emily: i am emily chang in san francisco, and this is "bloomberg technology." the left up in court upholds the travel ban, giving him a legal and political victory on a controversy that helps to find his presidency. we will hear from a leader speaking out. plus, a judge has ruled uber cannot operate in london with a probationary license. how the ride-hailing service

walked regulators back from the brink. mark zuckerberg power over the fmpany and stepping aside -- as chairman story.to our top the u.s. supreme court has voted to uphold president trump's travel ban. rejecting arguments that trump had exceeded his authority and violated the cost of tuition by targeting muslims. it targets visitors from seven different countries, five of them predominantly muslim. following the ruling, the president took to twitter saying the supreme court upholds the trump travel ban? wow. greg, is there any other way to look at this than as a mass victory for president trump? greg: it is definitely a massive

victory. the courts said that he was abiding by the federal immigration laws and that he did not violate the constitutional provision that prohibits discrimination on the basis of religion. a narrow win in terms of the vote. , google, amazon. -- we will talk to airbnb in a moment. what does it mean for them? news foris not good them. it is not what they wanted. her argument was that we depend on certainty. we depend on people being able to come to and from countries with relative ease. we are worried that this travel ban will provide incentives for people to take their investment will notverseas, so it be good for u.s. business.

it may not have a direct impact on particular company is, but it is good to bidding to a climate that silicon valley companies say is not healthy for them. emily: how should we view this of the with the backlash family separation policies, despite the executive order that the president signed and the continuing drama about what happened to these children at the border? greg: when you look at the words of the opinion, it is not about the family separation policy. this was a decision that construed the authority given in the immigration laws for the president to say, i need to keep a certain class of people out for the sake of national security. the president has pretty broad authority there. the family separation issue is a different one, and certainly civil rights groups are trying to stress today that nothing in this ruling should give a green

on anyo the president other aspect of immigration policy. emily: all right. thank you so much. tech pushed back big time on the travel ban the first time around and is back again. among the first to react, airbnb. saying the travel ban was wrong from the beginning and will run today. we are profoundly disappointed by the supreme court's decision to a poll of the travel ban, a policy that goes against our mission and values. a believe that travel is transformative and powerful experience and we will continue to open doors and build bridges among cultures around the world. you worked in the white house under president clinton. became a tech executives.

as a tech executive, what is your reaction? treated is ceo basedg -- tweeted out is on our concerns. if you look at the history of , it has been the sense of travel. travel has always advanced the human condition. we are in a time period where you are having a travel ban. about children being separated from their parents. that is fundamentally inconsistent to what it means to be american. at the course of human history, whether it is migration, immigration, x ration or innovation, travel has always been at the center of that. we think this is really a fundamental question about whether we want to continue to move forward as a country or go backwards?

involve ourt business from a dollars and sense perspective, but i cannot help but think that on this day, 55 years ago, in what was then west berlin, john f. kennedy gave his speech about tearing down walls. today you have the supreme court ruling. the statue of liberty is crying. the cofounders of airbnb said gripping children from the arms of their parents is immoral and counter to the american values of the longing. theseeed to reunite families. we are a better country than this area and they are matching donations to the assistance project. last as been hosting part of your -- guests as part of your program. in 2016, we did and add around the super bowl.

we housed over 11,000 displaced people. we contributed $4 million to support refugee efforts. we are matching that program. it is not only about speaking up and sending up, it is also about putting action behind it. we are a community-based platform. we work with our host community to help open up homes for people who are to place. we will have more to say about this as we go forward. for us, this is a values-based issue. from a business perspective, think about what has happened over the last year. travel is 10% of our global gdp. over are millions of jobs the next 10 years. decisions are not good for the u.s. from an economic

perspective. i really want to underscore that we continue to grow, even as the rest of the industry has been impacted by this. i have actually referred to some -- you arecisions as impacting an economic sector in the u.s. that is small businesses that depend on it. we have been speaking out about it. we talked about it when the comments were made about the various countries. when the initial travel ban was announced, when other issues have come up, such as that separation of children and parents of the border. we will continue to talk about it. it is what we stand for on a values perspective. emily: it does impact your business if travel is down. been impacted, not just by the travel ban, but

by the america mentality and president trump's anti-immigration stance? >> other travel groups have put out the information that traveled to the u.s. from international origins has gone down. we have been very fortunate that we have seen travel from international origins. people are actually coming to stay with other real people. in some ways, our model actually works for those folks who want to spend time with real people. overall, when you are out there putting out travel bans, that will not be good for that particular economic sector. this is a much bigger issue. a question of whether we will have an open world or a closed world. we face climate change, economic inequality, conflict. the only way the issues are addressed in a global economy and global context is with countries working with one another. that requires the mindset of it

-- an open world. do you worry about being so closely aligned with democrats from the perspective of your business, but also some of your employees might be republican, who might sympathize with the president's policy? travel is inherent to our values. we do not look at it as a democratic issue. people know where i come from philosophically. as moving this forward or backwards. we do not speak out on every issue out there, but we speak out on issues that go specifically to our values. it is a sense of belonging, of promoting belonging and having peoplestay with from from different backgrounds. when you get will invite us, those are inconsistent with what we are all about. emily: surely there are people

who work for airbnb to disagree. >> i think they have signed up to promote belonging. it is about core values. we have a core value that talks about the power of belonging, the transformative impact of travel. you are coming to support a community that is committed to driving belonging. thatnk people understand whether it is here in the u.s. or other parts of the world, we are going to stand up for the issues and values that our community cares about. emily: is there anything you are doing on the business side to a ---- to adapt? >> we'll be releasing a video in a short time period that will help communicate how strongly we feel about the power of blogging and the power of travel -- of belonging and the power of travel. towill do a matching fund

the international refugee assistance program. this all tracks back to our values and our purpose and our mission to drive belonging. we have consistently spoken out about it. we feel it is our obligation to talk about it. we will continue to do thank you for having me. emily: president trump says he favors using a u.s. committee that scrutinizes foreign acquisitions of companies to limit chinese investments in technology. internal administration debate over how to curb chinese acquisition of u.s. intellectual property. president trump: we have the greatest technology in the world. people copy it and steal it. we have great brains and we have to protect that. we are going to protect it. that is what we were doing.

we have a lot of things that we can do it through. bloomberg getsp, a second chance in london. the details of the ridesharing service license to operate in the city. this is bloo ♪

emily: uber was given a 15 month license to operate in london by a judge after settling most of its differences with regulators. theers insisted that ridesharing app had overhauled the culture, passenger safety and reset its relationship with regulators. caroline hyde is standing by. is a lot shorter than

the five years that uber was hoping for. applying forere that -- they were applying for that. they have 15 months now to continue making good on a lot of promises that they said they are going to make some of behavior in a little better and reporting crime, offering a bunch of other changes. they said they are kind of happy. growingt have to keep and doing the right thing. eventually, reapply for another license to month time. hopefully they can get that without going to court. caroline: generally, the consensus was the drivers certainly like the product. >> the number one feedback that i got was having benefits would be very nice, but it is all about the flexibility. theare not competing with cavs that we have in the city because they are competing with

cabs.ap -- this is the opportunity for them to be there own boss and work when they want. theline: this does not end legal battles in the u.k. giving them not just insurance packages, but more benefits. >> potentially. this is battle two of this year. that is two will be in october. we very recently had another company with plumbing. than a little different ride-hailing. one of the workers was given the right to vacation pay. it is one of the first times we have ever seen anything like that. uber will have to go to court

with a set of workers very similar to bears who has been told that he can have vacation pay. caroline: does this undermine the business model going forward? maybe this is a takeaway of good news. >> i think for uber, having to pay for things like insurance, is a lottion pay, it less expensive than it would be to pull out of london. london is the biggest market in europe. one of the biggest worldwide. for uber, it is a no-brainer. it needs to do what it needs to do to stay here. if it means implementing vacation pay, i have no doubt they will have to do that. some people say it is over and the black cabs, but they serve

quite a different audience. uber probably needs to sort out the legal battles first, but it also needs some competition. caroline: 73 for now. -- so victory for now. look out for his articles on bloomberg. emily. emily: thank you so much. on tomorrow's show i will be talking about uber's court ruling in london with 20 west, the chief legal officer at uber. investors holding about $3 billion worth of this. and making moves to remove mark zuckerberg as chairman. we will hear from the investor leading the charge. this is bloomberg. ♪ ♪

in the wake of the

cambridge analytical data scandal, facebook is under pressure to be more transparent. now investors holding about $3 billion worth of shares once him to step aside as chair. the government structure is failing at the company and there is a lack of accountability to investors. managing partner director joins us now from boston. natasha, walk us through what you want. it is for zuckerberg to step down as chair and replace himself with an independent executive and also make changes to the share structure. >> absolutely. i think we heard at the annual meeting of call for change. unfortunately, the way that the share structure is currently set, that is almost impossible. in order to affect corporate governance change at facebook, it would be a voluntary effort on the part of mark zuckerberg,

who has taken a lot of investor capital. 14% of thes about company, but he controls over 50% of the vote. control that the firm nearly 60%. emily: people like sheryl sandberg, who i sat down with several weeks ago reiterated their support for his leadership. >> i believe deeply in mark. mark had a vision or what social services and social serving could be. that remains important. mark, along with me and all of us, takes full responsibility for what is happening here. facebook already has seven independent directors on the board. why is that not enough? >> for is a difference between vision and good corporate governance. what we have seen at facebook is a cautionary tale on how not to structure corporate power.

at this point, there has been scandal after scandal. i will give you an example of our engagement with the company. gender pay equity, we have engaged with them for over three years. it is surprising to me that of the 10 tech companies that we have engaged, facebook is the only one not to publish the data that we have been asking for in light of his position on women. the second engagement that we have had with them has been on fixed news and election interference, what we are calling content governance. that is ine platform violation of the company terms of service. we dealt with this last year top news stories that were getting traction were not

mainstream legitimate news stories. the board recommended a vote against it. fast-forward sixanwe heard before congress from facebook, as well as google and twitter about the 126 million americans that viewed russian propaganda in the lead up to the election. facebook shares, despite all these scandals and controversy are up. is this really in the best inte of shareholders if shareholders are getting their money? >> we found that the risk is not gone. when the scandal hit, which was not just about consumer privacy and trust, but about people taking data and using it to manipulate users for political gain. following that was

$100 billion fall in shareholder value. that indicates that when these crises hit, the market is going to respond. at this point, facebook is holding almost a monopoly type position in this type of social networking. including instagram. overhas really opened up the last year, given so many fumbles on the part of facebook management is that there is in -- there is an invitation for more competitors. be following to see if facebook response -- response to your proposal. coming up, travel ban fallout. now that the supreme court has weighed in, is there any legal recourse for those who oppose including those in the

silicon valley? that is next on bloomberg. ♪

emily: this is global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. -- this is "bloomberg technology." effectively banning 150 million people from seven countries of entering the u.s. president trump originally and then shocked wow hailed it as a tremes victory during a meeting with senators. pres. trump: we just have to know who is coming here. they turned out to be very wrong. what we are looking for as republicans, i can tell you, is strong borders and no crime.

emily: for more, i want to get to washington where joshua is standing by. he is a visiting professor and a signatory. he was also a firmware -- former clerk. joshua, given your background, what is your reaction to this today? >> today's decision is a disappointing one for those of us who think this travel ban and all three of its incarnations violates the statute and the constitution. you need to look at it in the context of a 17 month saw the comment on that to the first ban issued. you see courts scrutinizing what the president did, asking tough questions from his lawyers and

asking to revise the ban. even if i disagree, you see the will of law standing up, as manifested by the courts. for the people who oppose this, is there any legal recourse? >> all of the justices acknowledge that this case can continue in the lower court. the case can at least conceivably continue in the lower courts. one of the things that challenges might want to pick up on is the acknowledgment by the chief justice in his majority emergencyhat the authority relied on by the president is inherently temporary. the majority of the court was not willing to find this ban alawful because it lacked particular expiration date. if it needs to be temporary, how long can it be on the books for?

emily: a number of tech rallied.s the institute for constitutional advocacy and protection, which offers a legal swat team to in situations of extreme instability, particularly when a travel ban is implemented. how help will has this been? how much have they helped you raise for this organization? we are extremely grateful for the support we have received. began to build support early in 2017. we launched in august of 2017. we are coming up on our first birthday. we sued for some of the groups that came up in charlottesville as part of the unite the right .alid -- rally there we defended sanctuary cities. we have attacked anti-60 larry -- anti-sanctuary city laws.

we press on the right cases and continue to use the courts as a check on the executive or on others that would act outside the law. it strikes us as a valuable contribution to be making, especially in these times. we are grateful to be making that contribution. emily: are you seeing cases that might be caught in the dragnet here? can you give us any color on what they are experiencing? >> that is what we may be seeing in the coming days and weeks. part of what may follow in the wake of today's ruling are narow were challenges -- rower challenges. this is still important. he may see a pressing on the waivers that are reportedly ban.able, even under this you saw justices expressed concern that the waivers were

not available for those who might qualify for them. silicon valley and several tech companies and ceos have largely opposed the travel ban. we had airbnb on the show earlier. they are offering services to refugees. what can companies do? >> we are small. there are lots of people who need legal services these days. to provide support for that and a sense of what is available. sharing information is part of the justice pressed the government on. for those who qualify for a waiver, do they know it is available? do they know how to pursue it if they do qualify? might we see retaliatory measures from countries targeted by this man? this ban?- >> i do not know.

a has struck me that banning country's nationals from entering our country is hardly a good way to increase intelligence sharing. whether countries will react the way china reacted when it was first latest on the ban by troops out off it the counterterrorism fight in west africa against a group, remains to be seen. this strikes me as an unfortunate approach. -- a lot of us that worked on counterterrorism still think that what the president has pursued is not a good idea. do you imagine there is new activity in cyberspace right now? >> in terms of reacting to this decision? i think you will see people unhappy with it and certainly talking about it, but whether you see retaliation, it is hard

to know. even if i am disappointed in this result, it is the will of law and action. the right place to respond is in the courts. court acknowledged responsibility today. that seems to be the place to pick up on this for those who want to keep pressing and challenging what the executive have done here. emily: he is a professor at georgetown mall. acute for joining. law.orgetown thank you for joining. a former federal prosecutor who sits on the board of coinbase. her appointment is the latest in the attempts to add more sorely needed female talents. year, -- is

ai.ng up, the future of how humans and machines can work together to build a future. we hear from one person testified in front of congress on this issue. what he is telling washington, next. this is bloomberg. ♪

emily: nobel prize-winning economist robert shiller weighed in. he spoke to bloomberg tom keene about why he is skeptical about all the interest in the market. >> silicon valley is really into it. this shows that this is not a rational response to new

information. it is a social men -- social movement. it is a speculative double. below bitcoin dropped $6,000 for the first time since february over the weekend. it has tumbled this year as regulators step up scrutiny of what critics say is a vehicle for fraud. with great power comes great responsibility. yes, that is the iconic line uttered by spider-man. it was also the title of a congressional hearing on artificial intelligence. where aes at a time quarter of u.s. adults are worried that robots and computers could replace them in their jobs. another 50% are worried about the same thing. our next guest testified at this hearing. its mission, to ensure that ai can coexist with humanity.

created aily, it has bots that can compete against human in e-sports gaming. welcome to the show. we will get to video games and a moment. i want to talk about what you are telling congress. are we headed towards that apocalyptic future that elon musk has warned about with the coming of ai him are those concerns overblown like mark zuckerberg said? >> thank you for having me. the statement that we made to congress and what we want to communicate is that the field is moving very fast, a lot fter than people realize. we are starting to build faster and faster computers at a rate that is a lot lasted -- faster than to be seen. exactly where it goes from how far will the system can't, we are now in a fog and we will be in that fog until we see through the power of the building --

computers we are currently building. emily: what should the government's role in aib >>? -- ai be? thrown at ai systems has been growing at a rate of doubling. that is a growth of about 300 times. to put that in perspective, it would be like if your phone battery went from having one day of battery life to 800 lives of ttery life. -- 800 days of battery life. lets younge like this understand what is coming and what is happening and what we are able to do and not. if you do not know what is happening, it will be hard with regulation. emily: you are trying to demonstrate what ai can

accomplish. you are about to go to a big trip to canada to participate in a videogame competition along with ai bots funded by elon musk, to prove that a bot can be the best video gamer. talk about what you have accomplie. >> the thing we have been working on is the strategy in dota 2. unlike boardgames like chess or go, you need to be evil to strategize over continuous time. what we have been able to do is show that today's algorithms, if you scale them, they are capable of going further than the experts thought. talk to us about what you think ai will be able to accomplish in five years in than 50 years.

>> we look at what is being done today. we can build systems that are able to plan and reason. they can operate in complex environments. you start to think about potential applications or where that goes. you should be able to start building systems that can be put in the real world, helping real operate in these high responsibility areas. one important milestone is definitely going to be new scientific discoveries. if you fast-forward 50 years, the question of what can we build then, right now it is hard for us to put a limit on that. it is hard for us to understand what that looks like. about 1950's, we thought what the internet was going to

be and how that would affect us. our answers would be pretty poor. if you look at where the technology has the potential to go, you could truly build and intelligence at human level across a wide range of tasks. how do we ensure that is a world for humans? that is the fundamental premise of ai. emily: we have had estimations of how many jobs would be impacted or eliminated. some people saying they will be low income jobs. how do we know that ai will not increase income inequality? with ai, there is so much potential benefit, but there is risk and downside. for technologies in general, the question of how they affect things in the short term, people always overestimate how much impact we are going to have immediately.

the same thing will be true here. is ensuring that the benefit of this technology does not get locked up with one entity or one organization, that they should be distributed to the world. that is something that is really important and it is something that i hope other developers of this technology also take to heart. emily: how involved has elon musk been? what does he want here? >> he was a critical person forgetting this organization started and is a donor. he has been talking about ai and the importance of it for a long his interest is very aligned the work we are doing. cofounder of open ai, thank you for stopping by. amazon is stepping further into financial services, announcing

it is pairing up with american express for a credit card for small business customers. them.ope to involve they offered a membership offering fast, free delivery for businesses create it has used data from 2 million merchants to offer loans to small business. up, we will defend to the possibilities from the border of texas. this is bloomberg. ♪

emily: the trump administration is under fire for his policy that separates parents from their children at the border. it has ignited protests and is putting pressure on republicans and broadening the conversation on the conversation of a wall. could technology be used to enhance our security instead? we are at the border with more.

jennifer, many tech solutions have failed. a lot of money has been poured into it, but now that you are down there, is there any more optimism around technology being used as a tool? >> we have certainly heard a lot from members of congress down here talking about ankle bracelets and that they should be used more widely. they are used pretty widely to track people who are detained but then allowed to stay in the u.s. while they are awaiting legal proceedings. we certainly heard that from a group of members of congress. some democrats in el paso say it costs a couple dollars a day uses keeping a child or adult in a facility cost thousands of dollars per day per person. they think there really is no question there that it should be more and detention

facilities used last. companies like 23 and me have offered to test the dna of children for free to help them find their parents. we have\two very different -- sense of what you are seeing here. the reaction down there to all of these events. it has been said about a lot of different things that the president has done. they want to show that they do not fully support the president, especially on immigration, whether having to do with people from muslim countries or having to do with people coming from central america. offered dnas

testing to help families reunite , especially with younger children who may not know their parents names or have any information, a letter in their pocket or something. so far, we have heard from a group in texas. they are really active here. they are saying it is not something that they would want potentialuse of the for that information, was it is collected, to be abused. a lot of these people came in here to the u.s. looking for asylum and they might be under threat of some kind. emily: thank you so much for weighing in. silicon valley is no longer the

undisputed king of the venture world. by equitystments firms topped one trillion. one of china's largest investors has played a big part in that, nearly a dozen billion companies since 2010. they spoke to a bloomberg thomas mackenzie.tom it would be someone with a great idea who was really smart, but now you are seeing with a lot more.. people who cofounded, who were head of baidu research. moneyrse, they want more and higher valuations. it is people who have been in

the internet industry for 10 plus years that are coming out. do you think the silicon valley has been slow to wake up to what is going on in china? this year, i have definitely seen a turn in interest about chinese companies. silicon valley has not seen that much in terms of the renovation in a wild. you also had mike morris's letter earlier. i think there is a lot of interest in people wanting to come and see the companies and understand the momentum. investors in the u.s. are .xcited about what is happening the companies are growing much faster than a lot of u.s. companies. how closely do you will line your decision-making? think i very much agree

with that story. it will be sooner than 2025. by 2020, i think we'll see a lot more global company of that are chinese in the tech sector. they are already operating in many other countries. musically how they were one of the top social apps. in southeast asia, usc chinese payment. what china experienced 10 years .go with lending there are a lot of scenes and trends that china experienced that are very much mirrored in southeast asia. more: we will have exclusive interview from the venture china series all this week.

is all for now. this is bloomberg. ♪

from thetocks rebound worst selloff since early april with oil prices rallying and the dollar advances. topresident trump appearing backtrack on his approach in china. go up inlobal various response to the u.s. tariffs. >> and the president has what he calls a tremendous victory after the revised -- supreme court upholds his