emily: i am emily chang in san francisco. this is "bloomberg technology." theng up in the next hour, crypto crunch, digital currencies have taken a $400 billion hit since january. 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

greenhouse gases just as california based on the challenge for 100% green power by 2045. to our top stories. 640 billion dollars, that is how much cryptocurrencies have lost in value since january. trading values have plummeted more than 80% in the same timeframe. the results, some of the guest cryptocurrency exchanges are turning to unorthodox practices to boost productivity. here with us we have our guest in new york, the cohost of bloomberg's "what'd you miss?", joe weisenthal. joe, i know this is something you follow very closely. it is not just the value, it is the trading volume. is this the bottom? joe: i have no idea if this was the autumn or not. pricetely, with the collapse that causes an interest collapse and causes the volume collapse and that is bad news

for the exchanges. we saw a small round of layoffs last week at the popular crypto exchange. we have not really seen that much more. we have not seen that accidents fromthe industry -- exodus the industry yet. if we 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. then we would not see that. 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. right now you're just seeing rumors right now. next year, you will see the big entrance become real. if goldman does launch a trading desk, square offers bitcoin with

merchants. that will become real and you will see some adaption and then you will see the price bounce back up again. until then it is up and down as rumors. emily: joe, let's talk about some of the unorthodox practices to boost activity. what are you seeing that is 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 stocks they want. coin trading is diffused across multiple platforms and some platforms offer access to a few coins but some offer many. if a coin is not offered in a wide variety of places, that 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 lift. 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 these coins in saying, 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 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. are you worried that that could pull the bottom out? sonny: that has always been the concern about the ico's in the trading scenes. they are not quite regulated.

last year, getting your ico listed on bitricks could increase your valuation. 102 $1 billion. we sought up five to 10 ask and that was very powerful and joe is right, liquidity is key. when you see the bitcoin price drop, ico's are no longer in favor. they are down 95%. people are not trading 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 banned cryptocurrency. you have the courts refusing to reverse a dan 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: 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 and the ideology of crypto, a lot of it is about disrupting the dominant role that central banks have been money creation. and circumventing the existing banking system. i would be more concerned if i were in the space if governments were reacting negatively because that would imply the goal of the space is being unfulfilled. a big part of crypto is the threat to the existing system and the fact you see existing regulators and players push back. that is kind of a validation of the whole point. it is not great for money is if you want liquidity and money to easily pour in 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. 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? sonny: those are the last remaining ones saying that. emily: but they are big ones. sonny: china, russia and india 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 india open up to that. 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 thought that was an

interesting point and it was a good idea to not 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 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 billion dollar market caps of projects that are 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 there further to fall and, to the point of the dogginess, what impact are you seeing in your business? sonny: we have never been more bullish. emily: is it getting better?

sonny: we are hiring more people and 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 will come back. fidelity, blackrock, they're not wanting all coin products, they are launching bitcoin products. bitcoin will rebound next year when all of these crops are adopting. we are seeing no slow down at bitpay. our merchants are signing up more and more or hiring more sales people. we saw coinbase is doubling our teams. speed ahead.ull 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 wall street has given in.

andowngraded the company has titled the company no longer investable. he called the erratic behavior of elon musk. xt elon musk top space deputy. shotwell says elon is a brilliant man. speaking at a satellite industry conference in paris on tuesday, shotwell went on to say the boss is as lucid and capable as he ever has been. coming up, we are counting down to the next step in the iphone evolution 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 canadian headquarters located in downtown toronto. the 132,000 square foot building is now under construction and part of a $570 million investment there over the next three years. the move is expected to come with increased staff and bolster the ai research lab in montreal. we are less than a day away from apple's next big product steve jobst from the theater in cupertino. mark gurman takes a look. mark: there is no disputing the hype that surrounds and apple

product launch. last year anticipation reached a fever pitch as they unveiled the iphone x. >> iphone x. it is the biggest leap forward since the original iphone. mark: it was touted as the most significant upgrade in the iphone's tenure history. >> an incredible new design, a face id, 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. mostly. we expect three new models that will look and act like the iphone from last year. the first will be the iphone x s. it 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 xs max. and then there is a low-cost version. it will be a little bit eager but have a cheaper lcd screen instead of oled. while the phones are significant

to apples 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 consumers and boost sales of accessories and services like streaming music and video , getting the company a step closer to becoming the first publicly traded $2 trillion company. emily: that was mark gurman reporting their. the focus on wednesday will be at the company that is continuing to push its content. they added two new deals for feature films as they go into the movie industry. bloomberg's entertainment reporter joins us now from l.a.. you are reporting apple has bought the rights to two different movies. an animated film and documentary. 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. just in the past 24 hours, it is being confirmed apple has bought this animation called wolf walkers which is about a little girl discovering wolves and old philosophies about how wolves were meant to be evil but the surprisingly enough, turns out they are not. that is in the making. they also bought a documentary about elephants called the elephant queen. that premiered in toronto this weekend. 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 the tv side than film. what are the latest steps mean 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 content, 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 pedigree of film making they are interested in. these are both 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 who spend billions on content every year. emily: from the hollywood vantage 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. anousha: but netflix does not 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 oscar, which may seem superficial but it is recognition from hollywood that you are a force to be considered with when it comes to having the best filmmakers. they have been in toronto and other festivals, netflix is wowing critics with films like the personis from who made gravity. 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 clearly have the cash. it will take a big step up in commitment if they go beyond the $1 billion they supposedly had to spend over the past year. emily: our bloomberg entertainment reporter from l.a.. thank you so much or stopping by. we will be live from cupertino 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 5:00 p.m., we will have analysis insights from our bloomberg tech team. just ahead, alibaba's new russian expansion. a $2 billion deal with a local online marketplace. 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 end products eroding profit margins. consumers flocked to their $199 at the expense of the premium play-based product that retails 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. japan plans to buy integrated device technology for $6.7 billion. the california company will help expand into devices and renesas

will seek $6 billion in loans but has no plans to conduct equity financing. alibaba is setting up a $2 billion joint venture. let us with russian billionaire. the deal will see the online market places of the companies merged in russia and is backed by the kremlin through the russian direct investment fund. alibaba will pull the russian investigations. we will fuld in its marketplace into the new company as well. the alibaba deal was signed on the sidelines of the eastern economic forum. bloomberg's anne-marie spoke to russian direct investment fund ceo 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 has grown 50% to

70% a year. it is a very fast growing business. 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 were talking about how jack himself was involved in the deal. can you take me through that? >> we have been working for about two years. it was very important that when we had that discussion with jack ma, we appreciated his passion. it was about transferring some of the know-how and knowledge into russia. business.all medium for young people we really clicked on this passion to deliver value to russian consumers. then we worked on lots of details. foreign businesses, it is very important to have data in russia and we want lots of details. he touched on this.

we work through lots of details about synergies, about 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. annemarie: you were just in meetings with president god an airplane -- 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 ma is doing. i think his passion in many fields is felt and shared. when jack finished his presentation and ideas and there 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. emily: russian direct investment fund ceo with bloomberg's anne-marie horton. coming up, california's clean power pledge. why 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 risky leap of starting a business. a silicon valley tech veteran's new book could help them. this is bloomberg. ♪

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emily: this is "bloomberg technology." i am emily chang in san francisco. this week, president trump is expected to roll back protections on one of the most potent greenhouse gases, methane. in contrast come on monday, california governor jerry brown signed a measure in to get the state using 100% clean power by 2045. 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 from washington, bloomberg finance editor,

stephen monroe. can california do this? >> they have a couple of things in their favor. it is a couple of years from now and 2045. the cost of energy storage or battery storage which will be a major means of carrying this out continuing to fall. we have every reason to think it will keep falling after that. emily: what is it that is going to help california do this? we are seeing the economics of clean energy, of solar and wind get better. stephen: 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. the renewable resources for wind and solar are very attractive.

as we know california is an innovative place. emily: so do we need new technology, or has the technology been developed already? need newwe always technology for meeting goals like this. of course, it's impossible to predict what the exact outlines of the technology might look like, but between now and 2030, when some of the interim mandates start to kick in of this new law, it's likely that we will see step changes in the technology development. and solar power as well as batteries. these are two very important tools. emily: we are continuing to see the administration rollback clean power protections. how difficult is this going to be to do state-by-state without the support of the administration? stephen: in the present political environment, if it is done in the u.s. it will have to be done state-by-state.

the opportunity exists in several states are looking at forming consortia whereby they could join forces not just on the goals and mandates but on the means of getting there. barring change in policy orientation by the present president, it seems like the state-by-state approach is what we're looking at for the foreseeable future. emily: can they afford -- how much will it cost to get to 100% clean power, for california, for example? stephen: 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 cost declines in the technologies and wildcards like tariffs and international

exchange as well. emily: 2045 seems so close, yet so far. is it close enough to stave off the worst effects of climate change? stephen: there is an emerging consensus in the climate sector that globally we haven't done enough to prevent the 2% celsius temperature gain that was the goal of the original climate of courts. -- climate accords. 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 as well as new commitments and large commitments by those who have already made them. oney: let's just take this

example of rolling back these methane protections, how much can that set us back? stephen: methane, by itself it is a very potent greenhouse gas. we have to see what the administration's proposal is in that regard. that involves releasing methane into the atmosphere, we are looking at a very potent climate change and hazard. on the other hand, if the methane can be burned off on site as is practiced 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. emily: meantime, we've got the global time 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 are doing, despite the messaging from the administration. what are you expecting to happen at the summit this week?

stephen: there are a couple of things that 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 regard to emissions reductions or technology investments, stepping those 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. either of these things seem like distinct possibilities in an event like this. emily: stephen monroe with bloomberg new energy finance with us. thank you so much. later this week, bloomberg television will speak with california governor jerry brown from the global action summit

right here in san francisco. meantime, china is making inroads in the electric are -- car market. it only accounted for 1% of vehicle sales in 2016. thanks to intervention and car companies getting on board, it's about to quickly change. bloomberg click take explains 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 combustion engine. today it is still not even close. in 2017, electrics made up 1% of 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. in part, to tackle the air

pollution choking at cities. >> china is the biggest market for these vehicles. there are programs in place, one is subsidies for consumers that make them quite a bit more affordable. there is also a system in place in china where automakers are required to make electric vehicles, they have to make them or they can buy products from companies that do. >> electric vehicles have come a long way. one model can travel 310 miles on a full charge, only slightly less than the range of a traditional sedan. >> a few years ago it meant buying a luxury car. now you can buy one at comparable cost to a midrange vehicle. thaney could be cheaper internal combustion cars by 2025 thanks to falling battery prices. 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 spin $81 billion to sell up electric versions of all its cars by 2030 and next year volvo will begin phasing out cars that only use gas. >> most that exist have already

unveiled plans to make electric cars. these are the biggest ones. they recognize the market shifting and don't want to be left behind. >> china bought 68% more carson -- cars in 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 business is tough but the former ebay 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. ♪

emily: gawker fans rejoice, the media gossip blog will be reborn early next year in a new iteration of the website. the launch comes under the ownership of the founder and ceo of the digital group who 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. the ebay coo, yahoo! chairman maynard webb is a 40 year veteran of the tech industry. he continues to serve on the today he issa and investing in the entrepreneurs of tomorrow with web investment.

giving themout funding, but also about giving advice. he shares 80 levers -- in his 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. >> it is so great to be here. emily: you've worked with some of the greatest, you have minutemen toward by some of the greatest and many others, meg whitman, marc benioff. how does being an entrepreneur today and the advice they need differ from when you started in the business? >> it is way different. there is not a boss that tells you what to do all day long. today we have to inspire people and motivate them. emily: you talk in here 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 arrogance. i try 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. affiliates that interest by my side and we want to bring an army to help 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: they might get straight talk, but i think what they are not getting a lot is wisdom from the park 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 idea based on a media post he had seen about a dad dying and writing letters at certain stages of his life. we were like, this is cool, we give advice all day long, but there are 100 ceos and for everyone we give advice to, is there a way to codify this? we did it for the network first with a small deal and the network said, you need to give this to the world because there is advice that helps a lot. emily: if you are writing a letter that started with dear elon musk, what would it say? maynard: i would start with, you are amazing. you brought more innovation to the world the most people could ever dream about. you need to keep being amazing and you and your board should make sure that happens. emily: the media has been criticized for trivializing some of these headlines.

we are seeing him smoking marijuana in interviews. we're seeing tweets of nasty things. were seeing him share what seems to be untruths with the new york times. how do you control someone like that? maynard: i think you have to get him some advice. emily: what about his board? maynard: his board should be stepping up to work with him to make sure -- it can never be just about the person running the company. you have an entity that's behind you. , employeescompany and shareholders are counting on the board and him to do the right thing for them. emily: what about dear mark zuckerberg? what would that letter say? maynard: i think mark has come a long way. i met him when he first started the company. back then it was can we build anything anybody cares about? then, oh my god, we have to

celebrate how far along they have come. every year, every new launch the bar gets higher from what you're obligated to do and the more people 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. really closely with the chair of yahoo! and navigated some very complex issues. what were some of the learnings there? maynard: she is amazing. honestly, i love partnering with her and i think it became a friendship as it went on, but it was hard. she never, ever backed down from trying to make everything work. we had lots of hurdles to get over, and thank god, we got it to the finish line and returned good shareholder value.

i hope she continues to do well. emily: i know you are concerned about issues of diversity. you are working to bring diversity to your portfolio. do you think she didn't get a fair shake 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 did, but a side story, one-time marissa went to an event and had hair, i had a board member call up and say, 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. i don't think men would get some of the things that she got. emily: what would you say in a letter, on the topic of diversity, that started with

"dear investors." maynard: i would say we need to be encouraging way more diversity and ceos 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 new book, some really poignant advice here, so thank you so much for sharing it with us and the world. always good to have you here on the show. maynard: love being here. emily: still ahead, former google china president said 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. in his recent book, he underscores china's lead over the u.s. in new ai and technology. in a recent interview with tom mackenzie, he said it maybe difficult for american companies like google and facebook to compete, to say the least. take a listen. >> google would like to have its products everywhere, not having china would obviously be missing a big piece. having said that, coming back to china wouldn't be easy. we don't really see many examples of successful tech internet companies in china. apple is probably the single example but they are more of a hardware product. similarly we don't see the chinese companies having much

success in the u.s. i think we have developed to a point where china and u.s. are parallel universes. the entire stack of software that is on your phone in building a good app is totally different. it just isn't easy for tencent to build an app for the u.s. or google to build one for china. tom: what would your advice be to facebook or google? >> i think, for an american personalizeout do news, it will be very tough. there might be an american product that just doesn't exist in china that could be brought in. that would probably be the best approach. i would also suggest that if it is possible, the american giants to partner with the company. one could imagine tencent search a baiduby google or

social product powered by facebook. that would probably be a little bit tough, but at least one could imagine that. then you have a local partner who knows how to succeed in the market and also follow the regulations more precisely. tom: would you imagine a day of having those discussions? google and facebook about partnerships in china? i would speculate that they are. even when i was at google there were collaborations. tom: you have released a new book, "ai superpowers." inflection point now in artificial intelligence, particularly in china's role in developing the space? kai-fu: 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 china a challenger and

possibly equal to the u.s. in terms of artificial intelligence. those things are a set of phenomenal, hard-working, execution oriented entrepreneurs. a lot of capital and smart vcs and a lot of engineers and huge amounts of data, that's probably the most important because china -- because ai feeds on data. china has so much more data than the u.s. and lastly, a very techno utilitarian government policy. a pointare getting to now where developments in ai can be quickly monetized. what are the potential opportunities of that shift? kai-fu: we are still at an early stage in the monetization of ai. the very clear area where ai can be monetized is in the internet space. that's where we see google,

amazon facebook, tencent, theaba making money and in accurate prediction, advertising, e-commerce, and so on. the next set of industries will be roughly in order of financial industry, retail industry, health, and education and then transportation. i think over time all of those 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 tomorrow from cupertino about the latest announcements.

whenpecial coverage begins :00 p.m. eastern, 10:00 pacific. we will bring all the headlines as they happen. this is bloomberg. ♪

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