house of representatives will have to vote again tomorrow on its tax bill after it voted to pass the most sweeping rewrite of american tax law in more than three decades just this afternoon. blamed senate procedural issues that must be resolved. the senate is still expected to vote tonight. house majority whip steve scalise says the chair of the house appropriations committee should keep his job. that is despite voting no against the tax overhaul, the most important vote of the year for republicans. scalise says rodney feeling kaiser has informed the gop leaders he opposes the bill. a u.s. official tells the ap investigators are examining whether an amtrak engineer was distracted when the train derailed yesterday, killing three people and sending cars off an overpass. investigators are looking into whether the engineer lost the situational awareness. the trump administration is blaming north korean hackers of attack.r's malware

pyongyang attack. pyongyang has dismissed those allegations. global news 24 hours a day powered by more than 2700 journalists and analysts. this is bloomberg. bloomberg technology is next. ♪ ♪ i'm emily chang and this is bloomberg technology. after a killer year for tech stocks, will the sector become a victim of its own success? cryptocurrency is fueling record gains of little-known companies. victim of its own success? we will discuss. amazon can outdo its own monster year. while america's e-commerce came could be on track to becoming the first u.s. retailer to sell $1 trillion worth of products

and services. first, u.s. stocks finished with the tech heavy nasdaq having its worst day in two even as tax reform is pending. at one point, apple was one of the biggest point drives in all three of the major averages. abigail doolittle joins us from new york. what is happening with apple? abigail: it really stood out. apple down more than 1% on the day, on a rare downgrade. it was downgraded to buy. analysts citing the fact that all the good news is already priced in. point, makingd the point around the iphone super cycle. and something else that stands out around these gains. bloomberg andthe take a look at the chart, there is a pattern that emerges around the super cycle. around the first iphone, s hares rallied and sold off.

similar in 2012 and 2015. we see the rally on the iphone x super cycle expectations. but the interesting thing is relative to grow, fiscal year 2018 for apple which ends in the september quarter is about 20%. that is a tremendous growth rate thanks to the iphone x. for fiscal year 2019, it is a threat to do drop-down to about 2% -- it is expected to drop-down to about 2%. we have seen that over the last super cycles. if you can believe this, it is not an apple to apple comparison -- no pun intended -- for the fiscal year 2019. walmart is modeled to grow slightly more than apple over the comparable time period. that is something that the street is looking ahead to as well. emily: i like the puns. what about the other big tech names? did that have to do with what we were seeing with apple or what

is happening or not happening with tax reform? abigail: a little bit of both. apple, the downgrade, investors are wondering if that is a sign of what is to come for the other big tech names. facebook, amazon, netflix and alphabet -- there could have been that. plus, idea that all these technology companies already have low tax rates so less likely to benefit. that could be a small piece of it. a bit of a risk for all these high data names. we had tesla trading lower on the day. ups said they have commissioned 125 of thoser electric vehicle trucks. one thought could be that production for this company has had its issues, so maybe investors are thinking that is a high bar for the company. relative to taxes, while there does not appear to be an electric vehicle tax credit ding

in the current tax overhaul, the fact that has come up, that it should be limited to 270,000 vehicles, that could be something investors are thinking about for the future. overhaul istax certainly a big influence on the markets today. emily: all right, abigail doolittle for us in new york. thank you for the run down. around text stocks -- tech stocks may evaporate by next year. according to a survey, a the crowded.getting a bit around ts michael wolf, cofounder of activate, is my guest host. what is your outlook for tech in 2018? tenet compared to 2017? michael: i think we can see massive growth in the earnings of these companies. if you look at them, each of them from i a market

perspective has been way up. the largest companies, 50%. the tech companies account for way overweight. perspective has been way up. they are about 10% of the s&p 500. all tech is about 20% plus of the s&p 500. at some point, we will see investors slowing down investment in these companies. emily: it seems like we ask that every year and every year tech gets higher and higher. michael: you are dealing with companies that is so dominant in these businesses. if you look at between google and facebook, they totally dominate all digital advertising. 75% of digital advertising. if you look at apple, you can look at all the super cycles but the reality is apple delivers the highest priced phones. in a lot of ways, these companies are unavailable. emily: we saw what happened with apple earlier today.

where do you see weakness? michael: nas these copies are moving into international markets, they are facing some very tough competition. tencentook at alibaba, -- these companies are not just staying at home. they are moving beyond. i think we will see a lot more of android phones. of course, there is a big backlash against facebook and instagram at this point. somebody else will come out with a service that drives consumers. do i think these are near-term trends? no, but i think it will affect them longer-term. emily: where do you think the battle lines will be drawn? what countries or what markets do you see these companies clashing with chinese tech companies? butael: certainly in asia, the chinese tech companies will be moving here. at the same time, we will have a

lot more regulation in europe that is going to dampen the growth of any of the major tech companies. again, there is nothing imminent, but over time -- the law of large numbers over takes you. emily: our producer says the worst thing tech has going for it is h how well it did this year. if none of these things are near-term or immediate, what happens in the first half of 2018? michael: i think they will continue to grow. i think we will see tremendous growth from each of these companies. part of it -- of the underlying forces are there. it is the shift of e-commerce, shift of advertising and the growth in digital. everything that is going on across the industry is a rising tide that will float all of these big companies' ships. emily: michael wolf of activate, you are with me for the hour.

facebook has introduced new features to curb abuse and protect privacy on the platform. new facial recognition features should help prevent unwanted contact like friend requests and messages when someone you block sets up a new account or try to contact you from another account. it also provides the option to ignore a messenger conversation and move it out of your inbox. coming up, what is the formula for a 2700% rally? the combination of syntech and cryptocurrency. why companies are pushing into the crpyto space. 5 p.m.s out on twitter in new york and 2 p.m. in san francisco. this is bloomberg. ♪

emily: a marriage of syntech and cryptocurrency is yo fueling gains. shares have skyrocketed more than 1000% since last week. what is sparking the gain? announcing the move into the cryptocurrency space. the market cap swelled over $7 million. moves began to direction on monday. here with us is cory johnson.

so, i watched a this interview on cnbc. it was fascinating, fascinating. what happened? cory: from the day you when i first met, i told you about these stocks i was involved in. i would look for these companies that had nonexistent business models with robust stocks that seems to tie into a trend. i have seen this movie before. we have seen a lot of these reverse companies, shells of companies that come up with new names for a business plan. and they suddenly see the stock slide. we are seeing that with bitcoin. people trying to capture the next greatest thing, are just running after any stock if they can get it. there may also be stock promoters at work. they will start a stock running, get a stock on the move, hold -- weshares, buy and sell

have seen the wall of wall street. we have seen that when these stocks keep running and continue to run. emily: they go public and two days later they are buying a blockchain company. the stock soars. what makes this company worth even $1 billion? cory: some more on things this will do well. emily: it still closed today at $5.8 billion. cory: they are not alone. we have a whole bunch of these companies that have reinvented themselves. a chinese energy company will call itself a blockchain company. look at the valuations on some of these businesses. $2.3 billion., i looked up the company's headquarters in the u.s., a office space rental in park avenue. i called the number for the u.s. headquarters, some got picked up on his cell phone. a $3 billion valuation.

now,is where we are right people bidding on these assets without understand the value. emily: if i were running one of these stocks and i got a call from cory johnson, i would be worried. cory: i get along with everybody. emily: the crypto company, trading has been halted. what is happening? cory: concern over who was buying and who is selling. the ftc wants to see who is buying this thing. the concern is not these guys are doing things that are illegal. we have seen things in the past that look like this. the concern is buyers and sellers with a relationship with each other. that is a legal. may getmay gesec involved to find out. emily: this is a company with billionaires. not a small company. cory: only billionaires can have the share. we don't know who the sellers are. the vaolume of the names have

previously.an a lot of value created on paper from these companies. these companies that have virtually no business in terms of revenue and being able to sell anything. that companychain, has 18 employees. it has a valuation of over $2 billion. emily: another survey from yale university about skepticism, concern we are in a dangerous bubble. what kind of regulation this might prompt? cory: none. particularly with this congress, they don't want to get involved in regulating markets and protecting investors. we have seen very aggressive efforts to take away protections for investors and i think we may see more of that. are people losing their shirts on this stuff -- i speculate it will not prompt congress to do anything to create more investor protections. i am saying it probably won't. emily: keeping as honest as

always. thank you, cory johnson. well, elon musk appears to have just given his phone number to his 60.7 million twitter followers. in what looks to be a message intended to the cofounder of seculus -- do you have a to talk, my number is -- deleted the tweet but this is not the first time to act in l.a. tweet out what what is intended to be a private message. coming up, a new battle for battle shipping. we catch up with the shoprunner ceo. site compete with amazon for holiday delivery. if you like bloomberg news, listen on the bloomberg radio app, bloomberg.com and siriusxm. this is bloomberg. ♪

emily: big news for tesla. united parcel service has placed the reservation for 125 tesla semi-trucks, the biggest order yet. the new trucks will join ubs' fleet which is powered by nontraditional fuels. ups committed to growing its green fleet as it's pulles pullo reduce dream house emissions by 20% by 2025. holiday sales are shaping up to be best in years.

that is good news for retailers, but online spending growth is expected to outpace brick-and-mortar. when it comes to e-commerce, free shipping will entice more customers to click buy. we sat down with sam yagan, ceo shoprunner, alternative to amazon prime. sam: shoprunner is a membership that allows our members to get great shopping experience is. s. free shipping and seamless check out. for the retailers in our network, and gives them the chance to aggregate their scale to better compete in marketplace. >> what we hear from the consumer side of things is this shipping experience or better shipping experience. how do you convince them they can get that by paying a membership fee? sam: amazon prime has set that precedent. we were founded on the thought

that it would be amazon prime for everyone else. amazon prime has millions of people paying $99 a year. we have partnerships with people like american express where cardholders can get a membership for free. >> amazon prime office a number of other benefits which may be a reason why people are willing to pay it. are you concerned you will not reach the kind of figures amazon will because you are not offering anything else? sam: i am not worried about being compared to amazon. we are focused on making the e-commerce experience as strong as possible. we have 140 retailers in our network. they want us to help them have a best in class, frictionless e-commerce experience and that is what we're focused on. >> a number of the retailers that are within your platform or operate on your platform, they have their own e-commerce space. what is the advantage for them? i think the reason the

retailers join the network is to aggregate their sale. the way i think about e-commerce -- you have a superpower i thine in alers join the war against these rebel armies. happen each one of these companies alone -- how can each one of these companies alone, it is hard to fight someone so big. it is aggregate. in aif you have a membership tt spans a number of retailers then the consumer says i am willing to invest in my shoprunner account. mostiggest friction to companies is what is my gmail address, what is my password. you just don't have your account set up the same way you do with amazon. because you can use your shoprunner credentials across 140 retailers, people invest in their shoprunner account to make their checkout super easy. >> amazon is already doing this. how do you compete with the likes of amazon? sam:>> i think the most importat thing we do from the competitive

perspective, we put the retailers' brand first and transparent with the data. the data belongs to our retailers and that allows them to continue to survive and thrive. for the consumers, people like diversity. people like shopping at different places, to be able to express themselves with products they care about. people want to have a great shopping experience so that they can wear clothes that are not just from one retailer. >> what are you learning about the consumer? you are gathering a huge amount of data from the way people shop. what are you learning about them about the way they shop? sam: we see data all across the network. millions of members spending billions of dollars in our network. we can track the category level, but also the retailer level what the trends are. one of the things we saw this year was people pulled forward their spending even before holiday week.

november 1 through 20 was much stronger than it was last year as retailers brought their promotional calendar forward. >> one of shoprunner's investors is alibaba. are they involved in the company at all? sam: alibaba has a seat on the board. more than anything, we use them to have a global perspective on our business and bring their wisdom from operating globally across a bunch of businesses to help make us smarter. yagan.that was saam coming up, amazon on track for another major milestone for a u.s. retailer. we dive into amazon's growth strategy over the next five years. a feature of want to bring to your attention -- you can find it at tv on the bloomberg. you can watch us live. if you miss an interview, you can go back to it. you can play around with the

charts we show you on air. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. alisa: i'm alisa parenti in washington. let's start with a check on your first word news. republican majority leader kevin mccarthy has confirmed the house will have to take another vote on the tax bill just hours after the chamber passed the sweeping

tax legislation. the senate parliamentarian determined provisions in the gop crafted bill ran contrary to congressional rules. the spain prime minister has campaigned for his party ahead of a regional election in catalonia. 's dismissed the region's pro assessing government following a declaration of independence in october. greece's parliament has approved the 2018 state budget today which includes further austerity measures beyond the official end of the country's international bailout next summer. the country is struggling to exit an eight year crisis. all-purpose story is is appealing his extended prison sentence for the february 2013 girlfriend.s month, the court more than

doubled the olympian's sentenced to 13 years. the earliest he will be eligible for parole is 2023. global news 24 hours a day powered by 2700 journalists and analysts. this is bloomberg. month, the court more than doubled the olympian's sentenced to 13 years. is after 5:30 p.m. in washington, 6:30 a.m. in hong kong. we are joined by david with a look at the markets. hope you are off to a good start today. david: i wish we had better news. we are looking at a fairly shaky start as we get underway in the midweek session in the asia-pacific. new zealand slightly higher roughly at the open. when you look across the bigger markets that are set to open up in about 30 minutes, that market looks to open close or to 1% lower. keep in mind, the close in sydney on tuesday was closer to a 10 year high. when you look at japan, flat to lower start. half of 1% futures right now. the bond will be in

markets after this almost global synchronized move up in bond yields. you look at the early movers in the asia-pacific, australian 10 year yield up seven basis points. lots of things to watch. the rate decision in thailand. the bank of japan has the meeting underway as well. the bond market and currency markets as well very much in focus in the asia-pacific. that is a look at the markets on wednesday here. more from bloomberg technology next. ♪ ♪ emily: i'm emily chang and this is bloomberg technology. amazon hits several milestones in 2017, including its share price, over $1000. the stock is up 54% for the

year. the company could be on track to becoming the first u.s. retailer to sell $1 trillion worth of by 2025.and services this according to the latest report from bloomberg intelligence. joining us now is the analyst who wrote the report, jitendra by 2025. waral, and still with us is michael wolf. jitendra, $1 trillion, why? jitendra: you look at the markets of that amazon can realistically target globally excluding china, the size is about $7.1 trillion today. point i wouldce give you is the empire state building was the market amazon could target, amazon today is on the third floor. what you are going to end up seeing is that amazon will expand prime, increased consumer penetration and the video strategy they have, they will conquer a bigger portion of this pie.

the trillion dollar number seems very realistic if you actually look at the growth of the end markets they are participating in. emily: the third floor of the empire state building, would you agree? michael: i think it is higher than that. one of the reasons is it is not just about the merchandise they are selling. a big piece is some of the other businesses. the amazon web serviceone which will continue to grow with the internet. they are going to be the one company that will challenge a google and facebook in advertising. they have almost as many visitors in the united states as those two other companies. then we look at it, amazon does not release the numbers on the number of prime customers, but roughly 60 million prime customers. that is half of the u.s. households. no one is even looking at the fact they are likely to be able to raise prices on those customers. there are so many tailwinds in

terms of growth for this company that you could not be more excited about it. emily: what do you think the biggest opportunities are? jitendra: if you actually look bezos said in an interview a couple of month ago, he asked it could be alexa or video. or amazon studios. we think video could be a very pivotal strategy for amazon because today amazon makes 90% of the revenue from only five countries. prime is available in 16 countries, but prime video is available in 200. they want to use video, original content to bring in prime members, get them into the advertising business as well, and probably get into content-based e-commerce. emily: the head of amazon studios left after sexual-harassment allegations. they have not had a huge hit this past year. the main actor in transparent is gone. where do you think these hits will come from?

jitendra: they are hoping the new deals they have signed up on, some regional deals they signed up in asia as well -- they are hoping that can bring in the audience. when you look at the service and why people are signing up for amazon prime, the number one reason is free shipping but number two is video. emily: do you think video is as big of an opportunity? michael: i'm not sure. they are spending a lot of money. they have some shows. like netflix, they are blowing a ton of money like this. emily: netflix has had more success. michael: netflix has had a lot more success but there is another part of amazon a lot of people are not remembering. twitch is a massive video platform. whictwitch has tremendous amount of traffic and has been way underexploited. video maybe nothing more than a retention vehicle to get people to spend more time with the site

and more with prime. 2018,tivate forecast for we believe that speaker sales will peak next year because you will have alexa built into every other device. even though they will sell speakers, the price of those speakers is coming way down. emily: what do you think the main weaknesses are with amazon? jitendra: regulation. topics keep coming but the bigger issues are because third-party sellers business is getting bigger and bigger for amazon, the tax collection issue could be a problem. of course, you have competition from walmart. expansion in those verticals. competition and regulation are the top threats. emily: we have to leave it there. jitendra, always great to have you on the show. michael wolf is sticking with me.

employeesis letting to say they have been victims of sexual harassment have their day in court. the seattle based tech giant is ending his policies that some cases have to instead go to arbitration. 3 female employees brought a lawsuit accusing microsoft of gender discrimination. microsoft has endorsed a bipartisan senate bill that prevent companies from forcing employees to settle these kinds of cases behind closed doors. coming up, the battle for music streaming supremacy in china. how singing with your favorite stars helps. this is bloomberg. ♪

emily: youtube has taken a big steps towards its own paid music service. google streaming sites signed a new long-term agreement with universal music and sony. it establishes royalty rates for professional music videos. record labels have long criticized youtube claiming a protectingoach to copyrighted content. youtube is promising stronger policing of copyrighted songs. the crown jewel in music streaming might well be china where tencent is currently king. tencent dw protecting copyrighted content. arfs apple and spotify in china and will eye a $1 billion ipo next year. one music company they are backing is smule whose flagship app let's users sing with famous characters. joining me now is the leader of

smule, a classical pianist, jeffrey smith. talk to me about this tencent investment in your company, what you get from them and does that give you a window into the chinese music market. jeffrey: we are thrilled to have tencent as a partner. we are happy to be on your show. tencent understands not only social media but the role of media and content in driving deeper user engagement. i think because of the insight of both media and social engagement, it was natural for them to partner with smule because we are a market leader in defining a new category in social music, allowing people to create music rather than listen to it. emily: do you have a context on the size of tencent music and the potential of music in the china market? michael: tencent now controls 70

5% of the music market in china. they are saying they are getting more paid subscribers than spot oify. the difference is they are getting a dollar a month and spotify is getting $9.99 a month. there was a lot to suggest that not only what they continue to strong and it will be a great business, but it will be focus not just on u.s. and international artists, but a lot of chinese artists. emily: what do you think of the potential of tencent's music next year? i think music has i think musie to one of the most exciting market opportunities and i think investors are waking up to it, perhaps in part because we are seeing innovative business models alongside with the recognition that music is one of the most engaging platforms of media on the internet. when you look at data from nielsen, over 90% of americans were listening to over 32 hours of music each week.

that is up from 26 hours a week the year before. when you think about how engaging this medium is and when you recognize that streaming today only record -- represents 6% of music revenue, there is an incredible opportunity for all of us to scale alongside that engagement. emily: tencent music and spotify have an interesting stake swap going on but they are also competitors. what do you think about the potential spotify and apple versus tencent music? michael: certainly, tencent will dominate in china. emily: what about beyond? michael: we are really at a point where it is a race between two players. it is going to be spotify and apple music. the one wildcard is what happens to soundcloud because soundcloud has so much more songs than apple and spot oify which has roughly 30 million songs.

emily: right, but it is all the songs you would want to listen to. michael: it may not be the sons people are listening to because youtube is the largest music player. they may not be the ones charging, but more people are listening to music on youtube than either of the other services. emily: what do you think has the ultimate edge? jeffrey: i think we do. emily: shocking. why? jeffrey: spotify has a fantastic business and tencent understand the impact of engaging music in china. when you think of where music is today and where it might be going in the future, or even historically where music has been, it is not simply passive listening and streaming. music intrinsically is about engagement. if you look about this segment of the music market, the biggest revenue producer is live, not streaming. if you are truly trying to bring music back to its roots, it is

not just streaming premium content. it is allowing people to participate, create, explore. there is a user generated content segment in this with the social media. emily: let's talk about your deal with disney. how does this work? how big is this going to be? jeffrey: it is really fun. i have a nine-year-old girl who want to do sing a duest with maui the demi-god from "moana." there she is. she was embarrassed that she was in her pj's. i told her most people would not recognize it. it was so much fun for her to create that experience, have an intimate relationship with the characters. smule, we believe there is an opportunity to allow people to engage more with music rather than listen to it. michael smule,: do you think yoa lot of other companies that you can license their music and grow this business?

jeffrey: i do. if you look at the roster of billboard artists using smule, it is not a small list. ed sheeran, demi lovato -- i think what these artists are realizing is it is a nice complement to the professional streaming to have a social network for music where you can engage more directly with your fans. what we are doing -- streaming and engaging -- the market itself gets bigger. that is why we are partnering with tencent, partnering with apple. with apple, we will launch of the original version along with the professional versions and cross promote and we will see bigger engagement with that artists across networks. emily: i am setting a date for a duet. thank you so much for stopping by. michael wolf, always great to have you here on the show. my guest host. coming up, we're looking back at some of our best conversations in 2017.

we will hear from the former softbank president on why we are only in the early stages of artificial intelligence. this is bloomberg. ♪

emily: softbank's massive -- sorry -- softbank's massive fund is adding a fin tech start up to its portfolio. it is betting it can overhaul the home insurance industry by leaving a $120 million round in new york. the company uses artificial intelligence to minimize paperwork and speed up the claims process for renters and homeowners. 2017, we arewn taking a look back at some of the biggest interviews of the year. we sat down with former softbank president nikesh arora on studio 1.0 back in august. i started about asking about the current state of artificial

intelligence and who was ahead in this competitive landscape. nikesh: i think the ai conversation is clear. i think we are in the early days of ai. a lot of areas where you want to apply ai, we don't have good data. it will be garbage in, garbage out. the technical horse power exists, but to apply it, we have to be smart about collecting and utilizing data. emily: do you think elon musk's doomsday scenario is overblown? or irresponsible, as mark zuckerberg says? nikesh: i love elon. i think he is one of the most interesting tech visionaries we have. we need people like him to have these conversations, but i think he might be a little early on his production. emily: what about self driving cars, which tesla is working on, google, apple? what happens there? nikesh: i think it will be a

while before we see a large proliferation of self driving cars around us. i think the economics, the regulation, the retooling required to get this to happen at scale is far, far away. i think we have not thought about the ownership models and the societal problems it will cause, or how do you park these cars? where do you put them? we may see people who do closed loops tests, that can happen in short order. but large-scale deployment and rentalan impact on the business and why failing business is further away. emily: should uber and lyft, google and apple, should all of onse companies be working self driving cars? nikesh: i don't think the ride hailing businesses should be worried about making their own self driving cars at this point in time. emily: on self driving why not? nikesh: i think it's early.

i think the ride hailing industry has not settled down. we have not quite figured out where the industry is going to stabilize. i think they have lots and lots theork to do in but jus logistics, the way they move cars from one place to another. they are very early in their evolution. if they worry about operating excellence in their car business, they might be better off. there is lots of tech companies working on self driving cars. i think a partnership approach might be better than trying to do with themselves. emily: i know you spent a lot of time thinking about the ride hailing business. at softbank, you put a massive debt on one. nikesh: we had long conversations about ride hailing. we were very impressed by the uber model at that point in time. we felt softbank would be better served investing in some of the other players.

we invested in india very early. asia.arly in southeast we also partner in tencent and alibaba. since i left softbank, they have double down on many of those bets. i think when you can find an industry where you feel that somebody has developed a product or service from which there is no going back, so it is here to stay, it is a great place to be. when things go from a nice to have to a must-have in your life, you realize this is a winning scenario. you understand this is going to get more and more popular over time. i think it is clear in china that didi is kind of the only player. i think you can see it where they keep executing well, this is a huge opportunity for them. it also plays into the needs of

the country where you don't want to have car ownership. you want more green cars.it is easier to take large players and get them to work with the government. emily: uber has pulled out of china and russia. do you see that making those same decisions in india, southeast asia, in brazil? nikesh: i believe it is possible for two players to coexist in a market and coexist happily. but i think that requires the markets to rationalize and stabilize. the are many industries where they coexist. the telecom services. they are competing every day, but some of them actually make lots and lots of money. i think this is a very large market. i'm sure they can. can they go it alone? i think they probably could. emily: do you see that with uber and lyft in the u.s., that this

is a to company market? nikesh: as of now it is. emily: does that continue? nikesh: it is hard to tell but i think it will continue for some time. there are so many different moves moves going on in the market that it is hard to call where it will settle down and stabilize. part of my conversation there with former softbank president knee catc nikesh aror. that does it for today show. thank you for watching. we will be back tomorrow. this is bloomberg. ♪ there with former

>> markets do not seem impressed. treasuries slumped as stocks decline, the s&p retreated for the first time in three days. >> that's right. from bloomberg global headquarters, i'm betty liu here in new york words just after 6:00 p.m. on this tuesday. his new warnings of a risk on the horizon. fed presidents tell bloomberg basie potential problems ahead and