emily: broadcom is betting big on corporate software paying nearly $19 billion for ca technology, but the deal has some investors concerned that they are going too far from their focus. 's intentpidly growing market, then mo is hitching a ride with uber -- then mo is venmo is--

hitching a ride with uber. ceos are settling in to sun valley. to our top story, china toes down its trade rhetoric amid china u.s. and trade officials trying to figure out a way to start talking again. additional tariffs could go into affect in a couple of weeks. for more, we joined by the president of technology research for bloomberg intelligence. what is the biggest tech impact you see so far? >> it is semiconductors, and telecom related equipment. those of the issues that have been talked about the most. the challenges for a lot of tech companies is tech hardware is completely intertwined in china. so many of the sub, subcomponents come from there. things that go into pieces way down the chain.

that so hard to extract for all of these companies. as a result, even though we have not seen tariffs on phones and typical products you would be concerned with, those components are being purchased i everybody. all of these tech companies, hardware companies in particular, are taking a bit of a hit if these things start to kick in. emily: how rattled is the chip industry by this? >> i don't think we are fully impact of thee trade tariff drama. we're been operating from an assembly standpoint in china for so long. it has been such an efficient place to make technology gizmos, if you may. the chipmaking industry is also expanded substantially there. logistics is easy. nothing is made in the united states anymore. most of the other places either for that matter. to completely penalize a company for operating in china or

importing or exporting from china, it is a dangerous path to go on, because the reverberations are not known. not even companies fully operating in the space. emily: where do startups fall into this? >> software startups are fine. generally it won't be an issue. it is the hardware companies trying to figure out new gadgets or maybe have some tied to it. there have been some discussions to say cloud-based services could be come more extensive because telecom equipment to be more expensive. that is certainly a much lower order impact. emily: then there are companies like broadcom that get 20% of their sales from china, how does it impact of them? >> that is a direct demand component. that aspect will be easy to measure because he will start to chinaciprocal measures by and they will start to have a direct impact. critical also components that go into things

china needs and wants. these are gaming pcs which is a key supplier. there are not that many suppliers in the world. vendors 4g gpu's, i would argue for example. in a lot of ways we are joined at the hip. i'm baffled you would try to do it as painful and exercises this one. emily: there seems to be a glimmer of hope that the sides will start talking again, but, could this snowball and get bad? >> it could. we have to be careful about china's efforts to drive their entire ecosystem. this made in 2025 program that they have been talking about is all about being able to say look, we will develop all of the intellectual property we need, and create this entire ecosystem . it is interesting. i was in beijing for conference

last week. talking to some of the people there, there are a lot of questions there because you get the sense that there are a lot of people saying china could follow its own tech path, and the rest of the world follows another. we're been assuming it is a single, global, tech evolution. if things really get bad, we could see these dual paths where technology standards and other things become different. that would be very bad. >> and we have seen this with japan in cases like the telecom centers where we had these diverging paths. we have had to come back together for 4g for example. two g we were very different. 2g we were very different. the market has a way of putting things back together. i agree with bob in thinking the divergence of paths would not be a good thing. emily: the ceo of broadcom, and the qualcomm birds did not happen.

they are still as ambitious as always. >> it makes zero strategic sense. two, you are going so far out of your core competence that the only thing you can do, you can execute a financial engineering play better than most semiconductor makers. is this all we got? emily: to what end? >> to expand eps, margins, creative, etc.. but, is this all we have? we can do better than this. we can accumulate multiple small semiconductor makers. agreed that qualcomm slipped away, agreed there a not that many left. you plenty chipmakers in the e an impact.av the qualcomm industry is going

under a substantial amount of drama. that could fall through. then, and xp gets back in play. would that not be an interesting acquisition candidate? historically been into auto so that is drawn the there, but i'm puzzled, as is most with the market. the stocks are off right now. i think broadcom could have done better. >> i completely agree. we were talking about this before we went on the air. it is one of the head scratching things like, where did this come from? conglomerate this of something related to tech being put together. integration with customers, supply chain, with anything. it makes you kind of scratch your head as to what they are possibly thinking. if you look at the barely surfaced level, they are adding software to chips.

we were talking about intel trying to buy activity a couple of years ago -- by mcafee a couple of years ago. in the end, it did not work out. i think this one is much more challenging. >> even with intel buying a much smaller acquisition in the business of designing systems using intel chips, even that did not work out. both of those acquisitions got sold for pennies on the dollar, several years later. these transactions, chips by software companies historically, the data suggests they have not worked out. emily: we will keep monitoring it. , and it was great to have you both here. apple's new powerhouse. they unveil the new back took -- the new macbook pro. we will look at that next. this is bloomberg. ♪

emily: apple is releasing new versions of its professional oriented laptop. they just unveiled the of macbook pro developing a fervent fan base among many. this comes as they remain fourth-place for global pc shipment. mark whoell us more is covers apple for september. what is so special about these new macbook pros? >> these are what users have been asking and waiting for. when they released the current design in 2016, they had features like the touch bar and new design. people were asking, is this really what we want and what high-end developers and movie editors, photographers want. the answer was no for a lot of those people. it was more of a consumer laptop at pro price and pro-name. this addresses that.

it has a more powerful processor, 70% faster than the 15 inch model. it has more ram. ram let's you do more things at once. prices are matching the capability. emily: what do movie developers and editors want? >> they want to run lots of programs in the background and do things at once. they want to pay two or $3000 for computer. they don't want to have to wait. they want the processes to be smooth, movies to take a shorter time to make. apps to be quick and to make and that is why they pay so much money for these tools. max have always had a -- macs have always had a smaller market share. for that be changing? there are two ways to look at it. you're right. the macs in terms of growth, it

is stagnant. sale, for theunit last five or six years, it has been 20 million units last year, and a quarter average. ipad and growth has slowed over the past several quarters, i think it is a good thing that growth has been steady. marketplace for other devices has been slower. emily: do think they could take a larger share from the pie? even if the numbers do not necessarily accelerate in a plateauing market if you will? >> apple has a secret up its sleeve. they're working on a revamped, new generation of the mac, a cheaper model that we learned about earlier this year. i think that will give them an opportunity to up their growth. that is something to look forward to this year. succeeded at aas cheaper high-end smart phone,

which apple has tried in the not xiaomi is working on it, can they do it? >> i think so. there was a super flashy computer and people loved the price point. the problem was it was not revamped for seven or eight years. at it with the new macbook replacement which will be cost-effective for a lot of people. emily: mark gurman, thank you so much. snap has been the goto company chat app read microsoft is announcing it is releasing a free version of its corporate chat organization. it gives users unlimited , as well as search 10 gigabytes of data storage. wright,us now is lori general manager of microsoft 365. thatdo the microsoft teams

the competition does not? >> thanks for having me. one thing we are excited about today is being able to take what they are both four, a digital workspace having you be able to do everything from chat to collaborate on files, make a video call or even a phone call. all of that together. when we think of our competitive opportunity here, it is that we can bring the power of the office suite and integrate that to write in. an be able to bring in unlimited number of applications and offer them out to everyone. your competition has 500,000 organizations, 8 million active users, and microsoft has 200,000. what is the plan to win market share? >> is exactly 200,000

organizations that we have brought into us into the last year. incredible market coverage. 60% of the users are outside of the united's aides. we're looking at 181 markets around the world. we are thrilled with that progress. with 135 million monthly active users involved and all of those users have access. this announcement forget -- -- if yount today think about a startup, a nonprofit, all of these organizations can come up and get the power of microsoft teams. emily: how does that fit into the broader view? the past that the ceo has laid out to increase productivity in the workplace? that the ceo has laid out to increase

productivity in the workplace? >> this now is the expansion unit from a productivity perspective. we have seen such a shift in the workforce where organizations are much more thinking about how an individual gets work done, to how groups get work done. it leverages all of the power of 365 that brings it together through the lens of teamwork. numbers,look at the over a third of the planet has an in military's. now, how do we take those individuals who are working together in a group and give them access to this hub for teamwork. emily: heidi see the future of work and collaboration networks changing? in a way, the advent of slack, it was something that simple existed in a workplace before or that they made tethered to the internal system. how did that change in the

future? >> what we have seen is the from in the workforce longform communication to now very short form communication. people like a simple chat, gets messages out there. also aingly so, there is distribution of the workforce. people are working remotely. more than half of people in the workforce today work remotely some part of the time. there is also more than five generations, for the first time in history, together in the workforce. with all of these trends, we are finding new ways to bring people together and help them move from that individual productivity to how they can achieve more together. apple,amazon, microsoft, everyone is moving toward this trillion dollar market cap, how does a development like this ad to microsoft's bottom line? >> it is about giving people the tools they need to enhance how

they do work for us. we're looking at the sense of opportunity to say -- as i mentioned earlier, we have great success and our 365 suite. we have 135 million users on the app. 200 million windows 10 devices in market. all these things are happening and growing. about makingly is sure each of those individuals is working in a collaborative situation, and upgrade to the full power of the office 365 suite when the time is right for them. lori wright, thank you so much for joining us. emily: thanks, emily -- >> thanks, emily. emily: uber offers a new way to pay for your ride. what does this mean for apple pay? this is bloomberg. ♪

emily: elon musk may have missed out on his chance to save the children trapped in a cave in thailand, but he is pledging to help the people of flint, michigan. responding to a flint resident, he tweeted "please consider this a commitment i will find fixing the water in any house that has contamination above fd levels." he has yet to contact the city for the public information officers. splitting and uber with friends is getting easier. uber riders will begin to see a pay with venmo button when selecting a payment method. uber joins over 2 million andhants joining venmo

becomes the largest have to do so. broke the story and, julie, it is surprising this does not exist yet. >> yet seen apple pay inside of uber for a while now. one of my questions was, why do you not do this right away? i guess they thought now was the right time. when they looked back, paypal could see a lot of information on what people were using the app for. over the past year, there have been 6 million transactions that mentioned uber in them. saying uber as asking people to pay them back after using uber with each other so why not make a seamless inside the app? use it and say let's split the bill and not have to go and make the request later on. maybe you are forget to do it later as well. it is something they thought profitable for both

sides. emily: the transactions will be complete with custom emoji's prh sides. emily: as well. how significant is this for paypal and venmo? >> paypal's stock has been doing well. it is up roughly 50% in the last year. -- thereen a big push has been a big push to monetize them. right now, when it was the peer-to-peer offering, when i would request money from my roommate to pay me back from rent, they are not making any money off of that. late last year, they gave this pay would then mow -- venmo option, and they make a portion of the fee -- take a portion of the fee. i don't know that it uber itself make a huge impact on financials by signing on because braintree, another sign up, already powers the payment. they want to increase the venmo brand. instagram is seen as a great

thing that escaped a lot of the scathing things that facebook dealt with recently and it is the bigger, better brand. that is not something people know that paypal owns. a lot of millennials are using this many times a day, if not several times a week as well. emily: what about the possibility of venmo cannibalizing paypal's business? >> i don't know that it would totally cannibalize it. it is something that paypal would not necessarily care too much, which one was there. i do think that no has a stronger brand right now. if you keep seeing pay more with venmo options versus paypal definitely -- you can see then mow gaining traction. and wanted to gain traction square cash has also been gaining traction lately. the last thing they want to see is something like that coming up and taking the wind out of their sales.

lyft doesn't have this option, will they answer and to his next? >> there is definitely a big push to ramp up the number of retailers, merchant apps that are offering the pay with venmo option. i would not be surprised to see someone like lyft or another app start offering like this in the future as well. emily: julie were hate in new verhage in new york, think you much. later, crypto's are on track to top a billion dollars this year. how people able to hack into exchanges and how do you prevent it? this is bloomberg. ♪ retail.

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>> this is bloomberg technology. i'm emily chang in san francisco. it is no secret that china's be the preeminent tech power in the world, from its made in china 2025 initiative to its burgeoning startup seeing the country plans to dislodge america from atop that perch and one of the keys to doing so having its own version of silken valley. of them. you see china currently has a 2.1dying 156

state-level tech zones scattered country, but at the heart of its desires to supplant nan jing.lley is it's building a tech center and offering plenty of incentives. so can china do it? surpass silicon valley? he joins us from new york so peter, obviously, some of the biggest china tech companies are based in the biggest cities in china. why focus on nan jing? there?happening >> well, china has been aspiring to try to reach the u.s. in different technology fields and surpass, as you keyioned, in some of the fields like artificial intelligence and electric vehicles. nanjing gives you a closeup look at the incentives they're

offering to some of these as they try to achieve some key hurdles in terms of the technology that they're pursuing. so we travel to nanjing and we were able to see the opening a startup that was moving into space there, it's an called a.up innovation and they talked about moving into the space and what to do with this kind of government support. i mean, in some senses it's a the support that american states are trying to give to amazon to persuade them to bring their second headquarters, but it goes away beyond the traditional incentives we would see here. only no taxes, it's free office space. housingcases it's free for their employees. and also the party chief for nanjing talked about the kind of financial incentives you could get if you're a venture capital firm. get several million rmb and if you invest that money in in nanjing, if the startup goes under they will refund your money.

it's a very interesting model. it's one we haven't seen in the technology world before and it's odds obviously with the traditional free market system that has worked so well in valley. >> mike morris has argued that china is already winning the race. tech this is a venture capital firm with a huge practice in the united states, but also a big practice in china. you agree? >> that's right. i don't think it's already winning at this point. what's interesting about it is that they are using this model tornative fostering a tech industry that seems to be working pretty well at this point. they are gaining ground in some key areas. there are complaints from the u.s. part of the reason that we wanted to do this story is this of very highme trade tensions between the u.s. and china, of course, and the aboutas made accusations unfair practices by china and its tech industry. is protectionism, to keep out companies like facebook and twitter. part of that is these of stealing intellectual property for some of the american companies, but companieschinese tech

that are gaining ground. some rank among the 10 most valuable publicly held companies andhe world alongside apple amazon and they have a whole bunch of startups that are getting fostered by these cities on pretty strong in a number of key fields. >> obviously, there's still a surroundingtainty how this trade war or trade dispute, if you will, will play thinkut how much do you what we've seen so far could actually put a dent in china's ambitions to become the leader in a.i. or the leader in electric cars? >> there are two sides i think to that answer. moret does make it difficult in some respects. the trump administration has to give closer scrutiny to chinese investments in key american technology so companies like 10-cent that have been investing very aggressively in the u.s. so far a.i. and other key areas may face a tougher road in terms of

investing there, but the other side of it is that this is going to make china, the government, the chinese technology companies even more determined to develop their own technology morese they will need it if these trade tensions get even higher. i mean, one of the key issues in zte was thatver zte essentially had to shut down access to.s. cut off american components. that was because they need need optical components from american suppliers because there are none just domestically, but other foreign providers, too. an even moreome important issue for china to develop its own technology industry as these trade tensions rise. the city of nanjing is one place. it'sis happening across -- such a vast country, so many different cities. what's happening beyond nanjing beijing and shanghai and hong kong? >> as you mentioned, at the top show there are more than 100 of these parks and to be clear, there are some

within chinaeven about whether this makes sense, right? when you see this kind of government activism, there are concerns that too much money is fields, go into certain money is going to be wasted. china has tried this in solar before and steel before. withve ended up overcapacity and companies going under in many of those places so the cities try to do is specialize in key areas so they're not all competing in the same space. is driven by this kind of party activism where you have partyyor and the local chief who are trying to advocate for their city, nanjing went an interesting history where the previous mayor was actually convicted of corruption doling out contracts to the wrong kind of people and he went that.l because of so their goal is to try to leave that legacy behind, to go beyond the old-school manufacturing that they used to do and really develop new technology key,tries that can be particularly artificial , semiconductors and

the key areas for beijing. for stopping by. >> well, apple is being sued not disturb feature found on iphones. california based smtn technology feature infringes on its patent. the mode allows iphone users phone when its owner is driving and send automated responses to incoming texts. lawsuit could complicate apple's efforts to update its iphones and tablets. apple has yet to respond to requests for comment. are using more sophisticated techniques to a trace.ds without details on that next. follow our global network. glob.

>> cryptocurrencys are still considered a risky investment riskier -- >> it is, of course, none according to the security firm, more than $760 in cryptocurrency were stolen from exchanges this year, outpacing 2017.

wonderful to have you here, david. $760 million already in the first half of the year. in much are we going to see 2018? >> i think it's not unreasonable to suggest one and a half billion. if we look at the trends from last year and the year before we're already double or almost in 2017.at we saw and we're only halfway through the year. we're seeing new exchanges set and not quite ready for prime time oftentimes and that's where beingseeing the money stolen from. >> and so is it being stolen easily because there's a lack of enforcement on the exchange side or how sophisticated is actually the criminal being here? >> so we're seeing the broad swath. so sometimes, they go after exchanges, phishing word.give me your pass sometimes, more sophisticated attacks like let me go after i.t. people at the exchange, phish them and get access to critical systems. sometimes, highly sophisticated let me plant malicious code

andde of your computers then copy and steal private keys and take over the entire asset exchange. >> is there a regionalization to this? >> it's global. yeah. i mean, it's -- the criminals global, the exchanges are global. >> what about the global regulators? because we have seen calls from the exchanges particularly the more secured, sophisticated ones, we know coin base has been regulated, they want their industry to grow up and we've heard from the yourator saying hey, know customer, anti-money laundering. are we starting to see it?lators get >> regulators are definitely getting it. now, it's different from country to country, but we've seen a lot great work in the u.s., europe is being very forward thinking. at howteresting to look people are looking at it. sometimes, it's very defensive, existing laws, tweak them a tiny bit or just apply them and you have other progressivere more like malta, part of the e.u. and

they're aggressively trying to crypto island. bring exchanges in from all around the world, we'll give you a very clean set of anticipate money laundering and know your you aer regs, we'll give low tax rate and we'll have a nice regulatory environment to encourage you to come and bring crypto here. bermuda andening in we're seeing it in a few other countries, really trying to be forward thinking. be enough? this will this end up ensuring that exchanges are strong enough, are enough to ensure that they're not as easily hacked and you start becoming banks have had to grow to be? >> if you look at the banking industry, if you remember back oh, say 10 years ago when phishing was really starting to get going against consumers and that use banks, the regulators had to step in a little bit and put here'sndations and say the best practices to stop phishing with to detect transactions, we're in london and 20 minutes later we're doing

russia tons from california, our account has been hacked. same is going to start happening with regulators and best practices in the crypto industry. >> give us a flavor of some of the more extraordinary ways you've found these new breed of criminals start to identify and target particular exchanges and players. >> so the criminals are smart. they're going where the money is are very educated people. so if you thought phishing was grewthese are people who up with knowing crypto, cryptocurrency from the beginning. they know malware code. they have access to all the best tools, but they understand engineering and you don't have to be the best coder in the world. be good at tricking people. so they're very, very good figuring outample, who an i.t. is at a crypto exchange, targeting them with or two very targeted simple passwords get their

to critical systems to take over all the traffic. planting a very special piece of code inside of an exchange to to then copyss code or how about this? we'll his jack the cell phone number of one of the critical employees, maybe even a c. level employee, port their phone over. >> which they've done to those who actually own crypto. >> they do it to people who work exchanges, and now, when messages come in about security codes it's, password going to the criminal and not the employee. guys doing?you you just launched a new product. be much can cyber trace offering products to help educate, to help ensure the exchanges aren't getting targeted? >> we're seeing the industry mature and what we've been doing is creating anti-money capabilities for these crypto exchanges and for hedge funds and other investors verify the source of funds didn't come from stolen sources. trace that. and i think this is what people

perhaps misconceive is that you can trace bad actions within crypto. completely unidentifiable. a forever-there ledger to a certain extent. you have to work harder. difficult to figure out who's who and you can also get a lot of value by figuring out transaction versus not just finding the bad ones because if you risk score a same ways youhe would with a credit card transaction or a bank log-in, if canapply that to crypto you start to see those are all looking pretty safe, pretty good and these ones we don't know anything about or we see some bad traffic and you can then out the customers or the funds that are dangerous, keep them off your system. be fascinatingo to see how this industry continues to grow and as protection continues to grow. >> it's going to grow up. everybody wants it, the constitutional investors want it, the consumers want it, the exchanges want it. think it's a great maturing phase for the industry.

>> dave, great that you were london.through here in thank you very much indeed. the ceo of cyber trace. want to talk i do to you about another story that's coming out of the u.k. right now. a new report from the british government highlighting how intense it is to maintain this smooth transfer of personal data the e.u. and the u.k. talk to us a little bit about data rules and how change post-brexit. >> this is the new white paper coming from the prime minister theresa may. she's coming out with a softer form of brexit, but the devil of how the u.k. survives after exiting the e.u. business. and indeed in terms of protection when it comes to data. flows be impacted? and i think this is clear that the u.k. is going to lead the market.d digital single it's no longer going to be under the e.u. directive as it stands is goingore, the u.k. to have to prove it its adequac,

comes to the fundamental right of privacy and protecting your right but also the right to forgotten by big websites, such as google and your data to be taken down from the internet. like argentina at the moment and countries, such as new zealand they actually are deemed adequate when it comes to the e.u. they're allowed to have free of data across the border. the u.k. is not automatically going to be assumed to have that leaves the e.u. in the past there has been conflict between the e.u. and u.k. about how the u.k., the surveillance systems that they have in place, looking at data, access it, and notably some of the relationships it has with new england, canada, the u.s. and those sorts of shareies to be able to data within spy rings so really can't beomething that assumed the u.k. will get so-called adequacy, and it's prove it to the e.u. when it leaves the e.u. in

post-brexit. >> not just about privacy, but national security. those are the concerns. london, thankn you so much. coming up your move murdock. in fox's court. we'll discuss next. this is bloomberg. uss next. this is bloomberg.

>> the 2018 emmy nominations are in. netflix has achieved a new milestone. streaming giants scored the most 112.ations, netflix overtakes hbo who has held the top spot. it reflects the rapid rise of

netflix, which started receiving ininations for programming 2013. sticking with media and, another development in the bidding war for sky. britain's top paid tv provider. the u.k. government approved a bid from fox for sky. conditional on fox selling sky to disney on competition stand-off isthe far from over. fox now has to decide whether to comcast's latest bid of $34 a 5.4% which represents premium over what fox has on the table. us now liveoins from the conference in idaho where the great and good of the world gatherh every july and ed, so much going on in the background near, not of which, comcast and disney fight over 21st century assets.tertainment walk us through where things now. right >> you know, emily i think often when we're talking about these kind of big deals that go on for time we refer to them as wars and it's usually that's an

overstatement. i think in this case there's accuracy there because there's so many different battles being fought ando many different fronts so many potential outcomes here. as you say, sky has a deal with already basically agreed to. the government has said in the u.k. that that deal is fine. want the murdocks having too much plurality of ownership in the u.k. so duke it do the other deal you agreed to do with disney. now, comcast say we want to buy sky. they've also said they want to buy the fox assets so they're in in two ways, sky is there, fox is there. it's a really complicated moment.at the all of the main players in that are here. dance brian roberts actually stopped pressy to talk to the this morning and his message was you guys need to find something about.to write >> well, as you say this is sort moguls.tle of media brian roberts, bob eiger.

end game?e let's start with comcast and brian roberts. >> well, i think for them, sky is a huge price. they want to expand their international business. get them into that kind of immediately and there would be no regulatory issues so thatcould foresee closing deal quite quickly. the issue of them buying the fox their shareholders have been fairly discontented about already and when you say movethey made their last to go after the fox assets their shares traded off quite a lot. haveseen they're going to to overpay if they're going to beat disney. deal they want to do. they want to do the deal with disney. has outlined rules for family --s of the be given quite a lot of

latitude to go out and execute something like this. can imagine many intense conversations happening there. what else is coming up in sun valley? >> well, i think the interesting thing is that you have a lot of these deals that we're talking about are going on because we have so much pressure from industry,ly the tech but also other forces coming into traditional media and disrupting. this morning, jeff bezos addressed the conference and i'm sure there will be discussions between people like jeff bezos, like netflix and some of these more traditional howa players about exactly the future is going to shake up. then you have the political backdrop, everything that's trump and his upcoming summit with putin. we had ambassador bill burns on earlier this morning. he was talking about the sort os going on, this meringue politics where there's a lot of apparently good things happening, but very little of substance. that's a backdrop, which is difficult to do deals among. we've seen even more recently the trade wars with china is putting a real freeze on some of

those deals because people just know the environment in, which they're going to be executing transactions. >> and where do we expect u.s. fit in on these deals? question.great i mean, we went sort of full 180 because the original expectation was that the trump administration would be very light touch regulation, business friendly. then obviously they came out very strongly to block at&t time-warner. that created this fear that be a more muscular approach among the various regulatory bodies under the trump administration, but then they've done other things that would appear to go completely the opposite direction where said disney out and fox would be fine by us, which if you consider like what that ofputting together in terms media power, that you would think under traditional environment would be looked at closely, and then i think the last point on that is au look -- trump has been real outlier in terms of his completely that was unprecedented, never seen before so i think uncertainty is

probably the word i would use to all.ibe it >> uncertainty it is, certainly. bloomberg's ed hammond in sun valley, idaho. thanks so much for joining us. and that does it for this bloomberg technology. on tomorrow's show, we will be twitterng the great purge with the cofounder of captive eight. what will be the fallout when banishes millions of bots? that's all for now. this is bloomberg. oomberg.

paul: u.s. stocks rally is trade tensions appeared to ease. china held off from the selloff in washington. ramy: the s&p 500 closed at its highest since february as beijing takes a conciliatory tone. both sides are open to talks. paul: president trump ups the ante on brexit. he said a soft divorce would kill trade deal. ramy: