*-*-* >> this is bloomberg technology. coming up in the next hour, apple doubles down in the state.ar the company will invest one billion to build a new campus in looks to add more jobs across the united states. revival?retail the industry has been struggling but the c.e.o. of old navy says data collection could be the keys to luring customers back. and could the secret to

paypal?'s revival be we'll speak to one analyst who says it's a match made in heaven. but first to our top story, "wall street journal" reports warned president trump not to intervene in the cfo.st of he suggested to reuters on tuesday that he might be get if it helpsthe case to secure a strong trade deal with china. bloomberg for more tech, who recently wrote about uawei's ambition, we'll continue to get react from the chinese government including a official who wrote an op a premeditated political action. tell us more. > he's in a particularly tough spot. we're seeing a lot of activity media on china. i think the chinese government, like the journal reported, has a lack of clarity about what the administration is

doing. this is a doj matter. clearly wants to get more involved and use it as a chip.ining from what i understand, with the u.s. tech companies it's very ense and there is a lot of concern about retaliation. >> he has orders from a japanese why?ier, >> my sense there, we're reporting from out of japan, sort of a mpany is little bit turbulent. it's unclear what they are going to do. their largest ng business, the networking side. they are the second largest hand -- handset provider in the the bulk ofusiness, their hundred billion dollar revenue. t seems like they are at a large turning point in the company. they are private, secretive. china, they are sort of known as being more secretive

it's hard is here so read the tea leaves. >> there are several different going on situations between canada and china, between the united states and china china, between the united canada.nd what is next? i did know, the reporting hang seng. they are trying to turn company.es into an a.i. they are a lot of key players, nd even some american companies. their gift and strength has been hardware and equipment and they have been building chips and now specialized chips that can a.i., n really advanced they have processed a lot of video surveillance footage and facial recognition tools and the chinese ing overnment is going in, massively for smart city initiatives. >> it's part of why the united

states has a national security issue with this company. right now, the revenue is plit evenly between -- they make half their money in china and half outside. we'll see a gradual shift where to rely on their domestic market for sales. they will lean heavily on things city initiative, whether it's the cloud, a.i., selling equipment to build out that. hard to see how large that market can actually grow. >> we'll continue to bring you twist and turn in this huawei story. us.nks so much for joining >> apple will spend a billion dollars to expand its operations texas.in, the iphone maker will build a new employee campus that's big than 15,000use more workers. apple also announced it will seattle, sanies in diego, and near l.a. plus existing sites in pittsburgh. and boulder, colorado, will be expanded. joining us to discuss more, mark, apple already has some

operations in austin. there?ble down >> right. this is interesting because in tim cook, apple's c.e.o., specifically said the a new would be opening headquarters in a new location and he said it would not be in texas or california. will be in a new place. a big initiative for the company as part of bringing their money overseas because of the new tax plans from the trump administration but instead they up a ced they are opening new campus, some new offices, ot too far away from their existing awes campus, which is largest office park in the united states after cooperino, obviously. interesting that they went back on that or it's possible it's a stopgap announcement and headquarters announcement is perhaps related a later time. >> the company has said they are to expand in some place completely brand-new. a lot employees, that's of employees. compare how apple has rolled

to how amazon rolled out its plans for hq-2 and the associated with it. >> one big similarity and one first, the big difference. apple did not hold a "beauty contest." go to numerous cities and ask them to send necessity pitches. they did not create a public process for it. they did not keep updating people on their progress like amazon did but the big, you similarity here is they both veered off in different directions and they said they would, right? amazon sort of pulled 2 small bait and switch moving from one splitting itpus to between new york and outer d.c., virginia area. on its word from a new location, a major new campus and basically put out an regurgitating a bunch of expansions we already about, plus an expansion for an existing campus in austin, texas. off of theirveered original directions and sort of

changed course along the way. muchen though it wasn't as of a public process, though, don't you imagine apple had rivate processes similar with each of these cities, looking for a place where it could get a deal? absolutely. we know for a pact that north carolina, they were in talks city of raleigh for their research triangle park for while.a officials in north carolina were sort of blind sided by the announcement this morning, quite apple either did not announce a campus there a, uite frankly announced the expansion of an existing headquarters. one.of surprise on this >> how political is this move coming at this time in the war when therede is a threat of tariffs on the iphone? >> i think it's extraordinarily political. you've not seen apple in the past be so open about where campuses are, their different offices are across the united states. we've reported over the years but i believethem this is the first time they have

publicly touted their presence n miami, their presence in boulder, colorado, pittsburgh, seattle, culver city, here in all these other offices that they have kept under wraps. people knew about them. but then putting those names out there in a press release and touting them with this coverage, think, you know, it says a lot about the sort of cold war we apple right in the middle of the tariff situation. cold war. bloomberg tech, as always, thank for stopping by. coming up, while the uncertainty of brexit may impact the uk capitalist continue to spread the wealth over the country's tech sector. one partner about the future of european v.c. next. like bloomberg check up oust on the radio, and on our bloomberg app. and on our bloomberg app.

bloomberg.com, and, in the u.s., bloomberg.com, and, in the u.s., sirius xm.

emily: one day after surviving a no-confidence vote in parliament, theresa may met leaders at a summit in brussels. she will try to convince e.u. leaders to make concession s on the brexit deal that they have already agreed to. during the period of

-- continue to attract investment. ver $2 billion was invested, according to a report, more than 1/3 of the $5.6 billion across europe as a whole. discuss more, a e.u.vc fund is. it still uncertain if breaks it will happen at all. impacting the uk? >> let's not forget a couple of things. theresa is a remainder at heart. limits that immigration, talent, it makes it hard for script to do business. to win out this. the second thing is london said the biggest hub for e.u. investment.

it's got more than 2-x dollars or pounds going in. and a half last year of uncertainty, still the strongest. the third thing is that europe the tech a may and sector always want this to be possible.st brexit that's the way they are going. >> there are many possible scenarios but let's talk about extreme.e most number one, brexit happens, how does that impact the uk tech and investment? does the rest of europe start to get a greater share? as uk'se moment london, loss has been the rest of europe's gain, paris has gained a combination of friendly tax strategies, investments like over as seen it do well years.st two that will stop to normalize. most people in london, in the tech sector they done as certainty and quickly as possible. companiessome uk tech

postponed hiring, postpone cap-x, while they are waiting to happens, and if scenario two, brexit does not happen, are they behind? >> they are behind. it's put an 18-month hold on polls in these companies. have not been investing. european lps have pulled out of market. whether you're an investor, a company building, it's made it tough for everyone but that london has done pretty well and europe as a sector has well on vc ly returns. up globally. affecting your strategy? >> we look for great companies, great founders. many 've lived through downturns. i started my first business in 2000. we lived through 2007, 2009. it's made it harder but it's that operate across europe to back some amazing businesses. coming are the up and silicon valleys of europe that we should be watching? what cities do you think will

beds in the xt hot midst of this uncertainty? >> i think london will remain quite a number one for while. paris and berlin -- berlin used back in the hub days. now they are coming in with a start-ups.ing paris, with a.i., amazing. got some ou've estonia.d sectors like kappa, amazing. gaming mobile. >> we've seen a crack down on and smaller tech. regulatorsackdown by from uber. do you think, they tried to can every of rules, recover? >> it's great question. i think, first of all, let's talk about europe. people have a slightly different view in europe of what the e.u. community thinks about

tech. i don't they see it as anti-tech. it's more in line about mop lating on things like non-replies and data protection. london is a special situation. in london felt quite a rightly they needed some protection. these guys, companies like uber but the scooter companies have you have to work regulators. with bey have had to learn how to hand-in-hand with regulators. >> what trend should be watching? european we love in tech. we love health tech. more investment has gone into sector in the last two years. europe is a hotbed for that with the way health is funded. amazing company that just got da approval, basically pregnancy through an a.i. app, women to way for

control their health. second one, a.i. and robotics. words.zz lots of money going in but actually in 2019 we'll start to see all of that money that's invested coming into our daily lives the emails you get, the phone calls you get. the art you look at. tv, and even the music you listen to will increasingly generated. >> thank you so much. for stopping by. oming up, it is now one of the largest media companies in the world. the zaslav speaks about changes coming up next. this is bloomberg. # this is bloomberg. # >> discovery says it's now

bigger than better, competing scripted series movies and streelg services like netflix. c.e.o. david zaslav caught up for an can exclusive gives them d how it size and scope to compete on a global stage. play in a ying to space that others aren't playing. so when we pull scripps into discovery we became the second

tv company in america, ehind universal, across television and audience but we have great brands that people love. discovery.t scripps had it. when you put it together we have hree of the top channels in america for women. h.g., id. we're the number one channel for women.n-american wove another top channel for women in tlc. discover is the number one for men.n america but when you look at our channels they are really affinity networks. super fan channels. people that watch hg-tv or food they watch it the way somebody who loves fox news might watch it. a it becomes kind of like home for them.

and so, in the quality nonfiction area in the u.s., we brands who er great are fighting to even make them better. e're competing, if you want to call it that, because we're in the traditional sense, with companies that are entertainment that are in the scripted and movie business. we create an -- co-system on tv set, but we're really very different when it comes to direct to consumer, ecause whether it be hbo or howtime or netflix or what bob eiger is looking to do with this great deal he did with fox, amount of incredible i.p. is, all of that side is and series.ies so you'll have -- there are lots of consumers, domestically and around the world that will have of four, five, or six places to go, between $10 and scripted movies and series.

a lot of the movies to starting to appear on all of those platforms. if you want something else, that's us. company, so l i.p. we have natural history, globally. nimal planet, suspects, discovery. we have food. home.ve we have crime, with this deal that we did with golf outside of owned the pga tour moynihan, commissioner. today we announced we did a deal european tour which includes the ryder cup, in most markets in europe, latin america bunch of markets in asia, and two weeks ago we announced tiger woods. it on social media. david zaslav and tiger woods. what's going on? >> i got the most likes i had ever had but the strategy all the same. do we do the business we're doing, which is still a growth business for us. where we have all of these

channels, but then how do we own and i.p. that we get above the globe? > david zaslav, discovery c.e.o. with our own david weston. ashion retail gap has been struggling. shares down 20% amidst declining mall traffic but a bright spot gap portfolio is old navy. we sat down with old navy c.e.o. about how data and technology is driving growth. a fun time to be in retail, fashion retail. seventh year its of great sales growth, and so we feel optimistic about this year this holiday, and, you know, it involves staying true to who about which is all fashion, fun, family, and value, nd at the same time, changing, in this digital age, and that combination is what we're really excited about and what's driving growth. >> how much has technology changed what you're doing at old navy? you. >> know, it's interesting. had a real awakening over the last few years on data, and

started with us by focusing on our customer data. have over 800 million customer touch points per year. it's an enormous amount of as we've been paying more and more attention to that we're finding many of the answers. many of the solutions that we're bringing to the market are coming from our customer insights. for example, this year we've rolled out buy online, pick up store. we've rolled out mobile selling in our stores. hat's also coupled with fun, hopscotch, coloring tables for the kids. all of those insights come from greater access to more data. to being able to collect and harvest data to use technology, it's actually feeding into a tangible business decision? >> yes, in fact, our store confidence e gained around our store growth because our customers are saying, look, brand isour brand, our at an all-time high. our product star rating sits at

4.75. it's a very high number. and yet i want a store closer to me. we've been hearing this and we've been responding with more stores. play in with s drive to being able to sever the online? online. an e-commerce >> it's a very unique relationship between online and stores. online in will start the morning, shop our site, mobile site. she'll come into the store we have o try on, but really focused on both channels. both are really important, and been, you know, in the selling space for 20 years now, which is a really long time. in the value sector. so we feel like we have, you leading advantage there, and our digital growth has been phenomenal. it.e been pleased with we just finished black friday, cybermonday, and some of the really off the charts in terms of these sales that we

delivered through our digital channels. >> tell us more actually about black friday to cybermonday and that we're in the middle of the holiday shopping season which is crucial for any retailer. going so far for you? are you meeting or k350eding expectations? > we're happy with our black cyberresults.h it's really thanksgiving to cyberon tuesday. of aw double the amount sales on our mobile site. really the mobile transactions driving the growth. we saw our online pick up in all-time high on cybermonday. all of this was driven through we're azing product and really winning with different fleece, in ct in sweaters, in sleep, in jeans, us was our funor promotion around our dollar cozy and we sold over four million over that six-day period

superfund. that's like 2,000 socks per minute, something like that. >> that's a lot of socks. a lot of socks. >> with that kind of deal that brought customers into the store and also online? that's right. exactly. that was a call to action. hadcustomer loved it and we a great black friday. with navy c.e.o. bloomberg. coming up, more of bloomberg tech. we'll talk about amazon. ch. we'll talk about amazon. ♪ there's no place like home ♪

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"activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. technology." turning to facebook, they and paypal could be a match made in heaven when it comes to online commerce. they first teamed up in 2016 to offer payments through the facebook and messenger apps, but they should now take the partnership deeper. a note was published saying they need each other more than ever as facebook looks to monetize more areas of its business. joining me is lisa ellis. facebook is in a world of controversy. how could paypal help them?

lisa: as facebook looks to change its narrative from the controversy around privacy and revenues. one area for expansion is expanding into online commerce, and that's where paypal can really help play a role. facebook has this extraordinary user base, 2.6 billion users globally, with many avenues where they could potentially drive e-commerce over their platform but haven't to date. emily: i have a chart that shows the two stocks diverging, and this yellow line here in the middle shows where facebook missed on earnings over the summer. give us more specifics about ow you think facebook could

beef up this partnership. lisa: we have identified three areas in particular. number one, paypal could power payments to start to drive more commerce through the whatsapp, similar to the chinese competitor. the second is in facebook marketplaces which is currently more of a craigslist style marketplace, that they could turn that into an e-commerce platform with paypal powering the platform, similar to what they did with ebay. thirdly, contextual commerce through instagram. paypal already has some success elsewhere helping drive commerce directly in the middle of social media and you can do a similar thing in the instagram environment where there is a lot of identification of new niche brands, etc. emily: what do you make of the divergence in the stock performance of these two companies? lisa: paypal is continuing to put up very strong, 20%

plus earnings growth, quarter in and quarter out. i know facebook has been struggling, they missed and they have been struggling from slowing growth in their core ad business. emily: are there any other payment companies that facebook should be looking to integrate more tightly with? lisa: i suppose the competitor, particularly around the instagram idea is stripe. stripe provides some projected functionality for facebook and instagram today. alternatively, when you're looking at the facebook marketplace concept, the hot european e-commerce payments company would also be an alternative. that is what won the ebay business or a portion of it away from paypal. the two big e

competitors. emily: the overall promise of social commerce has not really delivered. working on f instagram, but you see other companies like tencent in china where social commerce is a thing, but it hasn't taken off in the united states, among u.s. based social networks. when do you think that will happen? lisa: you are right, it is still coming. it is still very early. we are seeing pieces of it starting to come. a big difference in the chinese wallet, you can conduct a lot of your day to day commerce, like hailing a taxi or ordering takeout right through that social media platform. that is often what drives the bigger ticket purchases and that's what we are trying to see flip. for example, paypal and facebook have experimented with that capability in

facebook messenger, but you are right, it hasn't quite gotten the full adoption yet, but it is coming. paypal is focused on monetizing their vimeo platform. just day-to-day activities. emily: lisa ellis, thank you so much for stopping by. amazon has told employees at its seattle headquarters they won't need to move to the company's new bases in new york or northern virginia, according to the wall street journal. the search for h2q and the pushback have dominated the headlines.

joining me is heather redman at flying fish partners venture capital firm in seattle. she is the former chair of the seattle metropolitan chamber of commerce. part of the reason amazon was looking to expand was because the pushback in its home city, now it is seeing that in these new cities as well. people are angry. what do you make of this reaction? heather: it's very interesting, i think amazon is a lightning rod for a lot of emotion that could be better directed at other targets. it is an easy target in the era of president trump and people's frustration with the wisdom of the greater societal trend. i think we need to make a distinction between new york and virginia. new york has come out and had a lot of noise around amazon coming and you have seen stuff about that helipad and gentrification of the area adjacent to brooklyn. in virginia, the response seems more muted and welcoming. i am sure amazon was aware of that when they chose those locations but i think you will see both regions

over time welcome the additional expertise and talent pool that will come as a result of amazon locating there. emily: give us some context. you said the environment for amazon and its seattle employees was unpredictable and outright hostile. how so? heather: i think there is a tendency to demagogue around why we are having these societal problems that we have. we have had a homelessness problem up and down the west coast, a lot of human suffering that everyone is concerned about. so you look for the other big change that has occurred and how you can blame that change agent for what you see as societal ills. amazon has suffered from that, partly because they have been largely a quiet company and they haven't done a lot to publicize some of the positive things they do for the community. that is going to have to change.

i was looking at the age of relative to the age of microsoft when they had all the issues they did with antitrust and being the bad boy of tech. they are sort of comparable. microsoft is 43 and amazon is 24. the 2000 era is when microsoft was experiencing their maximum hostile reaction from the general population and from a lot of other companies. that is happening to amazon now. it has been a big issue in seattle because they have experienced a lot of growth. lot of that growth is attributable to amazon coming into the market. but it is a much more complex picture in terms of the effect of that growth. amazon has gotten all the blame for negative and none of the credit for positive. mily: one of your areas of

investment is a.i. there has been a lot of controversy surrounding amazon's facial recognition technology. one study by the aclu pointed out that the technology got wrong the identity of several members of congress, including oprah. is this technology ready for for use by the government? yeah, that's a good question. i think facial recognition, like a lot of computer vision, has uses and misuses. this is where tech is finally going to face the slippery slope concept. tech has been very binary, and the world of policy is not. recognition, and, indeed, pretty much every broad use of ai is going to require some sort of regulatory framework that will be a little bit more of a slippery slope. facial recognition could be very good. most of us use it on our iphones and we love the convenience of it, but the use of it for mass

surveillance is something we may not be comfortable with. so far we haven't regulated use of it but we have seen engineers stand up and say i am not ok building a product that is going to be based on national defense as opposed to enabling human productivity. and yet the science underlining those two cases is very similar. emily: unbiasing a.i. is something that is important work that needs to be done. microsoft has made a call to action about this. amazon had a recruiting tool that trained itself to reject female candidates. what do you think the call to action should be? heather: it is very important that we build diversity into every layer of the tech sector. it should be in society generally. right now most of the drivers of change are on the tech side. one of the things we need to see is more companies have

diverse teams and the funders of those companies have diverse teams. we primarily invest in ai companies and we need to diversify our own teams. our companies that are not diverse want to be more diverse because they feel like they have a partner in us. this is both a downside and upside issue. we talk about microsoft pay bought that became racist in short order as it was interacting with a lot of trolls online. we talked about amazon's recruiting tool and google's facial recognition and they have difficulty recognizing people of color. particularly women of color. that has to do with biased

algorithms. the chance of doing a better job are greatly enhanced by having more diverse teams at every angle of the tech sector, whether it's the engineers, executives, or the funders. even the reporters covering the sector, we have to have those diverse voices. it is also capturing the upside. think of all the products that could exist if we were really addressing everybody's needs as opposed to just one segment of the population. you start to see a lot of upside in terms of economic development and profits for companies by addressing those additional products. emily: you do have three general partners and for venture partners, three of whom are women of color, so i wanted to point that out. heather redman from seattle, thanks so much for joining us. coming up, robin hood is rolling out a new perk for its customers. we'll discuss goals for expansion with the ceo,

coming up. this is bloomberg.

emily: time for our feature on the future of money where we look at different aspects on currency as we know it. robin hood rolled out its version of a bank account for customers on thursday. it will offer checking and saving account option with 3% interest. that's higher than the rates offered by goldman sachs. julie sat down with the robinhood co-ceo to ask how they can offer this substantially higher rate. >> the way robinhood offers

this is we take customers' cash and invest it in government grade assets. u.s. treasuries, the yield we earn, almost treasuries, we pay back to customers and we believe that long-term it will be a profitable business for us, so we are very excited about it. >> with the checking come a debit card where you can -- >> correct. there are four designs and it is issued in partnership with mastercard. we have a commercial agreement that we share in the interchange revenue which is how the product makes money.

since you are able to go out and invest in other building products, i assume it is different than a typical checking account i would get at j.p. morgan. explain it customers should have any concerns that their money is not going to be safe when depositing it into this account. >> robin hood checking and savings is offered by our broker-dealer and it is insured up to a quarter million dollars, which is the same insurance amount offered through traditional accounts. it has a lot of similarities to fdic insured accounts, but is offered through our broker-dealer. financially regulated entity as well. >> after offering free trader to customers, you have done things like get into crypto and options trading. it was not super surprising to me when i did a piece last week. some said you guys are an ip o candidate for 2019. is that too early, or is it a possibility? >> we announced robinhood five years ago this week, in 2013, with the stated mission that our goal was to democratize the financial system in our country.

a very lofty goal. we stated the way we would do this was by building a company that is insanely focused on customer experience and that did things a little differently. we made long-term investments in our own infrastructure by building an engineering first company. what that's yielded over the last five years. a major step along the way announced a month ago, by robinhood, the first self-clearing broker-dealer in quite a while, and checking and savings is the first product we built on top of it. we continue to make long-term investments in our business and building a company that we hope is around 30 or 40 years from now. we see it as steps along the path that we have set forward for the company. we are definitely considering an ipo. cannot talk about the timeline yet. a week ago, about

we have also hired a cfo comes to us from amazon. we are continuing to build the business and we are incredibly excited about the trajectory. >> got it. question. something we've all been lately, the markets have been more volatile than the last two years. what impact has that had on customer behavior? how awn they are trading, how often they are logging in, and and other things? >> right. one of the things that's always been unique about robinhood's customers is we tend to have customers we view as more contrarian. on market dips, we tend to and other things? >> right. one of the things see more buying than selling behavior. we have continued to see that with the last turbulence we have had in the market. we continue to be bullish on the state of the economy as a whole. unemployment is still very low. we've seen behavior that's in with what we've seen

before. emily: that was the robinhood co-ceo. still ahead, bitcoin has taken a turn for the worse in 2018. 2019 be any better? we will discuss, next.

emily: instacard is breaking up with whole foods. it will begin separating itself from whole foods and eventually no longer let its customers order from the amazon-owned grocer. it will take months to finalize because of how closely intertwined the two companies have been. bitcoin has been the roller coaster ride for investors and regulators. it gained mainstream recognition after surging in 80% in then falling 2018. that is the cover story told

in this week's edition of bloomberg businessweek. matt winkler joins us. you have covered many wild rides. how does bitcoin compare? matt: you may not remember because you are too young. in the late 1990's, there was a magic two words called cash earnings. that was the arithmetic used to justify the valuations of so many dot.com companies that went public. one of them was yahoo! which came out in 1996 as an ipo. it appreciated 120 times its ipo price and then it fell almost 80%. sound familiar? much of the nasdaq was a losing bet right until the financial crisis and did not begin to recover until long afterwards.

cash earnings, bitcoin, there is a comparison which i think is valid. where people cannot find standard ways to measure value, otherwise known as intrinsic worth, they do all kinds of mental gymnastics to do that, and bitcoin is a really good example of how everybody tried so hard to justify what it was doing when the closer they looked, they couldn't find it. even warren buffet said it's a joke. so we have been in this picture before and the dot.com bubble that burst in 2000 is a good example. emily: it took two decades to see the end of the dot-com story and it never did quite recover.

this story asked the question, will bitcoin recover? will it? matt: i am not clairvoyant, and that answer is way above my pay grade. all i can do as an observer is look at this and say what justifies the valuations that we see in the marketplace? and when it is difficult to find the answers, that's when you ought to be pretty cautious. emily: do you see bitcoin fitting into the broader story of volatility that is happening and tech volatility in particular? matt: yes, to the extent that when you have volatility you are saying there is a lot of noise. when there is a lot of noise there is a lot of confusion. of confusion a lot and a lot of noise, people have difficulty finding the signals, so where we are right now is the difficulty of finding the signals in so much noise and the noise only gets louder. emily: let's talk about the signals. where do you see value in bitcoin or cryptocurrency more broadly?

is it in blockchain? matt: there are all kinds of excitement over blockchain because it is a technology, a tool that people can use and that in and of itself is where there is intrinsic value. blockchain is something that i would spend a lot of time thinking about and its application. emily: matt winkler with a very valuable, historical perspective for us. thank you so much for weighing in. that does it for this edition of "bloomberg technology." live streaming on to witter. you can check us out and follow breaking news network tictoc on twitter. emily chang, this is bloomberg. >> the following is a paid

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