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tv   Bloomberg Technology  Bloomberg  August 22, 2019 11:00pm-12:00am EDT

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emily: i am emily chang in san francisco. this is "bloomberg technology." the ceo of hp steps down, citing family health concerns. his replacement is a 30 year veteran. he started as an intern. what it means for the pc maker as the market stagnates. plus, iphones are coming. apple will unveil three new iphones and more in september. we have the details on whether customers will be enticed to upgrade.
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peering into palantir, our exclusive conversation with alex karp tells us why protesters won't stop them from doing business with the trump administration. first, a shakeup at hp, the ceo resigning, leaving the company to attend to a family health matter. he will be replaced by the current head of the printing unit of hp. he has been instrumental in improving cost structure and organization, helping profitability. to discuss, ian king and dan morgan. dan, you have a position in hp. ian, i will start with you. what more are they saying? >> i had a chat with them both.
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he reassured me this is personal and not a decision he took lightly. he has to go back to his native australia to deal with his family situation. if you take him at his word, there is no background story, no corporate scandal, no push out. emily: dan, shares of hp up 55% since he took over in the split with hpe. he has grown revenue, profitability. what is the impact on the company? >> it is interesting because we go back to meg whitman splitting up these companies. everybody was putting their money on hpe. that was the most exciting part of hp. the old printer business was boring. so it is interesting to see hp q doing so well. it looks like they had a pretty good quarter. printing was down 5%. there were concerns in the
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previous quarter surrounding slowness in growth in that area. it looks like personal computing was up 3%. overall, a pretty good quarter, a beat in terms of bottom and top lines and consensus estimates. emily: tell us more about the guy replacing him at the top, a 30-year vet, started as an engineering intern, navigated part of the split and was there during that time. >> the take from this is that he has spent the last year working with the board on a strategic review. the main pick-out from the language was basically improving the way the company does business. i think investors will focus on that and look for him to explain
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what he means, how does he think he can make the company more efficient. obviously people would focus on reducing that headcount. october 3 is when he will talk to investors about what his plans are. emily: dan, even though he has been able to improve the balance sheet, you have a pc market that is stagnant. what are the challenges ahead for hp inc., and who is the main competition? >> you think of hpq, we remember when they bought compact and became the number one pc player. it is a very mature business. they did edge up growth in the quarter, which is strong, but it makes you scratch your head on how they can make this thing grow. they have been relying mostly on share repurchases in terms of increasing the dividend, which is over 3%, and that has been driving a lot of the attraction to the stock.
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they have some new 3d printing technology they've been working on that wall street is excited about, but in terms of their core business, pc's, when the data comes out, you're looking at very low or no growth at all, so how do you continue to move forward when your environment is so negative? it is a big challenge for hpq. emily: hp had been impacted by the trade issues between the u.s. and china. they manufacture many devices in china. how does that change your view on the company? is it impacting where you are placing your money? >> we have a pretty good position in both. we owned it before the stock, so we would look at it as a dividend stock in regards to investment. in regards to tariffs, they are a company like the semiconductor companies, potentially apple, that will be heavily scrutinized.
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as you mentioned, they have production facilities over there subject potentially to being retaliateive tariff the chinese government could push against him, so we have to monitor the fundamentals going forward, but at this point, we are holding our shares. emily: dan morgan and ian king, thank you both. let's switch gears to another salesforce, the maker of cloud-based applications, a fourth-quarter revenue forecast the top estimates. i want to bring in a senior an analyst at jmp securities. what are the highlights? >> one, is the core business to -- is the core business still growing? is something bad happening in europe? and three is around tableau.
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on all three fronts, they did well, and so the stock has reacted. emily: let's talk about tableau. huge acquisition, a lot of attention, how will tableau be integrated? >> we are going to find out. that is the big question. the bear case is they will sell the existing products to their existing salesforce customers. that would be boring. the interesting case is they would take the smarts, knowledge and semantics those people have and start to build really interesting analytic apps. emily: do you see salesforce continue to use acquisitions to stay fresh. we have seen the rivalry with oracle, and i wonder if marc benioff's secret to not becoming oracle is to continue to buy?
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>> yes, be careful. i think tableau will work out well. he has to keep innovating his own products. the last three to four years, they had some things that did not work out so great. be theirsupposed to analytics, now they are buying tableau. einstein, i think the jury is out on einstein. lightning, the jury is out on that. they have to make sure they innovate themselves. that is one of those big pushes in terms of core values. emily: what are the biggest threats to salesforce, and upstart, oracle? >> the biggest threat is that they don't deliver good, new products, upset their customers and their customers don't buy more stuff. it is that simple. the customers have to trust them, like what they are doing, and keep buying more stuff. emily: how are the trade issues geopolitical, macroeconomic impacting salesforce? >> they don't do much business in china. they don't have hardware components coming from anywhere,
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but what does have an impact is on people's confidence. if the ceos start worrying about a macro slowdown, people could pull in their spending on software and that could be an issue. emily: thank you for the additional context. we will see if we find out more about tableau. meantime, another social media crackdown tied to the hong kong protest, this time youtube. it has disabled 210 channels intended to spread disinformation about the hong kong protests. earlier this week both twitter and facebook suspended account backed by the chinese government used to undermine the protests. youtube said the activity was consistent with the coordinated china-related behavior discovered on facebook and twitter. all three services are blocked in mainland china. coming up, apple just weeks away from revamping its most important products. we will bring you the details on what to expect from the newest
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iphone next. you can check us out on the radio, the bloomberg cap, and in the u.s. on sirius xm. this is bloomberg. ♪ emily: apple is getting ready
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to unveil new hardware in the coming weeks, including three iphones, upgraded ipad, and largest laptop in years. the main feature of the iphone will be a camera that can capture ultra wide photos and videos. joining us now are julie and bob, reporting on new details for the upcoming iphones, new
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camera, wide-angle photography, the ability to edit video. what are you most excited about? >> the wide angle camera is nice. we have seen this on other phones. samsung and others have had this for a while. it makes a big difference. that is one challenge with the smartphone camera, so people will like it, but it is not enough. even the other things they are doing to get people excited. the thing i am most interested in is this notion of shatterproof. people have been working on improving the rigidity of the display. how many people you see with broken phone screens, so having that, if it does what it implies, could be a big deal for a certain group of people, but again, at the end of the day, apple is a year behind the rest of the market when it comes to technology. they will not have 5g or a 3d camera until next year.
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this is the challenge they face this fall. emily: that is one thing these phones won't have, which is 5g. julie, what is your analysis? how many people will buy these new phones with, to be fair, exciting upgrades. not a big design change. >> so not to be the nerd, but i think the camera is exciting. cameras and media sell phones, so i think consumers will be excited. i am excited about enhancing the transition so i can consume media and create media, and in addition, the better the camera, the better the chips, the faster the network, the better the computer vision is, and it sets the stage for future experiences on smartphones that are much more immersive.
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emily: it is not just phones, we have a refreshed ipad pro, entry-level ipad coming to , versions of the apple watch, but obviously apple has been working to build out its service offerings, apple tv plus, apple arcade coming this fall, and for the first time, the iphone made up less than half? >> that was a huge market for r for the company. people have been concerned with the smartphone market slowing down, people are extending the lifetime of all the phones they have, and so they have to spread the wealth to different devices. they are giving more love lately to the mac, which is great. they have this new macbook coming out. the ipads, apple watches more incremental. the story will be the new hardware with the services. i'm sure we will learn more
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about the services and how they tie in. they will one to make it work better on apple hardware than other hardware platforms, so that will be interesting to see them tell that story. fundamentally, we are still in this era of apple's cycle that is lower than people would like to see, so that raises questions longer-term. emily: julie, would you agree? >> again, being the engineer, these are big steps forward. if you think about the future of experiences, more immersive, better computer vision is a , better speech analytics, they are doing a lot to create a platform that will go beyond media consumption and control, but setting the stage for a platform for health care, education, financial services, commerce, and other categories for consumers, so i am impressed with the technology and engineering and what they are setting themselves up to do here. emily: bob? >> they do have nice technology.
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i am not going to disagree. my point is simply they are behind other people on that front. we have seen other companies bring these technologies out there. apple magic is tying it into services, health care. we will see what they do with computer vision. i agree that is an exciting area that will be important. a lot of that is software-based. we will see what happens down the road, the ability to do 3d scanning is going to be fun, but again, that is probably not coming for a little while. that enhances ar as well. i agree we will see enhanced experiences. i just think it is more software than hardware. emily: new details about apple tv plus they will be unveiling in november, new trailers for the shows. how optimistic are you about the streaming service vis-a-vis netflix, vis-a-vis disney? >> i think it is absolutely the future. i think it is market
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competitive. it will be interesting to see how this moves forward, how important it is for consumers to have media that works with the apple ecosystem versus the libraries of competing services. this one is hard to tell because they don't control the entire ecosystem of hardware here. emily: bob, meantime, a trade war raging, apple becoming a poster child for the trade war. luckily tim cook can pick up the phone, luckily for apple, and president trump seems to like that, but you have tariffs going into effect on air pods and the apple watch. starting september 1. >> you are right. very real world concerns. yes, kudos to tim cook to be willing to make that call and get things done on their behalf. that is fantastic, but at some point it does become a concern.
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china plays a along game, so , sohina plays a long game even if there is a short-term blockage, that longer-term issue is a big concern that will face apple. everybody else as, not just apple, but apple is that poster child in that regard. emily: julie, how concerned are and thet tariffs longer-term position of apple given its business in china and all the manufacturing it does there? >> i agree with everything bob said. i also believe that apple is in an enviable position because so many other customers are fluent. they can roll out new earbuds and charge $159 or $199, and it will probably not impact their sales that much. they are in a good place. emily: julia, bob o'donnell, i am sure we will see you in a couple of weeks. two, three, four, when these devices are unveiled.
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coming up, the booming business of e-sports, could it be the next thing for arlie in e-sports --be the next big thing in e-sports bubble? we will talk about that next. this is bloomberg. ♪ emily: in 2018, e-sports
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catches the attention of 400 million viewers worldwide. media rights revenues for e-sports top $180 million. one company thriving is allied e-sports. the company recently went public after being acquired by black ridge. the ceo joins us now from the nasdaq. he rang the closing bell earlier. why go public this route than a traditional ipo? >> we were offered an opportunity by a person who did
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ipo's many times. we were offered this and he presented this opportunity and we took it. we believe having a public platform would help to push the business forward. emily: talk to us about how the e-sports market is changing. it has gotten big, but now you have talk of an e-sports bubble. are we in an e-sports bubble? >> i do not see a bubble per se. e-sports is at the heart of video gaming. we have 2.4 billion people playing video games regularly, and e-sports is at the heart of that. viewership already surpassed 400 million on a global basis, and it is growing fast. as an industry, it is still in its early stage. the participants are all huge tremendous we have
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opportunity in front of us. emily: the fortnite world cup was a huge success. you have multiple events, but do you believe fortnite the game could be peaking, because there is concern about that. >> i would say fortnite is still a wonderful title. we have run many events with epic before. last year, the event was hugely successful with more than 2 million people watching it, you need viewers, so it can create some amazing numbers, but there are more titles going into the market. overall total viewership is extremely strong. emily: talk to us more about how you make your money. when you host a fortnite tournament, how do you make money off of that? >> like any other media company, we have sponsorship and work with a lot of partners now. we have one in mexico that is
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selling the content we produce together, so it is like any media company. we also work with the largest shopping mall owner and operator in the united states. we are also working on the simon cup, an event we designed just for them. they are working with us to present opportunities to their sponsors and talent as well, so we are no different from any other traditional business in terms of how to monetize it. it is just how content is delivered and how sponsors can wrap their heads around this new opportunity. it will take a little bit of time, but the potential is huge. emily: we will continue to watch how the e-sports market evolves. frang ng, thank you for joining us from the nasdaq. coming up, doordash changing its controversial policy. we look at what prompted it and
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what is different, next. this is bloomberg. ♪ from the couldn't be prouders
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technology." following anordash outcry from customers who claimed the company was withholding sales. it is sharing details of those details and announced a new pay model including an increase in base pay and a guarantee tips will be added on earnings. after facing criticism for a policy that allow the company to subsidize pay with tip money, joining us is the ceo. it has been a month since he
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said these changes were coming. why did it take so long? by saying thatrt for things to work at doordash, it has to work for millions of consumers, hundreds of thousands of merchants d and dasher. this is something we always work on. the day i announced we would make a change teams worked around the clock, and we were talking to consumers and dashers , and third parties validating what we're doing now. we have shipped the model so it is out in the wild testing. we taken time to make sure we're doing something so important correctly. emily: what other changes? -- what are the changes? what's the new policy? >> under this new model, there's base pay. there will be tips on top. there will be promotional bonuses. under this new model, every dollar a customer tips will be extra in the dashers 'pockets.
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there will be greater variability, because in the old model we took care of the dasher when there was no tip. we will increase base pay across all orders. that means on average, dashers will make more money in this new model, and we will keep the transparency we have always had which means we will show every piece of information about the order. emily: you have workers telling business insider that nothing has changed. what is your response? >> we had been talking to dashers and shipping this new model for a long time. this change was difficult. there are lots of dashers who really like the old model. they like that consistency, so we have to make sure that as we shipped a new model, we would constantly do it with dashers.
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that is how the rollout will happen. we will rollout more improvements in the future. emily: i ask you this question every time you come on, but there are continued questions about how sustainable this on -demand food delivery model can be.-demand food delivery model n be. can you earn a living for doordash or uber eats? some of these workers say they make eight dollars and hour. is that sustainable for them and for you? you are also trying to raise their pay. how do you make this model actually work long-term? >> at the start, it is important to understand who these types of workers are. 80% of them have jobs, especially when they are delivering on doordash. on average they are working three hours or fewer per week. in 2018, dashers on the platform
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.50 per i think there hour. is a lot we have to do for these workers. for example, it's not just about pay, though that's a critical ingredient. doordash was the first food delivery service to offer insurance. we will take care of dashers. it is opt in. it will be free of charge. it's not just about the pay model but also product changes to make sure it keeps getting better for them. emily: meantime, you have been making acquisitions. reports this week you bought a self-driving car technology company. what is the vision there? does that mean no dashers? does that mean an autonomous car is going to bring me my food? >> we're always working on technologies that solve real problems for consumers, merchants, and dashers, and we're looking at how technology can enhance a dasher or merchant in order to offer a better experience for customers.
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we don't have any news to share today -- emily: but you did buy a self driving car company. >> i have to say every day is about solving problems at the intersection of how technology and humans work together. emily: you also bought caviar, a food delivery company, from square. how will that be integrated into the existing platform? >> we are very excited about caviar. it is a service you may have used. to start, it's about adding to restaurant selection. doordash today has the largest breadth of selection out there and caviar is independent stores that are a bit more premium in brands. caviar also plays in different geographies than doordash, and we think that is a nice complement. doordash started in the suburbs, caviar has been in cities like manhattan and chicago, so we are
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excited about the government -- that complementary focus. and we are excited about the team. emily: you have taken a big round of funding from softbank. how are you spending that money, and how are you growing the business slowly but surely? >> the first thing is to remain disciplined. it is not about the money. no one says you ever have to spend it. for us, it is making sure we keep doing what is best for consumers, merchants, and dashers, and if we can work on those products, the rest will take care of itself. emily: how do you view the competitive landscape? uber eats is obviously growing. postmates potentially going public soon. you have changes in the food delivery market happening in europe. you have changes happening in grocery delivery. some companies doing well, huge companies jumping in, other companies struggling. how does this play out and what
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's role in it? >> we have always had a saying. we are customer obsessed, not competitor focused. you could study this for hours and days and not end. we are at the edge of a huge transformation. if you look at something like pizza, over half of pizza sales are delivered in the u.s. we are at the early stages of something huge, and i think a lot of people are recognizing that. doordash is leading the way today, but if we keep focusing on consumers, merchants, and dashers, we will be fine. emily: thanks so much. coming up, we pull back the curtain on one of the most secretive companies in silicon valley. our exclusive conversation with the ceo is coming up next. you don't want to miss it. this is bloomberg. ♪ emily: palantir is one of the
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most secretive and controversial companies in technology, cofounded by billion at tech investor peter thiel, the data mining and analytics company has come under fire for its work with the u.s. government. just last week, protesters picketed the company's palo alto headquarters describing it as a dirty data company. bloomberg's max got a look into their response to the protest in an exclusive interview with the ceo. >> i'm deeply sympathetic to people who are concerned about the use of software platforms, ours and others, because of the inherent power they have. they have to be closely looked at and closely regulated in a granular, transparent way. we went from being a small
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company to a company that powers most of the west and its key institutions including homeland security. there are really important questions. under what conditions can you use the software? who can be surveilled? how does the surveillance happen? how is the data managed? i believe every single one of those questions has to be decided by society in an open debate, and the enforcement of which has to be clear and transparent. that's also a software problem and we are very highly specialized in those problems. i do not believe these questions should be decided in silicon valley by a number of engineers at large platform companies. for me, the question is these are really serious consequential questions that will affect all of our lives in a very significant way, now and in the future, and have already affected them in ways that people do and do not understand. do we want a motley crew of people in silicon valley to
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build platforms, deciding which institutions work, under what conditions? which institutions, by the way, do not work and under what conditions? we at palantir have a view which is that in societies where there is a functioning democracy, meaning that there's checks and balances in forced by a -- enforced by a functioning judiciary, we have supplied the software and will continue to supply the software. that is, by the way, a radical position in silicon valley and one that has made us unpopular from the beginning. we were unpopular when we started palantir. we were unpopular when we started financing in silicon valley. we were unpopular when we built palantir in silicon valley and we're still highly controversial because we have a very differentiated view than our colleagues. >> in other words, google famously basically backed off a $10 billion contract with the department of defense. you are basically saying not going to happen at palantir?
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>> just to add a little color to this discussion, many people believe -- i happen to share this belief -- that the present and future ability to control the rule of law and its application will be determined by our ability to harness and master artificial intelligence and its precursor, machine learning. it is a very radical decision to say you will not help the u.s. on this. i believe it is every right of google and their engineers to make a decision. i believe, however, that they should not be making this decision. i don't think any other consumer internet should make the decision. u.s. legislators and voters should make this decision. google and other companies are deciding what the role and stature of the u.s. will be in the present and future. i think most people, including myself in this country and around the world are very uncomfortable with the idea that google and other companies will
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define who are the winners and losers today, tomorrow, and the day after tomorrow. if that is your position, if you think the small number of people living on a island seems to be devoid of any of the cultural norms that the rest of us tend to share should make these decisions, that is a radical position you have to bring to the american people and explain to them why you are making these decisions. at palantir, we have a very controversial position that makes us largely unpopular. we at palantir believe that those decisions should be made by the u.s. legislature, by our representatives, and by the courts, and that we as citizens should agitate for views that we believe. >> in other words, palantir is going to work with either government, if it's the trump administration or -- >> we have worked for three administrations. as long as the judiciary is putting checks and balances on the implementation. i think some of these laws
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should be changed. i grew up in a progressive family. i got a phd in what could amount to progressive german thought, living half my life and what could be thought of as the most progressive part of the world. i believe that there are checks and balances. i do think our legal system is way too brutal and that we need to have a discussion about that. i don't believe the brutality of our legal system should be adjudicated in a tiny island on which people live that have very different ideas about how the world should work than the majority of our citizens. >> another person who made a similar critique is peter thiel, cofounder of palantir, investor in the company. there has been a suggestion that his closeness to the trump administration -- he is a major donor -- has somehow benefited the company. i'm curious what you say to that.
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>> what is true is peter and i have had a long, deep, and important friendship. i view him as a close friend, and it is true that i value his opinion and he plays a role in palantir. it is ludicrous to believe that a relationship between peter and this administration has helped our company in any way, especially given the fact that i have clearly been and quite obviously and more probably than -- more publicly than i wanted a critic of this administration. by the way, as a matter of fact, it takes 10 years to build the kind of customer base we have built. most of that customer base was built under the obama administration. i don't see any material evidence for this, and, quite friendly, i just view the claim as ludicrous. >> have there been protests inside of palantir? we have seen people from outside organizations protesting in front of your office. what about your employees? >> we hire people who are
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critical thinkers. we avoid hiring people that would look at a complex issue and see a lack of complexity. there is almost no one at pollen -palantir. by the way, not just in the context of homeland security, in the context of our software being used to help war fighters. these are very complex issues. what does it mean to provide data protection. the success of palantir largely came down to the fact that we took issues people that were simple, like data protection, transferring data in a highly classified and secure environment, making data platforms work where there is high latency, making data platforms work where allies are sharing subsets of data, and we provided solutions. palantir is housed by highly complex tinkers. -- thinkers. complex views on many issues. there is a very vigorous debate and not everyone agrees with our
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policy and that is ok. we want those kind of people. emily: palantir ceo alex karp speaking with max, who joins us now. what is your reaction to some of his responses? max: for me, the headline here is palantir is trying to stand up to the protests. they have been under a lot of fire, and you have the ceo saying basically we are with the administration on its immigration policy, if you like it or not. the second thing happening is alex karp saying peter thiel is an investor and close friend, but we are our own company, and we exist outside of the trump administration. while palantir is a big defense contractor, they definitely have
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done well over the last few years, they also do have a lot of contracts in europe. it definitely is a big part of their business, but he is emphasizing it is not the only part. emily: you also talked to him a little bit about his politics, and he alluded to it there. he has grown up in a progressive family. you talked to him about who he voted for, who he is likely to vote for, and it's not donald trump. max: yeah. he donated to clinton. as he said, he is left of center on most issues, though he told me, not on immigration. at least not on the u.s. left center spectrum is i guess how he would put it, but in any case, he is trying to say that the decision to do business with the government, even an administration as controversial as the trump administration, is essentially and an apolitical decision.
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you should not blame a software company for selling software to a duly elected government, and that itself is a controversial thing to say. we are seeing pushback not just from internal employees, but also employees of many other tech companies. in that interview, you heard him coming out being sharply critical of that kind of external pressure. companies like google giving in, as he would see it, to their employees. whereas employees see it as ourre just standing up for beliefs and for what is right, and these companies were founded on an ethical code that they feel is being violated. emily: he is obviously critical of google and google's power, but also, can you remind us of what palantir actually does and the power they currently have? max: palantir is basically a data management platform.
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it gets very wonky very quickly, but the idea is it helps integrate -- that is, sort of make sense of databases from inside of companies and also in law enforcement. you say that it sounds kind of dull and boring. as we learned over the last few years, when you put large data sets together, that can yield really detailed things, and that is where the power is for palantir but also potentially the danger. emily: great interview. you can get that full interview with alex karp, who really -- rarely speaks to press, at bloomberg.com. still ahead, audience out with results. how the digital payment company is faring next on bloomberg. ♪ emily: a dutch payments company
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posted a 41% rise, meeting analyst estimates, this less
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than 18 months after it held europe's biggest tech ipo. it replaced paypal as ebay's primary payment processor last year and services big tech companies like uber and spotify. bloomberg spoke with the ceo about the results and asked how the company plans to sustain its growth. >> if you look at this market, there's always a lot of pressure, like how far you can grow, are there enough merchants to pick up, and now you have all those large names. we look at it differently because we are responding internationally, so we are in more and more markets, but also what you see is we are moving in different industries because we can do not only online but also historic transactions. -- in-store transactions. in retail, things are changing rapidly, the ways consumers are shopping and the sort of service they expect. merchants are responding to that, and we can really help in taking the hurdles out of that so it is convenient, so markets
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are actually increasing or also . there are all sorts of tailwinds to shift from cash to cards, the shift from merchant to selling internationally, so we do not feel it is customer base. it seems unlimited one way. >> it's interesting because on the one hand, there really are no barriers to entry, so unless you squeeze your own margins, you are not really doing anything different to someone else, unless you have some secret sauce that you want to tell us about. if that is the situation, how do you protect your accounts from other companies entering the space, and there are many? >> i think we are quite open about our secret sauce. we build everything ourselves on a single platform that we control very well. we have more than 40% engineers who are all working on making it better for our customers, which is the merchant.
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every week, we have more functionality making a system that works better. if you look at the others in the industry, there is a lot of consolidation, and they run many different platforms. while there chasing problems on this platform, we are spending that time just to help our merchants, so we don't believe in all those mergers. that is if you believe it is a commodity. we believe it is about functionality, truly helping those merchants, and we feel that building it yourself from a single platform is the way to position yourself. emily: that does it for this edition of "bloomberg technology." we are live streaming on twitter. be sure to follow our global news network at tictoc on twitter. this is bloomberg. ♪ - custom ink helps us celebrate and drive
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our students' achievements with custom gear. they love custom ink's different styles and designs. we love how custom ink makes the process simple with their easy to use design lab, expert artists ready to help, and unbeatable customer service. custom ink allows our kids to show everyone their accomplishments and the pride they have in our school. when we place an order, i know they got our back,
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so we can focus on the kids. - [narrator] custom ink has hundreds of products to make you look and feel like a team. upload your logo, or start your design today, paid program.s a >> the following is a paid presentation brought to you by collectible cd. the secretary to of treasury, president roosevelt wrote a letter. style.s in typical my dear secretary, i think our coinage is

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