>> this is dancing on the head of a pin for the fed. >> this is not a fed that's committing to forward guidance. >> we're attempting to engineer a soft landing. >> big fears the fed is going to be more aggressive. >> this is "bloomberg surveillance." jonathan: for our audience worldwide, good morning, good morning, this is "bloomberg surveillance" live on tv and radio. alongside tom keene and lisa, i'm jonathan. your nasdaq 5%. tom: microsoft, apple, now google. amazon tomorrow, facebook this afternoon. it's a renewed confidence in they got. jonathan: let's talk about the numbers, not the stock split.

33% at revenue, growth in the google business just phenomenal. tom: a long time ago they made his acclaim on sales and revenue, start at the top line and go down. that's what we see here, and it's true with apple as well, where they reaffirmed iphone. but the answer is not 30, you go down to 25, you go down to 2020. what's your run rated for google out into the distant future? that's how you adjust price. >> alphabet up more than 10%. lisa: given the fact it was advertising revenue, just driving facebook's gains, though we've seen in premarket it seemed like the cyclical push still very much there. i'm just getting whiplash, because the narratives have gone to a slowing growth scenario and people have gotten too sanguine about the fed, to oh,my goodness, growth keeps going. jonathan: how quickly is the price moving over the last three days? tom: yeah, i did the measurement this morning. it's easy to do with the bloomberg terminal.

the v.i.x. is in 17 big figures. 17, jon. jonathan: and the nasdaq is moving again. let's whip through it on the s&p, up .7%. nasdaq 100, more than 200 points. we advanced by 1.44%. the tech bears can go back into hibernation mode. yields unchanged on 10 in the u.s., 178.76. look euro. euro dollar positive by .4%, 113.16, lisa, upside surprise on eurozone inflation. lisa: very much in focus. i feel like you're trying to tweak me when you say the bear is going into hibernation. maybe not all the bears. today we are looking at the oil prices. opec members are expected to increase output, expected to be a modest increase of about 400,000 barrels a day. the idea is they want to raise production, they want to keep

prices where they are perhaps a little bit lower, but can they increase production in a time when a number of nations are really constrained auto that front? 8:15 a.m., we get private payroll numbers. nobody cares. but people are trying to figure out what it could potentially mean for wages. really, honestly, at this point, we basically shrugged off anything that we could get from the headline number of friday's report, the fed and president biden have tried to make that clear. however, wages could offer a surprise in terms of momentum here, especially with job openings yesterday increasing much more than people had expected. and after market, facebook, not metta platform, i will call it meta platform, because that's what they call themselves, up in premarket activity. how much does alphabet or google really add to the predecessor with what we can expect with facebook and amazon tomorrow? we're going to talk about the stock split. how much are we going to look at a stock split for amazon? >> tom's been talking about it

for a while. tons of feedback this morning, thank you for that, from a bloomberg subscriber. this is madness. tom: here's the madness. jon and i, we go back and forth, and i understand the echos through my house of my childhood, forget about that. goldman sachs and the s&p 500 properly weighted its stock out of roughly 500. jonathan: there's a difference. tom: we're informing the public. it's a service on radio and television, this is what we do. lisa: this is informing? jonathan: this is informing. stock splits don't make a difference, except other people think it does, so i guess it does to a degree. tom: i'm going to get on my podium. jonathan: you really think it's political? tom: yes, i do. these people are being told by their lobbyists and advisors get

off your podium in seattle and silicon valley, and guess what, welcome to america, and america is the dow jones industrial average, and i'm talking for republicans and democrats in congress. jonathan: you think that little of policy makers in washington that you think just bringing the price down and not the overall valuation of the company, not changing anything for just the price of a single share, makes it more? lisa: you know the answer. jonathan: you think that little of them that you think that makes a difference? tom: they think they're arrogant technologists, and saying get off your high horse. one way to do that is to enter the dow. jonathan: evan brown joins us now, strategy head at u.b.s. asset management. i won't ask you that, evan, don't worry. what we've seen is a valuation centric adjustment.

widening credit, which we have not gotten. you wouldn't expect to see e.m. outperforming, which is what we've got. we look across asset, oil holding up really well, and so we don't see it in price, but also it doesn't make a lot of sense economically when you have income growth almost double what it was last cycle. it's still a strong economy, still a nominal g.d.p., and as powell said last week, we're in a different cycle than the last one. lisa: on the valuation scare, how do we determine what the scare should be in terms of what real rates are going to be with the fed action and sort of how do you gain that out with respect to what's already happened in markets? >> yeah, so i think the point is that the fed wanted this, right? they want a tightening of financial conditions.

in their view, it's a way that's going to cool inflation down the road and extend the cycle. now, it's up to them to decide how much we saw, but then you're seeing a parade of fed speakers this week saying, hey, we're not going to do 50 basis points at the next fed meeting in march, so it's a dance between the fed and markets. i think the frothier areas of the market will continue to have head winds, these kind of things. but the more cyclical areas of the market, i think they're unfairly punished in this more recent selloff, and those are going to be the big gainers over the coming weeks and months. tom: what are your analysts saying about the ability of corporations to adapt to sustained margins? the first thing i did yesterday was google, go look at the margin, and it was a fractional lift off the gain of guessing margin. sector to sector, the 200 analysts you've got at u.b.s.,

what do they say about the ability to sustain margin? >> i mean, margins are fine in the data. we don't quite have what we've seen over the last couple of years, so there's some moderation there. but overall, the message that we're getting from corporate is really strong pricing power. we just look at the data, and yes, the analysts internally, and even with higher wages, we see the higher pricing power, so it does not appear to be a major concern. jonathan: where are you on the rest of the world at the moment? big surprise was the relative outperformance of emerging markets. is that something you think can persist? >> i think it can, actually. we have the difference between this year and last year, kind of decent. we're not going to see the boom in credit growth that we good in the previous cycle, but they put a floor on g.d.p. growth, and that has implications for the rest of the world.

so emerging markets can have a better year. we think the dollar is kind of weakened from here, at least stops strengthening, europe will look back on 2022 and say it was europe's year. it's not just the solid global growth outlook, but you've got the green spending, more political cohesion certainly than we saw last time. you've got really strong balance sheets and you've got inflation, and that should put more pressure on yields, and higher yields is good for financials. we really like the rest of the world, and we think the rest of the world will outperform the u.s. for the first time in a while this year t. jonathan: high yields haven't helped out the u.s. banks in a big way year to date, evan. do you have more confidence they will in europe relative to what we've seen in the u.s.? >> well, i think there's a bigger evaluation discount in european banks. not i think, i know. and also, you have more room.

yields at zero percent, that is extraordinarily low. we all know the presence of the central bank there and whether europe can sustain growth and inflation over the medium term. the valuation story is there, and there's a lot more to reprice to help european banks. it's a really positive story. we're seeing it in earnings as well. jonathan: thank you. send our best to the team. great to catch up. evan brown. why can't we send our best to luke? what's wind you up this morning? you got your stock split this morning. what are you waiting for? lisa: amazon. jonathan: this is europe's year, that quote from evan brown at u.b.s. lisa: i find this one of the most compelling bets, basically baked in the hawkishness, and the euro region has to respond. how much can christine will he

guard really hold on? laggard. tom: i was in rome doing the artichokes, i mean, there's that place in rome, just past the jewish quarter where they have artichokes with the lemon. jonathan: you know it been i do. lisa: so good with al i have oil and lemon. jonathan: luke? never eaten it. lisa: no, but i've seen his pictures. jonathan: never had an invite. tom: there's a motel 6 at the top of the spanish steps to stay there. jonathan: that is not a motel of, and you know it. no doubt you're town management. and then 1.6% on the nasdaq. s&p up .8%. for our audience worldwide, good morning to you. this is bloomberg. ♪

>> clearly it is russia aggression. 100,000-plus troops, a daily drum beat, additional troops and supplies. i actually think the next few weeks are going to be some of the most challenging. jonathan: the democrat from virginia. from new york city, i'm jonathan fair row. here's the shape of things for you. we could have a fourth day of gains on the nasdaq 100, badly beaten up through much of january. then the bounceback through the back end of last month and into this month, too. three days of gains into wednesday. looks like it could be four. nasdaq futures up 1.75%. we'll talk more about google a

little bit later. the s&p up by .9%. and the bond market, let's just say this, the bond market behaving, 178.22. going into payrolls on friday. tom: going into earnings as well. i agree, payrolls is a big day. a.d.p. was on, but i'm sorry, we got a new leg up in nasdaq futures, not that i care. 800 points from 16,000. but there's a certain oomph today, which really centers on getting to facebook this afternoon. jonathan: and i don't think it's just the relief by the bond markets doubling down to the equity market. independents the earnings we've seen from some of the big names. will amazon disappoint? they did nothing for anyone last year, tom. it was up in a big, big way. tom: and it's about containing costs. there's a partition, and there's a huge optimism.

but you're right, is amazon the same as google when you're moving cardboard boxes down third avenue? jonathan: you might get your stock split. you're excited about that, aren't you? tom: no, i'm not excited about it. jonathan: it might happen. tom: it is a sea change for the technologists on the west coast, starting by apple and others as well. we're focused on washington, and i'm going to talk about artichokes in a minute, but let's do washington here for a minute. i want to know what the left is doing. bernie sanders was livid with mr. manchin. how is the progressive's january? what do the liberals do to get to february? >> they can't do much, unless they get senator joe manchin on board. it's the same story of 2021 that they're dealing with in 2022. anything they want in terms of build back better, pieces of or chunks of, which the president thinks he could get across the line, has to get every single democratic senator on board. and senator manchin made it clear yesterday, that bill that you are discussing, build back

better, that title, that is dead. but there does seem to be some signaling that there are some issues they could potentially work through. but that's gist when it comes to build back better. i have to say, there are different issues for february before they go into the state of the union march 1. one is this china competitive bill, which we should get a procedural vote in the house on today. then the government shuts down. there's no more funding left after february 18, so you have the appropriations committee working on that as well. and then, of course, there's this looming sanctions bill with bipartisan support against russia. so there's a number of agenda items being discussed on the hill. build back better at the moment is really taking a back seat. lisa: are we going to talk about a government shutdown again? is this really a thing? tom: good question. >> you know, i was looking at jack fitzpatrick's tweet yesterday, because he stands outside the meetings, and he said no deal just yet. i said, oh, gosh, i hope this doesn't mean we have to talk about it. because when you talk about it, we have the looming and

perennials, bait in washington, which always happens after, the debt ceiling. so there is still time potentially. i'm not going to write off that we're not going to talk about it. there's still time that they have some sort of stop gap funding measure that gets them through a number of months. lisa: has the debt limit and the debt ceiling debate changed at all based on the growth rate in the united states? i mean, honestly, this is a seriously point, with morgan stanley coming out, with data showing that we've closed the fiscal gap on a debt to g.d.p. ratio that wassen cured during the pandemic. as a result of the growth and inflation. how much is that informing the discussion, if at all? >> right now it's not a discussion. it would be, of course, if we come up to these limits again. and we see this time and time again be used in washington. then they debate maybe there's a way to get around the debt ceiling, and they always at the end of the day, for the most parted, come to an agreement. no one wants to go back to what happened in 2011 when we were

the brink and we actually suffered a credit downgrading. tom: the politics here of biden, he's got to recapture momentum. he's doing the symbolism of going to new york and all that. what are you hearing from his team about what the plan is for february? >> well, biden made it pretty clear what he wants to take on in this new year, maybe potential reset, is he wants to get out of the country more. we saw him go to pittsburgh. we're seeing him go to new york. but on top of that, he also wants outside advice. now, you're hearing a lot of individuals like james carville, long-time democratic strategist, giving the administration hints on how they can get the train back on the rails in terms of getting their poll numbers up. the president said clearly in his press conference he does not pay attention to them, but it's focusing on the issues. in the last hour, jonathan mentioned schools, inflation, crime. these are really the kitchen table issues leading up to the

midterms that americans to want hear more about. tom: we think everyone on twitter, emails as well. emails are coming in fast and furious. jon, weigh in here with the restaurant ability you have and italy as well. come on, cut to the chase. there's two kinds of artichokes in rome. there's the jewish artichokes fried, and then there are these gorgeous monstrosities in lemon. it is the place for artichokes. >> yes, rome is the place for artichokes, especially as we are nearing spring. i prefer the jewish center in rome. they're incredible. francine lacqua also partial to those. jonathan: i would suggest if up to the get things back on the rails, do not take any advice from tom keene about how to speak to the public, because this ain't going to do it. just quickly, if he's speaking, that tells me he's not just

looking to put things back on the rails, it's to get back to the middle. every time he speaks, that's what he's talking about. is that the effort right now? >> well, that's what carville thinks needs to happen. and this was a president that many moderates say he ran to be a moderate president. what was representative from virginia saying, we just wanted someone who was normal. abigail saying we just want someone who's normal. going into the midterms, potentially that is what we will see from this administration, especially since many believe he pushed too much to the left the prior year. tom: lisa, did we not get an artichoke opinion? lisa: well, i can give you mine. love that. how is that, good? brava. jonathan: on the nasdaq, up by 1.7. lisa: look at those markets. jonathan: turned into the

cooking show. seriously. 178.22. tom: wait till the 9:00 hour. jonathan: exactly. lisa: shopping cooking. jonathan: from new york, this is bloomberg. ♪

jonathan: a bounceback. three days and up 7%. alphabet, a big piece of this, we can talk about that in just a moment. equity market bounces back. in the bond market, we've behaved for now. we back away from 120, then push higher again. unchanged at 116.55. government payrolls, which everybody will tell you does not matter, look ahead to inflation. bip bip next week in america, a sneak peek of the estimates, north of 7% so far. your 10-year in america, yields come in about a basis point, so this curve is just a little bit flatter again. just below 2.1%. that's america. the e.c.b. on deck tomorrow.

stronger euro, up half a 1% on that, and back with the 113 handle, and look out at the very front end. we trade up to about negative 46 now, tom. and it sets us up for a really interesting conversation tomorrow. inflation at a record high in the eurozone. it's north of five. we thought it would come back to the mid fours. it has not. i'm not talking about tomorrow, tom, in the back half of this year. tom: what's so important here, great observation, and i love the hsbc note this morning on this, if you have a widened spread, a transatlantic spread, what does it do to the dollar calculation for business? jonathan: going to be really complex, tom, and there's several moving parts. let's sit on one. rate differentials. right now we're pricing a lot for the federal reserve.

it's about changing probability. how do you get an upside surprise on four or five hikes from the federal reserve? can you get a surprise from the e.c.b. if we're only baking in 10 basis points? middle of this year, perhaps, and big asterisk on that. lisa: how much can people really rely on the idea that the wage is so different in europe and how much can people say, wait a second, when you start to see an inflation rate, that gets people's attention. jonathan: it's got my attention. 18 months ago, if you asked me the e.c.b. could go a full cycle again, not just my view, it's the view of a lot of people i've spoken to. some people would have held on to that. that's changed in a big way. euro dollar, that's across asset price action. single names, one big move to discuss, let's say good morning. >> a lot of stocks moving this morning, but really the only bun everyone talking about is alphabet. we talk about it as a tech company, but it's basically an ad business. it's basically on fire, one of the best ad businesses out

there. 33% growth in the ad business on a regular basis. 40% growth in terms of operating income here. if there's anything to quibble about, you can sort of look at that cloud business, which is sort of lagging some of its competitors. overall investors pretty pleased. shares higher by about 10.4% here in the premarket, up $3,000 a share. don't worry, they're doing a stock split, 0 for one here. i guess that brings the valuation down. i'm not sure how that works, but if you're looking for an entry point, maybe that makes it more accessibility, at least that's the theory. keep an eye on snap as well. a lot of other companies that rely on that digital advertising will be higher. snap shares up about 4%, as is meta platforms. earnings after the bell, we'll take you to the metaverse when the earnings hit. up the board, while alphabet is up 10%, it's not the biggest mover. that actually belongs to a.m.d., up 12.5%. the one-two punch of alphabet and a.m.d. is a big part of the reason why you're seeing nasdaq

futures up. two down notes to keep an eye on. pay pal down 16%. starbucks down, both dealing with a little bit of the bloom coming off the rose of some of those pandemic gains they both had. tom: this afternoon, look for that on meta and amazon. we're in the heart of earnings season. right now, jane foley joins, head of foreign exchange strategy, with her wonderful commercial interests worldwide. we're seeing a technological juggernaut reaffirmed in america. from where you sit in london, with the transatlantic differential, what is google? what is amazon, apple, microsoft and the rest, what does that mean for dollar dynamics in a presumed strong dollar? >> if you go back a few weeks, there's stock analysts saying tech is going to do poorly because we've got rising interest rates, so let's look at europe instead. if you like, these earnings

reports here do question that view, but i think there's something else in europe today, talking about it, that really is interesting. of course, that is the inflation. so many economists say we know that inflation is going to come lower in europe. we know that because of base effects. it's got to come lower. but it didn't. now, we had a warning of that last week because we had france, spain, german levels going higher. but today we get that eurozone, and we know it's higher. what does it mean now for lagarde tomorrow? how is she going to react to that? tom: what is your trade now, not so much a commercial hedge, but what is your trade right now to play european inflation that's unacceptable? >> well, i think perhaps we're a long way from saying it's totally unacceptable, and we don't have as much inflation. in core europe land, as we do in the u.s., that's for certain. and then indeed, we can look at that wage. perhaps we've had it towards the

end of last year, there really isn't much wage inflation at all. so a lot will be eating into demand, and that is a growth negative. we do have to bear that in mind. this isn't the same situation as in the u.s., at least not yet. even so, with that sticky inflation coming through, it is possible that lagarde will feel, she needs more flexibility that she won't push back. that's not so much. and that sort of wants some my view that certainly as we move further into this year, certainly in the second half of the year, it's going to be a lot more difficult for the dollar to keep maintaining its strength, because there is a different dynamic coming from other central banks, and there's so much priced into the dollar already. lisa: you said your six-month euro dollar is 110, and yet you're saying that it's going to be hard for the dollar to maintain its strength. so what's going to be the trigger to shift it the other

way? >> well, we've got in the middle of the year. that's been penciled in since november. and the reason for that is because we think it gets started as a balance sheet at reduction, fits further into focus, of course, we're laying on top of that, some safe haven bid as well. we've still got the situation obviously in russia and ukraine. so that's the reasoning why we think the dollar can go further. but in the second half of the year, we've got the dollar getting back some ground, and i think at that point the focus really will be on the e.c.b., how far can the e.c.b. go. what we've got to remember, even if the e.c.b. can only do 10 at the end of the year in terms of interest rate hikes or the beginning of next year, what we've got to remember is what is prices? and there's not an awful lot of suggestion that people are long, independents the opposite, and people are very long dollars. so perhaps, as jonathan pointed

out, changing probabilities can really affect how the market positions itself. lisa: what's compelling to me is amid all of these speculations about hikes from the fed and now potentially from the e.c.b., you're seeing string or resilience in emerging market currencies. it's believed the rate hikes there will be sufficient and also this idea that a lot of the nations are commodity producers that will benefit. do you think that this has been overdone based on the fact that the inflationary impulse that we're seeing in europe is probably going to be disinflationary over the longer term. >> i am worried about that. i think we need to evaluate them individually. i certainly think the commodity producers, they've got commodity prices pushing up, and that's going to be good for them. a lot of them in emerging markets have already taken action on interest rates. we've seen quite a few interest rate hikes going in already. but it is the case that as the

fed hikes interest rates and the dollar goes up, it is difficult for those that have a lot of dollars in them. that is certainly a head wind. so i do think there is a vulnerability still, but i think we need to be careful about deciding which ones are more vulnerable than others. jonathan: as always, from the heart of london, fantastic to catch up with you on foreign exchange on euro dollar. lisa in brazil, we've gone from about 2% on interest rates to the central bank to 9%. that was the move from last year. to finish the year in the fines. lisa: and taking a look at recession there as well, the real has done really well, highest level versus the dollar going back to december 16. this double whammy of rate hikes and commodity prices creation, talking about some of these stories. jonathan: protecting themselves from a cycle over the federal reserve. that seems to be what a lot of people are thinking about. lisa: and that remains to be seen, and also what the fed's rate hiking cycle will actually look like.

you get others getting very concerned about a rate hiking cycle being highly detrimental to some of the regions have not accurately priced it. jonathan: we've got to see. what i've heard from fed officials over the last few days, i think the conclusion for a lot of people, they are just refusing to define a rate path from here. they will not go there. they want to be open-minded about the whole thing. they want to be nimble. i don't think you can say with any confidence or conviction where rates are going this year. tom: so we can use that language. yesterday we had operational research to talk about choice set and optionality and all that. what's the optionality of brazil? what's the optionality of indonesia as they look right now at let's call it 1% or 2% real g.d.p. and 7% inflation in america different from last 90 days. and john, how is that compare to the next 90 days in q2? jonathan: we'll find out, and i can't say with any confidence how this is going to play out whatsoever. let's look at the range on the

street for the federal reserve. we can be specific about that. barclays at three. bank of america at seven. that's a big spread for a single year. and then a pack at five. no one knows, tom. i keep going back to calling this guesses, because you think these are guesses. the highly educated guesses. everybody who brings us these guesses, i have a tremendous amount of respect for them. but at the moment, you're not getting much guidance from the fed, and that's deliberate. that is highly deliberate. tom: a.d.p. in 45 minutes, may be the beginning of the sequence here. john, we got to do the food channel more often. this is lighting up. forget about rome, they do artichokes correctly, they got stuffing going with the lemon and bread crumbs and all that. jonathan: my nana used to do that. you're going to make my cry. that's why i can't talk about it. the staff always gets it right. don't get me fired up. futures up 1.6. tom: i think this could be in

the dow next year. lisa: road trip. jonathan: i'll take a road trip with you. from new york, this is bloomberg. ♪

>> you've got companies like animal that are still cash flow machines, and as large as they are, they're still growing their

cash flow at an incredible rate. they're unbelievably profitable. >> big tech just knocking it out of the park this quarter. alongside tom keene and lisa abram wits, we've got a list in this equity market again, three days of gains into wednesday. we add weight to the nasdaq witness more, eating into the losses. up .9% on the s&p in the 500. crude up .2%. on brent basically unchanged, let's call it up a tenth of 1%. the headline most people expected, opec plus agreeing on a 400-k barrel a day output hike for march. tom: up to the 91 level and brent crude down. let's address google and the past forward for facebook and amazon tomorrow. we get wisdom on the nasdaq 100. >> we got to talk about valuations, which is a rarity in these last couple of years when you do have what's really easy monetary policy.

the talk about valuation is kind of a silly thing to do, but now that we're staring a rate hike in the face, it's worth taking a look at the p/e ratio, which means me to my chart of the day, the idea that these kind of selling pressures that you've seen in the s&p 500 broadly, but really concentrated in tech, every single pullback you've seen over the last two years, it's weighed on that price, but also been aided by the denominator. alphabet, a blowout quarter similar to apple and microsoft. meta platforms and amazon also expected to show blowout earnings. that's going to make this sector cheaper relative to the 35 handle on the p/e ratio we 2020. keep in mind, we are still far, far morrell invited than where we were pre-pandemic. tom: i was on the radio, still elevated, but a really nice move back in some form of trend. this is a joy, a joy of what

paul sweeney did in developing bloomberg intelligence. go out and get people who actually do technology and don't so much do finance. it's with the senior technology analyst for bloomberg intelligence with real world work, and in your case, all the different corporate vendors you worked with over the years. what he wants the number one thing we get wrong when we study google? >> clearly we think about the growth rate and how the large numbers will catch up with the company eventually. what they showed us last night is the mature search business can grow above 30%. they didn't have to increase at prices. clearly there's a lot of demand for google ad woods, and that's what they showed us. tom: jon brought this up a couple of times, the magic of the 30% number, and i think of 30, 15, 7.5, then 3.25. forget about that. what he wants the terminal revenue growth you perceive for

something like google? >> yeah, so it can compound at 20%. tom: put a 20 on it? >> for the next five years. beyond that, it remains to be seen how much of a contributor youtube will be. we saw some deceleration last night. that can change. the video streaming world, when you get all the new things coming about, no one can be certain these things will compound at 20%, 30%. tom: you got the memo that we call metaverse, facebook, did you get the memo? lisa: is this just basically a big story that it pays to be a monopoly? >> well, they have a mo at built around a proprietary search algorithm. a lot of companies have tried, and the moat that they have around search is insurmountable. and they keep executing, and with the amount of data growing in the world, search becomes all the more relevant.

there was a chain of thought that maybe with an app-based world, that didn't happen, because there's so much to sift through, and having good search is what everyone needs. lisa: is there a message for some of the unprofitable tech companies that basically if you're trying to go against any of the behemoths, you've got a lost cause, because they are monopolies oar have such a dominant position that they will just snowball. is that what your takeaway is, the divergence will only continue to grow between the nonprofitable and the uber profitable? autopsy no, i think you have to look at it case by case basis, but in the case of alphabet, you can see how they're subsidizing the youtube and the cloud business from the source cash cow, and anybody who's trying to compete in that cloud infrastructure space or streaming space has no odds of being successful just because of the amount of money that these companies are throwing at these segments. tom: you have a moment where you

wake up and say all of this chitchat about your world which you lived on both sides, the financial side and the sale side, the revenue, do you ever wake up and say this is standard oil repeating in history? >> so we know technology does get obsolete, and it will be information and new things will come about, and that will change, and that's why we have to be on top really driving the consumer value. what is it the consumer wants in terms of technology and how they're consuming it? that turns the tide and drives a new business. jonathan: can we get an opinion on stock split? where are you on them? >> i think it's their way of making the stock accessible to the masses. apple did it, tesla did it. and in my mind, i think it may be a good thing because you can see the runup in the stock, and in this case, if they keep compounding top line at 20%, i think it bodes well for the

valuation and a stock split does make sense. jonathan: thank you, sir. in the same campus, you see the technology for bloomberg intelligence. t.k., who's next? tom: well, i think facebook and amazon got to talk about that revenue stream. i'm going say, you've got three major accounting statements, income statement balance sheet, cash flow statement, you meld them together, guess what, it's about revenue growth. jonathan: this is called a robust quarter, a jewish-like robust quarter. that's the bengals quarterback, former l.s.u. player, too. the city of cincinnati have given the kids the day off school the day after the super bowl. tom: loved it. and the super bowl is actually on at a normal hour, unlike the world series. jonathan: why don't they just push the super bowl up against president's day? and then everybody gets the monday off every super bowl. tom: i thought we get the monday

off. we have a thing on that. if you're american, up get the monday off after super bowl. jonathan: is that the agreement? why can't we just take a shift? why can't -- lisa: i'm not weighing in on this. jonathan: push the game up against president's day? do it on a saturday. lisa: and now scheduling. jonathan: these are big issues that need to be addressed. we can do it on a saturday or push it up against president's day. and tom, the rankings would be better, wouldn't they? lisa: for us. [laughter] tom: ann marie from rome emails in and says artichoke growth rate in the united states is 9.4%, which puts it on the edge of the dow. i mean, i'm sorry, artichoke is the next member of the dow. jonathan: i'm so done with the dow. it's all a big marketing ploy. i think that's where stock splits are. it's accessible if you want to pay google anyway. tom: part of the fab rib of america. jonathan: the dow is a p.r. machine. it's like g.e. g.e. is the biggest boomer stock

on the planet. tom: you want some tang? jonathan: they're just two of the most boomer things in american markets. tom: can't leave fast enough. jonathan: from new york, this is bloomberg. ♪

>> it's all about financial conditions and how much we need to see tighten. >> companies have never been this profitable. >> i think there's a lot of opportunity in some of the tech stocks. >> we think this says the year to be selective. >> markets now to correct to some level of normalcy, and that's what we're seeing. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. tom: good morning, everybody, on radio, on television, it's all about google. the alphabet from a to z, it is up. january 26, the v.i.x., 31.96. that was