emily: i am emily chang in san francisco, and this is "bloomberg technology." in the next hour, the supreme 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 can operate in london with a probationary license.

we'll discuss how the ride-hailing service walked regulators back from the brink. facebook investors want to limit mark zuckerberg power over the company and stepping as chairman. first, to our top story. the u.s. supreme court has voted to uphold president trump's travel ban. the court voted along party lines, rejecting arguments that trump had exceeded his authority and violated the cost of tuition by targeting muslims. -- violated the constitution 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 covers the courts for us. 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 court 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. 5-4. big in terms of the results. emily: facebook, google, amazon. we will talk to airbnb in a moment. all of these are companies that urged the court to strike this down. what does it mean for them? greg: it is not good news for them. it is not what they wanted. their 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 dollars overseas, so it will not be good for u.s. business. it may not have a direct impact

on particular companies, but it is good to bidding to a climate to contributing to a climate that silicon valley companies say is not healthy for them. emily: how should we view this victory with the backlash of the 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 court said that 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 light to the president on any

other aspect of immigration policy. emily: all right. greg store, for us. 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. the ceo tweeting, the travel ban was wrong from the beginning and is still wrong today. we are profoundly disappointed by the supreme court's decision to a poll of the travel ban, a -- decision to uphold the travel ban, a policy that goes against our mission and values. we believe that travel is a 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. you became a tech executive. as a tech executive, what is

your reaction? >> what brian, our ceo tweeted out, is getting at specifically what our concern is. if you look at the history of the u.s., 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. controversies about children being separated from their parents. controversies about building walls. that is fundamentally inconsistent to what it means to be american. if you look at the course of human history, whether it is migration, immigration, exploration 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.

this does not involve our 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. emily: you had a strong statement about family separations. the cofounders of airbnb said ripping children from the arms of their parents is immoral and counter to the american values of the longing. they need to reunite these families. we are a better country than this area and they are matching donations to the assistance project. you have been hosting guests as part of your program. how many people have you hosted?

>> we have been on this for several years now. in 2016, we did and add around the super bowl. people.ed over 11,000 displaced we contributed $4 million to support refugee efforts. we are matching that program. for us, 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 have five million-plus listings around the world. 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. even from a business perspective, think about what has happened over the last year. travel has gone down. travel is 10% of our global gdp. there are millions of jobs over the next 10 years. these decisions are not good for

the u.s. from an economic perspective. for us, i really want to underscore, that we continue to grow, even as the rest of the industry heen impacted by this. i have actually referred to some of these decisions as travel tarriffs. you are 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. i won't use the word that was used 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. there are business issues. emily: it does impact your business if travel is down. how has trouble been impacted, travel been impacted, not

just by the travel ban, but by the america mentality and president trump's general 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 go up. we think that is reflective that 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 tarriffs and 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 enormous global challenges, climate change, economic inequality, conflict. the only way the issues are addressed in a global ec and global context is with countries working with one another. that requires the mindset of an

open world. isolationsim to tribalism has never worked. emily: do you worry about being so closely aligned with democrats from the perspective ofsiness, but also some of your employees might be republican, who might sympathize with the president's policy? >> for us, we spoke out on issues that go to our values. travel is inherent to our values. we do not look at it as a democratic-republican issue. people know where i come from philosophically. we look at this as moving 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. at the center of what we're about is a sense of belonging, of promoting belonging and having people stay with from people from different backgrounds.

when you get rulings like this, 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. when you come to work at airbnb, you are coming to support a community that is committed to driving belonging. i think people understand that when there are issues that come up that are inconsiste with that, whether 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 adapt? >> we'll be releasing a video in a short time period that will help communicate how strongly we feel about the power of belonging and the power of travel. we will do a matching fund to the international refugee

assistance program. we'll continue to find ways to house people. this all tracks back to our values and our purpose and our mission to drive belonging. we have consistently spoken out about it. when this issue pops up, we feel it is our obligation to talk about it. we will continue to do that. 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. trump's remarks appeared to align him with steve mnuchin in an internal administration debate over how to curb chinese acquisition of u.s. intellectual property. president trump: we have the greatest technology in theworld. 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. emily: coming up, bloomberg gets -- uber gets a second chance in london. the details of the ridesharing service license to operate in the city. this is bloomberg. ♪

emily: uber was given a 15-month license to operate in london by a judge after settling most of its differences with regulators. the ruling came after 1.5 days of arguments in which lawyers insisted that the ridesharing app had overhauled the culture, passenger safety, and reset its relationship with regulators. caroline hyde is standing by. with nate langston.

15 months is a lot shorter than the five years that uber was hoping for. caroline: shorter than the 18 months that they were applying for. nate: they have 15 months now to continue making good on a lot of promises that they said they are going to make. behaving a little better and reporting crime, among a bunch of other changes. they said they are kind of happy. they just have to keep growing and doing the right thing. eventually, reapply for another license in 15 months' time. hopefully they can get that without going to court. caroline: generally, the consensus was the drivers certainly like the product. they want the flexibility. >> the number one feedback that i got was having benefits would be very nice, but it is all about the flexibility. the are not competing with the

black cabs that we have in the city because they are competing with mini cabs. this is the opportunity for them to be there own boss and work when they want. caroline: this does not end the legal battles in the u.k. when it comes to the drivers, there is still some hurdles in terms of giving them not just insurance packages, but more benefits. >> potentially. this is battle two of this year. battle two will be in october. it will be lots in appeal. we very recently had another company operating in the gig economy with plumbing. it is a little different than 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

knowing that some company with a set of workers very similar to theirs has been told that he can have vacation pay. caroline: does this undermine the business model going forward? is uber going to stay the number on market and that maybe this is a takeaway of good news. nate: i think for uber, having to pay for things like insurance, even vacation pay, it is a lot 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 has to do what it needs to do to stay here. if it means implementing vacation pay, i have no doubt they wilo do that. at the same time, uber has no direct rival here.

in the u.s. it is uber and lyft but we dont' have 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: so victory for now. we'll see what competitors are eying up. nate has plenty on this coming out. 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 tony west, the chief legal officer at uber. investors holding about $3 billion worth of this. facebook stock and are making moves to remove mark zuckerberg as chairman. we will hear from the investor leading the charge. this is bloomberg. ♪

emily: in the wake of the cambridge analytica data

scandal, facebook is under pressure to be more transparent. now investors holding about $3 billion worth of shares want him to step aside as chairman. investor meeting and said the governing share structure is failing at the company and there is a lack of accountability to investors. the managing partner director joins us now from boston. natasha, walk us through what you want. is it for zuckerberg to step down as chair and replace himself with an independent executive and also make changes to the share structure? natasha: absolutely. i think we heard at the annual meeting a 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. nly owns 14% of the company, but he controls over 50% of the vote. insiders at the firm control nearly 60%. emily: people like sheryl ith several weeks ago, reiterated their support for his leadership. take a listen. sheryl: 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. emily: facebook already has seven independent directors on the board. why is that not enough? natasha: there 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. on 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 fake news and election interference, what we arecallin. abuse of the platform that is in violation of the company terms of service. we brought this to the fore last year following top news stories that were getting traction were not mainstream legitimate news

stories. but fake news stories. our proposal went to the board. the board recommended a vote against it. fast-forward six months and we heard from 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. emily: facebook shares, despite all these scandals and controversy, are up. is this really in the best interest of shareholders if shareholders are getting their money? natasha: we found that the risk is not gone. when the cambridge analytica 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. what we saw 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 pon this type of social networking. including instagram. what has really opened up over the year, given so many fumbles on the part of facebook management is that there is an invitation for more competitors. shareholders want the company to protect their share and address these risks. emily: we will be following to see if facebook responds 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 the ban, including those in the silicon valley? that is next on 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.

emily: this is "bloomberg technology." i am emily chang. supreme support -- court voting to uphold president trump's travel ban effectively , banning 150 million people from seven countries entering the u.s. president trump originally tweeted a shocked wow and then hailed it as a tremendous victory during a meeting with senators. pres. trump: we just have to know who is coming here. the ruling shows all the attacks from the media and the demo that -- the democrat politicians are 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 of law and was a signatory. leaders.h 51 other also a former clerk for stephen breyer who was a dissenting voice. 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. i think you need to look at it in the context of a 17 month saw ga going back to the first ban issued. you see courts scrutinizing what the president did, asking tough his lawyers and

forcing the president to revise it. ultimately, even if i disagree, you see the will of law standing up, as manifested by the courts. emily: for the people who oppose this, is there any legal recourse? >>his case may not be over yet. all of the justices acknowledge that this case can continue in the lower court. this was here on something of a preliminary posture. the case can at least conceivably continue in the lower courts. one of the things that challengers might want to pick up on is the acknowledgment by the chief justice in his majority opinion, that the emergency authority relied on by the president is inherently temporary. the majority of the court was not willing to find this ban unlawful because it lacked a particular expiration date. if it needs to be temporary, how long can it be on the books for? emily: a number of tech

executives rallied. the institute for constitutional advocacy and protection, which offers a legal swat team to people in situations of extreme instability, particularly when a travel ban is implemented. how hopeful -- helpful have these folks been? how much have they helped you raise for this organization? >> we are extremely grateful for the support we have received. we 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 rally there. trying to curb the violence. we defended sanctuary cities. we have attacked anti-sanctuary city laws.

having the support defined the constitutional issues of the day, 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. this challenge was large. part of what may follow in the wake of today's ruling are narrower challenges. individuals who feel they particularly have a stronger case. you will also see, this may or may not be challenge of all, -- challenge of all, -- challengeable, you may see a

pressing on the waivers that are reportedly available, even under this ban. you saw justices expressed concern that the waivers were not available for those who might qualify for them. emily: 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 what the justice pressed the government on. for those who qualify for a waiver, do they kn available? do they know how to pursue it if they do qualify? companies can be valuable sharing information. emily: might we see retaliatory measures from countries targeted by this ban? >> i do not know. .

it has struck me that banning a country's nationals from entering our country is hardly a good way to increase intelligence sharing. whether countries willct the way chad reacted when it was first latest on the ban by pulling some of it troops out of 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. emily: 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. the supreme court acknowledged as a possibility today. that seems to be the place to pick up on this for those who want to keep pressing and challenging what the executive has done here. emily: he is a professor at georgetown law. 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.

coming up, the future of ai. how humans and machines can work together to build a future. we hear from one person who 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 on tha bitcoin. he spoke to bloomberg tom keene about why he is skeptical about all the interest in the market. >> the east coast is less into it. silicon valley is really into it. this shows that this is not a rational response to new information. it is a social movement.

bubble. it is a speculative bubble. emily: bitcoin dropped below $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. this comes at a time where a 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. most recently, it has created ai

bots that can compete against humans 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 or 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 faster than people realize. we are starting to build faster and faster computers at a rate that is a lot faster than to be seen. exactly where it goes, we are now in a fog and we will be in that fog until we see through the power of the computers we are currently building.

emily: what should the government's role in ai be? >> the amount thrown at ai systems has been growing at a rate of doubling. that is a growth of about 300,000 times. to put that in perspective, it would be like if your phone battery went from having one day of battery life to 800 days of battery life. rapid change like this lets you 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 accomplished here. >> 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 -- able 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. emily: 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 people, able to 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. in the 1950's, we thought about 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 also real 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. one fear 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 time. his interest is very aligned the work we are doing. emily: 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. they hope to involve them. they offered a membership offering fast, free delivery for businesses. it has used data from 2 million merchants to offer loans to small business. coming 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 used more and detention facilities used last.

emily: companies like 23 and me have offered to test the dna of children for free to help them find their parents. give us a sense of what you are seeing here. the reaction down there to all of these events. >> i think 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. 23 and me has offered dna

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 to be because of the potential 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.

total investments by equity 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 tom mackenzie. >> 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. of course, they want more money 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 lley 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 -- innovation in a while. 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 excited about what is happening. the companies are growing much faster than a lot of u.s. companies. >> how closely do you allign your decision-making? >> i 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 companies that are chinese in the tech sector. they are already operating in many other countries. you saw musically how they were one of the top social apps. in southeast asia, usc chinese payment. what china experienced 10 years ago with lending. there are a lot of scenes and trends that china experienced that are very much mirrored in southeast asia. emily: we will have more exclusive interviews from the venture china series all this week. that is all for now. this is bloomberg. ♪

announcer: the following is a paid presentation for theraworx relief with dr. drew pinsky. ♪ dr. drew: if you are one of the millions of americans who suffer from muscle cramps in your legs or feet, relief is finally in sight. hi, i am dr. drew pinsky. today i am here to share some news that got me excited when i first heard about it. it is called theraworx relief. this life-changing product is clinically proven to quickly relieve the discomfort of muscle cramps and also prevent muscle cramps before they start. now the word "breakthrough" gets