[captioning made possible by espn, inc.] ♪ i am taylor riggs in san francisco in for big ten/acc challenge. this is "bloomberg technology." coming up, women on pardon. goldman-sachs says it will not back companies going public if all the directors are white straight men. we will see how theism p.o.'s stack up. hey say apple could reach a $2 trillion evaluation by the end

of 2021. posh mark and push. we will talk with tracey sun. what schappers and entrepreneurs want -- what shoppers and entrepreneurs want in our special serious. goldman-sachs is making a stand against all-white, all-male boards. depraved solomon issued an ultimatum from davos. hey will refew justin upton -- i.p.o.'s if they are all male and white. we have two to discuss with us. interestingingly enough, this seems like this could be real change. goldman has significance influence. they were the top u.s. underwriter last year, one of the top three in the last decade. this is more than a p.r. stunt. what do you think? >> even if there is never an i.p.o. they refuse to do, they

are going to have a divorce board. that is more likely to happen. the tail is going to walking the doing into what it wants done. it is a real ultimatum that they will be able to enforce before the company goes public. >> it is in the u.s. and europe to start. the interesting thing here suh are seeing a lot of i.p.o. a's come in the speck space. this could have some significant ramifications, if you will for the tech sector. >> that is trite, taylor. i think the pressure has been building for quite a while for people to pay attention to a lot of the issues. diverse boards is certainly at the lead of that. i think what we are seeing as it relates to technology where there are a lot of companies that are built up over time that aren't paying attention to these issues. some of the spotlight is on them, and they are going to

have to step up and pay attention to these pressures they are getting in all sides. >> we were talking about everything an all-white, all straight male board, but the definition of diversity is changing as well. it is not just including women now. how do you see them also trying to include more diversity in the corporate boards? >> as we were talking earlier, the jeopardier diversity has gotten most of the attention. first of all, it is easier to tell when you are looking at an f-1 usually. but i think it was because it was so disproportion nature when you look at orsociety and customer share holders. there is a lot more attention being paid to different diversity. why is diversity important to begin with? the value of diversity being around bringing in other perspectives and having a good

constructive, maybe a debate, but nonetheless, a healthier more value added to that board when you look at it through a few different lenzes. that is why diversity matters. >> jeff, other than looking at this torre, david solomon focusing on july 1 in the u.s. and europe and zhuding asia. a lot of the big tech i.p.o.'s are coming from ails ya. is goldman-sachs maybe not going far enough by excluding asia from this conversation? >> well, the majority of their business is in the u.s. and urope, and asia is complicated. every board in asia has a predom naps of asian people on it. when you start talking about diversity outside the u.s., it is different. most of the world does not consider race the same way the u.s. does. for most of the world,

jeopardier is the diversity. but by that measure, asia still looks pretty bad. if they extend this to asia, there would be more i.p.o.'s who are going to have trouble and more resistant to this, which is probably why it will take them loaninger to bring asia in. >> diversity in the i.p.o. stage. what about before that moment, the founding of these companies? how do we get to this before the i.p.o. stage? >> you have to figure out how to fix funding. you look at the scace amount of money from diverse funds to begin with. research suggests how a company starts out is how they are going end it. if a company starts out with five men, it is going to look like that five years from now. if women aren't joining at the beginning to start these companies, you are not going to see much difference, three, four, five, 10 years from now. that has been born out repeatedly.

ot just pre-i.p.o., but from foundation. the founders have to be more diverse. >> abby your take? >> you and jeff are going into an interesting part of this. we looked at the last dozen i.p.o.'s in 2020 or what is queued up to go in the next week or so. in those dozen i.p.o.'s there, is only one company where they have had two women on the board for more than a year. all the rest of them have women that are t'd up to be nominees upon the completion of the i.p.o. or have gone on within the last couple of months. i think what is really important is just checking the box and putting a woman or any kind of diverse person on a board falls way short of what the whole point is about having diverse boards. >> what is interesting, abby, you take a look at the s&p 500 s&p 500, it the seems like these mullinity cap companies have done a better

job. why is it that some of these multi-national companies are doing a better job, but the startups can't get there? >> i think it is all about visibility. the pressure is on. you have a broader shareholder base. i think the work of state street, blackrock and vanguard is coming in to bear. if you think about who picks the board, it is the shareholders. go back to jeff's earlier point to how these companies are being first downed, who is behind them. we need to start at that level. and by the way, bringing mauer diversity on to your -- more diversity on to your board two or three or four years before going public is going to help the company to be public. it is a win-win. >> a key part of this is this is sort of the equivalent of plaque rock or vanguard saying we are not going to vote four boards anymore. now you have this line in the sand for the i.p.o. companies are thinking what i do need to do two or three

years from now when i want to go public. i had better think about it now. they learned with we work. it was a disaster. they came to the mark without a diverse board and people started asking questions and pretty soon there is no i.p.o. >> who is next? first there goalman. what about j.p. morgan and morgan stanley. >> we had stick put out some -- wid city group put out numbers, and they are still the only one toss do. that just because someone leads, it doesn't mean everybody is going to follow. if you look at depifert areas, it is scary to see the kind of reaction to what they did. >> abby your take? >> i am going to trust jeff's reporting. he he asked all of them. i want to know who is first on

the investors side? who is going to step up and say we will not buy an i.p.o. that doesn't have the diversity. blackrock came out and said climate change, we are paying attention to. this i am looking forward to seeing the institutions say this masters so much that we are not in if it is not the right way. >> the activism from all fronts. jeff green and abney, thank you for joining us. coming up, apple's price raised to a new street high. if you bloog bloomberg news, check us out and the radio. app, listen on the bloomberg.com and in the u.s. on sirius-xm. this is bloomberg. ♪

maria taylor , taylor:.

taylor: apple could henriquez a $2 trillion evaluation by 2021 on the back of iphone upgrades and increasing services business. that is what was written in the latest rising wall street optimism. dan, you know the story. take a look at it showing here in my terminal. it is appling market cap now $1.4 trillion. what is the past to taking that number to $2 trillion in less than two years? >> this is really half way through what i have used the two-three year bull thesis. we are going to go into a 5-g upgrade cycle. it is a super cycle. 350 million of the 925 million iphones are in the middle of an

upgrade opportunity. you combine that with the services business, which we think is worth about $600 billion is how you have a stock with a four in front of it. even though the stock has had a parabolic move, the iphone demand continues to make us bullish on this. taylor: is the upper cycle getting shorter or just not longer? consumer he average have an up ayton in 40 months. it was 36 months. you are seeing that subset going into a massive upgrade opportunity. it is sort of a perfect storm of demand along with ag. when i look a lot 5g, it looks like line in the sand for units could be 215 or 220. you could have more than the

peak year, 2015, in terms of iphone 6. that is why we continue to be on the name on the rerating as well as numbers going higher. taylor: we had a report out earlier that apple was thinking of introducing a lower cost phone in march? does that cannibalize sales or a different audience? >> it is an appetizer. the the a-g phones. when you look at this interim release, that is really going after some upgrades. but apple needs to be careful. they can price themselves out of the market. they need to cast a wide net here. they are putting an armed fence around their install base domestically and internationally. taylor: take another look at a chart in my terminal, which is a basic r- basic p.e. ratio val

ways. you are looking at multiples of coca-cola, mcdonald's, procter & gamble. big consumer companies. now apple is being folded into that bucket. is there more run for multiple expansions? >> historically that is a stock that has traded 12 to 16 times from a p.e. perspective. our argument is on the services side and the monetizing of that install business, we are looking at what i view is a mid 20 multiple. i think right now the big thing there are services. if you look at that, $60 billion annual revenue stream by 2021. if that is $600 billion, which we believe it is, some of the parts now you start to look at a stock that still has a significant up side. it is a re-reading, but but to that point and the pundits, i think you have to look at apple more and more as a services company with iphone continuing

to be the rock. t that montyization is the key. taylor: you keep talking about services. let's go there. what are we talking about, air pod, apple tv or services? what do you like? >> when you look at air pods, that is going to be 5% of revenue. million to 90 million units is what they sell. when you look at services, from the music, the streaming, the way you are seeing it, just the overall app story, you are starting to see that now. if you look at the average iphone customer from a services penetration, only 20% or 25% in terms of just globally. i think if that starts to step up, as long as the streaming piece, that services business is going to continue to grow at a pace, and you monetize the install base. some of the investors, look at

nokia, look at blackberry, the doomsday scenarios. for the apple it is the retention rate on the iphone. that is the next leg to the apple story. that is why we are going through a metamorphosis of the upgrade cycle and more importantly the evaluation. taylor: biggest number you are looking at when you take a look at earnings next week? >> the biggest one is really going to be around china. you want to start to see china growth year over year going into the next year. ultimately china is the fuel in the engine. 60 mcgee to 70 million iphones. apple needs to show that those upgrades are happening at a brisk pace. china is 3-5 percent above expectations. that is the key. a year ago, there were morse about china demand.

in stead of the backlash, they are buying iphones. taylor: some analysts would say there is no margin for error here when it comes to earnings. in your opinion what, is the biggest tail risk that could make apple fumble a little built? >> it would be around guidance. conservatism around good annuals. the stock has had a major move, then you could see a knee jerk reaction. that would probably be the biggest risk there. as far as that, anything short of sell-off, i continue to view this as a 12-18 months bull cycle. for apple, that is why i continue to view it as a $400 stock here. in sell-off, i would view as near term and i think you buy. i don't see risk going in because it is a billion-dollar beat in terms of handicapping.

taylor: dan, i want to get your opinion as well on microsoft. you have an outperform rating. at is the path from 165 to 195 on microsoft? >> i would say it is the first chapter of cloud, amazon and bezo won. the next chapter, i think it is microsoft. where microsoft is winning on the next stage of cloud, the jedi deal is the key. you are seeing more and more on the a stanford ure and office 365. you are seeing a re-reading in microsoft, and also the numbers going higher. it is about the cloud piece. we continue to think that is a 3% to 5% beat for microsoft. that is really the delta on the stock. i think bull you could get to $200 on microsoft. that continues to be our favorite cloud play as there is a share gain story. taylor: wow. dan, thank you for your insight and for joining us.

and coming up, the bulls are out. will talk to analyst greg moscowitz on microsoft earnings next week. this is bloomberg. ♪

taylor: microsoft set to report quarterly earning results next wednesday. heading into that report, gregg moskowitz upped his price target on the tech company to $180 a share from $160. more bullish acceptment thanks to blue skiles ahead for the cloud product. he joins us now. one of the higher price targets on the street. i am wond othering if cloud can live up to its expectations. >> thanks very much for having me. we think it can. what we are seeing and hearing is that microsoft cloud momentum is going extremely strong. there has been some concern from a mac row standpoint,

concern fromism t. spending. we are not hearing about that as it relates to microsoft. they are extremely well positioned. they are taking share in azure. the jedi contract they won last year we think is going to be a facilitator for broader, more strategic deals with the government as well as other large enterprises that they don't have today. at this point we are not seeing any demand signals that would indicate any sort of softens. -- does es the the the jedi contract go through? >> certainly there is friction, but we don't see any alteration in the outcome. we think microsoft will continue to have that contract. we think they will have it officially awarded and move forward with it. timing is dull to say balls you have to go through the process. but again, we are not expecting any change to the outcome.

taylor: i want to take a look at a chart here glime of i am showing in my terminal. am using a basic forward p.e. business, showing the rate of change with the stock. you give that curve tour going up 20.5 times. you are showing a cash flow, a multiple of 29 times currently for 2020 estimates. at really gets to you that valation? >> that is what our evaluation implies. we look at our primary being a function of two things. we do a d.c.s. on the azure business, and we have an estimate of roughly $70 for azure alone. if you look at it as a piece of the pie that is monasterios' entire business, azue today is about 13% of revenue. it is strategic. it is going to get much bigger.

we estimate it is going to be 20% of their revenue in june of 1. that is only six quarters away. again, there is a lot more value that is going to be accruing to microsoft. in addition we do a sum of the parts for the entire business. y doing so we get to about $180. hence our price target. your look at microsoft over the next year or two, that 20 or 21 multiple is what it equates to. it is higher than what we have seen in the past, but the difference for microsoft is how much better strategically they are positioned dayan viciedo where they were 3-5 years ago. taylor: we wanted to pivot. how do you see some of the recent cyber-threats via maybe iran or the saudi arabia hack of jeff bazos' phone change your story as it relates to

cyber security stocks? >> i would say at this point any change is speculative in nature. i say that because we have yet to hear of any escalation of cyber attacks of nation states or otherwise in the immediate aftermath of that. i will tell you that we have spoken with some industry folks, and what they have indicated is that very is he lently, ciso, they are getting more attention, more air play, if you will, from there sea level executives and board members as it relates to security. it is too early to see how this will play out, but this could be a catalyst for some incremental security spend. taylor: gregg, thanks for joining. coming up, the hack heard around the world. our weekly look at the best in tech. that is part of it. all next, this is bloomberg. ♪

taylor: this is "bloomberg technology." i'm taylor riggs in san francisco. now our biggest stories of tech. this week u.s. lawmakers , expressing concern over the alleged hacking of jeff bezos' phone by saudi arabia's crown prince. senator mark warner, the ranking member of the intelligence committee telling reporters "if it is true, it is remarkably serious and shows even if you are one of the wealthiest guys in the world, you are vulnerable." there are clearly intel ramifications when we think about americans and campaigns that are subject to foreign-based attacks."

to discuss, tim culpan and tom giles join me. what has been the tech response to all of this? >> never click on an attachment from saudi royals when you are on whatsapp. that is one of the big takeaways. seriously as you said, even the , wealthiest guy in the world is vulnerable. this is a fairly straightforward -- saudi arabia allegedly outsourced the software. the researchers have identified a couple of companies who may have supplied it, and it was in a message sent via whatsapp. it is not clear if it is something jeff bezos clicked on, or if there was an auto download function in place, either way, it is not a super sophisticated attack. it is just the kind of interaction you have with somebody that you know. it indicates everybody is

vulnerable, it also should be a wake-up call for people to once again be reminded about the kinds of information you are receiving, what you are doing with it over your phone, and how much information can be taken. it is not clear yet, but what we think might have happened is the information that was gleaned off of this phone was later used against him in a blackmail situation. taylor: you take a look at malware, cybersecurity, the way we communicate with each other, what risk does this pose in your world? >> it's all about risk and return, risk and trade-off. do you want convenience of being able to send a message to the crown prince of another country, or do you want to use snail mail and so forth? these days, we know about what's been happening at facebook, email itself is risky. look on a website and you can have all sorts of malware downloaded.

most people kind of don't care. they think out of sight, out of mind, no one will try to hack me. most people believe they are not a target. frankly, people ignore it. it is when something happens to them personally, or the risks are enlarged enough that people take it seriously. this is a big case. jeff bezos has been targeted. most people will ignore it and move on with their lives. taylor: we have a soundbite from the you and saying this wasn't a -- this is because there wasn't a lot of control regulation. >> we are dealing with a technology and industry that is not controlled, that is not traced and that can have serious implications for human rights. it is particularly important for the international community to wake up to the dangers that these uncontrolled industries

present at the moment. taylor: it is really easy in this world to blame it on a lack of regulations. is that the solution? >> that's what the un has called for. i think we need to take a closer look at this industry and look at how it has developed. in the last 10 years, it has gone from spyware being something you can get from the dark corners of the web and use it to spy on an ex or something like that. now it is a multibillion dollar industry, where law enforcement has a genuine interest in using some of these solutions to nab the bad guys. the problem is it is also being used by the bad guys, allegedly. sometimes it has been proven to be use. repressive regimes that want to crackdown on activists or journalism.

it goes both ways. it just shows how prevalent and sophisticated it has become and that we need to take a closer look. taylor: i want to fall back. back over in asia. looking at the chinese internet giant. a look at getting a new u.s. ceo for it's tictoc business. what do you think? >> they would love it if they stopped using the term chinese company. that's what it comes down to. they are trying very hard to shake off the image that they are a chinese company. they want the world to see tictoc specifically, if not american, at least not chinese. it's worth remembering there is a chinese version of tictoc that is also very popular. they are trying to show the world it is a separate company, a separate app. it has nothing to do with china. they want to hire a ceo for that company. it is worth noting they hired a 20 year veteran from microsoft to be their general counsel.

eric anderson. that is another positive move forward for them to shake off the 'we are a chinese company' image. i think we will see more of this going forward. more hiring in the u.s. also in new york city. -- culver city. we will see that going forward this year, even into next year. taylor: we are lucky enough to have you in new york. typically you are based in asia. has the asian response been as visceral as the u.s. response? >> i wouldn't say so. a lot of people outside of china are very aware of what you get when you are dealing with the chinese company. i think a lot of people don't care that much. it is only videos, right? what is the tory about? that's generally the way people view it. it is not a social media chat app. certainly people are more wary of we chat, a tencent product.

so people in asia are using things like line, whatsapp, facebook messenger. i get the irony that goes into using facebook over we checked, -- wechat, but we are cognizant of the differences to screen these kinds of apps, and making decisions accordingly. taylor: your perspective from the u.s.? >> this is a company under a lot of scrutiny right now. they are looking at the deal that resulted in the creation of this big, global, very popular site called tictoc. if they were to come out and say to bytedance, that somehow you need to ring fence or divest of this business, like we saw happen with grindr. is it a threat to the security of the people who use it? a lot of law enforcement are on tictoc making fun videos. a lot of kids are using it. they are looking at it very seriously. the last thing bytedance wants to hear from the u.s. government

is you have to separate it. they want to make it look like an american company. taylor: finally, pushing forward to next week. we will have a lot of interviews. you are on the ground in san francisco. apple, facebook, amazon coming at these record highs, multiple valuations. what company are you really looking for to see if we can sustain the rally? > the biggest question is around amazon. it is a perennial set of questions. the amount of money and investment they are making in their data centers, servers, and next day one delivery. is the investment paying off? was the holiday shopping season as robust as it needs to be in order to prevent to really reap a reward from all of that investment? the sense we are getting from wall street is there is a big question and concern and skepticism about whether this quarter was as robust as it was for some other companies. apple and facebook have more bullishness. taylor: tim, are you looking at?

>> i agree on aws and amazon. that will be a fascinating thing. apple, it is the iphone quarter we look at. everyone will be passing the numbers every which way. they don't put out specific shipment numbers anymore, but will look to analysts to work out what is going on. looking closely at microsoft, as well. what i am seeing is the growth that aws services has is slowing. there is a pickup at microsoft today equivalent of cloud services. there are certainly in the startup scene and other areas. people are going cool on aws. it is not the hip cloud offering, but people are kind of still interested in microsoft's offering. of course, they have alibaba and others to choose from. if you look at the various cloud offerings, that will be interesting in the next few

weeks. taylor: my favorite segment of the week, tom, tim, and taylor in that segment. thank you to tim colton and tom giles. technology is rapidly changing the auto industry. volkswagen offered several new partnerships and pushes into the electric vehicle market. in davos, the ceo discussed the shift in the industry. >> i think it was a positive meeting. i had a chance to talk to the administration's secretary, ambassador lighthizer was there. and mr. mnuchin. we did a lot to prepare. we invested heavily to adopt a new -- often after regulation, investing heavily, groundbreaking in our plant to double up capacity in chattanooga. we will soon put all of the machinery there to ramp up production for a new electric

vehicle for the united states. we are investing in battery capacity. we are doing what we can to avoid tariffs. taylor: how convinced was he? president trump left davos saying tariffs are still on. >> i think he is still very committed and serious about it. the administration is happy with what we are doing. >> when you say committed, committed to tariffs? >> it is very difficult to read. he stated he is still not happy. >> when you look at your biggest concern, is it market decline in china or tariffs? >> generally, i think 2020 for the automotive industry will be difficult, because markets are basically flat. we see slight growth in some of the markets. in europe, we have to comply with emission, co2 fleet targets, which we have to make sure our electric vehicles make their way.

we are well-prepared and optimistic. we have a lot of new products. we are optimistic, but it will be a very demanding year for the industry. >> a very interesting time for the auto industry. we take a look at tesla's market value surging past volkswagen. how do you explain why investors are putting money in a company like tesla, which is not making money yet, compared to volkswagen? you are making money. >> the market devaluation tells you something about the future. no future expectations. tesla is having a product that basically describes the future of the auto industry. now, a fully connected electric car, there's a lot of evaluation about the future car. i think tesla is paving the way. it is modeling something new for the industry. i think we are close to follow.

so, we are quite optimistic that we can keep pace with tesla, and at some stage, probably overtake. >> keep the pace. overtake. who will win in this tech car space? will it be traditional carmakers like tesla, toyota, or companies like google? >> it is an open race. i would take tesla more seriously than google. also from our peers, some very competitive companies like toyota. i think it will be the company which adopts fastest is most innovative, but also enough scale in the new world, i think they will make the race. taylor: that was volkswagen's ceo. coming up, posh mark wants to disrupt industry, and has supports from a ton of stars. serena williams will explain. this is bloomberg.

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taylor: transforming the retail industry. that's what posh mark aims to do as a social commerce platform. launched in 2011, they have a mission to build a world through a connected shopping experience. for more, i'm joined by co-founder tracy son. the last 15 years between new york, and silicon valley. she is our latest guest as part of our retail transform series. how do you differentiate yourself from other companies? >> what we are focused on is we take social and commerce. we blend it together in a way that is unique that has not been done. we really focus on using technology to help people connect to one another.

in the poshmark community. often, it is through their love of fashion, it can also be what goes on in their lives as a true and authentic connection. taylor: do you plan to expand into retail stores, or do you like to be just online? >> it is interesting to see what is going on in the physical world. so many things are changing in retail. it has been fun to watch. you see d-to-c brands born online that are opening up stores, and we have physical retailers who own the physical space really building robust on strategies.l for poshmark, because we are unique, physical will look different. what we do is we have a very robust physical strategy today. we personally host over 1000 events and meet ups across the country. -- we helped in our community

host over 1000 events and meet ups across the country. we think connection is so important to commerce, we spend the energy hosting the meet ups where people can connect with one another. then they bring the relationships online into poshmark. taylor: what are your international expansion plans? >> last year, we extended to our first international country, canada. the reason we went is we got so much positive feedback from our communities. they said please, please launch in canada. that has been top of mind for us. canada has been quite successful. what we really see from that is the human need for connection and commerce transcends just the u.s. so our canadian shoppers are really happy. taylor: a lot of people are trying to expand into china. you have the coronavirus, political unrest in hong kong, the retail luxuries falling. how do you see yourself going into china in the midst of some of this unrest? >> i think any company pursuing an international strategy looks

at china. a big and interesting market. that's what we are thinking about. we don't have concrete plans to discuss today. >> i wanted to ask you plans to go public or ipo. >> we are focused on growing our community and scaling our business. when you get to the size we are out there are a lot of options , available. we think about them but we have , no plans to confirm at this time. taylor: we had another story about goldman sachs not going to help a company go public, or ipo if they did not have at least one female director on the board. what are some ways you are incorporating diversity to make sure it starts from the beginning before the ipo phase? >> that is fantastic news about this. we have a lot of diverse people we involve in the company. i think it starts from the top and comes down. for example, really happy to share that we added 2 women to our board.

we have serena williams, a savvy businesswoman, a prolific tech investor, and a very iconic female entrepreneur in the fashion space who loves our community. so it is great to add her to our , board. we also added retail veteran jenny mang from old navy, charlotte russe, gap. she brings so much merchandising and retail expertise. it is really important to have such diverse voices that come from experience in other industries. adding them to the table and everything trickles from there. taylor: wonderful conversation. all things posh mark. that is tracy sun. thank you for joining us. investing in the next generation of trillion dollar sectors. we hear from an early investor in beyond meat. this is bloomberg. ♪

taylor: beyond meat is believed to reimagine the trillion dollar healthy living sector. it was an early investor in the plant-based meat producer. the managing director cofounded with the twitter cofounder back in 2014. in january, the firm closed its third funding round in nearly $272 million. thank you for joining me. i wanted to start with beyond meat. here's a look at a chart inside of my terminal showing since the lockup expired, you have people selling out. you have had short-sellers coming in. were you worried about the lockup and selling some of those shares? >> right now, if you look at the food industry, they are going through a massive transformation driven by consumers wanting to eat more healthy. and sustainable food products.

one of the pieces we have had, reimagining animal based protein with plant-based alternatives. beyond meat has been a great constructive solution for that particular strategy. we are a long-term investor. we were very early on an investor in beyond meat. the company has done extremely well over the years. taylor: there has been some concern about demand, particularly in china. you look at companies like beyond meat trying to make inroads there. you have the coronavirus. are you worried about that as you expand into china? >> it is unfortunate what is going on in china. as you look into why the outbreaks happen, a lot of times, you find animals are responsible for those kind of things. there is great opportunity for the food industry to innovate

and come up with more innovative solutions. much safer solutions. so companies like beyond meat are well positioned to provide that. taylor: $272 million funding round. where are you investing the money? >> obvious is most known in the valley for incubating companies like twitter and medium. we started a new front with a shared belief that inspiring purpose driven businesses, reimagining trillion dollar economies will outperform their peers. we have been investing around that idea in multiple domains. in food, we have invested. we also invested in other sectors. transformation, reimagining the combustible engine towards electrification. there is a company, proterra,

that is part of that piece. we have invested in other resources, reimagining the resource industry towards more sustainable resources, more more local production resources. a company, diamond foundry, building gem quality diamonds. we have invested reimagining stock exchange to think about more long-term public markets. taylor: do you see a lot of that expansion happening overseas in china or are you focused on u.s. committees? >> we are mostly focused on north america. taylor: that was a fascinating conversation. thank you for joining us. that does it for this edition of "bloomberg technology." livestreaming on twitter. check us out at technology. follow our global breaking news quick this is bloomberg. ♪

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