♪ emily: i am emily chang in san francisco and this is "bloomberg technology." coming up, tech giants visit the whitehouse. the trump administration posts some of the biggest u.s. tech kohl's to talk about fail-out from the trade waist with china. and the proclaimed air gaps of silicon valley. the pitch to lawmakers presum bus. we will ask him how it is

impact the broader crypto market. from trump, to owe wal-mart, to zuckerberg. no one is safe from doctored videos that are so good that you can't tell they are fake. one company says it can. first to our stop story. big tech companies were back in washington monday, but not to discuss crypto currency or anti-trust, trump's top advisor and treasury secretary called a meeting to talk about the impact of the trade war with china. one stood out. the administration's fight against that and whether the ban should stan. representatives from microsoft, intel, qualcomm and more. to discuss in d.c., we have jenny. what is the latest we know about this meeting? who was there and what was discussed? >> what we know is that the meeting was called basically to hear a view from the business

perspective of this whole debate. do hear a lot about the fight from the hawks in the administration and on the hill who are in favor of a total decoupling of supply chains. this is the companies' opportunity to make their case for why they should continue selling to them. qualcomm, cisco and few others we are still trying to confirm, but the invitation list was pretty broad in terms of companies affected by this. these companies have sent a letter to wilber ross a couple of weeks ago, making their details in writing and making their case in private meetings at the commerce department. this is basically their second run at it with a broader audience of the commerce secretary was also in the

meeting, but he has heard their case before. this is new to kid low and others in terms of why these companies want to up continue selling their stephanie. emily: jenny, thank you for that update. we want to get a lawmaker's look at the case against chinese tech and the alleged threat to u.s. national security. i want to get to capital hill where the congressman is standing by. >> thank for you having me. emily: are you you have been one of the critics. what is taking place? >> i think it is a very dangerous meeting. huawai is not an independent actor. it is an arm of the chinese intelligence agency. it may end up having negative consequences for us. the washington post this week, and they were working with a

shell company in north korea supplying them with technology explicitly banned through the regime. we have joined in a bipartisan manner with the congressman from wisconsin to enforce a sanctions regime that we think is being effective. theshould not do one-off trades for farm goods for something that could impact the future of our company and allies' country in technology. emily: many high level tech c.e.o.'s will tell you they see no evidence that huawei uses its equipment to spy on the u.s. or anyone else. what would you say to them? >> i hope they would read the panda shell corporation set up in north korea to allow them to essentially do wilson with north korea companies we have sanctioned. clearly they are not operating on the up and owe. number two, it is well known

among chinese companies, it is part of their mandate, they must make any absence available to the chinese government. their goal is to have the highest margins for their corporate shareholders. this sends a very bad message to our allies overseas, who we are trying to convince not to irwin corvette them into the national security apparatus because it makes it difficult for us to share information with them. >> you are referencing a record in the washington post that they have partnered with a company named panda, to improve things. they have been partners with this company for eight years. when the president was asked about this story, he didn't seem particularly alarmed. he said the u.s. will lead on 5-g and we will see what north korea does. how does this new potential

revelation about huawei in north korea. they have denied any work in north korea. how does that change the objection here? >> it certainly makes me wonder. i have checked even harder, and other corporations should be worried about this. the fact that the president doesn't seem to understand the problem and the scope tells us that we should question his judgment when it comes to this key national security issue. the president does not understand the full scope of what is happening and what could happen if they should have access to our information technology market as well as our allies. they are trying to play one trade war against each other. we should not be trading access to the 5-n market for huawei to go back to what we had pre-trade war, which is for us

to trade market. this should be separate. this will have longer last his nexteling than the temporary trade war we have. emily: the leaders of the kohl's will say the blast listing has significantly hurt their bottom line. some of these companies provide chips, for example, to huawei smart phones, laptops and consumer products they say don't have much after threat to national security. hat would you say to those c.e.o.'s? >> they are wrong. it is the determination of the u.s. intelligence community as ll as congress that huawei are dangerous operators. we have a duty to stop corporations from engaging with companies that potentially put our national security apparatus in danger. i don't see those countries

having complaints about us having sanctions against other bad actors around the world. they don't have the right to ut them at rask. hopefully we are able to stop the administration and c.e.o.'s getting their way. emily: what do you think the trump administration should do and congress? >> they should continue with the regime they have now and force them to go stronger. hopefully that stays. if president does not do that, the house and the senate in a bipartisan manner should pass a new sanctions regime or continue the sanctions regime that exists to make sure we are enforcing some good order and discipline to continue to protect our national security interests. emily: since i have, i have to ask you about iran. the president defends withdrawing from the iran nuclear deal, and in the

meantime, iran has seized a british flagged oil tanker. what do you think the u.s. should do about the iran situation? >> we have to respond to iran, but in a measured manner with astabs and concurrence with our allies, especially britain and our european allies. i think at the same time we have to recognize that us leaving the jcpoa without any plan more as a knee jerk reaction to anti-obama policies that the president has, has created this situation. right now iran has said they are going to comply with the jcpoa even though they are not going to receive any benefits. but there are other areas. the last thing we can afford or need is a war in the middle east. it is not in our national security interests to engage in this type of war. but we have other tools in the tool box to keep iran in check

and deescalate the situation through diplomatic means. >> here at home, the president under fire for now multiple days for what some have called racist or racially charged language about four democratic congress women, all women of color. do you believe the -- do you believe the president's remarks ave been racist and is stoking racism, given his lack of reremarks? >> yes. this is not the first time the president has used race as a way to engage his base and enrage his bayless. let's remember this president started off his political accusing obama of being born in africa and snuck? here for some reason. and then a judge for everything dual loyalties. it is not surprising that he describes four american women

as essentially not being american and not loving this country. these women are of color. he does not describe nancy pelosi or any other women that are white as being unamerican or not loving their country, these clearly trying to gin up a base of his support that is racist and believes in these racist types of theories. emily: all right, congressman. thank you for stopping by and gives us the time. appreciate it. microsoft has gained a prominent cloud computing customer. the software maker has agreed to invest $1 billion with open a.ism. industry stars like elon mumbing and peter teal committed at least a $billion-dollar when it was competed. coming up, libra got at love from lawmakers last week, but with the crypto community

welcome the new money? we will ask about that next. this is bloomberg. ♪

emily: let's take a look at how some of the major cryptocurrencies fared. look at bit candidate, light coin and ripple. all were down except ripple. this was fall-out from facebook's project dubbed libra. lawmakers spent days last week crilling them. they could leverage the two billion users to create a defacto global currency. i want to bring in brad garlinghouse, the c.e.o. of ripple and kurt wagner who was in the hearings last week. brad you were watching and live

tweeting. >> sboned. emily: you think facebook's plan is presumption. why? >> they have taken a very bold and ambition effort. that is why silicon valley is big. it was maybe more than ambition, maybe arrogant. the white paper articulates a new currency. the dollar works pretty well. i agree with the president on this. we don't need a new fiat colonels. the g-20, the dollar, the pound, the yen. there may be some smaller market, with the argentinean peso, that may sense the as we saw, a lot of turbulence and headwinds. it will be interesting to see how it plays out. emily: we talked last week about the level of skepticism and ire. one lawmaker comparing it to 9/11 and the level of dieng. now that this hear has happened what, is next? >> that is up to facebook to

figure. they have announced we have this group of 28 partners that are going to be a part of the libra association that over sees this colonels. right now there currency. there is no charter for that organization or payments that have been made. this is continuing to talk about regulation. but on the facebook side, they need to get their team together to actually get this moving forward. right now it is just a white paper. it is an idea, but it is not exactly something that is tangible. emily: do you think the regulate yorlings will let libra happen in the u.s.? >> facebook has had conversations with regular lators before the white paper. they had concerns, and facebook didn't really do enough to mitigate that and make them feel comfortable. it is important to the u.s. gostisbehere and governments around the world. financial regulation matters. know about money laundering and

anti-terrorist activities the we need to make sure that the future constructs keep those in mind. i think the only danger that is happening right now is that legitimate projects working on, taking advantage of crypto to solve real problems get caught in the crossfire. even the president came out and tweeted i don't like cryptocurrency. that is like saying i don't like an intern company in 1997. what ripple is doing with banks and with regulators. it is almost the and tito says of how libra is approaching it. >> some sigh lillibridge what would reduce ripple's opportunities? >> facebook is a consumer company. when they think about problem they are solving, it is very much a user problem. we had one of the best weeks we have had in our history the week libra was announced. it is a call to action from banks. david markous came out and said it is the end of western union.

that is an assault on the financial sector. we have taken the alps approach. the regulations are enforced at that approach. we can't paint this one broad bush. we have technologies like bitcoin and others that are controlled by chinese minors. >> would you ever work with the libra association? >> you saw what happened. a lot of people signed up, the 28 members signed up with an l. offermanism. there is no money changing hands. they wanted to of a seat at the table and hear what is going on. i think it will be interesting to see if the 28 who signed up continue to participate. i do think it was very noteworthy that there weren't any banks or financial institutions as a part of that 28. it is an assault on that system which is ambitious to say the least. >> there have been reports of script simple among the partners who have already

signed up. what are we hearing? >> they are not saying anything publicly. that is swoven the bingest concerns that facebook is out here taking the beating a little bit itself for a project they claim they are a co-founder with many other companies. if i am facebook i am saying hey, are you guys in or not because we could use a little support out there. but with the banks, bloomberg has reported that facebook and others in the association are out talking to banks right now. they want them to be part of those numbers because i think it does add a level of legitimacy to this whole effort if they can have banking partners on board. if you are facebook, the biggest challenge is getting those people to say something publicly so they put their name behind what they are doing. >> on another topic, bank of america. there have been reports that bank of america has taken out a patent that suggests using the ripple ledger for its transactions. can you comment on that? >> i saw that. kill you confirm or or

the speaking lation? >> i can neither confirm or kill. we are known to be working with some of the largest banks in the world, and we will continue working with big banks around the world. i a, too, was surprised by that patent application because we have not announced anything. are well, i had to try. brad garlinghouse of ripple, and kurt who suffers social media for us. coming up, how china plans on keying up with big techism p. offerman's by opening a nasdaq style stock exchange. that is next. this is bloomberg. ♪

emily: in china a trading frenzy dwripped the open of the country's new nasdaq style stock exchange. the companies that made their 140%. rose an average of

that was done in homes of not losing new companies to the new alibaba. the to be exchange has worked with many of the top tech start ups. >> a roaring start it is, but it is well expected given all antsdpation and limited supply. i am not terribly surprised by the first day performance. but i think that is the beauty of a new market. it is going to take some time to settle down. we definitely see more supply in the company in the pipeline. it is a new market, a little bit of enthusiasm is not bad, but longer term, the anniversary will become more rationalized >> this is not the first time they have tried to create new regulations. we saw the boom and bust in 2017. what is different this time? >> the difference is a well defined time table and all

about disclosures in the end. meeting about you certain requirements. at the end of the day it is about disclosures. that is the process for us, who represent a lot of tech companies. tually it is quiet interesting change. >> there has been some concern about the quality of names that are listed for the country that has the most unicorns after the unless, there are no profile household names. what is your view on that? >> from the launch of the concept it is barely six months. a lot of them actually are there. not necessarily because they are the absolute best technology companies in china. but oftentimes because they are the ones that you are grating for an i.p.o. but everything said that, we have gone through a lot of companies. i am on the committee for the stock exchange as well. i would say the first batch of

companies is pretty good in overall quality. >> how much do you see this shifting the balance of listing from new york and hong kong to china. the u.s. is still a very attractive place given the opportunity to raise u.s. dollars and capital control rules? >> these are different markets. u.s., hong kong and china, and they all have a different focus. the u.s., i think if you are a large cap company, let's go. it is the most liquid, the broad cost capital markets in the world. liquid they have a did i to the china market. hong kong is probably your top pick. if you are a hard tech company, a technology based company, hardware companies, china is probably the best choice.

from our perspective. it is always good to have more options. i think eventually the chinese tech companies always will find that they were grouped toward different selections. emily: that was sumlina wang with bao fan. coming up, they are continuing to pop-up creating problems for lawmakers and social media companies. how one company is attempting to stop the spread of misinformation next. this is bloomberg. ♪ hey! i'm bill slowsky jr.,

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emily: this is "bloomberg technology." i am emily chang in san francisco. back to our top story, the trump administration versus china. as the trade war stand off continues, the white house has convened a meeting of tech minds to talk about the tensions. you know what that means from a tech perspective. huawei and the trump administration's desire to ban government agencies and businesses from doing business with the telecom giant. tom giles is here. we are still waiting for headlines from this meeting today. what is on the agenda of these tech c.e.o.'s we believe who

your meeting with trump aids right now? >> that's right. it is very much in their interests to have these restricts as loose as possible. their view is that we are leaders in chip making and other technologies that we sell to huawei. to maintain our leadership, we want to keep this marked open. we want to continue to invest in u.s. leadership in this technology. in their view, this doesn't represent a threat to national security. this is part of the 5-g build up, the global 5-g build-out, and this is not an area where we think national security interests are at risk. >> the argument has been made that some sales to huawei should resume for consumer devices like smartphones and laptops, but perhaps anything put into 5-g equipment might be put into a different category. explain that?

>> it is not clear to me how the u.s. is going to delineate what is a threat to national security and what isn't a threat. there is a few that if we slow bally, l-out of 5-g glo that everybody is hurt as a result. all of the people who are investing in i.o.t. and wireless technologies that will benefit there 5-g, will be at a disadvantage, and that includes a lot of big u.s. companies. so let's not slow this he roll-out in order to accommodate the ban. >> this seems to be a bipartisan issue. you have republicans and democrats who are trying to push a bill through congress that would prevent huawei from being used as a bargains chip. but when you talk to the e.o.'s privately, they don't believe huawei is not using it.

perhaps a recent article may change their minds. but the people at the very top of some of these u.s. tech companies have not seen any evidence that they are products are being used in nefarious ways. >> it is a conversation that the u.s. is having with its allies. we have just seen recently in the u.k. they are holding off on a decision about whether to impose a similar what than on sales to huawei there for their business with huawei in the u.k. a lot of u.s. allies are asking the same question. where is the evidence that huawei is creating back chance and back doors for the chinese equipment to spy on our equipment? where is the fresh evidence that they are stealing intellectual property? we want to see that in order to make a decision because there is a lot of u.s. allies that are dragging their heels on

imposing the same restrictions. >> more reporting on the f.t. c. that they have reached an agreement with youtube, or a settlement. this as we are waiting for the final amount of a fine that the f.c.c. will levy on facebook. tell us about the youtube situation. >> the f.t.c. has been looking into whether or not youtube has violated terms of the online protection for children. the u.s. has strict rules around advertising that can be shown to children and the times of date that companies are allowed to collect and keep on children. the allegations are, and what the f.t. c. has been looking into is whether youtube is in violation of it as to minors and data collection around minors. the sense is youtube has transgressed those rules in some way. we know they have reached a settlement.

we don't know the amount yet. certainly in the case of a facebook, we and others have reported that it is going to be in the neighborhood of $5 billion. that is on separate at gallegoses that facebook has transgressed certain rules that the f.t.c. enforces. we will keep on it. tom jice, thank so much. in the meantime, apple is set to be in advance talks to by intel smartphone modem chip business. his is a error from dow jones. this is a portfolio of stats valued at more than $1 billion or mo. mark what, does this mean? >> what this would mean for apple is them getting a jumpstart in developing their own modems. they are key in order for apple to have their devices connect to the internet anywhere in the world. right now they use a

combination of moderate else from qualcomm and intel. apple has been looking at ways across its portfolio, all the components to reduce reliance on third party suppliers. building their own moderate emwould do that. buying this modem business for $is billion, they would get hundreds of pat end to jumpstart the business. they have been looking to off load the business after shuttering it recent months. >> we will continue to follow that. you have a new piece about apple c.o.o., who has tim cooks old job. you talked to former employees about his management style. with johnny leaving, he has basically the entire design team erroring to him. tell us about jeff williams and what you learned? >> williams is a very respected manager of apple. he does more than his title seems to indicate, even though

c.o.o. is a pretty big number two title. he over sos product development and in lower level meeting. he is big beach house on the coast of california he causes a shack. he has a knack for being pretty modest at work. e used to drive a toyota camry even though he was at executive level. he was bus or cycle between office meetings with far more junior employees. he is pretty much on the ground with the engineers, visits the factories often as well. he is a big part of what keeps apple running. if something were to happen, cook, there tim would not be any hiccups in he took over. >> mark, thanks so much four reporting. coming up, hello sign is combrooping document work

throws for companies like list and twitter. how is it managing to compete in the crowded software market. that is next. this is bloomberg. ♪

emily: now it is time for our work shifting series where we take a look at how businesses are level technology to improve work flow. the productivities started a hello sign wants to do everything from p.d.s. to on board paperwork. they provide digital tracking and.com solutions to 80,000 commerce inlewising list, ins take cart and target. the company was acquired by drop box in january for $230

million. to zhu, joseph joins us. thank you for joining us. what is it like being part of the drop box family, what opportunities zo that open up? >> love tsn they are an amazing group of -- love it. they are an amazing group of people. this happened in the fall. the more time we spent together, we felt a huge alignment. we are passionate about work go to mark standpoint. we have premium go to mark strategies with inbound sales models. from a team culture alignment, every person i met over there felt like we were part of the same company. we have this rare chance to accelerate our vision. the more time we spent together, the more it felt like a no-brainer. it felt like those things have been van pelt dated. >> how is hellosign different from docu signing?

>> there are couple of different ways we think about the mark. we think our biggest competitor is actually pen and paper. the vast majority of peoples are print sign scanning or physically moving documents between desks. you go to minnesota, other countries or states, peel are citigroup using paper. the biggest thing is this is a $25 million market with only 3% to 5% mark penetration so far. we are at the beginning of a very big blue ocean. the other couple of things we think about is our sweet spot is in the 250,000 person company size with some pull up market. that is where our strength really is. u talked about lyft, triple-a, and ins take cart. a lot of folks pick for us their best user experience. >> how do you convert to paying customers? >> like a lot of premium models, we have a certain functionality they can use for

free. then they need more branding, more transactions, more sophisticated team management and controls, then we upgrade to various plans. >> you have integrations with big tech companies. >> absolutely. war are about the concern that they will just do what you do and take your business as they all try to improve their productivity offerings as well? >> the way i think about this is companies will pick what are they really good at and where they excel. sthrack is phenomenal. digital communication, drop box is phenomenal at content. a lot of these other companies are phenomenal asing something. don't know if it makes sense to do what we do. and if they do, we have a pretty strong lead. >> thank you for being here. >> thanks for having me. ily: as a.i. progresses,

fakes are getting tougher and tougher to spot. how one company is attempting to combat video fraud next. this is bloomberg. ♪

emily: and investor is sugita netflix after the company reported it lost u.s. stub prescribers for the first time in eight years. the proposed class action suit claims the streaming giant kept the bad news under wraps for two months and said pumping up the stock price with rosie projections. the suit says the company stuck with the prediction of five million new subscribers they knew to be false or misleading. netflix report add loss of nearly 130,000 subscricers following a price hike from $11 to $13 a month. with the rise of a.i. technology, fake videos and aid yo keep getting better and

easier to make and harder to responsibility. deep fake inute, another round of questioning. lawmakers are concerned the doctored videos could further add to the spread of fake news. bloomberg explains the rise of deep fakes and the dangers they pose. >> we are entering an era where our enemies can make it look like we are saying anything at any time. >> gordon made this video of present obama. >> moving forward we need to be more vigilant with what we trust from the internet. >> not everyone brought it. worries increase about their potential for harm. this is your bloomberg quick take on deep fakes. they are realistic looking fake videos and audio.

despite bans on major wents, they remain easy to make and find. they are made for the deep learning intelligence and algorithms. input real audio or video of a specific person, the more the better, a and the soft way ies to recognize patterns in speech or movement. fake app, the most popular one, they need dos of hours of schumaker assistance to make videos that looks like this. n august, researchers revealed increasing had capability. with increasing capability coming increasing concern. in a world where fakes are easy tore take. authenticity becomes easier to deny. people could championship evidence against them is bogus. fake video can be difficult to

deck. researchers around the world have said they are working on ways to counter them. deep fakes do, however, have some positive uses. take the firm that creates digital voices for those who lose speech. >> this is the synthesis of human speech. >> there are applications that could be considered either good or bad like the many, many deep fakes that exist to turn as many movies as possible into nick cal cage movies. >> before we take. a tweet from the. . the president says a deal has been reached on the suspension of the u.s. debt limit. in a tweet president trump said i am pleased to announce a deep has been struck with mitch mcconnell, chuck schumer, nancy losi and kevin mccarthy on a two-year budget dell ceiling with no poison pills. no second tweet yet.

we will look to see if he tweets again. this suspend the raising of the u.s. dead limit. this was a real compromise in order to give another great victory to our military. we will keep you posted. back to deep fakes. one company tackle deep fakes is the photo and video verification platform true pic. its patented controlled camera technology checks manipulations and water macks them with metta date verifying them at the source. true pic insighing that come pairs photos. joining us to discuss, the c.e.o. how exactly does the technology work? >> thanks for having me. to start i think the video that just rolled is a great example. we are ending up in a distrust by default state online. the company starred three years ago, and we were originally

focusing on simple photoshopping manipulation. now we have synthetic media general rayed by artificial intelligence. it is becoming impossible to tell if images are created by light or computer. we set out to build a specialized camera. imagine light coming into a camera lens and us getting to that pixel data as soon as it is created and using all of the geoespecially data on the device and verifying it as soon as it is created. not looking to verify photos afterwards, but verifying them at the point of capture. who are is villar flying >> the technology behind true pic. >> so this happens like when the photographers in the war zone are shooting a scene? is that what you are telling telling me? >> anyone can download truepic. we have a free application today on i phone and android.

we view a world where anyone with a smartphone on our cameron can swipe over to a verified mode and take a high integrity image on their device. it could be a documented a run or an insurance claim. but you have the ability to capture that high trust image. >> we mentioned the deep fake of house speaker nancy pelosi. here is what she had to say about that at the time. >> something like facebook says i know this is false, but it's a lie, but we are showing it anyway. well, to me it says two things. one, that they -- i was giving them the benefit of the doubt on russia, but clearly -- i thought it was unwitting, but clearly that wittingly were accomplices and enablers of false information to go across facebook. >> who are responding there to facebook leaving the video up.

youtube took it down. they left it out. deprioritized it and flagged it. in response you had a public outcry as well as an advertising company doing a deep fake of mark zuckerberg, which we also have a clip of just to revisit. take a listen. >> imagine this for a second. one man with total control of billions of stole e- date. secrets, lives and future. i owe it all to specter. specter showed me that whoever controls the data controls the future. >> even as somebody who has covered mark zuckerberg day in and day out for 10 years, that is scary. >> what is really scary is that nani blows video was a slowed-down video. that wasn't even synthetically generate have had. e haven't reached the level of

fest cation to detect a slowed down video. we are grossly underprepared. >> what is your thoughts on that? should facebook be held responsible for knowing that video was fake and taking that video down? >> i think they have the responsibility to do everything in their power that they can do. one thing that is troubling to me about facebook is they have recently publicly said they are moving to more one to one-on-one inencrypted messaging. when we talk about the deep fake doomsday scenario, we are talk about politicians with words inserted into their mouths and used for political discourse. what we don't talk about is how these can be used in a one to one way in a weaponized faction. a couple of weeks ago, there was an application where the input was a photo of any woman and the output was a photo of that woman undressed, using that same technology. imagine how that could be weaponized in a high school or

work place. if facebook moves to more one to one encrypted messaging, it is going to be impossible to detect fake and manipulated content. >> it is just a matter of time before bad actors out there start counterfeiting your technology? >> we are hornaceking hard out there. for truepic's hardware to run n chip and be able to access the data so that no one ever passes bat data. it is our plan to bring that technology to as many people as possible. >> what are the biggest cases you see for deep fakes, especially as we go into a u.s. presidential election? >> i think that is where it becomes really nerve-wracking. we saw this four years ago in 2016, and i believe we will see it again. it is going to be well timed deep fakes. there have been some push back that maybe we are overblowing this problem, but the problem

is people that really want to manipulate public opinion is going to use a well timed deep fake describinged quickly at a point we are just about to make a decision as a country and democracy. that is what we are most scared about. >> jeff mcgregoror, c.e.o. of truepic. fascinating stuff you are working on. thank you for joining us. that does it for 0 this edition of "bloomberg technology." wednesday we will be speaking to ebay's devin. do not miss that interview at 10:30. we are live on deck. check us out there @technology. this is bloomberg. ♪

providing safe package for ships through the pergs gulf. the u.k. foreign second con deems the seize your of a british oil tanker. >> let us be clear. under international lay. iran had no right to obstruct the ship's package? >> trump attacks the fed again. she said she is backing a half percentage point rate cut next week.