russia investigation, has resigned. dowd says he, quote, "loves the president and wishes him well." dowd reportedly clashed with mr. trump over legal strategy. democrats on the house judiciary warning the president to not shut down the special counsel investigation into retro meddling -- russian meddling in the 2016 election. >> so much of what the president says is simply factually incorrect. these tantrums are more than merely the online musings of a passionate viewer of fox news. these statements are threats from the president of the united states against our rule of law. : the house has passed $1.32 trillion spending bill -- $1.3 trillion spending bill. it has been sent to the senate, which is expected to act tomorrow. secretary of state rex

tillerson said goodbye to department employees today. he lamented what he called the mean-spirited nature of washington, but he told them "you don't have to choose to participate in that." this is bloomberg. "bloomberg technology" is next. ♪ chang, and this is "bloomberg technology." in sixdrop the most weeks after president trump takes his biggest shot yet at china. with zero in on the markets and the trade war brewing between the world's two biggest economies. mark zuckerberg broke his silence, but did wednesday's mea culpa go far enough?

our continuing coverage of the cambridge analytica debacle. the increasing scrutiny on autonomous driving technology in the wake of the fatal crash in arizona. we will get perspective on the road ahead for driverless cars from gene munster. we want to start with some quick breaking news on dropbox. the company pricing its ipo at $21 per share, above the expected range. trading begins tomorrow on the nasdaq. we will be there live with our very own alex barinka. alex will join us later in the show to talk about what his -- what to expect. first, i want to talk about the massive market selloff we saw in thursday trading. president trump has talked about getting tough on china both as a candidate and now as commander in chief. on thursday, he took his boldest step to penalize china, ordering sweeping tariffs on at least $50 billion in chinese imports. the president highlighted intellectual-property theft as a major sticking point, claiming

it impacts hundreds of billions of dollars per year, and the markets reacted strongly. stocks falling the most in six weeks, with both the dow and s&p down to .5% on the day. the dow falling over 700 points. also with us, bloomberg gadfly columnist tim culpan, joining us now from san francisco. walk us through today. trade and tech -- the big stories of the day. talk about the selloff. >> it was a big day. that dominated the market. we were weak all day. you look at what happened as we hit the 3:00 hour on the east coast. all of the so orders -- sell orders started a pilot. no one was buying the -- started to pile up. no one was buying the dip. the s&p and dow started having their worst day since the february panic.

dowthe stocks in the finished lower. the only sector that was up today was utilities. the reason was primarily because it was one of the few safe havens people saw they could move into. we saw a lot of other flight into safe havens, including treasuries, including the yen, including the swiss franc. a lot of people are also taking concern about some of the technical levels where we are heading today. if you take a look at where the s&p 500 traded today, we were well below the 50-day moving average heading into today, but then we broke the 100-day moving average, which people see as an indicator of the strength or weakness in the market. hit that level a few weeks ago. we bounced off it and rallied. we didn't do that today. we hit that level and broke right below it. there is some concern that could mean more losses are to come. that will depend on what we see out of the tech sector. the nasdaq having an awful day.

nasdaq 100 down for the seventh time in the last eight sessions, headed for its worst week now since that february panic. we don't have a lot of catalysts coming into this market. we have dropbox's ipo tomorrow. that could provide a little boost. human mind all the things that were leading this market, the -- keep in mind all the things that were leading the market, the fang stocks, every stock in that index was down today. this is the moment we are in now with this market. tech, which has shown such great leadership, is now holding us back a little bit. when you see tech pressured, you will see the broader market pressured as well. emily: tim, there is still some unknown information here. big u.s. companies like apple and amazon, for example, manufacture products in china. how is tech likely to be impacted by these tariffs? tim: what's interesting is, if you think of the major areas donald trump is talking about,

forth, metals and minerals account for less than 7% of u.s. imports from overseas. .t's not a very big area the largest area is electrical machinery, and it's a very broad term, including everything from mobile phones to microwaves to electric motors. that's a much larger area of imports. then you look at the tech sector in the u.s. the largest company is apple, and that's a hardware maker. that you have amazon, facebook, google, microsoft. they don't do much hardware. these are companies that, if you put up barriers, terrace, who are you -- terrace -- tariffs, who are you looking at? the iphone and pretty much every smartphone, apart from those made by koreans, is made in china. most computers are made in china, often by u.s. brands. when donald trump talks about putting on terra -- tariffs and put -- protecting the united states, what is the objective?

he seems to be lashing out. steel is a great area. not of u.s. tech is hardware anymore. emily: now, romaine, walk us through what exactly is happening with tech stocks. what relates to tariffs and what relates to what's going on with facebook and the cambridge analytica anniversary -- controversy? romaine: tech was the leader. most of the prophets folks have seen this year in the market have largely been in that folks have- profits seen this year in the market have largely been in that large-cap space. as soon as there is a negative catalyst, everyone is going to rush out the door. that's what you saw with the facebook allegations coming to light last week, spilling over into this week. you are seeing it to a smaller extent with pretty. there is a bigger issue about the general idea -- with trade. there is a bigger issue about the general idea of how people

trust the market. whennt through a period everybody was fine on any small bit of news. any reason people have to sell, they sell. the facebook matter has raised a lot of questions about the viability of the business model. we are still a long way from knowing exactly how that's going to shake out, but not a lot of people trust the process right now to wait and see what's going to happen. you are seeing the same issue on trade. people are not trusting in the process of what's going on out of washington and they don't want to wait around and see. emily: we are definitely going to talk a little more later in facebook'sout how business model could potentially evolve as a result of this. tim, how is china specifically likely to respond to these tariffs? tim: what's interesting is, ariffs,n the terra -- t you are giving fodder to the chinese.

if the u.s. doesn't do anything or put anything in writing, it is much more difficult for the chinese to react. when you put down concrete measures such as tariffs, the chinese can say, you are starting a trade war, you are doing this, you are doing that. fs,ond the terra -- tarif trump has told the treasury secretary to to look into ways to find -- to restrict investment by chinese companies into the united states. this has been an ongoing theme for many years, even before the trump administration. the obama administration and even the bush administration before that, this has been a concern. the committee on foreign investment in the u.s. works behind closed doors, shared by the treasury secretary. -- chaired by the treasury secretary. when they come out with a recommendation, they don't have recommendation, they don't have to tell anybody why. if they put down in writing the rules of what can and cannot be invested by chinese into the

u.s., then suddenly they have put down in writing concrete steps that the chinese can then react against. they can hold up that piece of paper and say, hey, you said we can't do this, we are going to allow you to do this. the fact that cfius works behind closed doors gives the u.s. a certain amount of cover to say, we are not going to tell you exactly why the deal was not back, but if you put it down in writing, you are giving ammunition to the chinese. emily: bloomberg's tim culpan and romaine bostick in new york. i know you will keep us posted. coming up, we focus in on one of the bigger tech stocks to tumble this week. that is facebook, as a response to what may be its biggest crisis today. -- to date. as public opinion sour on the social network, you will hear from a former facebook executive next. check us out on the radio. listen on the bloomberg app and

in the u.s. on sirius xm. this is bloomberg. ♪

emily: facebook remains embroiled and perhaps its biggest controversy to date. the fallout continues in the wake of the exploitation of data on millions of facebook users by the political inserting for -- consulting firm cambridge analytica, which has ties to president trump. shares getting hammered this week. facebook ceo mark zuckerberg wrote his silence on the crisis with a mea culpa on cnn on wednesday. >> this was a major breach of trust, and i'm really sorry that this happened. we have a basic responsibility to protect people's data, and if we can't do that, then we don't

deserve to have the opportunity to serve people. toly: zuckerberg pledged investigate whether cambridge analytica still has the information it obtained from a third party app developer and promised to broaden the probe to other developers who may have run afoul of facebook's rules. still, these pledges were not enough are some -- for some. zuckerberg was called to appear before a house panel. is the formerer head of global business marketing at facebook and the author of "becoming facebook." he joins us now from san francisco. i think we can safely say this is the 11th challenge that will certainly define the company, mike. just how damaging -- let's not talk about the business yet, but let's talk about the company as a whole. how damaging is this to user trust? mike: of course, it's not the

first giant challenge they have had. we will look back even to the dawn of newsfeed itself or the 2007 release of he can -- of beacon for the 2009 adjustment to the privacy controls. we have a unique situation because of the scale that thei y're operating at. we saw mark say exactly the right thing, that this is about trust. when you get into a situation like us as a leader, you -- like this as a leader, you have to remember it is about trust and heart and communicating that way, as opposed to communicating brain. we've seen leaders struggle with rationalizing their way through the crisis, even steve jobs rationalizing the way the iphone antenna gate happened. the time is now to see how committed he is to the expectations we have made for him. emily: the think that this time

think that this time public trust in facebook is fundamentally damaged? mike: i think it is. i think it probably comes on the back of a 15 month arc where we began to wonder a little bit how we feel about newsfeed, where we began to wonder whether we were potentially being manipulated either organically or through faith means -- paid means. now we have become very cognizant of the fact that our data may be making its way to places that we had never agreed to. facebook facebook needs to understand that we expect facebook to take care of us. it is impacting our lives in

good ways and perhaps in ways we need to take a harder look at. it is important that they hear that now. emily: there have been clips circulating of things that zuckerberg has said over the years. that09, he told the bbc data belongs to users. is that a lie or is that just painfully misleading? mike: i don't think it's a lie. it's important to understand that, to the extent facebook sells anything, it is access to people, to communicate with people, to connect with people. what they have to do is really take great care of that access. noir the players that are able to receive that access -- who are the players that are able to receive that access? while he wants to open the world to many many voices being able to communicate on facebook, which has been so crucial to the prosody changes they have brought -- the positive changes they have brought, they really need to take care of us when it comes to the manipulators that

want to enter the system and to create a system that does not allow them to be part of it to begin with and certainly does not allow them to get distribution into the newsfeed that plays such an important role in our lives. emily: that said, how does facebook make that decision about who should and should not have fact? we know there are malicious actors out there that want to break the rules. how does that ultimately impact the business if that data is now not available? mike: there are some things that are incredibly clear. for many years, facebook has had to prevent nazi sympathizer content from being distributed in germany. they have had to keep nudity and other objectionable content off the platform. those are extremely black and white, very clear issues. subtlety,mes to communication, maybe even buy smaller voices, you can't just ask yourself how big is this voice, therefore they should

have access -- so many voices around the world can have access. we began to hear more from zuckerberg yesterday about their ability to use artificial intelligence to interdict what are clearly fake accounts and what are bad actors. i think we will see an era now going forward of mark really beginning to put his finger much harder on the scale of newsfeed, to really throttle and close the aperture on distribution on newsfeed for sources whom we cannot trust clearly verifiably and also for sources that we simply may not know a lot about. at the end of the day, we need to get back to a newsfeed that we as facebook users trust, that we enjoy. that is really much more about the people that we know, the things that are happening in their lives, and much less about obscure sources of information that may or may not have our best interest at heart. emily: zuckerberg told cnn that

he's not sure that tech it be regulated -- tech should not be regulated. what about regulations on data privacy?should the united states take a stronger line, much like they have in europe? mike: i think you heard zuckerberg actually say the question isn't so much whether there should be regulation, but what that regulation looks like. i do feel he was quite open in that way yesterday. as you mentioned, in europe, they have already been quite serious about this for some time. they are getting more serious yet. i think what's important to understand is that zuckerberg will make decisions in the interest of the long arc of the mission that he is out to solve. many people don't believe that he doesn't have the profit motive in mind. i've seen him act many times in ways that are not primarily about the profit motive. he will absolutely sign that will preserve the mission of a spoke, to connect people and --

of facebook, to connect people and build community. is that means regulation -- if that means regulation, i think he has indicated he will step up to that bar, and i think he certainly should. emily: he said he would testify if he was the right person to testify. we will see how that pans out. thanks to mike hoefflinger, author of "becoming facebook." coming up, the latest news on dropbox, pricing its shares above and already increased range -- an already increased range. this is bloomberg. ♪

emily: dropbox is getting ready for its public offering on friday. dropbox raised $756 million in its ipo, according to a person familiar with the matter, pricing its shares above and already increased range -- an already increased range.

trading begins tomorrow on the nasdaq. alex barinka covers deals in new york. demand is strong. what does this price tell us? alex: folks are willing to buy in. dropbox is closing the gap on this valuation discrepancy between private and public. it's a thing a lot of people have been focused on. they set a tenley dollar private valuation. this gets them -- they set a $10 million private valuation. this gets them a little closer a $10 billion -- they set billion private valuation. this gets them a little closer to $10 billion. the market has not been very favorable for tech stocks. 2.5%asdaq 100 was down today, the steepest decline in about six weeks. dropbox was contesting not only with having to pitch their narrative, but also dealing with

convincing themselves that they can rise above the fray of the concerns around facebook which, has driven that whole sector down, concerns around the tariffs that president trump laid out today, and a potential increase of pace of higher interest rates. cutting through a lot of noise here, seems like a good pricing for dropbox. we will see what the rest of markets vote in terms of their theing tomorrow, when shares start trading down at the nasdaq. emily: that was my next question. dropbox is diving right into the middle of this volatility. we know it has been led by facebook and by what we are seeing going on with trade, but how could that impact the performance tomorrow? alex: if folks are chasing growth, this might be a stock to jump into. seem prettyl conservatively valued when you compare it to some of the comparables. dropbox wants people to look at them like -- dropbox is closer to half that at this price. if folks sees this -- see this

as it has value, they might rotate into this. if you look at the history of first day of trading in ipo's, there's a lot of volume. typically the price tends to go up on some of these hotter stocks. emily: all right. alex: we will continue watching as it trades as a public company. emily: alex barinka. we will have full coverage of the dropbox ipo tomorrow on bloomberg television from the nasdaq. alreadyp, salesforce is a towering force when it comes to cloud computing, and it is looking to cement that stature with its latest acquisition. that's next. this is bloomberg. ♪

mark: i'm mark crumpton. you are watching "bloomberg technology." house speaker paul ryan is distancing himself from trump's congratulatory call to vladimir

putin. >> he does everything he can to undermine democracies, not just hours, but all of our allies. i would not have kind words to say if i was speaking to him. mark: british prime minister theresa may called the attack on a former russian spy and his daughter "brazen and reckless." prime minister may: it is clear that the russian threat does not respect borders. the incident was part of a pattern of russian aggression against europe and its near neighbors from the western balkans to the middle east. mark: french prosecutors have placed former president nicolas sarkozy under formal investigation for illegal campaign finance and corruption. the probe is linked to allegations that moammar gadhafi helped fund sarkozy's 2007 campaign. belgian held ceremony that belgium held ceremonies to mark two years since the deadly

terror attacks -- belgium held ceremonies to mark two years since the deadly terror attacks today. global news, 24 hours a day powered by more than 2700 , journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. it is just after 5:30 p.m. here in new york, 8:30 friday morning in sydney. my colleague paul allen has a look at the markets. good morning. paul: it's going to be a pretty interesting day across the asia-pacific to end the week with the announcement of president trump's $50 billion in tariffs against china. we have the index off by more than 1% after the first 30 minutes of trading. this follows the dow, the s&p, and nasdaq, all significantly lower. at least it is not facebook off the front pages, but facebook has slid again with mark zuckerberg being summoned by congress.

asx futures are weaker by 1.5%. nikkei futures, traded out of chicago, also weaker. the aussie dollar has slid below $.77. the yen is the only gameer against -- gainer against the resurgent u.s. dollar. gold up more than 1% over the past few days, although it has eased a little. proved showing some buoyancy -- crude showing some buoyancy. iron weakening. japan's cpi for february out later today. i'm paul allen in sydney. more from "bloomberg technology" next. ♪ this is "bloomberg technology." i'm emily chang. u.s. stocks posting dramatic losses in thursday's session as fears grow of an escalating

trade war between the u.s. and china. tech stocks not immune to the selloff,. abigail doolittle joins us with more from new york. we know facebook. we know trade. dig a little deeper on what drove the negative sentiment. abigail: another extraordinary day for the equity markets here in the u.s. i say that because the major averages opened lower, big onlines on trade war fears, the news that president trump was likely to put into place those $50 billion worth of tariffs to china. we traded lower in the midmorning. another piece of the uncertainty, the d.c. drama. of --s top lawyer, ahead for the special counsel investigation, resigning, throwing markets into a bit of a tailspin. when president trump signed those tariffs, a little relief, than a selloff.

it speaks to the level of uncertainty we are seeing on the day, the week, and the year. the dow is down more than 2% on the year. investors are grappling with all these issues. plus, behind all of this, yesterday the fed did raise rates. they also reinforced the idea that there will be three rate hikes this year, than the path will steepen for 2019 and 2020 -- then the path will steepen for 2019 and 2020. lots of uncertainty. speaking to this year's volatility, markets are tightly wound. it does not take a lot to set them off. on monday, of course, we had the facebook linchpin, than the fed -- then the fed. today is the worst day since february 8 for the major averages. we have quickly into the bloomberg and see the technical damage done to the nasdaq 100. the beautiful uptrend with the nasdaq 100 futures above that 50-day moving average, telling us the buyers are in control, a

lot of confidence. this year's it with saws -- year's big whipsaws. back down in this range, back below the 50-day moving average. we could see the nasdaq 100 futures go down to the bottom of this range. lows, itfebruary's would confirm a bear market for the nasdaq 100. perhaps more uncertainty ahead. emily: -- the bigger bearish picture. -- that's the biggest bearish picture. abigail: the fallout from facebook continues. the stock finished down about 2.7% on the day, but on the week, the stock is on pace for its worst week since august of 2012, when the company and the stock were having a tough time out of the ipo gate. investors are bearish on the state of crisis, not sure what it's going to mean -- on this data crisis, not sure what it's going to mean.

apple, amazon, netflix, alphabet -- all lower on the day, selling off on the overhang of uncertainty. very interesting, to me at least, is the fact that some of the big chinese internet company's sold off in a big way, too, including -- internet companies sold off in a big way too, including baidu. lots of uncertainty for investors to deal with. emily: abigail doolittle in new york for us, thanks for bringing it all down. another extraordinary day. when it comes to building cloud-based customer management tools, salesforce continues to dominate the market, ahead of oracle, ahead of a safety -- of sap. if the only large-cap software company with more than 20% sales growth of the last -- it's the only large-cap software company with more than 20% sales growth over the last two years.

i would like to welcome bret taylor, who has also served as facebook's chief technology officer. it's great to have you back. i believe this is the first time your joining us on television since you sold quip to salesforce. i'm curious after having worked, so many years in consumer technology at facebook, google, with quip, what has the transition to the enterprise been like for you? bret: it's been really amazing for me, actually. you look at the landscape of technology right now. i think it's changing more rapidly today that it has in generations -- today than it has in generations. it is not just one change. it is artificial intelligence, the internet of things, mobility, the smart watch, amazon alexa. for a company like a google or facebook, where i was previously, we have building engineers to grapple with those changes.

if you are a 100-year-old insurance company or health care company trying to figure out, how do i provide a customer experience in the face of all this change, it's really challenging to do. fundamentally, that's our mission at salesforce, helping every company in the world transform their customer experiences. it is really empowering. emily: this announcement, that you have agreed to buy this company, what can we read into it it? it seems to be a desire to stretch beyond salesforce's core tools. bret: if you think about what it means to transform a company that wasn't born in the digital era, this digital transformation, we fundamentally think it starts and ends with the customer, even if that means transforming a bunch of your legacy systems. the reason we are so interested in meal soft and this concept of integrating all these legacy systems is it really unlocks the

data from legacy systems to enable people to participate in all these amazing new experiences we are seeing on our phones and watches and through customer service experiences that are transforming business today. i do think that this platform is amazing. it really enables companies to turbocharge their digital transformation. for salesforce, it means they can transform the customer experience is faster, which is our mission. emily: salesforce has been very acquisitive, including buying your old company, quip. the deal chatter around salesforce buying twitter doesn't seem to stop. your intimately familiar with twitter. you are on the board. do you see salesforce making more big deals in the near term? bret: fundamentally, we work backwards from what are the technologies that we need to have to enable our customers to achieve their goals. we always work backwards from the customer and the customer experience.

we will always consider either building by or partnering to a call push those goals. that will continue -- to accomplish those goals. that will continue to be our focus. emily: what are the objectives for the developer conference? bret: to really cool thing about salesforce as a platform is we are not just targeting developers. we are trying to make a platform that enables a much broader range of people to have access to these new technologies. this event, happening in san francisco next week, the thousands of people who come here, many of them made a midcareer transition into technology, started outside of the technology industry, and learned for free using our self learning tools like trailhead. by doing so, they were able to actually get a career in technology. what i think is so powerful about that and why this event is so powerful, if you look at the landscape of technology and all the news stories you were just talking about, society class

relationship with the technology industry has really shifted over the past two years. what i'm so proud of it salesforce is we are really doubling down on this platform of enablement and empowerment and trying to create a job creation engine, so that not only can we transform our customers' companies, but people can transform their careers through this platform. that's a really empowering message, and that's what we're trying to get across next week. emily: he worked at facebook for so many years. you are very close with mark zuckerberg and sheryl sandberg. i'm so curious for your thoughts on this cambridge analytica scandal. where did facebook go wrong? what do you make of zuckerberg and sandberg's response, which many think was just far too slow? bret: the trend i see is just broadly, the technology industry coming to grips with the impact we are having on society. i brought up that fourth

industrial revolution concept from the world economic forum. i think that's apt because it captures how big this is. as the technology industry is maturing, i think we need to recognize that this isn't just about technology. it's about the impact on our society. my boss, marc benioff, often talks about how important it is that modern companies laid with their values -- lead with their trust, andticularly work backwards from that value in every action that you take. i do think that when i look at the lessons being learned in our industry right now, it is just reinforcing that it's the most important thing in our industry, trust. it's extremely important that your company is crafted around your values. i think it's a lesson that we haven't really had to learn today, just because i don't think the impact of these technologies was completely understood by society. i think that's what's happening now is those two things converging. emily: but you wonder if they were completely or better

understood by facebook. you have people like the cofounder of whatsapp, which facebook brought for $20 billion, saying to delete facebook. another -- and other former facebook insiders really talking about the potential threat of the social network. are you in that camp? i have a great deal of personal connection and loyalty to that company. it is uncomfortable for me to talk about. the thing i would say is that i do think -- the right way to think about it is that these technologies have changed the landscape of our society. everything from the smartphone to social networks have changed the way we interact with each other. they are much more than a technology. they change our behavior and our interactions. now, we always like to say at salesforce that these companies don't exist just to serve stockholders or

customers. it's about all stakeholders. that includes the communities around us, the government, all of our society. and i think that, right now, the way i think about it is, ok, these technologies are complex. their impact is very nuanced. how can we include all the stakeholders in coming up with a way to solve these problems? all right, bret taylor, president and chief product officer at salesforce. great to have you back on the show. . thank you. . coming up, the future of self driving cars is in question after an uber autonomous car collision. how realistic is the technology? how safe is it? we will discuss. this is bloomberg. ♪

emily: it's been a few days since uber halted its autonomous

driving program due to a collision in arizona that killed a woman pedestrian. footage released on thursday brought fresh scrutiny to the ride-hailing company's autonomous car technology. the accident is causing people to question whether self driving cars are the safest answer for the future of our roads. companies including alphabet, gm, uber, and tesla are investing billions of dollars to develop the technology. major -- proved mostly trouble-free. gene munster continues to believe humans shouldn't drive and that traffic and pedestrian fatalities will decline under autonomy. he joins us now. even in light of this tragic accident, why do you still believe in self driving technology? gene: [no audio] emily: i think --

gene: i've got you. emily: you continue to believe that self driving car technology is the future, and that fatalities will decline, even in light of this very tragic accident. why? gene: big picture, this will take longer than people think to get to the self driving world, but it's going to be a bigger change than people think, too. i look back to pictures of the 1917 -- of 1917, when horses were at a peak on new york roads. this is going to change dramatically. the reason i think this will power forward and that we will see this autonomous future is that, ultimately, humans are not good drivers. every year in the u.s., 5400 people are killed -- pedestrians are killed by cars. another 1000 by close -- bicyclists are killed by cars.

that rate has been increasing. it increased by 11% last year, the biggest increase it has had since they've been keeping records for the past 30 years. something is fundamentally wrong with how humans drive, so i want the big picture to be on the table. just to talk a little bit about tempe, i don't think this fundamentally changes the trajectory of all the trends we talked about, that machines are better drivers than humans. emily: you have a new note out about where specific automakers stand. talk to us about who is in the specifically, given that they are the ones behind this horrible crash. gene: in the league is waymo, just because they have the most miles driven. general motors claims they will have level five autonomy, which is no steering wheel, in 2019. some may say that general motors is in the lead, but i want to put a little perspective on that prediction from general motors. last week, we get a call with an

expert who works around these vision technologies used in self driving cars. when she talked about that prediction from general motors -- she is based in detroit -- she laughed. when we think about defining what is in the lead, a simple statement from general motors isn't necessarily evidence of that lead. leadnk waymo is,, in the -- is, from a technology standpoint, in the late. apple has -- in the lead. apple has 46 self driving cars on california roads. it ismple answer is companies like waymo, tesla, apple, and uber still is in the lead. emily: how far away then, given --t has happened with uber how many years away are we from

being sure that self driving cars are actually safe, safer than humans? probably 2025 before we actually see measurable fleets out there. self-driving car is will start with limited speeds and limited areas they work in. think of this as seven years away. wententioned -- mark through and look at all the major automotive companies and what their predictions are. most of them say they will have some high level of autonomy between 2019 and 2023. we think it will naturally get pushed back, but it is inevitable. emily: all right. gene munster, loup ventures cofounder. we will talk again before 2025, i hope. thank you again for joining us. coming up, we continue our coverage of the stock selloff. the chart you don't want to miss. this is bloomberg. ♪

emily: again, stocks have dropped the most in six weeks due to growing concerns of an escalating trade war between the u.s. and china. tech stocks were feeling the heat, led by facebook. caroline hyde is in london. we know there was a selloff across the board. we know that tech directed all down -- dragged it all down. where are we now? ghosts 600hey're million dollars in market cat from the s&p 500 -- there goes cap million in market from the s&p 500. i have a chart from you. g #btv 5437. you can see the 100-day moving average. this is the key support levels that you get when you look at these sorts of charts. the s&p 500 currently below that. last time it fell there was back

.n february this time, the concern is a trade war and the tech issues with facebook. notably, the s&p 500 will feel the effects of the tech selloff. $200 million dollars in market cap. emily: this isn't just happening in the united states. give us the global picture. what are markets doing around the world? caroline: let's put this in perspective. it's not just happening in the u.s. we are hearing the words coming from donald trump, but tech has been selling off across the board. 5523 puts it in perspective. not only is the u.s. turning lower innotech perspective, the blue line -- in a tech perspective, the blue line,

but europe also in trouble. only one single tech stock was in the green. the chipmakers were feeling the heat. the yellow line, asia not feeling so pretty either. tencent trading lower there as well,. and truly -- as well, emily. emily: that does it for this edition of "bloomberg technology." we are livestreaming on twitter. tomorrow we will be all over the dropbox ipo and much more. we are live 5:00 p.m. in new york, 2:00 p.m. in san francisco. that's all for now. this is bloomberg. ♪ mom you called?

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♪ haidi: the first of many president trump's 50 billion and tariffs and more to come. betty: wilbur ross expects a measured response at expects china to buy more american goods. haidi: beijing's u.s. ambassador calling the white house to cease and desist and china isn't afraid and will defend itself. betty: stocks dropping the most in six weeks on the news that fed ex is a early los d