emily: i am emily chang in san francisco. this is "bloomberg technology." in the next hour, amazon is in the sights of eu antitrust investigators. will they follow in google's footsteps and face a probe? jeff bezos in an interview on why he does not take meetings before 10 a.m. homeware retailers caught up in

tech retail disruption. we hear from neil montgomery on how social media is boosting engagement. to the top story, amazon is in the sights of the european union trust investigators. -- antitrust investigators. they are looking at how the online retail giant collect data from other retailers selling on its platform. and specifically whether the data gives them an unfair advantage. for more, we go to brussels with natalia. talk to us about what the eu is looking at here. >> it is still very early days, but they said particular concern is whether they are looking at amazon's dual role as a platform and a merchant in its own right. the question is whether they might have access to data or information about customers and sales that could give them an advantage as a merchant and better compete with those competitors.

emily: eu antitrust regulators have looked at amazon before, what did they look at previously or find? natalia: they have looked at amazon in the past, but the company was able to escape relatively unscathed. in 2016, the company escaped being fined by settling an investigation into their e-book service. last year they were also ordered by the eu to pay back 250 million in allegedly unpaid taxes. that is a drop in the bucket compared to what the eu asked apple to pay back which was 13 billion. emily: you mentioned apple and we have also talked about how for bets, the eu has been aggressive in pursuing big tech. what is the likelihood it does

result in a formal probe? natalia: the eu is the most aggressive regulator when it comes to regulating big tech. silicon valley is getting used to -- or getting to know the eu antitrust chief quite well. the most recent example of one of the decisions was in july when they fined google one billion euro fine for the second record fine in less than a year. there are questions that this is just the beginning for amazon and they can be next. emily: walk us through the timeline. when will we know more? natalia: as i said, it is still a preliminary pro. -- probe. they are in the process of asking questions at the moment. they sent out questionnaires to other companies and retailers to gather more information. if they see deeper concerns,

they might open what is called a formal probe. that is when it would pick up at a faster pace. these investigations do take a long time. they can take years. as google knows, this has been going on for almost 10 years once they started the preliminary probe into google over its behavior. it can take a long time, but the signs are definitely pointing in that direction. emily: interestingly, amazon is one company that trump has attacked. he clearly has his eye on it. we have a question on whether this will lead to antitrust in the united states. how much have the steps in europe impacted what we see in steps being taken by regulators in the rest of the world when it comes to big tech?

natalia: it is fair to say that e.u. has played a significant role in influencing other jurisdictions around the world in terms of regulating big tech. i would say there is a big difference in the eu versus the u.s. quicker can move a lot with the antitrust investigations versus the u.s. that is partly because of the way the system is set up. the eu can take these unilateral decisions, where in the u.s., authorities have to prove their case in court before they move ahead. while there has been debate in the u.s. about the role of amazon and google and facebook as well, it could take even

longer before we see significant action there. emily: say this does progress. is a fine the recent -- ultimate punishment or is it changing business practices? natalia: in an antitrust investigation, the eu has the power to fine companies as much as 10% of its annual revenue. in google's case, that does amount to quite a lot. more significantly, for these companies, the eu regulators ask them or order them to change their behavior. this move to open an initial probe into amazon's behavior suggests that the eu is taking issue with platforms and the way they treat rivals that operate on those platforms. that is a bit of a shift. in the google case, we see they

are asking platforms to treat the other competitors equally despite the fact that those competitors are using the platforms to extend their own reach. emily: natalia in brussels, i know this is one you will follow for us. thank you. amazon's founder, chair, and ceo rarely speaks to the press but he sat down with david rubenstein for a conversation about the company and his philosophy on management. take a listen. >> you sit around with your team but you do not like meetings before 10 a.m.. >> i like to get eight hours of sleep. >> and you don't like power points, why is that? >> i get up early, go to bed early, i like to do things in the morning like read the newspaper, have coffee, do breakfast with my kids.

so, i have my puttering time important to me. that is why i set my first meeting for 10:00. my high iq meetings are before lunch. if it is going to be mentally challenging, that is a 10:00 meeting. by 5:00 p.m., i cannot think about that today. let's try again tomorrow at 10 a.m. [laughter] on sleep, i get eight hours of sleep. unless i am traveling in different time zones, sometimes it is impossible. i am focused on it and for me, i need eight hours of sleep because i think better, my mood is better, i'll of these things. -- all of these things. as a senior executive, what do you really get to do -- paid to do? you make a small number of high-quality decisions. your job is not to make thousands of decisions.

if the qualityt, of the decisions might be lower because you are tired or grouchy. it is different if it is a startup company. if amazon was 100 people, it would be a different story, but amazon is not a small company. -- startup company. our senior executives live in the future. none of the people who report to me should be focused on the current quarter. i tell people, as soon as i have a good quarterly conference call or something, and most people like our quarterly results, i will have people stop me and say, congratulations on our quarter. i say thank you, but i am thinking the quarter was baked three years ago. right now, i am working on a quarter that will reveal itself in 2021 sometime. that is what you need to be doing. you need to be thinking two or three years in advance. why do i need to make 100 decisions today? if i make three good decisions a

day, that is enough. emily: amazon's chair, jeff bezos, with david rubenstein at the economic club in washington. you can see more of the interview on bloomberg television. we will have more later on in our show. later on, how the ceo of crate and barrel is leveraging technology to keep his company relevant. if you like bloomberg news, check us out on the radio. listen on the bloomberg app, bloomberg.com, and in the u.s., sirius xm. this is bloomberg. ♪ emily: as more retail shifts

online, one of the fastest-growing segments is homeware. the market is growing 15% annually meaning some have to adapt. in the first interview of a new series on retail disruption, we spoke with crate & barrel's ceo and asked how social media is changing the way customers engage with the brand. >> i think all retailers at the moment, especially ones like ours that has a 56 or old heritage has to transform for the digital era. our customers increasingly interact across different channels and across social media, so one of the things i have really driven as an agenda is ensuring our brand is delivered consistently whether it is on instagram, pinterest, or digital services such as ones that offer online design

services. our customers are changing and we need to change. technology has been a big driver. >> you've embraced social media? >> very much so. we know home is a category that customers love and there is more interest in interior design and our customers, everyone is an amateur designer which is great. we can embrace that. >> let's speak for a moment with your consumer going online. how are you serving your customers online? has your e-commerce business grown in the same way your advertising business has? >> it has. over 50% of our advertising is online which was a shift from two years ago. also, our e-commerce is 47% which surprises people. >> would you expect that for large government expenditures.

>> exactly. it shows how comfortable customers would become. that tends to be higher with established brands that are trusted. they know us for our quality, but 47% is a high-growth number. >> and you are expecting it to go higher? >> i am. it might be 50% or 60%, and i expect it will not go higher than that because there will always be a customer who has a convenience purchase made in the store or somebody that one something today. >> you mentioned about leveraging technology as well. how has ai and other areas of the business help you make business decisions when it comes to crate & barrel? >> that is probably the most exciting part of our business now. the reality is, we are able to leverage customer data in a way

that we would never be able to before. one of the things we talk about is one customer view on being able to map the interactions with customers and give them a highly personalized experience online or by email. customers expect that from us. when someone comes to our design studio for consultation, our expert can see what others taste, what is their browsing behavior, and that is hugely important in us offering the absolute pinnacle of customer service. >> does this differentiate you from the competition? the competitive landscape has changed now that you have pier 1 and others. big home departments are increasing their home offerings. >> all competition is a good

thing. the home industry is growing well and i think customers increasingly have choices and mix and match their products and rooms. what we find, and we have had healthy growth over the last couple of years -- >> what kind of growth? >> we don't publish how big it is, but it is in the mid-single digits and high single digits. last year was 8%. we are happy with that level of growth. what we are seeing is customers come to us because they expect a certain level of service. emily: that was crate & barrel ceo speaking with emma chandra. we will continue taking a look at tech disrupting that world later. coming up, amc wants to keep the walking dead on its feet. how the network plans to expand the series to keep up with competitors. and "bloomberg technology" is livestreaming on twitter. check us out @technology, and be sure to follow our global news network, tictoc, on twitter. this is bloomberg. ♪ emily: amc wants to keep the walking dead series alive as the

zombie apocalypse show enters its ninth season. they are trying to do several spinoffs to keep the series going for another 10 years. the series is the latest to expand into a franchise following marvel, star wars universe, as amc competes with other platforms like video games. can they keep up as streaming services bring more and more original content to the scene? here to discuss is lucas shaw. is it a smart strategy -- is it a smart strategy to double down on something working to come up with new content like netflix is doing? lucas: it may be the only option they have at this point. if you look across the amc

universe, it is by far their most popular show. " "theough viewership for walking dead" has fallen over the past few years, the most recent season, it was the third or fourth most popular show among the demographic advertisers care about. "the walking dead" has fallen over the past few years, the most recent season, it was the third or fourth most popular show among the demographic advertisers care about. at the same time they put out this new universe with different movies and shows, they will try to find the next original hit. they cannot take as many swings as netflix, so they have to lean on something they know works for the time being. emily: i was one of those walking dead viewers that was watching at the peak and i do not watch it anymore. is there a risk in overextending the franchise and it falling flat? lucas: there is absolutely a risk. most of the sentiment i saw on social media was negative. that is anecdotal but is probably not a great sign. the prequel is now in its third or fourth season. viewership for that show is much

smaller than "the walking dead." that is one of the reasons why you see amc and list a third-party to help them both reduce the risk and help them give it a fresh spin or amplify the message. if they were to partner with disney or someone like that, it would generate more excitement. emily: i think of other shows ending on a high note, like "game of thrones." why are we seeing the strategy elsewhere -- why are we not seeing the strategy elsewhere? lucas: they are probably only going to make one of them. hbo will try to do something similar with game of thrones that amc is doing with walking dead. you have a franchise that is so popular, why would you let it die when you see disney have such success with marvel, star wars, and others? to your point of overextension, people will probably get tired

with some of these. universal pictures tried it with monster movies and paramount pictures is trying it with transformers. if you are one of these big companies and you're are nervous with who will keep coming in and sign up for your app, you will try to turn one of your most valuable properties into more. emily: netflix took home 23 emmys. can these other networks and streaming services continue to compete with the billions and billions of dollars netflix is investing? lucas: they can if they are big enough. the disease of the world, comcast, at&t's of the world which is now time warner, they have the money to compete. it is a question of how much they want to spend. amc is much smaller. on a project by project basis, amc is probably not able to spend quite as much as netflix. we see a lot of these networks i

just the way they approach talent which is the subject for a story i am doing in a little bit. emily: the bachelor has been on for almost 20 years, how much longer does amc think it can keep walking dead alive? lucas: the ceo said tehy will -- they will try to keep it alive for 10 years. the sources i have talked to said the plan is to have at least a couple of movies which could lead into series. "the walking dead" is eight years. if these have success, that could be five or six years for each series. emily: lucas shaw, thank you so much. bloomberg learned the long battle for control of the u.k. sky satellite broadcaster they be settled in abbreviated auctions starting saturday. the two bidders will be comcast and fox.

disney has beat out comcast to buy most of fox's assets. this includes the 39% stake in sky. if fox is the winning bidder, disney would get control of sky. volkswagen faces more competition in the race to roll out self driving cars. now one of the world's largest auto part suppliers is getting in. they plan on building a battery-powered delivery van to drive on its own. take a look at this. a new concept design for an autonomous car may remind you of something in your daily life and make you wonder why. inspiration for the easy pro came from a lunchbox. it is slated to hit the road around 2030 and while the 16 foot long robot will not need a driver, it will have a concierge on board.

this would be to help with the logistics of delivering online orders. coming up, jeff bezos. amazon everything. this is bloomberg. ♪

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150 dollars off and free shipping too. sale prices are available right now. go to buyleesa.com today. you need emily: i am emily chang and this is "bloomberg technology." it is probably safe to say that amazon, only the second u.s. publicly traded company to cross that $1 trillion mark, would have never hit that milestone if it accept selling just books. how did jeff bezos' creation get so big? take a listen to his explanation in this interview with david rubenstein. >> what compelled you to sell things more than books? >> we started selling books, we started selling music and then videos. then i got smart, and i e-mailed a thousand randomly selected customers and asked them besides

the things we sell today, what would you like to see us sell. that answer came back incredibly long-tailed. it was whatever they were looking for at that point. one of the answers was i wish you sold windshield wiper blades because i really need them. i thought to myself we can sell anything this way. so then we launched electronics, and toys, and many other categories over time. you read the original business plan, it was just books. >> your stook at one point was categories over time. down0 to sixnt dollars. >> at the peak of the internet bubble, it peaked around $100. then our stock went down to $6. it went from $113 to $6 of in -- six dollars in less than one year. my shareholders meeting started with a one-word sentence. ouch. >> most of the internet

companies from the dot com era went out of business. you survived. how did you survive? >> that whole period is very interesting. the stock is not the company, and the company is not the stock. as i watched the stock foul from 113 to 6, i was watching all of the internal business metrics, number of customers, profit per unit, everything you can imagine. defects, et cetera. every single thing about the business was getting better. emily: selling pretty much you can think of has another massive benefit for amazon. the advertising business is gaining faster than expected in a market dominated by facebook and google. it would generate $1.4 billion in u.s. ad sales this year. we have our guy who covers

amazon for us, and the c.e.o. of jump shot, a market analytics player that tracks up to 5 billion clicks a day to deliver insights on online customer beheavior -- behavior. what do you think led to this surge in ad sales? >> it is fascinating. we have seen a shaft from google to amazon. today over 54% of all product searches that occur on the internet now occur on amazon. once you get to amazon, we have seen a strong growth of sponsor placements. it has increased from 3% to 7% in the last 18 months, and you can see the revenue that reported today as a direct result of that. >> that is not great for google. do you see amazon taking share from google, or is the pie getting bigger? >> i think the two are converging. amazon, we did some additional

analysis at jumpshot that shows the time a consumer searches on amazon or google to the time they buy was shorter on google. 35% of those purchases were made in five days. on amazon, only 20%. amazon is becoming a place for product discovery, and google is shifting from product discovery to the purchase. they are going away from amazon to google. >> how much of a threat is this to facebook, which is really in the number two position? >> it is definitely a threat. the big thing that advertisers want is that proximity to the purchase and that tracking, knowing ok, if someone saw this on amazon, are they getting it? whereas facebook would be seen more broadly as kind of the brand awareness, the digital

equivalent of the billboard you pass on the highway. but a big thing of amazon that your oh divest just mentioned, everyone has heard of show rooming, this notion of going to a store, try it out, you like it, find it on amazon and buy it because you get a better price. another phenomenon is reverse show rooming. you need a product, you go to the star, you want to buy it there, you just want to learn more about it. you may search on amazon before making that purchase. that is where amazon's search engine is driving these purchases not even just on amazon but in the stores of its competitors. >> darren, what are some more specific trends within the product searching that you are seeing that might be surprising? >> it is fascinating. we give you that 54% of searches occur on amazon. once you get to amazon, 90% of the product views are the result of a search. people aren't messing around with merchandising placements and banner ads. once they get the search result, we found that 2/3 of the clicks are on the first page. if you are a brand.

you know the majority of your customers are serving for your product on amazon. you know that once people get to amazon, the only thing they are doing is typing in a product search really. and once you have that search result, you have your competitors' product, amazon's private label products. it is a very confusing world for a brand today. >> spencer, we talk so much about privacy with respect to google and facebook, but now we have e-regulators looking into the data that amazon is collecting from other retailers on its platform and whether that gives amazon an unfair view into shopping habits. how serious do you think this is? >> i think it is very serious. amazon really doesn't want anybody looking under the hood. it is interesting that they are taking a closer look because the concerns you hear from merchants are -- and it generally depends on the size of the merchant.

if you have a new product and you just want exposure, amazon is amazing for you. you can introduce it to hundreds of millions of shoppers around the world, far better than on your own and far more cost effectively. but as the sales grow and you are not such a prominent brand that you own the customers, amazon has visibility into those sales. we have seen example the of them mimicking products that some of their third party merchants were already selling on the platform. so to that extent it is going to see if the e.u. can come up with them having any kind of advantage. that being said, it is not that different from say wal-mart or target that have their own private label things and have visibility into the big c.p.g. brands that are selling. they have that visibility, but amazon has the broader scope of inventory and the more granular level of visibility. not just things people buy, but the things they are searching for and not finding. >> do you think customers -- >> do you think customers --

there has been this sort of shift towards privacy, and it is kind of a super trend, if you will. do you think that privacy concerns could actually impact behavior on amazon? >> i think it is always going to be a balance with customers. they are going to want that data privacy, but at the same time, if that impacts the friction that is in the shopping experience and makes it harder to actually get the right product easily, then that is not going to be viewed well at all. it is always going to be a balance. and what retailers, as big as amazon or smaller retailers need to do is constantly look at the data to understand and test those trends. >> where is the amazon ad business going? what are the projections? >> well, i think i have seen projections as high as $25 billion and it is just going to keep growing as it adds inventory, adds more products.

the site becomes more cluttered, and it becomes more important for you to advertise. they have this carrot and stick approach with merchants. if you don't put your product on amazon, they may try to make their own private label. if you do put your product on amazon, you have to advertise it to differentiate from all other folks. and even if you advertise, you have to advertise aggressively so someone doesn't sweep in and take that key word from you. it is a sweet spot they are in because they have so many customers and a very profitable place because they can build this on their own platform without having to invest a tremendous amount of money like they had to do with their warehouses for the e-commerce business and the cloud business. this is a low investment revenue opportunity for them. >> darren, you are smiling and nodding. it is like a rock and a hard place. >> i would not want to be a brand imaginer at a c.p.g. company right now because i

think you are between a rock and hard prays. the same way the ecosystem of companies sprung up around google search when it started to dominate people's online behavior, you are going to see the same thing for amazon serves. people will need non-amazon sources to help them understand what they are supposed to do. >> thank you. spencer, as always for us in seattle. emily: when we come back, researchers and futurists may be sounding the alarm on artificial intelligence. what about using a.i. today to make some money? we will talk to an expert from morgan stanley. that is next. this is bloomberg. ♪

emily: i will bet has thrown its backing behind a platform for sharing code. alphabet has turned its backing behind a platform for sharing code. gitlab raised $100,000 in funding can gives it just over $1 billion. the customers include intel, alibaba and nasdaq. microsoft bought rival github in june. artificial intelligence is everywhere. in our cars, phones and now even our wealth management. those in the industry say a.i. tools are a game changer allowing for better synergy between clients and wealth managers. what does the future look like? here is the managing director

and chief analytics and data officer for morgan stanley. you are in town to speak the an a.i. conference. what is morgan stanley's vision of the implementation of a.i.? >> first you have to start with what we believe is a.i. proposition for financial advice. that is a trusted relationship between financial advisors and their clients. we have done analysis, and even in 2018, people still want to talk to their advisor. engagement is the number one driver. the question becomes how do we make that advisor better at what they do? how do we augment their processes and their capability to deliver the best vice to everybody this their book in an efficient way. artificial intelligence does very things that are specific in technology that help advisors do that in a very different way. >> how does the rise of a.i. impact hiring? do you need to hire less advisors in the future? more revenue? >> it makes us have to hire more

data scientists, that is number one. there is an opportunity. we fundamentally disagree with the proposition that humans are going to go away as a result of the technology. i think that this concept of comparing the human versus the machine is just a flawed choice. human the do things that ultimately humans do in really powerful ways, and technology does things in technical ways. how do you marry those two things together? again, going back to the value proposition, our advisors when we are talking with their clients is where we create value. the more we do that, the more value we are going to create. this is about creating better synergy in those relationships as opposed to trying to eliminate human thought from the process. >> if you are hiring more data scientists, does that mean you are hiring more data advisors or less? our focus right now is how do we

get our advisors to deliver the best advice to our client. that is the long-term value proposition. >> what is the biggest risk to using a.i.? >> people ultimately are concerned about the transparency of the decision making. these algorithms do a lot of math behind the scenes. it is equally as important not to just deliver good ideas but transparency of why the ideas are delivered to the advisor. it is the reasoning behind it. >> based on your research so far, will we see better returns as a result of a.i., and how much better? >> listen, we can't predict future returns. i think that is a very difficult thing to do in the marketplace. >> but a.i. has been around now. >> it has been around a long time.

it is important to talk about where a.i. has limitations. part of the challenge of machine learning and artificial intelligence, it is as good as the predictive value that you have. it is about identifying trends in the marketplace. if it hasn't happened in the past, technology is not going to pick that up. the invest process is still going to require people to come to work in the morning and talk about what is going on in the markets and think ahead. >> how is morgan stanley doing it better than others? >> first of all, advice and investing is one part of the evasion. -- equation. that includes talking to clients about dealing with parents with early stage dementia. and talking to children and offering safe driver courses. we are about the entire investment process. an advisor comes to work in the morning and they ask the fundamental question, who do i engage today and what do i engage them about? what the a.i. allows us to do is number one, figure out what best to engage that client on. and number two, using machine learning, figure out what the client is responding to.

everybody is different. this is not about offering you something similar to people who look and feel like you in a certain zip code. this is about offering advice to you. >> there has been a trend toward c compression. will that continue to go down? >> i think if we can continue to offer value to our client, which is really the ultimate question, i actually don't believe that to be true. as locks as we are offering advice that clients value, i think they are going to continue to come to us. this whole concept like we are trying to compete with a machine, we are trying to make people better at what we do. to be clear, the a.i. is very, very far away from being able to talk to you about what to do with a child that was just born with autism. those are very, very unique

situations, and that is so much of what the financial advisors are delivering to their clients today. >> when do you see a mass adoption? >> we have employed our artificial intelligence platform to our 16,000 financial advisors for six months. they are at it every day. adoption rates are high because they see it as an augmentation to their business. >> jeff, thank you so much for stopping by. >> thanks, emily. emily: one stop wedding registry site zola makes wedding planning easy, but getting zola started wasn't so simple. the co-founder tells us about the trials of fundraising next. this is bloomberg. emily: one stop wedding

registry site zola makes wedding planning easy, but getting zola started wasn't so simple. when shan-lyn ma first began pitching her online wedding side zola, she said three out of four investors turned her down. it didn't immediately resonate with most venture capitalists. today, zeal has raced more than $140 million and has expanded its offerings to over 60,000 products and experiences. it includes services beyond gift rebelling industry, including guest list management and website creation. she sat down with us to tell us how she got there. >> fundraising is never the most fun part of starting a start-up, particularly if it is a product where you are pitching a product that is primarily serving a female audience, and you are pitching it to a v.c. industry that is primarily male.

they got married 15 to 20 years ago. and even then they didn't really do much of the wedding planning work. >> they would tell you this straight up? >> well, i did certainly hear v.c. say i got married 20 years ago, and my wife seemed fine with the registry, so what is the problem? i don't understand. but those were not the v.c.'s that we ultimately had invest in zola. it was harder to show that emotional connection to the problem and how the product sold this better than anything else. we soroka used on how is this business model innovating how we are redoing retail, and we had the numbers to show it, and they absolutely got it. >> talk to us about some of the numbers.

i was taken aback-to-back by how big and valuable the wedding industry is in the u.s. and globally. >> it is a $100 billion industry in the u.s., and globally it is a $300 billion industry. when you think about it, weddings is one of the few industries remaining where we haven't seen a dominant start up player or disruptor emerge to take over the market. zola is the best company to be that disruptor, and we will do that. >> and people spend how much to a wedding on average? >> on average in the country, it is $35,000. we all are in new york, the average is higher for a wedding here. it is about $75,000. >> when you talked to these v.c. guys who didn't get it and said this wasn't a problem 20 years ago, my wife or partner dealt with this. this becomes problematic when you are a woman witching a woman century product.

-- pitchign a woman-centric concept. woman-centric concept. let's face it, most of the investors out there are going to be men. >> my number one piece of advice here is that it is never personal, so don't take it personally. pitch, get the feedback, do your best, and keep going. and what i found is that in the early days i would get very emotionally invested in every single no, when the reality is there are so many other reasons why an investor may not invest in your company apart from you, or the team or the idea. it might have to do with when their firm is, their position in their team right now. it might be they have just invested in a competitor. there are so many reasons. it is just a matter of how can

you find -- you really just need a few people who have a very shared vision, and people that you think will be the right partners for your business. that part of the equation is just as important as getting a term sheet. and when you have that, that is one of the best, most impactful things you can do for your business. emily: that was zola co-founder shan-lyn ma at the bloomberg event. that does it for this edition of "bloomberg technology." tomorrow on the show, do not miss our interview with the gap c.e.o. in exploring the future of retail. i am emily chang and this is bloomberg. to rent a movie?

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