♪ emily: i'm emily chang in san francisco. this is "bloomberg technology." the tech wreck is sending stocks sputtering. amazon and alphabet are among the companies pummeled among the latest results fall short. can chicago be the next tech up? we will talk to a u.s. commerce secretary who think about it. and workplace diversity. it is progress happening? a new women report seems to

prove otherwise. first, the top story. tech has been front and center in the global equity selloff. it is on pace for its fourth consecutive weekly decline and amazon and amazon in alphabet led shares lower. we're joined by luke kawa and we have tom giles. luke, talk to us about what you see in the tech part of the selloff. are there signs this will be lasting? luke: one thing that is a big concern for investors is that nothing is holding up among the big weights in the nasdaq 100. everything is off 5% from the s&p 500's high. your apple, your intel, and also comcast. there is a lot of damage, widely spread.

this is a time where we are talking about in treating companies on an individual basis in the market. it's a time when realized correlations are supposed to be falling. that is not happening. those correlations are near their highest for the year. they are being painted with the same brush which is generally downward. what is caused for concern is that even if you perform well in terms of earnings growth, -- the big concern is that you are not willing to pay as much in earnings as people used to be. it has come down for the nasdaq 100, but the premium to the market is still at its highest point in 2017 and higher than any point in 2016. this selloff is about "we are not sure about tech's earning power" then tech can get a lot worse. emily: let's dive into specifics.

if you look it out, the miss was narrow -- look at alphabet, the miss was narrow. why? tom: companies would die for some of the growth that amazon is getting and we'll get based on their forecast. remember, this is a company that has been outperforming on one level or another quarter after quarter after quarter. if it does not really outshine expectations in a big way, and that is certainly what is happening now, there will be disappointment. the other thing people are focused on is spending on the cloud. western digital is a good example of that. they had numbers out today that suggested this breakneck spending we have seen, this investment in the cloud feeling businesses for amazon and alphabet for a long time, also potentially could be slowing down. there is a couple of things

giving people pause. when you combine that with concerns about macro economy, interest rates, it is all conspiring to lend -- give people reason to selloff technology. emily: big earnings coming up next week. apple and facebook. apple has a big hardware launch event and we are expecting pads and max. what are we watching for? luke: i think we are watching for a lot -- you can say whatever you want about this earnings season. it will all be about the outlook. for facebook, it is particularly important in that you cannot make the same mistake twice. so if facebook, after taking us in on revenue, is going to show weakness on that front, that would be perceived badly. on margins for facebook, that will remain key. if they clean up the newsfeeds, are they able to charge a premium for what ads they do have their still?

is the environment and desire to be on their and -- on there, and grow the platform, how is that panning out? the ability to show topline growth in an environment where we talk about slower global growth. that is at the heart of the selloff. tech is economically sensitive. emily: facebook had another press briefing call this morning. this time, they announced they are removing 82 pages of accounts demonstrating this "inauthentic behavior." they described all of these pages going back to iran and some of them go back as far as june 2016. it feels a little bit incremental but all part is a bigger issue heading into the midterm. how much is this going to impact the market reaction to facebook? tom: they are going out of their way to send a signal to the public, market, and anyone who will listen.

we are cleaning up our act. we are reaching out fake accounts and doing the best we can to limit fake news, hate speech, and we are cleaning up our act. that is a message crucial for facebook to bring to the public, who feel like it is not a safe place or reliable source of information, to advertisers, who are asking the question is this really the best place for me to get my message across? with a be effective if i spend my money here or if i look elsewhere? and certainly to wall street which is asking the question, is facebook is valuable of the property as it used to be for so long. emily: the cryptocurrency market has been listless -- liftless. how does that play into this? luke: mercifully i don't think it does. should companies emphasize less activity is related to this. the big point in the crypto's of

the world have shown even though they might be an anti-correlator and uncorrelated asset, i don't know how much stability in bitcoin is given drive further adoption in terms of its use as a payment system. i think that has been the hope a currency have to has -- has to have a certain value and now the volatility is going down. emily: luke kawa and tom giles, thank you for joining me in the studio. i want to get to another earnings story which is oracle founder -- the oracle founder. he went off script during a meeting to bring up tesla and the ceo and said tesla is his second largest investment, but

did not provide specifics. he also criticized media coverage of musk and feels tesla "has a lot of upside." joining us now is our reporter who covered the auto company. would you think this endorsement means? >> we knew ellison and musk were close. his name popped up during all of this go private drama as somebody who played a role in brokering meetings between mosque and the saudi's who played a huge part in musk's justifying of why he claimed he had funding secured. we also just heard from ellison last night talking about, in addition to the comment about seeing upside, talking about the idea that tesla has figured things out. the model three being a huge hit

in his view and talking about the idea that tesla was able to do more in revenue with the one car than any other car in u.s. market in third-quarter. those are all echoes of talking points we have heard on the earnings call. clearly, he is hearing from musk he talked about going through the factories and being really impressed with the giga factory and the fremont plant as well. he is paying close attention and he has a lot of money at stake here. emily: and tesla's earnings were extraordinary. a profitable quarter, positive free cash flow, but the negative media headlines continue. there is one in the wall street journal that the fbi is reviewing its tesla misstated model three production. what can you tell us? craig: this stems back from a report we had in mid-september about the justice department

looking at some of the comments elon musk made about where production was going to be for the model three during the course of 2017 and how that check out against what tesla actually did. in the lead up to the car going into production, you heard musk talk about them being able to make thousands of cars a week at different points in the year and putting out big numbers for where he thought they could be at the end of the year. in the end, they struggled to get the car off of the ground. they saw never close to the expectations mosque put out there. that obviously is something that did not sit well with those who were skeptical of the company because there were such a run-up in the shares with all of the enthusiasm of the arrival of this car they said would be $35,000. he re-are today and there's no not one i could be bought for that kind of price. you still have the sense that there are all of these negative headlines and real critics of the company and this is part of

it where you have the pattern of musk coming out and making big promises and often times coming up short. not only is that attracting a lot of attention from the short-sellers but it tracks attention from regulators as well. emily: craig trudell, thank you so much. coming up, the genius behind the genius bar. where the architect of apple retail and the former jcpenney ceo things commerce is going next. 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: when ron johnson introduced the idea of apple genus bar to steve jobs, he

recalls him saying it would never work. today, the product is arguably the centerpiece of over 500 apple stores worldwide. the bar revolutionized retail with other companies developing their own setup and training set up. it tech-support startup brings products to your home and the cofounder is here to talk about it. great to have you on the show, ron. you have architected the apple store strategy that still exists today but it has evolved. how do you think it has changed for the better or worse. ron: i think it has gotten much better. the stores are operating better today than they did when i was there. that's because they continue to innovate them. apple innovate so deeply inside things that sometimes you don't pick things up.

it's a place much more comfortable. they have all of these programs to learn more so the fundamental vision we had is to create a place to belong. they just brought up up notch. emily: is he getting harder because the phones are becoming more incremental? it is not about these huge technological shifts happening. it is more incremental shifts and convincing customers to upgrade even though the phone may have may be working just fine. ron: it is if you think about the hardware. the fundamental changes are what happened on the inside of the software or things i cameras. you have to take time to learn how to take advantage of that. emily: this big apple event is coming up and another hardware unveiling ipads, max, etc.. other big hardware plays like home pod have not panned out. what you think will be apple's next big hardware thing? will there be when?

ron: these products -- be one? ron: these products are never overnight successes. it's true of all of these apple products like the watch, the watch today is a game changer for health and you cannot even get those in stores. they are out of stock. so you have to be patient with apple because they really deliver a product, refine it to make it perfect, so i don't know what is next but i'm excited. emily: njoy is sort of the best buy model. how do you compete with someone like that? ron: it's not at all like best buy and not about an expert in the home. it is about the next frontier

for shopping. the way i think about it, up until the early 90's, the frontier was a physical store. the apple store and reason -- region has the same landlord for years. we had this 20 year time of online shopping which is a device delivered to your door. amazon leaves that. it is about convenience. the next frontier will be going through the drawer -- door. it'll be a retail store like we operate for partners bring the best of an apple experience right into your home. emily: amazon is doing some of these in-home services. a variety of services. is that a threat? ron: i don't think so. amazon is very innovative. you can order an amazon person to come to the house to talk to

you about what you do next. we have products you can try, by them on the spot, set them up on the spot. it is everything you do in the store done into your living room. emily: would you ever want to sell to apple? ron: i just want to build a great company. emily: i have to ask you what is going on in the more traditional retail space with sears going into bankruptcy, having been the ceo of jcpenney and now they are trying to prevent their liquidation. is that a futile effort? ron: it is hard. the retail world, we are over stored. if you do not keep your model updated, it will get tired. i'm really proud of where i i got target. they are performing well, they figure out how to use their online store and the story make it work together. their example of an older retailer -- they are an example of an older retailer that stays young. older retailers don't adapt well. jcpenney's problems. emily: jcpenney now has a new

ceo. are the next? ron: i think they have a good enough balance sheet to have a chance to survive for quite a while. and i hope they do. they have a female ceo, first time in 110 years in that company and i think that is a really wonderful thing. the team, when i worked there, they were committed to succeeding, but they will have to evolve a little bit. they have to appeal to a younger family. the old people like me, we do not buy that much. it is young parents like you with three kids going to the store and getting kids close. if you cannot appeal to a young family, your future will be tough. emily: ron johnson of enjoy, thank you so much. it's great to have you back. our conversation with intel's interim ceo and cfo and how the trade war could signal headwinds

ahead. "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: intel reported a strong quarter igniting optimism that the pc market is back. but with a trade war looming, it also came with a warning about impact on the chip industry to come. i caught up with the interim ceo and started by asking if the healthy pc market is here to stay. >> what a fantastic order for our clients business. in a market where pcs, for the second quarter in a row, we have seen one to 2% growth. our client business grew 16% in the quarter, so it is a testament to our team's ability to execute and deliver differentiated product for customers around the world, but particularly for our business customers.

it has been a fantastic quarter for the team which will be a fantastic year overall for the pc business. it is amazing what we are able to accomplish with a modest bit of growth and pcs. a real strong performance for us. emily: do you think this growth in the pc market is sustainable and will continue? bob: we have been through six years of roughly five to 6% unit decline per year. what we really think, going forward, is some stability and pcs. i do not think we will get back to accelerating growth rates, but real stability in the pcs and our ability to segment the market and sell up allows us to grow revenue faster than unit volume. it has been a pleasant surprise this year and we are looking forward to stability in our pc

business because the profitability we generate in a stable market is very powerful. emily: on the call, you mentioned you might feel headwinds from the trade war in china. how much of a concern is this? bob: it remains to be seen. china is an important market for us, emily. free trade is very important for our basis -- business and industry. for us, we see no impact as of yet, at the third wave of tariffs could begin to impact the cost of computers and for pcs. what we have been doing with our sophisticated global supply chain is working with our customers, our footprint around the globe, to be in a position and mitigate the potential impact than any kind of tariffs could have on the demand for servers and pcs around the world. emily: you have fallen behind with your forthcoming chip manufacturing technology and your competitors are on your heels. the timeline has been delayed and you have said that timeline still stands.

how concerned are you about the competition? bob: i think what is most important for us and our customers is product leadership. product leadership is a function of architecture, design, packaging capabilities, and process leadership. as we look through 2019, we believe we will continue to have significant product leadership on the pc side and on the server-side. so the ability to get more and more performance out of the current 14 enemy to node -and- 14 node allows us to go through 2019 with a great lineup of products and the time to get our 10 animeter processing of and running so we have products on the shelf in 2019. for a's and for our customers,

it is about product leadership and process leadership is a component of that. emily: that's the intel interim ceo, bob swan. for years, penny pritzker was president obama's right hand on commerce. she now hopes to turn the windy city into the next silicon valley. this is bloomberg. ♪

♪ emily: this is "bloomberg technology." i'm emily chang in san francisco. chicago, home of the bulls, the bears, the blackhawks, affectionately known as the windy city, the third-largest city in the country, but if penny pritzker has her way, it will soon be known as one of the top tech hubs in the world. pritzker is leading an initiative to try to put chicago up there with the likes of silicon valley. they set themselves in end date of meeting this goal -- the year 2033. i would like to welcome any pritzker back to the program where she joins us from -- you guessed it -- chicago. also former commerce secretary of the united states.

thank you for joining us. why hasn't chicago, with everything that is arriving there, become a tech hub yet? and why do you think this can change that? secretary pritzker: our new initiative is a private partnership of 350 leaders from nonprofits, civic committees, and business leaders that have joined together to address issues in chicago. we have extraordinary assets in our city. for major universities right within our city. we've got amazing talent.

we graduate the second number of students with computer science degrees of any city in our country. we've got a lot of capital available. we've got a diverse existing economy, as you said, we are the third-largest economy in the country, but today, what we recognize is we are not punching at the weight we would like to be, and we know if we come together, we can focus on the challenges we face. emily: how do you convince tech workers to stay in chicago when they could easily leave for silicon valley or new york or even second-tier tech hubs like boston or austin? secretary pritzker: much of our talent and many of our graduates want to stay in chicago, but the question is if we are creating enough opportunity, and in order to do that, we need to create greater bonds between our established businesses and tech companies. most tech innovators are dying to have major corporations in chicago as their customers.

we need to build bigger bridges. we need to help more universities commercialize the great innovations coming out of their laboratories. we need to innovate ourselves and all of that excitement builds on itself in order to keep more of our talent, so an innovator thinks "i can start a company here. i can have access to capital, i can hire the talent i need, i can build a business for the long-term in chicago, and that is exactly what we are working on. emily: chicago is on the short list for amazon hq2 and potentially 50,000 jobs. what do you think the likelihood is? terry pritzker: i have been involved in the effort, and i am an optimist. we cannot wait for amazon. we are going to take on the initiatives we are talking about with or without amazon, and i think they recognize all the

strengths i have pointed out, including affordability and the fact that they cannot find the talent they want and need here and chicago is such a connected city. these initiatives exist side-by-side. there's a symbiotic relationship between them, trying to get amazon and the p 33 initiative, but we are moving forward regardless. emily: given your involvement, what questions is amazon asking? what will it come down to for them in making this decision? secretary pritzker: i think they have gathered the information they want and need, and i think they are busy assessing it. fennelly: let's talk a little bit about what's going on in the broader market and broader business. obviously, this is something you

follow very closely. we are in the middle of a trade war. what do you see in terms of the cascading impact from that on tech and business more broadly? secretary pritzker: i think the trade wars we have initiative -- initiated a challenging in a number of's respect. you have the imf saying they expect u.s. growth and global growth to slow to year and they point the finger at trade issues. you see a number of our global manufacturing companies saying they are being challenged already by the tariffs and trade issues being raised, so this is a real challenge. i'm a big believer in multilateral trade agreements. i'm a big believer that you want to have more and more of the world's countries and global gdp operating with high standard trade agreements, and i think that one of the challenges that comes also from the trade wars is the rhetoric, and it allows

us to focus on trade, which i think is an issue, but, frankly, i think the bigger issue is helping more americans at that with workforce training to be able to take advantage of the technology opportunities that are being created, and i think the past tax bill, really, we missed an opportunity to incentive corporations and companies to spend more and invest more in workforce training, which is i think, frankly, a big part of the angst in america, much more so than trade is. emily: the president has taken aim at amazon directly, which might be one reason amazon may avoid washington, d.c., as a location. the president took direct aim at twitter, claiming bias, calling twitter a total blimp because he believes a bunch of accounts have been eliminated unfairly.

secretary pritzker: i think one of the opportunities we try to focus on in the obama administration was building stronger bonds between silicon valley, silicon alley, the tech sectors, and others, and washington. there's a need for greater communication and greater efforts and, for example, take what just happened this week on privacy. you have seen the tech sector come together to say we need more privacy legislation and

regulation, and i believe privacy is a human right and we do need legislation, and now you are saying the tech sector say rather than the federated approach where you have europe come up with their own privacy rules, california come of with their own privacy rules -- clearly, china has another set of rules, india a different set, that there really ought to be more coherence in privacy rules. that requires communication that goes on between the federal government and the private sector and our tech sectors. i think there is a real opportunity for the administration to jump on the ideas the and proffered by the tech sector in terms of privacy. that would be a big step forward. emily: former u.s. commerce secretary any pritzker, thank you so much for joining us today from chicago. tesla has responded to the "all street journal's" report on the investigation as to if tesla misstated its model three production -- the "wall street journal's" report. coming up, when it comes to

giant vc-let funding rounds, one of the first become semi-is softbank, but it's not the only one out there. we will look at this trend next. ♪

♪ emily: $100 billion every few years -- that is the dream of softbank's ceo. a giant fund like that can lead to some big funding rounds for startups. to talk about all this, i want to bring in jamie montgomery, managing director and cofounder of a leading la-based investment bank. these giant rounds -- is this the new norm?

mr. montgomery: yeah, i think the ipo has been pushed out further. we do venture and growth investing alongside a number of these other funds. softbank has really revolutionized the industry by thinking big and providing large blocks of capital to take companies private. emily: the future of the vision fund -- is it in question as to if they will continue to take saudi money or not? how big an impact does that have on the silicon valley ecosystem given all these companies that have taken money? mr. montgomery: you still have a significant fund. they have money from china and all around the world. emily: you think they could fill the demand even without saudi money? mr. montgomery: yes. emily: we hear talk of an everything trouble. do you think we are in and everything global? mr. montgomery: right now, we are seeing continued economic growth and you see corrections, and it's a reflection on

people's outlook rather than the current performance. there's concerns about if growth is slowing down. as a company that reported fantastic earnings and stocks tanked. you wonder what is going on. people are looking out a year or two to see if the valuations in the future is really sustainable. emily: if we are in an everything bubble, when will it popped? is it one or two years out, more imminent? mr. montgomery: it will be softer. if you take a 10 or 25-your perspective, which most people

don't do, you will not even notice it. it's a blip. if you take a 25-your perspective, you probably don't even notice the 2008 correction. if you have a long enough time frame, it normalizes. right now, 2015 was a real bubble. a softened, and then valuations moved up again this year -- it softened, and then valuations moved up again this year. there is a lot of wealth disruption on both sides. there's new industries and created an old industries being destroyed. it's not necessarily a zero sum game, and there is wealth transfer between the new entrants. emily: do you think there will be any surprises? mr. montgomery: yeah, i think over -- uber is a great company. i think they have unlimited opportunities globally across these different categories. i think the biggest challenge they will have is figuring out how to allocate their assets, their capital across these different businesses. how you pick what product and what country and prioritize it?

is going to be a real challenge for the companies. that's a great company. they have businesses inside of it. the food delivery business is a great is his. the technology team is great. that's a really exceptional business. lyft will be a fast follower. i think airbnb will get out. a number of software companies will get out. second half of next year, the bets are off and i think the first half of next year looks pretty solid, and the marketplace is not really on/off. it's really filtered. really good companies can control their destiny. we tell companies to try to have two years of cash. if you are going to have a correction, you want to power through it. we also look at want to be valued at $3 billion, we want you to have at least 10% of your market cap in cash. in these larger rounds, evaluations have gone up, but you don't want to be a $3

billion company with $50 million cash cushion. that's a joke, right? you really want to look like a public company where you have some serious cash reserves if you are going to be private. emily: good to know there are some conservative people taking precautions. jamie montgomery, march capital partners, thanks for stopping by. expedia third-quarter results beat estimates thursday, sending shares of hearing the travel aggregator behind hotels.com and hotwire and others saw profit rise, boosted largely by homeaway. i sat down with the ceo who says homeaway is now entering a new stage of growth. >> homeaway has been on a huge growth tear as they transition to business from a transitional listings model to a true e-commerce model. this quarter, they posted

property and that growth about 20% year-over-year. that does feel like a good level to us. it is supported by a massive industry that is gaining huge popularity around the world, and homeaway is really starting to enter phase two of its growth strategy. phase one was about taking a traditional listings business and turning it into an e-commerce player, and phase two is about moving into urban markets and expanding internationally. we think homeaway has a long road of growth ahead, and they started delivering this quarter, so they are driving growth at the same time as profitability, and we think they have a long, great run ahead of it. emily: several companies making commitments to closing the workplace gender gap, but how much more needs to be done? a lot. that's next. ♪

♪ emily: according to a new study on gender diversity in the work days, progress is not just slow,

it is stalled. compiling data from over 462 companies with nearly 20 million employees, the 2018 women in the workplace report shows women continue to be underrepresented at every level. i set down with the president of lean in and mckenzie's chief inclusion officer -- i sat down. >> women are leaning in and businesses need to lean in, too. women are getting college degrees at higher rates. women are asking for more, asking for promotions and raises as often as men and not leaving the workplace. the companies need to do more. they need to treat business diversity like the priority it is. you want to hit a business goal -- you have a compelling case, you set goals, you track progress, and you hold leaders accountable, and too few companies are doing those things. emily: you and working on this report since 2012. what is different about this year?

is the difference that there is no difference? >> we see that companies are stalled, but what we find as we are getting closer to understanding other root causes. companies say they understand they have a problem, but help us try to break down problems we can solve in units of one or two years. this will take five or 10 years to shift a whole generation. an example is tell us about micro-aggression and tell us if targets work and how other companies do it. just a couple of examples. emily: you are singling out the idea of the only this year, the experience a woman has as a result of being the only woman in the room. talk to us about why it is so important to understand the experience. >> women who are onlys are having remarkably different experience than women who work with other women. they are more likely to face those plights where you are mistaken for someone's junior, spoken over in a meeting, and

that wears women who are onlys down. we know they feel isolated and on guard, and it's hard to imagine women can be their best selves and do their best work if they feel that way in the work lays. emily: square when it comes to hiring women engineers, one of the things they do is put women on a team with other women, which means they have a lot of teams that are only men because men still dominate the workforce, but the idea is they will have that sort of camaraderie and networking and their experience will be better, but it comes at a cost. is that something you would recommend? >> i think it's a really good strategy. putting them together creates a culture for that sub team. they have role models, they have their own p or network, and they start to advance. ultimately, what we know is if you are the only one over a long period of time, as rachel said,

as you pointed out, you feel less motivated to stay at the company. if you leave, that is less helpful. emily: but there is a compromise, right? you have teams of all men making decisions about other things without women on this teams. >> let's be clear -- i don't think it is a simple choice, but this one and done approach of i got a single woman on a team or two women on a team so now i have diversity has to change. until we get where we really need to go which is having women at every level so we are not picking and choosing where to put our underrepresented women across our team, a good strategy is to group women together and accept or realize that leads to better diversity of ideas on that team and hopefully, better performance on that team so you can point out our blended teams with a good percentage of women in the performance they are getting. >> building on that, it's not a one-shot deal. you can fix onlys, but if that's

all you do, you will not have a lot of success. you need to do five, 6, 7 things in concert and stick with it. if this is a seasonal initiative, you will not do any better than last season. emily: what is the experience of women of color? >> they face more barriers to advancement, get less support from miniatures, less access to senior leaders, and senior leaders are the people that open doors and get you noticed, and they are promoted more slowly. emily: how do we make sure this is not just solving a white woman's problem? >> our report focuses heavily on women of color and we are looking at lesbian women as well because they are having a worse experience in the workplace. we cannot agree with you more -- elevating women means all women and the women who need the most support, the research we have done is black women and making sure they are heard. emily: you also are the leader

of tech, hardware, and services. this is a notoriously mail-dominated industry which we cover every day. that must be an interesting juxtaposition for you. >> sure. it's harder being a person of color, and it's probably worth noting for men of color, it's not an easy road as well, or for anyone who is gay. in the tech field, if i were to put a slight silver lining on it, there is an is those of radical transparency. you also have people who grow up in an engineering environment where they understand data. one of the things the report does and one of the things much more common is to put it out there. there was one company where men dealt that -- self gender policies and initiatives were going to hurt them -- where men felt gender policies and initiatives will going to hurt

them. the ceo decided to have a meeting. that's not going to fix the tech culture in one go, but i think the emphasis on data and transparency is something we can benefit from. emily: that does it for this edition of "bloomberg technology." next week, we're all over facebook and apple results. that does it for this edition of the show. i'm emily chang in san francisco. this is bloomberg. have a wonderful weekend. ♪

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