limited time get 150 dollars off and free shipping too. sale prices are available right now. go to buyleesa.com today. you need this bed. emily: i am emily chang in san francisco. this is "bloomberg technology." the crypto crunch , digital currencies have taken -- the crypto crunch, digital currencies have taken hit. we ask where is the crypto roller coaster heading next. plus, a countdown to the next iphone refresh. we will preview wednesday's big launch. and, president trump expected to roll back methane protections,

one of the most potent ses as theyga roll out clean power by 2025. cryptocurrencies has lo -- have trading hasand plunged nearly 80% in the same timeframe. some of the biggest exchanges are turning to unorthodox practices to boost productivity. here with us we have our guest in new york, the cohost of "what'd you miss?", joe weisenthal. joe, it is not just the value, it is the trading volume. is this the bottom? >> i have no idea if this was the autumn or not. with the price -- the bottom or not. with the price collapse, that causes a volume clash -- volume

collapse. we saw a small round of layoffs last week at the popular crypto exchange. we are not seen that much more. we have not seen an exit is from the industry yet. if we were to look at past historical bubbles, we might expect to see more. on the other hand, we could bounce back more if the believers are correct. emily: somebody not exiting the industry is sitting with me right here now. do you think this is the bottom or is that still to come? >> it is hard to say. right now, the market is looking for some defining moment or catalyst. you're just seeing rumors right now. next year, you will see the big entrance become real. square might offer the coin

processing for merchants, and others and all of it will become real and you see some adoption to see the price bounce up again. until then, it is up and down on rumors. emily: joe, let's talk about some of the unorthodox practices to boost activity. what do you see most concerning? joe: it is interesting going back to the run-up. one of the key things here is that liquidity is what brings life into these coins. it is unlike say stocks where everyone goes on to the regular online brokerage accounts and buys whatever they want. coin trading is diffused across multiple platforms and some offer access to a few coins but some offer many. if a coin is not offered in a thatvariety of places, really harms the potential of the coin to appreciate. during the run-up, you saw the big exchanges had an incredible

ability to milk value out of coins that wanted to go less. if you look at one of the popular exchanges, they could charge a lot for the various small coins to list because that is where the money was. on the way down, the exchanges try to use the going to send you can list on their but you have to encourage people to sign up and get trading. what you see is the balance of power shifting with the volume decline. it is not just the exchanges can say no you cannot list unless you pay us, they're really trying to drum up attention and attention andthe get people on the site to get volume. it is very different than what we saw last december. emily: no question there is stuff out there happening that could give the industry a bad name. that couldried that pull the bottom out? >> that has always been the concern about the ico's in the

trading scenes. they are not quite regulated. last year, getting your ico --ted on a big tricks bitricks could increase your valuation. that was very powerful and joe is right, liquidity is key. when you see the bitcoin price drop, ico's are no longer in drop, ico's are no longer in favor. they are down 95%. people are not going into ico's as much anymore. you are seeing, until bitcoins and the others get up to 10,000 or get back some of the gains, the ico market will be in a lot of trouble. a lot of them will never make it back to where they were eight months ago. emily: joe, india has virtually as thecryptocurrency courts refused to reverse a van from the central bank. this is one of the largest democratic governments in the world that might be more open to something like this. what are the implications of

this on a global scale? joe: it's funny because people in the industry are not crazy about it when regulators, and crackdown and limit trading and transacting. on the other hand, if you look at the ideology of currency -- crypto, a lot of it is about disrupting the dominant world and central banks, and --cumventing the investing the existing banking system. if ild be more concerned were in the space if governments were reacting negatively because that would imply the goal of the space is being on the field -- unfulfilled. a big part of crypto is the threat to the existing system and the fact you see existing regulators and players push back. is kind of a validation of the whole point. it is not great for money is if you want liquidity in money to boring, it is a problem when governments say banks cannot

finance the stuff or exchanges cannot operate, but it fulfills what i think is the crypto narrative. emily: sunny, it is not just india -- sonny, it is not just india, china is against it. could this take off globally if you have major governments in the world saying no? could this take off globally if you have major governments in the world saying no? sonny: those are the last remaining ones saying that. emily: but they are big ones. sonny: china and russia have always been against bitcoin. india takes a different stance. they are not against it in the way china is. next year, you will see in the open up that. china and russia are the big china and russia are the big wildcards. who knows when they will do it. china controls a lot of bitcoin market even still today. they are much more powerful than india as far as the bitcoin market share around the world. emily: is that a skeptical sound i heard there?

joe: i heard it was an interesting point and a good idea not to lump them all together. one last point i want to get across is that if you look at some of the market caps of some caps of some of the really dodgy coins, there are coins where the white paper was plagiarized, coins that have zero prospects of ever being used. some of these are still enormous. look at projects not anywhere projects not anywhere close to having anything. it makes it hard to believe that this is it. for all the declines we have seen so far, it is amazing how many believers some of these things still have. emily: sonny, you have something , you have something there further to fall and, to the point of the dodgy nest,

what impact are you seeing -- dogginess, what impact are you seeing in your company? we're working with several large brands around the world. everyone is going full speed ahead. where i think the issue is is in the all coin. those will never come back like bitcoin would. fidelity, blackrock, they're not wanting all coin products, they are launching bitcoin products. bitcoin will rebound and we are seeing no slowdown at the pay -- bitpay. our merchants are signing up more and more or hiring more people. doubling ourse is teams. it is still fullsteam ahead. there are a lot of all coin dodgy ones out there so who knows what will happen to them. bitcoin is the leader in the space. emily: all right, sonny, and joe, thank you. i know joe will continue to follow the dodging this tweet by tweet. one of the biggest people on has downgraded their

company -- downgraded tesla as no longer viable. he called this because of the erratic behavior because of's elon musk -- because of elon musk. gran shotwell desk when shotwell says elon is a brilliant man. speaking at a satellite industry conference, shotwell went on to say the boss is as lucid and capable as he ever has been. we are counting down to the next evolutione iphone with apples big reveal on wednesday. we break it down, next. if you like bloomberg news, check us out on the radio. listen on the bloomberg app, bloomberg.com, and in the u.s., on sirius xm. this is bloomberg. ♪

emily: microsoft is planning to create a new headquarters in downtown toronto. the building is now under construction and part of a $570 million investment there over the next three years. comeove is expected to with increased staff and bolster the ai research lab or in montreal. frome less than a day away apple's next big product announcement from the g -- steve. theater. -- steve jobs theater. mark gurman takes a look. disputing the no hype that surrounds a nettle

daschle -- apple product launch. anticipation reached a fever pitch as they unveiled the iphone x. >> iphone x. forwarde biggest leap since the original iphone. mark: it was touted as the most significant upgrade in the iphone's tenure history. , aan incredible new design true depth camera system, and more powerful technologies than we ever put in an iphone before. mark: how will this year's event compete? the iphone x is here to stay. we expect three new models look and acting like the iphone from last year. the first will be the iphone x s. will come with a faster processor and upgraded camera. there will also be a large screen version that is expected to come with the name iphone x max. then, another one will have a

cheaper lcd screen instead of oled. while the phones are significant to the bottom line, do not expect to see any breakthrough features. those will come next year. apple hopes the new phones will appeal to a greater array of and boost sales of accessories and services like streaming music and video getting the company a and boostf accessories and services like streaming music and video getting the company a step closer to becoming the first publicly traded to julie miller company. -- traded $2 trillion company. emily: that was mark gurman reporting their. the company is also continuing its push into content. they added two new deals for feature films as they go into the movie industry. our next guest joins us from l.a. in your reporting apple has bought the rights to two different movies. an animated film and documentary. what can you tell us?

what can you tell us? >> we know apple has been doing a lot on the tv side and, this week, they won their first primetime emmy for original content. they are already reaching a high bar there. these are the first films that apple has bought that are not music documentaries. they have a few of those. as we brought to you in june, apple was in talks with an academy nominated animator for cartoon saloon in ireland. saloon in ireland. just in the past 24 hours, it is being confirmed apple has bought this animation called wolf walkers which is about a little waltz -- wolves and old philosophies about how wolves were meant to be evil but the turnout they are not -- but it turns out they are not. they also bought a documentary about elephants called the elephant queen. they are clearly headed for a

high level of content in terms of film. these are the first ones we know of. emily: apple is coming from behind here in the content business. they have been making much more progress on tv than film. what are the latest steps meaning for them for the bigger picture? anousha: that is what hollywood is asking for a while. what is apple trying to do? we have been hearing whispers here and there. these two films are family films. that gives us some idea of the , and potentially they could move into dramas. we know they have a lot of money to spend and there are other films they could be working on and bought the rights for. it tells us they have a very high degree of film making they are interested in. oscar-nominated producers and directors. that tells us something. they have a lot to catch up with.

the likes of netflix and the main hollywood studios spend billions on content every year. emily: from the hollywood advantage point, is it possible for apple to catch up at this point? they are apple, but netflix has been spending billions and billions of dollars. notsha: but netflix does have -- it has a huge amount of content on its platform but in terms of film, it is only this year it might be in the running for something like a best picture which may seem superficial but it is thatnition from hollywood you are a force to be considered with when it comes to having the best filmmakers. toronto anden in other festivals, netflix is wowing critics with films like oscars. gravity one they are starting on the film side just now to deliver something people think is a

force to be reckoned with. can they catch up? they have to produce a huge amount but we do not know everything they are doing or how much they are spending. they could have the cash. it will take a big step up in commitment if they go beyond the $1 million they supposedly had to spend over the past year -- $1 billion they supposedly had to spend over the past year. emily: thank you so much or stopping by. we will be live on wednesday as apple hold its latest event at the steve jobs theater. you could join the special coverage on "bloomberg technology" and we will bring you all of the announcements as they happen. i will be on the ground. at 5 p.m., we will have an alan's -- analysis. just ahead, alibaba's new russian expansion. and, bloomberg tech's live streaming on twitter. check us out. be sure to follow the global breaking news network, tictoc on

twitter. this is bloomberg. ♪

emily: shares plunged on the first earning report of a public company as it reveals its new lower and products eroding profit margins. flocked to their $199 buy this product retailing for 699. unit sales are up the revenue is down. morgan stanley expressed disappointment with the visibility on new products like the sound bar noting it is waiting for proof the company can diversify its revenue drivers. the world's second-largest supplier of semiconductors is looking beyond the automotive sector. integrated to buy technology for $6.7 billion. the company will help expand renesas willand

seek billions of dollars in loans but has no plans to conduct equity financing. alibaba is setting up a $2 billion joint venture. venture. the deal will see the online market places of the companies merged in russia and is backed by the kremlin through the investment fund. alibaba will pull the russian investigations. the alibaba deal was signed on the sidelines of the eastern economic forum. anne-marie spoke to russian direct investment fund ceos about why alibaba chose russia for expansion. >> they already have quite significant business here. it is like several billion dollars a year. in volume, it is growing and is

very fast-growing. russia is a promising market not only for e-commerce but for cloud computing, artificial intelligence, and a partner for somebody like alibaba. >> in a press conference, you how jacking about himself was involved in the deal. can you take me through that? we have been working for about two years. >> is passionate about transferring some of the know-how and knowledge into russia and see greater opportunities in russia for young people. we really clicked on the passion to deliver value to russian consumers. we went through lots of details. foreign businesses, for them, it

is important to have data in russia and we want lots of details. it is not just -- and that's it, we work about synergies and synergies and having a russian payment system, etc. it took quite some time, but we have a solid foundation, and i believe the current alibaba business will grow 10 times or more in the next 5, 7 years. next 5, 7 years. >> you were in meetings with president vladimir putin. does he have a good relationship with them? >> he commented he does not believe jack should retire because he is so young. he appreciate what jack is doing. in manyhis passion fields is felt and shared. when jack finished his and thereon and ideas were investors in the room, everyone clapped. he was the only speaker who got an ovation.

we have a great relationship and we appreciate he cares about russia and we will build on this. orton that was anne-marie interviewing. while the trump administration wants to roll back more environment of protections, california is going in the opposite direction. that is next. plus, entrepreneurship is booming. more people are taking the risking leap of starting a business. a silicon valley tech veteran's new book could help them. this is bloomberg. ♪ is bloomberg. ♪

emily: this is "bloomberg technology." this week, president trump is expected to roll back protections and whether the most emily: thishoughton greenhouse , methane. greenhouse gases, methane. in contrast come on monday, california governor jerry brown signed a measure in to get the state using 100 sent clean power

by 2040 five. california joins hawaii as the second state to set a goal of eliminating the use of fossil fuels. he carbonization of the energy supply is one that tied to say all states and nations must do as quickly as possible to stave off the worst impacts of climate change. joining us is stephen monroe. in california do this >> the cost of energy storage or battery storage which will be a major means of carrying this out continued in default. we have every reason to think it will keep falling after that. we are seeing the economics of solar and wind get better. >> economics are getting much better. california draws from a long extension cord, if you will. in addition to the power that it generates in state, california acquires electricity from canada, mexico, and most of the states in between. so the pool is very broad. their renewable resources for wind and solar are very

attractive. as we know california is an innovative place. so do we so do we need new technology, or has the technology been developed already? >> we already need new technology for meeting goals like this. it's impossible to predict what the exact outlines of the technology might look like, but between now and 2030, the intra-mandate start to kick in. in. it's likely to boost these changes into technology development solar powder -- solar power as well as energy. yet we continue to see -- how difficult is it going to be to do state-by-state without the support of the administration? administration? administration?n the present

>> the fact is in the present political environment, it will have to be done state-by-state. states are looking into forming consortia whereby they could join forces on the goals and mandates that on the means of getting there. barring change in policy orientation by the present president, or it seems like the state-by-state approach is what we're looking at for the emily: and future how much will it cost to get to 100% clean power, for california, for example? >> we don't have a number for that. we are endeavoring to arrive at one but there are many variables that will have direct impact including such things as the mix of generation that's going to eventually be the one used and of course there are the ongoing costs declines in the

costs declines in the technologies and wildcards like carrots and internet -- like tariffs and international exchange as well. seems so close, yet so far. is it close enough to stave off the worst effects of climate change? >> there is an emerging consensus in the climate sector that globally we haven't done celsiuso prevent the 2% that was theain goal of the original climate of courts. what that means is we have dug ourselves a little bit of a deeper hole, globally speaking. in order to have significant effect on the emissions caused aspects of climate change, it's safe to say that a tremendous amount of investment is required andell as new commitments ande commitments by

large commitments by those -- emily: methane protections, how much can that set us back? itself, methane is a very potent greenhouse gas. we have to see what the ministrations proposal is in that regard. were looking at a potent climate change in hazard. on the other hand, if the methane can be burned off on site as his practice in many parts of the country, then it becomes another form of carbon dioxide pollution which also requires control but not nearly to the extent that methane does. global timegot the it action summit happening in california, a gathering of leaders from government, ceos and members of the private sector and nonprofit getting together to talk about what they messaging despite the messaging

from the administration. what are you expecting to happen at the summit this week? >> this a couple of things i think are highly possible. one would be some sort of enhanced commitments and announcements by policy oriented participants at the event. in other words, players that have existing commitments with reductionsmissions reductions or technology investments, stepping nose up a bit. the second one would have to do with policy makers themselves embracing some new forms of policy incentives whether they be tax credit or carbon taxation. things seem like distinct possibilities in an event like this. with: stephen monroe bloomberg new energy finance with us. thank you so much. later this week, bloomberg television will speak with withornia

california governor jerry brown right here in san francisco. meantime, china is making inroads in the electric are market. thanks to government intervention and car companies getting on board, it's about to board, it's about to quickly change. what our electric future looks like and how fast we are going to get there. >> it's been a long time since electric vehicles had anywhere near the market share of the internal investment engine. today it is still not even close. up 1% ofelectrics made worldwide auto sales but governments have always had an outside influence on the auto industry, possibly even more so than car companies, so get ready for a lot more electric vehicles. since electric vehicles create about a third of carbon as those running on gas, some countries like norway, france, and the u.k. have enacted deadlines to convert all new car sales to ev's, but china is making the

biggest push. >> there are programs in place, one is subsidies for consumers that make them quite a bit more affordable. and automakers are required to make electric vehicles, they have to make them or they can buy products from companies that do. electric vehicles have, long way. one model can travel 310 miles on a full charge, only slightly less than the range of a traditional sedan. years ago it meant buying an electric car. now you can buy one at comparable cost to a midrange vehicle. >> there are hurdles, like charging time. it takes 30 minutes to recharge the tesla so it can drive another 170 miles. still, many are forging ahead. volkswagen will spend $180 billion to bell up electric versions of all its cars by 2030

and next year volvo will begin phasing out cars that only use gas. >> they don't want to be left behind. >> china bought 68% more carson 2017 than the u.s. did. if china can succeed in designing and manufacturing great electric vehicles, it could become the detroit of the 21st century. emily: coming up, starting a new tough but the former ceo wants to share his expertise . he joins us here, coming up. and later, the u.s. may have created artificial intelligence, but a world-renowned expert says china is taking the lead. we will discuss. this is bloomberg. ♪

rejoice, the fans media gossip blog will be reborn early next year in a new iteration of the website. ceo ceo paid $1.35 million for the blog and its archives. the new gawker is expected to build a legacy of the beloved blog which has been out of business for the last two years since being sued by an investor. chairmancoo, yahoo! chairman maynard webb is a 40 year veteran of the tech industry. he continues to serve on the boards of the san salesforce and is investing in the onto burners of tomorrow through his network.

-- investing in the entrepreneurs of tomorrow. latest book, he delivers words of wisdom to anyone who wants to start a business. he joins us now in the studio. so great to have you back here. you've worked with some of the greatest come he had been meant toward by some greats and have been for others, meg whitman, marc benioff. how does being an entrepreneur today and the advice they need differ from when you started in the business? >> is way different. there is not a boss that tell you what to do all day long. we have to inspire and motivate people and make sure they can do all they do. emily: you talk about ego and how entrepreneurs can sometimes lose their way. how do you counsel entrepreneurs to make sure they don't get caught up in the wealth and power and the arrogance? to make sure we

build value into the company from day one and teach how to be honest and transparent and humble, the higher you up you go in a company and the world, the more you have an obligation to do better. so i worked really hard and try to select founders that want coaching, because it's not just our money. we care a lot about -- you have seen our events. to bring an army to go to bring an army to go help the company get better, but it's not fun to give someone money doesn't want to have helped. emily: you also try to connect them with people you think will be valuable based on your own networks that you have developed. what do you really want to accomplish here? do you think founders are not getting straight talk and advice? maynard: what they are not getting a lot is wisdom from the park bench, where you spent a lot of years making things

bench, where you spent a lot of years making things happen and it is a lonely job. bench, where you spent a lot of years making things happen and it is a lonely job. i don't have an agenda. i'm just here to help founders get better. my son came up with this bench,a lot of years making things happen and it is a lonely job. i don't have an agenda. i'm just here to help founders get better. my son came up with this idea based on a media post he had seen about a dad dying and writing letters that certain stages of his life.

about? we have to celebrate how far along they have come. every 's, the bar gets higher from every ou're obligated to 's, the bar gets higher from what you're obligated to do and the more people are using your product, the more responsibility you have to make sure it's done well. i think he knows that there is more to do. i would encourage him to do that as quickly as he can. quickly as he can. what were some of thewhat were s there? maynard: she is amazing. i love partnering with her and became a friendship, but it was hard. she never, ever backed down from trying to make everything work. we had lots of hurdles to get over it and thank god, we got it to the finish line and returned

good shareholder value. concerned about issues of diversity. do you think she didn't get a about issues of diversity. do you think she didn't get a pear-shaped from analysts and investors and do you think that is because she was a woman? maynard: i may be one of the few men in america that got to work with two outstanding women ceos. meg whitman and marissa mayer. i think they got treated differently, and neither of them would ever want to say that they one-timea side story, marissa went to an event and had covert her hair, and i had a board never call up and say, why are you letting her do that? , why are you letting her do that? she has hair, i wish i did. that has nothing to do with how people dress or what color they put on their hair. that's not what we are here to judge. what would you say in a letter, on the topic of diversity, that started with "

dear investor." maynard: i would say we need to encourage more diversity in companies we back, in minorities and women and good ideas and we certainly need to make sure that we hold them accountable for actually hiring diversity from the beginning. because that's how you fix this, you start early. emily: maynard webb, out with a , some really poignant advice here, so thank you so and for sharing it with us the world. always good to have you here on the show. maynard: love being here. ahead, the search engine's return will not be easy. we will talk china tech, ai, and google, next. this is bloomberg. ♪

emily: he may have been president of google china during its first run, but he doesn't seem as confident about the search engines return to the country. , heis recent book underscores china's lead over the u.s. in new ai and technology. in a recent interview with tom mackenziemackenzie, he said it e difficult for american companies like google and facebook to compete, to say the least. take a listen.

>> would you imagine a day of discussions?discussions >> i would speculate that they are. even when i was at google there were collaborations. are we at an inflection point are we at an inflection point now in artificial intelligence in particularly china's role in developing the space? >> i think china has had a lot of things building up to today and i think it's the confluence of those factors that makes

factors that makes china a challenger and possibly equal to the u.s. in terms of artificial intelligence. ofse things are a set phenomenal, hard-working, execution oriented entrepreneurs. smart vcsapital and and a lot of engineers and huge amounts of data, that's probably the most important because china has so much more data than the u.s. and a very techno utilitarian government policy. the point where development in ai can be quickly monetized. what are the potential opportunities of that shift? >> we are still at an early stage in the monetization of ai. the clear area where a can be

monetized is in the internet space. that's where we see google, amazon facebook, making kinds of money and in the accurate prediction, advertising, e-commerce, and so on. the next set of industries will of financial order industry, retail industry, health, and education and then transportation. thosek over time all of will yield phenomenal prophet. the issue is selling ai to those traditional companies, whether banking or automotive, is a long sales cycle. one thing that is for sure is a traditional company that doesn't embrace ai is basically going to be out of luck, out of business. emily: the author of a new book on ai. that does it for this edition of "bloomberg technology."

don't miss our live coverage oforrow "bloomberg technology." don't miss our live coverage tomorrow about the latest announcements. we will bring all the headlines as they happen. this is bloomberg. ♪ this is bloomberg. ♪ this isn't just any moving day.

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>> welcome to "bloomberg daybreak: australia." >> we are counting down to asia's major market opening. haidi: here other top stories recovering in the next hour. trading up, in the face of u.s. protection is that protectionism, president trump threatens to quit altogether. >>