seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. ♪ parenti in alisa washington and you are watching bloomberg technology. here is a check of your first word news. president trump when it says to impose his plan a new the spokes conference with sweden's prime minister. pres. trump: when we are behind on everything go country, trade wars are not so bad. do you understand what i mean by that? by the tradeown $30 billion, $100 billion, war parts of them, does not hurt us. two of america's top intelligence juice are wary of north korea's claim it is ready to negotiate its nuclear program.

after south korea -- after north korea will agree to stop testing weapons if the u.s. holds talks about denuclearization. the two korea's agreed to hold summit talks in late white house april. aide kellyanne conway is accused of the violating the federal law that prohibits government officials from using their position to influence political campaign. the office of special counsel which is unrelated to robert mueller's office says conway violated the hatch act last year when she advocated for republican roy moore in the alabama senate race. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. and "bloomberg technology" with emily chang is next. ♪

emily: i am emily chang and this is "bloomberg technology." coming up, that amazon agenda. our deep dive into the ever-growing footprints into e-commerce and the industries in its crosshairs. plus, hey big spender. blows $10.7 billion in just a few years. the cash burn for the world's most valuable startup. and boxed shares take a beating. but first to our lead. of the state stock of amazon, from its ballooning e-commerce and cloud businesses to newer forays into groceries and hardware. in amazon announced a health january, care venture with j.p. morgan chase and berkshire hathaway. in february they acquired ring, and now in march amazon is looking into providing customers with checking accounts and

announced it is expanding whole foods deliveries to prime customers in more u.s. cities. how do these announcements fit into the complex amazon operation? for more, i want to bring in our , whoberg executive tech also wrote the book on amazon. how does this all fit into -- together, under the umbrella of amazon operations? >> everything you just mentioned. one of its products is its culture and the way it decentralize is and empowers teams to innovate and even requires them to innovate. you have tens of thousands of people working for them around the world looking for growth and , expansion opportunities. emily: not every business they have started has succeeded right? , brad: absolutely, they have spent 10 years trying to get groceries to work. not work as well as they hoped and resulted in last year's blockbuster acquisition of whole foods. emily: talk about the delivery

business and what that means. brad: there's so much they can do inside whole foods. they can bring amazon pay into the checkout. they want to do a loyalty club for prime members. they can redesign the grocery store make it friendlier for , customers. the easy stuff is delivering from supermarkets and from the whole food supply chain to people's homes. and that is what we are starting to see in cities including san francisco. my colleagues wrote a story instacartt how poor had a relationship with whole foods and it is getting shunned to the side as amazon workers come in and deliver groceries to people's homes. emily: it was predicted that amazon might buy target next. take a listen to what he had to say in january. >> the future of retail is going to be a combination. i would bet investors would view this as -- the takeaway would be

amazon is taking over the world, , and that is a good thing. emily: is amazon taking over the world a good thing? brad: for amazon investors, obviously. the company's performance has been stellar. the stock prices have multiplied by a factor of four over the last four or five years. but no, the bigger it gets, the more industries it enters, the more questions about its market power arise. it could be great for customers amazon brings long-term orientation and willingness to lose money to pass on the benefits over to the customers in the form of lower prices. great for customers but destabilizing other industries and raising questions about market consolidation. emily: it hasn't been all great news for amazon over the last year. amazon studio is struggling to get back on its feet and also a big high-profile departure today, amazon prime's greg leaving for airbnb.

brad: he was in my book, an old timer, who started in the finance department. there is a product people don't probably remember, supersaver shipping where for the first time if people wanted to wait a a few extra days, they could get their shipping for free. it cost amazon money but it cemented the loyalty of customers. that was the beginning of the pathway for prime. another product he headed up more recently, when they were using their efficiencies in the supply chain to pass on benefits to customers. a senior member of the team and someone was going to spend more time in the whole foods division -- but that bench is extremely deep. the bigger story is how little turnover they have in the upper ranks. airbnb brought them over to be president of their home division, an experienced executive who knows marketplaces. emily: speaking of the cost of delivery, these things they are offering to customers don't come cheap. to our delivery is really expensive on the amazon site. is that going to hurt them when

they start to raise prices that are comparable to what they actually are? brad: you can look at it as a cost curve. in the beginning it will cost a lot of money, particularly when the distribution of customers ordering from prime now is small. the long-term thing that jeff bezos talks about, they are willing to do that for 10 years. the concentration of customers in neighborhoods higher the cost for delivery , comes down and they are uniquely situated to do that and the early bad economics for the longer term payoffs. it might look bad now when you have one truck making one delivery in one neighborhood. but fast-forward to five years and suddenly that truck is full of stuff. emily: what do you make of amazon buying that ring doorbell company for and the efforts of $1 billion. amazon t to have a concierge service to have someone come inside your door and drop off packages. they even have housecleaning services they are testing out.

brad: i wrote about this in our tech news later -- newsletter on monday. in the short-term, amazon is up thisst google and apple in voice assistant automation world. people love the quizzing alexa and getting the weather. but in the future it is a utility that is going to be opening your door, dimming your lights, and amazon works with third party makers. but the more they bring in house, the better experience it is. over the longer term, not only allowing the delivery guy to and letting your housekeeper in. letting the plumber in and not having to wait for the cable guy, it is a true lock-in where they control your doorway, and it is powerful. emily: maybe even scary. brad stone, thank you for stopping by. later this week we will be speaking with amazon vice president of prime now and

amazon fresh. tune in for that conversation this another twist in the thursday. broad, versus qualcomm saga. the attempt to buy qualcomm could pose a national security risk. they say the sale could hurt competitiveness which would threaten security. the government panel that oversees foreign investment ordered a delay in a qualcomm shareholder vote, clearing the way for a broadcom takeover. coming up, more money more problems for the world's most valuable startup. uber is burning through cash at a record breaking pace and will -- we will look at where the money is going. if you like bloomberg news, check us out on the radio at bloomberg.com and at sirius xm. this is bloomberg. ♪

an uberf you see freight truck on the highways of arizona, you'll notice the driver will not have his or her hands on the steering wheel. self driving trucks are on the run since 2017 and the trucks cab,a human driver in the but can only pick up cargo at stations and can only go to the arizona border because they cannot navigate on city streets. no word if the companies are accompanied by a self driving trans am. and uber might be the most valuable startup, but they have one problem cash burn. , since its founding nine years ago, they have plowed through $10.7 billion according to a person familiar with the matter, so where is all that money going? eric newcomer took a look on bloomberg television. we shared fourth-quarter results for 2017. it is still not a full public

company. you don't know exactly where all the money is going. but really, autonomous vehicles and driver subsidies, legal fights, software engineers and even insurance costs are all of -- some of the major expenses that uber has faced. >> uber would say it does not matter, there is money to burn there is plenty of venture , capital where that came from. >> right. it is not a matter of them running out of money they have. last we saw they had $6 billion cash on hand. the money. it is amazing the amount they have been able to raise, about $70.3 billion, and the amount they have been able to spend, about $10.7 billion. and there's the question of whether the losses will ever get under control. they lost $4.5 billion in their net gap loss in 2017.

>> how to they stack up with other companies? >> we look at companies when they had similar valuation around uber's blended $54 billion valuation. if you look at google, facebook, delta, even amazon -- they were all making money when they had similar valuations. some of them had larger revenues. so uber seems not to have bought bigger revenues with all the money it has spent. >> what are the standard arguments that uber makes? >> key in uber's defense is growth. this is a company that, year over year, grew 90%. wasi think q4 over q4 around 60%. there is still a lot of growth in the business at a big scale. uber believes it is transforming transportation. if ridesharing is less than 1%

of trips taken in the united states right now, there is a lot of opportunity for growth, if you believe that the ridesharing industry is going to transform how we get around. >> also i thought they were doing better with dara khosrowshahi at the helm. some time.ad but it takes a while to turn a ship as big as uber. one thing i think was interesting when he spoke at the goldman sachs conference, he a more -- he struck growth-focused tone. they were talking about uber eats and they are working on uber freight. it is very much is still a company that is focused on we , are a world changing business and not one focused or talking about generating cash flows anytime soon. >> i love how you talk about a peter pan syndrome in your story. will venture capital still -- continue to fund uber if it does not at some point grow out

of the peter pan stage? >> it is beyond venture capital, the country of saudi arabia is almost more -- think about it. they invested $3.5 billion into uber directly and are major accor in softbank's vision fund, which made a huge share purchase at the beginning of the year. i think given there is so much momentum and support around the company, it seems if uber wanted to tap other global sovereignat. they have softbank on their team now. it is a matter of macro investing conditions, but for the time being, it seems there is plenty of interest to invest in uber. tech'sthat was bloomberg eric newcomer talking to shery ahn and vonnie quinn. coming up, bitcoin mining has taken a lot of heat for the heat it generates. we will talk to the man behind

one crypto mining company that went public today. this is bloomberg. ♪

emily: blackberry is suing facebook for patent infringement theirng they used messenger app. they were ordered to stop inviding the primary app websites. in the tech industry, copying what works is sometimes necessary. it wasn't supposed to be a banner day for a canadian cryptocurrency mining company added -- as it made its debut on the exchange. but instead, the company billionaire investor slumped during its first day of listing. caroline hyde spoke with sean clark to get his thoughts on the

future of cryptocurrency mining and tuesday's debut. sean: it was formed with the intention of providing victory to the capital markets. you can think of them as a proxy in north america. hot eight is listed today in the toronto stock exchange venture. it is an on rap for retail accesss an on-ramp for to cryptocurrency. it will ultimately give them cryptocurrency without having to purchase the cryptocurrency itself.hat is inr the investor base. fury andn it for bit hut 8? does it allow you to raise more money in the future? the listing doesn't raise money in and of itself. >> what it does is grants access to capital in a much more

efficient way. bit fury is a private company. but hut 8 is a public company. we can pre-finance our electricity footprints across north america. that also gives institutions access to the future potential growth, which we are investing in through the data center rollout. >> who do think will be the main investor base interested in hut 8 and therefore bit fury? will it be retail investors? over $200 raised million in private placements. bit fury had the largest minority stakes. by 46st is owned financial institutions in canada and the united states. with this listing we expect retail investors will gain

exposure and we are confident that the stock will perform based on sound fundamentals. at the end of the day, why hut 8 is unique is because of its relationship with bit fury. we will have proprietary access to chips so we will get the best access to chips. we have zero operating risk and -- because bit fury has been operating data centers since 2011. we will gain capital, which will allow us to establish large electricity footprints that will allow us to have large data centers. >> you talk about electricity footprints. this is something becoming more of a concern about bitcoin mining. the climate change affect, and the electricity needed. there is a push particularly by m community to move to a proof of work concept that mining has. is that business model a risk

for you? it is not, and there are two reasons for that. bitcoin will always be proof of your work. the electricity it is consuming preserves mutability. there will be five to seven major protocols that will underpin the digital currency asset class over the next three to five years. by consuming large amounts of electricity the bitcoin , blockchain will contain immutability. it is a protocol important to the entire asset class. however, at the end of the day, willitcoin blockchain always be in proof of work consuming electricity because that is the security it represents. the second point i want to say in terms of the high electricity there ison of bitcoin, a little bit of -- let me put it into perspective. if you look at gold and mining

resources, pulp and paper the , traditional banking financial rails -- the amount of electricity those industries consume from soup to nuts is in an order of magnitude more than what the bitcoin blockchain is consuming. you can guarantee sustainable energy is a lower cost. it will drive adoption and more innovation will come in renewable energy, simply because it is more efficient. at the end of the day, the digital currency asset class will help the economy and make energy production and consumption more efficient. >> you talked about bitcoin being key in the next five to seven years. is it scaling currently to be able to ensure its future path in seven years? we heard from mark carney, the bank of england chief saying, the crypto assets you have in your wallet today will not be

those you have in the future. how do you know bitcoin is here to stay? >> as i mentioned before bitcoin , will be one of many major protocols, but it is proof of work security protocol aspect of am a bitcoin and its immutability which will guarantee its long-term success. bitcoin itself is working on off chain transactions like lightning network, which will basically allow the bitcoin blockchain to be used in transactions that will be able to process transactions per whereasion second, these up and mastercard max out at 50,000 transactions per and second. is how the bitcoin blockchain will remain relevant, because of the security base. but it is a smart contract protocol, it is the glue and logic that operates all the code. there's going to be three to five other protocols that maybe haven't yet been created. but we are still in a nascent stage of this asset class, it is a $500 billion asset class and

rbc projected it could be a $10 trillion asset class. we are bullish and absolutely agree. when you buy shares of hut 8, we're agnostic on the price of cryptocurrency. we are laying industrial sized data centers that will mine all major protocols. when you are purchasing shares you are buying a royalty, because we have a low cost base and keep the underlying cryptocurrency. that for that like of a stock, that is something that would interest them when they purchase hut 8 shares. emily: that was sean clark speaking with caroline hyde. coming up, the battle for the cloud continues to heat up. one company looking to stave off giants like microsoft and amazon. that is next. this is bloomberg. ♪

>> you are watching bloomberg. i am debra mao. president trump's top economic advisor gary cohn is quitting over the administration's threaten tariffs. he even invited u.s. steel and aluminum producers to the white house. trump says he has no choice to go ahead, claiming the u.s. has a poor deal with trading partners around the world. i usually dovish fed governor sayingainerd --brainard the target has improved. if said financial conditions are supporting growth. although wage gains fall short of levels. respects, the macro

environment is the mirror image of what we confronted in the earlier period. policy.own the path of today, with headwinds shifting detail winds, the reverse could be true. >> president trump again signals he is open to talks with north korea after the south said kim jong-un is willing to consider giving up a nuclear weapons. a south korean delegation spent more than four hours with kim on monday. kim said he is willing to suspend weapons tests if the safety of his regime were guaranteed. trump will meet with moon jae-in month. the have a check on markets. it has been a topsy-turvy day for asian stocks. investors look at the implication of cohn's

resignation. more pain ahead as asian stocks are stumbling. aussie shares leading the drop, sliding over 1%, adding to it concerns over philip lowe. he said the tariffs from president trump are bad policy. slumps ahead of this afternoon's policy decision. the session in tokyo has been a bit of a roller coaster. investors are snapping up defensive stocks. 105yen edging toward the handle. boosting the currency of the korean won, boosting the most in the year, given the backdrop of the trade fears. out to seeh it equity movers in the region. i want to highlight kobe steel. we do have that stock falling the most since october, after cases of data mishandling leading to the president resigning, as well as other

executives. mitsubishi motors falling. they could shave off 2% from carmakers operating profits. that is a quick look at the asian market session midday in hong kong. i am sophie kamaruddin. ♪ this is bloomberg technology. i am emily chang. the world of cloud content management got big news when dropbox announced it will file for an ipo. one company that beat them to the public punch is rival, box. shares have picked back up in the last couple days. to get deeper into box's recent results, our guests. the last couple of days have been better, but there's concern about the competition, there has always been concerned about dropbox decelerating growth. what you have to say about that?

>> i will clarify as much as possible. q4 itself, the quarter we just came off of by all accounts was , strong. we did 136.7 million in revenue and analyst estimates were at exactly that number. that is the range we got into. with over 13 million in cash flow. a really strong quarter overall. what box looks like when we are the best, serving the largest companies on the planet, insurance agencies, banks, government agencies. we did 70 deals of over over $1 and nine deals million. there was a decelerated rate for that was lower than analysts 2019. expectations, hence the pressure on the stock. the reason for this is we are transitioning from a single part -- product company to a

multiproduct company. as we are doing that, the way we are selling is to bigger customers and bigger deals i -- deals. i wanted to make sure we set ourselves up for a good foundation for the year that would have leverage for excluded growth later this year or especially next year. we are on a path for over a billion in revenue but we want to be conservative in how we are guiding. emily: now that you have seen the numbers and they have filed to go public, are you concerned about the competition? aaron: i don't think the numbers change the competitiveness of the business. we have generally known at a high level how they are performing. consumer intel business, 60% or 70% of revenue, users like you and i using it for professional or personal use. and then a third of revenue is b2b. that is probably the only part of the business that looks anything like box. that tilts more towards small

business or teams. emily: why couldn't they go after large enterprise? aaron: in some cases they have been trying over the past five or 10 years. our companies over time have evolved to look very different. the kind of salesforce and consultants and professional services you need, compliance, buildtory controls you into the platform, and up looking like a different company to scale. i think what our 1800 employees do everyday is different than what dropbox employees do. even though in name we are similar and let you store and share files, the general electric's of the world need a different type of functionality. emily: any advice? aaron: i generally don't give advice to pseudo-competitors. the more we can be as clear as possible in our two businesses,

the better. it will put a massive spotlight on this industry, and that is good for us. we are collectively going after a 40 to $50 billion market, and so there is no shortage for us to tackle. we are focusing more on enterprises and they are focusing more on consumers. now the boxes cash flow positive you say you will be investing more. where are the futures out there of companies you might like to acquire? aaron: i am not going to announce any moves today. emily: why not? aaron: ir and pr and the sec has -- they have problems with this. we will get there one day. we are focused on our organic growth and r&d. the best way to think about our roadmap is, if you are a 50,000 person company or 100,000 person company and you are transforming how your business works if you

, are a bank or life-sciences company or government, we want to be a backbone of how you manage security and information, and we are products that bring more intelligence and ai to the box. a lot of solutions that go deeper into security or compliance tend to better serve our customers. emily: bloomberg has confirmed that gary cohn is leaving his post at the white house. aaron: wow, breaking news. the coo of goldman sachs, this has been well known for a while. you have been an outspoken opponent of the trump administration. what you make of this in the context in general the year into this administration? are we better or worse off than we would be? aaron: we are so off the path where i could imagine. generally, we tend to think linearly and this has been very nonlinear. i think his resignation would lead to more internal chaos than

we would already be seeing. it is hard to know where we are today versus where we could be a year ago. it is not good to see that lack of stability and steady hands of some of the people who he was surrounded by. emily: you think it will hurt business? aaron: i have no idea. businesses and the market probably appreciated someone of gary cohn's background and political views involving the administration. very pro-trade and oriented towards a growth economy, and so i think this could put risk for policies. this is what matters a lot of these roles, who is advising the president and ultimately what are the policies we see enacted? gary out ofne like the system, not advising trump i , can't imagine is a positive thing. emily: great to have you here on the show.

thank you so much. we'll talk much more about gary cohn's resignation. we are continuing to cover breaking news president trump's , top economic advisor gary cohn is stepping down. president trump says in a statement that gary has been my chief economic advisor and did a superb job of driving the agenda and reforms unleashing the market economy once again. he is a rare talent and i thank him for his dedicated service to the american people. we will continue to bring you the details of the story as it happens. this is bloomberg. ♪

emily: a developing story coming

out of washington, bloomberg is reporting gary cohn is resigning as president trump's top economic advisor. cohn in a statement issued by the white house says it was an honor to serve, especially with historic tax reform. he says he is grateful to trump for the opportunity and wishes him and the administration success in the future. marty schecter is here in san francisco joining me in the studio with more. we heard this was coming -- we heard this was coming for month that it did not happen. now it has. what do you make of it? >> what i make of it, we reported this morning a story that if donald trump going to impose tariffs, that he would resign. does this signal donald trump is not going to change his mind and impose aluminum tariffs? out goes his chief economic advisor. if you were the chief economic adviser in the person you are advising is not taking your

advice, it is time to go. emily: gary cohn is a democrat and contributed to hillary clinton's campaign and was an unlikely candidate for the job in the first place but he took , it. what do you make of it coming to an end so quickly? i suppose in the context of other positions, maybe it was not so quick at all. there is an incredible amount of turnover. >> one year in the trump administration is like four years in any other one. it was not a normal work environment in terms of presidential administrations. he did orchestrate the tax bill and said that was the reason he was there to try to get that through. i could take some issue if it is truly tax reform, there are a lot of people critical of that tax package. it will be very interesting to see who were places gary cohn in this administration and what is he or she -- are they going to

be the free trade wing or the protectionist wing? emily: what do you suspect? marty: i suspect it will be more towards the protectionist wing. emily: what does that mean for business? this has been a pro business administration. the issue of being protectionist has not been tremendously fulfilled by the trump administration so far. the tariffs are the strongest efforts he has taken on that front. is this donald trump doubling down on his rhetoric? it may very well be. and that will not be good for business as the markets have shown. emily: where do you think gary cohn ends up after this? some thought he was heir apparent at goldman sachs. when he left that was not the case. so what next? it is very interesting his departure comes after powell was rehired by goldman sachs and elevated. the idea of him returning to

goldman sachs is probably a nonstarter. i do think -- there was disenchantment with him and the -- within the firm. will he return to wall street? he has some credentials he has to reestablish with wall street. don't forget, his tax package removed the state and local tax deductions for places like new york where investment bankers , live, and california. whether he does philanthropic work, he is active in that area, remains to be seen. he does not have to work, he is independently wealthy. he can pick his shots. but i do not think will wind up on wall street. emily: what about his reputation now that he has taken this job that some people might not have approved of? marty: i think he has to overcome that. i actually think his legacy as a financier and a philanthropic force will probably override those concerns but it is going , to take time. he will probably take time to

decide what he will do next. whatever he does, it is something he wants to do rather than something he is forced to do. emily: let's talk about what this means for the trump administration. day after day it seems like somebody is leaving, every single day. marty: but it is not chaos. emily: it is not chaos. how does the administration recover? marty: that's not overstate things. gary cohn was an important force of free trade and market forces within the administration but ultimately donald trump runs his presidency and every thing goes through him. they did accomplish tax reform. they have accomplished deregulation. it looks unlikely they will get infrastructure. it will be very interesting to see who gets this position after him. if it is peter navarro, who seems to be ascending, i think that sends a very troubling message to some participants in the market who feel that the

progrowth a globalization force that has propelled the economy for so long will be held back. emily: it is not just about gary cohn, there are reports of other departures coming. in the last few weeks we have seen more turnover than any administration in history. marty: that is true, and what is more troubling for this administration is their inability amid this seeming disruptive atmosphere to attract and hire really quality people. we know that they are having trouble getting qualified people to join this white house because of the outward chaos that emanates from this white house. emily: since you are here in silicon valley, i spoke to aaron levy, who was vocal against donald trump and most of silicon valley was very open about not supporting this president. we have seen a couple of meetings between the president and silicon valley ceos and not a lot has come of them.

do you have any indication of the state of the relationship between silicon valley and washington at this point or is it basically on pause? marty: it is basically on pause. donald trump knows where he stands in silicon valley and frankly doesn't care. one thing interesting that is coming up is the whole issue of intellectual property theft by china. donald trump's promised to do something about that will be viewed as a very positive development in silicon valley and a very strong step against something that is the devil to -- something that has bedeviled this industry for a long time. despite the fact that silicon valley doesn't support donald trump, he will actually take steps to protect some of their most valuable assets. emily: there is a report the president has already canceled a tariff meeting that gary cohn has arranged. so the process of undoing is already underway. marty: there is. we heard president trump would

announce the tariffs before that meeting, which would have been a tremendous snow but to gary cohn. emily: i am glad you are in town. to getou so much, great you on the set. we will continue to follow this story. coming up, as the annual national people's congress is under way in china, we look at the relationship between tech leaders and chinese president xi the most powerful leader in , china in decades. this is bloomberg. ♪

emily: we are continuingg as ofs president trump's top economic advisor. for more i want to get the tokyo, where we are joined by peter elstrom. obviously this is news that will be noticed in china.

what is the impact of this, especially considering the issues surrounding these tariffs? it is big newsy here. it looks like gary cohn, who had opposed many of these threats that the administration was making about imposing tariffs on aluminum and steel is now leaving the administration. that is a sign they are getting more serious on some of these tariffs and the trade restrictions. that is a concern for many of those who supported more free trade. i think in particular, in the case of technology companies, it may shine more of a light on these protectionist measures or allegations of protectionist measures within technology industries. as we see facebook twitter, , google, many american tech companies, cannot operate within the chinese market because of restrictions there. at the same time, companies like

tencent, now the most valuable company in china, is able to services andchat other services in the u.s. that is an issue that ambassador to china has raised in the past and it may get more attention because of these tensions. emily: is there any likelihood that would change in the future? now we know the chinese government has removed this two term limit for the chinese president, which means president jinping could be in power for many years. the communist party in the last two years has not budged on their position of censorship and how that impacts some of the u.s. technology companies. if anything, they have gotten more strict. peter: it certainly doesn't look that way. for a long time there was the expectation china could not maintain censorship and controls over the internet. but that has changed in the past few years. xi has imposed stricter controls

and you will see at the end of this month, new controls going into effect on the internet companies that operate there that have to do about data sharing and government access to data. they are moving in the opposite direction. that means that for facebook and other companies that hoped to , theiro this market chances are gone. the npc, what we are seeing is the technology leaders in china are coming out and voicing their support for xi and communist party. they feel the system they had in place worked very well. and why not? tencent and alibaba are among the most profitable companies in the world and they're using that profit haven to expand globally. emily: as you mentioned the npc, the national people's congress, the annual meeting of chinese communist leadership meeting this week. there will be various tech ceos in attendance. what are you watching for and what are the importance of these

meetings? and showing face, if you will. peter: the big news is going to be that they are going to remove term limits for the president so that xi can stay longer in power -- stay in power for longer than the two terms that has been accepted up to this point. for tech leadership it is important to show their faces. they voice support for the administration. tencent the head of came out and said the importance , of integrating southern china and hong kong in particular. many ceos including robin lee, talked about how they want to haveand that helped signal more junior officials in the country that these guys are part of the political leadership. emily: peter elstrom for us in

tokyo, thanks for that update. that does it for this edition of bloomberg technology. we are live streaming on twitter. check us out weekdays at 5 p.m. in new york. that is all for now. this is bloomberg. ♪

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