a million deposits they have for people who want the model 3, what is the likelihood that all those orders are completed? >> i think it depends on how long you are willing to wait and whether you qualify for the tax credit. the tax credit begins to ratchet down once tesla hits a certain volume. the big question is, where are you in line, how important is the tax credit to your pocketbook as you make this purchasing decision? if you aren't going to get the car for another year, can you wait that long? emily: i know you are about to jump on the earnings call. we will listen for your headlines. now to others stocks we are

watching, sun power had its worst day in almost a year, tumbling 20%. the supplier lowered its sales forecast for 2017. in mexico ares facing delays that may push the projects into next year. shipments toanel be down from 1.6 because of delays in mexico. and, on another topic, "wonder woman" delivered big profits for time warner. the company reported second-quarter earnings beat analyst estimates. the studio has seen box office sales rise thanks to the superhero movie. with domestic receipts up 9.6%. coming up, the dow hitting 22,000 points thanks to apple reaching a record high. we will examine tech's affect on this historical run in stocks. in bloomberg technology is live streaming on twitter.

this is bloomberg. ♪

emily: the dow surpassing 22,000 caught the attention of president trump. he discussed the fourth round number milestone achieved since he was president. pres. trump: the stocks hit a record high today. we have picked up more than $4 trillion in net worth in terms of our country, our stocks, are our companies. we have a growth rate that has been much higher than, as you know, anybody anticipated except maybe us. in but that is going to go higher, too. emily: this record close also grabbed the attention of abigail

doolittle. she joins us from new york. abigail, when you look at the nasdaq, there is actually a lot of volatility today. it was pretty amazing, because the nasdaq opened up by about half a percent, pretty bullish, and by midday was down about 7/10 of 1%, a huge swing of more than 1% on the day. the reason this matters is because volatility breeds volatility. it typically moves toward closing volatility, and don't forget with the tech pullback in june, this is an indicator that something similar could be ahead. the nasdaq finished flat, but not surprisingly fitting to that volatile action were some big movers on the day, including apple to the upside on that very

strong june quarter report, plus the outlook much better than expected. mylan down after wells fargo warned around the generic space, and viacom also lower. apparently time warner cautioned forecasts that wait on those shares. the nasdaq finishing flat, but a lot happening beneath the surface. emily: apple wowing with a high today. we spoke with tim cook yesterday. he was optimistic. what impact did this have? >> probably not so much. that apple quarter was tremendous, especially in terms of the outlook allaying fears around the iphone next. the revenue numbers suggested pretty much everything is going just fine. you would think that would maybe give a boost to facebook,

amazon, alphabet, and netflix. instead those stocks finished basically flat, and some of the money going into apple could have come from those tech names. interestingly, apple is now better than amazon. if we hop into the bloomberg terminal and take a look, this is the year to date chart. bottom of the s&p 500 up 10%. up top in yellow and white, facebook and netflix up 45%. in green, apple overtaking amazon in blue. apple is now trying to take out netflix and facebook. time will tell. emily: abigail doolittle, thanks for that update. what's in store for the tech industry as the quarter earnings season winds down? joining us, an analyst with rbc capital markets. you don't cover apple, but you cover all the rest.

what is the big highlight from earnings season? obviously we saw a strong quarter from all these companies. >> demand trends remain consistent. i think this was our 30th quarter in a row for year-over-year revenue growth for google, our 17th for facebook, and about 20% year-over-year growth for almost 10 years now for amazon. we have seen consistent demand trends. the investments were heavy and they were heavy last year and a year before that, and probably next year too. these companies make they have a lot of new opportunities to go after, whether it is amazon talking about advertising revenue, or netflix sending money to build out its international library. these companies all remain in growth. there is no scenario under which these margins will not materially expand. emily: is there room for other

players at this point? >> like snap or twitter? it's unknown. whether they can get to a couple billion in revenue, probably. we call that the experimental budget zone. advertisers want diversification from google and facebook, but to get much more than that, $5 billion, there is no one out we think that is the better chance of getting there. snap: taking on some of plus most popular ideas. are you worried? we clearly do not know the stock. emily: can you are holding that? >> sticking with it. the company needs certainly accelerate the daily average

user growth. it is same thing with twitter. snap needs to get the growth rate reaccelerating. and then, they have rolled out a self-service advertising solution. moreneed to do that to get advertises on their network. triple digit grower out there. we think the evaluation does not reflect that. emily: do you think they can get it going? >> i think so, for two main reasons. they are fixing their android problem. they were blindsided. back then, that was new. whatndroid thing is blind-sided snap. snap needs to make sure the app is fully integrated. thing, continued to grow at maybe a faster level, roll out at her and better

features. i thought snap maps falls into that. if they do, they grow. if they don't innovate, the stock will flatline at best. emily: amazon forecasting a potential quarterly loss for the first time in a while. are you concerned? >> not really. 20 years of growth, investments, losses, gains, i think they have kind of proven -- emily: big bets. >> yes, and successful big bets. cloud computing was amazon's big bet. they have had a series of other good that's. i think the kindle family has been pretty good. i think these echo devices, they have a home run on their hands. i am willing to allow them. by the way, groceries is a logistics business. amazon is logistics. a little bit of concern, but over time they have built up trust. at least for me. emily: amazon seeing success with its own original content,

netflix spending billions of dollars on original content. now you have competitors like hulu, the handmaid's tale. do you think netflix's burn is sustainable? is this pain off? -- hanging off? >> i am not going to size so much on netflix. we have done surveys for two years in a row. we find that of amazon customers, 50% are netflix subscribers. amongst primed subscribers, 70% of them. i think what is really happening here is the death of the big bundle, and consumers, especially more advanced internet users, are going to netflix. prime.ime -- and to you have this huge tail wind to streaming, and i think netflix is the biggest beneficiary. why? they have great content, but they are going to add more sense this year than they did last year. in the u.s., their most mature market, they are adding more subs this year than last year.

we are not at the end for netflix. emily: great to have you. i like the confidence. thank you. coming up, the wearables market is still weak, but fitbit shares are soaring. ♪

emily: now to symantec, forecasting sales and profits that beat analyst estimates. the maker of cybersecurity projected sales of $1.29 billion for the current fiscal quarter. however, symantec is also paying the price for a rapid turnover in the sea suite, having gone through four ceos in the last five years. they have spent

$127 million on exit packages for the party managers and replacement awards for new ones. other companies reporting earnings, fitbit shares surging in late trading after the company posted second-quarter results that beat analyst expectations. the company sold 3.4 million devices in the quarter. also out with earnings, square. its quarterly results topped projections, thanks to larger merchants joining. joining us from new york, selina wang. i want to start with fitbit. what are the highlights as you see? it all comes down to the smart watch market, doesn't it? selina: we saw shares soaring today, but that's not totally good news. what investors are saying is things weren't quite as bad as we thought, but there were still losses. they just did not lose quite as much money as expected. revenue still declined 40% from a year before. this quarter is really just a quarter as they are transitioning and getting ahead to what investors are really watching out for, which is the debut of its smart watch. so much is riding on this, and

analysts will be watching it closely to see if it lives up to its competition. emily: a lot of questions in terms of how big the smart watch market actually is, and whether apple is simply going to run away with it? selina: fitbit has no choice. the market has been shrinking and declining. fitbit went from being first place for many years in the wearables market took their place, being beat out by apple. there is significant competition here. we have reported that they have delays and issues ramping up the technology for this smart watch, but they don't have a choice. analysts say investors can't wait for the smart watch to get there soon enough. they need a new product. there is no choice here. emily: what are the new products in the pipeline? selina: they are upgrades of the existing product. the ceo reiterated that the smart watch will be coming before the holiday season, and the timing is important.

sources told us it was originally been planned to be rolled out in the spring, and that has been pushed back to the fall. analysts are hoping it will have all the full feature sets, including heart rates, gps, an app store, connection with music. the price point, we have heard, is under $300. emily: let's talk about square. shares hit a record high last week. what do the results look like? selina: these paired slightly. they beat extremely high expectations. they beat on the top line, the bottom line. we saw gross payment volume increase as well. i think the story is that square is not just a niche payment processor for the food truck stand or the one person hairdresser. this is for medium-sized businesses as well. larger sellers continue to contribute to their platform. they added more larger sellers as well, and the larger sellers also have more money to buy into

the whole suite of software services, ranging from food delivery, instant deposits, and employee management services. emily: where does it look like most of the growth is coming from? selina: most of the growth is still coming from new ancillary businesses as well as the core businesses. foreign capital and instant deposits and the food delivery are three areas where they saw the greatest growth, and that is contributing most to the newer lines, because larger businesses see value in having this end to end solution, and i don't have to shift together services from other providers. emily: selina wang, thanks so much for joining us. be sure to join daybreak: asia in time to watch my exclusive interview with jack dorsey. that will be running throughout the day. coming up, hyperloop one gets a step closer to its futuristic transportation reality. we will talk to the cofounders about the historic test. ♪

>> it is 11:29 a.m. in hong kong. i am paul allen with the latest first work news. has denounced corruption charges. lee has denied corruption charges. he has been in detention since february as part of a widespread investigation into corporate influence in government. hong kong lawmakers visited the terminus of the new high-speed mainland linking to

china. it will cost almost $11 billion. the project is controversial because of a so-called co-location area where china can impose its laws. the terminal is expected to be ready by the and of 2018. put the dow in a record. collect 280,00 to donate-- he plans most of his fortune to charity. global news, 24 hours a day. this is bloomberg. i have a check on the markets. the tech euphoria not lasting long. cost have the tech heavy

be leading in the region. asian minors, despite the rise we are seeing in base metals. we'll continuing to decline. have a barragee of data from across the region. japanese markets losing about 0.3% as investors await and earnings in flux as well as an abe's cabinet reshuffle. the t10 space, the ozzie s&p todayof 14% read saying there are more risks of australia's credit rating than

in the past. the euro pulling back. we do have real estate falling housingon concerns over from the moon administration. emily: this is "bloomberg technology." now back to our top story. tesla shares gaining in late u.s. trading. the company burning through cash , less than analysts expected. the burn rate was still a quarterly record, and almost double what tesla went through in the first three months of the year. the conference call has just started. we will bring you all the latest headlines. we are listening in. joining us to break down the results, kevin who covers tesla for us. all eyes on model 3 and how production difficulty will impact the results. what do you think the highlights are? kevin: i think the cash burn is probably at the top of the list.

i am not sure there are a lot of numbers in there. just from the perspective of being second quarter, haven't really gotten to model 3 production ramp. solar roof contributing revenue just yet. this is a quarter that the smaller than expected loss is a good thing, smaller than expected cash burn is a good thing, but there is a lot of heavy lifting to do until model three gets to where it is generating cash flow for the company. emily: talk about the heavy lifting, elon has talked about going through production hell in order to make this happen. what do you think that means for investors? kevin: if you think about it, in 2016 this was a company that produced in the low 80,000 units globally and distributed were delivered 76,000. you are talking about, if you just look at the backlog order for model 3 going from a niche of boutique automaker to

approaching a volume manufacturer, and the run to inm 70,000 or 80,000 units 2016 to half a million units by the end of next year is going to be a multiple more difficult than it was to go from zero to 70,000. and expensive. emily: we spoke earlier with dana hall about concerns around cannibalization. what is your outlook on how interest in the model 3 will impact interest in the model x and model s? kevin: i believe there will be significant cannibalization, and the reason i say that is because as we have seen, the first models to come out toward the long-range -- 300 miles, i guess, is long-range. $44,000, and it is only the rear wheel drive version. my thinking is once you start to option it up with dual motors in

several options, you are well into the $50,000 range. so the thinking is you probably are not going to see a lot of $35,000 model 3's closing the gap on costs. when to option of a three, it closes the gap on the s. emily: all right, kevin. we are listened in to the earnings call. we will bring you headlines as they happen. hyperloop one just completed its second phase of testing. in the nevada desert, a prototype accelerated down the length of its 500 meter long track, reaching 192 miles an hour. the pod glides above the track using magnetic levitation in a nearly hairless tube and theoretically allows for a top speed of 760 miles per hour. earlier today, i spoke with shervin pishevar and josh giegel about what this means. >> we are now 300 people strong.

the last two point five years has been about improving the technology works. we have shown the hyperloop is real, it works. we move into the dawn of the commercialization. we have shown in the videos you saw the actual hyperloop working with the pod. traveling at incredible speeds, faster and faster. now we move on to the commercialization process. building this out around the world. emily: shervin, i have to take it you gave me to ride the hyperloop. when will i be able to use this? shervin: sooner than you think. keep that. that is a very special ticket, emily, and you're guaranteed to have a ride. it is a promise of both me and josh.

josh: yes. emily: josh, what is the timeline? when will you have it up and running? josh: we have to make sure it can be reliable for 30 plus years in actually get it into a mass manufacturing market. that is what's next for us on the engineering side, and we think we will be able to do that by the 2021 timeframe. emily: shervin, how do you overcome cost barriers and safety concerns? shervin: that is a good question. the way we have architected the hyperloop is to make it the cheapest, fastest, safest form of public transportation in the world. the way we have designed it, the reason it can be cheaper is that the motors we have designed only have to be on the line for every 30 kilometers, whereas other solutions have continuous motors

that are way more expensive to operate, maintain, and build out. what you will see as a future that is very similar to what you have seen with paris and brussels being connected with high-speed rail, where there aren't even any flights anymore between those cities. everyone is taking the high-speed rail routes. what's interesting about hyperloop one is that our solution essentially will be an ip solution and a controlled system automation solution, so we want to engender companies around the world building these hyperloops using our technology. emily: elon musk came up with the original white paper on hyperloop technologies, and he has said he did not want to

commercialize the technologies, but now he has the boring company. he says, just received approval for the boring company to build a hyperloop, new york to d.c. in 29 minutes. what do you think of his apparent push into hyperloop with the boring company? shervin: hyperloop one is focused on getting the hyperloop out into the world. infrastructure is very difficult to move forward. you need the collaboration of governments around the world. we have been in deep discussions with governments for a long time, and we can build it overground, underground, and tunneling is just one of those solutions that is very expensive to just do tunneling, so we want to have a multimodal solution and spread that around the world. emily: we are hearing that musk may want to build all the components.

what would it be like to go up against him? shervin: we are very, as you have seen, being able to do this in two and a half years, have 300 brilliant minds. there are partnerships to be pursued. emily: there has been turnover, particularly on the tech and engineering side. how are you handling that? josh: we have had no shortage in people interested in working for us. i brought in a new hardware engineer that came from the google x program and other things, as well as a new software lead starting in about a week and a half from now. there are candidates knocking down the door. emily: the cto did move on and there was a lawsuit, and i'm curious, shervin, what you learned from that experience and how you are moving forward. shervin: we are focused on

building the real hyperloop, building it around the world, as we have shown with the milestone of the pod traveling at those speeds, breaking these speed records. we are very focused on the future, and that's all they care about. emily: i got to ask you, you are one of the earliest investors in uber. what are your thoughts on travis kalanick's resignation, and who do you think is the right person to lead the company forward? shervin: i think uber is one of the great companies of our generation. the impact it has had, the scale it has reached. every company has lessons it learns in that kind of historic run. it is the fastest growing company in history, and that those speeds you will reach some friction, and they have taken it seriously, and i think it is one of the greatest opportunities for an incredible leader and ceo

to come in and lead a company at the forefront of where transportation solutions are going. emily: on to yet another turn in the uber-waymo courtroom battle, the ridesharing company as asked a judge for larry page to submit an additional two hours of questioning. uber claims the executive was ill-prepared. you will remember that alphabet's autonomous car unit, waymo, sued uber this year, claiming that anthony levandowski stole trade secrets and patents. waymo had no immediate comment on the filing. coming up, we speak with airbnb's global head of trust and risk management on what the company is doing to garner public trust. this is bloomberg. ♪

emily: facebook with new numbers on instagram. the company says its young users spend an average of 32 minutes a day on the app. for users 25 and older, usages is more than 24 minutes a day. the company is attributing its growth to the stories feature, agoh was launched a year similar to snapchat. instagram now has 260 million daily users. meantime, airbnb is taking big steps to build trust between hosts and guests. they plan on doubling down on three key areas, safety, connection, and support. this comes as airbnb continues to combat complaints on its screening process for hosts and guests, and faces numerous attacks from hotel lobbying groups.

joining me now to discuss this is airbnb's head of global trust and risk management, nick shapiro. you posted about earnings in a time of an unprecedented crisis in trust in business, and government, and the media. what are you doing to increase trust in airbnb? >> there is a crisis of this trust. people are trusting less in these institutions, but they are trusting each other more. airbnb was designed to build that trust. we looked back at how we can leverage that new phenomenon, and that's when we came up with, it's about a hierarchy of needs. we need to build that trust. emily: what does that mean, because i know you are using technology to facilitate it? nick: absolutely. people need to feel safe. they have to feel safe. we do a number of things to do that. we risk assessment each and every reservation. we background check hosts and

guests in the u.s. but just being safe is not enough. we use this technology to build connections. there are detailed profiles, there is a messaging system where you can learn more about each other, and there are reviews where you can look at previous history. on top of that, people need to know they are not alone. airbnb is there for them. if they get to a listing and it is not what they wanted, not as advertised, they've got someone to reach out to. emily: you have a national security background. you are deputy chief of staff of the caa during the obama administration. i am curious how that experience informs what you are bringing to airbnb, and how you might complement something brian chesky might think. nick: that's a great question. airbnb is filled with the most optimistic people in the world. brilliant, and also very optimistic. i come from a background in and bring a different light to that. i am way more cynical, because of the previous experiences i have had. but i think a healthy dose of cynicism matched with the optimism and brilliance that

most of our engineers and project managers bring to the table is a good partnership. emily: hotel lobbying groups are upping their attacks on airbnb. there is a recent ad connecting the platform with terrorists. how do you respond? nick: it is disgraceful and despicable. i know people who have lost their lives. people have fought very hard for this country, and to have an issue like that politicized to make a business point or continue to price gouge their consumers is very hurtful. safety is a number one priority of airbnb. trust is a fundamental currency in the sharing economy. it is the thing we focus on the most. we do a number of things like background checks, global watchlist checks. hotels don't do that. emily: there was a recent report of a woman who was a guest, saying she was sexually assaulted by a host, and she claims a background check would have revealed the host had been arrested in the past for battery. he denies the allegations.

how are you handling this case, and what do you tell guests about their host, and vice versa, if something is flagged? nick: it's a good question. first let me say, the behavior this woman encountered was abhorrent, and that's why we removed this host from our community first and foremost and offered her hurtful support. a background check was done on the host, and there were no prior convictions. if you do a background check and there are recent charges but no convictions, it is hard to hold someone accountable when they were acquitted from an offense. emily: is it making me think differently about the process? >> i think every incident should make you think. one incident is one too many for us. safety is our number one priority. we are always going back and saying, should we have done something differently, and we will do that every time something happens. emily: lastly, you are getting into these magical trips and connecting people who are going to take you around for a more

well-rounded experience. this is increasing the amount of time that guests will spend with these people. what does that mean when it comes to trust and safety? nick: i think what it means is we need to work hard to pull back the curtain and let folks know what we do to keep them safe. we want people to make informed decisions. we want them to know when they are sending up for an adventurous experience. we cannot eliminate all the risks, but what we can do is tell them exactly what we do and make sure they make the best decisions for themselves. emily: nick shapiro, thanks so much for stopping by. coming up, the samsung bribery case. a billionaire vice-chairman at the center of the case takes the stand for the first time. we will talk about it. ♪

emily: elon musk on the earnings

call right now, telling investors that demand for both the model s and x vehicles increased after the release of the more affordable model 3. we will continue to monitor the call. we will bring you the latest as we get that. he just said tesla is getting 1800 orders a day for the model 3, even though he says, "we don't promote it." now to another story. the samsung bribery case -- jay lee took the stand today for the first time. lee denied the allegations that he bribed a friend of south korea's former president to secure her support for a key merger in 2014. joining me, peter ahlstrom. what did he say? peter: this has been a long-awaited appearance. lee has been in detention since february. he denied that these gifts that samsung made to the friend of president park had anything to do with this merger. samsung does say that they gave a variety of gifts to this friend to promote equestrian

sports in the country, including a horse worth about $800,000. not too bad. but they say that promoters in the government frequently come to them for contributions like they do to other companies in korea. they denied there was any connection. emily: how big of a distraction has this been? where did they go? peter: it is a big distraction. there is regular coverage, daily coverage. the trial has to end. time that has to and is next week, the trial will be completed. the judge needs to make a decision. emily: so, next steps? peter: samsung electronics, the business, has been doing well. their smartphone business has been coming back quite a bit. what remains to be seen is what will happen to jay y. lee. there is little question that over some period of time that he will ascend into this role.

the question is whether he will be able to do it in the short term if he is not convicted, or if it will take a bit more time. emily: a bit more time means years? how long? peter: there has been criticism by the prosecutors that they have not been able to produce a smoking gun that has connected lee to the prosecutions. there has been a lot of circumstantial evidence. the question is whether the court will determine if this is going to go forward. emily: fascinating. peter ahlstrom, thanks so much. great to have you this week, every day. that does it for this edition of "bloomberg technology." be sure to tune into "daybreak: asia" tomorrow night for my exclusive interview with square ceo jack dorsey. ♪ is this a phone?

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