the job market. the scary thing will be to see the jobs data really deteriorate further and even see negative job growth. caroline: for now, we are in a holding pattern. s&p 500 complete lee flat. nasdaq up. highst: holding near some in the s&p 500. the dow the under performer, losing anyone point mainly because walgreens. a big drag that is on the price-weighted we're holding are some pretty big year to date highs come the dow affected mainly by walgreens , certainly different from those market cap weighted indexes. joe: not to let you read into today's action. .t feels like a holding pattern

tomorrow, the next day, or friday, probably will have medium data. >> let's take a deeper dive into today's action with our market reporters. what are you watching yet >> am watching financials, even that they are completely flat on the day. it looks like investors are willing to maybe step in on the action. what you're looking at right here is xl them, some $350 million entered the fund yesterday. that tracksder fund the financial sector and that is one of the largest single day bumps of the year and it also comes of 6 -- after six straight days of outflows. it does look like investors are comfortable.et

you cannstagram, essentially buy things directly through the instagram app. -- they rolled it out with companies like nike a few weeks ago and they are expected to roll it out further. a sicklyut with a note saying that facebook, which has tried several times to make this entry into e-commerce and broaden out from advertising, that this may be the formula to finally get them there. ed: tesla produced 64,004 hundred model 3's the first quarter. that is the yellow bar you can see on the chart in front of you. the overall number has come down from the previous quarter, but we will also be looking at deliveries because that is the point in time the company can book revenue. if you are not delivering cars, you cannot pay the bills. could be a potential surprise in the numbers.

the production number for the first quarter for model three's could be as high as 80,000. >> we thank our entire markets team. your perspective today, we have had plenty of auto things to be dissecting, but also oil rallying continuing. they seem to be more focused on the growth side of the equation. >> the interesting thing was a since the beginning of this quarter or since yesterday was we are actually starting to see some green shoots globally. the china pmi, the data here, and what we know about europe is needs china to stabilize in order for europe to stabilize. what copper is telling you and what oil is telling used at the demand side may not be as disastrous as the fears were in 2018.urth quarter

in contrast to what the bond market is telling you, there are many other asset classes that are telling you maybe we are actually making the turn and may affected, not just stabilizing, but letting green shoots happen everywhere also in asia and chinese partners. is what strikes me going back to this question. are there any other asset classes, or if you look within thatategories of equities would sort of reflect those concerns? much agreen shoots very common theme. the fed board takes commodities very seriously as far as inflation. scarlet: and he says there is deflation right now. like side. else in the anyone fed would listen, but certainly

he will be out there making , with hist it commodities rally has people rethink that. >> am interested in what you said about green shoots and global sentiment. what will it investors pay attention to when all those numbers start coming out or all the negative three announcements start coming out, get the data from china shows things stabilizing? >> eyes to the future. the market is all about discounting the future. the fourth quarter disastrous market performance was all about anticipation of slowdown and possible recession and an tightening fed without paying attention to the data. i think that earnings will probably be enough that pleasant, and are also think it represents a trough, and i think as long as we keep on getting slightly better than expected,

right? it does not have to be great, just not worse. i think you will be able to support the market moving forward. scarlet: is the bar low enough right now? >> i think the bar is terribly low in europe and probably terribly low in china, but let's rallies 27% china's this year. when china rallies, it does not stop at 27%. he goes much higher and takes muching markets -- it goes higher and takes emerging markets with it. the other thing is if we see green shoots and the rest of the world, we will finally soften the dollar. factiggest headwind is the that the dollar is over 8% stronger than it was a year ago. julia: do you buy morgan stanley a dovish fed, growth slowing down in the u.s., catching a little bit of a cold from what is happening globally?

>> there is a flight to safety in the u.s. dollar now. i think i the end of the year, the dollar definitely softens and we know the dollar strength really started in may last year, so the comparisons for growth will get a lot easier after may. skyler: looks like we have numbers out of gamestop, reporting sales of 1.4%, and analysts were looking for a drop. -- scarlet: looks like we have numbers out of gamestop. not providing annual eps guidance, but when it comes to the first quarter, first-quarter eps break even to a loss of five cents a share, you can see the stock losing in after-hours trading. joe: of course, how many different companies are trying gaming, soetflix of

does not really help their business model. , microsoft,le all-time to come out with gaming subscription models. julia: we have been hearing how well facebook is performing today. what sectors are you looking at if we do start to see these green shoots picking up and earnings are not as ugly as we expect? >> you have to decide what you believe about the world. we are trading at the five-year average, not just here at the u.s., but also emerging markets and europe is close to that, believe it or not, so you have to decide what you think about the world. if you think we're going to stabilize in growth from here, you buy financials, tech, and cyclicals. if you think that china's stimulus is not going to work, that we are going to slow down here, though we are going to get three lousy months of job market data, you go defensive and you really have to know what your view of the world is because i

think our more than ever, after this monster rally, you have to know what you believe, and i think the first couple months of the year, investors did not quite know what they believed, but they went for the ride because stocks were cheap enough and the fed was on hold and it was an easy to make decision. i don't think the decision is that easy right now. : thank you so much. recap, gamestop shares falling in after-hours trading after coming out with fourth-quarter numbers. same-store sales were better than expected, but for quarter eps missing analyst estimates, and it's not providing any annual eps guidance and sees first-quarter earnings per share break even to a loss of five cents a share. the stock extending its losses, down by more than 7% in after-hours trading. closings it for the bell and for me. this is bloomberg. ♪

>> live from bloomberg world headquarters in new york, here's mixede markets closed today. it really felt like we were on pause after the rally. joe: the question is -- "what'd you miss?" goldman sachs and jpmorgan looking to drum up business abroad. another down month for the u.s. auto industry. a slump incidents. ann bitcoin is back. the cryptocurrency suddenly

traderso life with struggling to find a reason for the rally. one expert tells us why the price will increase tenfold. joe: but first, we begin with lack rock, the world's largest asset manager, launching its largest organizational overhaul in a decade. for details, we're joined by annie massa. what's the just behind this? annie: in terms of leadership ranks, one of the interesting things you saw was more power being concentrated in the hands of regional managers, so you institutional client businesses. >> what about in terms of where they are focusing for moneymaking machines? these are companies that have been under pressure in terms of fees. how will they be ensuring they make the margin?

>> black rock is really trying to make a push into alternatives like private equity types of vehicles. this is because blackrock is heavily concentrated in index products right now, so alternatives for them make up really only about 2% of their assets under management, and they are trying to really grow .hat pie joe: what does it say about the broader trends we are seeing in the industry? they are not the first asset manager to make a big shift in not just management but really .he structure of the business annie: this is a focus because the index products do not generate as much in sees as an alternative type of business -- private equity for example -- would. that is one of the reasons you are seeing that growth. caroline: always great to get your perspective. now to another financial

powerhouse, goldman sachs. the ceo? he world is saudi arabia, not exactly the first country that bank has been running to with open arms, but they are starting to again. >> the significance of this is he is the highest ranking u.s. banking executive to go to saudi arabia since the murder of jamal khashoggi. we should see this as a sign that the backlash, the furor has been forgotten by wall street and people are ready to do business with the kingdom again. of course, solomon going there ina market -- a marker itself, but other banks have been talking about wanting to do more business. the talk about this marquee investment conference and when a number of these banking traveling toopped the country. they said we need to find out

what happened. as more details and more evidence has emerged and all of it points in the same direction, now the banks and wall street firms are making the case that wendy to truly figure out what happened with murder but at the business must continue. joe: obviously, the furor is not totally over. we talking about in this context and it is no wonder that he is going. how big of an opportunity to bankers perceive themselves to be in saudi arabia that they would be willing to tolerate some that glass even if it's less than it was a few months ago? >> that's the main reason all of these firms want to queue up to go to saudi arabia. if the place in the world where some of the largest transactions are happening at this very moment. we broke news that there was a $70 billion deal with saudi major stake. a this week, it revealed and is

the most profitable company in the world, possibly more profitable than some countries. there's a lot of fees that they don't want to miss out on. >> are you hearing any concerns at all, maybe about future problems, like if there are other political issues that rise up with the saudi arabia and government, or if the economy appears not to be as open as maybe some bankers think it could be? >> it definitely is a risk. it was clear that when bankers were making the decision, they were making an uncomfortable choice. they did not want to be taking political sides, but it felt like they were being pushed into it. what they see now is a market that has a lot of opportunity. there's no downside and trying to make a push for the business. if the market closes up, if there's nothing to be done, it's harder to get in once they refuse to go there. >> thank you very much.

areng up, auto sales hitting the break. more on the low numbers for carmakers ahead. this is bloomberg. ♪

>> a bumpy ride for carmakers. u.s. auto sales falling for a third straight month in march, bringing quarterly numbers down to an annual rate of about 16.8 million cars sold. for more to talk about this a little bit more is the cost director ofenior content. the numbers do seem a little bit back, but we have seen from gm and some other companies with the plant closing, they have been shifting the focus a little

bit. i wonder -- what do you think the future is? is this some sort of temporary downtick in terms of units being sold, or is there some fundamental shift going on in the markets? >> we have had quite a run. what is this? at 17 million-plus vehicles being sold annually? i think this year we will come in around 16.8 million, as we have been tracking so far, but that is still an extremely high number. i think you have a certain amount of headwinds that will be hard to overcome this year, if it's the increased transaction prices, increased interest rates, lack of incentive -- manufacturers have done a much better job controlling their inventory, so they are not having to utilize as many incentives. you look at a consumer's perspective and everything is more expensive, maybe i don't need the car, i think all these things will push sales down, but

16.8 million is still a lot of cars. joe: you mentioned interest rates. they have come down a little bit. cars are a fixed interest rate sensitive sector. would you expect that to start to feed into volume soon? >> it's possible, obviously. like if we are at a cycle, it would be nice to think we are at the top of the cycle and it will start to go the other way, nothing. everyone buying into suvs, everyone talking about the death of the sedan, are we seeing trouble- in the sedan? >> it is all relative. midsize sedans are still, like him of the third largest category of all the categories out there, so they have then displaced by a couple of suv categories, but they are still in the top five, so it's not

like sedans are going away. it's just relative to suv's. they have just lost a lot of their pull. they are not the largest category outside midsize pickups like they were for decades. >> we've been hearing a lot of people talk about the idea that some of the younger generations just really are not into car ownership. they have found alternative means, particularly with the ber inence of lyft and u certain cities. i wonder if you see that trend continuing or if we will get to some sort of inflection point where the younger generation decides he do want to own a car do want to-- they own a car themselves? seen thek we have inflection point. a lot of people set millennials did not want to buy cars and they did not when they were in college, and then they hit their 30's, got married, moved to the suburbs and they all went and bought cars. i think we're definitely seeing a delay in car purchasing

compared to previous generations. but we are still seeing it. it is just taking longer before they jump in. joe: we're still waiting for tesla numbers, but in terms of interest x tesla what do you see? >> i see a lot of vehicles coming in that marketplace this year. it is becoming a very vibrant part of the market. a bunch more that will hit in the next year or have recently hit like the kia nero or hyundai kona. the audi each on -- we will have , andudi etron mercedes-benz. i think it's going to get very interesting. interesting,ays what carl was mentioning that everyone assumed millennials would not buy cars, and that are. not buying a car.

i'm city bound, admittedly. today, we have to talk about the share price. joe: it ended up only down, like, .6% -- basically flat. >> which i guess is better than nothing. it's amazing, the reaction. really was valued a little bit out of whack with any traditional fundamentals and you are clearly seeing just on the secondary market, some people saying maybe we just wait a little bit and see where this goes. joe: also, all this people talking negatively about the company. see all theo commentary about maybe they have some problems. like what changed? caroline: exactly. we have calls coming up, 42 dollars coming from steeple global. exactly what carl was talking

about, saying we are over optimistic about consumer behavior. >> it's going to have a big effect. when you look at some of the past ipo's they did poorly, you do have major companies like -- and blue apron caroline: you set that up nicely. >> i try. caroline: we have breaking news on blue apron. coo.have a new the currency 00 taking over for the ceo. ceo iss the current going to resign to pursue new opportunities. noting, was a company did poorly initially, so in theory, an executive might be

able to bring something to the table. >> yes, what he did was absolutely stunning. that is something we should be talking about. caroline: american express renewing its partnership with delta airlines for another 11 years, a big win for the credit card issuer that counts delta as its biggest partner. the deal increases the chance that berkshire hathaway buys the airline. and the newest pro sports league in the u.s. did not last too long. according to abc sports, the alliance of american football is suspending operations eight weeks after it launched. the owner of the carolina hurricanes had been keeping the league afloat on a week to week basis, and seeking an affiliation with the national football league. joe: coming up, signs of life in crypto. bitcoin surges as much as 23% after months of calm catching

traders by surprise. we will talk about what might be behind that jump next. this is bloomberg. ♪

trump said today nato allies have made progress toward meeting his demands to increase their defense spending. his comments to reporters came during an oval office meeting secretary general. the president touched on a variety of subjects. mr. trump said republicans would wait until after the 2020 election to vote on a ,eplacement for obamacare seeming to halt a push he began just last week when he guaranteed the issue will take center stage in his reelection campaign. the president also said he is taking a wait and see approach

on his threat to close the southern border as soon as this week. leader labour party jeremy corbyn has excepted prime minister theresa may's offer to meet to discuss a brexit compromise. the acceptance came after the prime minister announced she will see another delay and brexit in hopes of winning parliament's approval on a deal on the terms of its withdrawal from the european union. will presentabour may with its conditions. >> i'm very happy. we need to have a discussion with the prime minister. when you to ensure parliament has an opportunity to vote on proposals that will prevent us crashing out of the eu at the end of next week and we also need to ensure that we give security and certainty for people of this country that we will not be crashing out at the end of this process. mark: the european union's chief brexit negotiator says britain's exit from the eu without a deal

becomes day after day more likely after the u.k. parliament again rejected alternatives to 's unpopularnt divorce deal. los angeles mayor eric garcetti is urging anyone who may have information about the killing of russell-- rapper nipsey to come forward to law enforcement. >> nipsey hustle was an artist andtouched our city throughout the country and world. he was someone who is a brilliant and gifted artist, an entrepreneur who found global success, was working closely with his city to help save lives and transform lives even as he was doing that for himself. added that garcetti tle's impact on los

angeles was deep. i'm mark crumpton. this is bloomberg. caroline: thank you, mark. blue quickly return to apron. still popping as we hear news of we'rechief executive, but also hearing the cofounder and chief technology officer will be departing the company to pursue new opportunities as well. he leaves, so, too, does the current ceo. talk about another thing surging right now -- bitcoin back to life. the cryptocurrency is up as much as 23%. the only issue is no one really knows why. we are joined by the founder and ceo of the cryptocurrency research on who of course is going to tell us exactly why. >> when you had me on in

december, i did say we were near bottom and you had me on as a contrarian bull, so it's nice to be lack. i think where we are right now is similar to where we were in 2016. there's a lot of optimism behind the scenes in retail investment circles and especially in institutional investment circles. there's three things we look at in terms of long-term drivers. -- is this general generational rotation out of gold and interdigital gold, which is bitcoin, which could be generalillion asset in as millennials inherit their parents' savings. if a fraction of that does and of one wing into crypto assets, you are talking about a potential spike in valuations. this is a multi-decade play. near-term, you are seeing a lot more interest. a number of very deep-pocketed companies offering institutional grade tools that will finally

allow professional investors to exit the space and make large investments similar to the one we saw last night. joe: all of these big matra themes you are talking about, the generational view towards money, institutional money theoretically coming in, people have been talking about these for a wild -- if you look at other data besides price, and there's all sorts of ways to analyze what is going on -- do you see anything else that would be encouraging or appears to be when you lookttom at ways to analyze the ecosystem overall? >> one of the things we saw in december that has started to reverse is the realized value friends really popularized and the realized value of bitcoin is the market value of mind rewards that enter the supply over time. for the first time in years, since the 2015 deaths, the

realized value of bitcoin dropped below the market value. the cumulative amount of money that had flown in through mining or direct purchases was greater than the market cap at the time. which means for the first time, you had cumulative investments north of where the market cap was. been waylly, that has out of whack and the other direction. in the 2017 run-up, you saw multiples of realized value entering the bitcoin asset in particular, and you saw that across assets, so i tracked that and it has finally come back to balance and we have seen it start to accelerate in recent weeks. >> you see any other catalyst on the crypto side in particular? we were talking to people who said if you could create more transactional value or transactional uses, that would

increase the deal? >> i would say the transactional element is less about payments and more about the ability to collateralize these assets, which is probably the third tailwind we see now, this emergence of a crypto mending market, where instead of this being dead assets, you can lend against it and use it as collateral, and we have started to see groups like genesis capital here in new york that has originated $1 billion worth of loans in 2018 as well as more retail focused applications like also in newock five york. joe: i want to talk about some of these other platforms that have issues with scaling and actual use. i'm thinking -- a theory of -- the one most people know. is there any sense that they are being used in a meaningful way or that they can figure out how to scale and solve governance and things like that? >> a 3 billion dollar or

trillion dollar question, depending on your perspective. most of the assets trying to compete with bitcoins certainly have an uphill battle and we have not seen much usage. i would say that the theory of ethereumld say that if i is probably next to bitcoin in a group ofining users. caroline: you have mentioned before that you see a return of bitcoin to 50,000. how many years of volatility do we have? you say this is a trough. >> i don't think we will ever see a lack of volatility for this asset because there is not a central bank that controls it. gold has historically been very volatile, but it is over a little bit smoother timescale. tendthink that currencies

to be volatile as well, but when they are volatile, they tend to just collapse in value and we have seen that historically over and over again. in fact, the average life of a years.rrency is 27 you disability, but it comes at a high price in terms of survivability of these traditional currencies. as we get product market fit for some of these other applications, the killers going to be speculated and you will see exchanges, asset managers, and early-stage investors reap the majority of the rewards before the masses come in in five or 10 years. >> great stuff. thank you very much. tulips, a giant tool of growing in london also going straight up. check this out. a billionaire winning approval for a 1000-foot tower that it's to be in the shape of a to look. -- in the shape of

a tulip. i like this. carolyn: get this -- it is frost and partners. what other iconic building has frost and partners designed? >> the best building ever. caroline: the bloomberg headquarters. is going this office to have gondola rides. as the bloomberg office have gondola rides? coming up, online startups advertising prescription drugs for off label uses and injuring a legal gray area. more on that ahead. this is bloomberg. ♪

of online health care startups is advertising prescription drugs for off label uses, in one instance advertising blood-pressure medicine to treat anxiety. experts say the advertising test the boundaries of medical marketing. thank you very much for joining us. explain this. drugs get identified for one purpose. doctors are allowed to prescribe them for other purposes as they see fit, but, technically, what is the law about the pharmaceutical maker itself pointing out those other purposes? >> well, we have this division of labor. the federal government, the fda regulates drug companies themselves, including what claims they can make about the regulating doctors

in the practice of medicine is a state responsibility, so state boards of medicine regulate doctors, the fda regulates products, and the state occupies this murky, gray area in between, so it's not entirely clear what they can and cannot do. >> these ads are basically everywhere, at least in new york city. the main thing that comes up is what are the safety implications of this? it does not really seem like the doctor screening process is as the euro as it would be if you had to go face-to-face. are there no regulations that would at least have some sort of way of addressing this, at least on the safety side? >> yeah, well, it is definitely a new model of obtaining health care that can be useful in a number of ways, and it's different from what we have grown to expect. this is basically the practice

of telemedicine where a doctor in one state will evaluate patients remotely, and there are a lot of state laws that permit telemedicine under certain conditions. laws have changed state to state . i think the general trend is to try to ease restrictions on telemedicine to try to make it more accessible, but there's always the risk someone will be prescribing a drug remotely without having physically evaluated a patient in person. i think these models try to account for that, but you can never be sure. caroline: you have to look at the rather amazing side of it all. a beta blocker apparently can help manifest my own badassery -- that is what this one company is trying to say to me. meiming that it would help to calm, of course not emphasizing the side effects

like weight gain and irregular heartbeat. they claim they are a platform, not actually the doctor. how clear do you think they need to be on their marketing, their advertising, that they are just the platform and not trying to advertise these particular drugs to you? >> it's not entirely clear, but i think it is important to understand that these companies do have to answer to someone. they are not completely beyond the law. they may reside in a gray area between state and federal regulators, but at the same time, if they make dubious claims or make patients and consumers are getting injured as a result, they could still be held to account through state causes of action. the federal trade commission might take action, so they are not completely untethered from legal options. they just do not fall neatly into the boxes that we would expect.

you, professor. that is nathan cortes of smu. turning to technology now, youtube spent years chasing one business goal above all else and that was in gauge meant, but bloomberg found this new focus came at a cost to the online video platform time to overtake television. youtube executives ignored content and let toxic run rent and this was the first story i read this morning and it was devastating. i think it reinforces the idea which we all expected which was that these companies found the formula to get eyeballs and make money, but that formula sort of came with some pretty significant baggage. yeah, this is a critique of youtube certainly echoed in a critique of facebook. what i found for people who worked in the company was that there was a similar critique inside. sendinge raising alarms people delhi's rabbit holes,

conspiracy theories, the radical content the site was disseminating a typically when people brought this up, the response was that youtube was very protective as historically a platform of free speech and they had this long-term goal about engagement. they tried to tweak that. they are talking about now responsible growth. they have not sure exactly what look like. and the past few years, they have separate the advertiser boycotts, ongoing criticism from political --t and that from both the political right and left. if people are watching or commenting or engaging with it, it should be promoted period and the idea is so entrenched that the idea there should be some sort of subjective view, maybe a politically driven viewed just should not enter the picture?

>> google is in engineering-driven company. leadership is often described as engineers, so they think about the things as technical thatems, and the mere fact they hit this goal of one billion hours of watch time per day was just a year -- just a few years before that inconceivable. it is unbelievably intense even for the world's best ai. i think combined with that, especially past couple of years where you have seen the president and the republican party accuse youtube and social media companies are being anti-conservative, there's a very intense concern about taking what is seen as editorial stances. carolyn: they did come back and , but howo your story bad does this have to get for

them to come out and start talking about this more openly? we have had, as you say, internal people, people who used to work there, critiquing it, saying this is bad virality and it is an addiction engine. what more has to happen? how many boycotts do we need before they really start to speak out about it? >> we're certainly seeing a stronger drumbeat in washington around kids content. unlike facebook, they are tucked into google advertising, so google does not break out youtube sales, so the public has no visibility into their business. certainly on the business side and now you see this stronger push for algorithmic transparency, so it is sort of a black box how these platforms

operate. caroline: thank you. coming up, goldman sachs reversing its call on the yen and look ahead to australia's federal budget. that's ahead. ♪

reversing itshs long call on the japanese yen. take a listen. >> we have come out of her period where growth has been particularly weak and that has been supporting the yen on the margin and we think we have seen enough they do to indicate that the global industrial cycle is on the margin picking up, particularly with the chinese numbers. i think it is too risky to be betting on the yen appreciation over the short run. ahn tos bring in shery

talk about where the opportunity is and what the data tells us. i'm on the couch with my family last night. we are curled up watching "daybreak asia" -- >> were you? >> every night. i thought the yen call was interesting because they have been going long yen for quite some time. >> yes, treasury yields falling. this is very interesting to us. my question to him was isn't it a bit early to call a global recovery? pmie talking about chinese numbers. they could have been affected by the lunar holiday. he is saying that we have seen enough data to show that the global industrial outlook looks ok and it's actually risky to call a higher yen at this point.

: it is similar to morgan stanley coming out saying that the dollar has peaked. essentially the safe haven assets you buy when you are nervous and don't want to make real investments, they are slightly diminishing. >> yes, i asked about the dollar as well and they were firmly in the lower dollar cap, but it will take a little longer to materialize and get there. -- they were firmly in the lower dollar camp. they are long aussie dollar of dollar weakness but at the same time, they see improvements in the emerging market space. interestingly, that did not work today. >> we saw the australian budget with tons of tax cuts, which was interesting because this was an election year.

they included things like tax aussie up to 1000 dollars, also for small businesses, they had someone off giveaways for people to help pay their energy bills, but really interesting because given that they also saw the first budget surplus in a decade, this gives them more ammunition to announce more tax cuts, and it seems they are growing a little more dovish over the central bank. don't forget to join us and watch "bloomberg daybreak a strata" for our interview with the australian shadow treasurer. the chinese vice premier calls for a delegation of trade negotiators in washington. joe: i will be watching more economic data coming out at nine: 45 eastern. >> nato foreign ministers meet, hosted by u.s. secretary of state mike pompeo in washington.

>> that's all for "what'd you miss?" bloomberg technology" is up next. >> have a great evening. >> this is bloomberg. ♪

emily: i am emily chang in boston and this is "bloomberg technology." coming up, bitcoin jumps more than 20%. traders are at a loss to explain why. u.s./china trade talks resume as a chinese vice premier has to washington. could there be a breakthrough, and what will it mean from -- for global tech giants.