that backup provides temporary reduction to immigrants to the u.s. as children, and trump gave congress six months to pass new legislation. the lighthouse -- the white house has confirmed that a summit meeting between president trump and lonmin putin is in the works at a spokeswoman says the two presidents discussed a number of potential venues for meeting in the not-too-distant future. in agency ethics official at the epa says administrators lease of a condo did not violate federal ethics rules and lawmakers and watchdogs have an pressuring federal investigators to widen april into prewitt, the epa inspector is also looking into his trips to his home state of oklahoma by a and winnie mandela, the ex-wife of nelson mandela has died at the age of 81. byugh her legacy was tainted

a kidnapping conviction, she emerged as a struggle to and white minority rule of husband spent years in prison. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. parenti, and this is bloomberg. ♪ emily: i am emily chang and this is "bloomberg technology". us,second quarter tech exit as it continues to plunge leading a larger market selloff. apple goes all in on its own technology and what could be a devastating blow to intel. will analyze the new plan to power the mac and the beginning of the and of an extremely lucrative partnership.

and tesla tumbles again and elon musk takes to twitter, multiple times. our look at the electric carmaker and the growing threats of elon musk's pay package. first our lead, a rough start to the second quarter as stocks fall across the board, pushing all major averages lower. the moves in monday's session following iraqi performance, wiping out gains for 2018. for more, abigail doolittle joins us from new york. it is always an extraordinary day when we go to you. what is through the session. they stands out that each stepped out for tremendous trade action, and today is no exception. today it is down modestly and the dow traded higher briefly, and then by midmorning strong selling pressure that built into the close. you can see big declines for the major averages, pretty each

major average in that official correction territory. for each of those respective indexes -- continued uncertainty for investors. the possible trade war is a piece of that, and the bigger piece right now is that tech unwind. investors fearing regulation is ahead for some of the big tech and internet companies. this was the best sector last year up or than 35% last year and valuations are skyhigh. they're coming back down to earth but investors not looking that overhang. on the date the trigger appeared to be amazon with president trump going after amazon over the weekend and those shares are down or than 5%. and ceo mark zuckerberg recently in a podcast talked about the idea that the privacy data situation that company is facing

is not an easy fix. when you put all of this together there is more tech selling, and big losses for the major averages. emily: we will talk about amazon and the unwelcome presidential tweet later. i want to touch on apple and intel. not good news for the chipmaker today. abigail: intel had been on pace for its worst day since 2008, finishing down 6%. this has to do with apple saying as soon as 2020 it may no longer use intel's processors and some of its products and use its own chips. it is a streamlining of its supply chain and investors reacting personally, in my opinion or so then the headline may warned because it is so far out. but investors are so jittery about what is happening in technology is taking a toll.

intel is doing some interesting here, which is clinging to its 50 day moving average. it is hard to see if that will hold up. relative toy today the technicals is the s&p 500 below the 200 day moving average. big weighting to consumers discretionary, the bearish action just continues. emily: abigail doolittle, thank you so much for the breakdown. tesla of course also taking a tumble before ending down over that youreports saying on musk told employees in an imo that the carmaker may seek a production rate of 2000 dance -- sedans, below target set in january. as i sit here notable new tweets are rolling in after a new story by the information, talking about how musk is taking direct

control of model three production and is tweaking directly at the reporter with information, saying he cannot believe he is tweaking about this and will take control of the most important thing at the company. another tweet saying i am back to sleeping at the factory. crexendo least the automotive coverage and joins us now -- craig least the automotive coverage. g, there is a lot talk about model three production, and model recalls and a crash involving autopilot, and the top of that a bad joke about tesla going into accuracy. how does it all stack up? craig: i have been sleeping at the terminal will be headlines, if you log is sleeping at the assembly line. jalopnikioned the gelat

report of the model three production as of today. perversely that this red a relief rally -- that spread a relief rally. attend of negative headlines, the most important from a financial perspective is the model three and getting it wrapped up, and that is supposed be there mass-market sedan and they have not been able to get manufacturing going from the beginning. tesla needs to figure that out and help explain these issues with elon sending angry tweets to reporters. i think one of his recent ones was, i need to build more cars. that sums up the predicament the company is and right now. emily: that's talk more about the tweets that has rolled in over the last 24 hours, one is to the wall street journal and

the policy issue of a recall before there are injuries. there were dozens of recalls by other car companies last month, including with injuries and death. you only what an article about tesla, why so? complaining about harsh treatment, never a good sign them and we saw that again with the information story moments ago. musk wrote back saying not criticizing, just asking questions. should he stopped tweeting and focus on the cars? >> it is a fair point. sure -- thelly twitter comments to take much time, but it has everything to do with what investors are focused on in the near term and everything to do with the cash burn story. they can't get this wrapped by q2, i think it have to go to the market and raise capital in

q3. withlly come to the market good news, and they have a power to sell, and if they go to the market because they are in a cache find -- i am sure they will raise capital but it will be the first time they go and that challenge position. emily: you have a sell rating, why? colin: we are concerned about the production ramp, and er in a tight cap position and there is not a desirable position to be in, which is the production wrap. when they get on the other side of this wrap, they have it working capital benefit come and give to worry about the underlying profitability of the model three at the low price point that we think it might sell at. is going to be challenging to have a white profit margin on that kind of vehicle. leslie yet to think about competition coming down the pipeline. audi and jaguar and porsche have

commissions coming next year and there is a lot of competition coming that will cut into the tesla opportunity. on top we see reports of quality issues with the model 3 -- it is not only wrapping that the products are at the quality level customers expect for what model,g to be the lower it is still a luxury price point for the vehicle. emily: we can't forget about the tweet about the ntsb spokesperson saying they are concerned about the investigative information. and teslaweeted -- releases critical data immediately and always well. to do otherwise would be unsafe. if safety is the ultimate priority here, should we be concerned about the safety given the rush that appears to be happening the scenes?

craig: i think it may be unfair to link the rush behind the scenes of the investigation, but it is definitely a fair question to ask whether tesla was acting inappropriately in putting out several posts, the recent which was critical of the driver involved in this fatal crash. the company did try to walk a fine line saying it is tragic what happened, and it is sorry that this occurred. but the company came out during an active ntsb investigation and talk about the driver not having his hands for a period of time leading to the crash. this is a no-no. when the ntsb looks at accidents like this it requires companies subject to the investigation to cooperate and also keep quiet as the investigation is going on. and colin, we are

all standing by twitter to see if there is more news later this hour. plans to gopotify public but not the weight you might think. radio onout on the bloomberg.com and on sirius xm. this is bloomberg. ♪

emily: tuesday marks spotify's coming out party, but it is not a traditional ipo. alex barinka breaks down the debut.of spotify's ab >> spotify is becoming a public

company, but don't call it an ipo. you are sidestepping the public offering process in favor of a direct listing. that means the company itself won't be selling shares, and will skip the share price discovery process is essential to an ipo. typically when a company goes public, the management and advisers decide on evaluation and embark any marketing roadshow. they make their pitch to wall street and judge interest from potential shareholders. and that before the stock starts to set to use the input a final price and a final price and the number of shares to be investors, than the shares opened based on that dollar amount the next day. spotify is skipping all of that and going to the trading part and on listing day, existing shareholders will be able to sell stocks to public market investors. large established companies rarely do direct listings.

the risk is the stock will tumble a medically or swing wildly in the first month of trading because a company hasn't gone through the exercise of matching supply and demand. betting its rein in the music market will get investors excited. havetreaming giant while billions of dollars in its funding round and since 2017, shares in recent private transactions are valued at anywhere from 6 billion to 23 billion dollars. investors bet on the future of the sermon company and spot five promises investors big things, up to 96 million subscribers a year and. percent more, and revenue is up more, potentially reaching 6.5 billion u.s. dollars. investors are also give a close eye on operating losses, which millionsxpects to be

this year compared shareholders can cap count on having much of a voice. according to people familiar with the matter spotlight cofounders will hold shares with super loading powers after the listing. with the streaming music market predicted to hit $34 billion by 2030, you can that investors hope they are plugged in to the market winner. now for 80 per look at the spotify and its direct a stock market for private pre-ipo tech companies, and also with us is a partner at one of the lead investors at spotify. we talked about how the direct listing is going to work, what are your expectations for tomorrow now that it is almost here? tomorrow, the direct listing

-- what we offer to over the last few weeks is that morgan have beend citadel talking to a lot of investors over the past few weeks to determine what price people might be willing to buy and sell. i think there will come up with a reference price which will give people a guy, almost a hot deal price, but give a guide of where trading will start at qamar morning people will put in bids and say they can bite the stock or sell a stock at that price or lower. from there we should see trading start command left confidence that citadel -- they manage 20% of the volume on a given day in the stock exchange. we think it will do a good job of handling the volume tomorrow and are excited about it. seen all theve pre-direct listing activity leading up to this. where do you think it is going to end up and what valuation do think we'll see at the end of tomorrow?

demandave seen strong and over the last quarter we have done as much volume as all of last year, and then some. over 150 million, so we see strong demand across the board a $40alysts are painting billion price target. room, you think to grow? and can they live up the promises that alex barinka talked about? >> we think they can and are optimistic about the story. wasmost recent failure around four times of sales, and if you look at netflix at a time's sales or sirius xm radio, which is growing 6% is only at 6% revenue, we think there is upside in the stock from this point and the recent market trade, given how fast the company is growing. emily: how much volatility

should we expect given the unconventional trading lesson beforehand? >> people expect a lot of volatility tomorrow but will see strong demand that will hold out and provide more support than people might expect. emily: why? >> given what we have seen in the private orchid and this liquidity last year and the private transactions of spotify and over $300 million this year. df enabled ice discovery that most companies have a list on the public markets. emily: let's talk about the fundamental shift in consumer behavior has led to the success of spotify and this transition to on demand listening and viewing, as we have seen with netflix. how do you expect that to play out and how does spotify capitalize? a tectonic shift in video and how people consume video.

we are moving away from linear programming, and you tonight and watch what they dish out to in a world in which you watch whatever piece of content on whatever device you want anytime. the same is happening with audio and music were people listen to the songs they want at any time. spotify and streaming are enabling that tectonic shift. when we think about the future and where the consumer is going and what behavior changes is driving that, spotify is the definitive leader in that shift and we think that sets the company up for many years of growth from a subscriber and revenue standpoint. emily: the secondary market was going to investors before the facebook ipo and a lot of companies cracked down and made it illegal for their employees to trade secondary shares. and now we have softbank coming shares,uying a lot of and uber.

what are the trends you see in the pre-ipo and pre-direct listing? >> when you shares, and look at the time of facebook, there were only a handful of companies that are the so-called unicorns. there are 200 companies that are access fromd a half investors raising multibillion-dollar late stage funds. what you are seeing is they are separating the notion of liquidity from an exit. in and looks coming at how they can capture alpha and private markets through platforms like equity and wrecked transactions. -- direct transactions. we'll thank you so much, be all over spotify's direct listing tomorrow. let's take another look at the markets with the nasdaq negative territory in the year after gaining 28% in 2017. we have more coming up. this is bloomberg. ♪

emily: we are watching shares of fitbit tumble after morgan the stockalyst waited and alice say the company struggles to bring in revenue and is burning cash. alibaba is stepping up efforts to expand the food delivery market in china. it is buying a company at the valuation of and put $5 billion in signals alibaba's desire to compete with tencent in that market. they operate a fleet of delivery people on motorbikes across china. baidu controls its own boomer unit last year, which along with mccord are two of the biggest competitors in the china the very market. espn is debuting a new streaming service will cost 4. offer hundreds of

sports, andllege tennis. it will debut on april 12 and the video on demand from disney will launch in late 2019. coming up we take a look at the deep dive tech selloffs. and bloomberg tech's livestreaming on twitter and check us out on technology. this is bloomberg. ♪ retail.

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

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. alisa: you are watching bloomberg technology. here's a check of your first word news. president trump went after the doj and fbi again today on twitter, accusing them of

information anddent delaying submitting documents. those criticism comes after fbi director christopher wray assigned 50 employees to work around the clock reviewing requested documents. turkey issued arrest warrants for u.s. based cleric and seven others alleged involved in the assassination of russia's ambassador to turkey. erdogan has repeatedly sought the extradition of the man. as a putins come prepares to make a two-day trip to ankara. israel reached an agreement with the u.n. to scrap a controversial plan to deport african asylum-seekers. the prime minister's office says the new deal with the u.n. refugee agency will send more than 16,000 migrants to various western nations willing to accept them and will be implemented over a five-year period. information and delaying submittingnobel peace a

left pakistan today, ending a surprise four-day visit to the country. it is her first trip back home since her attempted murder in 2012 by taliban militants. global news 24 hours a day powered by more than 2700 journalists and analysts. i'm alisa parenti. just after 5:30 p.m. in washington. 7:30 a.m. in sydney where we are joined by paul allen for a look at the markets. i guess we have to hope there is not a carry through to what we saw in the states when asia opens up for business. paul: i think a carry through his paritis pretty much guarant. not the greatest leads we have had from wall street. the dow down almost 3%. the s&p 500 slipping 3%. the nasdaq losing a lot of ground, down 2.9%. amazon and intel among the

biggest decliners. this --res looking like slight gain. nikkei futures weaker by 2%. aussie dollar will be in focus today. we are waiting on the cash rate, likely to stay at 1.5%. aussiegold strengthening on han demands while seeing a pullback on iron ore. more from bloomberg technology. ♪ ♪ emily: this is bloomberg technology. let's return to our top story. stocks in freefall on monday's a pessimistic starts a

to the quarter. amazon up 50% in the last year, after president from her nude it attack on the online retailer. netflix slid 5%. a pessimistic starts a chipmakers in the s&p 500 plunged more than 5% thanks to intel's worst day in two years. we are joined by michael purvis and daniel flax. daniel, i will start with you. what are the highlights as far as your concerns in terms of what has sparked the selloff and what is keeping it going? daniel: there are a few things driving this selloff. you have concerns about the global economic and political environments, which is leading to more uncertainty. second, you also have questions in the technology sector about regulation and global tariffs. chipmakers in the s&p 500 these issues may well be with us, but we are focused on uncovering interesting,

fundamental opportunities in the market. for that, we continue to approach things on a stock by stock basis, recognizing there will likely be continued noise and tweets in the very short term. emily: i do have a terminal chart here showing what we have seen in the bargaie broader markets. all good things come to an end. erased.illion was is this here tuesday? to stay? has the mood on big tech soured? michael: the tech selloff is not a sector story. it is integrated in the overall &p bull trend.s ands there is a beta of 1.1. of 92 has a ford multiple

times and has a beta of 1.03 which is really striking. i don't think we have had in the &pstory of the s significant stocks with very elevated pe's that have very low beats. tas. s, if therep tweet force arounding regulation in this force around regulation in this sector, that will be a very and dohring market risk. enduring market risk. you look at the six month vix contracts, they had higher levels today than early february. while the bond volatility index was going lower and treasuries were supported. the real regime change risk here is really -- it has never been about bond and inflations. if this unwind of the tech persists, it will weigh on

the overall market and you are seeing that. emily: let's talk about amazon, specifically president trump tweeting a few times about amazon in the past and continued that. worse only fools or saying the post office makes money with amazon. our retailers are closing stores around the country. not a level playing field. republican senator marco rubio jumping in monday, presumably in support of the sentiment, saying that amazon has brought lower prices but could hurt competition in the long-term. new economy monopolies will require close monitoring. here whichher chart shows negative sentiment around amazon, specifically. amazon ino you see the league of its own or do you see amazon in the same boat as facebook, as alphabet, as apple?

daniel: when we look at amazon and other platforms, these companies are leveraging the infrastructure, including the post office, in all the countries they operate in. what is important is you take a company like amazon, they are investing aggressively in physical infrastructure which is also helping to create jobs. when you look at small businesses, many of these businesses are able to leverage the amazon platform to which customers -- to reach customers in ways they would not be able to do otherwise. when you think about the future of amazon and some of the other platforms, the key is to combine the physical and the digital assets to create a user experience that keeps customers happy and keep them engaged with these platforms. as we think about the medium to long-term, the real important focus for amazon and others is to innovate, invest and create

value in what remains a very competitive market. we think amazon has potential to continue to differentiate and we expect them to continue invest aggressively in the u.s. and overseas. with regard to amazon, bloomberg news has done the math and when it comes to the post office, they actually amazon.money on that said, amazon. that said, it is sentiment that matters. i wonder if you think we are going to see regulatory action from this administration given what we have seen over the last few weeks and months just coming from the president alone. michael: i think there is a long from tweets to policy simply because the nature of the beast is complicated. what these guys do and the issues surrounding -- facebook with what is happening with their data -- it is very intricate stuff.

i just have a hard time seeing it become real policy here. and, so there is another question about consumer engagement, whether that changes as well off either of these platforms. i would certainly say that even if the news flow that persists and we don't really see a call to arms on policy in washington, that somehow the discount rate for this group of stocks have got to be going higher and staying higher. that means lower pe's going forward, even as the fundamentals are not really changed. emily: michael purvis and daniel flax. it is all about the fundamentals. we will talk about the fundamentals of facebook momentarily. coming up, after facebook's cambridge analytica crisis will advertisers they on the platform and just where will they go? we will discuss. this is bloomberg. ♪

emily: facebook ceo mark zuckerberg hit back at tim cook, calling the apple ceo's criticism of the social media giant "extremely glib." cook was asked about facebook's privacy prices last month and called for stronger regulation. he said we would not be in this situation if he was in zuckerberg's shoes. zuckerberg responded while talking to vox. >> i find that argument if you are not paying, that somehow we cannot care about you to be extremely glib. not at all aligned with the truth. the reality here is if you want to build a service that helps connect everyone in the world, then a lot of people cannot afford to pay.

therefore, as do a lot of media, having an advertising supported model is the only rational model that can support building this service to reach people. emily: this brings us to a theme we will talk about a lot in the coming days. after facebook's massive data crisis, the tech giant has come into question. we got into thinking, what makes a truly socially responsible network? that is a question we hope to respond as we take a look at how ingrained social media has become in our lives. zuckerberg is set to testify before congress next week. today, we are shining a light on facebook's ad business. are big advertisers pulling out? if so, where are they going? med krizelman, ceo of diaradar says potentially, yeah and joins us from new york,. what makes you think they are leaving in the first place?

todd: i think there have been some changes in the algorithm things thatinitely facebook was putting into place at the end of last year in the and the beginning of january. as facebook stepped away from aligning themselves from any type of editorial, as a result of them stepping back, you saw snapchat and others stepping forward more saying we can court these other kinds of publishers. with that, advertisers followed. has facebook lost any advertisers to your knowledge as a result of this cambridge particular?andal in has todd: it is too early to calculate. our business model is to track all of the advertising and that is everything from youtube to snapchat, but we definitely see a big uptick on advertising on particular? snapchat and some of that is

from the redesign they announced over the last few months. emily: snap is supposedly cutting about 100 jobs out of advertising. are they really benefiting that much from facebook overflow, if you will? todd: i think they are. one of the things that is interesting are these discovery hannels inside of snapchat's app. there are many channels and partners. those partners, whether they are the hearst corporation or nbc, they are filling those new channels with advertisers. snapchat and some of that is from thethose advertising dollae coming from, not just from facebook, but certainly one of the places. you are hearing from those broadcasters and publishers like hearst that they are happy to be partners with snap. emily: what do you make of mark zuckerberg's response to tim cook saying that his

comments were extremely glib and saying that an ad supported model is the only rational model if you really want to reach everyone in the world? todd: i think these things are portrayed as either/or, but they are not. both companies are wonderful companies that have been at each other for some time. it is to be expected that apple could take advantage of facebook while they are down, but i think mark is right. for sure, the ad-supported business model is here to stay. emily: in this case, it is not either/or. facebook makes money on advertising and apple makes money on selling their devices. they are fundamentally different. proare people out there who protested that maybe facebook should charge a subscription and take some ads out of the fee. do you think that is something that is realistic for facebook or something they should consider? todd: i'm sure they will

consider all of the options. there are more tier subscription models in a free mode versus a paid mode. i think what mark said was right. the masses at which they are serving, not everyone is willing to pay for additional content. when you look at the apple business model. , while they have some paid content, a lot of the business today is about the business of selling a piece of hardware. not that the software and services business is not growing and highly profitable, but it is still just a piece of their business. emily: what do you think it really means to be a socially responsible social network? todd: i think we are learning, and in the process of it. i think facebook throughout, not just now, but over the last year, they have constantly been very open and honest about the errors, whether it is methodology or whether it is acknowledging their role in the

election. these are things they are learning as they go through it. i don't think there is a blueprint for this that they know ahead of time. emily: all right, todd krizelman, thank you so much for weighing in. we are going to be covering the socially responsible network all week. do not miss our conversation with the author of "world we are going to bewithout mind:l threat of big tech." coming up, apple taking a big step to becoming a semiconductor powerhouse. this is bloomberg. ♪

emily: in the midst of all his tweeting about tesla, elon musk fired off a tweet celebrating

company, spacex. spacex had another successful launch from cape canaveral. the rocket carried supplies for the international space station. spacex is targeting roughly 30 missions this year and monday's launch brings the tally to seven. apple company, is delving furtho the chip business and plans to use its own chip in mac computers as early as 2020. the move would replace intel chips.th the news is a big blow to the chipmaker, shares falling 6%. i will go to ian king who covers the chip industry and mark gurman in l.a. who covers apple. mark, telephone apple is doing here. mark: what we reported was for the first time, apple is now designing and planning to use its own processor, the main chips known as cpu, in its computers which would replace

intel which gets over 5% of its annual revenues from the mac. emily: why is this such a big blow to intel? 5% is not the end of times for intel, but if it becomes a phenomenon, a proof point that shows intel's chips are no longer the leading technology that nobody can the without, then it becomes a major issue. emily: what is the likelihood of that? ian: there have been lots of attempts over the years to knock f its spot.of nobody has really make any impact, but it apple can do it, people are going to look. emily: how does this fit into what we know more broadly about plans? 's ianmark: apple's plan has been o bring more features of the mac to the iphone.

and the iphone features to the mac. the mac has taken a step back from prominence because of ios, how much money it creates for the company. apple is going to announce this in june. a big push to bring software platforms of the mac an iphone and ipad together. they will allow users to run software from the iphone onto the map. c. if every apple product runs the same processor, same lower-level functionality, it can run more of the same if every applefeatures and get t the same time. emily: intel is weathering this in an already bad year that the chip flaws you reported on earlier this year. how does this fit into the bigger intel story? ian: there is less risk for

apple. if you are saying we don't need intel anymore, you are saying we trust samsung to make these chips. we trust them to catch up to intel. those bets have been made and have not panned out. we will see. traditionally, 18 months, two years ahead of everybody else. now, we are not so sure about that gap. this could be a major test. emily: what about the risk that apple is taking here? a company that certainly does not want to make any mistakes. mark: this decision is 10 years in the making. in 2008, apple bought a company called pa semi, a u.k.-based manufacturer and developer of very low powered chipsets. apple turned that into the main processor called the a4 which was the chip behind the first 4.d and iphone

now we have chips for everything. chips for wireless networking, managing the security. for basically in an iphone. they have been working on this for a while. they have a gigantic chip team, , and california near their apple park campus. now you can read the tea leaves and see everything come together. we have the hardware portion, what we reported on today. we have the software portion i reported on in december, merging the ios and mac stores. all we are waiting for is to get to that final point where we bring everything together and do a complete merger of the hardware and software, while still maintaining what is good about that mac versus what is good about the iphone. i don't think they will do touchscreen macs. in terms of the risk, i don't think it is very risky because they have to walk a fine line

which they have always done. there is no chance that apple messes this up. they will not do something that will alienate their customer base. emily: ian, you have 15 seconds. ian: there is a little bit of a there is no chance that apple messes this up. risk because if you get it wrong and out there on their own which they were before 2005 when they had to come to intel, you are struggling with the competition. emily: i know you will both keep reporting and keep us posted. thank you both. that does it for this edition of bloomberg technology. we are live streaming on twitter. check us out weekdays 5 p.m. in new york and 2 p.m. in san francisco. that is it for now. this is bloomberg. ♪ retail.

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

♪ haidi: u.s. stocks slump in the beginning of a new quarter. the worst since the start of the great depression. leading the way fresh presidential attacks on amazon and retaliatory tariffs from china. haidi: production still fails to get the target.analysts say a lot more money may be needed. betty: when the chips are down, apple said to put its own microprocessors in fresh presidl attacks on amazon and retali