>> from the heart of where innovation, money and collide, in silicon valley and beyond, this is bloomberg technology with emily chang. always have to wait until later this

week. we are going to unpack the social networks third quarter. plus, bloomberg gets a closer look at a trove of internal facebook documents obtained by frances haugen. they portray a company losing young losers -- younger users. an inside view of the inside social network that shows facebook's own employees are worried. tesla roared past a $1 trillion market cap after hertz orders 100,000 electric cars. what the $4.2 billion deal means for tesla. we will get to all of that in a moment. let's take a look at the markets. stocks rising to another record today. >> green on the screen. we can officially call it a tech company after you start to see the way it has been performing. a lot of this has to do with the deal you were talking about. 100,000 cars ordered after a

couple months of the bankruptcy. that is the top performer in the s&p 500. pushing it to those record highs. you have to mention the new york faang index was higher. he did not just see tesla l performing. when those companies outperform, semi conductors tend to follow. that is when you see the 0.6% gain. i want to hit the after hours earning stories. that is facebook. shares up after hours. who thought? there are a few theories on why. you did have a revenue miss coming in on the lower end of the estimates. user growth is up. they are approving $50 billion more in share buybacks. they have already had 14 billion in share buybacks. that is one reason shares could be up here going back to last week, snapchat has some pretty awful numbers. there was this expectation built into the market facebook was going to have any awful numbers. a little bit better than expected.

not as bad as expected. that is why you are seeing facebook shares up. as well as all of the social media peers. emily: i want to stick with facebook results and bring in deborah. principal analyst at insider facebook shares are up 15 after hours. this on the back of the ad tracking technology and this trove of facebook internal documents that do not put the social network in good light. what do you make of the earnings today and why are investors seeing hope in this? >> there is a lot to unpack. i think a couple things. facebook did perform better than expected. better than our own internal expectations as well when it comes to the revenue and particularly also in the user numbers. that is part of it.

many people were expecting worse performance when it comes to how facebook was dealing with these changes you alluded to. we are definitely seeing advertisers making their own internal changes to make better use of the data they had available to them. we are seeing facebook also providing its own tool it is working on. we are also seeing some inertia from advertisers. facebook is the second largest digital publisher in the world after google. it is a hard habit to break for advertisers. we are seeing this continued momentum behind using facebook, even in the face of all the terrible negative news that has happened over the past couple of weeks. in my history of covering facebook, some of the worst wrenching information to come out. when it comes to the business side, advertisers are pretty much wedded to facebook. emily: i wonder with some of

these internal documents, are they going to have an impact? when it shows time spent on facebook by teenagers is down 16%. down also among young adults 18 to 29 years old. they are sharing less. some of the accounts created are duplicate accounts. as the next generation of facebook -- if the next generation is not going to be using facebook, shouldn't that be a concern for advertisers? >> it is not new news. teens and young adults have leaving facebook. it is something we have been forecasting for several years. that part is not new. what was interesting were some revelations a week ago about instagram. which we had believed was happening but was further confirmed by the information that came out in some of the reporting. that is where it gets more concerning to me. facebook at this point, you have to accept, it is a platform for

middle-aged people, older millennials. middle-aged and older people. it is not a platform heavily used by teens. instagram is the place we are going to pay more attention. is instagram able to withstand the threat from tiktok, snapchat? is instagram able to remain useful and engaging to teens? that is definitely an interesting conversation and something we are going to be paying attention to in the future. emily: i am curious what the conversations you are having with advertisers are like. are they interested in moving their dollars to tiktok or snap? do they not see yet the value in going elsewhere? >> you have to divided into two types of advertisers. you have what you call the performance advertisers. the companies looking for an immediate response. then there is brand advertisers. the companies advertising on facebook simply to extend the

visibility of their brand. if you look at the brand advertisers, according to the information we have, they are using facebook. they have not really moved dollars anywhere else. the performance advertisers, we have heard anecdotal evidence they have seen lower ad performance. they are considering other options. facebook has the momentum. it is very large. advertisers are reliant on facebook in a way they are not reliant on other platforms like snapchat, tiktok. particularly tiktok, the more experimental platforms. while they are gaining ad dollars, there are more attitudes as opposed to dollars moving from the facebook instagram pie into something like a tiktok. emily: so much more to continue to dissect. thank you as always for your insights. i went to continue with the

story. frances haugen of course course went public earlier this month with claims facebook has been privatizing profits over safety. in a redacted version of the document obtained by a consortium of news organizations, we have learned the social platform has been concerned for months about its declining popularity among teens and young adults. did not let on to shareholders. the social network struggling to remove hate speech and morale is dropping. you obviously shepherded the reviewing of all these documents. how many documents did we obtain and how did you begin the process? >> we had access to several hundred documents, which constituted thousands of pages. it was a mammoth undertaking. we assembled a group of a dozen reporters and editors. and just started digging and digging and looking for themes that had not been covered before

or looking for themes that had any covered but we felt we could bring additional value to the conversation. it was basically we had about two and a half weeks and it was every day. a group of people were dividing and conquering. emily: what are the main things you found most troubling? a lot of these are things we suspected. teens are using facebook less. we did not see necessarily in numbers provided by facebook. >> what this gave you insight into is how deeply reflective facebook employees are about their own problems. i give them credit for taking a hard candid look and doing in-depth research into how bad things are. where is the user growth happening? where we feel it where we failing the public? they are deeply reflective about it. here is the problem. the problem is what do you do about it?

there is a lack of follow-through. there is also a foot dragging that happens internally about how to best address these things. take for example the conversation that happened around january 6. the insurrection. there were employees at facebook taking on the cto at the time over what role do we play? to what extent are we responsible for this? facebook did a let of reflection. i did a lot of research around that. they found that -- they did a lot of research around that. they found that facebook failed to police the proliferation of groups that were permitting this idea of stop the steal. this false idea that trump had won the election. that is one instance of them failing to get on top of the things that could later cause harm. emily: frances haugen did testify before u.k. parliament and brought up this point that if you made noise about

something, you were not necessarily listened to. take a listen to part of her testimony today. >> i raised flags repeatedly that i felt critical teams were understaffed. i was told at facebook we accomplish unimaginable things with far fewer resources than anyone would think possible. there is a culture that lionize is a start up ethic that is irresponsible. your no incentives internally that if you make noise saying we need more help, people will not get rallied around for help because everyone is underwater. emily: at the same time, i've spoken to facebook employees who have said to them this feels like more of the same. they are hearing this bed press. they look around and see people working hard. are these documents actually going to have an impact or not? like many other scandals or

controversies in the past where we have not seen a long-term impacted. certainly not reflected in the stock. >> it is down more than 10% give or take from when the wall street journal started rolling out the most recent series. there is a bit of overhang. the other thing to bear in mind is lawmakers and regulators in the u.s. are already in the process of looking at what can we do to rein in the power of big tech? this is giving further fuel to the conversation. lawmakers are calling for stricter oversight. the legislative side and regulatory side. there are implications. emily: i urge our audience to check out all the stories bloomberg has written about this at bloomberg.com to their many different treatments. thank you very much. we are going to talk more about facebook. the facebook files. how the social media giant kept

crucial information from investors next. this is bloomberg. ♪

emily: they have come to be known as the facebook files, a trove of internal documents taken by whistleblower frances haugen and obtained by 17 news outlets including bloomberg. they paint a darker and more dangerous picture of the social network and suggest facebook has been hiding key information from investors. i went to bring in the elevations partner founder roger racked me who has been sounding the alarm on facebook for years. he even wrote a book about it. i am curious what you find most alarming about these documents

that have been obtained by bloomberg and also the revelation of france has how can over the last couple of months. what troubles you the most? >> to me, frances haugen is incredibly courageous for bringing these documents out. the impact is they have shifted the conversation about facebook from a focus on free-speech issues to where it really belongs, which is on a business model that puts 3 billion people onto a network with no boundaries and then unleashes a business model that promotes inflammatory emotions. hate speech disinformation and conspiracy theories are given an economic advantage on facebook the result is -- on facebook. the result is ideas from the french, things like antivirus and white supremacy have been mainstreamed. that is undermined democracy, public health and privacy. if you are an investor, facebook has been a great stock for you. on a looking forward basis, you

have to ask the question, if the u.s. loses its ability to be a democracy end of each one of us loses the ability to make our own choices because they are being made by internet platforms, is that a good trade? emily: if you're an investor in facebook today, it was a great day for facebook. up at the close. up 3.5% after the close on the back of these results that are mixed and on the same day that thousands of pages of documents have imported through by multiple news organizations. if that is not going to send facebook stock down, what is? >> i don't think the stock is a good measure of what is going on. the stock market operates on a completely different timescale. investors are making the correct judgment, which is that numbers are terrific. looking at snap the other day, the impact of apple changing privacy had a dramatic effect on snap.

at facebook, they have a a lot of dials to turn. they can lower the quality of the ads they show. they can allow a new users onto the site that are not authentic. there are lots of dials that are available to make the numbers look good. that is very short-term. investors have a short-term time horizon. the stuff going on with government is going to take time to process. you have legal issues relative to the sec with disclosure. there is a big case in delaware. six large pension plans that are accusing facebook of insider trading around cambridge analytical. these things are felonies. there are department of justice cases relative to price-fixing. related to -- there should be an investigation of the whistleblower's information about human trafficking or the january 6 insurrection. facebook has been implicated time and again in both the

radicalization of people into qanon and allowing them to organize the protests and then the insurrection itself on facebook. management knew about all the stuff. they have always prioritized profit. emily: does time spent on facebook among teens dropping 16%, does that alarm you? is that something facebook should have been more transparent about? is that something investors had known, with the stock could be continuing to rise? what revenue continuing -- would revenue continued to grow? >> in north america and western europe, the most profitable markets, it has reached saturation in the population. there is no question tiktok is draining people away from instagram. i look at this and the bed press instagram is getting should accelerate that departure. i don't think there is anything

facebook can do about it that is geomet to they would love -- that is legitimate. facebook is a mature company. it is not going to grow as rapidly. if the numbers are higher in the short run, that is coming out of the future. investors need to be more careful. emily: how big an opportunity do you think the meta-verse is for facebook? mark zuckerberg wants to bet the future on this, a potential name change on this. is that going to pick up the slack? >> the name change has nothing to do with this. the name change is about distracting us. this is a test for our system. we have allowed this company and google and others to run with any soup -- without any supervision. they have made investors and fortune. investors are incredibly thankful.

the rest of the company is -- the country is unhappy about it. the meta-verse is literally a dream. if you look at the demos, they are horrible. to my mind, facebook is going to spend so much time dealing with the problems that are being exposed now both in court and in congress that the meta-verse -- but if they ever get it to work, it is going to come very late. you're not going to want to wait from here to there on the hope of the meta-verse. the name change is literally a distraction. it is something they're trying to do two things. to get us to look elsewhere and they want to find a way to insulate mark zuckerberg from legal liability from the problems that have already been created. emily: at this point, what kind of regulation do you think is realistic and right? reid hoffman, an investor in facebook in the early days, told me he is disappointed in facebook as well, but he thinks

that breaking up facebook is the wrong approach because that will make it even harder to centralize all of the systems and the ai technology that is needed to combat hate on a global scale. what do you think? >> i think we have three areas we need to regulate and they need to cover not just facebook what all of technology. need to have safety regulations. something that functions like the fda. that sits there and says wait a minute, facial recognition, deepfakes have no valid commercial use. they should not be allowed in the market until they prove a valid use. companies like google and youtube and instagram and facebook would have to make changes to business practices to make them safer people. that would be something this fda would look at every year. the secondary is privacy. this whole notion that companies are allowed to use data to manipulate the choices and behavior of people, that is really not an american idea.

it is taking away the right to the site -- the right to self-determination. it is like child labor. it is something we should ban outright. the other thing is to allow for competition. if you're going to break them up, that comes downstream. first you have to open up markets and prevent companies from monopolizing the way everything takes place in the economy. you saw what happened when facebook went down. millions of small businesses were shut down by that. that is what monopolies do and that is not good. emily: roger mcnamee, always appreciate you joining us to talk about this paid we could hook about it for hours. i'm going to have to let you know -- to talk about this. we could talk about it for hours. coming up, no interest in a pinterest. paypal says it is not pursuing an acquisition of the social platform. we are going to bring you the latest next. this is bloomberg. ♪

emily: a few other tech stories we are watching -- we are watching. paypal is not pursuing an acquisition of pinterest. paypal had approached pinterest about a potential buyout. an acquisition would have boosted paypal's ambitions to become the next global super app. the movie based on the 1965 sci-fi book dune took the number one spot at the north american box office at the weekend. the film reaping $41 million in sales, which was 10 million more than the studio projected. the second spot went to the latest installment of the halloween horror franchise. coming up, the facebook files suggest a social network may only catch 5% of hateful content

if that. we are speaking with a long former google exec about whether it is time for big government to step up. this is bloomberg. ♪ >> they are very good at dancing with data. this halloween,

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>> wants a leader, is it better to have an admiral? >> it is like, who do you like better, your son or your daughter? emily: welcome back to "bloomberg technology." i am emily chang in san francisco. third quarter revenue growth, pressure continuing to mount on the social platform with information user trends at facebook. a whistleblower bringing to light revelations about facebook up a yes innerworkings, saying the company does not do enough to combat hate speech, with thought to only take down 3% to 5% of hateful content across the

site. >> mark zuckerberg put out a white paper saying engagement-based ranking is dangerous unless a.i. -- as you saw, they are getting 3% to 5% of hate speech. emily: about it continuing to amplify hate across the platform. frances: to amplify or expand hate, what is it doing? >> do you think it is making hate worse? frances: unquestionably, it is making hate worse. emily: i bring in our "bloomberg technology" reporter, who has pored through the documents themselves, with the hate speech. the documents suggest facebook only takes down less than 5% of hate speech. at the same time, we have heard facebook representatives say they have zero tolerance for

this. also, that the algorithm makes it even more difficult to take this stuff down. walk us through how that is even possible. reporter: yes, facebook has been really touting the power of its ai system to detect hate speech and automatically take down some of it. you will regularly see facebook say more than 90% of the hate speech that we take action on was caught by our internal systems before a user reported it to the company. but they have never really detailed what is the total universe of hate speech on the platform that it is or is not taking action on, and what some of the documents suggest is that facebook is only taking action on less than 5%, and so what we see is just a story of different statistics, and the ones revealed by the documents are certainly far more dire.

emily: we have been listening into the facebook earnings call. mark zuckerberg says it is a false picture of the company. take a listen to what he has to say. mark: my view is what we are seeing is a collective effort to use documents to paint this picture of our company. emily: adam, what is your reaction to that, given that these are facebook's own internal documents, thousands and thousands of pages? adam: i have worked in companies, and i do not know any company who would love having their internal documents published. on the other hand, i do think looking in the mirror, as these documents do, it is painful, but it can be a useful exercise, and i think it can make a company better. facebook is a big, global, important service. it plays a really important role in the lives of its users.

the question is how it handles content and other issues are a matter of public importance, but i do think we should treat the revelations from the facebook papers with nuance, because i think one of the things that comes to the documents, you see a company trying to balance competing values, right? and they may not always get it right, but i think there is value, hopefully, in seeing how others view them, and i think that will ultimately make the company better. emily: i guess we wonder if that is the effect that this will have. frances also made the case that facebook prioritizes hate speech in english, specifically american english, less so than in developing companies where they do not speak english. talk about facebook efforts to handle hate speech, disinformation in western english-speaking countries and how it compares to the rest of

the world. naomi: to not only hire individual staffers or content moderators in various countries that facebook is operating, it takes resources to train its classifiers to define what is hate speech and how -- at what point should it apply to facebook internal systems, and what the documents suggest is facebook has prioritized countries in the western world and, in particular, in english. there is one document that looks at the time spent, of the total time spent training each classifier on the platform. nearly one quarter of it is spent in english. and so that leaves potentially developing regions, regions that are more vulnerable to off-line harm because of online activity left behind some of the more advanced nations. emily: now, of course, hate

speech, adam, is not just facebook. hate speech and free speech, the light is too hard to draw, or is it because facebook in particular is not doing enough? adam: i think you would see some conservatives making that argument. you had david on last week making that argument. despite the fact that i think we tend to view hate speech through a partisan prison, there was a survey out two weeks ago that showed 70% of voters, which is a very high number, want to social media services to have stricter content controls. that was really interesting. and i think you probably hear the same thing outside the u.s., to your question, naomi, about international, so should facebook do more? absolutely. should services do more to reduce the amount of hate and this information on their services? absolutely. it is what their advertisers

want, and i want to preserve the legal tool, section 230, that helps to do that, and ultimately, what consumers are saying here is they want to have a good experience. they do not want to have junk. and so everybody, all of the social services, want to make that the case. emily: the question is, what will government do about it? will the sec step in? will regulators step in question work i want to take a listen to another thing that frances had to say. frances: and right now, facebook does not have to solve these problems. it doesn't have to come up with solutions. in a world where they were regulated and mandated -- if it is not good enough, we will come back to you and ask you again. that is the world where facebook has incentive where instead of getting 10,000 engineers to make the metaverse, we have 10,000

engineers to make us safer, and that is the world that we need. emily: adam, for so many years, do you believe regulation is needed, and what kind of regulation is needed, especially given the new issues that have come to light through facebook's own eyes, through its own internal research? adam: regulation is needed. there are some good ideas out there. we should have a comprehensive privacy law. there is a really good piece of legislation from congressman raskin from maryland that would have an nih study on issues, but i also think we need to be careful around speech. a lot of the criticism that comes facebook's way right now is really the question of content moderation, decisions which are -- they are making decisions about certain types of speech. most of that is first amendment-protected speech, which the company has made a choice to disallow, so the fact that legislation probably cannot touch a lot of that -- but i also think we need to make sure

that legislation and regulation is not driven by desire to get one company or another. usually when that happens, you end up with impact on smaller services, smaller social networks, and that would be good for competition, which i think a lot of us want to emulate, as well. emily: we have been continuing to listen in to be facebook earnings call. i want you to take a listen to something mark zuckerberg had to say about young users, in particular. take a listen. mark: the decade -- it has expanded so much, and we focused on everyone. to be the best for the most people rather than specifically for young adults. and during this period, competition also was a lot more intense, especially with apple in popularity and more recently the rise of tiktok, which is one of the most effective competitors we have ever faced. to make serving young adults

their target. emily: so, adam, facebook makes the argument that kids are using technology whether we like it or not. the company has to build that experience for them. there is a question of whether we want facebook to do that. and there is a hearing on capitol hill tomorrow, focused on technology, tiktok, youtube. facebook will not be there. what is your view on who should be making this technology? should it be these big tech companies? should be completely different? should be nonprofit? should the technology driving kids' is technology -- not necessarily based on engagement or advertising? adam: i have young kids. i like that we have options, prime, and also pbs, options. all of that is great, and, frankly, where there is an

appetite to stimulate more competition in kids technology, that is a good thing. the kids privacy law has incentivized, because services were worried about running afoul. i think one of the things you have seen the last couple of years is that things like facebook messenger kids, families, all good services, giving parents a lot of control. one of the things we need to be more honest about the fact is that when kids hit that tween age, they start testing the limits of the technology. that is why we support congressman rosman bringing sources to bear. -- congressman -- the congressman bring of the resources to bear. i do not think the government is giving them a very satisfying answer right now. emily: we'll be following up on that. adam and naomi.

thank you both for joining us. coming up, picking things up in the rental heart company. hertz with 100,000 teslas. much more, next. this is bloomberg. ♪

emily: welcome back. let's get a further look at the markets. in new york, what are you watching now? reporter: in the middle of earnings season, inflation.

what better way to measure inflation then yield, and one of the big issues for tech here is seeing the yields rise earlier in the year because tech, especially tech, but not anymore. a couple of months seeing tech rising together, and it really has a lot to do with tech being an inflation hedge. essentially, they are so big, they are able to pass on the costs, doing a little better than the macro environment. with the earnings season, pushing the micro, talking about some of the movers on the day, specifically tesla and hertz, tesla coming up with a booster for its stock, the first to $1200 price target for morgan stanley, and on top of that, our very own erik schatzker, a 100,000 car order for hertz, a big investment in their own tv fleet -- their own ev fleet. that helped tesla hit the one

trillion market cap. beating even facebook, emily. emily: all right, thank you so much. diving into a little more for hertz, barely out of bankruptcy, now placing the order for 100,000 teslas, to ambitiously electrify their car fleet. joining us now is our bloomberg news reporter. so a huge order for tesla. what makes it so significant? reporter: it is going to be enormous, because not only are they ordering cars, they have got this whole ad campaign with tom brady. tesla has never pay for traditional advertising, and now you have like this nfl star basically encouraging people to let's go electric. it is the whole ev revolution and tom brady that hertz is paying for. emily: renting a tesla from hertz, would you be able to use the supercharger station? reporter: you will. right now, if you do not own a

tesla but want to drive one, you can try to get a ride or borrow a friend's, but there was never a way to fly to another city and rent one at the airport, and now you will be able to. emily: is it something for the rental car companies to do? reporter: i think so. the question is where to get the parts from, because other automakers are selling ev at a low number. particular for business travelers. maybe their business partners will give them an incentive for the next time they travel. emily: here we are now at a $1 trillion market cap. what does tesla have going for the rest of the year? where does that number go? reporter: up, probably. tesla still have risks, right? they are investigating auto pilot. the ntsb is not happy with a policy recommendation. this is a company now going into several different markets. fleet sales, insurance, energy,

factories in berlin and austin. emily: we are looking at the chart of facebook and tesla, the $1 trillion mark, sort of the tale of companies, the question is, what is big tech? reporter: the keep on expanding, like octopuses with tentacles. emily: what is going on with china? obviously, there are headwinds there, and there continue to be supply chains. reporter: tesla navigated the chip shorter -- shortage better than months -- then most. the price target was raised today. the chip shortage is still an issue, but i think tesla is feeling pretty strong. emily: and yet, there are things that tesla has delivered on, like the ridesharing network. when is that going to happen? is that still part of the plan?

reporter: it is still part of the plan. 2020 was supposed to be a benchmark, but we are nowhere near close to that happening. later timelines, eventually he thinks they will get there. emily: all right, thank you for your reporting. now, sticking with tesla, the model three was a top-selling car in europe last month, the first time an electric car has outsold models with gas engines. it is a major milestone for ev's , the car industry pivoting away from the combustion engine. coming up, more on facebook' as third-quarter results. just out -- just how big it is getting. next. and announcing plans to build a commercial space station in lower earth orbit. it was designed to operate as a mixed-use business park. doesn't have the backing of bowie, sierra space, among others -- does it have the

backing of boeing? this is bloomberg. ♪

emily: the focus has been on facebook, with more internal document brought to light by many news organizations, including bloomberg, all of this as the social media company is reporting third-quarter results and earning calls on the way. we have our bloomberg intelligence senior reporter. off of the back of this report, some investors thought it would be a lot more bloody, especially because facebook over multiple times, that their ad tracking

technology was having a negative impact rather than seeing a profit, and user growth better than expected. what are you making of it? reporter: clearly, a lot was priced in. there was pretty broad guidance, so still talking about it. but the fact is, with the changes, larger companies like facebook, like alphabet, they can navigate it in a much better way than the smaller ones like pinterest and twitter. the reason i say that is because facebook has a family of apps. they can track user activity across the apps. i think what investors are more worried about is diversification, because the lower right now is catching up to facebook, and they will run into difficult context, talking about metaverse, but the

question is if it can start ramping things up where it can contribute to the revenue. emily: one early investor says facebook will not be able to ramp up for the metaverse to take over. we had mark zuckerberg on the earnings call p a take a listen to what he had to say. mark: with apple's changes, not only affecting our business but millions of systems. already for them in the economy. emily: do you think we are going to continue to see the impact of the apple ad tracking changes, or was this quarter the worst of it? mandeep: we keep hearing about it, and the goal is to keep them on the app for a longer time,

e-commerce, and that is how you offset the inability to track a user outside. every company is doing it. facebook is also trying to do it. basically, every company is becoming a super app. they will keep adding more functionality inside the app. emily: sheryl sandberg also speaking on the conference call, talking about commerce, saying it is no longer growing at the pace it was during the pandemic and the impacts of that. take a listen to what she had to say. sheryl: e-commerce is no longer growing at the pace it was in the pandemic. these factors have been compounded by major global supply chain issues and shortages, which have left many businesses with less inventory. it has reduced their inventory to generate appetite from consumers, which has impacted advertising spend. emily: what do you make of that? mandeep: clearly, moving forward

some demand for e-commerce last year. some ceo's talk about two years of transformation or five years of transformation in one year. well, there are difficult problems next year, and they are setting up expectations, but as of today, all of these companies are trying to add more functionality around e-commerce in their app. even though i think the comps get tougher, they will keep having more functionality with e-commerce, like i said, in the apps. emily: all right, our "bloomberg intelligence" senior analyst, mandeep singh. we will bring you more as we have it. we get court reports from alphabet, microsoft, texas instruments, and more. ebay wednesday, apple and amazon on thursday, and, of course, all of the details right here on "bloomberg technology."

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anchor: a very good morning. welcome to "daybreak: australia ." i am i am haidi stroud-watts in sydney. sophie: and imf sophie kamaruddin in hong kong. kathleen: key earnings reports.