emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up, the pressure is on. disney is under the gun to respond to comcast's $65 billion bid for 21st century fox. following the greenlight for at&t-time warner, what is the appetite for more media m&a in 2018? plus, the cea of payment funding circle outlined their ipo after a string of massive public debuts. and a border wall between the u.s. and mexico was the centerpiece of trump's

presidential campaign. as the administration moves to build the wall, could new technology eliminate the need for it? first to the top story. in the high-stakes poker game to buy 21st century fox assets, comcast has upped the pot. comcast has made an all-cash $64 billion offer, topping the offered disney had ponied up. are we looking at an all out bidding war? senior analyst craig moffett seems to think so. take a listen to him earlier. >> it is a must certainly just the beginning. there was some expectation that comcast would come in with a sort of shock and awe bid. they did not do that. my sense is they don't want to bid against themselves, and they will wait for disney to make the next move and decide how high they want to go. emily: just who will win the rights to bart simpson and fx?

let's go to gerry smith and amy yong. what is the next move? >> fox obviously has to take a good look at this. i think comcast makes a point in saying they don't want to be rejected, since they are offering a pretty healthy premium here. it is an all cash deal. they are making a lot of different concessions, even offering a regulatory breakup fee. i do think they don't want to be rejected, and i do think fox does have to look at the all caps premium deal. -- all-cash premium deal. emily: about a month ago, disney ceo bob iger was on bloomberg television and asked about the potential of a comcast bid. he said he thinks disney has a better shot of passing regulatory approval. then he said this. >> i think if you look at that versus another offer, whatever

that is, in terms of money or the source, you have to hold that up against our offer, not just on value, but against the real possibility of it happening. we believe we are offering shareholders in both companies and outstandingly positive or attractive proposition. emily: now that we know the terms of the comcast offer, which one is more attractive? >> i think the big thing to look for is what is going on in washington. this week, we saw a judge really give at&t a victory in its case against the government. now you are thinking about comcast potentially trying to buy fox. this is similar to the at&t-time warner deal to a distributor looking to buy content, and that led, in some cases, potentially create regulatory concerns. as we have just seen, the at&t deal goes through, so maybe it has given fox investors pause

about the comcast offer, maybe they have more confidence. emily: do you think regulators emily: do you think regulators would favor one deal over the other? >> i think it's a tough call to make. obviously, at&t and time warner was a vertical deal. but the fact that comcast has nbc, there are horizontal and vertical factors that could complicate things. i think they are clear they are willing to divest things, including hulu, and try to get this push through. emily: what do you think disney's move will be next? i believe the clock doesn't start ticking for another five days. what happens then? >> disney would have five days to come up with a new offer. if you think about what disney has said, they are looking to really take on netflix. they are very much staking their future on building a direct to consumer service, and i think they look at the fox assets, fx,

national geographic, and the studio as something that can supercharge plans going forward. i would be very surprised if he did not try to counter the bid. emily: amy, what is the signal in terms of future media m&a for this year, given that we have seen that regulators can be favorable? >> i think we are clearly in a get big environment. if you are a free radical standalone company, it does seem like you need to respond and try to think about shifting. i think for a lot of these traditional media telecom companies, you are in a world competing with netflix, facebook, amazon, apple, the list continues. it is unclear whether or not some of the same names would try and scoop up some traditional media assets. emily: comcast is also making an ambitious push in europe for sky. what does the future of a global

comcast look like? >> i think their view is content travels globally, and i have a lot of different ip that does travel well, including parks and film. for sky, the controversy for u.s. investors is, why do you want to gain more exposure to linear tv, which has its own struggles? i think they are taking a longer-term view in they need longer-term vision, they can provide over-the-top services and leverage the content globally that they have, including sports. emily: walk us through the process, as it stands now, five days, what happens next? reporter: comcast would look at the bid. disney has five days to come back with its own offer. a lot of observers think disney will not only up its current

offer but also add a mixture of cash and stock, and not just the previous all stock deal. one thing comcast said is that there deal is all-cash. -- their deal is all cash. going forward, comcast would have the opportunity to counter, and it could go back and forth in a bidding war into the summer. emily: we are seeing a shakeup in the power dynamic between traditional cable companies and the rising streaming companies. how does this impact that balance of power? >> i think what you are seeing, at&t was very clear their acquisition of time warner was about netflix, and expanding into mobile video and advertising. it are seeing the incumbents really trying to take on disruptors. it goes to show you how quickly consumers are changing media consumption patterns. emily: as a reminder, the two sides are not vying for all of fox, just the entertainment assets.

what is fox news and others would be part of a new entity. tell us about the plans for that. >> what is not for sale of rupert murdoch's empire is fox news, which is the big moneymaker, and the fox broadcast channel, as well as fs1, their version of espn. what is left of fox will be a very sports focused company. in fact, they just won the rights to nfl thursday night football. this will be a very news and sports focused company, which given the way the tv landscape's work, those are the two forms of programming people tune into live. it is a sure move on rupert's part to not put those up for sale. emily: that would be run by lachlan murdoch. how do you expect the personality side of the equation to play out on the disney-comcast-fox side with james murdoch, bob iger, brian roberts?

>> you are right. i think it makes m&a very complex, because you are dealing with the personalities, family ownership, and generational wealth planning. that complicates things. for comcast, they really have done a good job at really steering m&a in a way corporate governance has not been a big issue. i think the ceo has done a good job at appointing people to run different silos of the business, cable and nbc, and taking a step back a way from being a family run business, if you will. emily: amy yong of macquarie capital, and gerry smith for bloomberg, thank you. the parent company of snapchat is making its first big foray into working with outside developers, putting privacy at the forefront. as part of the relationship, snap said it won't share any personal data on users or their

friends. coming up, the european fintech firm gives details on when the company can go public. highlights from our interview, next. if you like bloomberg, listen on the bloomberg radio app and in the u.s. on sirius xm. this is bloomberg. ♪ emily: london tech week as well

underway with the biggest players in european tech in attendance. caroline hyde has been keeping up.

she joins us from london. reporter: it has been a fascinating week. a big focus has actually been talent. and the u.k. government, they announced they would offer new visas to immigrants wanting to start new businesses, in a bid to lure those deterred by brexit. funding circle, one of the biggest u.k. startups, has boosted economic activity not just in the u.k., but across europe. i spoke to the ceo about the impact his business has had. >> what we found was of the 1.7 billion pounds of loans that we did last year, that actually created 75,000 new jobs globally, 45,000 of which were in the u.k., and an additional 4 billion pounds of economic value or incremental gdp. it is really rewarding, because

we talk a lot about big numbers, but to see it feeding into the economy is something we are happy about. reporter: and it will feed into the economy more because you are hiring more. >> yes. not as high as 75,000 jobs, but we are hiring around 400 people this year, 200 of which will be in the u.k., mainly in technology and data analytics. underneath it all, it is really a technology data business, analyzing huge amount of data to help connect small businesses with investors. reporter: 200 in the u.k., 200 outside. talk to us about when you are hiring talent in the brexit world, how hard is it finding the right talent to come to the united kingdom? is it easier? germany, the netherlands, the u.s.? >> i would say that. if you look at the u.k., that is where funding circle started.

we are one of the largest, one of the larger homegrown technology companies here, so we do probably find it easier to hire brexit or no brexit, than markets like the u.s. are germany or the netherlands. we certainly haven't seen as big of an impact. for us, we still see a lot of talent wanting to work with us and try and build a better financial world. >> that has to be somewhat helped when the government shines a light on the u.k. system, as they have done this week. we are hearing from theresa may, saying more private capital coming into the tech sector in the u.k., more focus on visas for entrepreneurs. is this too little too late or a positive step? >> i was at a roundtable today

with the prime minister and the chancellor, and they took well over one hour out of their day when we know there's all sorts of brexit votes going on in the house of commons. what it reinforced for me is the deep commitment the u.k. government has to technology here. london has been one of the fastest-growing technology hubs in europe. the government in particular has been very helpful to us. the british business bank actually started lending through funding circle in 2013, plan our business was only three years old. we hear about macron this and that all the time, but i actually see a high level of support in the u.k. and it is great to see. ? macron this, macron that, the french leader, focusing on

artificial intelligence investment and building up the french tech sector. there was some reporting coming out from ey consultants showing that paris is starting to steal the limelight in terms of investors thinking it is a better place to put their money. do you feel that in any way, that investors are looking to rival hubs a little more? >> i think you will naturally have multiple hubs across europe. europe. paris and london are probably as close as san jose and san francisco, which all count as silicon valley, silicon europe, whatever you want to call it. i do think there are a lot of advantages for london. london is a very big city. greater london has 10 million people. you have access to great universities. you have access to quite a large financial sector with all the depth of talent that is in that. while i think there will be stuff on the margins, we are certainly seeing this

concentration, and this roundtable i was at today, a ceo is talking about how they have 1000 people now from all over the world, all sorts of experts in artificial intelligence congregating. once he starts to build the ecosystems, it is hard to break them. reporter: you are potentially eyeing the market at some point to go public. can you give us any update as to how that progresses? >> we have not confirmed or denied that we are going to take funding circle public. what we have said is that we do want the business to be a public business in the long run. at the heart of what we do, we don't actually lend money ourselves, we are a platform connected to thousands of different investors. that is a trust-based business.

eventually, we do think being a public business with help us with brand awareness, would trust, and great company to go public with. i cannot give you an update either way, but it is them thing we have aspirations to do. >> that was some of my conversation with the funding circle ceo samir desai. it is really interesting that he is really still keen to go public. his optimisim must be fueled in some way of the significant success of the other fintech company going public this week. emily: right. adyen is performing well out fo th of the gate. still a long ways off from the giants of financial services. paypal crossing $100 billion market cap. how ambitious are these u.k. fintech companies? >> i think they are. i think they realize they are causing waves, there are

concerns the banks have in the older players, but actually there is still so much more expansion for them. they have only gotten the tip of the iceberg. i spoke about this to samir desai. have a listen. >> it is incredibly exciting to see companies doing well, but there's a long way to go still in terms of penetration. >> still so much more loans to be given to the small and medium-size enterprises compared to that of the banks at the moment, so they feel they have plenty of market share in the u.k. plenty more on your side of the coast in the united states. they have a presence in the u.s., but they are beating up in germany and the netherlands as well. emily: i have to ask about this comcast bid for fox, which has new implications for the comcast potential takeover of sky. it has a new twist. sky investors could benefit, or not.

caroline: it's interesting as to whether or not this could push up the valuation, make more of a bidding war for the company in the u.k. comcast is already putting in a bid for fox. fox already owns 39% of sky. that values sky at more than 13 pounds a share at the moment. the bid for sky is already at 12.50 pounds a share. that could try but the overall bid. -- drive up the overall bid. however, it also could muddy the waters. if you've got disney and comcast fighting for fox and maybe sky, maybe they didn't decide to divide them up, maybe some take parts of fox, some take parts of sky, and decide they will not have a bidding war at all. the question is still how this will affect the value of sky. at the moment, it trades above comcast's original bid, so many

are still hoping this could drive sky ever higher. emily: we are nearing the end of london tech week. what has been a standout for you? caroline: i think the standout has been the commitment of the u.k. government to technology. that was a significant prize, 2.5 billion pounds from private companies. yes, it's coming from the likes of salesforce and japan, but there is a real commitment to shine a light on the sector, and a promise for the future to go into the sector. despite brexit taking up so much of our minds here in the u.k., the government still has time to stop and talk about the sector and the success of it. that was a key point. there are also some great events going on. today, the bank of england head was talking with some of the fintech successes. i think it's an interesting conversation. i think it's interesting for you as well, about women and inclusion as a focus. emily: glad to hear it.

caroline hyde in london, thank you so much. coming up, the city of chicago is betting big on elon musk. details on the boring company's newest project, next. check us out on twitter at tictoc. this is bloomberg. ♪ emily: elon musk's newest

company has just gotten a big boost in legitimacy. we learned the boring company is the winner in a bid to build a multibillion-dollar high-speed express train to chicago's o'hare airport.

the company is trying to get ambitious transportation projects underway in l.a. and washington as well. speaking with musk, he's betting the run-up in tesla shares isn't over. he has bought $25 million more of the stock. tesla has risen about 14% since he bought $10 million worth of shares in may. the company is cutting 3000 jobs, roughly 9% of its workforce. spin launch is building space catapults. to achieve that, they had secured $40 million from top tech investors. the company remains tightlipped about how the contraption will work, although the name a giveaway the basic idea. coming up, the debate around artificial intelligence continues to be around big tech and startups, while industries like banking spend billions to

transform ai into the way they do business. will the machines win out? we will discuss, next. ♪ emily: this is "bloomberg

technology." i'm emily chang in san francisco. amazon has been using robots and -- in its warehouses for years. now usingy is automation to transform white-collar jobs under an initiative called hands off the wheel. the company shifted tasks like forecasting and ordering inventory and prices to algorithms -- highlighting how ai has transformed our world and our workforce. joining us for more reaction, we are joined by cohead of tech investment banking at rbc capital markets. thank you for joining us. how transformative do you think this application of ai at amazon

can be? >> thanks, emily. the concept of ai has been around for some time. we continue to see evolutions and iterations of it. these technologies are enhanced by the next get of machine -- next-generation of deep learning automate every aspect are really being used to help automate every aspect of our world today. when amazon is doing is taking it to the next level. there are questions coming with it. you have automation and what impact they have, but i do view that we will continue to see applications across the board. emily: could this transform amazon's business? michal: i think it will make amazon's business more efficient. you have technologies that, in essence, take away some of the repetitive and monotonous tasks that people have been keeping their heads down and doing. they can use that time to

advance customer service or other advanced, higher-level other advanced, higher-level applications. emily: when you look at amazon, google, facebook, all these companies have major artificial intelligence initiatives. which is the most compelling? michal: it is interesting. i think when i look at artificial intelligence broadly being used to advance health care, i find it to be incredibly compelling. on a basic human level, any application that can help shorten a line when you wait at when you think, about, what do we carry about, welfare and wellness? ibm and not mentioned some of the applications that ai

can help on that front. ibm and watson made a big splash. there is criticism of that. the results have been slowly seen. what impact is watson really having? ichal: artificial intelligence is a loving all of us to automate prophecies. they are trying to identify a potential remedy or treatment, putting two heads together is better than one. advances are slow. in the beginning of the advances of artificial intelligence and there is more to come. y: are we at risk of an article is shoveled --

artificial intelligence hype cycle? michael: not just yet. there is an opportunity to be more proactive about the applications of artificial intelligence. organizations have come under criticism for project maven, that was out there when they were collaborating with the department of defense on analyzing video footage. ogle put together principles for dealing with this. we are in the early stages of artificial intelligence, but it is not too early to think about applications. not just in terms of workforce training and skills, but creating a framework as to which applications actually benefit society, which applications that create bias, that's benefit from scientific perspectives? it is not too early to think ahead regarding principles and

frameworks to make sure that artificial intelligence is benefiting the broader society. emily: google came out with a whole set of artificial intelligence ethics and principles. what is the responsibility of companies like amazon to consider them? michal: it is the responsibility of the public and private sector. ongoing education will happen in the workplace. there is a responsibility for us in society to make sure the upcoming workforce is well-trained, agile, educated, adaptive. things quickly change. there is going to be the next evolution. a member of linkedin was talking about the research they have done, the three most sought after professions.

surprising,t be interpersonal skills, communications and collaboration , computer science and engineering. for dataoking scientists and folks that are versed with next-generation artificial intelligence. i have to ask you about what is going on in the public markets we have had. recent tech ipos, dropbox, comcast making a bid for fox, which could lead to a wave of media m&a. what is your outlook for the rest of the year? >> we see continued activity across the board, whether it is m&a dialogue, private placement. ipos has one of the ,est-performing asset classes

70% from offer to current prices. have seen the mna evaluation. you mentioned some of the big ones, but we have seen microsoft with theseid have, transactions out there -- microsoft acquiring github. out these transactions there, there are potentially bigger deals on the horizon. emily: thank you. ahead, apple is close to a deal for an animated movie in its latest hollywood push. this is bloomberg. ♪

despite tariffs that president trump imposed on imported solar panels, developers installed 2.5 gigawatts of solar in the first quarter, up 2% from the earlier year. means new wind and natural gas turbines for a second straight quarter. here to talk about the growing trend of solar power, we have the founder and ceo of idealab. there was a recent reports that showed corporations are still moving overwhelmingly toward solar. do you expect trump policies will hinder that? >> we are a complete inflection point in renewable energy. s, the price has

been coming down and it is finally competitive with fossil tariffs.en with the they are going to be a tiny speedbump in the deployment. toifornia just passed a bill require every new residential home new he constructed to have solar on the roof. emily: and the fact the corporations are doing this are huge because they consume a huge amount of energy. bill: corporations are concerned bottom line and making a statement for their employees. they canhappy because save money. amazon is installing solar on every warehouse in its last 12 months. trump has pulled out of the paris agreement. sweeping tax reforms are constraining financing and solar -- in solar and wind.

bill: the federal government has pulled out, but the states are stepping up. it makes economic sense. you went solar for moral reasons. no economic reasons are preferred. ow economic reasons are preferred. emily: what are you seeing around the world? bill: gargantuan projects going in. i don't know if you heard about softbank. they want to spend hundreds of millions of dollars on renewable energy. it is really exciting times. telephone you log requires only 50% of electricity to come from clean sources -- requires only 50% of electricity to come from clean sources by 2030.

talk to me about this. bill: you put solar panels on the roof for the ground and this makes it stationary. sun,u face them toward the you get 30% more power. for only 10% more cost. we built the largest tracking solar insulation on the rooftop. to beoosted the output the price of electricity for that system. we can compete on economic terms. emily: this can compete on the economic scale? --l: going to investors gangbusters. price of fossil fuels when the sun is shining and wind is blowing. the next 20 years is about making it to do 24 hours a day with storage. emily: i want to ask you about

idealab. id tech incubators before people did tech incubators. what is different now that everybody is doing that? bill: the world has changed so much in favor of entrepreneurship. entrepreneurship unlocks human andtal and takes tolerant brings it forward to change the world in positive ways. talent and brings it forward to change the world in positive ways. we used ideas to solve technical problems and put teams to go after them. it is exciting to see what is happening with entrepreneurship in the last 20 years. emily: and edison micro grants came out of -- microgrids came out of idealab. thank you for stopping by.

apple is taking its foray into hollywood one step further, moving into feature films. this is according to a deal with the company, agreeing to make an anti-mated -- animated film. what do we know? >> apple has been in talks with the irish animation studio, cartoon saloon. it is quite a well-known animation house. academyroduced many award nominations for its films and is considered high-caliber. it is getting in with a high welity producer of content, don't know exactly how the film will be distributed. beenow that apple has talking to people in hollywood over the past couple of years, hiring aggressively to make and by content for streaming -- buy

streaming. it is unclear if this will be part of its apple music streaming service. apple recently bought a documentary about ed sheeran, which will be part of its apple music subscription service. said to put its new continent out in 2019. it won't be ready for a year or more. we don't have that much on the distribution, and the key question is what apple has planned for distributing its content? this is the first feature film we know of. sense there is a a shakeup to come in animated movies, given the potential exit of john loss at our, -- lasseter, the cofounder of pixar? 2" is on track

to do really well. it is not a given. pixar had flocks, not very many. but disney is in a weakened sseteron, because john la was the visionary. led pixar and that label. disney is clearly in the works to bring up through its ranks, leaders of divisions. there is a lot of work going on in hollywood and -- in animation. emily: thank you. a reminder.

you can check us out at technology and be sure to follow our global breaking news network. this is bloomberg. ♪ emily: the u.s. mexico border is

over 1500 miles of desert and ravines. president has not gotten his a missed backlash, and the fact that it would be a logistical nightmare. palmernder of -- luckey has offered to give president trump a wall -- a virtual one. editor at large joins us from seattle.

you put on the headset. describe the technology for me and how it works. >> this was a place on the border where it is really difficult to have any security. and theremote region are not many border patrol officers. people just walk on with impunity. there has been battles on this land. he is frustrated. they power this technology with artificial intelligence and there is virtual reality as an option. you can see these closed towers for miles. and you can distinguish between a cow and a person when crossing. emily: it is an incredibly harsh

environment. technology at the border has basically failed. what makes you think this can succeed? >> technology wasn't there. you did not have the low-cost sensors and really efficient aiu have now.- ai you toy have come up with a way take a flash picture one mile away by using a laser. they took this from a hair removal product, they repurposed a 600 watt laser to do that and come up with it pretty cheaply. emily: how efficient is it given that you still need officers to catch these people, essentially? >> their strategy is that we don't have to do it all.

you don't have to have automated robots to catch people. in tough terrain like this where it takes a few miles and you have a number of miles to go to the next highway, there is time to give a few hours to border patrol people or take a helicopter to hire. they see the border is a way to open up getting contracts to what they call battlefields of the future. their ultimate goal is to sell to the department of defense and become a defense company using technology. emily: i would be remiss if i did not mention the stories of hundreds of migrant children in the holding centers that have been ripped away from their family as part of this new trump immigration policy to prosecute border crossers as separate them from their children. where are the families and all of this? >> the families are not part of the thought process. they are fulfilling what the

government wants done. they are not getting involved in the politics. what we have learned over the last year and earlier, is that technology is politics. as much as anduril considers themselves patriots doing work for the government, you can't do this without dealing in some way with the implications of your technology. emily: we have to talk about palmer lucky and his political views, antithetical to what most of silicon valley preaches. he left facebook in the midst of a lot of controversy after mark zuckerberg bought his company for $2 billion. tell us more about him. this company is only a year old. talk to us about what is next. >> palmer is a very interesting figure. he's 25 years old. he started oculus as a teenager

and was bought for a huge amount of money by facebook. i don't think he fit in well at facebook. maybe it was less of a politics thing. facebook insists they did not fire him because of his politics. he just wasn't a match. facebook has a lot of people that come from ivy league schools. of palmer was homeschooled and went to community college in southern california. and i think the politics might have been a factor. but i believe mark zuckerberg. he says it wasn't politics that fired him. he is an upfront supporter of the republican party. but he told me that he's not a member of the alt-right. emily: you are writing a book on facebook and i just got back from e3, the biggest videogame conference in the world. facebook had a presence there,

but we were asking if the are -- if vr was dead. i have analysts telling me this is still a zero billion dollar business. do you think facebook buying oculus for $2 billion was a mistake? >> they bought oculus for a very long-term vision. virtual reality might be the platform of the future in 10 years. mark zuckerberg still believes that could be the case. if it doesn't work out that way, i don't think he's going to regret it. their strategy is to make sure that they are not cut off by a new paradigm coming along. and not being ahead of the game. maybe it's blockchain. facebook is now working on blockchain. anything that looms as the possible next platform, facebook is going to be there. emily: wired, stephen leavy,

thank you. that does it for this edition of "bloomberg technology." that is all for now. this is bloomberg. ♪ >> the following is a paid

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