♪ emily: i am emily chang in san francisco. trade tensions tighten. china retaliates by vowing to slash tariffs and president trump signals that he's prepared to escalate.

we will tell you about u.s. tech stocks taking a hit. our exclusive conversation with the ceo of one of tech's most secretive companies. why protesters. them from doing business with the trump administration. announced ite u.s. will extend the limited set of exemptions that have text in rural networks and other u.s. customers from a ban. this comes as the trade war rages on with u.s. tech feeling the heat in anticipation of tariffs. taking his problems to the top. a move that is apparently impressed president trump. >> he's the one that is comey and that is why he is a great executive. and hire very expensive consultants in tim cook calls donald trump are. the only 1 -- whenever there's a

problem, he will call. >> we spoke to the ark investment management who invests across the tech sector. this president want u.s. companies to succeed, so i've the of the day this is part of negotiations. so manyd, apple has interesting things going for it right now -- we are learning more about apple tv, apple pay. they are also changing the subject. >> as you consider where to put your money, are tariffs being factored into your consideration? some don't believe tariffs will ever hit that low even though there are threats. is it something you are thinking about? taxes, taxesbout

provide incentives or disincentives. not having a tax is better than having attacks but we do think the services platform that apple is building will overcome a lot of this and maybe even feed those services. abouthave new details apple, there are new trailers out for some of the shows, and of course netflix is the gorilla in the room,'s darting at seven dollars a month. we don't know for sure what apple will be priced in. how optimistic are you? having learned they are pouring $6 billion into the content, which is netflix circa , i think they have a good shot. -- i know theows

morning show with jennifer aniston -- they are paying a lot for that. each episode is costing more than "game of thrones." content providers are the big winners here, but i do think this is going to be not just a one horse race, i think people will take several services, and it is problematic for cable and traditional broadcast tv. >> how much are you thinking about the antitrust issues, the doj opening an antitrust investigation, the ftc looking at facebook, looking at big tech -- there could be more. >> right, we do think about that. we have pulled back on many of the same names partly because of this issue. we think it will be litigated for years and years. it took a long time to break and

that ended up working out ok for investors. it is not always a bad thing, but the legal hassle, the distractions associated with it, can be problematic. >> so you are saying even if big tech is broken up they will eventually work for investors? >> not necessarily. sometimes companies will go through the process like microsoft did and nothing happens, it's just a distraction. i much prefer full attention on businesses and not on these legal considerations. thing,akup was not a bad i'm not saying i would like to see it, i just don't know. solution,there is a sometimes it never resolves. >> given the antitrust issues, the geopolitical insert t, the economic uncertainty, the

volatility, where are you putting your money? invested in five platforms heavily. have exponential growth which should overcome everything we are talking about. that is because the cost of these technologies are falling so quickly. when we talk about alumina, , these gene editing stocks are not priced for the exponential growth. we believe they are going to deliver. with tesla, autonomous vehicles, electric vehicles. we think electric vehicles will go from 1.5 million gold units globally to 26 million in five years -- that's almost 20 full growth. no one is expecting that. autonomous taxi networks -- no

one believes that will happen. we are investing in opportunities that we believe are not discounted in the marketplace at all in the case of gene editing -- those three companies together, we are talking about curing disease, valued at only $5 billion. closer to $1 trillion. these are lifesaving companies. tariffsot worried about in terms of our largest holdings. ♪ wood, ceo ofathie ark investment management. coming up, the chinese government has attempted to undermine continued protests in hong kong by backing fake accounts on twitter and facebook. how social media companies are cracking down, next. and if you like bloomberg news, check us out on the radio. this is bloomberg. ♪

♪ >> monday, twitter revealed it

found and deleted early 1000 big accounts act by the chinese government used to undermine the hong kong protests and calls for political change. months later facebook followed suit, saying it active attempt from twitter. twitter says it will no longer accept advertising from state backed media worldwide. we spoke to the china digital economy fellow at new america and the president of the global situation room, who set out the first task force to counter russian disinformation in 2014, as well as sarah frier. ♪ know they are finding these coordinated disinformation efforts from china that are trying to discredit the hong kong protesters, calling them violent, saying what they are doing is backed by western resources, that they are trying to cause tensions in the group, which is similar to the tactics and russia.

>> twitter took on 930 six accounts, facebook, five fake accounts, three groups. twitter says overall the accounts were deliberately and specifically attempting to sow political discord in hong kong, including undermining the legitimate positions of the protest, facebook saying that although the people attempted to conceal their identities, our investigation found links to individuals associated with the chinese government. sound liket doesn't a huge number of accounts but in image and this political landscape can go a long way and have an impact on the world. what is your reaction to this, given the work you did with russia and your experience in international media? >> first, china has been building over the last several years capabilities to influence

both domestic, regional, international conversations around sensitive topics, and what has happened in the last several days, based on the information they uncovered, as they have chosen to weaponize those capabilities. many of us who are watching this space felt like china was going to hold back on some of those capabilities for a while, let russia take the heat, but clearly they feel threatened, and five facebook accounts -- they have not yet even begun to scratch the surface of where china supporters backed by china are trying to influence these debates. >> you are looking at video of some of these posts, that twitter and facebook are saying were backed by the chinese government. it is not necessarily surprising, given the army of internet mediators behind the

scenes in china, that we've reported on for many years, but there is an irony that they are both blocked and mainland china, not in hong kong. what is your take? >> this classic chinese state rep again to machinery -- the chinese government knows that they need to influence the international perception of what's going on, so they are going to where the conversation is taking place -- facebook and twitter. brett, given the power that you are indicating, that the chinese government has, the lever that they could pull -- what are the longer-term dangers , the longer-term threats, given that the u.s. is going into another presidential election? quite significant. the expectation many of us had was that china was going to

continue to develop and test some of these capabilities -- many of them are out in public. corners, wee street -- yetve on television there is behind all of that very well articulated strategy, and one that china has chosen in this particular instance to activate. ist concerns me is if it activated not only on hong kong but on other issues, the south china sea, taiwan, let alone global issues and here at home, it would be devastating. china has capabilities that far surpass those of russia. they are able to combine not only this information capability but influence capabilities with the aid they give with their trade and economic portfolio that would pair it up with information operations, the much

more devastating blow to market and the political conversations should they choose to go down that path. sticking with social media, antitrust regulators in the european union are looking into facebook digital currency libra. this is a currency that hasn't even launched yet. according to a document seen by bloomberg, the european commission is investigating potential anti-competitive behavior and concerns that facebook's crypto ambitions would unfairly shut out rivals. again,rier joined us this time with partners that eq team ventures to discuss. ♪ >> they are very concerned and reasonably so that if the company controls this currency that could rival the u.s. dollar, that is way too much power to have. and facebook has said this is

not just our project, this is a project with all these partners, we have a distributed network of people who were going to help. >> some of those partners have backed away. >> floor refused to raise their hand and say this is our problem -- they could say we stand behind facebook, but facebook gets all the recognition for being innovative stop there is a little bit of tension going on behind the scenes. >> three angles. the first is it shows the extent to which their ambitions are selling out, like moving into payments -- this is a very ambitious move and i think it signals where they want to go. stable coins and alternative currencies have come to stay -- it's no longer something for the future. they are the leading market. they are not going into it alone

-- not only do they deal with the concern from governments that they have to deal with central banks, who are coming together to see if they should be creating an alternative to fiat currencies. they are going up against technology companies that are coming up with their own versions, which has been very successful. it will be a very crowded world despite the size of the community. >> bigger picture. the doj is investigating big tech antitrust, investigating facebook over antitrust, state attorneys general looking into big tech, and facebook decides to unveil libra. do you think they made a major miscalculation trying to do this now? >> i think they have to do it because if they didn't someone else would. they can't control some of the timing, but i also think that with what's going on in the privacy world and with what some of the big device manufacturers

have done to control the ability of people to bid on ads, and now with the u.s. and california, they have to. what we are seeing is a shift from the tradition of the last 10 years of selling access for ads to something dramatic, especially facebook. their revenue streams will go away. they arehe eq says about anticompetitive behavior as it pertains to cryptocurrency, what are they actually worried about? >> they are worried about facebook being this massive global power. if you have a product -- 2.7 billion people use one of the facebook properties -- that's a tremendous amount of influence over what they read, how they prioritize,at they and we've seen scrutiny from all angles and we will continue to because facebook is still

growing. that now that regulators understand that power, it will come down on the privacy angle on the election interference angle and the propaganda angle, everything that they do is going to be subject to investigations and hearings and extra scrutiny. >> your firm has invested in some alternatives to libra -- explain what the competition is. >> it comes from multiple angles but essentially they are saying in a world where traditional companies go away or become less popular, we want alternatives to the way we transfer money. the obvious place to start is in foreign currency. companies already have come out that make it easier to shift money, and with things like libra, it makes it with less friction.that is where companies get concerned, because that is

how you manage your own currency. that is one platform, a stable coin, and then you have banks coming out to create inversions using technologies from people like token next. all of this is pointing to a future where currencies will be much more fragmented and the way in which we move money will change. that's not just libra, but open banking in europe, which has been a huge change with credit card companies who are petrified -- if i can move money from bank to bank, what does that do? change is happening at multiple levels. >> that was sarah frier. coming up, amazon is betting big on india. how the company is going head-to-head with walmart in the emerging retail market. ♪ [inaudible]

♪ >> amazon is doubling down on india.

the e-commerce giant has opened its largest campus to date in it south indians any as battles for the fastest-growing retail markets. walmart spent $60 billion on acquiring an indian retailer. comparison, jeff bezos previously pressed $5.5 billion toward operations in the country. our senior executive editor of global technology joined us to discuss. ♪ >> amazon has over 60,000 employees, already a big presence and housing them altogether is probably a smart move. buts one office building iny have been trying to grow an unfavorable regulatory environment for five years, last december the modi government passed laws that made it difficult for them to run their traditional retail website and they have to be more like a

website. putting a big stake in the thend, shovels in >> the hiring people -- biggest office holds 5000 people in this will hold 15,000 -- are they going to -- >> i think they are growing in even other fast, parts of india are trying to grow the e-commerce business. my colleague in india has a report that amazon is looking at acquiring a food delivery business and they've been looking at making investments and lots of work and mortar chains. india can be the lab from the rest of amazon and they also need to hire workers to help them grow the business. >> how is amazon doing taking on walmart? who is winning? >> the last i saw they were

about. cart, which walmart acquired for $60 billion last year, had a head start. there was some kind of internal chaos and walmart brought them -- flip cart is doing pretty well but amazon prime is taking off. they don't release numbers but they say prime membership is doubling. they are probably both doing well because this is a rapidly expanding internet, there's a rising middle class and internet penetration going way up, raising -- >> walmart is trying to take on amazon by offering free streaming and obviously bali what entertainment in india is huge. talk about that strategy. >> i think amazon has shown that prime video brings people into the amazon ecosystem, it gets them ordering. walmart can't necessarily do that in the u.s. where you have

some any player a lot of money, but the indian market is a little less developed and their approach is just -- it is in a drop-down menu -- but they think it is a good way to cement the loyalty of its users and probably particularly the second and third tier cities where maybe the wealthier, urban customer already has an amazon prime or netflix subscription, walmart is trying to expand into smaller cities as a way to bring them into the ecosystem. >> we've been talking a lot about the trade dispute -- amazon doesn't have huge exposure to china, but what we've seen in the last few weeks is walmart and target report strong reports, alibaba report strong results, and i wonder if there is something about e-commerce that is more immune to these geopolitical uncertainties we are facing now and that other companies -- >> i would say amazon does have some exposure, china is the

bread basket for amazon, so many of those sellers sell around the world, in shenzhen, in the , making products that are for sale and some of them will get hit as they are put into place by the trump administration. india you would think might be a recipient of some of the capital leaving china but they have been unstable -- i mentioned the modi gote rules -- reelected in may and i think it's a little more stable -- we will see how the trade war will impact india, but it hasn't historically been the greatest place. it is very bureaucratic. ♪ >> that was our senior executive editor brad stone. door -- is changing its controversial policy. the ceo explains what prompted the new model and what is

different next. and we are livestreaming on twitter -- you can find us there. be sure to follow our global breaking news network on twitter. this is bloomberg. ♪ ♪

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♪ >> this is "bloomerg technology." -- is changing tipping policy following an outcry from customers and delivery workers who claim the company is withholding tips. now it is sharing the details of the changes. they announced a new pay model, including an increase in base pay and the guarantee that tips will be added on top of earnings. criticism foring a policy that allows the company to subsideorker pay wh tip money. joining us for an exclusive this week, the door -- ceo. ♪ >> for things to work, it has to

work for millions of consumers, hundreds of thousands of merchants, hundreds of thousands of dashers. this is a very consequential change and something we were always doing. the day i announced we were making the change, they worked around the clock every day and we have been talking to consumers and to third parties, validating what we are doing. we have shifted the model for over a week. that is why we've taken some time to make sure we are doing something important correctly. >> what are the changes? what is the new policy? >> under this new model, there is base pay, which has nothing to do with tips. there will be tips on top and promotional bonuses. under this new model every dollar customer tips will be an extra dollar in their pocket. this does mean there is greater variability because we in -- in the old model we did take care

of the -- when there was no tip but now we have it to cross all orders which means on average they will make more money in this new model. we are going to keep the transparency, which means we show every piece of information about an order -- where's the restaurant, where is the drop off, what is the amount paid for the delivery? >> you have workers telling "business insider" that nothing has changed. what is your response? have been talking to them and shipping this new model for a really long time. this change was difficult -- there are lots who really like the old model and like the consistency. we had to make sure that as we shift to a new model, that we would do it in concert with consumers and dashers and it has already rolled out and we will be rolling out more improvements in the future. >> i know i ask you this every time you come on -- but there

are continued questions about how sustainable this on-demand food delivery model can be -- can you earn a living wage for likef these companies just uber or lift. some of these are contract workers that are making less than minimum wage, eight dollars an hour -- is that sustainable for them and for you you when you are also trying to raise their pay? how do you make this model work long-term? >> it is important to understand who these workers are. 80% of them have jobs when they are delivering and on average they are working three hours or fewer per week. 2018 they earn $17.50 per hour. there's a lot we have to do for these workers -- it's not just about pay.

we were the first national platform to off for occupational accident insurance. they have it,ure free of charge, we have a community council in which we take all considerations. it is not just about pay but to make sure product changes get better. >> there were reports this week that you bought a self-driving car technology company. what is the vision? mean in autonomous car that will bring me my food? onwe are always working technology that solves real problems, real problems for wesumers and dashers, and are looking at how they can enhance to offer a better experience for customers. we don't have any news to share i have to say, every

day it is about solving problems at the intersection of technology and humans. , ayou also bought caviar food delivery company from square. how will that be integrated into the existing platform? >> we are very excited. i know it is a service you may have used. it is always about adding to restaurant selection. today we have the largest breath of selection of any platform out there and these are independent stores that are more premium. they also play into different as door -- and started in the suburbs the primary has been manhattan or san francisco and chicago so we are very excited about that and we are also excited about the team -- we've known them for a few years.

>> you have taken a big round of funding from softbank -- how are you spending that and how are you growing the business? >> the first thing is the discipline, and no one ever said you have to spend -- for us it's about making sure we keep doing what's best for consumers and then we can work on those problems. interview withe the ceo of doordash. coming up, peering into pelletier. we pull back the curtain on one of the most secretive companies in tech. our exclusive interview with the ceo is next. and another lifeline for huawei -- easing exactions for another 90 days. this is bloomberg. ♪

♪ is one of the most secret and controversial companies in silicon valley,

cofounded by tech billionaire investor peter thiel, coming under fire for its work with the u.s. government. last week protesters picketed the company's headquarters, shouting cancel palantir, describing it as a dirty data company. max chafkin got a look into their response to the protest and exclusive conversation with the ceo. ♪ >> we went from being a small company to a company that powers most of the west and its key institutions, including homeland security. there are really appropriate questions on what conditions they can use it, how has the data managed and what is a consequence of surveillance. i believe everyone of those has to be decided by society in an open debate, and the enforcement has to be clear and transparent. that's also a software problem. believe that these

questions should be decided in silicon valley by a number of engineers at large platform companies. these arequestion is really serious, consequential questions will affect all of our lives in a very significant way, now and in the future, and i've already affected them and ways that people understand and don't understand. do we want a motley crew of people in silicon valley who go to platforms deciding which institutions work, under what conditions, what is the execution, which institutions don't work and under what conditions stop we have a view where there aies functioning democracy, checks and balances enforced by a functioning judiciary, we have supplied the software and will continue. that is a radical position in silicon valley and one that has made us unpopular from the beginning. we were unpopular when we started, when we finally in

state, we were unpopular when we built it, and we are still highly controversial and unpopular in silicon valley because we have a very differentiated view than our colleagues. famously backed off a $10 billion contract with the dod amid employee protests. you are saying it is not going to happen. >> just to add a little color to these discussions, many people believe -- i happen to share this belief -- that the present and the future ability to control the rule of law and its application will be determined by our ability to harness and master artificial intelligence as a precursor to machine learning. >it is a very radical decision o say you will not help the u.s. on this. i believe it is every rate of google and their engineers to make a decision. i believe however that they

should not be making this decision and i don't think any other consumer internet should make the decision. u.s. legislators and voters should make these decisions. the fecteau, google and other companies are deciding what the role in the statue of the u.s. will be. most people including myself in this country and around the world are very uncomfortable the idea that google and other companies will define who are the winners and losers today, tomorrow, and the day after tomorrow. position, if you think that these small numbers of people living on an island that 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 in you have to bring it to the american people and explain why you are making these decisions. we have a very controversial position that makes is largely unpopular. we believe that those decisions should be made by the u.s.

legislator, by representatives, and by the courts, and that we a citizen should agitate for what words,eve >> in other palantir is going to work with either government, trump administration -- hass long as the judiciary put checks and balances of the implementation, as long as people are working within -- i think some of these laws should be changed. i grew up in a progressive a phd in what could amount to progressive living, half my life as the most progressive part of the world in europe. believe there are checks and balances and i think our legal system is way too brutal and that we need to have a discussion about that. i don't believe the brutality should be adjudicated in a tiny live thatwhich people

have very different ideas about how it works. made aher person who similar critique is peter thiel, cofounder of palantir, investor in the company. that's been a suggestion his closeness to the trump administration as a major toner hasn't benefited them and i'm curious what you say to that. >> what is true is that we have had a long, deep, and important friendship. i view him as a close friend and it is true that he plays a role at palantir. it is ludicrous to believe that the relationship between peter and this administration has helped our company in any material way, especially given the fact that i have been obviously and publicly a critic of this administration. and as a matter of fact, it takes 10 years to build the kind

of customer base we've built. most of that customer base was built under the obama administration. i don't see any material evidence for this and i view the claim is ludicrous. >> have there been protests inside of palantir? we've seen people from outside organizations protesting for a new office -- what about your employees? >> we hire people who are critical thinkers -- we avoid hiring people that would look at a complex issue and see a lack of complexity. there's almost no one at palantir who looks at our deployment -- not just in the context of homeland security but in the context of software being used to help war fighters -- these are very complex issues on what it means to provide data protection. the success of palantir came down to the fact that we took issues that people thought was simple, like protecting civil liberties and transferring data

in secure environments, making platforms work where there is high latency, making platforms work where they are sharing subsets of data. they are housed by highly complex thinkers and we have complex and divergent views on every issues and certainly on this issue. ♪ >> max chafkin with the palantir ceo. coming up, apple is weeks away from revamping its most important products. we bring you details on what to expect next. this is bloomberg. ♪

♪ >> moore known our coverage of the u.s.-china trade dispute. on monday, wilbur ross announced that the u.s. will extend a limited set of exemption that help protect rural networks and other u.s. customers from a ban on china's huawei. the extension will last for another 90 days. to explain why some telecom companies are dependent on

announcement doesn't address the wider national security concerns -- it also doesn't answer the bigger question of what a u.s. chip company and other suppliers will be allowed to sell parts china. talked to, we've mark gurman and max chafkin. ♪ >> the u.s. is an important market for any technology player who wants to be relevant. in order to be relevant, you can't just be situated in one area. apple goes far beyond the united states and will always ambitions are to go far beyond china and india in the asia-pacific. this is definitely hurtful for huawei and proves its point about how vital the networking giant business is across the world and for the company and for other u.s. companies. this issue like some of the others is pointing to and weighing -- there's a point where it starts hurting the

u.s. >> it has become almost impossible to separate huawei from the trade war, and in the meantime china has said they are going to prevent certain u.s. companies or foreign companies from doing business in china. in the bigger picture, this has been happening for a long time. q facebook and twitter, which we were just talking about earlier, which were able to operate in china for almost a decade or more. pieces fitof these together in the broader narrative as the u.s. and china tried to hammer out a deal? togethereces don't fit and the reason is that they have competing and games for what this administration is trying to accomplish. you have a growing number that want to kill hallway as a company globally and

significantly weaken it in china. then you have others who want to use it as leverage in a trade deal. you can't have it both ways. licenses the general gives them more time to figure out how to square the circle and something that doesn't work. on the question of market access for u.s. firms in china, this has been a long issue. it is much bigger than facebook. this is about how do we create a level playing field when we are talking about a very complex regulatory environment that favors domestic companies. that's what this administration is trying to do -- is they -- are they the right bargaining chip? i would say it is not. >> meantime, late friday, we had a surprise tweet from the president, having dinner with tim cook. dinner, thehe president told reporters some of

what they had discussed and that tim cook was making an argument that the tariffs give samsung an advantage because samsung products won't be tariff, at least in terms of the plan. what more do we know about the conversation between tim cook and president trump, and i guess the bigger question is, isn't likely to sway the president to not put tariffs on apple and other products? >> tim cook has been meeting with president trump and his administration for plenty of time since trump became president a few years ago stop this is a purely business meeting. it is his response ability to do best apple shareholders, and that means being able to have easier access to selling products and importing components. --s tariff situation hitting tim cook needs to do everything he can to avoid this. he went to the level of saying these tariffs will put us at a

disadvantage to the south korean company, the chief competitor of samson. one could think it is a fair argument, that president trump think that was a good argument, but apple's products are very expensive and the margins on those devices are higher than what samsung has seen. there's a way for them to meet in the middle. apple is probably able to take in a 10% tariff without much of an impact if it is willing to suffer a margin. ♪ bloomberg text mark gurman. apple, meantime, is about to unveil a basket full new hardware. among the devices, three new iphones, and the largest laptop in years. the main feature of what is called the pro iphone will be a new camera system that can capture ultra wide photos and videos. we spoke up -- we spoke about the news. camera ise-angle

nice. we've seen this on other phones -- samsung and others have had this for a while. people like it because it makes a big difference -- the ability to get everyone in the group shot. the problem is it is not enough, even the other things they are doing to, to get people excited. the most interesting thing he talked about was this notion of shatterproof stop people have been working about improving the rigidity of the displays -- how many people do you see with broken screens? if it in fact does what it implies, that could be a very big deal for a certain group of people, but apple is about a year behind the rest of the market when it comes to technology -- no 5g until next year, no 3d camera until next year, we have seen that on other devices. this is the challenge they face. >> that is one thing they won't

have, five g. what is your analysis? how many people will buy these new phones, with exciting upgrades or big design change? nerd, but i the think the camera is exciting. cameras cell phones and i think consumers will be excited about this. the are enhancing more of addition tod in that, the better the camera, the faster the network, the better the vision, and it begins to set the stage for what future experiences will be. not just these phones that will be unveiled -- we have a new entry-level ipad, versions of the apple watch.

we will see what else. obviously apple has been working to build out services offerings -- apple tv plus, and for the first time the iphone made up less than half? >> and let's not forget, that was a huge market for the company. people were concerned that with the smartphone market slowing down, which it has been, people are extending the life phones of all the oaths they have. you have to spread the wealth around different devices. they are giving more love to the mac, which is great, they have this new macbook. incremental --be the apple watch is more incremental -- the story i am sure they will tell will be this combination of the new hardware and i'm sure we will learn more about those services and how they tie -- they will get hooked into apple hardware better than it does on other hardware

platforms -- that will be interesting, but fundamentally we are still at this era of the innovation cycle that is a little bit slower than a lot of people would like to see. that raises questions longer-term. >> julie, would you agree? >> being the engineer, and these are big steps forward, and if you think about the future of experiences, better computer vision, better analytics -- i think they are doing a lot to create a platform that will go well beyond communication and media consumption -- they are really setting the stage to become a platform for health care, education, financial services, commerce, and other categories. i am absolutely impressed by the technology in the engineering and what they are setting themselves up to do. ♪ that does it for this edition of "the best of bloomberg technology."

we will bring you the latest throughout the week. and bloomberg technology is livestreaming on twitter, check us out and be sure to follow are breaking global news network on twitter. this is bloomberg. ♪ - custom ink helps us motivate our students

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