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tv   Bloomberg Technology  Bloomberg  August 25, 2020 5:00pm-6:00pm EDT

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♪ emily: welcome to "bloomberg technology." stocks rising to all-time highs for the third straight day. lead in part by facebook. the social network unveiling a new set of tools designed to expand shopping on its platform. it is all part of facebook's broader push to capitalize on online shopping in the midst of the pandemic. more market optimism coming
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ahead of remarks from fed chair jay powell on thursday. investors are interested in the path forward. it is day two of the public and national convention. and mike pompeo on the list to speak tonight. abigail doolittle has been watching the back and forth. lots of earnings after the bell, new record highs. what are you drinking? you tracking. abigail: those earnings, right in the hub of technology. hewlett-packard up 6%. seeceo is saying that they robust demand driven by big data. down 2.8%.e company
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this may have something to do with the subscription model. we will have to look at that as more information comes out. right now, a little bit of a decline in after hours. t also up sharply, up five point 6%. they beat the earnings estimate and revenue nearly doubled year-over-year. some of these tech companies, the stories of the haves and have-nots. you were mentioning record highs during the day. that was the case. it was a mixed close even with those record highs. index of the mega cap companies apple, alphabet all closing at record highs. the dow down slightly. apple had its first down day in six days.
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investors, interestingly, since value is not created out of stock split's, a little bit less interested in apple on the day. emily: some breaking news across the terminal. left ear has officially filed for a direct -- palantir has officially filed for a direct listing. this is something we were waiting for. company is the data that works closely with governments, known as a very secretive company. also talking about that dow reshuffle. we have got salesforce earnings out. what are you seeing? abigail: palantir, such an interesting environment to be coming to the market right now. some are saying that these gains will continue going up.
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one of our guests this afternoon was saying that this could be the top. salesforce earnings, this is the clear after hours winner. they put up a huge quarter. second-quarter revenue beating. they raised the fiscal year view. on the year, this has been the story as well. s&p 500 up about 40% on the year. not quite as much as some of those other mega cap stocks. but, something that is positive. one form of their revenue, the remaining group, a bit of a forward look. it looks like salesforce in terms of the subscription model, their footstep in the cloud really benefiting them. outlook infull year this environment really kind of incredible. emily: abigail doolittle, thank you so much. palantirecap,
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officially filing to have a direct listing on the new york stock exchange under the listing pltr. of common3-4 classes stock. this is a company that is losing money. we will talk a little bit more about the ipo, going public pipeline a little bit later in the show. first, to salesforce. i want to bring in the ceo of groove, joining us to discuss salesforce results. your take away from the overall salesforce results? it is a company that has been benefiting in the midst of a pandemic as you see other companies scrambling to make the digital transformation necessary to survive in this world.
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chris: their earnings, they performed very well again. solid year-over-year growth. i think that is because they made this big transition to a highly diversified company that will do very well in this environment when many organizations are going through digital transformation and are looking to align with a vendor that is cloud first. salesforce's market cap is now bigger than oracle's. benioffa young marc never would have imagined. is this a rising tide lifts all boats phenomenon or is salesforce capitalizing on these trends better than the competition? i think they have a few
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things going for them. they really built for their ecosystem. when a customer or potential customer decides to build a solution and enterprise, they usually want to find something that is future proof. that puts them in a really nice position. theuly, they did take over market cap of oracle even though early they barely took them seriously. now, i think they are really leading this transition to this digital transformation that many of these openings are going through. emily: that said, could salesforce see a retraction in business as life returns to normal? chris: i think there is always that possibility. their earnings tend to be predictable just because their average contract is 12-36 months. so we will take -- so it will take a period of time for you
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see that. i do believe we will see that more in the smaller business segment, where there is probably more organizations impacted. they also have more competition. emily: what are the biggest challenges salesforce faces? what are the biggest competitive threats? largest think the competitive threat is probably microsoft. when microsoft made the acquisition of linkedin, that really changed the game. they have not been able to fully take advantage of that. if you look at market share, salesforce continues to take more and more. the second thing, they could be disrupted with a newer competitor that comes from a very different angle. likeaw an organization zoom info went public.
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there might be other solutions in the ai space that will try to go after salesforce from a different angle, but microsoft is the most concerning. coursemicrosoft of bought linkedin back in the day. tableau,e buying velocity software. are you expecting salesforce to do more big buys in order to expand its reach? chris: i definitely think so. i think those acquisitions are working out and they have transitioned to a highly diversified cloud company, selling to every department in a really nice way and they can kind of leverage their strength and continue to become more and more important for each of their customers. i think the velocity in particular is very interesting to show where they are going.
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rothstein, the ceo of groove, thank you so much. coming up, back to that breaking news. listing onling for a the new york stock exchange. we'll talk about all of that with finance professor from the university of florida, known as mr. ipo. this is bloomberg. ♪
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♪ emily: back to our top story. palantir filing for
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a direct listing. our next guest thoughts that palantir would go the direct listing route. it is on track to be the largest silicon valley tech listing since uber. us, also known as mr. ipo. scholar at the university of florida. thank you for joining us as always. you called it. what is your take on this palantir news? jay: it is not a surprise to me. the company has been close to cash flow breakeven. it is a company that can afford to be listed without raising money. stock,more, as a tech doing a traditional ipo put it
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in danger of leaving a lot of money on the table. it is ahat said, company that is losing money. how enthusiastic do you think investors are going to be about this company which has historically been secretive? does notsecretiveness bother me much. there are other companies which have military business that don't go into a great deal of detail about the exact technology they use. palantir has a lot of commercial business as well. they have great technology. the fact that they are not profitable 16 years after being founded is a bit worrisome, however. situation is better than their profitability for two reasons. one reason is a lot of their contract.
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customers are paying upfront. that certainly helps their finances. given a, they have been lot of stock-based compensation. that results in less cash flow. but on the other hand, shareholders are constantly being diluted. ofly: what do you make palantir choosing a direct listing when another huge company, airbnb, we report that they were considering a direct listing but ultimately they are going the ipo route? what are the benefits and drawbacks of a direct listing versus ipo? jay: airbnb, they are probably pursuing a triple track strategy. perhaps a merger, perhaps doing a direct listing, very possibly
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doing an ipo. having the possibility of doing a merger with the staff or a direct listing, that gives them a little bit better bargaining position for a traditional ipo. for companies like palantir and airbnb, which are successful albeit not particularly profitable companies, they will get a lot of investor attention and they can afford to do a direct listing because they don't have to worry about analyst coverage. with a company doing a direct listing, they are not paying as much to underwriters. ipo, thereaditional is a danger of being underpriced by a lot. yearverage tech ipo this has had a first-day return of
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71%. the highest since the internet bubble 20 years ago. that is leaving a lot of money on the table. i think that is one of the others why palantir, companies are planning on doing direct listings. emily: what do you make of the valuations, especially given that a lot of these companies have suffered because of covid. -- palantir is a bit more of a black box. jay: since they are mainly business-to-business, i don't think they have been affected by covid. airbnb has. even though it has been around rapidlyears, it is growing. it looks like they will be heading $1 billion of revenue this year. got upside potential.
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but if we are talking about a $20 billion valuation, we have got to have at least a billion dollars of profits for -- year in the foreseeable future. that might be a little bit of a stretch. unlike some other tech companies, they don't have as much scalability. they have relatively high cost for customers as they tailor their software for that customer. i think that is one of the reasons i would have a concern about the valuation. it is a great company but at to high a price that does not mean it will be a great investment. emily: palantir perhaps best ,nown for its billionaire chair peter thiel. the cofounder of the company. it does work with the u.s.
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government, the defense department, homeland security. you mentioned snowflake, unity, doordash. which ones are you tracking? and could potentially bring us some surprises? airbnb will get the most attention. millions and millions of consumers have used it. some of these other companies are not exactly household names. obviously, when you are in the 2b business, you don't have that same of brand name recognition among the general public. snowflake is younger. it has got some substantial losses. volunteer -- with palantir, losses are not growing
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faster than revenue. airbnb owns its space. snowflake, which are likely to be going public at very high price to sales ratios, are setting themselves up for disappointment if they don't deliver on those optimistic growth expectations. emily: jay ritter of the university of florida, great to have you on this late, breaking news. we will continue to follow the story and bring you highlights as we get them. with, apple and its battle epic games. why the iphone maker does not have to immediately reinstate them on the platform. this is bloomberg. ♪
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won an earlyhas
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court victory in a fight with epic games. a judge spared apple of having to immediately reinstate. but they also blocked apple from provide the ability to graphics from other apps. on one hand, a win, on the other, a loss. what is your take? the thingjudge did that most people online or twitter are saying was the fair move. she is saying that apple does not have to be forced to put fortnite back on the app store in a form that it violates agreements. but she definitely criticized things and said that the ability to block unreal graphics, they cannot do. but they are not forcing apple to put fortnite back on the app
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store. emily: so if you want to play fortnite right now on your iphone, what do you do? mark: if you already have the game on the phone, you can keep using what is known as the current season, different levels and progress and such. there is people i have seen selling iphones and ipads with the mark: on there for upwards of $10,000 on ebay. , if you don'te have it on your phone already, you will not be able to get it on your iphone. emily: that is some dedication, $10,000. so, what is next? mark: i think each side is looking to see who is going to bite first. if i was apple, i would probably be holding out another few weeks for the next hearing.
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we got what we wanted, we made a big stink, and apple is not going to block unreal engine, we will put the app back to where it was before because we are losing a ton of money by not having it on the store. on the other hand, apple could say, are we going to start losing iphone sales because people can't get fortnite? they will really come down to bites first. emily: how long and drawn out do you think this process will be? the judge said this is not a slamdunk for either side. mark: i watched the first hearing yesterday. the judge and lawyers were talking about an actual trial taking place in the spring. i really think apple can probably be ok for the next six months without fortnite being purchasable on the iphone.
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but i can't imagine the inability to sell it on over a billion devices for the next six or seven months is something they will be able to handle financially. how could this potentially lay the groundwork apps?her could what is decided here impact on how other apps decide to run their business, mounting a challenge against apple, or perhaps conceding? mark: i think this will scare other developers into doing similar things to what epic games did. what apple has proven is that they are going to really enforce these rules. no matter who you are as a developer, if you are going to break these rules, they will meet you in court. they are saying this is not a fight they want to but this is a fight they will defend themselves on. on the other side, the judge
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made some comments about apple's businesses. emily: ok, mark gurman. thank you so much. coming up, we will be talking about which startups stood out on this year's y combinator demo day. this is bloomberg. ♪ experience the ultimate sports hub.
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emily: this is "bloomberg technology." one of the world's most prestigious technique inventors, y combinator, is wrapping at summer demo day fully online it's -- this year. they come to seek funding at the biannual event. some of the biggest companies include dropbox, airbnb, doordash and twitch. joining us to discuss the most promising companies this year and how it all went, y combinator partner dalton caldwell. good to have you back on the show. so, there's always a huge demand for demo day, but this was your
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first fully remote demo day. how does it compare to years past? dalton: demo day was always very person event and it was hard to imagine what an online equivalent would be. so we spent the past six months writing custom software, testing out zoom, load testing it to translate the whole thing. and obvious -- and honestly it went to than we expected. we had 1500 investors participate, and over 2500 introductions. as far as we can tell, that's about as good as we could hope for. it was good. 200 companies from 26 different countries. what, in terms of the trends, in terms of the kinds of companies being started right now, obviously we are at an unprecedented time in world history. what stood out to you? dalton: there is a lot about the
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future of work in terms of working remotely or collaborating remotely. a lot about education and how we educate people remotely. there's a lot happening in commerce. it is going to be hard to fathom how many changes to our daily life are going to happen because of covid. what we saw, with the big trends were to contemplate what does life look like in a post-covid world. as far as i can tell what life will look like, a lot of video calls just like this one. but it is super exciting to see. emily: how would you characterize the challenges facing startups right now? not being able to do in person meetings, a tech landscape that is shifting dramatically. a lot of more established companies seeing layoffs. companies that maybe could have been great, not having a chance to grow because it cannot get additional funding.
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dalton: i think the kind of mosters that we see the thrive are able to be flexible and deal with change, and they react to immediate market reactions quickly. they had be a -- we have seen them have to change their market on a dime. the people who are the most optimistic and able to quickly change their business, the ones that are doing the best, and frankly, the investing environment that we have seen at the current demo day is much higher than i would have expected. you know what is going on in the stock market right now? there's a little bit of that that seems to be happening here, where we are not exactly sure why, but there is quite a bit of money out there right now. emily: we are talking about it every day. dalton: it is wild. emily: despite these extremely grave condition. we are in the middle of a recession, rise in joblessness, but investors are still
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optimistic. million before6 demo day, they decided not to purchase a paid. will that be a broader trend, is that a one-off? what does that signal to you? dalton: i do not know the details on that one, but i would definitely tell you just like i saw the last batch and every companiesetimes capture the imagination of investors and everyone wants to invest in them. this stuff happens every batch. i do not know about that specific case, but that is not like everyone went home. just like what happened in the stock market. if you capture the imagination of investors and get them excited, it is amazing what can happen. i would not say that is normal and standard for everyone, but we are definitely seeing it happen this batch. emily: y combinator has evolved so much over the years. i have interviewed so many y team partners, the cofounders back in the day. more recently, there has been
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criticism that it has gotten too attached tompanies the brand are overhyped and did not necessarily deserve it. there's concern they are looking at too many companies, and it doesn't matter as much to have that stamp. how do you respond to that criticism? dalton: the quality of the recent batches has remained really quiet. if you look at the number of billion dollar companies that have come out in recent years, companies like corp rhodium, ironclad, i could pull up a whole rest of recent vintage. the quality is there. we take a lot of pride in the fact that there are always fantastic companies to fund, and that is why the batches are getting bigger. if anything it is much higher to get into yc than ever has been. we see no reason to change that. telling people we are not going to try to fund them to try and make it feel more exclusive was never in our dna in the past,
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and i did not see that become part of our dna in the future. emily: and what are you doing to reach more people from underrepresented backgrounds? of course we have seen a crescendo in the black lives matter movement. i know you have been watching hard on gender over the years. what are you seeing on your side in terms of progress? dalton: the thing that has been most successful do we have done has been outreach. outreach to people at the university level. outreaching to people that are trying to enter the tech industry. also if you look at the batch, there are a lot of people outside of the u.s., so it has become less as the batch has grown. so there is a lot more work to do, but all the outreach efforts have shown good results thus far. we are going to keep doing the work. dalton: so -- emily: what is your advice to an aspiring entrepreneur out there who is looking for that big break? maybe has a great idea does not
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necessarily have the connections to make it happen organically. dalton: one of the things i a was liked about yc is that you do not need an introduction. the entire model as you would just go to a website and apply to it. when i remember starting my first company and trying to raise money for it, you needed introductions first. somethinghat yc is anyone can apply to anywhere in the world without an introduction, i think is pretty good, and i would recommend it to that person. the other thing i would say is to the extent that people can develop the technical skills, and make sure there's a technical cofounder on the team, that is the single biggest thing i have noticed in startups that are seeking funding. nomakes it hard if there is tech person on the team. emily: all right. some concrete advice, we appreciate that. caldwell, congrats on
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wrapping your first demo day. we will check in on you later in the year to see how it is going. coming up, continued coverage of the ftc antitrust investigation of facebook, and how likely the social network is to being forced to break up. that is next. this is bloomberg. ♪ s bloomberg. ♪
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covering,we have been the ftc is investigating facebook for possible antitrust violations. specifically, conch -- controversial acquisitions of popular apps like instagram. although they may be able to show that is illegal, how big is the possibility of facebook actually being broken up? i want to bring in jennifer rie
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glezman following this closely. -- jennifer rie who has been following this closely. how big is that possibility? jennifer: i do not think it is a big possibility because the precedent for breaking up a company comes from microsoft, primarily. and that is the best analog for this case. in this case, what the court said is there has to be some measure of confidence that there has been a natural loss to competition that needs to be stored before you enact a radical structural remedy like that. and i think the problem here is that that is practically impossible to prove. we know instagram is really successful, well-liked, it is doing really well today. but it is very difficult to say what would have happened if the company had not been acquired by facebook also i think it requires a judge to make a protection and look at a crystal ball and judges really do not like to do that. that: what about the fact
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instagram was 12 employees when facebook bought it. then, itrget that back was such a small company and nothing like it is today. jennifer: that is exactly right. it was really small. it made no revenue at all at the time it was acquired. and the u.k. competition authority as well as the ftc both reviewed that merger, meaning they dug into the document, talked with exec it 5-0 not to ftc voted try and block the deal. we do not know why because they did not publish any rationale. but the u.k. published a long report, and they asked specifically whether insta good could, down the road, become a viable competitor to facebook. looking at the evidence at the time, they decided that is not the case. so i think that it will be really important that a judge will look at that in court and their want the fcc to explain why it was the two very
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competent competition agencies reviewed the merger and felt it was just fine. i also think it means there are documents that look a little different than the documents that we saw publicized by the house hearing a few weeks ago. it may mean that there are documents that contradict the document that were made public in which it makes it look like facebook was worried about instagram as a future threat. emily: mark zuckerberg recently testified before the house antitrust subcommittee along with the ceo's of amazon, apple and alphabet. do you think his testimony had an impact on this ftc investigation? jennifer: i think probably not, other than putting pressure on the ftc that was already there. they are well into their investigation, but at least over one year now. they recently deposed mark zuckerberg, and the chairperson of the ftc, joe simon, has talked about this investigation.
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and if they were going to bring a suit, trying to do it before the election. he said that a long time ago, and i think things are a lot different. covid hit after that and they may be behind that time schedule. if they were already well ifered -- well into this, anything it added fuel to the already existing fire. emily: so what is next? when do we expect a decision here? jennifer: i think what is going to happen next is if the ftc decides facebook violated antitrust laws, they will have to file a lawsuit. they can do it internally or in federal court. and this is really important, it could be precedent-making, i think they go to federal court to do it. i did not think that will happen before the first quarter. if they just deposed mark zuckerberg, and i read they have other depositions still to do, it is likely they will not be able to get this concluded for a lawsuit this year. maybe in 1q we can see
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something, but that will be a waiting game because that starts the litigation. but it could be a couple years after that before we know anything. even if facebook loses in the trial, which could take a couple of years, it could appeal that decision. and nothing is going to happen. they would not be an order to divest enforced until the end of the appeal. we could be looking at anywhere from three to five years before we really know anything here that could impact the company. emily: quite some time. jennifer rie a bloomberg intelligence, thank you so much for breaking that down. to the natural disasters across the united states. hurricane laura is expected to strike texas and louisiana over the next 24 hours. while here in california, still battling two of the largest wildfires in the state's history. the u.s.tin spoke to energy secretary earlier today
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about how the department of energy is preparing for potential power outages. >> we are very prepared for this hurricane that is seemingly moving into this southwest louisiana area. big, huge refinery is down there. several other pieces of our oil and gas infrastructure is down there. by an assistant secretary responsible for our response. their teams are already evaluating this. we feel the industry is very well prepared for this type of storm. in addition to that, the president has directed me to make available the reserve in instances like this. that is what it is there for. we are doing everything we can to make sure we are capable of doing that immediately following the storm. we feel overall we are very prepared. at this point we will have to
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watch and wait and see where the storm is. david: let's move out to california, where there have been these brownouts, because it has been very hot. what is going on there? is there a more fundamental problem? dan: absolutely. there is no question about it. california has a long history of getting energy policy wrong. you may recall the brownouts from 2001. there was a market issue back in that point in time where people were manipulating the market, but they were manipulating it because of the wrong policies that california implement it at that time. we are seeing some of that replay today. what california decided to do is move to a 100% renewable energy generation world. the challenge is that when the wind doesn't blow and the sun doesn't shine, yet people want electricity, it's not there. their overall strategy is to buy electricity from neighboring states like arizona and nevada. the challenge with that strategy
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is that when it is hot in california, sometimes it is also hot in arizona and nevada, and they make choose to keep their power and electricity because they want their hospitals to run just fine, and air conditioning to work as well. so there's nothing to sell to california, and that leads california in the awful position of having to turn off the lights in certain parts of the state to meet their energy needs. david: that takes us to that fundamental fork in the road between democrats and republicans over renewables and avoiding omissions, and -- avoiding emissions and reliance on fossil fuels. 60% of pew center said americans are really concerned about the climate. it skews towards democrats. can we have a bipartisan energy policy in this country? dan: sure you can. natural gas is a very clean source and we are developing to allergies at the u.s. department of energy to make it even cleaner.
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we are also developing technologies to make carbon intense fuels like coal even cleaner. and of course we have always had nuclear power the last 70 years, which is entirely emissions-free. so you can do both. you can have a renewable generation based, and you can have an emissions-free baseload generation available to you. you have to choose to do it. i think that is what the fundament of problem is in places like california. they have focused too heavily on renewable power like wind and solar, at the exclusion of some of this baseload power, which you actually need in today's world to ensure that you have the energy you need, when you need it. david: president trump's administration has done a fair amount in trying to reinforce energy independence for the u.s., relying on fossil fuels. what is left to be done if he is reelected? what is on your agenda? dan: we need to continue to build out infrastructure. i we have discussed in the past, we have done a great job of
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increasing our production, making ourselves energy independent, relying on new technologies like horizontal drilling and fracking. to allow us to increase production of these resources here in the u.s. our challenge today is getting the product to market. it is building out pipeline infrastructure to get it to the oceans and coastlines. it is building export facilities so we can make the oil and gas available to the rest of the world, because we are going to continue to use these fuels for the foreseeable future, perhaps as many as 40 to 50 years out. secretary for. energy there. coming up, palantir to make its public debut. the data mining company backed by billionaire peter steele. we will take a deeper dive into the filing, next. this is bloomberg. ♪ his is bloomberg. ♪
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palantir has filed for a direct listing on the new york stock exchange under the ticker pltr. joining us to discussed, crytal, -- you still have some pages to go revenuebut highlights, climbing almost 50%. but still losing money. walk us through the financials. crystal: yeah. they finally opened their books. very excited to look into the financials for the first time. the company has been around for 17 years and has reported that they have never had a profit in the 17 years they have been founded. warning investors they might not. they are reporting a 50% growth in terms of revenue. first half net loss compared to
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prior years. we are still going through it but when we have more, we will have it updated on our story. emily: let's talk about some of the more colorful details. obviously they added a woman to their board fairly recently, a former wall street journal reporter. . that was kind of controversial at the time. as i understand it, goldman sachs has a rule that they have to have a woman on their board. tell us more of the backstory here. crystal: yeah. our colleague reported that palantir added a female member for the first time this year, and she joined the board in july and she is a former wall street journal reporter, and the only person on the board that does not have a direct connection to the company. the rest of the company are ceo's, founding employees, the president. but hs'e -- she's the newest
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member. and goldman sachs has a policy, saying they did not have any diversity on their board. the controversy here is did they add her to the board because of diversity? palantir explained why she was added was because of her business acumen and unique perspective she brings as a journalist, as i quote. emily: talking more in the filing about just how their software is used, they say they use their software to target terrorists to keep soldiers safe and they work with the u.s. depend department. not-so-subtle digs at silicon valley, saying they share fewer and fewer of the tech sector's values and commitments. they have repeatedly turned down opportunities to sell or mine data. have you seen anything that surprises you? crystal: not really surprising that they are somewhat slamming silicon valley.
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they moved their headquarters from silicon for -- silicon valley to florida. so they are trying to distinguish themselves from any company. and they are not. they are very close to government, to defense department. so, it's a lot of military language used in the perspective, which is very interesting and you do not see in any other tech company. emily: what is the timeline here? how soon could this hit the public market? it tol: we are expecting get sometime this year. as we have reported, it would be a very, very busy september with many deals to come. yesterday we saw six listings. companies,oftware and of course airbnb is going to come. so we are expecting this to be a very busy year for listings and ipo's. emily: a busy fall for you. our deals reporter crystal tse,
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thank you for that update. we will let you go back. that is all for this edition of "bloomberg technology." stay tuned furred bloomberg daybreak australia next. this is bloomberg. ♪ this is bloomberg. ♪ you doing okay?
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haidi: good morning and welcome to "daybreak australia." we are counting down to asia's major market open. shery: and good evening from new york. haidi: wall street hits new highs for a third straight day. investors remain optimistic about a vaccine while betting that the fed -- they go for a twin ipo in hong ko s

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