alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." let's start with a check of your first word news. president trump says he is imposing new tariffs to "reject american jobs and american workers." they will affect imported solar energy components and large washing machines. china, germany, and mexico have denounced the import duties. senate minority leader chuck schumer has told the white house that funding for a border wall with mexico is now off the table, according to a senior democratic aide. schumer last week agreed to the $1.6 billion president trump or -- requested to build the wall while negotiating the government spending bill.

special counsel robert mueller's team interviewed attorney general jeff sessions as part of the investigation into possible russian meddling in 2016 election, and could seek to question president trump in the coming weeks. now that government funding has been restored, nasa tv returned to the airwaves to transmit live images of two american astronauts making repairs to the international space station. mark manheim and scott angelle performing restorations. 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. "bloomberg technology" is next. ♪

emily: i'm emily chang, and this is "bloomberg technology." coming up, twitter's ceo makes his exit. while the top job at sophia. plus, uber's ceo plans to put the ride-hailing giant ahead. and we go to taiwan to get a behind-the-scenes look at companies ushering in the next tech breakthrough. first, to our lead. a huge shakeup for the leadership team at twitter. coo anthony noto has resigned to take the ceo position at social finance, or so fi. he's played a leading role at the company and has his work cut out for him at sofi when he takes over in march. he will fill a leadership void after fallout from accusations of sexual harassment.

for more on how this all went down, we are joined by bloomberg news tech reporter selina wang. how did this all play out? how big a loss is this for twitter? reporter: they certainly delivers a blow for twitter, especially at the beginnings of their early turnaround strategy. they are finally starting to show some revenue and user growth. that being said, noto did put in place much of the structures they needed to start this turnaround, paring back some of the other parts of the business to focus on user engagement. some sources have also said this could provide a good opportunity for jackson's they have not always agreed on product division and this may the and , adjusting way for jack to pursue some other pass that had not been possible with noto. emily: jack dorsey tweeted "i'm happy for him and really proud of everything he's a compass that twitter.

he's been a friend, partner, and mentor to me. he will always have my friendship and gratitude. thank you. we love you." let's talk about the real logistics here of the fact that they are not refilling this position, and what that means. reporter: i just got off the phone with a source. it is not clear for sure they will not fill the position. there's a few steps that they are going to take. first of all, they are going to assess come at a they keep the current organizational structure they have right now reporting up to noto? jack was in charge of the engineering and consumer part. noto was in charge of the business structure. do they want to change that? if so, they want to promote someone to fill that role or hire someone from outside? for now they will try and disperse that have the top ranks fill in the position that noto is now leaving.

the leader of global ad sales will certainly play a large role in that. he will be the immediate person to fill in, but you're absolutely right. we have a dual ceo at this company. without a coo it certainly presents a problem. emily: julie, by all accounts this seems to be a win for sofi. what is the word you're getting from the company? >> i think it is a big boom for their business. in many aspects, i've used sofi at this darling that has always done so welcome, but 2017 was not that great a year. they lost their coo, their chief revenue officer, now they finally have some clarity bring in a big-name that brings together a good balance of finance and technology that should be good to get sofi back on track. years ago, cagney said ipo is on the horizon for 2016, i think that was the original timeline,

and we are already in 2018. emily: i can only imagine that the culture there has been somewhat beaten down by all of these sexual-harassment allegations, which didn't just service with my candidate, but -- surface with mike cagney, but others as well. thewould you describe culture at the company right now, the sentiment among employees? >> i think right now people are still just one into wait and see what anthony brings in, but they are glad to have an adult, so to say, in the room. a leader, someone to look to. for a while there was no one to say, this is our strategy right now. everyone was in wait and see mode for a long time. emily: twitter is about the report earnings, and the company has been improving when you look at the numbers. what are we expecting? is anthony noto leaving on a high note? >> i think that is a really great way to put it. he has put in place a lot of the fundamentals and now they are ready to bloom.

it is a very opportune time for him to leave. the expectations are good. the analysts i've spoken to don't think him leaving is going to fundamentally change the pieces about the company. for a long time twitter was actually shrinking, and now they are slowly starting to grow. one of the metrics that looked very positive is the daily active user growth. the growth rate has been looking very positive in terms of the users coming to the platform, the time they are spending on the platform, and a lot of that should be credited to jack as well since he is the one spearheading a lot of the actual user interface and product update the algorithmic timeline and the notification changes, the explorer cap changes -- explore tab changes. anthony leaving is not going to change that. emily: we're going to continue to cover this story later in the show. bloomberg lp operates a global breaking news network on twitter

called tick-tock. it is an all or nothing a package for the billionaire founder and ceo of tesla. tesla has granted elon musk a largest of its kind of $2.6 billion stock award. if fully vested over a decade, stock options could make him up to $55 billion. in return, musk has agreed not to get salary or bonus. it appears to be tesla's way of ensuring that must will stay. still ahead, nasdaq posts a record high as stocks continue to rally. we will talk to one hedge fund manager about why now is the time to invest in big tech. this is bloomberg. ♪

emily: netflix surging nearly 10% in tuesday's trading session, it's best performance since july 2017 after reporting its best quarter ever. the jump in stock price has helped push streaming giant passed a $1 billion valuation. netflix helped lead the nasdaq higher in the session, closing at a new all-time high, helping the massive tech rally was -- tech rally throughout 2017 continue into the new year. thank you for joining me. why invest now in tech and how much of the gains you are seeing are tech related? >> most of the gains in our fund our tech related. we think it is a particularly

interesting time in tech, despite the fact we have been on a nine-year bull run in stocks, and tech has left that has -- has led that. we focus on e-commerce, advertising. we think we are an inning two or three. in the united states, e-commerce as a percent of retail is about 11 what 5%, 12% penetrated. in china that number is 70% or 80%, but that is -- 17% or 18%, but that is early. more than half of the dollars spent in advertising are spent off-line. as companies look more and more towards getting our ally -- getting roi and targeting metrics, they will look to shift from off-line to online, and we expect the majority of that to come out of television. emily: let's talk about the online ad game which google and facebook currently own.

you see the up and comer as amazon. guest: amazon has been quietly been building a multibillion dollar at business. it started a couple of years ago, primarily targeted at pcg's. it is very hard to distinguish product types on amazon. the ceo of the big four ad agency mentioned that the conversation is around, how do i avoid commoditization on amazon? the answer to that is spending at dollars to differentiate that product. if you think about where amazon sits, they are at the bottom of the final. they know exactly -- the funnel. they know exactly when and where you convert. facebook and google are at the top of the funnel. they can track you across the web, but they may not know whether you actually convert on that product.

that is kind of the holy grail to advertisers, and why they are more attracted to and thinking about advertising on amazon relative to google or facebook. emily: using amazon could surpass google or facebook? guest: it will be tough. google is about an $80 billion or $90 billion at business. we do think that over the next 10 years, there's a real possibility that amazon becomes number two and does surpass facebook. emily: bad news for facebook. guest: not necessarily because most of that share comes out of tv, and primarily google. facebook is a little bit of a different buy in that it is more of a brand builder then a direct to consumer or e-commerce. that being said this is very , transformational for amazon. the street is maniacally focused on it amazon will do an 8%, 9% margininto -- ebitda three quarters from now. we think the better costs to look at our facebook and google. if amazon's revenue were to grow to 50% of advertising overtime

we think the business overall could grow 30% or 40%. emily: if you hedge, how you do that? there's a lot of folks that are losing. traditional retail has obviously been a big area of shorts for us. if you think about it from an advertising perspective, each incremental dollar that is spent on amazon is one less dollar likely spent on tv through a traditional ad agency. we are particularly worried about the sustainability of the traditional ad agency model, which charges 20% to 30% for every ad placed on television. emily: if there's a stock market correction, how are you preparing for that? ay: we always have to be cognizant that there are factors we cannot control, but we do tend to run a pretty diversified portfolio from a long and short term perspective. there are a number of industries we think are being disrupted , heavily overleveraged, etc. that in a market downturn will , go down faster. emily: what about a company like

netflix, which you see the stock price completely divorced from subscriber growth? subscriber growth is plateauing, and yet the stock continues to be on the rise despite the billions of dollars of commitment in original content they had. jay: the new subscriber opportunity in the united states certainly is starting to decelerate. still growing, but decelerating as netflix moves of that penetration curve. the big opportunity is overseas. when we step back and think about there are 6 billion to 7 billion people in the world, all those people want to enjoy content. netflix is the largest repository of on-demand content in the world. when you think about the cost of netflix in this country, your paying roughly $11 to $12 a month. for you or i to take our family to the movie theater, getting a sitter, that is probably north of $100. emily: that's why we never go.

jay: and that's one movie. the point is i think there's a huge opportunity here to raise price. we think that netflix can double, triple, even quadruple prices and not sustain a high level of turn. if you think about it, we are training to pay between $80 to $100 a month for cable. emily: what about all the cable options you won't have? what about life sports? live sports? jay: live sports is important. there are ott options offering on-demand packages. disney will be coming out with an ott package for sports. there will be opportunities to consume that, then obviously you have google and facebook likely to bid for some of these rights and take them online. emily: jay kahn, thank you so much for joining us. we will see if you are right. you are looking at a live shot now of the senate floor as they vote on the nomination of jerome powell for federal reserve chair. president trump picks in november to replace current fed chair janet yellen when her term

ends in early february. his nomination is expected to pass the senate. we will continue to monitor this vote. this is bloomberg. ♪

emily: a stock we are watching, texas instruments out with , earnings, falling short of some estimates, declining as much as 6.7%. shares declined after the announcement. texas instruments is the largest arer of analog chips that basic components of almost every electronic device. taiwanese electric scooter maker wants to make sure its vehicles

don't add smog to the air. it plans to launch a trial of its swappable battery bikes later this year. our chief north asia correspondent stephen engle take s a look at how this tech upstart backed by former u.s. vice president al gore is disrupting a gas entrenched market. stephen: locals call this the scooter waterfall. a daily torrent in taipei of taiwan's nearly 14 million motorized scooters. obnoxious albeit , necessary mode of transport. here's the thing -- taiwan wants to ban oil motors by 2021. -- 2025. that is a long way out, but one start up is getting a head start. this company is called by some the tesla scooters. stylish, cloud connected, and juiced by and panasonic rechargeable battery.

>> for about 10 years, taiwan's government has been pushing for an electric scooter to turn this very dirty mode of transportation into cleaner transportation. throughout the 10 years, it was extremely unsuccessful until we came along. >> it has the equivalent of a 5k engine, and they say it can go zero to 50 kilometers an hour in just four to five seconds. top speed is 100 kilometers per hour with a 110 salon arrange. when the batteries are zapped, just swap them off at a kiosk. 30,000 batteries are exchanged every day. changed game ultimately was the way that we fueled the vehicle. pop in. in six seconds, they evaluate if there is anything wrong with the vehicle. talks to the server, programs it a battery it. it takes minutes, not hours. stephen: another green tech

company not spending time that's not wasting time -- not wasting time turns taiwan's abundance of manufacturing waste into some 1200 recycled materials, whether it is window shades made of discarded circuit boards or terrazzo tile from nike shoes and apparel. >> what drives us is anger, actually. with all this new intelligence, ai, and software we can play with, i feel like not a people are doing what we can do for the environment. stephen: both simply want to get toxicity out of our increasingly crowded cities. emily: stephen engle, our north asian correspondent. tencent is investing in a french retailer to help it challenge alibaba. they have signed a term sheet for a stake that could help revive the struggling french retailer. it would also further expand tencent's global payments across the country.

after months of delays, apple's home pod speakers will be available to purchase on friday and hit stores on february 9. the device was originally revealed last june and marks the iphone maker's first move into smarthome hardware. accessoriesrol such as lights, door locks, and curtains, and it can serve as a speakerphone for iphone calls. coming up later in the hour, uber's ceo speaks to bloomberg tv from davos, talking about aiming to be profitable in three years. and you can find highlights from "bloomberg technology" on twitter or send me a message, and you can also follow along with tv on the bloomberg.

you can watch us live. if you miss an interview, go back to it. you can send our produces a message any with questions or time comments. this is for bloomberg subscribers only. you can check it out at tv . this is bloomberg. ♪

>> for us, it's not going to change our approach. we believe in free trade, but it's not going to change our direction. >> it's clear the biggest risk in our view, at least, is trade. fundamentally, are we questioning the kind of global trade that has been marking this global economy for so long? i think that is probably the biggest risk out there at the moment. ♪

crocs you are watching bloomberg. he -- here are the first word headlines. executives warning of parallels --today's storing sought soaring stock markets and the precrisis years. several ceos said the strongest global economy since 2011 is leaving financial markets come placement and investors could be wrongfooted by central banks raising interest rates. and 4%n asset valuation global economic growth, it seems like we are in a good place right now economically, but we have a monetary policy that seems like it is the remnants of . we haveion-era

capacity and capital markets to deal with a real move in interest rates. has been confirmed as the next fed chairman. the senate voted 85-12 to have him a janet yellen when her term third.ruary the trump administration assessing candidates for the vice chair position. it has been vacant since stanley fischer retired. the new york fed president bill dudley quit in the coming months. the most active volcano in the philippines has burst into life, sending thousands of -- sending lava and ash into the sky. 56,000 people living nearby have there are away, and fears of a more violent and corruption. authorities warn of localized earthquakes and a pyroclastic cloud, where gas vaporizes everything in the area. >> in singapore, checking , it is a lotssion

about the dollar weakness. the spot index falling to a three-year low below 90. we are seeing a surge in the japanese yen, up 4/10 of 1%. no surprises. you are seeing japan past nikkei index down by .8%. the topics -- the topix retreating. there is still lots of value in japanese stocks and we are starting to see the decoupling coming through from the relationship with the yen and stocks. 200 coming, asx back. let's have a quick look at the stuff we have been watching in the session. we have been watching, sony has slumped after j.p. morgan downgraded it to neutral. an insurance company rising in sydney. petrochina at the highest since

february 2017. you are seeing the energy players really lead the gains in the energy sector, up .7%. it is a weaker session coming through across asian markets despite the record high on wall street tuesday. this is bloomberg technology. let's return to our top story. twitter's ceo rigid -- resigned job at another company. twitter extended their losses after falling monday, when reports for surface -- reports surfaced that they were in talks. this sets up real challenges for twitter because he was a reassuring voice for investors. an analyst who covers the company joins us now by phone. what do you think the biggest challenges are, anthony? anthony: i think the challenges are that investors want to see

this return to revenue growth, and i think anthony, under his purview, he was getting at -- instrumental in getting video ad revenue and decommissioning ad formats that weren't working. the challenges our revenue, and longer-term, the challenge is growing the user base. 330 millionhis global users to something that is more scaled. i would think you want to get half a billion, 500 million or 700 million. i want to see more users, so that has to do with the product, this has to do with underlying growth which goes back to making the product better. finally, what i would say is that anthony was instrumental in cost control. he got profit margins to record levels. over the last few quarters in mind or his leadership engagement was accelerating and investors like to see that. people checking into their twitter more frequently. so my interpretation is that if he is leaving, there is a

possibility that he sees the writing on the wall and these inflections that investors want to see may not be as realistic or apparent and that could be at -- that could be it, but it could also be that he has a really nice offer at a really exciting company to be a ceo. a driven, ambitious executive who wants to be the top executive, wants to be the ceo, and it could be a referendum on what he thought his chances were going to be to become ceo at twitter. emily: my sources told me that he was looking for a ceo job for quite a while, and the numbers at the company actually look pretty good. this means users -- he is living on a high note. that said, 507 million users, is that realistic? twitter's user growth has been happening in fits and starts and

plateaus, and it seems like that is way out of reach at this point. anthony: the issue is valuation. if you are right and the target markets are constrained to 350 million users globally, i think it gets harder and harder for twitter to grow into the valuation, and it certainly basis at a multiple on a that is quite high. particularly if you look at it adjusting for stock-based compensation -- stock-based compensation. the way i was say is that it gets more difficult for them to grow into devaluation unless they can scale the user base. i'm not saying, i think there are some encouraging things fundamentally for twitter going on right now. i mentioned them, cost controls, accelerating engagement, the ad revenue inflection to positive,

it is now looking for 7% and -- ad revenue growth in 2018. if you were to dummy that that were to inflict further and numbers were good, i would tell you that that would be heartening for the stocks. but it does come at a delicate time. it is at a time where expectations are starting to a little bit and with leadership turning over, there are questions as to how they can replace an executive of this caliber internally at twitter. emily: anthony diclemente, breaking it all down. i should also add that bloomberg lp operates there. one of the biggest startups on the planet is turning a corner when it comes to profitability. sending the company's initial trajectory out of the red would be a dramatic shift for the global ride-hailing service which has been losing billions

every year. john spoke to bloomberg's -- uber's ceo at davos. >> the core business, the ridesharing business, can be profitable within three years. we will continue to make very aggressive investments in building out autonomy, because we didn't that is a terrific opportunity. for building out new technologies, such as uber elevate, where near-term profitability is not a goal, but long-term growth this. we will look to balance near-term profitability. as a company, we will always take big risks. >> to you think the drive to become profitable fights against a little bit of this culture change? making money,ut but not at all costs. , are they --gs >> i don't think profitability and culture are the issue. wascompany, in the past,

willing to make trade-offs as it .elated to how it did business i think it was guilty of hubris, guilty of thinking they knew better than others. what we know now, clearly, is hidebreakneck growth can cultural issues, that there are no excuses for not doing the right thing, and that you do have to make trade-offs. and as a management team, we are specifically talking about those trade-offs you have to make. we have to be more patient sometimes, because working with governments, regulators, sometimes takes longer. in the end, you build a more lasting business. maybe what we went through was necessary, but we are here. we can control our actions from this moment onwards, and i think from thist uber

moment onwards wants to build a great company not only in terms of growth, but in terms of the kind of company anyone would want to work at. >> can i ask you one thing, hanging over from last year, all the regulatory problems, particularly the paces against you. i think there were six criminal probes. >> the lawyers are lining up outside. >> which one do you think, which one do you fear most? are think all of them serious issues, and my response to bet we are going transparent and we are going to take responsibility for our actions in the past. i do think that there are certain circumstances where there was smoke but no fire, and i think is a company, we have to defend ourselves and work within the appropriate frameworks. my goal is to get beyond this

stuff. >> some of the things like pricing policies go to the heart of what uber is. or am i wrong? >> they do, but there is a way of being smart but transparent at the same time. that is where we have to take the company. uber. that was the ceo of for our reaction, eric is here. what do you make about what he had to say? >> the tactful measured ceo they want, i inc. the dodge -- i think the dodge on profitability is interesting. super noncommittal. will, last year, they will have lost $4 billion. so it makes sense that he is trying to give himself some time to turn that around. but it is another sign the margins are sort of a big problem for the company.

so no commitment there, which i think is the biggest news. emily: what about what he said about the culture? do you believe him, that you always have to do the right thing? thingidn't do the right in many instances. eric: i think it is the right going toor dara, london and brazil, negotiating. we will be talking forever about whether it was necessary for uber to break the rules it did to establish it sells. now that it is an establishment company, saying we always do the right thing, which means following the laws while you are being investigated by the justice department, is a pretty smart and necessary thing for the ceo to say. emily: eric newcomer, our bloomberg tech reporter, finding the skeletons in the closet. thank you. we will have more from the conversation with uber's ceo later in the show. he will talk about autonomous

cars. breaking news, the senate voted to confirm jerome powell as the fed chair. president trump picked him in november to replace janet yellen when her term as chair ends in early february. you are looking at a live shot of the lord there. this is bloomberg. ♪

♪ emily: bitcoin saw a dip today, hitting below the $10,000 mark earlier. is on the as bitcoin rise. a spinoff in which development -- developers clone bitcoin software to capitalize on the public's familiarity with digital currencies. some 19 bitcoin forks came out last year, but as many as 50 could start up this year.

joining us now to discuss, is joe. he is currently tracking 130 funds that invest in crypto. we are all talking about the plunge this year. what is your read on that? will we see a bounceback? is this a new reality? joe: we have seen the same depth the last few years. we come out with research selling there was a 30%-30 5% in 2016 and 2017. number one,s due to profit taking. many investors have been in the market since before bitcoin was at $1000. there is seasonality as well, which we have seen up the last couple years -- over the last couple years. emily: so if it bounces back, how far? at the end of december, it was at 14,000. we saw that 35% dip. when we saw a similar dip in

september, it took 45 days to recover. to recover 45 days to 14,000, there is a lot with the bitcoin protocol that needs to improve its speed and cost of transfer. if that happens, you could see bitcoin going 2x or 3x this year. emily: how are global regulations impacting miss? we are seeing mixed messages from countries around the globe. joe: korea and china coming down on ico's, mining exchanges. it is a record asian up how powerful they see crypto assets. to stay.sets are here china understands how they want to do with it. we will seal a lot of progress there. the volatility helps in the active management world. it helps active managers take some profits. emily: i wonder if we will see china and south korea backtrack. this may be unfair, but if you look at china blocking facebook, everybody thought that was only going to be temporary.

we saw the power of facebook and it hasn't changed. looks like it never well. joe: there are 1400 different cryptocurrencies. you could see a development of china's own ecosystem with cryptocurrencies. i think they'll take some time to develop. 2 emily: -- take a look, to this shows the slump and how bitcoin compares to other cryptocurrencies. i'm curious about china developing its own a co-system. what would that look look -- look like? regions like russia have looked into creating their own crypto currency. it could look like their own exchanges or mining farms. bitcoin a lot in these ecosystems. we try to hedge and have investments in the active space that are mining funds and ico funds with these new coins. there is so much involvement with crypto assets that in a

year, there could be more than 1400. you seehere do potential and where do you see potential distraction? has beenrecent story about, the whole market of crypto assets was at $15 billion a year ago. right now, we are over $500 billion. bitcoiny has been about going from 70% of the market cap to about already percent. what we see is the alternative coins becoming a case for these alternative coins disrupting with their blockchain's other industries. not only the store of value like bitcoin, but payments, identity management and other things that, i think the stories of -- the story is about alternative coins. managers invest in alternative coins. the volatility, buy low, sell high, rinse and repeat. emily: how is your heart rate as

you watch this go up and down? do you try to keep a level head? does your heart skip a beat when you see these big moves? markets don't stop. we know our portfolio funds, so we have many are fully all funds that, their job is to hold in usd or the safer coins and get these lows. the average portfolio fund, while bitcoin performed at 1400%, the average portfolio fund performed at 3800% last year. it is a job, but there is a reason we do it. , fascinating. thank you so much. working with financial advisors to explore a potential sale. -- they track hollywood films and are working with goldman sachs to work -- to dashed ofto full

potential suitors. uber's ceo has to say about the future of the road. this is bloomberg.

♪ emily: more of our conversation with the uber ceo. theiscussed the future of industry, like autonomous cars, and how technology will bring changes to the road. >> we think there are three keys to transport, and where the industry is going. autonomous, electric, and shared . i think all three are necessary in order to get to the next level of city planning, etc. a sixth of, up to

space in cities is taken by parking and storing cars. i think you need autonomous, electric, and shared, and i think it will take some time. true autonomy for every single use case is some ways away. what we bring to bear is our developing autonomy, and we will have autonomous cars on the road , i believe, within the next 18 a test case but as a real case out there. over time, we are going to bring in autonomous transportation and feather it in with the non-autonomous transportation, with drivers. >> what is feathering in? means if you in are in phoenix and you make a request to go from point a to point b, which is what you do

be 95% of there will cases where we might have -- the weather might be not correct or there might be an accident on the road or there might not be two or three ways of getting from point a to point b. we are going to send a driver to pick that person up. for 5% of cases, everything will fall into place. send an autonomous car, the user will be able to choose, do you want the economist car? that.l be able to service the 5% will go to 10% and 15% and ouras our computers algorithms learn more about what it takes to drive in a city in a real-life situation. day, thatte of every driver, that computer, is going to get better and know phoenix

better, and in five years, we will have the perfect driver in phoenix. we will have to retrain that driver in every single city. we will have to build 3-d maps of the cities, and it will take , you but over time essentially have a driver who becomes the perfect driver. it will take 10, 15 years, but that is the feathering in i am talking about. ask a child born today, will they need to learn how to drive? >> a child born today? no. i don't think so. ceoy: that was the uber speaking in davos. we will have more coverage, along with tests from davos, this wednesday on bloomberg. for bloomberg technology. we are live streaming on twitter. check us out weekdays. that is all for now. this is bloomberg. ♪

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